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When’s the right time to break up with your bank

If your banks charges too high, gives you low interest rate, has pathetic customer service, then it is time to break up with your bank.  

Every relationship is different. And each relationship comes with their own perks and quirks. While in relationship with a different person, we may know what we want from our relationship but the same is not seen when it comes to banks.

Banking service is one of the vital services in today’s generation and hence our relationship with our banks is important. In case of interpersonal relationships, the presence of red flags such as lack of trust can break a relationship. And sometimes, break up may not be a bad idea as it can open doors to a better relationship.

Here are some of the areas that will decide whether you should break up with your bank or not.

High Fees and charges

In a relationship, both the parties have to invest a lot in terms of time, energy and as well money. While few relationships call for emotional investment, others require investment in the form of time. And sometimes we give more than what is actually required which leaves us drained.

Similar is the case with banks. Banks charge fees for their services. Whether it is for transactions, cash withdrawals, or for not keeping a minimum average balance, banks charge fees for different facilities.

Read: 9 Charges of savings accounts that you should know about

However, in the current scenario, banks are competitive and they provide attractive charges to their customers. So, if your bank is charging too much for some of the basic services and other banks are providing at lower charges, then maybe it is time to break up with your old bank and get a new one.

You may think that the charges applicable is not much but when we consider the charges from a long term view, the total charges that one may have to pay in their lifetime may be a staggering one. After all, it is the tiny drops of ocean that make an ocean.

Offers low interest rate

Relationships are a two-way street. And we all get something from our relationship. These are mostly intangible ones. Similarly, we want something from our bank. A high interest rates is one of the most important things that we want from our bank. Whether it is the interest rate on savings account, recurring deposit or fixed deposits, a high interest on these products are always welcome.

Read: Top Banks that offer High Interest on Savings Accounts

Hence, if your bank is offering low interest rate in their products, compared to other banks, then it is time to break up with your old bank. Banks especially the new generation online savings account provide attractive interest rate on savings account as well as other products. Digital savings account such as Kotak 811 gives interest rate of up to 5% on their savings account.

Customer service

Every relationship stands on some of the basic fundamentals. Some of these fundamentals that will determine whether the relationship will flourish or wither away depend on the mutual respect, care and love.  Respect stands tall as respect for one another will make sure that the other person is respecting the dreams and goals of the other person. 

We want our banks to treat us the same way. It should make us feel proud to be a customer of the bank. Banks should be prompt in handling our queries and making sure that all the banking transactions takes place in a seamless manner.

Holding on a call for customer service for 20 minutes, rude behaviour from the branch executives are not good customer service practice. If you have faced poor customer service and your bank has taken a laid back approach after you complained, then it is high time to break up. If the bank does not treat you with respect and does not think that you are important, you should move on.    

Read: Chatbots: Just a one text away


Who does not want to be treated like a queen (or king)? Everyone wants to feel royal, if not every day, may be once in a while. We all love to receive surprises from our loved ones and absolutely adorn them when they do something out of the ordinary just for us.  

Many banks also offer a lot of benefits and offers. Banks provide personalised and tailor-made offers which are based on your interest. If you typically shop online, your bank may give you higher discounts in your next online shopping spree. Banks have tie ups with various merchants and hence they are able to bring offers for their customers. This adds to customer delight. If your bank does not give you any offer, when your friend is getting massive offers from other banks, it may be time to consider the switch.

To summarise, it may be hard to walk away from our old bank, just like, it is hard to move away from a relationship where you have given so many years. We may know that the walking away is important but still we hesitate. If more than one reason is true when it comes to your relationship with your bank, it is time to call it quits.


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