Bank Account Review: What to Check Every Six Months

Your bank account mostly runs itself. That's the problem - it's easy to miss things that cost you money.

What to Check

Fees: Banks introduce or increase fees quietly. Monthly maintenance fees, ATM fees, overdraft fees, paper statement fees. Check your statements for charges you didn't expect.

Interest rates: If you have a savings account, check the rate. Banks often drop rates after promotional periods end. Your "high yield" account from two years ago might now pay less than competitors.

Fraud: Look for transactions you don't recognise. Small charges (£1-5) are often test transactions before larger fraud. Report anything suspicious immediately.

Direct debits: Are you still paying for things you've cancelled? Companies sometimes continue charging after cancellation. Check each recurring payment.

Overdraft usage: If you're regularly dipping into overdraft, you're paying for it. Consider whether a different account structure would work better.

When to Switch Banks

Consider switching if:

• You're paying monthly fees for features you don't use
• Your savings rate is significantly below market
• You've had poor customer service experiences
• A competitor offers meaningful benefits (cashback, better app, etc.)

Switching is easier than it used to be. In the UK, the Current Account Switch Service moves everything in 7 days. In the US, it's more manual but still straightforward.

What Most People Miss

Beneficiary details: Is your emergency contact current? Are account beneficiaries up to date?

Contact information: Does your bank have your current address, phone, and email? Fraud alerts only work if they can reach you.

Linked accounts: Are old accounts still linked? Remove connections to accounts you no longer use.

The 30-Minute Review

Set aside 30 minutes every six months:

1. Download last 6 months of statements
2. Scan for unexpected fees or charges
3. Check your interest rate against competitors
4. Verify all direct debits are intentional
5. Update contact details if needed

Add it to your tasks. We'll remind you twice a year.