I dreaded switching checking accounts for years, but when I finally sat down to do it I was finished in 3 minutes

Tanza Loudenback

Dec 28, 2019, 22:54 IST

I dreaded switching checking accounts for years, but when I finally sat down to do it I was finished in 3 minutes

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It was far easier to switch checking accounts than I realized.

I've had a Wells Fargo checking account since I was a teenager, but I've considered switching banks for years.
After I spent hours researching checking accounts to compile Business Insider's list of the best options, I finally decided to open a new checking account at Chase.
It took me no more than three minutes to open the account and set up direct deposit with my payroll provider, which helped me qualify for a $300 cash bonus offer from Chase.
Now I can access my checking account on the same dashboard as my two favorite credit cards and access thousands of ATMs for free all over the US.
See Business Insider's picks for the best checking accounts right now »

There's a concept in behavioral finance called status quo bias and I'm guilty of it.

It means that when it comes to my money, I'm often content with things the way they are - the decision with the least amount of work or change required is often my preference. As long as nothing is going horribly wrong, I'm fine.

That's why I've had the same checking account at Wells Fargo for about 10 years, ever since I was a teenager learning the very basics of money management. I stuck with the bank through a series of scandals largely because I was too lazy to go elsewhere. For a while, I didn't even know the fees or terms associated with the account, but my parents banked there too, so I figured it was good for me.

Even when I started writing about personal finance professionally, I avoided researching other checking accounts for two reasons: I doubted there could really be a better option and even if I found one, I assumed Wells Fargo would coax me into staying.

To my delighted surprise, I was wrong on both counts.

Researching the best checking accounts helped me realize what I needed

Early in December, I was tasked with compiling Business Insider's list of the best checking accounts. I spent hours researching, comparing, and contrasting dozens of checking accounts to choose the strongest options. The whole process helped me realize the features that are most important in a good checking account in general.

I ultimately named Capital One's 360 Checking Account the best checking account overall, in part because it is fee-free, has a large ATM network, and earns a 0.20% APY. The bank doesn't have a ton of locations around the US, however, which is why I named Chase's Total Checking Account the best option for branch and ATM access.

Chase offers fee-free access to your checking account at over 16,000 ATMs and nearly 5,000 branches. While the account does have a $12 monthly fee, Chase will waive it if you set up direct deposit of at least $500 a month; or have a $1,500 daily balance; or have $5,000 in combined balances across Chase accounts.

I also crowned winners for the best checking account for college students, the best checking/savings hybrid account, the best online-only checking account, and the best checking account for rewards. Each of these helped me realize what features my own financial situation called for in a checking account.

I found a better checking account that meets my needs - and earned $300 by switching

Chase's Total Checking Account was appealing to me, personally, for a few reasons. Withdrawing cash is really the only time I use my debit card these days, so I need ATM access. I always get my paychecks deposited directly into my checking account, and they're greater than $500 each, so the monthly fee isn't an issue.

I don't care much about having a high interest rate on my checking account, since money is constantly flowing in and out and doesn't sit long enough to earn much (that's what my high-yield savings account is for). And when it comes to customer experience, Chase ranks No. 2 on J.D. Power's US National Banking Satisfaction Study - five spots ahead of Wells Fargo.

I also have two fantastic credit cards through Chase - the Sapphire Reserve and the Amazon Prime card. But I've long paid those bills using cash from my checking account at Wells Fargo, which meant toggling between two browser windows to check my balances and set up payments every month. To finally see everything on one dashboard would be a time-saver.

What ultimately sealed the deal for me was a $300 cash bonus offer from Chase. All I needed to do was open a new checking account and have a direct deposit made within 90 days and I would get $300 deposited into my account. (Bear in mind that the exact bonus offer may vary for different customers).

Once I finally sat down to open a Chase Total Checking account and set up the direct deposit via my payroll provider, it took me no more than three minutes. Now I'm ready to close my former checking account and truly streamline my finances for the new year.