With the information readily available via the Internet, you can easily obtain information about different banking products. With so many options available, chances are that at any given time you will be able to find a better deal than your current savings account. As a practical matter though, nobody wants to change their savings account every time they see a slightly better deal advertised. So, when is it worthwhile actually making a change?

The following are four signs that you should seriously consider changing your savings account:

1. Your bank's interest rate is lagging far behind the competition. Do the math -- figure out what the interest rate differential between your savings account and what other banks offer would translate to in dollars over the course of the year, and then decide whether that amount is enough to compensate you for the time and trouble of changing your savings account.
2. Your bank has added or raised monthly maintenance fees which affect your account. In particular, banks may start charging a monthly fee if your account is below a certain minimum balance, and if that's the case, those fees can eat away a significant percentage of your savings. If your bank starts charging a monthly fee, it's worth shopping for a no-fee account.
3. You are withdrawing from the account frequently enough to be charged for excess transactions. If you are accessing your account too frequently, you will probably encounter fees for transfers or withdrawals. Essentially, this means you are using the account the wrong way, and need to consider a checking account or at least a money market account instead.
4. You have accumulated a significant sum of money which you never touch. This is the flip-side of accessing the account too much. If you've built up an amount which you don't need ready access to, consider moving to a long-term certificate of deposit (CD), as long-term CD rates will typically be higher than savings account rates.

Once you've made the decision to change, check rates and fees (online sites are efficient ways to do this), find the account the provides the benefits most important to you, and make that switch.

Source:

Liz Pulliam Weston • Bank fees are more outrageous than ever • MSN Moneycentral: http://articles.moneycentral.msn.com/Banking/BetterBanking/BankFeesAreMoreOutrageousThanEver.aspx