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By

Donna Fuscaldo,

It seems counterintuitive. The longer you’re with a company, the better deal you’ll get, right? Perhaps that’s true for a favorite retailer or restaurant, but by and large, it pays to shop

around for everything else — financial products, debt instruments, insurance and a whole lot more. 

“It’s always a good idea not to put any expenses on autopilot,” says Emily Irwin, senior director of advice and planning for Wells Fargo Wealth & Investment Management. “You may be

overpaying and not realize it, or you might be able to get a better deal and better service.” ​

There isn’t a hard-and-fast rule as to when you should comparison shop for your everyday expenses, but Christopher Manske, a certified financial planner and president of Manske Wealth

Management, says to time it around your birthday, when you’re less inclined to forget. Even if it’s not your birthday, there’s nothing stopping you from switching providers. With that in

mind, here’s a look at five areas where loyalty doesn’t always pay. ​

Interest rates were at record lows for years, but things are changing. The Federal Reserve has raised rates nine times since March 2022, and it may not be done. For borrowers, that’s bad

news, but for savers, it’s music to their ears. Finally they can earn a return on their money, whether they are socking it away in a savings account or in CDs. How much depends on whether

they stick to the same-old or try to get a better rate. As of April, the national average is 0.32 percent at banks, 0.82 percent at credit unions and 5.02 percent at top-yielding, nationally

available online banks, according to Bankrate. A one-year CD on average will yield 1.64 percent at banks, 3.01 percent at credit unions and 5.15 percent at top-yielding, nationally

available online banks. 

“Interest rates have gone up at the fastest pace in 40 years, and some banks have kept pace while many others have not,” says Greg McBride, chief financial analyst at Bankrate. “Don’t let

your money sit at a bank that is still paying next to nothing when the top-yielding, federally insured, nationally available savings accounts, money market deposit accounts and CDs are above

5 percent and still climbing.”