Revamp Your 2026 Finances: Is It Time for a Bank Switch? | PRIMENEWSNOW

Friday, December 5, 2025, at 9:30 PM GMT+1

Lawrence Sprung, the founder of Mitlin Financial and author of “Financial Planning Made Personal,” joins Julie Hyman, host of Market Catalysts, to explore the benefits and challenges of switching banks as the new year approaches.

Watch the video above for Sprung’s insights on managing your bank accounts and other year-end financial strategies.

For more expert analysis on current market trends, visit Market Catalysts.

Evaluating Your Banking Options for 2026

As we look towards 2026, it’s a good time to reassess your banking choices. Lawrence Sprung, a financial expert, shares his thoughts on whether it’s beneficial to consider changing banks.

Why Consider a Change?

Many people stick with the same bank for decades, often due to convenience. However, Sprung suggests that complacency can lead to missed opportunities, especially if initial promotional rates have expired. The hassle of updating direct deposits and bill payments often deters people from making a switch.

Weighing the Pros and Cons

Sprung advises evaluating whether the benefits of switching outweigh the inconvenience. For instance, if your current bank offers low interest rates, consider opening a high-yield savings account elsewhere. Some banks offer automated tools to manage your savings efficiently, ensuring you get the best returns.

Exploring New Banking Options

Sprung encourages considering newer financial institutions, provided they offer FDIC insurance. While traditional banks are reliable, some innovative banks provide competitive rates and services. Just ensure they are insured to protect your deposits.

Year-End Financial Review

As the year ends, it’s crucial to review your spending habits. Sprung recommends setting aside time to analyze your income and expenses. Identify unnecessary expenditures and redirect those funds towards savings or investments.

Managing Subscriptions

Many people forget about recurring subscriptions that drain their finances. Sprung suggests auditing these expenses to free up cash for more beneficial uses, such as retirement or education funds.

Tax Planning for 2025

With a few weeks left in 2025, it’s time to consider your tax strategy. If you have investments that underperformed, selling them could offset capital gains and reduce your tax liability. For those with variable incomes, making quarterly tax payments can prevent penalties.

Sprung emphasizes the importance of proactive financial planning to avoid unnecessary costs and maximize your financial health as you enter the new year.