Find Out Which Banks and Credit Unions Have the Best Checking and Savings Accounts
Selecting the right bank or credit union for your checking and savings accounts is a crucial step in managing your finances. With so many institutions to choose from, finding the best one can be challenging. However, by comparing interest rates, fees, customer service, and features, you can make a decision that meets your financial needs. This guide will walk you through some of the top banks and credit unions that offer high-quality checking and savings accounts.
1. What Makes a Good Checking or Savings Account?
Before diving into specific banks and credit unions, it’s essential to understand the key features that make a checking or savings account worth considering. When evaluating your options, be sure to look at the following factors:
Interest Rates
For savings accounts, higher interest rates allow your money to grow faster. Many banks offer different Annual Percentage Yields (APYs), so it’s wise to compare them. For checking accounts, while not as common, some banks also offer interest, though it’s usually lower than what you’ll find in savings accounts.
Fees
Nobody likes paying extra fees. Be mindful of potential charges like monthly maintenance fees, ATM fees, and overdraft fees. Some institutions waive fees if you meet certain conditions, such as maintaining a minimum balance or receiving direct deposits.
ATM Access and Branch Locations
Consider how easily you can access your money. A bank with a wide ATM network or one that reimburses out-of-network fees will provide greater flexibility. Moreover, if you prefer in-person banking, ensure the institution has branches near your location.
Mobile and Online Banking Features
Today, digital convenience is a must. Check whether the bank offers a user-friendly mobile app and online banking features like mobile check deposits, bill pay, and instant transfers.
Customer Service
Good customer service can enhance your banking experience. Banks and credit unions with strong reputations for helping customers resolve issues should be prioritized. Whether it’s over the phone, online chat, or in-branch, you want a bank that’s easy to work with.
2. Top National Banks for Checking and Savings Accounts
Chase Bank
One of the biggest and most respected banks in the US is Chase Bank. They offer a variety of checking and savings accounts, making it a popular choice for many. One of their most well-known options is Chase Total Checking, which offers extensive ATM access and numerous branch locations.
- Pros:
- No monthly fees if you meet minimum balance or direct deposit requirements.
- A robust online and mobile banking system.
- 4,700 branches and more than 16,000 ATMs are available nationally.
- Cons:
- Interest rates on savings are quite low (currently 0.01% APY).
- There are monthly fees if you don’t meet balance or direct deposit requirements.
Bank of America
Bank of America is another popular choice for people who need accessible banking services. With over 4,300 branches and 16,000 ATMs, it’s easy to find locations. Their Bank of America Advantage SafeBalance Checking account is especially appealing for those who want to avoid overdraft fees.
- Pros:
- Fee waivers for students and clients who maintain the required balance.
- A strong mobile app that includes tools like Zelle for money transfers.
- Plenty of physical branches and ATMs.
- Cons:
- Low savings interest rates (0.01% APY).
- Some accounts come with maintenance fees unless you meet specific criteria.
Ally Bank
Ally Bank is an online-only bank, but it has gained a reputation for offering some of the best savings account interest rates in the industry. Their Online Savings Account currently offers one of the highest APYs, making it a great choice for savers.
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Pros:
Wells Fargo is a well-established bank with extensive branch and ATM coverage across the United States. It is ideal for those who prefer to do their banking in person and need acc
- High interest rates on savings (currently around 4.00% APY).
- No monthly maintenance fees or minimum balance requirements.
- 24/7 customer service and a highly rated mobile app.
- Refunds up to $10 per month in out-of-network ATM fees.
- Cons:
- No physical branches, which can be inconvenient for those who prefer in-person banking.
- Cash deposits are challenging due to its online-only nature.
Wells Fargo
Wells Fargo is a well-established bank with extensive branch and ATM coverage across the United States. It is ideal for those who prefer to do their banking in person and need access to physical locations.
- Pros:
- Access to over 13,000 ATMs and 5,000 branches nationwide.
- A user-friendly mobile app for online banking and budgeting.
- Free online bill pay and person-to-person transfers.
- Cons:
- Interest rates on savings accounts are minimal (around 0.01% APY).
- Overdraft fees can be high if you don’t manage your account carefully.
3. Best Credit Unions for Checking and Savings Accounts
Credit unions can often provide better customer service and lower fees because they are member-owned and operate on a non-profit basis. Let’s explore some of the top credit unions offering excellent checking and savings accounts.
Navy Federal Credit Union
Navy Federal Credit Union serves members of the military and their families. It offers fee-free checking accounts and competitive savings options, making it a popular choice among those eligible to join.
- Pros:
- Competitive interest rates on savings accounts (0.25% to 0.40% APY).
- No monthly fees on checking accounts.
- ATM fee reimbursements (up to $20 monthly).
- Access to military-specific financial services.
- Cons:
- Membership is limited to military personnel and their families.
- Branches are primarily located near military bases, which may limit access for some members.
Alliant Credit Union
Alliant Credit Union is one of the best credit unions when it comes to high-interest savings accounts. They offer competitive APYs and no-fee checking accounts, making it a great option for those who want to avoid fees while earning interest.
- Pros:
- High APY on savings accounts (3.10% APY).
- Access to over 80,000 fee-free ATMs.
- Comprehensive online and mobile banking platform.
- Cons:
- No physical branches, so banking must be done online or through ATMs.
- Joining the credit union may require a small membership fee through partnering organizations.
PenFed Credit Union
PenFed, or Pentagon Federal Credit Union, offers competitive rates on savings accounts and is known for its strong customer service. PenFed’s Premium Online Savings account offers one of the better APYs for credit unions.
- Pros:
- Attractive interest rates on savings accounts (2.30% APY).
- No monthly fees on checking or savings accounts.
- Access to over 85,000 fee-free ATMs.
- Cons:
- Limited branches, though most services are accessible online.
In conclusion, the best checking and savings accounts for you depend on your financial habits and personal preferences. Consider your priorities, whether it’s earning more on your savings, avoiding fees, or having easy access to branches and ATMs. Doing so will help you choose a bank or credit union that perfectly fits your financial needs.