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Personal Finance

The best bank for you

  • 1. The best bank for you, 2021
  • 2. Best national banks
  • 3. Best Internet Banks
  • 4. Best credit unions
  • 5. Best banks for wealthy families
  • 6. Best banks for retirees
  • 7. Best banks for parents with children

More than a year after the coronavirus pandemic hit the United States, banks and their customers are still feeling the effects. As Americans stayed at home and spent less money, deposits in financial institutions grew by leaps and bounds, reaching $ 17.1 trillion in commercial banks in May 2021. At the same time, rates were Interest has been depressing for savers since the Federal Reserve slashed the short term. rate near zero last year and with so much cash on deposit, there is little incentive for banks to compete for your business for higher returns. Even savings accounts with online banks, which typically offer the highest rates, earn an average of just 0.45%, according to DepositAccounts.com.

There are positive points for customers. Earlier this year, a study by MoneyRates, which tracks banking data, showed that monthly maintenance, overdraft and ATM fees, which had risen, had declined over the previous six months. During the pandemic, many banks granted leniency to customers who overdrafted their accounts, waiving overdraft fees for those who requested. In 2020, bank overdraft receipts fell to their lowest level since 2005, according to economic research firm Moebs Services.

COVID-19 hasn’t stopped consumers from purchasing new accounts. One in five Americans entered into a new banking relationship in the first year of the pandemic, with most switching to major national banks, followed by credit unions and then internet banks, according to financial technology firm FIS. If you’re eager to find a financial institution that best fits your needs, check out our list of top candidates. With the help of FBX, a division of financial research firm Informa Financial Intelligence, we looked at data on interest rates, fees, and other characteristics (for more on our methodology, see below). below) and awarded gold, silver and bronze medals to national banks. , credit unions and Internet banks. We have also named winners and finalists for three client profiles: wealthy families, retirees and parents with children. When evaluating your choices, keep in mind that interest rates fluctuate regularly, so it’s a good idea to check an institution’s current performance before committing. The prices shown here are from the beginning of June.

These large institutions have hundreds (or thousands) of branches in a number of states, making them good choices if you prefer in-person service. They also have robust mobile and digital tools and all offer peer-to-peer payments with Zelle.

Banks that operate primarily online have lower overhead costs than those with physical branches, which translates into lower fees and higher interest rates. These institutions facilitate banking at home or on the go with mobile apps and remote check deposit.

Credit unions are non-profit institutions owned by their members. These three credit unions open membership to anyone in the United States; if you are not eligible because of your geographic affiliation or your employer, you can use the means listed in the “How to join” sections. Credit unions also participate in the CO-OP shared branch and ATM networks, through which members can obtain certain services at more than 5,600 credit union branches and free withdrawals at over 30,000 ATMs in local branches. credit unions and some stores, including 7-Eleven, Costco and Publix.

These banks give you the royal treatment if you keep a large balance in your deposit and investment accounts. They also have a branch presence across the country and provide wealth management services.

With these banks, retirees benefit from low or no minimum balance requirements, free paper checks and statements, and access to investment and wealth management services.

Kids learn the ropes of banking with dedicated checking and savings accounts from these online banks, and parents have some awesome options for their own needs as well.

Using data from FBX, a division of Informa Financial Intelligence, as well as financial institutions and other sources, we assessed 13 national and regional banks, 14 internet banks (including online accounts of companies brokerage) and 13 credit unions. We looked at current accounts, savings accounts, money market deposit accounts and certificates of deposit of each institution. We looked at the interest rates; minimum deposit and balance requirements; monthly maintenance fees and the ease of waiving these fees; ATM benefits, such as waived or refunded fees for out-of-network withdrawals; free or discounted perks, such as personal checks, cashier’s checks, paper statements, and overdraft protection transfers; and online and mobile banking features, such as the availability of peer-to-peer payment services.

SOURCE: FBX, an Informa financial intelligence company. Data are obtained from public sources; accuracy and completeness are not guaranteed. FBX is not responsible for the trust placed in the data.

  • 1
    The best bank for you, 2021 – readingCheck out our list of the best candidates for your next financial institution based on interest rates, fees, and other features.
  • 2
    Best national banksThese large institutions have hundreds (or thousands) of branches in a number of states, making them good choices if you prefer in-person service. They also have robust mobile and digital tools and all offer peer-to-peer payments with Zelle.
  • 3
    Best Internet BanksBanks that operate primarily online have lower overhead costs than those with physical branches, which translates into lower fees and higher interest rates. These institutions facilitate banking at home or on the go with mobile apps and remote check deposit.
  • 4
    Best credit unionsCredit unions are non-profit institutions owned by their members. These three credit unions offer open membership to anyone in the United States
  • 5
    Best banks for wealthy familiesThese banks give you the royal treatment if you keep a large balance in your deposit and investment accounts. They also have a branch presence across the country and provide wealth management services.
  • 6
    Best banks for retireesWith these banks, retirees benefit from low or no minimum balance requirements, free paper checks and statements, and access to investment and wealth management services.
  • 7
    Best banks for parents with childrenKids learn the ropes of banking with dedicated checking and savings accounts from these online banks, and parents have some awesome options for their own needs as well.

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