The criteria for selecting the best bank accounts was based on a number of simple factors. We examined reputable banks and selected great options based on the criteria below:
- Checking Accounts: (1) Ease of use, (2) Low Fees
- Savings Accounts: (1) Interest Rates, (2) Ease of Use, (3) Low Fees
- CDs: (1) Best Rates, (2) Minimum Deposits
Best Checking Account
Capital One 360 Account
The Capital One 360 Account over-delivers on the simple criteria that was laid out – it’s easy to use and has $0 in fees. You can quickly deposit checks using the convenient mobile app, and you also have access to over 39,000 ATMs with no fees (making it easy for you to access cash if needed).
On top of that, Capital One pleasantly surprises us with a 0.10% APY (interest rate). While this was not in the criteria for checking accounts (since checking accounts are used for day to day transactions, not saving), it is a nice bonus.
Bottom line: While there are a lot of good checking accounts out there, Capital One 360 is one of the best.
Criteria Used:
- Ease of Use: Must be easy to use as checking accounts are primarily used for day to day transactions and is the hub of your finances.
- Low Fees: Must have low fees to open and maintain an account ($0 with minimum balance), and must provide free access to ATMs.
Other Good Options:
Charles Schwab High Yield Checking
- Easy to use
- Links to your brokerage account
- No fees
- 0.03% APY
Charles Schwab is primarily an investment services company, but it is offering one of the best checking accounts out there as well. With no fees, a fine APY (for a checking account) and one of the best ATM programs out there, Charles Schwab has entered banking in a big way.
Chase Total Checking
- Easy to use
- $200 bonus offer
- No fees (with qualifying direct deposit or minimum balance)
With an easy to use online interface and mobile app paired with 5,000+ branches nationwide, it’s no surprise that Chase is one of the most popular banking choices.
Plus, Chase typically offers bonuses for opening an account. As of early 2021 the bonus is $200.
One downfall is you need to ensure you have direct deposits of $500+ or a minimum account balance of $1,500 to avoid the $12 monthly fee.
Ally Interest Checking Account Bank
- Online only
- Easy to use
- No fees
- 0.10% APY
Ally is an online only bank offering no fees. With 24/7 customer service available and free access to ATMs throughout the US, you likely will not miss the local branches.
Discover Checking Account
- Online only (except for 1 branch)
- Easy to use
- No fees
Discover is another online bank that is leveraging it’s minimal footprint to offer best in class perks and fees. With Discover, you can get access to a debit card with cash back (a nice benefit if you cannot open a credit card for any reason).
Chime
- Mobile only
- No fees
- Easy to use
Going one step beyond the online only bank, Chime is mobile only. This bank offers a sleek interface with a couple nice perks: early direct deposit, no daily fees and no foreign transaction fees. However, like any online bank, depositing cash can sometimes be difficult.
Best Savings Account
Discover Online Savings Account
Discover Online Savings Account has a competitive APY that is currently 0.50% (as of early 2021). It is not always the highest rate available for savings accounts, but Discover’s low fees and strong customer service helps bump it up to our top spot.
Plus, at times the bank is known to offer $150 and $200 bonuses when you open an account with a qualifying deposit.
Bottom line: While there are a lot of high yield saving accounts out there, Discover Savings offers one of the highest APYs with an acceptable interface and great customer service.
Criteria Used:
- Interest Rates: Must be best in class. While your savings account is not your primary investment vehicle, most people have sizable amounts of money sitting in a savings account. A high APY helps you earn a little interest off this money.
- Ease of Use: Must be easy to use and have good customer service. While you are not in your savings account every day, when you do need the funds it is usually for a big purchase or emergency, so you need an interface that is easy to use and customer service that is available if anyone goes awry.
- Low Fees: Must have low fees to open and maintain an account ($0 with minimum balance).
Other Good Options:
CIT Savings Builder
- 0.45% APY*
- No fees
CIT Savings Builder offers one of the highest APYs on the market, but you must either maintain a balance of $25,000 or deposit $100 monthly in order to receive the higher APY*.
Marcus Savings by Goldman Sachs
- 0.50% APY
- No fees
- Sleek online platform
Marcus Savings by Goldman Sachs almost won our top spot due in this section of best bank accounts due to its competitive APY and compelling online interface. The only reason it was not selected was because it is relatively new and untested. Marcus could be moving to the top spot if it continues to prove itself as a reliable platform over the next couple years.
Ally Online Savings
- 0.50% APY
- No fees
Ally, similar to Discover, is an online only bank touting its customer service and other financial product offerings. Ally is a strong choice, especially if you want to couple it with an online only checking account.
Capital One 360 Money Market
- 0.40% APY
- No fees
The Capital One 360 Money Market Account is different from its savings account in two ways. First, it offers a more competitive APY than the savings account’s (assuming you are holding at least $10,000). Second, it’s a money market account, which doesn’t mean much except that you need a higher balance to achieve the APY you want (it is still FDIC insured).
Best CD
Capital One 360 CDs
Capital One is currently (as of early 2021) offering a 0.30% return (APY) on a 3 year CD and requires no minimum deposit.
Bottom line: Most of the banks already listed in this post also offer competitive CD rates, but Capital One 360 seemed to consistently be towards the top. Keep in mind, rates are near an all-time low in early 2021.
Criteria Used:
- Best Rates: Must have high rates (benchmarking against a 3 year time period).
- Minimum Deposits: Must have low or $0 minimum deposits so you can be flexible about how much money you tie up.
Other Good Options:
Citizen’s Access
- 0.25% APY (2 year)
- $5,000 minimum deposit
Citizen’s Access offers a similar rate to Capital One, but has a minimum deposit attached to it.
Discover
- 0.55% APY (3 year)
- $2,500 minimum deposit.
Discover offers a competitive APY and slightly lower minimum deposit than Citizen’s Bank.
Charles Schwab
Schwab OneSource allows you to search FDIC insured CDs to find the best rates for your desired time period. It’s a great resource when searching for the best CD options.
Another thing to keep in mind when selecting which of the best bank accounts to use is that often times, it makes your life simpler if all of your banking is done with one bank or company. It’s not necessary, but it can help you stay organized and allow for faster transfers between accounts.
Lastly, while this is a great list of the best bank accounts out there, it is not exhaustive. When making a bank account selection, it’s important to note what criteria are important to you and select an account that delivers on that criteria.
Disclaimer: This is not a definitive list of best bank accounts, but our opinion of some really great options based on the criteria laid out above.
