Our pick for a savings account: Synchrony High Yield Savings
- Earn customer rewards
- Free ATM card
- No minimum balance
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Bank accounts are a dime a dozen. But the best ones are transparent, flexible and offer perks that help you reach your financial goals. That’s why we looked at factors like interest rates, ease of use, ATM access, deposit requirements, monthly fees and additional perks to bring you the best overall bank accounts for checking, savings and CDs.
|Account fees||$0 monthly|
|Can the fee be waived?||
|Insufficient funds fee||$9|
|ATM transaction fee||$0|
|Paper statement fee||$5|
|Wire transfer fee||$40|
|Foreign transaction fee||0%|
For more accounts that fit your spending lifestyle, compare our list of best checking accounts.
|Minimum to earn interest||$0|
|Monthly transaction limit||6|
|Fee per transaction over limit||$0|
For more accounts that fit your goals, compare our list of best savings accounts.
For more accounts that fit your savings goals, compare our list of best CDs.
Here are a few pointers to help you choose the best bank account for your unique needs:
First, you’ll need to think about what you want out of a bank account. Is it flexibility you need, or are you happy to trade some of that flexibility for no monthly fees? The considerations listed below can help you prioritize what features are important to you.
There are many banks that serve the US, all offering a range of different banking products. To make managing your money easier, you may want to consider doing all of your banking with one institution. If not, make sure the card can be linked to any of your other accounts.
If you’re lucky, you might come across a checking account that pays interest. While you’ll generally earn more interest with a savings account, some checking accounts can pay a solid APY.
The best bank account shouldn’t charge any monthly fees, or should at least make it easy to avoid them. Check the requirements to waive the monthly fee and try to find an account that fits your financial situation.
Checking accounts are designed to provide access to your money, so you shouldn’t be required to pay when you need to make a withdrawal. Some banks will even waive fees when you make a transaction on an ATM that’s outside the bank’s network
Many banks are now online, giving you better access to your money with internet, phone or mobile banking. If you prefer to do your banking through a smartphone, check for the availability of an app.
Look to see if the institution is strictly online or if you have the option of calling or visiting a local branch. If you prefer to talk to a teller for your financial decisions, you may want to consider a financial institution that has a physical presence.
This is important to consider if you make frequent ATM withdrawals. Charges quickly accrue if you don’t use the ATMs in the bank’s network. Find a bank with a large ATM network in your area or one that provides fee-free access to other ATMs. Plus, some institutions operate globally, allowing you easier and cheaper access to your money when traveling abroad.
Since everyone has different banking needs, there is no such thing as the single best bank account. The best account for you will depend on what you plan on using it for, so it’s important to identify what you value in your banking experience.
There are benefits to online banking — online financial institutions tend to have less overheads, and in turn, pass on their savings to their customers. The ideal bank account for a digital nomad is a bank that has an accessible online banking platform. In the US, CommBank was voted as the best bank for online banking and Beyond Bank as the best customer-owned institution.
See our moving to the US guide for more information
If you’re about to start your first job and want to save up some extra cash, there are plenty of banks to help you, so be sure to shop around to find the best deal. Remember that if you’re under 14 years old, you’ll probably need to ask your parent or guardian for permission to open a bank account for you.
Using your debit card overseas usually incurs the following charges:
While exchange rates and operator ATM fees can’t be controlled, you can control the international transaction and overseas ATM fees. There are bank accounts in the market that don’t charge these fees and can save you money when you travel.
Businesses generally conduct far more transactions than consumers, so it’s important to find an account that is designed specifically for business use. These types of accounts make it easier to manage cash flow and keep track for spending for tax and accounting purposes.
Joint checking accounts are an effective way for couples to manage their money. The best couples checking accounts generally offer bill pay services, widespread ATM access and minimal fees, allowing you to make use of more of your money.
It’s never too early to learn responsible financial habits. Kids bank accounts can help children and teens learn how to manage their money and usually don’t have monthly fees. Plus, they often allow parents to control spending and monitor account activity.
If you’re 55 or older, you can enjoy the benefits of senior banking. This usually includes unlimited access to your bank account, including ATMs, branches, Internet and phone banking. Also, you can look forward to reduced or waived fees, as banks try to earn your business.
We don’t want to change banks for a number of reasons. If it’s not our priority to make a change, it may be because we’re getting exactly what we need from our bank or because it’s too much of a hassle to switch. If you’re satisfied with the services your bank provides, or even just loyal to the company you’ve been with for years, you might feel less inclined to change.
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