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In previous articles we’ve discussed Traditional vs Online Banks, comparing security fees, convenience, interest rates and fees. We also did a separate article about earning more interest on your savings with an online vs traditional bank. Well, Money.com surveyed the 50 largest traditional (aka brick-and-mortar) banks and the 25 largest online banks and came up with a list of their choice of “Best Banks” in various areas, comparing these same things and more.
In Money’s article about choosing the right bank they say:
“There’s still plenty of free accounts out there,” says Bankrate.com chief financial analyst Greg McBride. “Consumers are not hostage to rising fees and balance requirements.” Just by moving to a bank with no maintenance fees and no ATM fees, MONEY estimates that you could save more than $360 a year.
Choosing a bank can be a deeply individual process—a mid-career professional with a full-time job, direct payroll deposits, and substantial savings will have different priorities than a frequent traveler who just wants cheap access to cash. But it shouldn’t be a costly one.
So, here are their top picks in 17 areas:
- Best Big Bank: TD Bank
- Best Online Bank: Ally
- Best Mobile App: BBVA Compass
- Best Checking (tie): Bank of Internet Rewards Checking and Aspiration Summit
- Best Checking for Travelers: Schwab Bank High Yield Investor Checking
- Best Business Checking: Capital One Spark Business Unlimited Checking
- Best Savings: MySavingsDirect High Interest Savings
- Best One-Year CD: CIT Bank Term CD
- Best Bank Accounts if You’re Broke: Ally Interest Checking, Schwab Bank High Yield Investor Checking, and Aspiration Summit
- Best Midwest Bank: FirstMerit
- Best Northeast Bank: First Niagara (NOTE: After the article was written it was announced that First Niagara is being purchased by and will merge with KeyBank in 2016)
- Best Southeast & Southwest Bank: First Citizens
- Best South & West Bank: BBVA Compass
- Best Multiple Regions Bank: Capital One
- Bank with Biggest Footprint: Wells Fargo
- Bank with Best Branch Hours: Huntington
- Bank with Most ATMs: Chase
For the full article with their methodology and information about each of the above banks/accounts Money.com chose, click here.
