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1.5% APY

The average rate banks pay in is around 1.5%.

Compare Best Banks in

There are many bank options available in your region to choose from, so it’s only natural that you might have a hard time deciding which one is the best. While most banks have similar services, there are variations between their products and policies that can have a significant impact on how suitable they are for you. People have different demands. So even though many financial institutions are great, not all of them are ideal for you. Regardless of the type of accounts or services you are looking for, the best bank – for you - should fit your individual needs. It sounds simple, but it can be difficult to identify if a bank offers the things that will serve your needs better. Thus, this article can help you identify that by showing you how to compare the best banks in .

The Importance of Choosing the Right Bank

Choosing a bank might not be the most important decision you'll make in your life – especially because you can change it later. Yet, selecting a bank that is the best fit for your needs could make managing your finances simpler. Besides, taking your time and doing proper research when picking a bank might also save you money. A great method to make sure you chose the right bank is to compare the available options. Once you know which are the best financial institutions in your region, you can compare their services and policies. This way, once you identify the one that offers the best deal for your financial needs, you will be sure your money is in the best place.

Compare Best Banks in

Finally, these are the main factors you should compare between the bank options in . Keep in mind that there is no right answer to any of this, it will all depend on your lifestyle, financial needs, and goals.

So, get ready to compare:

Types of Accounts Offered

Banks have a wide range of products and services. Trying to compare all of them at the same time can be challenging. Determining which types of accounts you want to open is a great start. It narrows down the number of features and factors you will have to compare.

The following are some examples of common accounts:

  • Checking accounts
  • Savings accounts
  • Money market accounts
  • Certificates of deposit (CDs)

Each of these and other options usually come with demands from clients, which can vary depending on financial needs and priorities. Some might demand that a checking account comes with a debit and credit card, or that a savings account comes with unlimited withdrawals. In the end, it will depend on each person’s needs.

Some people rather have all their accounts in one bank. For some, this makes life easier, since it centralizes everything in one place. Other people spread their money out in order to find the greatest deals in rates and fees. That is also a smart approach, especially because the US has no limit on the number of accounts you can have in different financial institutions.

If you are the first type that prefers to centralize everything in one bank, you will have to pick one of the largest banks. Megabanks offer a larger range of financial products and will probably be able to give you all types of accounts you are looking for. However, by following this strategy, you will be losing the opportunity to take advantage of the best interest rates and deals available in the market.

If you are one of the latter types of people, who are always looking for the best deals, then the number of options is endless. Megabanks can also be an option. But you can also explore other alternatives that tend to offer better deals for different types of accounts. Some examples of these alternatives are mobile banks, crypto-based banks, credit unions, and so on. It will ultimately depend on what type of account you want to open so you can then identify where the best deal is for this specific type of account.

Fees and Minimum Balance

No one wants to pay unnecessary fees, especially when they can avoid that. You should always compare fees – including the hidden ones – that each of the banks you are considering charges.

The main fees you should watch out for when comparing banks are:

  • Maintenance Fees
  • ATM Fees
  • Overdraft Fees
  • Transfers Fees

These are the trickiest ones because they might not look like a big deal at first, but with time they can become a weight to carry. A quick comparison will already show you that online banks almost always have lower fees. Since online banks have few (if any) branches, their operating costs are lower, which results in lower fees than brick-and-mortar banks. Sometimes, online banks don’t charge fees at all, so think twice before agreeing on paying unnecessary charges.

Another factor to take into consideration when choosing your ideal bank is the minimum balance. Some banks will demand a minimum balance at your account. In some cases, if you drop lower than the required balance, you might have to pay a penalty fee. Of course, this is not ideal, especially because we never know what the next day holds. The last thing you want is to have to pay extra fees in a difficult financial month.

ATMs and branches

Considering your lifestyle and preferences when conducting your finances is important in order to choose the best bank for you. Do you prefer to speak with someone face to face, or do you prefer to communicate by computer or phone? Do you travel a lot and need to be able to withdraw money wherever you are? After determining your needs, you can look at the number and location of ATMs and branches that an institution provides.

Some people won’t bother to don’t have branches to attend to, while for others that is essential. Some people barely use cash, while others need to have easy access to ATMs. Each type of financial institution will offer these conveniences in a different way and intensity. That is why comparing these services is important.

If your transactions are mostly digital and you rarely use cash, online or mobile-only banks are great options. However, if you need in-person customer service, or use cash often, national banks have more branches and ATMs across the country. Credit unions that are part of networks such as Allpoint and Star have the greatest ATM coverage. So, in case you travel a lot around the US, they are a great alternative.


Most banks have basic services available on their app and website. Some of these simple services provide the ability to transfer funds, pay bills, track balances and make mobile check deposits. However, not every bank has sophisticated digital capabilities. Some banks lack digital functionalities that clients are constantly demanding - such as the capacity to lock a debit card (and keep it from being used by a stranger), implement mobile banking alerts, or manage budgeting tools.

On top of that, even some of the banks that offer lots of in-app features, lack user experience. If you value a high-tech experience, check your bank reviews online and research the banks you're contemplating. That is vital to make sure they can match your expectations. This way, you can compare the tech features of each bank and decide which one offers a smoother and more complete in-app and online user experience.

Terms and Conditions

You shouldn’t open a bank account until you know all its terms and conditions. If there are hidden monthly maintenance fees, inquire about having them waived. Check with the banks if eventual out-of-network ATM charges can be refunded. Make your due diligence about what type of insurance each bank offers, such as the National Credit Union Organization or Federal Deposit Insurance Corp.

Also, when comparing products, keep an eye out for promotional deals that have an expiration date. Some banks might have enticing teaser rates that will only last for a period after opening an account. Eventually, these temporary attractive rates can drop to a much lower rate. In these cases, you are better off with long-term good interest rates than tricky short-term higher rates. Unless, of course, you don’t mind changing banks often to take advantage of deals like these.

Online Reviews

You don't want to join a bank without first understanding what you're getting yourself into. After you've narrowed down your list of banks to a few, look at what experts have to say about them. Find out how your preferred banks handle customer service and whether you're the kind of person who can get the most of what they offer. Also, check online customer reviews. If someone went through the trouble of sharing their opinions about the bank, why not learn from their experience.

Joining a bank can become a long-term relationship, so it’s important to know everything before you make your choice. Comparing experts and customer reviews online is a great, free, and easy way to compare your bank options.

Best Banks in

Now that you know how to compare the best banks in your region, here is a little push to put into practice. To help you start the process of choosing your ideal financial institution, these are the best banks in . You can go through them and start comparing the important features and factors explained in this article. Finally, you will identify which bank in fits better your financial needs.

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