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Whether you're trying to find a free checking account at a brick-and-mortar bank or a high-yield savings account at an online credit union, the Personal Finance Team is here to help you figure out which bank accounts may be the best option for you.
We research and write bank reviews, comparison reviews, and guides about dozens of financial institutions so we can determine which may be your best options. We also compare and contrast the features and fine print of various products, so you know the advantages and limitations of each account.
Overview of bank account ratings
Personal Finance Insider rates bank accounts on a scale from zero to five stars.
We review different features for distinct types of bank accounts. For example, for a savings account or money market account, we'll evaluate the interest rate on an account to see if it's competitive. This will not be factored for a rating of a checking account, since usually checking accounts do not pay interest.
All of the categories have equal weight in our rating. This is because each category serves as an essential component to understanding the overall banking experience with a particular financial institution.
If you'd like to learn more about how we review individual features of bank accounts, you'll find more details on our methodology for ratings below.
Checking accounts
A checking account is ideal for spending and managing money. Checking accounts typically won't pay interest, but most include paper checks and a debit card for easy access to your account.
If you'd like to learn more about how we evaluate individual features of checking accounts, you'll find more details on our methodology for checking account ratings below.
Minimum deposit (14.29% of rating)
We look to see how easy it is to open a checking account. The highest-ranked checking accounts have a minimum opening deposit between $0 and $25. If a checking account requires more than $25, this will be considered a disadvantage.
For example, a checking account with a $0 minimum opening deposit will receive 5 out of 5. Meanwhile, checking accounts with a $25 minimum opening deposit will get 3.5 out of 5.
Monthly fees (14.29% of rating)
If a checking account charges a monthly service fee, the rating assigned will depend on the monthly charge and how easy it is to waive the fee.
A checking account that charges zero monthly service fees will earn a 5 out of 5. If a checking account charges a monthly service fee between $5 and $10 that can only be waived one way, it will earn a 3 out of 5.
Overdraft protection options (14.29% of rating)
First, we review whether a bank charges overdraft fees and/or offers overdraft protection. Banks that deny a purchase but do not offer overdraft protection are assigned a 3 in this category. If the bank offers overdraft protection, we see if there's a fee for using overdraft protection.
For instance, a checking account that doesn't have any overdraft fees will receive a 5 out of 5. A checking account that charges an overdraft fee of up to $15 and doesn't offer any overdraft protection will get a 2 out of 5.
ATM network/fees (14.29% of rating)
We look to see if the bank has a substantial ATM network, and how it charges out-of-network ATM fees. Ideally, a bank won't charge you a fee for using an out-of-network ATM. It will also reimburse you if you're charged by another provider.
For example, a checking account that has a nationwide ATM network and permits unlimited reimbursements on out-of-network ATM fees receives a 5 out of 5. A checking account that has a regional ATM network and charges out-of-network ATM fees will receive a 2 out of 5.
Savings accounts
A savings account is a type of interest-earning bank account. It usually doesn't have a debit card or checks, but you can transfer money to another bank account to access your money.
If you'd like to learn more about how we review individual features of savings accounts, you'll find more details on our methodology for ratings below.
Interest rate (16.67% of rating)
A savings account will receive a high rating if it has a competitive interest rate. To help determine whether it has a high rate, we see if a savings account pays a higher interest rate than the average savings account rate.
If the financial institution offers a significantly higher rate (similar to the rates mentioned in our best high-yield savings account guide), it will receive 5 out of 5. A financial institution will earn a 3 out of 5 if its savings account interest rate is on par with average savings rates. Banks or credit unions that offer a much lower interest rate (for example, 0.01% APY (Annual Percentage Yield) on a savings account) will only get 1 out of 5.
Minimum deposit (16.67% of rating)
We look to see how easy it is to open a savings account. The highest-rated savings accounts have a minimum opening deposit that's between $0 and $25. If a savings account requires more than $25, this will be considered a disadvantage.
A savings account with a $0 minimum opening deposit will receive 5 out of 5. A savings account with a $25 minimum opening deposit will get 3.5 out of 5.
Monthly fees (16.67% of rating)
If a savings account charges a monthly service fee, the rating assigned will depend on the monthly charge and how easy it is to waive the fee.
For instance, a savings account that charges zero monthly service fees will earn a 5 out of 5. A savings account that charges a monthly service fee between $5 and $10 that can only be waived one way will earn a 3 out of 5.
Money market accounts
A money market account is a type of interest-earning bank account. Money market accounts are distinct from other types of savings accounts because they often have tiered interest rates or provide access to your account through debit cards, checks, or an online payment system.
If you'd like to learn more about how we evaluate individual features of money market accounts, you'll find more details on our rating methodology below.
Interest rate (12.50% of rating)
A money market account may receive a high rating if it has a competitive interest rate. To help determine whether it has a high rate, we see if a bank account pay more than the national average money market account rate.
If the financial institution offers a significantly higher rate (similar to the rates mentioned in our best money market account guides), it will receive 5 out of 5. A financial institution will earn a 3 out of 5 if its money market account rate is on par with average money market account rates. Banks or credit unions that offer a much lower interest rate (for example, 0.01% APY on a money market account) will only get 1 out of 5.
Access to your money (12.50% of rating)
We research to see if a money market account has access to savings through an ATM card, debit card, paper checks, or online payment service. Money market accounts will receive a higher rating if there are several ways to access an account.
For example, a money market account that comes with a debit card, paper checks, and access to Zelle will receive a 5 out of 5. A money market account that only offers paper checks will receive a 3 out of 5.
Minimum deposit (12.50% of rating)
The highest-rated money market accounts have a minimum opening deposit of under $1,000. If a money market account requires $1,000 or more for an opening deposit, this will be considered a disadvantage.
A money market account with a $0 minimum opening deposit will receive 5 out of 5. A money market account with a $1,000 minimum opening deposit will get 3.5 out of 5.
Monthly fees (12.50% of rating)
A money market account may receive a high rating if it charges zero monthly service fees. If a money market account charges a monthly service fee, the rating assigned will depend on the monthly charge and how easy it is to waive the fee.
For example, a money market account that charges zero monthly service fees will earn a 5 out of 5. A money market account that charges a monthly service fee between $10 and $20 that can only be waived one way will earn a 3 out of 5.
ATM network/fees (12.50% of rating)*
*Note: This will only be factored in if the money market account has a debit card or ATM card. If a money market account has neither a debit card nor an ATM card, this category will not negatively impact the rating since this will already be taken into account under the category "Access to your money." The categories will be adjusted and will account for 14.29% of the rating.
We look to see if the bank has a substantial ATM network, and how it charges out-of-network ATM fees. Ideally, a bank won't charge you a fee for using an out-of-network ATM and will provide reimbursement if you're charged by another provider.
For example, a money market account that has a nationwide ATM network and permits unlimited reimbursements on out-of-network ATM fees receives a 5 out of 5. A money market account that has a regional ATM network and charges out-of-network ATM fees will receive a 2 out of 5.
Business checking accounts
Business checking accounts are a type of business bank account where you can manage everyday business operations.
If you'd like to learn more about how we evaluate individual features of checking accounts, you'll find more details on our methodology for checking account ratings below.
Transaction limit (14.29% of rating)
If there's a transaction limit, the rating will depend on how many free transactions are permitted per month, and the charge for exceeding the limit.
For example, a business checking account that permits unlimited transactions will get a 5 out of 5. If a checking account permits 200 free transactions per month and charges a $0.50 fee for additional transactions that exceed the limit, it will receive a 3 out of 5. If a checking account permits fewer than 100 transactions per month and charges more than $0.50 for transactions that exceed the limit, it will receive a 1 out of 5.
Minimum deposit (14.29% of rating)
The highest-ranked business checking accounts have a minimum opening deposit that's between $0 and $25. If a business checking account requires more than $25, this will be considered a disadvantage.
For example, a business checking account with a $0 minimum opening deposit will receive 5 out of 5. A business checking account with a $50 minimum opening deposit will get 3 out of 5.
Monthly fees (14.29% of rating)
A business checking account will receive a high rating in this category if it charges zero monthly service fees. If a business checking account charges a monthly service fee, the rating assigned will depend on the monthly charge and how easy it is to waive the fee.
A business checking account that charges zero monthly service fees will earn a 5 out of 5. A business checking account that charges a monthly service fee between $5 and $10 that can only be waived one way will earn a 3 out of 5.
ATM network/fees (14.29% of rating)
We look to see if the bank has a substantial ATM network, and how it charges out-of-network ATM fees. Ideally, a bank won't charge you a fee for using an out-of-network ATM. It will also provide reimbursement if you're charged by another provider.
For example, a business checking account that has a nationwide ATM network and permits unlimited reimbursements on out-of-network ATM fees receives a 5 out of 5. A business checking account that has a regional ATM network and charges out-of-network ATM fees will receive a 2 out of 5.
Ultimately, we review checking accounts, savings accounts, money market accounts, and business checking accounts to help you understand how a particular bank's accounts compare to those of other financial institutions. Bank accounts with high ratings in most of these categories will likely have a high overall rating. Meanwhile, accounts with lower overall ratings might still be worth considering, but you'll want to review specific features to see if one is a good account for your needs.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
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