Are you looking for a better bank? You’re in the right place. With the help of Curinos, a financial-data provider, we’ve analyzed accounts at 40 financial institutions, evaluating them based on criteria including fees, minimum balance requirements, yields and the availability of extra perks, such as free checks or financial planning services. (For more on how we judged the contenders, see the methodology below.)
With that information, we’ve compiled a list of the financial institutions (named in alphabetical order) that earned top marks in three broad categories: national banks, internet banks and credit unions. We’ve also highlighted two winners that may be strong options for customers in each of three profiles: high-net-worth clients, retirees and travelers.
Even if you don’t want to overhaul your banking relationship, you may find ideas to supplement your strategy. If you regularly go on overseas trips, for example, you might open a separate checking account that waives foreign-transaction fees on debit card purchases and withdrawals and cuts you a break on out-of-network ATM surcharges, using the account primarily when you travel.
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Do you have kids at home? Check out the youth-oriented accounts that some of these institutions offer. If you’re looking for a place to park some extra savings — and to lock in a high yield before the Federal Reserve cuts interest rates further — consider a certificate of deposit (CD), some of them yield 4% or more.
Interest rates change frequently, so before you commit to any of these accounts, check the current yield. Yields and other terms listed here are as of early July.
Best Banks for Retirees
Retirees today seek more than just a place to stash their savings — they want reliable yields, minimal fees, and convenient access to cash with global flexibility. The banks we spotlighted earned top marks for offering features like no‑fee checking, ATM fee reimbursements and interest-earning options tailored for retirees.
Fidelity Cash Management
Standout account: The Fidelity Cash Management Account offers an attractive yield and free checks.
Fidelity’s no-fee Cash Management Account is a brokerage account, but it offers many of the same benefits as a traditional checking account, allowing you to use a debit card and write checks. It offers unlimited reimbursement of fees for out-of-network ATM withdrawals worldwide, as well as free standard checks.
You have two options of where to place your cash. With the FDIC-Insured Deposit Sweep Program, Fidelity “sweeps” your money into accounts at one or more partner banks, insuring the funds with Federal Deposit Insurance Corp. coverage against bank failure; you can insure up to $5 million in cash, and you’ll earn a yield of 2.21%.
Alternatively, you can put the cash in the Fidelity Government Money Market Fund (symbol SPAXX), which recently had a seven-day yield of 4%. Although a money market mutual fund typically carries low investment risk, it does not provide FDIC coverage.
TD Bank
Standout accounts: Beyond Checking has a number of perks that may be attractive to retirees, including free checks. The Simple Savings account waives its monthly fee for those who are 62 or older.
Where it is: More than 1,100 locations in 15 states on the East Coast as well as in Washington, D.C. (Rates and terms are for customers in Cherry Hill, N.J.)
Retirees who prefer in-person assistance with banking services can visit one of TD’s branch locations. And the bank’s Beyond Checking account offers some appealing features, including free standard checks, cashier’s checks, money orders, stop payments and incoming wire transfers. Plus, get reimbursed for two overdraft fees yearly and one out-going wire transfer monthly.
If you maintain a $2,500 daily balance, you’ll also be refunded for out-of-network ATM fees. There are three ways to bypass the $25 monthly maintenance fee: Maintain a $2,500 daily balance, have $5,000 or more in direct deposits within a statement cycle, or have a $25,000 combined balance in linked eligible TD Bank deposit accounts and loans.
Those 62 or older pay no monthly fee on the Simple Savings account, and the bank’s Promotional CDs recently offered yields of 4% for a three-month term and 3.51% for a six-month term ($250 minimum balance; you must have an eligible TD personal checking account to qualify for the promotional rate).
Methodology
With data from Curinos, a financial-data provider, as well as from financial institutions and other sources, we evaluated 13 national banks, 14 internet banks (including online accounts from brokerage firms) and 13 credit unions. We reviewed checking accounts, savings accounts, money market deposit accounts and certificates of deposit from each institution.
We looked at interest rates; minimum deposit and balance requirements; monthly maintenance fees and the ease of waiving those fees; ATM benefits, such as waived or reimbursed fees for out-of-network withdrawals; free or discounted benefits, such as personal checks, cashier’s checks, paper statements and overdraft-protection transfers; overdraft fees and concessions, such as cushions; and online and mobile banking features, such as the availability of peer-to-peer payment services. Yields and other data listed in the article are as of early July.
Curinos LLC. Data is obtained from public sources; accuracy and completeness is not guaranteed. Curinos is not liable for reliance on the data.
Kiplinger Best Banks
Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.