The best bank or credit union depends on what it is for: a savings account, a checking account, or both. When one chooses a credit union, it must provide the same accounts but with better terms.
The best account is the one that carries features that closely match customers’ habits and preferences for managing daily financial transactions. It means finding an account that carries a mix of low maintenance fees, nearby ATMs, low minimum balance requirements, and various other features.
Here are our picks for the top 10 banks and credit unions:
Connexus credit union carries a checking account, Xtraordinary that offers no minimum deposit requirement and unlimited reimbursement for all ATM fees. The customers need to open a regular savings account that requires a minimum deposit of $5 to get a checking account. Its perks include reimbursements up to $25 in domestic ATM fees a month, a 1.75% annual percentage yield (APY) on checking balances up to $25,000, and no monthly maintenance fees. However, one needs to open a savings account first before getting a checking account. It only has 1.75% APY on balances of $25,000 or less.
Alliant Credit Union stands out from the others due to its digital banking experience. The account doesn’t charge monthly fees. It has more than 80,000 fee-free ATMs provided by the credit union. It has a highly-rated mobile banking app, no monthly maintenance or minimum balance requirement, free overdraft protection, and 0.55% APY on over $100 in high-rate savings. The membership requirement in the credit union and the $25 fee for non-sufficient funds were identified as the disadvantages.
Consumers Credit Union’s account provides the highest APY on the checking accounts. The Credit Union has $5 joining fees and members can earn up to 4.9% of APY on balances up to $10,000. There are no monthly maintenance fees or minimum balance requirements. It has unlimited reimbursement of ATM fees. The disadvantage side is the need to meet monthly qualifications to earn higher APYs and receive unlimited ATM reimbursements.
First Tech provides a great checking account with no monthly fees and a top interest rate of 0.50%, provided that it meets certain criteria. Customers can be qualified by becoming a member of the non-profit Financial Fitness Association that costs $8. One needs to have a $500 minimum opening deposit requirement on the certificate of deposits (CDs) and meet three requirements to earn a 0.50% interest rate.
Axos Bank’s checking account pays up to 1.00% APY and has five reward tiers increase in earning potential when a client meets certain criteria. There are unlimited ATM fees reimbursements and a minimum deposit of $50 is required. It has no monthly overdraft or non-sufficient funds fees while the disadvantages were no interest for balances over $50,000 and customers need to meet certain requirements to earn higher APY.
NBKC Bank provides ‘everything’ account. It is both checking and savings in one single account. The customers can access 37,000 ATMs and can set savings goals with the tools provided online. There are no overdraft fees and incoming domestic wire transfers are free. It also provides 0.15% APY. The advantages were having single account to manage both checking and savings requirements, $12 per month reimbursement for out of network ATM fees, and no requirements to earn APY. The disadvantages were international wire transfers- incoming and outgoing are $45 per transfer and there are higher APYs available with other banks.
Chime is an online-only bank and is Federal Deposit Insurance Corporation (FDIC)-insured. The bank carries no monthly fees and overdraft fees. Customers can round up the purchases to the nearest dollar and save the remainder. The paycheck can be received, two days earlier. However, cash deposit is a problem since it’s an online-only bank. Mobile cheque deposit is only available for customers who have signed up for a direct deposit.
Heritage Bank carries a checking account known as eCentive that provides the highest APYs available from a bank. Consumers can earn 1.02% APY on $25,000 when they meet specific requirements. There is no minimum balance requirement to open this account. The benefits were $25 reimbursement for domestic ATM fees and a competitive interest rate. It has $33 overdraft fees per item, no cheques included and one must meet requirements to earn higher APY.
With Quontic Bank, customers can earn up to 1.01% APY on balances of up to $1 million with no monthly maintenance fees or minimum, and with high-interest checking accounts. Customers have access to more than 90,000 surcharge-free ATMs. The disadvantages were $100 minimum requirement to open an account and it must meet monthly requirements to earn interest. It has a $35 overdraft fee.
Bank5 Connect’s checking account provides overdraft protection from linked Bank5 Connect savings accounts without any cost. There’s no monthly maintenance fee and the minimum amount to open an account is $10. It reimburses ATM surcharges up to $15 per statement cycle. Customers need to maintain a minimum of $100 account to earn the 0.20% APY.
It has additional insurance coverage through DIF. It has cashback through a purchase rewards programme and $15 reimbursement for other banks’ ATM fees. Customer must maintain $100 to earn high APY and it has no physical branch.
While there are unlimited checking account options that can be accessed for money, one can make a smart financial decision by reading various bank reviews/ratings on BankQuality.com to attain maximum benefits. The detailed reviews available on the website helps in understanding the functions of the desired bank and how it performs according to its current users. So, choose a financial institution that suits the client’s needs.