These stellar banks and credit unions are making all the right moves to win satisfied customers.
Banks are on a mission to cut costs and raise revenues, and customers are getting caught in the cross fire. Fees on basic checking and the requirements to avoid them have been steadily increasing, and interest-bearing checking accounts tend to load on so many fees that the paltry rates they pay hardly matter. In the 2016 Bankrate survey of checking accounts, the average yield ticked up to 0.06%, and the average balance required to avoid a monthly fee surged to $7,037.
But some institutions are making all the right moves to win satisfied customers. To identify the crème de la crème, Kiplinger is introducing its list of best banks and credit unions. We’ve picked a first-place winner and runner-up (except in the case of a tie) among national banks, nationally available credit unions and internet banks, plus the best bank in each of four regions. To make our choices more personal, we’ve also named a top institution and runner-up for each of six wide-ranging profiles: high-net-worth families, retirees, frequent travelers, millennials, students and military service members.
To gather the thousands of bits of data necessary to rank the winners, Kiplinger turned to Moebs Services, an economic research firm in Lake Forest, Ill., that advises financial institutions (for more details on our methodology, see the box on page 35). The top institutions on our list have a mix of no-fee and low-fee basic and interest checking, plus competitive yields on savings, money market deposit accounts and certificates of deposit. They often reimburse ATM fees, and some offer special perks for students and seniors. And they tend to do digital well, with easy-to-navigate websites and responsive social media teams.
This story is from the July 2017 edition of Kiplinger's Personal Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 2017 edition of Kiplinger's Personal Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
FREE HELP FOR COLLEGEBOUND STUDENTS
This program’s mentors assist applicants as they fill out the FAFSA, write essays and more.
WHAT YOU SHOULD KNOW ABOUT SPOUSAL IRAS
You typically need earned income to contribute to an individual retirement account, but a spousal IRA provides an important exception to this rule.
SELLING SHARES? HERE'S HOW TO MINIMIZE TAXES ON YOUR GAINS
ET'S say you've been regularly buying shares in a booming tech company over the past few years, but now you want to start taking some of those profits, perhaps to rebalance your portfolio.
Strategies for Novice Investors
AS part of a lifes kills program for young, single mothers, I was asked to teach a class on how to get on top of your finances.
ANSWERS TO YOUR 529 PLAN QUESTIONS
Thanks to recent policy changes, families have more options for what to do with money sitting in these tax-advantaged accounts.
Rate-Cut Winners and Losers
NOW that the Federal Reserve has cracked the interest rate ice, the next development will be to separate winners from losers.
SHOULD YOU BUY THESE RED-HOT FUNDS?
Covered-call ETFs are popular but come with plenty of caveats.
DIVIDEND STOCKS ARE READY TO REBOUND
Our favorite dividend payers are poised to benefit as falling interest rates lure investors back.
IS A 55+ COMMUNITY RIGHT FOR YOU?
These age-restricted developments appeal to older adults seeking abundant amenities and an active lifestyle.
AT LONG LAST, RATES ARE DROPPING
Consider these portfolio moves now that the Federal Reserve has cut its benchmark interest rate.