THE BEST BANK FOR YOU
Kiplinger's Personal Finance|August 2022
We've identified the banks and credit unions that offer the best combination of high-interest rates, low fees, and a customer-friendly focus.
LISA GERSTNER
THE BEST BANK FOR YOU

The news has been refreshingly good for bank customers lately. As the Federal Reserve raises short-term interest rates to fight inflation, yields on deposits are on the increase at some institutions-especially internet banks. (Large brick-and-mortar banks tend to raise rates more slowly, and many of them have ample deposits, minimizing their incentive to push up yields.)

What's more, big banks have made a spate of customer-friendly changes to their overdraft policies over the past year. Some, such as Ally Bank and Capital One, eliminated overdraft fees altogether. Others are lowering their fees, increasing the amount by which customers can overdraw their checking accounts without fees or allowing customers more time to get their balance out of the red before hitting them with fees. Chase, for example, has stopped charging an overdraft fee if an account is overdrawn by $50 or less at the end of the business day. And starting sometime this year, Chase customers who overdraw their accounts by more than $50 will have until the end of the next business day to bring their account balance to $50 overdrawn or less to avoid overdraft fees. Several banks are also adding the ability for customers to access direct-deposited funds from their checking accounts up to two days early.

Such changes are part of broader strategy banks are implementing to keep up with transforming customer expectations, according to research firm J.D. Power. Customers are visiting branches less often, and they're more frequently using digital services such as Zelle and Venmo to exchange money. "The decision to move from a punitive, carrot-and-stick approach suggests that retail banks are recognizing that the role they play in their customers' lives needs to evolve beyond service provider and into more of a hub of financial advice and guidance," J.D. Power concludes in a recent report.

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