Do you find yourself transferring money back and forth between your low-interest brick-and-mortar checking account and your high-interest online savings account? It’s understandable. After all, who doesn’t want to earn the most on their money and still have access to all that online checking accounts have to offer?
But here’s the thing: transferring money is a pain. I much rather be spending time with family than worrying about my account balances or the interest I’m earning. I’m sure you’re in the same boat.
What if you didn’t have to transfer money and could still get an awesome interest rate? It’s now a reality folks, and it’s called Radius Hybrid – a new all-in-one checking account from Radius Bank.
Let’s take a closer look.
Maximize Earnings Without Transfers
You’ll be hard-pressed to find even a couple of saving accounts that offer such a generous amount of interest: up to 1.00% APY. And keep in mind, this is a checking account – most checking accounts don’t come anywhere near this amount of interest.
The main benefit to this is that you’ll no longer have to transfer money between accounts in order to maximize your earnings. You’ll need to have at least $2,500 in the account to earn the most interest, but if you’re budgeting and saving like you should, you’ll probably have enough to make this work.
Protect Your Money
Radius Hybrid accounts are FDIC-insured which means your money is insured up to at least $250,000. Why would you need a savings account if your money is protected in a high-interest checking account?
I can’t think of a better way to protect your money than to have your money in an FDIC-insured account like Radius Hybrid.
All-in-One Features
Radius Hybrid comes with many of the features you’d expect from a checking account and more.
You’ll get a debit card, online banking, and mobile banking. These are the essentials.
When it comes to moving money, you’re covered. There are free internal and external transfers (just in case you need them). You can deposit your paycheck right into the account and also complete mobile check deposits via mobile banking. You can even make fee-free deposits and balance inquiries at ATMs displaying the NYCE® Shared Deposit Program logo. Finally, you can get unlimited deposits via postage-paid Bank by Mail envelopes.
Need to make a withdrawal? Yep, you can do that too. You’ll get unlimited, fee-free withdrawals at all Radius Bank ATMs and Banking Center locations. You’ll also get unlimited surcharge-free withdrawals at ATMs displaying the SUM(SM) Program logo. Travel? All foreign ATM fees will be rebated each month!
There are a variety of ways to make purchases with your Radius Hybrid account. First, you can pay bills and people using bill pay through your online banking account. You can also pay with your phone and their free Radius Pay app linked to your Radius Debit Card. Finally (and probably most importantly), you can make signature and PIN-based purchases in stores and online with your Radius Debit Card.
You can also stop payments, make wire transfers, and have overdraft protection. You’ll get all the handy bells and whistles.
By the way, there are no monthly fees. Many accounts of this caliber have them, so this is a nice perk. And your first order of checks? Free.
Radius Bank has truly created a well-rounded checking account with just about everything anyone would want from their bank. Two thumbs up from me.
How to Open an Account
Opening an account is super simple.
First, read all about what Radius Hybrid has to offer. You can use their Radius Hybrid Calculator to determine how much interest you’ll earn over the period of 12 months.
When you’re ready, sign up. The process goes like this . . . .
You can apply from your phone or tablet by just taking a picture of your Driver’s License and they’ll pre-fill your contact information for you. Pretty easy.
There’s only a $10 minimum balance to open an account. With such a low minimum and no ongoing monthly maintenance charges, anyone can afford to start an account.
Final Thoughts
Radius Bank’s tagline is “Built Around You.” I think they’ve proven themselves worthy of such a tagline, because it’s true.
Remember a few years ago when banks wanted to charge you fees just for using your debit card? Ridiculous. It’s time that banks start treating customers with respect and create accounts without frustrating fees.
When you sign up for a bank account, you’re adding your money to a pool of capital that they can use to make loans or participate in other investments. In return, you should have easy access to cash, all-in-one features, a great interest rate, and easy-to-use banking tools.
Radius Bank’s new Radius Hybrid account delivers that and more.
If you’re looking for a high-yield savings account online with no added or unexpected fees, Varo delivers. Varo is an online bank launched in 2017. In 2020, it became the first consumer fintech granted a national bank charter, which means deposits are FDIC insured by the Federal Deposit Insurance Corporation and backed by Varo Bank, not a third-party bank.
Since 2020, SoFi also earned the same distinction as a nationally chartered bank.
Is Varo Bank safe?
Varo is currently valued at $1.9 billion, which is down from its 2021 valuation of $2.5 billion. However, recent reports say the neobank is seeking $50 million in funding. In 2022, reports had said the bank might run out of money by the end of the year. However, it is still in business and still offering record high APYs for its high-yield savings account and tons of other perks for account holders.
It’s important to remember that whatever happens, Varo Bank is FDIC insured up to federal limits of $250,000 per account holder, per account category. Joint accounts are insured for $500,000 per account category.
If finding a checking account and savings account with no minimum balance, no minimum deposit, no overdraft fees, no monthly fees, early direct deposit and cash back is important to you, then you might want to give Varo a chance.
Varo Checking Account
When it comes to checking accounts, Varo has only one, simply called “the Varo Bank Account.” It is packed with features that you want from a top online bank, including:
Rewards Visa debit card
Early direct deposit
Free mobile deposit
Access to Zelle for P2P money transfers
No monthly fees
No minimum balance requirements
Plus, your Varo debit card gives you access to the nationwide network of 55,000 allpoint atms where you can access your money with no fees. Keep in mind, using out-of-network ATMs for withdrawals can result in a fee of $3 per transaction, plus any fees charged by the ATM owner.
You’ll also have no foreign transaction fees when you use your Varo debit card overseas. And if you happen to lose your card, there’s no replacement fee, as long as you ask for regular shipping through the U.S. Post Office.
Varo Savings Account
Varo often makes headlines for its high-yield savings account. The bank currently offers an annual percentage yield up to 5.0%. But you’ll start your Varo savings account with a 3.0% annual percentage yield and move up to 5.0% annual percentage yield the next month if you meet a few requirements.
If you receive direct deposits in either your Varo savings account or Varo checking account of $1,000 or more and end the month with a positive balance in both accounts, you’ll earn 5.0% on up to $5,000 of your savings account balance. Any part of your balance exceeding $5,000 will still receive the 3% APY on savings.
In addition to fee free ATM withdrawals and no monthly fee, your Varo savings account also comes with automatic savings tools that can help Varo customers manage money. and take advantage of the high interest rate your Varo account offers.
Save Your Pay
When you choose “Save Your Pay” with Varo Bank, you automatically transfer a percentage of any direct deposits straight into your savings account. Whether you are looking to “pay yourself first” by adding 10% of each check to your high-yield Savings with Varo or looking to bolster your emergency savings by adding 20% or more, Save Your Pay makes it easy – and automatic to have funds deposited into savings each time you get paid.
Save Your Change
Small change can lead to a bigger savings balance when you round up your purchases and put the difference in your Varo savings account. Set up this feature so that every time you make a debit purchase, the amount will be rounded to the nearest dollar, with the extra money placed in savings.
Other savings accounts through traditional banks, including Bank of America, also offer similar automatic savings tools. But few savings accounts deliver such a high APY as your Varo bank account.
Other Accounts and Services
Varo offers checking and savings accounts with no monthly maintenance fees, a high APY on savings, and an intuitive app to help you manage your account. It also has other programs to help consumers build their credit, cover emergency expenses, or catch up on bills. The following programs are available to users with an active Varo bank account.
Varo Advance
Varo Advance allows qualified customers to borrow up to $250 at a time and pay it back within 30 days from your Varo bank account when you get paid. You can avoid overdraft fees, buy what you need or pay bills, and avoid high interest charges. Any advances over $20 have fees associated.
Your cash advance account has no monthly subscription fees, and no late payment or return payment fees. Each cash advance, however, has a fee ranging from $0 (for advances of $20 or less) up to $15 for advances of $250.
Varo Believe
Varo Believe is a secured credit card with no minimum security deposit, no annual fee or interest charges, and no credit check to apply. If you are a Varo customer, you can apply for this secured account to build your credit.
Turn on Safe Pay to ensure you don’t miss a payment. You will pay your credit card from your Varo bank account balances.
On-time payments will be reported to the three major credit bureaus to build your payment history. You can even track your credit score in the Varo mobile app.
Varo Bank Best Features
There are so many great features about Varo Bank, it’s hard to pinpoint the best elements of Varo accounts. Here are some features that come up time and again in Varo Bank reviews.
Early Direct Deposits
Access direct deposit funds up to two days earlier than you could with a conventional bank. Varo releases qualifying direct deposits from your employers as soon as the bank receives them. Often, this is up to two days before the payer’s scheduled payment date.
How soon you receive direct deposit funds depends on when your employer releases the funds. Weekends and bank holidays could delay a deposit to the next business day. But you will typically get paid at least two days earlier than you would with a traditional bank.
You can also use your Varo checking account to receive tax refunds from the IRS or your state government agency through direct deposit. During the pandemic, many people had their government stimulus payments deposited directly into their Varo Bank checking accounts.
Cash Back Debit Card
Not many banks offer a cash back Visa debit card, but Varo Bank does. Earn up to 6% on purchases through select retailers online and in stores when you use Visa cash back card or your Varo secured credit card. Once your cash back balance reaches $5, the money will be accounted directly into your Varo checking account.
Zelle
Zelle allows you to send person to person payments easily with no fees. As one of more than 1,800 financial institutions in the Zelle network, Varo makes it easy to split checks at a restaurant, send money to family and friends, or receive funds directly into your Varo Bank account instantly.
Varo Bank App
The Varo mobile app puts all the functionality of the bank right at your fingertips. You can turn your Varo cards on and off with a simple click, apply for cash advances, and transfer money between your Varo bank accounts easily from your mobile phone.
Cash Deposits at Thousands of Locations Nationwide
If you want to make cash deposits into your Varo savings or checking accounts, you can do so at any Green Dot Network locations. You can deposit cash at the register at the following stores:
7-11
CVS
Dollar General
Family Dollar
Kroger
Rite Aid
Walgreens
Walmart
Stores charge a fee of up to $4.95 for cash deposits and up to $5.95 for a Green Dot MoneyPak. The MoneyPak is a prepaid card of $20 to $500 that you can link to your Varo Bank account. When you do, those funds will be deposited into your checking account.
Varo Pros
55,000 AllPoint ATMs (Fee-free)
Early Direct Deposit
Cash Back Debit Card
No monthly fees
No foreign transaction fees
Cash Advance options
No minimum deposit to open an account
No minimum balance requirements
Varo Cons
Must meet requirements to earn 5.0% APY
No brick-and-mortar branches
No money market account
Financial difficulties leave some concerned about the bank’s future
Limited customer service hours for phone support
Varo Fees
Varo doesn’t have many fees. The bank doesn’t charge monthly fees or overdraft fees. But the bank may decline transactions if you don’t have the funds to cover it.
Varo checking account fees include a $3 fee for withdrawals from ATMs outside the AllPoint network, and $2.50 per transaction if you withdraw money at a retailer using your Varo debit card. Additionally, if you make a cash deposit using a third party money transfer service, including wire transfers, you could pay up to $5.95 per transaction.
How does Varo Bank compare to other online banks?
More frequently today, online banks offer no monthly fee, no minimum deposit, and no minimum balance requirements. But it’s a little harder to find an online bank that offers cash back, a secured credit card with no minimum deposit for security, and cash advances with no interest charges.
Chime is one financial technology company that offers some of the same benefits as Varo with no monthly fee. How do they compare?
Varo vs. Chime
First, it’s good to know that Varo is a chartered bank, while Chime is a fintech backed by Bancorp Bank, NA and Stride Bank, NA, both Members FDIC. However, for security purposes, consumers should know that Chime offers the same protection as Varo. All accounts are insured up to $250,000, with joint accounts covered for up to $500,000.
Chime also has no monthly maintenance fees and no minimum deposit to open an account. Like Varo, you can access your direct deposit funds up to two days earlier than most conventional banks. Chime doesn’t offer cash advances, but with fee-free overdraft protection for up to $200 with the SpotMe program, you can make cash withdrawals or debit purchases even if your account is in the negative.
Like Varo, Chime offers a secured credit card, called the Credit Builder Visa. It has no annual fee, interest charges, or security deposit required and no credit check is needed to apply.
Where Varo really shines is its high APY on savings. Chime doesn’t offer any options for savings accounts or money market accounts to earn interest on the cash you keep with Chime.
Varo Bank Reviews
Varo Bank earns high marks from personal finance website reviewers and also consumer review sites. Varo received an average of 3.4 stars on TrustPilot, with 76% 5-star reviews. Varo mobile banking apps in the App Store and the Google Play store earned 4.9 and 4.7 stars, respectively.
Some of the reviews claiming horrible customer service noted that their account was closed without warning. Often, this relates to extra-vigilant fraud protection.
The good reviews outnumber the bad on TrustPilot and personal finance websites. For instance, one Varo review said the chat support is “very prompt” and “always friendly.” Another Varo Bank review on ConsumerAffairs.com called the online bank: “an amazing company and very good bank as long as you Yourselves do what is needed. Pay things on time, follow instructions and do the best you can.”
Varo FAQs
Find out everything else you need to know about Varo bank accounts.
Does Varo have branches?
As an online only bank, Varo does not have branches for in-person service. However, Varo customers gain access to 55,000 AllPoint ATMs. You can withdraw money, check balances, and deposit cash
What happens if someone steals my card or card information?
If someone steals your card or you realize someone has your debit or credit card information, you will want to lock your card immediately in the Varo app. This prevents any purchases or withdrawals until you unlock the card. You should also do this if you’ve misplaced or lost your card.
Your direct deposit, ACH transfers and online bill payments will still process if your card is locked.
Once you’ve locked your card, reach out to Varo customer support through the Chat function in the app. Notify the representative that your card has been lost or stolen and you’d like to order a replacement card.
If you notice fraudulent charges on your account, you can reach out via Chat or call customer support at 877-377-VARO, Monday through Friday from 8 AM to 4:30 PM Mountain Time to dispute the charge.
How do I open an account?
You can find Varo Bank’s website at Varomoney.com. Click the purple “Open Account” button in the top right of the screen, choose the account you’d like to open, and apply for an account. There is no credit check required.
You will need a cellphone to open an account, as Varo may verify your personal information or account information via text messages.
Are checking and savings the only accounts Varo offers?
Varo offers a checking account, a savings account, a secured credit card (Varo Believe) and Varo Advance. Varo Advance allows you to use your Varo direct deposits and timely repayments to allow you to borrow up to $250 in cash advances. You pay it back within 15 to 30 days with no interest charges. You’ll pay a fee for every Advance over $20, up to $15 for a $250 advance.
Is Varo FDIC insured?
As a nationally chartered bank, Varo is FDIC insured up to $250,000 per account holder, per account category.
Choosing the right checking account can be a daunting task, especially with the variety of options available. The type of checking account you choose can significantly impact your ability to manage your finances, pay bills, and save for the future. This article aims to help you understand the different types of checking accounts and guide you in selecting the best one for your needs.
10 Types of Checking Accounts
Here are 10 different types of checking accounts, each tailored to meet different needs and tastes.
1. Traditional Checking Account
A traditional checking account is a basic bank account that allows you to deposit and withdraw funds, write checks, and access your money through ATMs. These accounts are simple to use and are ideal for individuals who require a standard checking account for everyday transactions.
Pros:
Easy to open and use
Widely available at most financial institutions
Typically offers free or low-cost access to ATMs
Cons:
May charge monthly maintenance fees
Low or no interest on account balance
Limited features compared to other types of checking accounts
Best suited for: Individuals seeking a basic checking account for everyday transactions
2. Premium Checking Account
Premium checking accounts offer a variety of enhanced features and benefits, such as higher interest rates, lower fees, and access to exclusive services. These accounts are designed for customers who maintain higher account balances and require additional perks.
Pros:
Enhanced features and benefits
Lower fees or waived fees for certain services
May offer higher interest rates than traditional checking accounts
Cons:
Requires a higher minimum balance to avoid monthly maintenance fees
May not be available at all financial institutions
Not ideal for individuals with low account balances
Best suited for: Customers with high account balances seeking additional perks and services
3. Interest-Bearing Checking Account
Interest-bearing checking accounts allow you to earn interest on your account balance, similar to a savings account or money market account. These accounts are sometimes referred to as high-yield checking accounts. They typically require a higher minimum balance to avoid monthly fees, but they can be a practical option for those looking to grow their money while still having easy access to funds.
Pros:
Earn interest on account balance
Retain easy access to funds for everyday transactions
May offer additional benefits, such as lower fees
Cons:
Higher minimum balance requirement
Interest rates may be lower than savings accounts or money market accounts
May charge a monthly maintenance fee if minimum balance is not met
Best suited for: Customers looking to earn interest on their checking account balance
4. Rewards Checking Account
Rewards checking accounts offer cashback or rewards for everyday transactions, such as using your debit card for purchases or setting up direct deposits. These accounts can help you earn extra money for your spending habits while still providing standard checking account features.
Pros:
Earn rewards or cashback for everyday transactions
Competitive interest rates
May have additional perks and benefits
Cons:
May require a higher minimum balance to avoid fees
May have more restrictions than a standard checking account
Rewards may be subject to limitations or expiration dates
Best suited for: Customers seeking rewards or cashback for their everyday transactions
5. Senior Checking Account
Senior checking accounts cater to individuals aged 50 or 60+, depending on the financial institution, offering age-specific benefits and discounts. These accounts may have lower fees, higher interest rates, and special perks tailored to the needs of seniors.
Pros:
Age-specific benefits and discounts
Lower fees or waived fees for certain services
May offer higher interest rates than traditional checking accounts
Cons:
Limited availability to individuals within a specific age range
May have fewer features than premium checking accounts
Not ideal for individuals outside the eligible age range
Best suited for: Individuals aged 50 or 60+ seeking age-specific benefits and discounts
6. Student Checking Account
Student checking accounts are specifically designed for college and university students, offering low or no fees and minimal account requirements. These accounts often provide free access to online and mobile banking, making it easy for students to manage their finances while at school.
Pros:
Low or no monthly maintenance fee
Minimal account requirements
Access to online and mobile banking
Cons:
May have lower interest rates
Limited features and benefits
Account may convert to a regular checking account after graduation
Best suited for: College and university students looking for low-fee or no-fee accounts with minimal requirements
7. Business Checking Account
Business checking accounts are designed for small business owners and entrepreneurs, offering specialized account services, such as payroll management and invoicing. These accounts typically have higher transaction limits and may offer additional perks tailored to the needs of a business.
Pros:
Specialized account services for businesses
Higher transaction limits
May offer additional perks and benefits tailored to business needs
Cons:
May have higher monthly fees than personal checking accounts
May require a higher minimum balance to avoid fees
Not suitable for personal use
Best suited for: Small business owners and entrepreneurs needing specialized account services
8. Checkless Checking
Checkless checking accounts cater to individuals who prefer online and mobile banking and rarely write checks. These accounts typically offer low or no fees, as well as a debit card, and access to digital tools for managing transactions, such as bill pay and mobile check deposit.
Pros:
Ideal for those who rely on online and mobile banking
Low or no monthly fees
Digital tools for managing transactions
Cons:
Not suitable for individuals who frequently write checks
May have fewer features than other checking accounts
Limited access to paper checks
Best suited for: Individuals who prefer online and mobile banking and rarely write checks
9. Private Bank Checking
Private bank checking accounts are designed for high-net-worth individuals requiring personalized banking services and tailored solutions. These accounts often provide access to dedicated financial advisors, higher transaction limits, and exclusive investment opportunities.
Pros:
Personalized banking services and tailored solutions
Access to dedicated financial advisors
Higher transaction limits and exclusive investment opportunities
Cons:
High minimum balance requirements
Limited availability to high-net-worth individuals
May have higher fees than regular checking accounts
Best suited for: High-net-worth individuals requiring personalized banking services and tailored solutions
10. Second-Chance Checking
Second-chance checking accounts are designed for individuals with a history of banking issues, such as overdrafts or bounced checks, looking to rebuild their financial reputation. These accounts may have higher fees or additional restrictions but can help individuals establish a positive banking history over time.
Pros:
Opportunity to rebuild financial reputation
Access to standard checking account features
Easier to open than other regular checking accounts
Cons:
Higher fees or additional restrictions
May require completion of a financial education course
May have fewer features than other checking accounts
Best suited for: Individuals with a history of banking issues looking to rebuild their financial reputation
How to Choose the Right Checking Account
Selecting the right checking account is crucial for managing your finances effectively. It’s important to consider your financial goals, banking habits, and preferences when evaluating checking accounts. Here’s a comprehensive guide to help you make an informed decision:
Identify your needs and preferences: Start by determining what features are most important to you, such as low fees, high interest rates, ATM access, online banking, or specific account perks. Consider your banking habits, such as how often you use ATMs, write checks, or make transactions, to help you find the right fit.
Review account types: Familiarize yourself with the different types of checking accounts above and assess the pros and cons of each account type to determine which suits your needs best.
Compare financial institutions: Investigate various banks and credit unions to compare their checking account offerings. Research the reputation, customer service, and convenience factors of each institution. Don’t forget to consider online banks, which may offer competitive rates and low fees.
Evaluate fees and charges: Carefully examine each account’s fee structure, including monthly maintenance fees, ATM fees, overdraft fees, and any other charges. Some accounts waive fees if you maintain a certain minimum balance, set up direct deposit, or meet other requirements.
Consider interest rates and rewards: If earning interest on your account balance or receiving rewards for everyday transactions is important to you, compare the interest rates, annual percentage yields (APY), and rewards programs of various accounts. Keep in mind that higher interest rates or rewards may come with additional requirements or fees.
Assess accessibility and convenience: Consider how easy it is to access your account and perform transactions, such as depositing checks, withdrawing cash, or making payments. Look for accounts with extensive ATM networks, user-friendly mobile apps, and convenient branch locations, if applicable.
Evaluate overdraft protection options: Understand the different types of overdraft protection available, such as linking your checking account to a savings account or a line of credit. Compare the costs and benefits of each option to find the best solution for managing your account.
Read the fine print: Before opening a new checking account, carefully review the terms and conditions, including any limitations or requirements that may impact your banking experience. Ensure you’re aware of any potential fees, restrictions, or changes to the account’s features over time.
Bottom Line
Understanding the different types of checking accounts can help you choose the right one for your needs. When selecting a checking account, consider your financial goals, banking habits, and preferences.
Research and compare options from various financial institutions to find the best checking account for you. By choosing the right checking account, you can better manage your finances and work towards a secure financial future.
Saving money is a crucial aspect of personal finance. Understanding the different types of savings accounts and selecting the right one for your needs can help you grow your money and achieve your financial goals.
In this article, we’ll explore various types of savings accounts, including traditional savings accounts, money market accounts, certificates of deposit (CDs), high-yield savings accounts, cash-management accounts, and specialty savings accounts.
6 Types of Savings Accounts
Here are the six primary types of savings accounts, each designed to meet varying financial needs and goals.
1. Traditional Savings Accounts
Traditional savings accounts are a popular choice for those looking to start saving money. They are typically offered by traditional banks and credit unions and are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA).
Key Features
Low minimum deposit requirements
Limited transactions per month
Modest interest rates
Pros and Cons
Traditional savings accounts are easy to open and maintain, making them an ideal choice for beginners. They offer a secure place to store your money, with the backing of federal deposit insurance. However, the interest rates on these accounts are typically lower than other types of savings accounts.
Ideal for: Emergency Funds and Short-Term Savings Goals
A traditional savings account is a great place to start building your emergency fund or saving for short-term goals, such as a down payment on a car or a vacation. They provide a safe place to store your money while earning modest interest.
See also: Best savings accounts for 2023
2. High-Yield Savings Accounts
High-yield savings accounts offer higher interest rates than traditional savings accounts, making them an attractive option for savers looking to maximize their interest earnings.
Key Features
Higher interest rates than traditional savings accounts
Online and mobile access
Minimal fees
Pros and Cons
High-yield savings accounts offer competitive interest rates, often higher than those found at traditional banks. They typically come with low or no monthly fees and provide easy online and mobile access. However, these accounts may have limited branch locations, making it difficult for some users to visit a physical location.
Ideal for: Maximizing Interest Earnings While Maintaining Liquidity
A high-yield savings account is an excellent choice for those looking to earn a higher return on their savings while still maintaining easy access to their funds.
See also: Best high-yield savings accounts for 2023
3. Money Market Accounts
Money market accounts are a type of savings account that typically offer higher interest rates than traditional savings accounts. They are offered by banks, credit unions, and non-bank financial institutions.
Key Features
Higher interest rates compared to traditional savings accounts
Limited check-writing and debit card privileges
Minimum balance requirements
Pros and Cons
Money market accounts offer higher interest rates than traditional savings accounts, making them an attractive option for those looking to earn more on their savings. They also provide some liquidity with limited check-writing and debit card access. However, these accounts typically require a higher minimum balance to maintain, and there may be monthly fees if the balance falls below a certain threshold.
Ideal for: Those Seeking Higher Returns with Some Liquidity
If you’re looking for a savings account that offers higher interest rates than a traditional savings account, but still provides some access to your money, a money market account may be the right choice for you.
See also: Best money market accounts for 2023
4. Certificates of Deposit (CDs)
Certificates of deposit (CDs) are time-based deposit accounts that offer fixed interest rates for a specified term. They are offered by banks, credit unions, and other financial institutions.
Key Features
Fixed interest rates for a specified term
Early withdrawal penalties
Various term lengths
Pros and Cons
CDs offer higher interest rates than traditional savings accounts and money market accounts. They are a low-risk investment option, making them ideal for long-term savings goals. However, CDs require you to lock your money away for a set period, and early withdrawal penalties may apply if you need to access your funds before the term ends.
Ideal for: Low-Risk Investments and Long-Term Savings Goals
If you have a long-term savings goal or are looking for a low-risk investment, a CD may be the right choice for you.
5. Cash-Management Accounts
Cash-management accounts are a hybrid of checking and savings accounts, offering the benefits of both types of accounts in one convenient package.
Key Features
High-interest rates
No minimum balance requirements
Flexible access to funds, including check-writing and debit card privileges
Pros and Cons
Cash-management accounts offer high-interest rates and the flexibility of a checking account, making them an appealing option for those who want the best of both worlds. However, these accounts are typically offered by online banks and non-bank financial institutions, so access to brick-and-mortar branches may be limited.
Ideal for: Those Seeking Flexibility, Convenience, and High Returns
A cash-management account is perfect for individuals who want a high-interest savings account combined with the convenience of a checking account.
6. Specialty Savings Accounts
Specialty savings accounts are tailored to help individuals save for specific financial goals. These accounts often come with unique features, benefits, and tax advantages. Let’s take a closer look at three common types of specialty savings accounts.
Health Savings Accounts (HSAs)
Health Savings Accounts (HSAs) are designed to help individuals save for qualified medical expenses on a tax-advantaged basis. They are available to those who are enrolled in a high deductible health plan (HDHP).
Key Features
Tax-deductible contributions
Tax-free withdrawals for qualified medical expenses
Funds can be invested, and investment earnings are tax-free
Unused funds roll over from year to year
Pros and Cons
HSAs offer significant tax advantages, allowing you to save and invest money for healthcare expenses without paying taxes on contributions, earnings, or withdrawals for qualified expenses. However, HSAs are only available to those enrolled in an HDHP, and there are annual contribution limits. Additionally, using HSA funds for non-qualified expenses can result in taxes and penalties.
Ideal for: Saving for Healthcare Expenses with Tax Advantages
If you have a high deductible health plan and want to save for future medical expenses while enjoying tax benefits, an HSA may be the right choice for you.
Education Savings Accounts (ESAs)
Education Savings Accounts (ESAs) are designed to help families save for education expenses, such as tuition, books, and other related costs. The two main types of ESAs are the Coverdell Education Savings Account and the 529 Savings Plan.
Key Features
Tax-free withdrawals for qualified education expenses
Wide range of investment options
Contribution limits and eligibility requirements may apply
Pros and Cons
ESAs offer tax advantages, allowing you to grow your savings tax-free and make withdrawals for qualified education expenses without paying taxes. However, there are contribution limits, and eligibility requirements may apply. Additionally, using ESA funds for non-qualified expenses can result in taxes and penalties.
Ideal for: Saving for Education Expenses with Tax Advantages
If you’re planning to save for future education costs, such as college tuition or private K-12 schooling, an ESA may be the right choice for you.
Individual Development Accounts (IDAs)
Individual Development Accounts (IDAs) are designed to help low-income individuals save for specific financial goals, such as purchasing a home, starting a business, or paying for higher education.
Key Features
Matching funds provided by non-profit organizations or government agencies
Financial education and counseling services
Eligibility requirements based on income and other factors
Pros and Cons
IDAs offer the unique benefit of matching funds, which can significantly boost your savings. They also provide financial education and counseling services to help you achieve your financial goals. However, IDAs have strict eligibility requirements based on income, and there may be restrictions on how the funds can be used.
Ideal for: Low-Income Individuals Saving for Specific Financial Goals with Matching Funds
If you meet the eligibility requirements and have a specific financial goal in mind, an IDA can be a valuable tool to help you save and achieve your objectives with the support of matching funds and financial education services.
How to Choose the Right Savings Account for You
Selecting the right savings account is an important step in achieving your financial goals. To make the best decision, consider the following factors and follow these steps to guide you through the process:
Step 1: Assess Your Financial Goals and Priorities
Before choosing a savings account, it’s crucial to understand your financial objectives. Consider your short-term and long-term goals, such as:
Building an emergency fund
Saving for a down payment on a house or car
Planning for retirement
Funding a child’s education
Saving for a vacation or other significant purchase
Understanding your goals will help you determine the type of savings account that best aligns with your priorities and financial timeline.
Step 2: Compare Interest Rates, Fees, and Account Features
Once you’ve identified your financial goals, start comparing interest rates, fees, and account features across different savings account options. Factors to consider include:
Annual percentage yield (APY): The APY represents the interest rate you’ll earn on your savings over a year, taking into account compounding. A higher APY will result in greater interest earnings.
Fees: Be aware of any monthly maintenance fees, ATM withdrawal fees, excess transaction fees, or other charges that may apply to the account. Look for accounts with low or no fees to maximize your savings.
Account features: Evaluate the account’s accessibility, such as online and mobile banking capabilities, branch locations, and customer service. Consider any unique features or benefits, such as rewards programs or cash-back offers.
See also: Best 5% Interest Savings Accounts of 2023
Step 3: Consider the Accessibility and Customer Service of the Financial Institution
When choosing a savings account, it’s essential to evaluate the financial institution’s accessibility and customer service. Factors to consider include:
Branch locations and hours: If you prefer in-person banking, opt for a financial institution with convenient branch locations and hours.
Online and mobile banking: Ensure the financial institution offers robust online and mobile banking services, allowing you to manage your account, transfer funds, and check your balance with ease.
Customer service: Assess the quality of customer service, including responsiveness, availability, and knowledge of the institution’s representatives.
Step 4: Diversify Your Savings Strategy to Take Advantage of Different Account Types
Diversifying your savings strategy by utilizing different types of savings accounts can help you maximize your interest earnings, meet various financial goals, and manage risks. Consider opening multiple accounts, such as:
A high-yield savings account for your emergency fund or long-term savings goals
A money market account for short-term goals or to maintain liquidity
A certificate of deposit (CD) for low-risk, long-term investments
Specialty savings accounts, such as a Health Savings Account (HSA) or an Education Savings Account (ESA), to save for specific financial goals with tax advantages
Bottom Line
Understanding the various types of savings accounts can help you make an informed decision about where to store your money and how to grow your savings. By choosing the right account for your needs, you can maximize your interest earnings, maintain liquidity, and achieve your financial goals. Start saving and growing your money today!
Idaho has become a hot spot for those looking to relocate. Whether you’ve moved to Boise, Idaho Falls, or one of Idaho’s many small towns, you’ll need a place to park your money. The best banks in Idaho offer low fees and plenty of services. Here are some top contenders to consider if you’re in the market for a new bank.
13 Best Banks in Idaho
1. D. L. Evans Bank
Southern Idahoans looking for a local option should consider D.L. Evans Bank. Founded more than a century ago, this bank offers online and mobile options, as well as access to both D.L. Evans ATMs and 40,000 MoneyPass network ATMs.
Although D.L. Evans has multiple checking accounts, Free Community Checking is a great all-around option, featuring no monthly maintenance fees or balance requirements. You’ll also get online and mobile banking, along with savings, CDs, and loan options.
Fees:
No monthly service fee
Balance requirements:
$100 opening deposit
No minimum daily balance required
ATMs:
Fee-free at D.L. Evans ATMs
Fee-free at 40,000 MoneyPass ATMs nationwide
Interest on balance:
Tiered APY on checking with $500 balance
0.05% APY on savings
Additional perks:
Video chat with customer service representatives
Competitive loan rates
2. Chime
To pull new customers away from big banks, online-only banks like Chime have competitive offerings. You’ll get a fee-free checking account with a mobile app to meet all your banking needs.
Chime also offers a higher interest rate than other banks, at 2.00% APY. And autosave features will help you boost your balance.
Fees:
No monthly fees
No overdraft fees
Balance requirements:
No minimum daily balance
No opening deposit required
ATMs:
Fee-free at more than 60,000 ATMs nationwide
Interest on balance:
2.00% APY on savings
Additional perks:
Automatic savings feature available
Access to paycheck up to two days early
3. Chase
Another national bank with a robust ATM network is Chase Bank, which has a heavy presence in Southern Idaho. You’ll find banking options both at branches and in select Fred Meyer grocery stores.
You can get fee-free checking with Chase as long as you either maintain a $1,500 balance or receive at least $500 in direct deposits each month. Chase also has a variety of other financial products, including savings accounts, CDs, and wealth management services through JPMorgan.
Fees:
$12 monthly fee (waived with balance or direct deposit qualifications)
$34 overdraft fee
Balance requirements:
$1,500 minimum or $500 in direct deposits to waive service fee
No opening deposit required
ATMs:
Fee-free at 16,000 ATM locations nationwide
Interest on balance:
Up to 0.01% APY on savings
Additional perks:
$200 bonus on new checking with qualifications
Special accounts available for ages 6-17
4. Washington Federal Bank
Now known as WaFd, Washington Federal Bank is a great regional bank that serves Arizona, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, and Washington. Your account includes access to 37,000 ATMs in the MoneyPass network, which operates nationwide.
WaFd account holders choose from multiple checking options, but if lower fees are what you want, the Free Checking tier is worth checking out. One of the best things about WaFd is its online banking app, which includes standard features like bill pay and Zelle payments, along with tools that help you track your spending habits.
Fees:
No monthly fees
$30 overdraft fee per presentment
Balance requirements:
No balance minimums
$25 opening deposit
ATMs:
Fee-free at 37,000 ATM locations nationwide
Interest on balance:
Up to 0.25% APY on high-balance checking
Up to 0.10% APY on savings ($100 minimum balance)
Additional perks:
Financial management tools in app
Competitive credit card and loan options
5. Zions Bank
As far as regional banks go, Zions Bank is a great choice. With a 150-year history in the area, Zions Bank is a trustworthy financial institution that offers a variety of banking products, including auto loans, CDs, and military checking accounts.
It’s important to note that Zions is limited in its reach. You can deposit checks, pay bills, and manage your money through mobile banking, but if you regularly need cash, check the ATM locator. There are only 200 ATMs, located in Utah, Idaho, and Wyoming, and Zions charges a $2.50 out-of-network transaction fee in addition to fees charged by the other ATM operators.
Fees:
No monthly fees
$29 overdraft fee per transaction
Balance requirements:
No minimum balance
$50 opening deposit
ATMs:
Fee-free at 200 ATM locations regionally
$2.50 fee per out-of-network transaction
Interest on balance:
Up to 0.19% APY on savings
Additional perks:
Competitive rates on loans
Easy-to-use mobile app
6. Washington Trust Bank
Washington Trust Bank has a long, fascinating history. Not only is it the oldest community bank in the nation, but it was also the first bank to print bills with George Washington on them. Washington Trust has branches in Idaho, Washington, and Oregon.
If you’re looking for an online bank with no monthly service charges or balance minimums, Washington Trust could be a great choice. However, if you regularly travel, it may not be the best bank for you.
Fees:
No monthly fees
No overdraft fees
Balance requirements:
No minimum balance
$25 minimum deposit to open
ATMs:
Fee-free at Washington Trust ATMs
$2.00 fee per out-of-network transaction
Interest on balance:
0.01% APY on checking if you keep a $5,000 daily balance
Up to 0.05% APY on savings
Additional perks:
$200 bonus for Freedom Checking with qualifying deposits
No overdraft fees with Simply Free checking account
7. KeyBank
Another regional bank option is KeyBank, which has locations in 15 states. Unlike other regional banks, it’s fairly large, though. In fact, it’s one of the largest banks in the U.S.
One of the best features of KeyBank is its automatic savings program. Debit cards can be set up to automatically move money into your savings account to help you start saving.
Fees:
No monthly fees
$29 overdraft fee on each item
Balance requirements:
No minimum balance
$10 minimum deposit to open
ATMs:
Fee-free at KeyBank ATMs
Fee-free at AllPoint network ATMs
Interest on balance:
Up to 0.01% APY on savings
Additional perks:
Automatic savings available with every debit card purchase with EasyUp
Competitive rates on loans
8. First Federal Savings Bank of Twin Falls
If you don’t mind an Idaho-only bank, check out First Federal Bank of Twin Falls. Branches are primarily in the Twin Falls area, but bank accounts come with a 30,000-plus ATM network across the U.S.
Currently, this bank offers a checking account that issues an impressive 4.07% APY on checking. The savings account rates aren’t quite as competitive, but it’s worth checking out if you keep a decent checking balance.
Fees:
No monthly fees
$30 overdraft fee on each item
Balance requirements:
No minimum balance
$100 minimum deposit to open
ATMs:
Fee-free at more than 30,000 MoneyPass ATMs nationwide
Refund of $25 in fees per statement cycle
Interest on balance:
Up to 4.07% APY on checking
0.10% APY on savings
Additional perks:
Robust business banking options available
Competitive rates on loans
9. Idaho Central Credit Union
Residents of Idaho, Washington, or eastern Oregon, may qualify to join Idaho Central Credit Union. There are plenty of benefits to being a member, including competitive rates on savings accounts and loans.
Although ICCU does have fee-free checking accounts, you can find higher interest rates on savings with other options. But ICCU gives you nationwide ATM and mobile banking options, so it may be worth it if you prefer a smaller lender.
Fees:
No monthly fees
$24.94 overdraft fee on each item
Balance requirements:
No minimum daily balance
$5 membership fee
$100 minimum opening deposit
ATMs:
Fee-free at more than 30,000 ATMs nationwide
Interest on balance:
Up to 0.10% APY on savings
Additional perks:
Security features built into debit card
Free credit score and monitoring
10. Wells Fargo
Wells Fargo has branches in both Northern and Southern Idaho, particularly the Coeur d’Alene, Idaho Falls, and Boise Falls areas. Currently, Wells Fargo is offering a $300 bonus to new checking customers who make $1,000 or more in qualifying direct deposits in the first 90 days.
Northern and Southern Idaho residents who prefer traditional banks will like the availability of ATMs across the nation, as well as the convenience of branch locations. The most affordable checking account is Everyday Checking, which comes with a $10 monthly service charge that can be waived by keeping a $500 balance or having $500 in at least one qualifying deposit each month.
Fees:
$10 monthly fee (waived with balance or direct deposit qualifications)
$35 overdraft fee
Balance requirements:
$500 minimum or $500 in direct deposits to waive service fee
$25 to open
ATMs:
Fee-free at 12,000 ATM locations nationwide
Interest on balance:
Up to 0.10% APY on Prime Checking
Up to 2.51% APY on high-balance savings
Additional perks:
$300 bonus on new checking with qualifications
$525 bonus on new savings with qualifications
11. Farmers Bank
Another option for those who like local banks is Farmers Bank. You can get a fee-free checking account and features like bill pay and alerts in the app.
One downside to Farmers is that there are only a few branches in Idaho. But if you regularly travel outside Idaho, you’ll enjoy ATM access at MoneyPass ATMs nationwide.
Fees:
No service fees with e-statements
$30 overdraft fee per transaction
Balance requirements:
No minimum daily balance
$100 opening deposit required
ATMs:
Fee-free at Farmers ATMs and MoneyPass ATMs nationwide
Interest on balance:
Up to 0.30% APY on savings
Additional perks:
Competitive rates on loans
Drive-up banking on Saturdays
12. Bank of Idaho
If you’re looking for an Idaho bank with a community focus, Bank of Idaho can help. Like many banks with a local angle, Bank of Idaho goes beyond money to focus on connecting with its customers.
But Bank of Idaho does have only a few locations. You’ll rely on mobile apps to do most of your banking with a community-centered bank, making it more like online banks.
Fees:
No service fees with e-statements
Balance requirements:
No minimum daily balance
$100 opening deposit required
ATMs:
Fee-free at MoneyPass ATMs nationwide
Interest on balance:
Rates not publicly disclosed
Additional perks:
Community focus, including local events
Financial tools on the website
13. Citizens Community Bank
Fee-free checking accounts and competitive loan rates make Citizens Community Bank a great option for Idahoans. You’ll get a fee-free checking account with an online app to make things easy.
Although Citizens is local, you can withdraw money at ATMs at MoneyPass locations across the country. You’ll get all the amenities of online banks with the benefits of a small, local lender.
Fees:
No service fees
$30 overdraft fee per item
Balance requirements:
No minimum daily balance
No opening deposit required
ATMs:
Fee-free at MoneyPass ATMs nationwide and Glacier Bank local ATMs
Interest on balance:
Up to 0.20% APY on savings
Additional perks:
Competitive rates on loans
Free thank you gift for new members
Bottom Line
Whether you’re looking for an interest-bearing account for your money or a fee-free checking account, Idaho has plenty of options. If you prefer a small or regional bank, make sure you’re getting the amenities a larger bank offers with your account.
Illinois is home to Chicago, one of the most populous cities in the U.S. But whether you live in Chicago, Joliet, Carbondale, or one of the many small towns in Illinois, there’s a bank for you.
The state is home to a wide range of bank branches, from large, national banks to small lenders and credit unions. When you’re ready to shop banks in Illinois, there are several factors to consider.
10 Best Banks in Illinois
1. BMO Harris
Although BMO Harris is a regional bank, it’s headquartered in Chicago, so it has a heavy Illinois presence. The bank has been around since 1882 and has long been considered one of the best banks in Illinois.
In addition to branches in Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida, and Wisconsin, BMO Harris also offers ATM access through the MoneyPass network. They have a checking account option with no monthly maintenance fees, as well as a robust mobile banking app to manage your account.
Fees:
No monthly service fee
$15 overdraft fee
Balance requirements:
$25 opening deposit
No minimum daily balance required
ATMs:
Fee-free at 40,000+ BMO Harris and MoneyPass ATMs nationwide
$3 fee for out-of-network transactions
Interest on balance:
0.01% APY on savings
Additional perks:
Spending habit analysis available in mobile app
Competitive loan rates
2. U.S. Bank
Illinois residents looking for a national bank should check out U.S. Bank. U.S. Bank has ATMs across Illinois and the rest of the country, and a full selection of savings accounts and checking accounts, as well as an online banking option.
Currently, one of U.S. Bank’s best deals is its Bank Smartly Checking account, which pays interest on your balance and currently offers a $300 sign-up bonus. What makes this one of the best checking accounts, though, is that if you enroll in Smart Rewards, you’ll earn rewards based on your account balance.
Fees:
$6.95 monthly fee (waived with qualifying direct deposits or minimum balance)
$36 overdraft fee (waived up to $50)
Balance requirements:
$25 minimum deposit to open
No minimum daily balance required
ATMs:
Fee-free at 4,700 ATMs nationwide
$2.50 transaction fee for each out-of-network ATM
Interest on balance:
Up to 0.05% APY on Bank Smartly checking
0.01% APY on savings
Additional perks:
Automatically move up interest tiers as your balance grows
Additional rewards for seniors, children, military, and veterans
3. Chime
Chime is another online bank that operates without local branches. You’ll have everything you need in the app, with online banking features like peer-to-peer payments and an ATM locator.
You can also sign up for a Chime High-Yield Savings Account and earn interest rates of 2.00% APY on your balance. With automatic savings features, money can be automatically moved from your checking account to savings to help you set money aside for the future.
Fees:
No monthly fees
No overdraft fees
Balance requirements:
No minimum deposit to open
No minimum daily balance required
ATMs:
Fee-free at 60,000+ ATMs nationwide
$2.50 transaction fee for out-of-network ATMs
Interest on balance:
2.00% APY on savings accounts
Additional perks:
Spot Me covers up to $200 in overdrafts
Round Ups feature automatically moves money into savings
4. Huntington Bank
Huntington Bank is a regional bank with branches in Illinois, Ohio, Colorado, Florida, Indiana, Kentucky, Michigan, Minnesota, Pennsylvania, West Virginia, and Wisconsin. There are multiple tiers of checking accounts, but if you’re looking for the basics, the Asterisk-Free Checking Account is fully free with no minimum balance requirement.
Before choosing this bank, check for branches and ATMs in your area. Cash withdrawals are only fee-free at Huntington-owned ATMs. But if you’re fine with relying on mobile banking apps for all of your banking services, you’ll likely find everything you need while traveling.
Fees:
No monthly service fee
$15 per-transaction overdraft fee after balance goes $50 in the negative
Balance requirements:
No minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at more than 1,600 Huntington Bank ATMs nationwide
$3.50 fee for each out-of-network transaction
Interest on balance:
Up to 0.06% APY on savings
Additional perks:
View current account balance without logging in
Standby Cash offers quick access to credit line
5. Chase
Those who prefer a national bank might like Chase Bank, which has branches throughout Illinois, as well as 47 other states (excluding Alaska and Hawaii). New customers can qualify for a $200 bonus by opening an account and setting up direct deposit within 90 days.
There are multiple checking account options, but Chase Total Checking is the most popular. There’s a $12 fee each month, but if you’re taking advantage of the bonus, direct deposit accounts waive the fee as long as at least $500 is coming in each month.
Fees:
$12 service fee per month (waived with $500 in qualifying deposits or $1,500 daily balance)
$34 per transaction (waived with Overdraft Assist)
Balance requirements:
No minimum deposit to open
No minimum daily balance required ($1,500 to waive $12 monthly fee)
ATMs:
Fee-free at more than 16,000 Chase Bank ATMs nationwide
$3-$5 fee for each out-of-network transaction
Interest on balance:
Up to 0.01% APY on savings
Additional perks:
$200 bonus for new checking account with direct deposit
Checking accounts available for children ages 6 to 17
6. CIT Bank
CIT Bank is an online-only bank that is geared toward helping you set money aside for the future. One notable product is the CIT Platinum Savings account, which offers 4.75 APY on balances of $5,000 or more if you deposit at least $100 monthly.
But CIT is great if you’re in the market for a checking account, too. With CIT eChecking, you get one of the rare interest checking accounts that comes with no monthly fees or minimum balance. Although there are no ATMs or branches, CIT does refund up to $30 a month for non-network ATMs.
Fees:
No monthly service fee
No overdraft fee
Balance requirements:
$100 minimum deposit to open
No minimum daily balance required
ATMs:
No CIT ATMs available
Up to $30 monthly in non-network ATM fees refunded
Interest on balance:
Up to 0.10% APY on checking
Up to 0.25% APY on checking with $25,000+ balance
Up to 4.75% APY on savings
Additional perks:
Up to 1.00% APY on savings with $100 monthly deposit
Up to 5.00% APY on CDs
7. Fifth Third Bank
Another regional bank with a heavy Illinois presence is Fifth Third Bank out of Ohio. You’ll find branches in Illinois, Ohio, Florida, Georgia, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia.
Fifth Third Bank offers a variety of account options, but the most popular checking account is Momentum Checking, which has no monthly fee. Your checking account comes with Extra Time, which notifies you of insufficient funds so that you can avoid overdraft fees.
Fees:
No monthly service fee
$37 overdraft fee
Balance requirements:
No minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at more than 40,000 Fifth Third and MoneyPass ATMs nationwide
$3 fee for out-of-network transactions
Interest on balance:
0.01% APY on savings
Additional perks:
Identity theft monitoring available through Trilegiant for a fee
Fifth Third Extra Time notifies you of overdrafts to let you deposit money by the end of the day
8. PNC Bank
PNC is one of the larger regional banks, with a presence in 27 states, including Illinois. Currently, you can earn a bonus of up to $200 when you open a checking account and enroll in qualifying Virtual Wallet products.
Where PNC really excels is in its online and mobile banking offerings. Its checking account comes with no monthly service fees or minimum balance requirement, and Low Cash Mode lets you manage things when funds get low.
Fees:
No monthly service fees
$36 maximum overdraft charges per day in Low Cash Mode
Balance requirements:
No minimum deposit to open
No minimum daily balance required
ATMs:
Fee-free at 60,000+ ATMs nationwide
$3 transaction fee for out-of-network ATMs
Interest on balance:
2.00% APY on savings
4.30% APY on high-yield savings account
Additional perks:
$200 bonus with Virtual Wallet signup
Low cash mode helps you when funds are low
9. Ally
While there are no physical branches, Ally Bank builds everything you need into its online and mobile banking platforms. You’ll not only get a free checking account with no fees or minimum daily balance requirement, but both checking and savings accounts offer interest on your balance.
There are some activities that mobile banking can’t handle, though. Ally has you covered on those, too. You’ll have fee-free access to 43,000 AllPoint ATMs in Illinois and nationwide. One downside is that you can’t deposit cash at partner retailers as you can with some other online-only accounts.
Fees:
No monthly service fee
No overdraft fees
Balance requirements:
No minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at more than 43,000 AllPoint ATMs nationwide
Up to $10 in fees at non-AllPoint ATMs reimbursed per statement cycle
Interest on balance:
0.25% APY on checking
3.75% APY on savings
Additional perks:
Spending buckets help you budget
Access to paycheck up to two days early
10. GO2Bank
Another online banking option open to Illinois residents is GO2Bank. You can do most of your banking through their app, including mobile check deposit, online bill pay, and the ability to manage your account.
One unique thing this mobile bank offers is the ability to deposit cash at retailers nationwide. GO2Bank’s savings accounts come with 4.50% APY on balances up to $5,000.
Fees:
$5 per month (waived with eligible direct deposit)
$15 per-transaction overdraft fee
Balance requirements:
No minimum deposit to open
No minimum daily balance required
ATMs:
Fee-free at 55,000+ ATMs nationwide
$3 transaction fee for out-of-network ATMs
Interest on balance:
4.50% APY on savings accounts
Additional perks:
Earn up to 7% by purchasing e-gift cards in the app
Deposit cash at 90,000+ retail locations nationwide
Illinois has plenty of options, whether you go with an Illinois bank or one headquartered elsewhere. The best banks in Illinois combine low fees with features that make banking convenient for you. Don’t rule out online bank options, since you can easily find one with all the features you need, along with fee-free access to local ATMs.
Finding the Best Banks in Illinois
With so many options, it can be tough to narrow down the list of the best banks in Illinois. Whether you choose a local, national, or regional bank, though, it’s important to find the one that offers what you need. Here are some features to consider in your search for a new bank.
FDIC Insurance
When you turn your money over to someone else, you’ll want to make sure it’s safe. If the economy crashes or a bank fails, you won’t want to lose your money. In the U.S., the Federal Deposit Insurance Corporation covers consumers. But that coverage is limited to $250,000 in principal and interest per depositor, per account. Additionally, investment products aren’t covered, although your money market account, individual retirement accounts, and other types of savings account options likely are.
It’s also important to note that not all banks are insured by the FDIC. Whether you’re going with a large, corporate lender or opening a checking account online, research to make sure it’s FDIC insured. Also, pay close attention to limits and make sure you don’t exceed $250,000 with each account.
ATM/Branch Access
At one time, you’d have to rely on local branches and ATMs to deposit checks and withdraw cash. But thanks to tools like Apple Pay and Samsung Pay, you don’t even have to pull out your wallet to make a purchase. Still, you’ll occasionally need some cash, which is why the best banks in Illinois go beyond digital solutions.
Whether you choose a national bank or you open an account online, pay close attention to how you’ll get that help when you need it. Many online bank accounts now partner with ATM networks like AllPoint and MoneyPass to give you that option. Some let you deposit cash through local retailers for a fee.
Low Fees, Great Features
It’s easier than ever to find a checking account with no monthly fees. Even those that do charge monthly maintenance fees will sometimes waive them as long as you have your paycheck electronically deposited or maintain a minimum balance from day to day.
But as you’re researching the best banks in Illinois, it’s important to consider all the costs. If you choose a fee-free online banking option, for instance, but you’ll be paying $10 or more a month for ATMs, it might be worth it to go with one of the national banks that charge a small monthly fee.
Advantages and Disadvantages of Local Banks
National banks have a heavy presence throughout Illinois, but some of the best banks in Illinois are smaller and more community-based. Here are some advantages of going with a local bank:
May provide more personal service
Savings account interest rates may be more competitive
Might have lower rates on auto loans and personal loans
Credit score requirements can be more flexible
There are a few disadvantages, as well, including:
Online banking features might not be as developed
ATM access may be limited while traveling
May have fewer specialized accounts
Savings Accounts
It can be easy to look around for the best checking accounts when you’re planning on making a switch. But saving for the future is important, too. You might find a local bank has lower fees on checking, but a national bank offers better interest yields on its savings accounts. When the benefits outweigh the costs, it could affect your choice.
There are a few other things to consider in a savings account. Some have an initial deposit, while others require a sizable balance for their higher interest rates. Furthermore, consider how often you’ll need to withdraw funds from the account. Many savings accounts limit you to six fee-free withdrawals and transfers per statement cycle under Regulation D.
Other Products and Services
Although checking accounts and savings accounts are top priority with a bank account, there are some other things to consider. You may find the best banks serve as a one-stop shop for all your lending needs, from money market accounts to CDs to mortgage loans. You may instead be someone who prefers to bank with multiple lenders.
It’s also important to look at the payment features your bank offers. Your bank account will likely come with a debit card. Can you earn rewards for using it? If your Illinois bank has credit card options, check for perks, rewards, and APR with those as well. Some financial institutions offer bonuses for new accounts or credit card sign-ups, and that can be another way to cut costs with a new bank.
With a thriving oil industry and bustling tourist population, Alaska is a great place to live and work. As with most states, you’ll find a combination of banking options in Alaska, from national banks to local banks and credit unions.
But finding the right bank can take time. The list below combines local banks, online banks, national banks, and credit unions.
10 Best Banks in Alaska
Alaska bank customers look for a variety of features in a bank. You’ll want to keep costs low while maximizing your earnings, but convenience is also a factor. Here are 10 of the best banks and credit unions in Alaska.
1. First National Bank Alaska
For more than a century, First National Bank Alaska has served the state’s consumers. The first branch was in Anchorage, but today there are branches and ATMs across the state, including Kodiak, Fairbanks, and Wasilla.
First National Bank Alaska has multiple checking options, including teen and military accounts. Direct Deposit Checking comes with a $7 monthly service fee that can be waived with qualifying direct deposits.
Fees:
$0-$7 monthly maintenance fee depending on account
$33 per-item fee for overdrafts
Balance requirements:
No minimum opening balance
No minimum daily balance with Direct Deposit Account
ATMs:
Fee-free access at First National Bank Alaska ATMs
Interest on balance:
0.10% APY on select checking
0.08% to 0.25% APY on savings
Additional perks:
Free checkbook
Health Savings Account available
2. Northrim Bank
Northrim Bank takes a unique approach to its checking setup. You’ll get one checking account that automatically adjusts as your balance changes. Northrim is a community-based bank with branches only in Alaska.
If your paycheck is automatically deposited to your account, you’ll qualify for a fee-free account that earns money. South Central Alaskan account holders can earn up to 0.11% APY on checking account funds, but check your own region for current rates.
Fees:
$0-$12 maintenance fee, depending on tier
$29 per-item fee for overdrafts
Balance requirements:
Minimum opening balance: $100
No minimum daily balance
ATMs:
Fee-free ATM access at First National Bank Alaska ATMs
Up to $10 in out-of-network costs reimbursed monthly
Interest on balance:
Up to 0.11% APY in South Central region on checking
Up to 0.75% APY in South Central region on savings
Additional perks:
Highest tier account waives all out-of-network ATM costs and incoming wire transfer charges
Easy-to-use mobile app makes online banking a breeze
3. Global Credit Union
Formerly Alaska Federal Credit Union, Global Credit Union offers two tiers of checking: Core Checking and Latitude Checking. There are branches throughout North America, so if you regularly travel to the U.S., this might be the best option.
Like many credit unions, Global Credit Union offers competitive rates as a benefit to members. Unlike other credit unions, though, membership is fairly open. You’ll need to pay $5 and be a resident of Alaska, Washington, Idaho, California’s San Bernardino County, or Arizona’s Maricopa County to qualify.
Fees:
No monthly maintenance
$25 fee for balances that fall below a $25.01 deficit
$5 membership fee
Balance requirements:
No minimum opening balance
No minimum daily balance
ATMs:
Fee-free use of Global Credit Union ATMs
Fee-free withdrawals at 55,000 Allpoint locations
Interest on balance:
No APY on checking
0.10% APY on savings
Additional perks:
Competitive rates on auto loans
Mobile tools to help with managing finances
4. Denali State Bank
Fairbanks residents interested in a local bank should check out Denali State Bank. Most of Denali’s branches are in Fairbanks, but you’ll have online banking through the mobile app, as well as refunds on up to $25 monthly ATM withdrawals.
The best thing about Denali State Bank is its rates. Choose Free Kasasa Cash Checking and you’ll earn 2.00% APY on your money. Denali’s savings accounts earn up to 0.50% APY.
Fees:
No maintenance fee
$30 NSF fee per occurrence
Balance requirements:
$100 minimum to open
No minimum daily balance
ATMs:
Up to $25 fee refund per month
Interest on balance:
Up to 2.00% APY on checking
Up to 0.50% APY on savings
Additional perks:
ATM fee refund of up to $25 monthly
Cash-back checking option available
5. Chime
While many local bank options offer online services, Chime is an online-only service. You’ll have everything you need in the app, from mobile check deposits to bill pay.
Chime uses two services for cash withdrawal: the AllPoint and MoneyPass networks, with more than 60,000 locations across the country. If you need to add cash to your account, you can do that at more than 8,500 participating Walgreens locations for free.
Fees:
No maintenance fee
No overdraft fee
Balance requirements:
No opening deposit required
No minimum daily balance
$200 minimum qualifying deposits per month required
ATMs:
Fee-free at more than 60,000 ATMs in the AllPoint and MoneyPass networks
Interest on balance:
Up to 2.00% APY on savings
Additional perks:
Round Ups help you build savings automatically
Access to paycheck up to two days early
6. GO2Bank
Mobile banking customers may find Go2Bank provides a great Alaska banking experience. There are no branches, but you’ll get cash withdrawals at 55,000 AllPoint ATMs.
What makes Go2Bank stand out is its security features. You’ll get popular services like fraud alerts and a debit card lock feature. If you’re working to rebuild your credit, you may also be interested in GO2Bank’s secured Visa.
Fees:
No maintenance fee
$15 overdraft fee (avoid by resolving overdraft within 24 hours)
Balance requirements:
No opening deposit required
No minimum daily balance
ATMs:
Fee-free at more than 55,000 ATMs in the AllPoint network
Interest on balance:
Up to 4.50% APY on savings
Additional perks:
Secured Visa allows you to build credit
Access to paycheck up to two days early
7. Wells Fargo
With branches from Barrow to Anchorage, AK, Wells Fargo might be the best bank if you’re looking for a large, corporate financial institution. Currently, Wells Fargo is offering a $300 opening bonus.
One downside to Wells Fargo is the monthly maintenance costs. You can avoid those costs by maintaining a $500 balance or having $500 or more in qualifying income each month.
Fees:
$10-$35 monthly (waived with minimum balance)
$35 overdraft fee
Balance requirements:
$25 opening deposit required
$500 minimum daily balance to waive service fee
ATMs:
Fee-free at more 12,000 ATMs across the globe
Out-of-network waivers available with some accounts
Interest on balance:
Up to 0.26% APY on savings (higher rates available for large balances)
Additional perks:
$300 bonus for opening an account
Teen and student checking account options
8. Matanuska Valley Federal Credit Union
If you can maintain a checking balance of at least $2,000, consider Matanuska Valley Federal Credit Union, a not-for-profit cooperative that welcomes members across Alaska and in Hawaii. Matanuska Valley offers checking and savings accounts, as well as life insurance and accounts for small businesses.
If you regularly deal with cash, though, MVFCU might not be the right fit. You’ll be limited to MVFCU ATMs, which are only in Alaska and Hawaii. But MVFCU does have a feature called Live ATMs, which enhances your customer service options.
Fees:
No monthly fee
$18 overdraft fee
Balance requirements:
No minimum balance required
ATMs:
Fee-free at locations across Alaska
Interest on balance:
Up to 4.32% APY on savings depending on balance
Additional perks:
Live ATMs offer enhanced services
Enhanced savings vehicles like Christmas clubs and New Child accounts
9. First Bank of Alaska
Small businesses might want to take a look at First Bank of Alaska as a great place to park their money. You’ll get 150 free monthly transactions, along with fee-free checking as long as you’re maintaining a $2,500 balance.
But First Bank isn’t just for business accounts. You can also get low-cost personal checking. There are three accounts to serve customers, along with a teen account. They come with maintenance costs, but they can be waived if you keep a minimum balance and set up direct deposit.
Fees:
$4-$10 (waived with minimum balance)
Balance requirements:
$2,500 minimum balance plus direct deposits to avoid fee
$1-$200 opening balance depending on account
ATMs:
Fee-free at locations across Alaska
Interest on balance:
Up to 0.12% APY on checking
Up to 0.15% APY on business checking
Up to 0.20% APY on savings
Additional perks:
Variety of checking account options
Great rates for businesses
10. Northern Skies Federal Credit Union
All Alaska residents are eligible for membership in Northern Skies Federal Credit Union. You’ll get savings rates above the national average and flexible overdraft fees.
Northern Skies FCU offers two checking account options, each with its own benefits. You’ll also earn dividends, which can help you with your retirement planning.
Fees:
$5 (waived with minimum balance)
Balance requirements:
$100 minimum balance or direct deposits to avoid fee
$5 opening balance
ATMs:
30,000 fee-free ATMs worldwide
Interest on balance:
Up to 5.00% APY on checking
Up to 0.10% APY on savings
Additional perks:
Competitive rates on loans
Credit union tools help with managing personal and business assets
The best bank puts its residents first, providing convenient tools like online banking and mobile apps. But it’s also important to look into features that will help you save money. Compare offerings across multiple banks and find the right bank to fit your own needs.
How to Choose the Best Alaskan Bank
Before you start searching for a bank account, there are some things to consider.
Minimum balance: Consider if a bank requires you to maintain a certain balance in your account or if they allow a zero balance. This can affect your flexibility in managing your money.
Opening deposit: Determine the initial deposit required to open an account, as some banks may require a larger sum to get started.
Fees: Be aware of any monthly maintenance fees associated with checking accounts, and understand the minimum balance requirements to avoid these charges.
Mobile banking: Whether you go with an online bank or a brick-and-mortar bank with a branch down the street, conveniences like mobile check deposit can save time.
Interest rates: Compare the annual percentage yield (APY) offered by different banks on checking and savings accounts to maximize your potential earnings.
Cash accessibility: Ensure that your chosen bank provides convenient options for depositing and withdrawing cash when necessary.
Extras: Consider if a bank offers additional services, such as wealth management, investment options, or certificates of deposit (CDs), to meet your future financial needs.
In light of recent events, some bank customers may wonder how safe a checking account is in terms of stashing their cash. Banks are far better for protecting your hard-earned cash than you keeping a wad of bills hidden somewhere in your home â mainly because the money you deposit in a bank is insured […]
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