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Now that the Federal Reserve has started to raise interest rates again, it might be wise to start re-examining the rates your bank accounts are earning.
GOBankingRates considered interest, in the form of annual percentage yields, when analyzing financial institutions for its recently released “2017 Best Banks” report.
Other factors the financial data site examined include:
- Checking account fees
- Monthly maintenance fees
- Minimum deposit to open an account
- Minimum balance to avoid fees
- BauerFinancial Star Ratings on overall financial strength
TD Bank won the title of best national bank this year — out of 72 banks considered for this category. GOBankingRates cites its “full range of products and services to cater to any personal finance need,” among other features.
Ally Bank won the title of best online bank for 2017 — as it did last year — out of 28 institutions considered for the category. GOBankingRates attributed this to Ally’s:
- Superior deposit products, such as its online checking account and online savings account
- Strong customer support
- Excellent online and mobile banking apps
This year’s winners in all account categories are:
- TD Bank: Best national bank
- Ally Bank: Best online bank
- Synchrony Bank: Best savings account
- Bank5 Connect: Best checking account
- EverBank: Best CD account
If you’re considering switching banks or accounts, check out “Find a Higher-Paying Savings Account.”
Which bank would you rank No. 1 and why? Sound off below or over on our Facebook page.