LOS ANGELES, Jan. 20, 2015 /PRNewswire/ -- The checking account is one of the most popular financial products, used by 200 million Americans1 – and yet most consumers aren't searching for one that will help them manage their money more effectively. To help consumers switch to a better checking product, leading personal finance site GOBankingRates ranked the best checking accounts in the United States. This list is the second installment in the site's third annual "Best Banks" series, highlighting 2015's best banks and bank accounts throughout January and February.
Investigating personal checking accounts at the 120 largest brick-and-mortar and online banks in the U.S., GOBankingRates' methodology evaluated the APY, minimum deposit, monthly maintenance fee, non-sufficient funds fee and minimum balance required to waive a fee.
"Perhaps more than any other banking product, the gap between a bad checking account and a good one is huge," said Casey Bond, GOBankingRates' managing editor. "A great checking account will not only reward you with high dividends and low fees, it'll also offer tools to help you stay on top of your finances, such as automatic savings programs or money-management software. Don't settle for a checking account that's just a checking account."
10 Best Checking Accounts of 2015:
1. Bank5 Connect: High Interest Checking
2. FNBO Direct: Online Checking
3. Bank of Internet USA: Rewards Checking
4. Capital One: 360 Checking
5. iGObanking.com: iGOchecking
6. Ally Bank: Interest Checking
7. TIAA Direct: Interest Checking
8. EverBank: Yield Pledge Checking
9. (tie). Simple Bank: Free Checking
9. (tie). KeyBank: Hassle-Free Account
To see why these banks offer the best checking accounts of the year, visit: http://bit.ly/1ACSqdG
- Fees: The average monthly fee charged by all 120 bank accounts is $5.08, while the average non-sufficient fund fee is $31.71.
- Interest: The average APY for all checking accounts surveyed is 0.03%, though online-only banks offer a higher average dividend of 0.17% APY.
- Minimum deposit: The average minimum deposit requirement for all checking accounts is $58.92, while the average minimum balance to avoid a fee is $568.09.
For a video on how to find the best bank for you, visit: http://bit.ly/14Nx19I
GOBankingRates.com is a leading portal for personal finance news and features, offering visitors the latest information on everything from interest rates to strategies on saving money, managing a budget and getting out of debt. Its editors are regularly featured on top-tier media outlets, including U.S. News, Business Insider, Daily Finance, Huffington Post and more. It also specializes in connecting consumers with the best financial institutions and interest rates nationwide.
1 Consumer Financial Protection Bureau: "Prepared Remarks of CFPB Director Richard Cordray at Forum on Access to Checking Accounts," Oct. 8, 2014