Article Bookmarked
Bookmark Removed

The Best Bank for You, 2017


May. 26, 2017 Kiplinger

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. 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.

Technology that allows you to bank with your smartphone has made banking services more convenient. It’s also disrupting the traditional (and high-cost) brick-and-mortar-branch model. So it’s no surprise that a number of our top picks for the profiles are internet banks or credit unions that have harnessed technology most effectively. Branches are closing at a rapid pace, and of the nearly 12,000 banks, thrifts and credit unions in the U.S., only half will remain a decade from now, says Mike Moebs, CEO of Moebs Services. The institutions that can hold down expenses while attracting depositors will be the winners. “The best banks are going to be the ones that can handle as much information as possible and clearly present it to their customers,” says Moebs.

 

Click Read More for a complete list of the best banks.

Read More on Kiplinger

Gene Upshaw Player Assistance Trust Fund

Apply Today

All Resources

Tell Me More

What Does It Mean If Your Credit Card is Charged Off?

Know what it does to your credit report, and your available options.

Read More

Tips for Achieving Your Financial New Year’s Resolutions in 2021

The new year can be a good opportunity to refocus financial goals.

Read More

How to Collect a Missing Stimulus Payment

Verify it is coming and ensure the connected account is up to date.

Read More

How to Complete an End-of-Year Debt Assessment

The new year is a great time to take stock and take action.

Read More

What do we really know about antioxidants?

A diet high in antioxidant-rich foods is beneficial for health and may help prevent disease.

Read More

3 simple steps to jump-start your heart health this year

This is the year to consider "Life's Simple 7."

Read More

Walk Off Your Anxiety

When you're anxious and stressed, exercising can do wonders.

Read More

9 Trends That Will Shape Work in 2021 and Beyond

Interested in how your company may be impacted moving forward?

Read More