2015 Banking Landscape Report

by Alina Comoreanu

2015 Banking LandscapeAfter nearly seven years of historically low, near-zero interest rates, the Federal Reserve recently opened the door to better banking returns – announcing the forthcoming end to its quantitative easing bond-buying program. But what exactly does this mean for the average consumer or small business owner? Is it time to pull funds out of equities and stash them instead in increasingly attractive, low-risk deposit vehicles – such as savings accounts and CDs? And, if so, which types of counts will prove most fruitful?

In the hope of answering those pressing questions and providing strategic guidance to frugal consumers, WalletHub analyzed the rates, fees and features associated with more than 2,000 checking and savings accounts, money market accounts and CDs from banks and credit unions of all shapes and sizes across the country. Check out our findings below and use the trends and tidbits we unearth to make the smartest possible financial decisions.

 

Main Findings

  • Despite concerns that Fed policy would jumpstart a rapid interest rate increase, rates for checking accounts actually fell 6.37% during the first three months of 2015, while savings account rates rose just 0.85%.
  • Personal online savings accounts provide the market’s highest interest rates – offering 65% more returns than the runner up, personal online checking accounts.
  • Contrary to popular belief, checking accounts offer the highest rates at brick-and-mortar institutions, giving 67% higher distributions than branch-based savings accounts.
  • Business checking accounts are 129% more expensive than personal online checking accounts, providing 81% lower interest rates and 46% fewer features as well.
  • Student checking accounts – which have the lowest average fees on the deposit account market – are 49% less expensive than their cheapest general-consumer counterparts. Lower fees come at a cost, however, as the interest rates offered to students are 87% lower.
  • While inferior to online-only savings accounts, credit union products continue to offer market-leading interest rates among branch-based institutions, providing more than 2-times as much value as regional banks and over 5-times as much as national banks.
  • Good news for people wasting a lot of money at ATMs: the average non-bank ATM fee has fallen nearly 5% since the end of 2014 and more than 10% dating back to this time last year.
  • Checking account rewards seem to be making a bit of a post-Durbin Amendment comeback as well, with the percentage of accounts offering rewards increasing 11.4% compared to last quarter and 8.57% relative to last year.
  • Certificates of Deposit aren’t worth it in the current market, as a 2-year CD offers a lower interest rate than an online savings account.

 

Checking Accounts by Account Type

Average Fees on Checking Accounts by Account Type

Wallet Hub Checking Account Fee Index by Account Type

 

Personal-Online Personal-Branch Business -Branch Student-Branch
Monthly Fee $3.89 $6.01 $8.71 $0.57
Monthly Fee w/ Min Requirements to Waive Met $0.29 $0.52 $1.20 $0.00
Min Balance to Avoid Monthly Fee $2,367 $3,375 $6,149 $1,438
Non-Bank ATM Fees $0.91 $1.55 $1.82 $1.28
Paper Statement Fee $2.27 $1.09 $0.87 $1.39
Online Bill Pay $0.10 $0.43 $1.66 $0.10
Minimum to Open $129 $128 $107 $42
Overdraft Fee $28 $32 $32 $33
Insufficient Funds Fee $28 $32 $32 $33
Wallet Hub Checking Account Fee Index $28 $42 $63 $14

 

Key Features on Checking Accounts by Account Type

Wallet Hub Checking Account Features Index by Account Type

 

Personal-Online Personal-Branch Business-Branch Student-Branch
% $0 Monthly Fee w/ No Min Requirements 58.00% 41.71% 37.37% 88.33%
% $0 Non-Bank ATM Fee 56.52% 22.22% 11.36% 36.54%
% Reimburse ATM Fees 46.15% 13.32% 3.06% 20.00%
% $0 Paper Statement Fee 31.82% 57.79% 71.43% 46.67%
% $0 Overdraft/ NSF Fees 7.69% 0.50% 0.51% 0.00%
% $0 Minimum to Open 9.62% 20.60% 29.59% 23.33%
% $0 Online Bill Pay 98.00% 90.36% 76.02% 98.28%
% Interest Bearing* 38.46% 20.85% 9.18% 6.67%
% Offer Rewards 17.31% 22.11% 8.16% 10.00%
Wallet Hub Checking Account Features Index 45.37% 30.46% 24.35% 42.91%
*$1,000 balance

Average Interest Rate for Interest Bearing Checking Accounts by Account Type

Wallet Hub Checking Account Interest Index by Account Type

 

Personal-Online Personal-Branch Business -Branch Student-Branch
$1,000 balance 0.44% 0.27% 0.07% 0.05%
$3,000 balance 0.38% 0.25% 0.08% 0.05%
$10,000 balance 0.40% 0.22% 0.08% 0.05%
$25,000 balance 0.36% 0.13% 0.08% 0.05%
$50,000 balance 0.39% 0.12% 0.09% 0.05%
Wallet Hub Checking Interest Index 0.40% 0.24% 0.08% 0.05%

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Checking Accounts by Institution Type

Average Fees on Checking Accounts by Institution Type

Wallet Hub Checking Account Fee Index by Institution Type

Community Small Regional National Credit Union
Monthly Fee $5.92 $6.92 $10.29 $15.64 $1.93
Monthly Fee w/ Min Requirements to Waive Met $0.38 $0.17 $0.96 $0.23 $0.28
Min Balance to Avoid Monthly Fee $2,983 $3,450 $3,150 $7,018 $11,500
Non-Bank ATM Fees $1.48 $1.58 $1.64 $2.02 $1.06
Paper Statement Fee $1.99 $1.13 $1.44 $0.48 $0.15
Online Bill Pay $0.68 $0.31 $0.36 $0.00 $0.82
Minimum to Open $387 $93 $168 $54 $181
Overdraft Fee $32 $32 $34 $34 $27
Insufficient Funds Fee $32 $32 $34 $35 $27
Wallet Hub Checking Account Fee Index $41 $42 $62 $77 $22

 

Key Features on Checking Accounts by Institution Type

Wallet Hub Checking Account Features Index by Institution Type

Community Small Regional National Credit Union
% $0 Monthly Fee w/ No Min Requirements 40.91% 31.71% 14.58% 3.85% 75.86%
% $0 Non-Bank ATM Fee 13.64% 17.07% 29.17% 19.23% 24.14%
% Reimburse ATM Fees 15.91% 17.07% 12.50% 15.38% 13.79%
% $0 Paper Statement Fee 29.17% 50.00% 52.27% 72.00% 88.89%
% $0 Overdraft/ NSF Fees 0.00% 0.00% 0.00% 3.85% 0.00%
% $0 Minimum to Open 9.09% 12.20% 6.25% 26.92% 68.97%
% $0 Online Bill Pay 86.36% 94.87% 91.67% 100.00% 79.31%
% Interest Bearing* 34.09% 26.83% 35.42% 34.62% 51.72%
% Offer Rewards 9.09% 19.51% 14.58% 26.92% 13.79%
Wallet Hub Checking Account Features Index 27.69% 27.91% 25.01% 25.22% 44.13%
*$1,000 balance

Average Interest Rate for Interest Bearing Checking Accounts by Institution Type

Wallet Hub Checking Account Interest Index by Institution Type

Community Small Regional National Credit Union
$1,000 balance 0.34% 0.05% 0.04% 0.06% 0.48%
$3,000 balance 0.28% 0.05% 0.04% 0.06% 0.48%
$10,000 balance 0.27% 0.06% 0.04% 0.06% 0.31%
$25,000 balance 0.15% 0.06% 0.05% 0.06% 0.14%
$50,000 balance 0.15% 0.06% 0.05% 0.06% 0.14%
Wallet Hub Checking Interest Index 0.29% 0.05% 0.04% 0.06% 0.42%

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Checking Accounts by Region

Average Fees on Checking Accounts by Region

Wallet Hub Checking Account Fee Index by Region

Midwest West Southwest Southeast Northeast
Monthly Fee $7.58 $8.91 $8.05 $7.53 $7.73
Monthly Fee w/ Min Requirements to Waive Met $0.00 $0.00 $0.57 $1.42 $0.26
Min Balance to Avoid Monthly Fee $5,217 $3,096 $4,689 $6,271 $3,515
Non-Bank ATM Fees $1.54 $1.64 $1.39 $1.59 $1.61
Paper Statement Fee $0.96 $1.00 $1.78 $0.97 $0.79
Online Bill Pay $0.69 $0.12 $1.27 $0.20 $0.13
Minimum to Open $121 $320 $99 $338 $41
Overdraft Fee $33 $31 $31 $30 $33
Insufficient Funds Fee $33 $31 $31 $31 $33
Wallet Hub Checking Account Fee Index $45 $48 $53 $53 $46

 

Key Features on Checking Accounts by Region

Wallet Hub Checking Account Features Index by Region

Midwest West Southwest Southeast Northeast
% $0 Monthly Fee w/ No Min Requirements 47.22% 21.43% 23.53% 31.58% 39.47%
% $0 Non-Bank ATM Fee 25.00% 16.67% 20.59% 15.79% 26.32%
% Reimburse ATM Fees 13.89% 11.90% 14.71% 18.42% 15.79%
% $0 Paper Statement Fee 53.33% 55.26% 52.00% 64.52% 64.29%
% $0 Overdraft/ NSF Fees 0.00% 0.00% 0.00% 2.63% 0.00%
% $0 Minimum to Open 41.67% 14.29% 14.71% 13.16% 21.05%
% $0 Online Bill Pay 83.33% 97.62% 78.13% 92.11% 97.37%
% Interest Bearing* 33.33% 28.57% 50.00% 39.47% 28.95%
% Offer Rewards 19.44% 9.52% 5.88% 23.68% 21.05%
Wallet Hub Checking Account Features Index 33.36% 24.97% 26.30% 30.14% 32.51%
*$1,000 balance

Average Interest Rate for Interest Bearing Checking Accounts by Region

Wallet Hub Checking Account Interest Index by Region

Midwest West Southwest Southeast Northeast
$1,000 balance 0.37% 0.04% 0.33% 0.15% 0.13%
$3,000 balance 0.30% 0.04% 0.33% 0.15% 0.11%
$10,000 balance 0.33% 0.04% 0.19% 0.15% 0.10%
$25,000 balance 0.13% 0.05% 0.10% 0.10% 0.10%
$50,000 balance 0.14% 0.06% 0.10% 0.10% 0.11%
Wallet Hub Checking Interest Index 0.32% 0.04% 0.28% 0.15% 0.11%

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Checking Account Differences Over Time

Change in Average Fees on Checking Accounts Over Time*

Wallet Hub Checking Account Fee Index

 

Q2 2014 Q3 2014 Q4 2014
(vs. last year)
Q1 2015
(vs. last year)
Q1 2015 vs Q4 2014
Monthly Fee $5.80 $5.96 $5.96
(7.31%)
$6.01
(5.12%)
0.86%
Monthly Fee w/ Min Requirements to Waive Met $0.47 $0.51 $0.52
(N/A)
$0.52
N/A)
1.26%
Min Balance to Avoid Monthly Fee $3,879.30 $3,855.45 $3,792.81
(N/A)
$3,375.43
3.89%)
-11.00%
Non-Bank ATM Fees $1.73 $1.75 $1.63
(2.86%)
$1.55
(-10.02%)
-4.92%
Paper Statement Fee $0.79 $1.07 $1.08
(-9.96%)
$1.09
(35.41%)
0.06%
Online Bill Pay $0.39 $0.46 $0.46
(21.67%)
$0.43
99(15.64%)
-6.24%
Minimum to Open $128.57 $129.14 $127.15
(2.28%)
$127.78
(1.56%)
0.50%
Overdraft Fee $32.23 $32.13 $32.05
(-0.49%)
$32.20
(-0.34%)
0.48%
Insufficient Funds Fee $32.27 $32.21 $32.27
(-0.05%)
$32.38
(0.18%)
0.34%
Wallet Hub Checking Account Fee Index $36.74 $37.69 $37.43
(-3.01%)
$37.40
(-6.15%)
-0.07%
*Averages based on Personal Branch checking accounts

 
Change in Average Fees on Checking Accounts Over Time by Institution and Region

Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q1 2015 vs Q4 2014
Best Institution Credit Union
($21.35)
Credit Union
($21.76)
Credit Union
($21.73)
Credit Union
($22.33)
2.73%
Worst Institution National
($76.92)
National
($73.61)
National
($74.70)
National
($77.48)
3.73%
Best vs. Worst Difference -72.24% -70.43% -70.91% -71.19% 0.40%
Best Region Midwest
($43.95)
Midwest
($45.44)
Midwest
($44.09)
Midwest
($44.87)
1.76%
Worst Region SE
($53.76)
SE
($52.95)
SE
($53.71)
SE
($53.50)
-0.39%
Best vs. Worst Difference -18.24% -14.18% -17.90% -16.13% -9.91%

 
Change in Key Features on Checking Accounts Over Time*

Wallet Hub Checking Account Features Index

 

Q2 2014 Q3 2014 Q4 2014
(vs. last year)
Q1 2015
(vs. last year)
Q1 2015 vs Q4 2014
% $0 Monthly Fee w/ No Min Requirements 41.88% 40.74% 41.94%
(-3.94%)
41.71%
(-1.39%)
-0.54%
% $0 Non-Bank ATM Fee 8.66% 12.07% 19.22%
(N/A)
22.22%
(N/A)
N/A*
% Reimburse ATM Fees 13.35% 14.29% 12.90%
(N/A)
13.32%
(N/A)
3.20%
% $0 Paper Statement Fee 68.75% 58.04% 56.39%
(N/A)
57.79%
(-15.70%)
2.47%
% $0 Overdraft/ NSF Fees 0.30% 0.56% 1.12%
(N/A)
0.55%
(N/A)
N/A*
% $0 Minimum to Open 22.51% 21.67% 21.09%
(-14.33%)
20.60%
(-8.24%)
-2.32%
% $0 Online Bill Pay 92.11% 90.03% 89.67%
(-2.58%)
90.36%
(-1.84%)
0.77%
% Interest Bearing** 20.42% 21.18% 19.85%
(3.23%)
20.85%
(4.55%)
5.05%
% Offer Rewards 20.68% 19.70% 19.85%
(0.27%)
22.11%
(8.57%)
11.38%
Wallet Hub Checking Account Features Index 29.21% 28.87% 29.80%
(N/A)
30.46%
(N/A)
2.23%
*N/A designates a small sample size, whereby a single issuer’s policies could lead to significant statistical changes.
*Averages based on Personal Branch checking accounts
**$1,000 balance

 
Change in Key Features on Checking Accounts Over Time by Institution and Region

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q4 2014 vs Q3 2014
Best Institution Credit Union
(41.52%)
Credit Union
(40.26%)
Credit Union
(42.95%)
Credit Union
(44.13%)
2.77%
Worst Institution Regional
(24.12%)
Regional
(23.44%)
National
(24.18%)
Regional
(25.01%)
3.45%
Best vs. Worst Difference 72.12% 71.79% 77.64% 76.47% -1.50%
Best Region NE
(33.44%)
NE
(32.42%)
NE
(32.57%)
Midwest
(33.36%)
2.44%
Worst Region West
(24.30%)
SW
(23.01%)
West
(24.46%)
West
(24.97%)
2.08%
Best vs. Worst Difference 37.64% 40.86% 33.14% 33.61% 1.42%

 
Change in Interest Rate for Interest Bearing Checking Accounts Over Time

Wallet Hub Checking Account Interest Index

 

Q2 2014 Q3 2014 Q4 2014
(vs. last year)
Q1 2015
(vs. last year)
Q1 2015 vs Q4 2014
$1,000 balance 0.27% 0.26% 0.28%
(13.47%)
0.27%
(12.84%)
-5.23%
$3,000 balance 0.25% 0.24% 0.26%
(12.74%)
0.25%
(10.24%)
-5.82%
$10,000 balance 0.22% 0.22% 0.23%
(15.43%)
0.22%
(10.94%)
-7.63%
$25,000 balance 0.14% 0.13% 0.16%
(31.11%)
0.13%
(18.38%)
-14.95%
$50,000 balance 0.11% 0.11% 0.14%
(24.60%)
0.12%
(9.03%)
-14.27%
Wallet Hub Checking Interest Index 0.24% 0.23% 0.25%
(13.99%)
0.24%
(11.20%)
-6.37%

 
Change in Interest Rate for Interest Bearing Checking Accounts Over Time by Institution and Region

Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q1 2015 vs Q4 2014
Best Institution Credit Union
(0.43%)
Credit Union
(0.45%)
Credit Union
(0.45%)
Credit Union
(0.42%)
-6.75%
Worst Institution Regional
(0.04%)
Regional
(0.04%)
Regional
(0.04%)
Regional
(0.04%)
-0.38%
Best vs. Worst Difference 872.72% 988.89% 1012.90% 941.75% -7.02%
Best Region SW
(0.30%)
SW
(0.29%)
Midwest
(0.31%)
Midwest
(0.32%)
0.98%
Worst Region West
(0.04%)
West
(0.04%)
West
(0.04%)
West
(0.04%)
-4.65%
Best vs. Worst Difference 696.40% 680.15% 689.99% 736.61% 6.76%

 
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Savings Accounts by Account Type

Average Interest Rate for Savings, Money Market Accounts (MMA) by Account Type

Wallet Hub Savings and MMA Account Interest Index by Account Type

 

Personal-Online Personal-Branch Business-Branch Student-Branch
$1,000 balance 0.63% 0.13% 0.09% 0.58%
$3,000 balance 0.65% 0.14% 0.09% 0.46%
$10,000 balance 0.69% 0.15% 0.11% 0.48%
$25,000 balance 0.69% 0.17% 0.12% 0.50%
$50,000 balance 0.70% 0.18% 0.13% 0.50%
Wallet Hub Savings Interest Index 0.66% 0.14% 0.10% 0.49%

 
Average Interest Rate for CDs by Account Type

Personal-Branch Business-Branch Student-Branch
3-Mo CD 0.14% 0.08% N/A
6-Mo CD 0.22% 0.15% N/A
1-Yr CD 0.36% 0.24% 0.45%
2-Yr CD 0.57% 0.34% N/A
3-Yr CD 0.81% 0.56% N/A
5-Yr CD 1.23% 0.99% 1.47%

 
Minimum to Open Requirements Savings, Money Market Accounts and CDs by Account Type

Personal-Online Personal-Branch Business-Branch Student-Branch
Average Minimum to Open Savings/ MMA $2,837 $1,010 $4,467 $19
% $0 Min to Open Savings/ MMA 22.73% 12.46% 3.92% 12.50%
Average Minimum to Open CD $500 $1,042 $1,037 $757
% $0 Min to Open CD 0.00% 1.87% 0.00% 0.00%

 
Monthly Fees on Savings and Money Market Accounts by Account Type

Personal-Online Personal-Branch Business-Branch Student-Branch
Average Monthly Fee $1.75 $5.22 $8.41 $0.00
Average Minimum Balance to Avoid Monthly Fee $2,333 $1,761 $2,669 N/A
% $0 Monthly Fee 80.00% 25.84% 10.20% 100.00%
Average Monthly Fee with Minimum Requirements to Waive Met $0.23 $0.00 $0.00 $0.00

 
Access to Funds Savings and Money Market Account by Account Type

Personal-Online Personal-Branch Business-Branch Student-Branch
% with $0 Fee for Withdrawals 100.00% 89.89% 91.49% 92.31%
Ability to Write Checks 86.36% 64.01% 84.31% 25.00%
Offer ATM Card 45.45% 71.28% 68.63% 56.25%

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Savings Accounts by Institution Type

Average Interest Rate for Savings, Money Market Accounts (MMA) by Institution Type

Wallet Hub Savings and MMA Account Interest Index by Institution Type

Community Small Regional National Credit Union
$1,000 balance 0.11% 0.06% 0.06% 0.03% 0.19%
$3,000 balance 0.11% 0.06% 0.06% 0.03% 0.21%
$10,000 balance 0.12% 0.07% 0.08% 0.04% 0.23%
$25,000 balance 0.12% 0.08% 0.11% 0.05% 0.26%
$50,000 balance 0.12% 0.09% 0.12% 0.05% 0.28%
Wallet Hub Savings Interest Index 0.12% 0.06% 0.06% 0.03% 0.22%

 
Average Interest Rate for CD's by Institution Type

Community Small Regional National Credit Union
3-Mo CD 0.12% 0.08% 0.11% 0.05% 0.25%
6-Mo CD 0.20% 0.10% 0.16% 0.12% 0.32%
1-Yr CD 0.32% 0.22% 0.26% 0.18% 0.52%
2-Yr CD 0.53% 0.31% 0.44% 0.24% 0.83%
3-Yr CD 0.78% 0.59% 0.69% 0.36% 1.12%
5-Yr CD 1.20% 0.93% 1.09% 0.57% 1.72%

 
Minimum to Open Requirements Savings and Money Market Accounts and CDs by Institution Type

Community Small Regional National Credit Union
Average Minimum to Open Savings/ MMA $375 $1,994 $1,582 $39 $709
% $0 Min to Open Savings/ MMA 14.71% 9.68% 2.44% 28.57% 13.33%
Average Minimum to Open CD $986 $1,138 $1,125 $908 $1,256
% $0 Min to Open CD 0.00% 0.00% 1.75% 13.16% 0.00%

 
Monthly Fees on Savings and Money Market Accounts by Institution Type

Community Small Regional National Credit Union
Average Monthly Fee $4.94 $6.28 $7.82 $5.71 $2.49
Average Minimum Balance to Avoid Monthly Fee $1,004 $3,103 $3,852 $783 $812
% $0 Monthly Fee 6.67% 10.34% 17.50% 14.29% 65.71%
Average Monthly Fee with Minimum Requirements to Waive Met $0.00 $0.00 $0.00 $0.00 $0.00

 
Access to Funds Savings and Money Market Account by Institution Type

Community Small Regional National Credit Union
% with $0 Fee for Withdrawals 87.10% 89.29% 84.62% 85.71% 92.31%
Ability to Write Checks 58.82% 58.06% 85.37% 92.86% 46.67%
Offer ATM Card 58.82% 77.42% 90.24% 78.57% 55.56%

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Savings Accounts by Region

Average Interest Rate for Savings, Money Market Accounts (MMA) by Region

Wallet Hub Savings and MMA Account Interest Index by Region

Midwest West Southwest Southeast Northeast
$1,000 balance 0.09% 0.06% 0.09% 0.19% 0.08%
$3,000 balance 0.10% 0.07% 0.11% 0.19% 0.09%
$10,000 balance 0.12% 0.09% 0.12% 0.20% 0.11%
$25,000 balance 0.14% 0.10% 0.12% 0.19% 0.16%
$50,000 balance 0.15% 0.12% 0.13% 0.19% 0.17%
Wallet Hub Savings Interest Index 0.10% 0.08% 0.11% 0.19% 0.10%

 
Average Interest Rate for CDs by Region

Midwest West Southwest Southeast Northeast
3-Mo CD 0.12% 0.11% 0.10% 0.23% 0.23%
6-Mo CD 0.16% 0.18% 0.21% 0.26% 0.25%
1-Yr CD 0.30% 0.29% 0.36% 0.42% 0.36%
2-Yr CD 0.50% 0.43% 0.59% 0.65% 0.58%
3-Yr CD 0.76% 0.62% 0.87% 0.86% 0.87%
5-Yr CD 1.23% 1.09% 1.25% 1.25% 1.25%

 
Minimum to Open Requirements Savings and Money Market Accounts and CDs by Region

Midwest West Southwest Southeast Northeast
Average Minimum to Open Savings/ MMA $1,213 $1,739 $394 $725 $1,103
% $0 Min to Open Savings/ MMA 17.14% 6.45% 3.13% 6.90% 21.05%
Average Minimum to Open CD $704 $1,095 $709 $1,888 $1,428
% $0 Min to Open CD 0.00% 0.00% 7.50% 0.00% 0.00%

 
Monthly Fees on Savings and Money Market Accounts by Region

Midwest West Southwest Southeast Northeast
Average Monthly Fee $5.92 $4.47 $5.61 $4.96 $6.21
Average Minimum Balance to Avoid Monthly Fee $2,113 $3,095 $1,884 $1,874 $2,372
% $0 Monthly Fee 19.35% 40.00% 13.33% 25.00% 27.27%
Average Monthly Fee with Minimum Requirements to Waive Met $0.00 $0.00 $0.00 $0.00 $0.00

 
Access to Funds Savings and Money Market Account by Region

Midwest West Southwest Southeast Northeast
% with $0 Fee for Withdrawals 96.67% 93.55% 80.65% 81.48% 87.50%
Ability to Write Checks 48.57% 83.87% 62.50% 68.97% 63.16%
Offer ATM Card 74.29% 87.10% 75.00% 72.41% 50.00%

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Savings Account Differences Over Time

Change in Interest Rate for Savings, Money Market Accounts (MMA) Over Time

Wallet Hub Checking Account Savings/ MMA Index

 

Q2 2014 Q3 2014 Q4 2014
(vs. last year)
Q1 2015
(vs. last year)
Q1 2015 vs Q4 2014
$1,000 balance 0.12% 0.12% 0.13%
(15.07%)
0.13%
(11.74%)
2.59%
$3,000 balance 0.14% 0.14% 0.14%
(14.82%)
0.14%
(8.92%)
0.56%
$10,000 balance 0.15% 0.15% 0.15%
(7.45%)
0.15%
(19.43%)
0.21%
$25,000 balance 0.17% 0.17% 0.17%
(5.67%)
0.17%
(15.80%)
0.16%
$50,000 balance 0.18% 0.18% 0.18%
(5.29%)
0.18%
(11.51%)
0.05%
Wallet Hub Savings Interest Index 0.14% 0.14% 0.14%
(12.10%)
0.14%
(12.62%)
0.85%

 
Change in Interest Rate for Savings, Money Market Accounts (MMA) Over Time by Institution and Region

Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q1 2015 vs Q4 2014
Best Institution Credit Union
(0.21%)
Credit Union
(0.21%)
Credit Union
(0.22%)
Credit Union
(0.22%)
-0.71%
Worst Institution Regional
(0.07%)
National
(0.03%)
National
(0.03%)
National
(0.03%)
-2.84%
Best vs. Worst Difference 217.59% 623.57% 573.50% 588.30% 2.58%
Best Region SE
(0.18%)
SE
(0.18%)
SE
(0.19%)
SE
(0.19%)
3.12%
Worst Region West
(0.07%)
West
(0.07%)
West
(0.08%)
West
(0.08%)
-4.90%
Best vs. Worst Difference 155.40% 139.95% 132.36% 151.95% 14.80%

 
Change in Interest Rate CD's Over Time

Q2 2014 Q3 2014 Q4 2014
(vs. last year)
Q1 2015
(vs. last year)
Q1 2015 vs Q4 2014
3-Mo CD 0.14% 0.14% 0.14%
(N/A)
0.14%
(3.70%)
3.02%
6-Mo CD 0.22% 0.22% 0.21%
(N/A)
0.22%
(3.37%)
3.58%
1-Yr CD 0.35% 0.35% 0.35%
(N/A)
0.36%
(6.24%)
3.57%
2-Yr CD 0.54% 0.55% 0.55%
(N/A)
0.57%
(8.28%)
4.22%
3-Yr CD 0.74% 0.76% 0.77%
(N/A)
0.81%
(10.07%)
4.60%
5-Yr CD 1.18% 1.18% 1.21%
(N/A)
1.23%
(8.48%)
1.99%

 
Change in Minimum to Open Requirements Savings, Money Market Accounts and CDs Over Time

Q2 2014 Q3 2014 Q4 2014
(vs. last year)
Q1 2015
(vs. last year)
Q1 2015 vs Q4 2014
Average Minimum to Open Savings/ MMA $983 $967 $986
(N/A)
$1,009
(N/A)
2.38%
% $0 Min to Open Savings/ MMA 11.30% 12.33% 13.04%
(N/A)
12.46%
(-0.01%)
-4.50%
Average Minimum to Open CD $933 $1,013 $1,041
(N/A)
$1,042
(N/A)
0.17%
% $0 Min to Open CD 1.73% 1.68% 1.82%
(N/A)
1.87%
(N/A)
2.67%

 
Change in Monthly Fees on Savings and Money Market Accounts Over Time

Q2 2014 Q3 2014 Q4 2014
(vs. last year)
Q1 2015
(vs. last year)
Q1 2015 vs Q4 2014
Average Monthly Fee $5.08 $5.05 $5.17
(-4.12%)
$5.22
(3.11%)
1.01%
Average Minimum Balance to Avoid Monthly Fee $1,627 $1,640 $1,700
(-5.78%)
$1,761
(12.18%)
3.57%
% $0 Monthly Fee 25.63% 25.72% 25.83%
(1.91%)
25.84%
(-1.65%)
0.05%
Average Monthly Fee with Minimum Requirements to Waive Met $0.00 $0.00 $0.00
(N/A)
$0.00
(N/A)
0.00%

 
Change in Access to Funds in Savings and Money Market Account Over Time

Q2 2014 Q3 2014 Q4 2014
(vs. last year)
Q1 2015
(vs. last year)
Q1 2015 vs Q4 2014
% with $0 Fee for Withdrawals 87.83% 88.76% 88.89%
(N/A)
89.89%
(3.37%)
1.12%
Ability to Write Checks 60.80% 63.33% 63.88%
(N/A)
64.01%
(7.05%)
0.21%
Offer ATM Card 77.08% 74.33% 70.23%
(N/A)
71.28%
(-7.46%)
1.49%

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Methodology

The data in this report was collected from the websites of financial institutions – findings by account type are based on data from over 700 checking accounts and over 1300 savings accounts, while findings by institution type and region include data from 10 national banks, 25 regional banks, 25 community banks, 25 small banks and 25 credit unions. Our full methodology can be found in last year’s report.

Author

User
Alina is a Research Analyst at Evolution Finance. She is a Business Administration graduate. Previously she worked as a desktop publisher for a daily newspaper and for the National Census&Statistical…
140 Wallet Points

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