2015 Banking Landscape Report

by Alina Comoreanu

2015 Banking LandscapeAfter nearly seven years of historically low, near-zero interest rates, the Federal Reserve is believed to be on the verge of opening the door to better banking returns. But what does that mean for the average consumer or small business owner? Is it time to pull funds out of equities and instead stash them in increasingly attractive, low-risk deposit vehicles – such as savings accounts and CDs? And, if so, which types of accounts 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 talks of impending rate hikes, on-the-ground intel actually reflects a declining interest rate environment as far as deposit accounts are concerned. Rates for checking and savings accounts fell 6.03% and 11.52%, respectively, during the second quarter of the year.
  • Personal online-only savings accounts provide the market’s highest interest rates – offering 61% greater returns than the runner-up, personal online checking accounts.
  • Contrary to popular belief, checking accounts offer the highest interest rates available through brick-and-mortar banking institutions, providing 78% higher distributions than branch-based savings accounts.
  • The minimum balance required to avoid a monthly fee increased significantly for both checking accounts (11.76%) and savings accounts (9.07%) during Q2. This perhaps indicates that banks are taking advantage of consumer inattention to minor-seeming account details.
  • Business checking accounts are 147% more expensive than personal online checking accounts, providing 80% lower interest rates and 50% fewer features. As a result, small business owners should gravitate to personal account options whenever possible – as is also the case with credit cards.
  • Student checking accounts – which have the lowest fees on the deposit market – are 71% less expensive than their cheapest general-consumer counterparts. Lower fees come at a cost, however, as the interest rates offered to students are 74% lower than those available to the general consumer population.
  • While inferior to online-only savings accounts, credit union products continue to offer market-leading interest rates among branch-based institutions, providing nearly 2.5-times as much value as regional banks and more than 5.5-times the value of national banks.
  • The fact that non-bank ATM fees fell an additional 3.95% during Q2, after declining 14% since the beginning of 2014, is certainly great news for those of us who waste a lot of money accessing our cash.
  • Despite rising 3.44% on average during Q2, the rates provided by Certificates of Deposit (CDs) still aren’t worth sacrificing your liquid flexibility. After all, the average 2-year CD offers a lower yield than your run-of-the-mill online savings account these days.

 

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 $3.60 $6.67 $9.26 $0.53
Monthly Fee w/ Min Requirements to Waive Met $0.23 $0.67 $1.22 $0.00
Min Balance to Avoid Monthly Fee $1,991 $3,772 $5,955 $1,438
Non-Bank ATM Fees $0.89 $1.49 $1.83 $1.18
Paper Statement Fee $2.64 $1.06 $1.12 $1.52
Online Bill Pay $0.32 $0.39 $1.57 $0.00
Minimum to Open $97 $138 $117 $40
Overdraft Fee $27 $32 $33 $33
Insufficient Funds Fee $28 $32 $33 $33
Wallet Hub Checking Account Fee Index $27 $45 $65 $13

 

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 61.54% 39.47% 33.91% 89.06%
% $0 Non-Bank ATM Fee 58.70% 25.61% 11.79% 43.86%
% Reimburse ATM Fees 44.23% 14.60% 2.56% 20.31%
% $0 Paper Statement Fee 28.57% 57.99% 65.63% 39.22%
% $0 Overdraft/ NSF Fees 9.62% 0.44% 0.00% 0.00%
% $0 Minimum to Open 11.54% 19.65% 29.79% 21.88%
% $0 Online Bill Pay 94.00% 91.61% 76.10% 98.36%
% Interest Bearing* 36.54% 22.52% 5.53% 9.38%
% Offer Rewards 15.38% 20.53% 6.38% 20.31%
Wallet Hub Checking Account Features Index 45.80% 30.75% 22.75% 44.51%
*$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 0.45% 0.25% 0.07% 0.05%
$3,000 balance 0.40% 0.23% 0.07% 0.05%
$10,000 balance 0.42% 0.21% 0.08% 0.08%
$25,000 balance 0.35% 0.13% 0.25% 0.10%
$50,000 balance 0.38% 0.12% 0.23% 0.12%
Wallet Hub Checking Interest Index 0.42% 0.22% 0.08% 0.06%

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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 $5.72 $7.69 $10.86 $15.09 $1.41
Monthly Fee w/ Min Requirements to Waive Met $0.59 $0.30 $0.88 $0.20 $0.28
Min Balance to Avoid Monthly Fee $2,871 $4,556 $4,391 $6,515 $12,000
Non-Bank ATM Fees $1.38 $1.54 $1.62 $1.95 $1.04
Paper Statement Fee $1.90 $1.35 $1.22 $0.47 $0.26
Online Bill Pay $0.91 $0.29 $0.33 $0.00 $0.65
Minimum to Open $375 $90 $171 $52 $182
Overdraft Fee $32 $32 $34 $34 $26
Insufficient Funds Fee $32 $32 $33 $34 $26
Wallet Hub Checking Account Fee Index $42 $46 $64 $75 $20

 

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 42.22% 32.56% 15.38% 3.33% 79.31%
% $0 Non-Bank ATM Fee 17.78% 20.93% 30.77% 23.33% 24.14%
% Reimburse ATM Fees 11.11% 18.60% 13.46% 13.33% 13.79%
% $0 Paper Statement Fee 30.43% 39.39% 54.17% 73.33% 85.19%
% $0 Overdraft/ NSF Fees 0.00% 0.00% 0.00% 3.33% 0.00%
% $0 Minimum to Open 11.11% 11.63% 7.69% 26.67% 62.07%
% $0 Online Bill Pay 82.22% 95.12% 92.31% 100.00% 82.76%
% Interest Bearing* 31.11% 25.58% 38.46% 26.67% 51.72%
% Offer Rewards 8.89% 16.28% 17.31% 20.00% 20.69%
Wallet Hub Checking Account Features Index 27.38% 28.10% 26.21% 24.29% 45.11%
*$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 0.32% 0.05% 0.05% 0.07% 0.58%
$3,000 balance 0.26% 0.05% 0.05% 0.05% 0.58%
$10,000 balance 0.26% 0.05% 0.04% 0.06% 0.42%
$25,000 balance 0.14% 0.06% 0.05% 0.06% 0.25%
$50,000 balance 0.14% 0.06% 0.05% 0.06% 0.27%
Wallet Hub Checking Interest Index 0.27% 0.05% 0.05% 0.06% 0.52%

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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 $7.95 $9.13 $7.22 $7.95 $8.93
Monthly Fee w/ Min Requirements to Waive Met $0.25 $0.00 $0.56 $1.50 $0.23
Min Balance to Avoid Monthly Fee $6,162 $3,754 $4,424 $6,533 $4,471
Non-Bank ATM Fees $1.65 $1.55 $1.31 $1.59 $1.47
Paper Statement Fee $0.99 $1.16 $1.60 $0.61 $0.94
Online Bill Pay $0.90 $0.00 $1.23 $0.19 $0.12
Minimum to Open $107 $328 $98 $324 $55
Overdraft Fee $32 $31 $31 $32 $33
Insufficient Funds Fee $32 $31 $30 $32 $33
Wallet Hub Checking Account Fee Index $49 $48 $49 $56 $50

 

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 45.00% 21.95% 31.43% 30.00% 34.88%
% $0 Non-Bank ATM Fee 22.50% 19.51% 25.71% 17.50% 32.56%
% Reimburse ATM Fees 12.50% 9.76% 14.29% 12.50% 20.93%
% $0 Paper Statement Fee 53.13% 50.00% 45.83% 71.88% 60.00%
% $0 Overdraft/ NSF Fees 2.50% 0.00% 0.00% 0.00% 0.00%
% $0 Minimum to Open 45.00% 12.20% 11.43% 12.50% 18.60%
% $0 Online Bill Pay 80.00% 100.00% 78.79% 92.50% 97.67%
% Interest Bearing* 32.50% 29.27% 45.71% 35.00% 30.23%
% Offer Rewards 15.00% 9.76% 11.43% 22.50% 20.93%
Wallet Hub Checking Account Features Index 32.17% 25.15% 28.33% 28.66% 32.87%
*$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 0.36% 0.04% 0.44% 0.12% 0.11%
$3,000 balance 0.30% 0.04% 0.43% 0.12% 0.09%
$10,000 balance 0.34% 0.04% 0.30% 0.12% 0.08%
$25,000 balance 0.14% 0.05% 0.20% 0.08% 0.08%
$50,000 balance 0.15% 0.06% 0.20% 0.08% 0.09%
Wallet Hub Checking Interest Index 0.32% 0.04% 0.39% 0.12% 0.09%

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Checking Account Differences Over Time

Change in Average Fees on Checking Accounts Over Time*

Wallet Hub Checking Account Fee Index

 

Q3 2014 Q4 2014
(vs. last year)
Q1 2015
(vs. last year)
Q2 2015
(vs. last year)
Q2 vs Q1
Monthly Fee $5.96 $5.96
(7.31%)
$6.01
(5.12%)
$6.67
(15.04%)
11.03%
Monthly Fee w/ Min Requirements to Waive Met $0.51 $0.52
(N/A)
$0.52
(N/A)
$0.67
(N/A)
27.41%
Min Balance to Avoid Monthly Fee $3,855 $3,792
(N/A)
$3,375
(3.89%)
$3,772
(-2.76%)
11.76%
Non-Bank ATM Fees $1.75 $1.63
(2.86%)
$1.55
(-10.02%)
$1.49
(-13.55%)
-3.95%
Paper Statement Fee $1.07 $1.08
(-9.96%)
$1.09
(35.41%)
$1.06
(34.38%)
-2.42%
Online Bill Pay $0.46 $0.46
(21.67%)
$0.43
(15.64%)
$0.39
(1.46%)
-8.93%
Minimum to Open $129 $127
(2.28%)
$127
(1.56%)
$138
(7.42%)
8.08%
Overdraft Fee $32.13 $32.05
(-0.49%)
$32.20
(-0.34%)
$32.50
(0.82%)
0.91%
Insufficient Funds Fee $32.21 $32.27
(-0.05%)
$32.38
(0.18%)
$32.17
(-0.30%)
-0.64%
Wallet Hub Checking Account Fee Index $37.69 $37.43
(-3.01%)
$37.40
(-6.15%)
$39.86
(0.01%)
6.57%
*Averages based on Personal Branch checking accounts

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

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q2 vs Q1
Best Institution Credit Union
($21.76)
Credit Union
($21.73)
Credit Union
($22.33)
Credit Union
($19.52)
-12.58%
Worst Institution National
($73.61)
National
($74.70)
National
($77.48)
National
($74.93)
-3.30%
Best vs. Worst Difference -70.43% -70.91% -71.19% -73.95% 3.89%
Best Region Midwest
($45.44)
Midwest
($44.09)
Midwest
($44.87)
West
($48.01)
7.00%
Worst Region SE
($52.95)
SE
($53.71)
SE
($53.50)
SE
($56.33)
5.29%
Best vs. Worst Difference -14.18% -17.90% -16.13% -14.77% -8.41%

 
Change in Key Features on Checking Accounts Over Time*

Wallet Hub Checking Account Features Index

 

Q3 2014 Q4 2014
(vs. last year)
Q1 2015
(vs. last year)
Q2 2015
(vs. last year)
Q2 vs Q1
% $0 Monthly Fee w/ No Min Requirements 40.74% 41.94%
(-3.94%)
41.71%
(-1.39%)
39.47%
(-5.77%)
-5.37%
% $0 Non-Bank ATM Fee 12.07% 19.22%
(N/A)
22.22%
(N/A)
25.61%
(N/A)
N/A*
% Reimburse ATM Fees 14.29% 12.90%
(N/A)
13.32%
(N/A)
14.57%
(9.13%)
9.41%
% $0 Paper Statement Fee 58.04% 56.39%
(N/A)
57.79%
(-15.70%)
57.99%
(-15.65%)
0.35%
% $0 Overdraft/ NSF Fees 0.56% 1.12%
(N/A)
0.55%
(N/A)
0.45%
(N/A)
N/A*
% $0 Minimum to Open 21.67% 21.09%
(-14.33%)
20.60%
(-8.24%)
19.65%
(-12.73%)
-4.64%
% $0 Online Bill Pay 90.03% 89.67%
(-2.58%)
90.36%
(-1.84%)
91.61%
(-0.54%)
1.38%
% Interest Bearing** 21.18% 19.85%
(3.23%)
20.85%
(4.55%)
22.52%
(10.27%)
7.97%
% Offer Rewards 19.70% 19.85%
(0.27%)
22.11%
(8.57%)
20.53%
(-0.73%)
-7.15%
Wallet Hub Checking Account Features Index 28.87% 29.80%
(N/A)
30.46%
(N/A)
30.75%
(5.26%)
0.92%
*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

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q2 vs Q1
Best Institution Credit Union
(40.26%)
Credit Union
(42.95%)
Credit Union
(44.13%)
Credit Union
(45.11%)
2.20%
Worst Institution Regional
(23.44%)
National
(24.18%)
Regional
(25.01%)
National
(24.29%)
-2.89%
Best vs. Worst Difference 71.79% 77.64% 76.47% 85.74% 12.11%
Best Region NE
(32.42%)
NE
(32.57%)
Midwest
(33.36%)
NE
(32.87%)
-1.47%
Worst Region SW
(23.01%)
West
(24.46%)
West
(24.97%)
West
(25.15%)
0.71%
Best vs. Worst Difference 40.86% 33.14% 33.61% 30.71% -8.63%

 
Change in Interest Rate for Interest Bearing Checking Accounts Over Time

Wallet Hub Checking Account Interest Index

 

Q3 2014 Q4 2014
(vs. last year)
Q1 2015
(vs. last year)
Q2 2015
(vs. last year)
Q2 vs Q1
$1,000 balance 0.26% 0.28%
(13.47%)
0.27%
(12.84%)
0.25%
(-6.92%)
-7.06%
$3,000 balance 0.24% 0.26%
(12.74%)
0.25%
(10.24%)
0.23%
(-8.04%)
-7.54%
$10,000 balance 0.22% 0.23%
(15.43%)
0.22%
(10.94%)
0.21%
(-5.05%)
-2.70%
$25,000 balance 0.13% 0.16%
(31.11%)
0.13%
(18.38%)
0.13%
(-6.91%)
-0.64%
$50,000 balance 0.11% 0.14%
(24.60%)
0.12%
(9.03%)
0.12%
(10.42%)
4.89%
Wallet Hub Checking Interest Index 0.23% 0.25%
(13.99%)
0.24%
(11.20%)
0.22%
(-6.86%)
-6.03%

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

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q2 vs Q1
Best Institution Credit Union
(0.45%)
Credit Union
(0.45%)
Credit Union
(0.42%)
Credit Union
(0.52%)
23.76%
Worst Institution Regional
(0.04%)
Regional
(0.04%)
Regional
(0.04%)
Regional
(0.05%)
13.44%
Best vs. Worst Difference 988.89% 1012.90% 941.75% 1036.52% 10.06%
Best Region SW
(0.29%)
Midwest
(0.31%)
Midwest
(0.32%)
SW
(0.39%)
22.23%
Worst Region West
(0.04%)
West
(0.04%)
West
(0.04%)
West
(0.04%)
-1.18%
Best vs. Worst Difference 680.15% 689.99% 736.61% 934.73% 26.90%

 
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Savings Accounts by Account Type

Average Interest Rate for Savings Accounts by Account Type

Wallet Hub Savings Accounts Interest Index by Account Type

 

Personal-Online Personal-Branch Business-Branch Student-Branch
$1,000 balance 0.65% 0.11% 0.09% 0.35%
$3,000 balance 0.67% 0.12% 0.09% 0.26%
$10,000 balance 0.69% 0.14% 0.11% 0.27%
$25,000 balance 0.69% 0.15% 0.12% 0.28%
$50,000 balance 0.70% 0.16% 0.13% 0.28%
Wallet Hub Savings Interest Index 0.67% 0.13% 0.10% 0.28%

 
Average Interest Rate for CDs by Account Type

Personal-Branch Business-Branch Student-Branch
3-Mo CD 0.15% 0.08% N/A
6-Mo CD 0.23% 0.15% N/A
1-Yr CD 0.36% 0.22% 0.50%
2-Yr CD 0.59% 0.34% N/A
3-Yr CD 0.84% 0.55% N/A
5-Yr CD 1.28% 0.90% 1.16%

 
Minimum to Open Requirements for Savings Accounts by Account Type

Personal-Online Personal-Branch Business-Branch Student-Branch
Average Minimum to Open Savings/ MMA $1,890 $1,076 $5,062 $16
% $0 Min to Open Savings/ MMA 24.39% 12.24% 4.08% 15.00%
Average Minimum to Open CD $913 $1,040 $1,037 $757
% $0 Min to Open CD 0.00% 2.41% 0.00% 0.00%

 
Monthly Fees on Savings Accounts by Account Type

Personal-Online Personal-Branch Business-Branch Student-Branch
Average Monthly Fee $1.74 $5.42 $8.13 $0.00
Average Minimum Balance to Avoid Monthly Fee $2,210 $1,920 $2,380 N/A
% $0 Monthly Fee 73.17% 25.26% 10.64% 100.00%
Average Monthly Fee with Minimum Requirements to Waive Met $0.12 $0.00 $0.00 $0.00

 
Access to Funds Savings Account by Account Type

Personal-Online Personal-Branch Business-Branch Student-Branch
% with $0 Fee for Withdrawals 97.50% 88.65% 91.67% 93.33%
Ability to Write Checks 78.05% 61.56% 83.67% 25.00%
Offer ATM Card 60.98% 71.77% 69.39% 55.00%

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Savings Accounts by Institution Type

Average Interest Rate for Savings Accounts by Institution Type

Wallet Hub Savings Accounts Interest Index by Institution Type

Community Small Regional National Credit Union
$1,000 balance 0.11% 0.05% 0.05% 0.02% 0.18%
$3,000 balance 0.11% 0.06% 0.05% 0.03% 0.21%
$10,000 balance 0.12% 0.06% 0.08% 0.04% 0.23%
$25,000 balance 0.11% 0.07% 0.10% 0.05% 0.26%
$50,000 balance 0.12% 0.08% 0.11% 0.06% 0.28%
Wallet Hub Savings Interest Index 0.11% 0.06% 0.06% 0.03% 0.21%

 
Average Interest Rate for CD's by Institution Type

Community Small Regional National Credit Union
3-Mo CD 0.12% 0.08% 0.07% 0.05% 0.25%
6-Mo CD 0.20% 0.10% 0.11% 0.11% 0.32%
1-Yr CD 0.34% 0.23% 0.20% 0.17% 0.52%
2-Yr CD 0.55% 0.31% 0.35% 0.34% 0.84%
3-Yr CD 0.87% 0.65% 0.64% 0.48% 1.16%
5-Yr CD 1.26% 0.98% 1.19% 0.79% 1.72%

 
Minimum to Open Requirements for Savings Accounts by Institution Type

Community Small Regional National Credit Union
Average Minimum to Open Savings/ MMA $294 $2,121 $1,522 $43 $693
% $0 Min to Open Savings/ MMA 17.14% 8.82% 2.27% 26.67% 15.22%
Average Minimum to Open CD $1,000 $1,138 $1,148 $908 $1,256
% $0 Min to Open CD 0.00% 0.00% 2.08% 13.16% 0.00%

 
Monthly Fees on Savings Accounts by Institution Type

Community Small Regional National Credit Union
Average Monthly Fee $4.95 $6.06 $7.37 $8.10 $2.49
Average Minimum Balance to Avoid Monthly Fee $1,072 $2,913 $3,547 $2,608 $870
% $0 Monthly Fee 11.43% 11.76% 13.95% 13.33% 68.29%
Average Monthly Fee with Minimum Requirements to Waive Met $0.00 $0.00 $0.00 $0.00 $0.00

 
Access to Funds Savings Accounts by Institution Type

Community Small Regional National Credit Union
% with $0 Fee for Withdrawals 88.24% 81.82% 86.36% 80.00% 90.48%
Ability to Write Checks 54.29% 67.65% 79.55% 93.33% 50.00%
Offer ATM Card 62.86% 79.41% 88.64% 80.00% 60.87%

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Savings Accounts by Region

Average Interest Rate for Savings Accounts by Region

Wallet Hub Savings Accounts Interest Index by Region

Midwest West Southwest Southeast Northeast
$1,000 balance 0.09% 0.06% 0.09% 0.18% 0.07%
$3,000 balance 0.10% 0.07% 0.11% 0.18% 0.09%
$10,000 balance 0.11% 0.09% 0.12% 0.19% 0.10%
$25,000 balance 0.14% 0.09% 0.12% 0.18% 0.15%
$50,000 balance 0.14% 0.11% 0.13% 0.18% 0.17%
Wallet Hub Savings Interest Index 0.10% 0.07% 0.11% 0.18% 0.09%

 
Average Interest Rate for CDs by Region

Midwest West Southwest Southeast Northeast
3-Mo CD 0.12% 0.08% 0.10% 0.23% 0.23%
6-Mo CD 0.14% 0.14% 0.23% 0.26% 0.25%
1-Yr CD 0.26% 0.21% 0.41% 0.42% 0.36%
2-Yr CD 0.48% 0.34% 0.67% 0.65% 0.58%
3-Yr CD 0.86% 0.53% 0.99% 0.86% 0.91%
5-Yr CD 1.25% 1.03% 1.43% 1.25% 1.34%

 
Minimum to Open Requirements for Savings Accounts by Region

Midwest West Southwest Southeast Northeast
Average Minimum to Open Savings/ MMA $1,213 $1,784 $366 $725 $1,013
% $0 Min to Open Savings/ MMA 17.14% 11.11% 3.13% 6.90% 19.05%
Average Minimum to Open CD $753 $1,105 $698 $1,888 $1,428
% $0 Min to Open CD 0.00% 0.00% 7.79% 0.00% 0.00%

 
Monthly Fees on Savings Accounts by Region

Midwest West Southwest Southeast Northeast
Average Monthly Fee $6.45 $4.54 $5.88 $4.19 $5.97
Average Minimum Balance to Avoid Monthly Fee $2,493 $3,155 $2,221 $1,786 $2,173
% $0 Monthly Fee 23.53% 37.14% 12.90% 29.63% 26.83%
Average Monthly Fee with Minimum Requirements to Waive Met $0.00 $0.00 $0.00 $0.00 $0.00

 
Access to Funds for Savings Accounts by Region

Midwest West Southwest Southeast Northeast
% with $0 Fee for Withdrawals 93.94% 83.33% 81.25% 81.48% 90.00%
Ability to Write Checks 54.29% 83.33% 62.50% 65.52% 61.90%
Offer ATM Card 74.29% 94.44% 75.00% 75.86% 52.38%

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Savings Accounts Differences Over Time

Change in Interest Rate for Savings Accounts Over Time

Wallet Hub Savings Accounts Interest Index

 

Q3 2014 Q4 2014
(vs. last year)
Q1 2015
(vs. last year)
Q2 2015
(vs. last year)
Q2 vs Q1
$1,000 balance 0.12% 0.13%
(15.07%)
0.13%
(11.74%)
0.11%
(-11.44%)
-14.89%
$3,000 balance 0.14% 0.14%
(14.82%)
0.14%
(8.92%)
0.12%
(-9.01%)
-10.97%
$10,000 balance 0.15% 0.15%
(7.45%)
0.15%
(19.43%)
0.14%
(-10.79%)
-10.33%
$25,000 balance 0.17% 0.17%
(5.67%)
0.17%
(15.80%)
0.15%
(-9.75%)
-9.51%
$50,000 balance 0.18% 0.18%
(5.29%)
0.18%
(11.51%)
0.16%
(-9.09%)
-8.97%
Wallet Hub Savings Interest Index 0.14% 0.14%
(12.10%)
0.14%
(12.62%)
0.13%
(-10.05%)
-11.52%

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

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q2 vs Q1
Best Institution Credit Union
(0.21%)
Credit Union
(0.22%)
Credit Union
(0.22%)
Credit Union
(0.21%)
-1.49%
Worst Institution National
(0.03%)
National
(0.03%)
National
(0.03%)
National
(0.03%)
1.12%
Best vs. Worst Difference 623.57% 573.50% 588.30% 570.53% -3.02%
Best Region SE
(0.18%)
SE
(0.19%)
SE
(0.19%)
SE
(0.18%)
-4.54%
Worst Region West
(0.07%)
West
(0.08%)
West
(0.08%)
West
(0.07%)
-2.30%
Best vs. Worst Difference 139.95% 132.36% 151.95% 146.18% -3.80%

 
Change in Interest Rate CD's Over Time

CD's Interest Rate Over Time

 

Q3 2014 Q4 2014
(vs. last year)
Q1 2015
(vs. last year)
Q2 2015
(vs. last year)
Q2 vs Q1
3-Mo CD 0.14% 0.14%
(N/A)
0.14%
(3.70%)
0.15%
(5.53%)
2.41%
6-Mo CD 0.22% 0.21%
(N/A)
0.22%
(3.37%)
0.23%
(5.81%)
3.09%
1-Yr CD 0.35% 0.35%
(N/A)
0.36%
(6.24%)
0.36%
(5.50%)
0.75%
2-Yr CD 0.55% 0.55%
(N/A)
0.57%
(8.28%)
0.59%
(10.36%)
3.50%
3-Yr CD 0.76% 0.77%
(N/A)
0.81%
(10.07%)
0.84%
(12.54%)
4.00%
5-Yr CD 1.18% 1.21%
(N/A)
1.23%
(8.48%)
1.28%
(8.70%)
4.02%

 
Change in Minimum to Open Requirements for Savings Accounts Over Time

Q3 2014 Q4 2014
(vs. last year)
Q1 2015
(vs. last year)
Q2 2015
(vs. last year)
Q2 vs Q1
Average Minimum to Open Savings/ MMA $967 $986
(N/A)
$1,010
(N/A)
$1,076
(9.48%)
6.58%
% $0 Min to Open Savings/ MMA 12.33% 13.04%
(N/A)
12.46%
(-0.01%)
12.24%
(8.40%)
-1.70%
Average Minimum to Open CD $1,013 $1,041
(N/A)
$1,042
(N/A)
$1,040
(N/A)
-0.19%
% $0 Min to Open CD 1.68% 1.82%
(N/A*)
1.87%
(N/A*)
2.41%
(N/A*)
N/A*

 
Change in Monthly Fees on Savings Accounts Over Time

Q3 2014 Q4 2014
(vs. last year)
Q1 2015
(vs. last year)
Q2 2015
(vs. last year)
Q2 vs Q1
Average Monthly Fee $5.05 $5.17
(-4.12%)
$5.22
(3.11%)
$5.42
(6.74%)
3.73%
Average Minimum Balance to Avoid Monthly Fee $1,640 $1,700
(-5.78%)
$1,761
(12.18%)
$1,920
(18.05%)
9.07%
% $0 Monthly Fee 25.72% 25.83%
(1.91%)
25.84%
(-1.65%)
25.26%
(-1.44%)
-2.24%
Average Monthly Fee with Minimum Requirements to Waive Met $0.00 $0.00
(N/A)
$0.00
(N/A)
$0.00
(N/A)
0.00%

 
Change in Access to Funds in Savings Accounts Over Time

Q3 2014 Q4 2014
(vs. last year)
Q1 2015
(vs. last year)
Q2 2015
(vs. last year)
Q2 vs Q1
% with $0 Fee for Withdrawals 88.76% 88.89%
(N/A)
89.89%
(3.37%)
88.65%
(0.93%)
-1.37%
Ability to Write Checks 63.33% 63.88%
(N/A)
64.01%
(7.05%)
61.56%
(1.26%)
-3.83%
Offer ATM Card 74.33% 70.23%
(N/A)
71.28%
(-7.46%)
71.77%
(-6.89%)
0.69%

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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…
222 Wallet Points

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