Taking good care of your cash is essential to reaching top WalletFitness®. But with the Federal Reserve raising interest rates from historical lows and the stock market regularly reaching record highs, it’s fair to wonder where to put your money.
To help answer that question, WalletHub analyzed the rates, fees and features associated with more than 2,030 deposit accounts. This includes checking accounts, savings accounts, money market accounts and CDs from banks and credit unions across the country. You can check out our findings below.
Hopefully, these banking industry trends and tidbits will help you make even better financial decisions moving forward. To that end, make sure to check out our editors’ picks for the best online checking accounts and best savings accounts, which have some of the highest rates and lowest fees around.
Q2 Main Findings
- Savings account rates decreased by 43.12% compared to last year, while checking account rates decreased by 24.82%. CD rates have dropped 45.89%.
- Online-only personal savings accounts provide the market’s highest interest rates, offering more than 2.7 times higher returns than the runner-up: online or branch-based personal checking accounts. Such accounts yield 0.79% and 0.29%, respectively, on average.
- Among checking accounts, national banks have the lowest average interest rate (0.01%), while community banks have the highest average interest rate (0.54%).
- Online-only personal savings accounts yield 6.3 times more than their branch-based counterparts.
- People in the Northeast and West continue to receive significantly lower banking returns than the rest of the country, earning an average of 84% less with checking accounts and 23% less with savings accounts.
Consumers in the Southeast, for example, earn 8.76 times higher checking-account rates and 2.54 times higher savings-account rates than their counterparts in the West.
FEES AND FEATURES
- People looking to save on checking account fees should focus on offers from credit unions, which are an average of 39% cheaper than the next-best option: online checking accounts.
- Checking accounts from credit unions are 81% less expensive than those from national banks and have 94% more features. Their interest rates are more than 37 times higher on average, too.
- Banks seem to encourage consumers to go paperless. Checking accounts’ paper statement fees increased by 51.2% in the last year, during the same time, roughly 35.09% less accounts offered a $0 paper statement fee.
- The minimum initial deposit required to open a checking account decreased by 2.66% in the last year. It is now ~$107. At the same time, accounts with $0 requirement to open have increased by 25.94%.
TYPES OF ACCOUNTS
- Certificates of deposit still aren’t worth sacrificing your liquid flexibility. The average 3-year CD actually yields about the same (0.87%) as your run-of-the-mill online savings account (0.79%).
The yields on 3-month and 6-month CDs dropped by 63.2% and 53.8%, respectively, compared to last year.
- Business checking accounts are 77% more expensive than branch-based personal checking accounts and 3.1 times more expensive than online-only personal checking accounts. Business checking accounts also provide 74% lower interest rates than personal accounts but 54% less features than online-based personal accounts.
So small business owners that aren’t looking especially for features should gravitate to personal banking options whenever possible – much like with credit cards.
- Student checking accounts, which have the lowest fees on the deposit market, are 70% less expensive than their general-consumer counterparts. But lower fees come at a cost, as the interest rates offered to students are 69% lower than those available to the general-consumer population.
- While inferior to online-only savings accounts, community banks checking accounts continue to offer the best interest rates among branch-based institutions, providing 24 times more value than regional banks and almost 54 times more value than national banks.
Checking Accounts by Account Type
Average Fees on Checking Accounts by Account Type
| Personal-Online | Personal-Branch | Business-Branch | Student-Branch | |
|---|---|---|---|---|
| Monthly Fee | $2.72 | $6.47 | $10.23 | $0.14 |
| Monthly Fee w/ Min Requirements to Waive Met | $0.40 | $0.36 | $2.00 | $0.00 |
| Min Balance to Avoid Monthly Fee | $1,290 | $4,623 | $5,935 | $0.00 |
| Out-of-Network Fees | $1.01 | $1.49 | $1.94 | $1.58 |
| Paper Statement Fee | $2.58 | $1.84 | $2.39 | $2.18 |
| Online Bill Pay | $0.17 | $0.21 | $0.78 | $0.00 |
| Minimum to Open | $61 | $107 | $176 | $38 |
| Overdraft Fee | $24 | $32 | $34 | $33 |
| Insufficient Funds Fee | $24 | $32 | $34 | $33 |
| WalletHub Checking Account Fee Index | $23 | $41 | $73 | $12 |
Key Features on Checking Accounts by Account Type
| Personal-Online | Personal-Branch | Business-Branch | Student-Branch | |
|---|---|---|---|---|
| % $0 Monthly Fee w/ No Min Requirements | 67.44% | 42.75% | 32.67% | 96.92% |
| % $0 Out-of-Network ATM Fee | 61.54% | 32.59% | 16.39% | 32.79% |
| % Reimburse ATM Fees | 41.86% | 20.15% | 4.90% | 18.46% |
| % $0 Paper Statement Fee | 23.33% | 35.12% | 31.87% | 19.57% |
| % $0 Overdraft/ NSF Fees | 20.51% | 2.41% | 0.00% | 3.28% |
| % $0 Minimum to Open | 34.88% | 14.43% | 27.45% | 18.46% |
| % $0 Online Bill Pay | 95.24% | 95.38% | 85.80% | 92.06% |
| % Interest Bearing* | 38.10% | 26.62% | 7.84% | 7.69% |
| % Offer Rewards | 4.65% | 4.98% | 4.41% | 6.15% |
| WalletHub Checking Account Features Index | 49.45% | 32.27% | 22.77% | 42.47% |
Average Interest Rate for Interest Bearing Checking Accounts by Account Type
| Personal-Online | Personal-Branch | Business-Branch | Student-Branch | |
|---|---|---|---|---|
| $1,000 balance | 0.24% | 0.35% | 0.07% | 0.09% |
| $3,000 balance | 0.29% | 0.32% | 0.06% | 0.09% |
| $10,000 balance | 0.31% | 0.23% | 0.07% | 0.09% |
| $25,000 balance | 0.33% | 0.13% | 0.22% | 0.09% |
| $50,000 balance | 0.35% | 0.08% | 0.22% | 0.09% |
| WalletHub Checking Interest Index | 0.29% | 0.29% | 0.07% | 0.09% |
Checking Accounts by Institution Type
Average Fees on Checking Accounts by Institution Type
| Community | Small | Regional | National | Credit Union | |
|---|---|---|---|---|---|
| Monthly Fee | $6.49 | $5.40 | $10.89 | $14.66 | $1.32 |
| Monthly Fee w/ Min Requirements to Waive Met | $0.00 | $0.35 | $0.87 | $0.52 | $0.04 |
| Min Balance to Avoid Monthly Fee | $1,822 | $3,886 | $6,466 | $6,329 | $9,000 |
| Out-of-Network ATM Fees | $1.45 | $1.76 | $1.61 | $2.19 | $0.88 |
| Paper Statement Fee | $2.83 | $2.50 | $1.36 | $0.43 | $1.00 |
| Online Bill Pay | $0.53 | $0.32 | $0.14 | $0.00 | $0.00 |
| Minimum to Open | $208 | $80 | $92 | $30 | $186 |
| Overdraft Fee | $34 | $34 | $33 | $30 | $26 |
| Insufficient Funds Fee | $34 | $34 | $32 | $31 | $27 |
| WalletHub Checking Account Fee Index | $40 | $38 | $63 | $75 | $14 |
Key Features on Checking Accounts by Institution Type
| Community | Small | Regional | National | Credit Union | |
|---|---|---|---|---|---|
| % $0 Monthly Fee w/ No Min Requirements | 39.53% | 45.95% | 22.92% | 0.00% | 82.14% |
| % $0 Out-of-Network ATM Fee | 27.27% | 18.92% | 37.50% | 19.05% | 35.71% |
| % Reimburse ATM Fees | 15.91% | 18.92% | 20.83% | 19.05% | 21.43% |
| % $0 Paper Statement Fee | 20.69% | 7.41% | 44.74% | 71.43% | 50.00% |
| % $0 Overdraft/ NSF Fees | 0.00% | 0.00% | 2.08% | 14.29% | 3.57% |
| % $0 Minimum to Open | 4.55% | 8.11% | 12.50% | 47.62% | 57.14% |
| % $0 Online Bill Pay | 90.70% | 94.59% | 93.75% | 100.00% | 100.00% |
| % Interest Bearing* | 25.00% | 24.32% | 29.17% | 28.57% | 60.71% |
| % Offer Rewards | 11.36% | 0.00% | 0.00% | 0.00% | 10.71% |
| WalletHub Checking Account Features Index | 28.34% | 28.41% | 28.52% | 25.40% | 49.15% |
Average Interest Rate for Interest Bearing Checking Accounts by Institution Type
| Community | Small | Regional | National | Credit Union | |
|---|---|---|---|---|---|
| $1,000 balance | 0.69% | 0.36% | 0.02% | 0.01% | 0.41% |
| $3,000 balance | 0.53% | 0.28% | 0.02% | 0.01% | 0.39% |
| $10,000 balance | 0.50% | 0.04% | 0.02% | 0.01% | 0.34% |
| $25,000 balance | 0.23% | 0.05% | 0.02% | 0.01% | 0.18% |
| $50,000 balance | 0.15% | 0.05% | 0.03% | 0.01% | 0.13% |
| WalletHub Checking Interest Index | 0.54% | 0.22% | 0.02% | 0.01% | 0.37% |
Checking Accounts by Region
Average Fees on Checking Accounts by Region
| Midwest | West | Southwest | Southeast | Northeast | |
|---|---|---|---|---|---|
| Monthly Fee | $5.94 | $8.82 | $7.63 | $6.68 | $8.89 |
| Monthly Fee w/ Min Requirements to Waive Met | $0.00 | $0.08 | $0.17 | $1.31 | $0.23 |
| Min Balance to Avoid Monthly Fee | $5,087 | $5,295 | $3,513 | $4,444 | $5,686 |
| Out-of-Network ATM Fees | $1.67 | $1.53 | $1.62 | $1.74 | $1.30 |
| Paper Statement Fee | $1.87 | $1.69 | $2.32 | $1.57 | $1.90 |
| Online Bill Pay | $0.34 | $0.00 | $0.64 | $0.17 | $0.13 |
| Minimum to Open | $123 | $248 | $168 | $80 | $27 |
| Overdraft Fee | $32 | $31 | $30 | $31 | $34 |
| Insufficient Funds Fee | $31 | $31 | $30 | $33 | $34 |
| WalletHub Checking Account Fee Index | $37 | $47 | $46 | $50 | $50 |
Key Features on Checking Accounts by Region
| Midwest | West | Southwest | Southeast | Northeast | |
|---|---|---|---|---|---|
| % $0 Monthly Fee w/ No Min Requirements | 54.29% | 28.57% | 36.67% | 36.84% | 35.90% |
| % $0 Out-of-Network ATM Fee | 28.57% | 22.22% | 16.67% | 23.68% | 48.72% |
| % Reimburse ATM Fees | 14.29% | 16.67% | 10.00% | 23.68% | 28.21% |
| % $0 Paper Statement Fee | 41.67% | 38.10% | 5.26% | 50.00% | 30.00% |
| % $0 Overdraft/ NSF Fees | 2.94% | 2.94% | 3.57% | 5.41% | 0.00% |
| % $0 Minimum to Open | 40.00% | 8.33% | 13.33% | 15.79% | 25.64% |
| % $0 Online Bill Pay | 94.29% | 100.00% | 86.21% | 94.74% | 97.44% |
| % Interest Bearing* | 31.43% | 33.33% | 30.00% | 36.84% | 28.21% |
| % Offer Rewards | 2.86% | 0.00% | 10.00% | 2.63% | 7.69% |
| WalletHub Checking Account Features Index | 35.47% | 27.69% | 25.48% | 32.10% | 34.52% |
Average Interest Rate for Interest Bearing Checking Accounts by Region
| Midwest | West | Southwest | Southeast | Northeast | |
|---|---|---|---|---|---|
| $1,000 balance | 0.86% | 0.03% | 0.25% | 0.33% | 0.13% |
| $3,000 balance | 0.75% | 0.03% | 0.25% | 0.32% | 0.09% |
| $10,000 balance | 0.54% | 0.04% | 0.16% | 0.30% | 0.08% |
| $25,000 balance | 0.11% | 0.05% | 0.16% | 0.20% | 0.05% |
| $50,000 balance | 0.12% | 0.07% | 0.07% | 0.12% | 0.06% |
| WalletHub Checking Interest Index | 0.69% | 0.04% | 0.22% | 0.31% | 0.09% |
Checking Account Differences Over Time
Change in Average Fees on Checking Accounts Over Time*
Checking Account Average Out-of-Network ATM, Paper Statement And Online Bill Pay Fee
Checking Account Average Monthly Fee And Overdraft Fee
| Q3 2019 (vs. last year) | Q4 2019 (vs. last year) | Q1 2020 (vs. last year) | Q2 2020 (vs. last year) | Q2 2020 vs. Q1 2020 | |
|---|---|---|---|---|---|
| Monthly Fee | $6.67 (-0.84%) | $6.57 (-2.18%) | $6.52 (-2.30%) | $6.47 (-0.91%) | -0.77% |
| Monthly Fee w/ Min Requirements to Waive Met | $0.37 (-4.06%) | $0.35 (-13.99%) | $0.38 (-8.61%) | $0.36 (-3.72%) | -3.01% |
| Min Balance to Avoid Monthly Fee | $4,444 (-7.13%) | $4,595 (-5.11%) | $4,695 (-2.11%) | $4,623 (8.01%) | -1.54% |
| Out-of-Network ATM Fees | $1.46 (0.62%) | $1.43 (-1.63%) | $1.45 (-1.03%) | $1.49 (1.47%) | 2.60% |
| Paper Statement Fee | $1.26 (1.55%) | $1.30 (4.69%) | $1.78 (44.12%) | $1.84 (51.20%) | 3.45% |
| Online Bill Pay | $0.20 (-19.44%) | $0.20 (-26.26%) | $0.22 (-19.93%) | $0.21 (-11.52%) | -0.77% |
| Minimum to Open | $111 (5.52%) | $112 (4.30%) | $109 (1.54%) | $107 (-2.66%) | -1.72% |
| Overdraft Fee | $32.58 (-0.60%) | $33.99 (3.85%) | $32.54 (-0.17%) | $32.46 (-0.43%) | -0.24% |
| Insufficient Funds Fee | $32.31 (0.10%) | $32.27 (0.07%) | $32.27 (-0.19%) | $32.31 (-0.09%) | 0.13% |
| WalletHub Checking Account Fee Index | $39.08 (-1.14%) | $38.98 (-1.44%) | $38.52 (-2.20%) | $38.36 (-0.88%) | -0.40% |
Change in Average Fees on Checking Accounts Over Time by Institution and Region
| Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q2 2020 vs. Q1 2020 | |
|---|---|---|---|---|---|
| Best Institution | Credit Union ($14.25) | Credit Union ($14.22) | National ($14.14) | National ($14.20) | 0.46% |
| Worst Institution | National ($74.28) | National ($74.28) | Regional ($75.67) | Regional ($75.27) | -0.53% |
| Best vs. Worst Difference | -80.81% | -80.86% | -81.32% | -81.13% | -0.23% |
| Best Region | Midwest ($35.77) | Midwest ($36.52) | Midwest ($36.69) | Midwest ($36.98) | 0.80% |
| Worst Region | NE ($52.08) | NE ($50.26) | SE ($49.41) | SW ($49.71) | 0.60% |
| Best vs. Worst Difference | -31.33% | -27.34% | -25.75% | -25.60% | -0.57% |
Change in Key Features on Checking Accounts Over Time*
Checking Account Features
| Q3 2019 (vs. last year) | Q4 2019 (vs. last year) | Q1 2020 (vs. last year) | Q2 2020 (vs. last year) | Q2 2020 vs. Q1 2020 | |
|---|---|---|---|---|---|
| % $0 Monthly Fee w/ No Min Requirements | 40.73% (1.25%) | 42.04% (4.86%) | 42.68% (5.47%) | 42.75% (4.86%) | 0.17% |
| % $0 Out-of-Network ATM Fee | 32.81% (1.12%) | 33.87% (5.18%) | 33.33% (4.62%) | 32.59% (1.98%) | -2.23% |
| % Reimburse ATM Fees | 20.19% (2.85%) | 20.35% (6.89%) | 20.85% (11.48%) | 20.15% (3.98%) | -3.38% |
| % $0 Paper Statement Fee | 53.74% (1.41%) | 52.51% (-1.38%) | 35.56% (-33.74%) | 35.12% (-35.09%) | -1.24% |
| % $0 Overdraft/ NSF Fees | 1.79% (N/A) | 1.83% (N/A) | 1.89% (N/A) | 2.41% (N/A) | N/A* |
| % $0 Minimum to Open | 11.89% (-10.19%) | 11.88% (-5.60%) | 13.82% (17.33%) | 14.43% (25.94%) | 4.41% |
| % $0 Online Bill Pay | 95.51% (1.42%) | 95.69% (1.87%) | 95.35% (1.58%) | 95.38% (0.82%) | 0.04% |
| % Interest Bearing** | 26.70% (-4.93%) | 26.73% (-3.45%) | 26.38% (-0.67%) | 26.62% (1.39%) | 0.89% |
| % Offer Rewards | 6.31% (N/A) | 5.69% (N/A) | 4.52% (N/A) | 4.98% (N/A) | 10.01% |
| WalletHub Checking Account Features Index | 32.59% (0.76%) | 33.01% (2.80%) | 32.33% (1.03%) | 32.27% (0.13%) | -0.18% |
*Averages based on Personal Branch checking accounts
**$1,000 balance
Change in Key Features on Checking Accounts Over Time by Institution and Region
| Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q2 2020 vs. Q1 2020 | |
|---|---|---|---|---|---|
| Best Institution | Credit Union (50.97%) | Credit Union (51.48%) | Credit Union (49.15%) | Credit Union (49.15%) | 0.00% |
| Worst Institution | National (24.02%) | National (24.43%) | National (24.72%) | National (25.40%) | 2.75% |
| Best vs. Worst Difference | 112.22% | 110.71% | 98.85% | 93.53% | -5.39% |
| Best Region | Midwest (38.53%) | Midwest (38.22%) | Midwest (37.22%) | Midwest (35.47%) | -4.72% |
| Worst Region | SW (28.79%) | SW (28.42%) | SW (27.19%) | SW (25.48%) | -6.29% |
| Best vs. Worst Difference | 33.81% | 34.49% | 36.90% | 39.20% | 6.23% |
Change in Interest Rate for Interest Bearing Checking Accounts Over Time
Checking Account Interest Rates By Balance
| Q3 2019 (vs. last year) | Q4 2019 (vs. last year) | Q1 2020 (vs. last year) | Q2 2020 (vs. last year) | Q2 2020 vs. Q1 2020 | |
|---|---|---|---|---|---|
| $1,000 balance | 0.45% (7.30%) | 0.44% (6.68%) | 0.37% (-15.29%) | 0.35% (-22.10%) | -4.50% |
| $3,000 balance | 0.40% (6.74%) | 0.39% (4.68%) | 0.33% (-16.76%) | 0.32% (-22.96%) | -3.78% |
| $10,000 balance | 0.33% (4.94%) | 0.32% (2.71%) | 0.26% (-20.32%) | 0.23% (-30.81%) | -10.04% |
| $25,000 balance | 0.19% (6.59%) | 0.18% (-0.55%) | 0.15% (-20.56%) | 0.13% (-35.84%) | -14.86% |
| $50,000 balance | 0.12% (3.26%) | 0.12% (-6.86%) | 0.09% (-30.84%) | 0.08% (-38.89%) | -7.13% |
| WalletHub Checking Interest Index | 0.38% (6.46%) | 0.37% (4.61%) | 0.31% (-17.32%) | 0.29% (-24.82%) | -5.54% |
Change in Interest Rate for Interest Bearing Checking Accounts Over Time by Institution and Region
| Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q2 2020 vs. Q1 2020 | |
|---|---|---|---|---|---|
| Best Institution | Credit Union (0.52%) | Credit Union (0.49%) | Community (0.47%) | Community (0.54%) | 14.40% |
| Worst Institution | National (0.01%) | National (0.01%) | National (0.01%) | National (0.01%) | 0.00% |
| Best vs. Worst Difference | 5059.77% | 4779.26% | 4618.76% | 5298.30% | 14.71% |
| Best Region | Midwest (0.51%) | Midwest (0.50%) | Midwest (0.56%) | Midwest (0.69%) | 23.76% |
| Worst Region | West (0.05%) | West (0.04%) | West (0.04%) | West (0.04%) | 0.00% |
| Best vs. Worst Difference | 832.97% | 1078.95% | 1467.22% | 1839.61% | 25.38% |
Savings Accounts by Account Type
Average Interest Rate for Savings Accounts by Account Type
| Personal-Online | Personal-Branch | Business-Branch | Student-Branch | |
|---|---|---|---|---|
| $1,000 balance | 0.76% | 0.11% | 0.08% | 0.20% |
| $3,000 balance | 0.77% | 0.12% | 0.09% | 0.17% |
| $10,000 balance | 0.84% | 0.14% | 0.10% | 0.18% |
| $25,000 balance | 0.87% | 0.17% | 0.12% | 0.18% |
| $50,000 balance | 0.89% | 0.19% | 0.15% | 0.18% |
| WalletHub Savings Interest Index | 0.79% | 0.13% | 0.09% | 0.18% |
Average Interest Rate for CDs by Account Type
| Personal-Branch | Business-Branch | Student-Branch | |
|---|---|---|---|
| 3-Mo CD | 0.18% | 0.12% | N/A |
| 6-Mo CD | 0.36% | 0.25% | N/A |
| 1-Yr CD | 0.57% | 0.49% | 1.11% |
| 2-Yr CD | 0.68% | 0.65% | N/A |
| 3-Yr CD | 0.87% | 0.72% | N/A |
| 5-Yr CD | 1.17% | 1.07% | 0.79% |
Minimum to Open Requirements for Savings Accounts by Account Type
| Personal-Online | Personal-Branch | Business-Branch | Student-Branch | |
|---|---|---|---|---|
| Average Minimum to Open Savings/ MMA | $402 | $931 | $3,222 | $31 |
| % $0 Min to Open Savings/ MMA | 33.33% | 10.53% | 6.00% | 21.43% |
| Average Minimum to Open CD | $938 | $954 | $1,173 | $829 |
| % $0 Min to Open CD | 20.31% | 0.00% | 0.00% | 0.00% |
Monthly Fees on Savings Accounts by Account Type
| Personal-Online | Personal-Branch | Business-Branch | Student-Branch | |
|---|---|---|---|---|
| Average Monthly Fee | $1.17 | $5.02 | $8.20 | $0.00 |
| Average Minimum Balance to Avoid Monthly Fee | $1,771 | $1,920 | $2,547 | N/A |
| % $0 Monthly Fee | 85.71% | 30.18% | 10.00% | 100.00% |
| Average Monthly Fee with Minimum Requirements to Waive Met | $0.00 | $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 | 100.00% | 92.63% | 96.00% | 100.00% |
| Ability to Write Checks | 21.43% | 27.02% | 34.00% | 0.00% |
| Offer ATM Card | 42.86% | 58.95% | 62.00% | 39.29% |
Savings Accounts by Institution Type
Average Interest Rate for Savings Accounts by Institution Type
| Community | Small | Regional | National | Credit Union | |
|---|---|---|---|---|---|
| $1,000 balance | 0.14% | 0.03% | 0.03% | 0.02% | 0.20% |
| $3,000 balance | 0.14% | 0.03% | 0.03% | 0.02% | 0.25% |
| $10,000 balance | 0.16% | 0.05% | 0.14% | 0.03% | 0.28% |
| $25,000 balance | 0.17% | 0.09% | 0.18% | 0.04% | 0.32% |
| $50,000 balance | 0.14% | 0.09% | 0.19% | 0.05% | 0.34% |
| WalletHub Savings Interest Index | 0.15% | 0.04% | 0.07% | 0.02% | 0.25% |
Average Interest Rate for CD's by Institution Type
| Community | Small | Regional | National | Credit Union | |
|---|---|---|---|---|---|
| 3-Mo CD | 0.16% | 0.06% | 0.08% | 0.08% | 0.37% |
| 6-Mo CD | 0.19% | 0.27% | 0.15% | 0.18% | 0.69% |
| 1-Yr CD | 0.42% | 0.34% | 0.44% | 0.18% | 1.01% |
| 2-Yr CD | 0.55% | 0.51% | 0.51% | 0.56% | 1.20% |
| 3-Yr CD | 0.66% | 0.60% | 0.81% | 0.79% | 1.39% |
| 5-Yr CD | 1.01% | 0.82% | 0.82% | 0.93% | 1.86% |
Minimum to Open Requirements for Savings Accounts by Institution Type
| Community | Small | Regional | National | Credit Union | |
|---|---|---|---|---|---|
| Average Minimum to Open Savings/ MMA | $314 | $954 | $955 | $860 | $574 |
| % $0 Min to Open Savings/ MMA | 0.00% | 6.06% | 5.26% | 33.33% | 21.28% |
| Average Minimum to Open CD | $1,056 | $844 | $894 | $1,044 | $792 |
| % $0 Min to Open CD | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Monthly Fees on Savings Accounts by Institution Type
| Community | Small | Regional | National | Credit Union | |
|---|---|---|---|---|---|
| Average Monthly Fee | $5.38 | $6.76 | $6.07 | $8.38 | $1.26 |
| Average Minimum Balance to Avoid Monthly Fee | $1,450 | $1,879 | $3,100 | $3,136 | $764 |
| % $0 Monthly Fee | 20.00% | 6.06% | 21.05% | 8.33% | 80.85% |
| 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 | 92.00% | 87.88% | 89.47% | 100.00% | 97.87% |
| Ability to Write Checks | 24.00% | 33.33% | 39.47% | 25.00% | 19.15% |
| Offer ATM Card | 60.00% | 69.70% | 81.58% | 91.67% | 38.30% |
Savings Accounts by Region
Average Interest Rate for Savings Accounts by Region
| Midwest | West | Southwest | Southeast | Northeast | |
|---|---|---|---|---|---|
| $1,000 balance | 0.12% | 0.05% | 0.06% | 0.17% | 0.09% |
| $3,000 balance | 0.12% | 0.06% | 0.08% | 0.17% | 0.14% |
| $10,000 balance | 0.22% | 0.09% | 0.10% | 0.18% | 0.18% |
| $25,000 balance | 0.23% | 0.15% | 0.12% | 0.20% | 0.23% |
| $50,000 balance | 0.22% | 0.18% | 0.13% | 0.19% | 0.25% |
| WalletHub Savings Interest Index | 0.15% | 0.07% | 0.09% | 0.18% | 0.14% |
Average Interest Rate for CDs by Region
| Midwest | West | Southwest | Southeast | Northeast | |
|---|---|---|---|---|---|
| 3-Mo CD | 0.16% | 0.15% | 0.16% | 0.25% | 0.23% |
| 6-Mo CD | 0.26% | 0.28% | 0.41% | 0.65% | 0.29% |
| 1-Yr CD | 0.36% | 0.54% | 0.80% | 0.71% | 0.55% |
| 2-Yr CD | 0.43% | 0.54% | 1.00% | 0.90% | 0.92% |
| 3-Yr CD | 0.59% | 0.76% | 1.29% | 1.02% | 1.12% |
| 5-Yr CD | 0.81% | 0.99% | 1.52% | 1.43% | 1.42% |
Minimum to Open Requirements for Savings Accounts by Region
| Midwest | West | Southwest | Southeast | Northeast | |
|---|---|---|---|---|---|
| Average Minimum to Open Savings/ MMA | $1,235 | $373 | $291 | $635 | $959 |
| % $0 Min to Open Savings/ MMA | 12.50% | 7.14% | 3.45% | 14.81% | 17.95% |
| Average Minimum to Open CD | $764 | $813 | $908 | $1,323 | $805 |
| % $0 Min to Open CD | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Monthly Fees on Savings Accounts by Region
| Midwest | West | Southwest | Southeast | Northeast | |
|---|---|---|---|---|---|
| Average Monthly Fee | $5.42 | $3.14 | $6.59 | $4.73 | $4.29 |
| Average Minimum Balance to Avoid Monthly Fee | $2,760 | $1,093 | $2,442 | $1,364 | $2,848 |
| % $0 Monthly Fee | 37.50% | 46.43% | 17.24% | 29.63% | 41.03% |
| 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 | 96.88% | 100.00% | 82.76% | 85.19% | 97.44% |
| Ability to Write Checks | 28.13% | 21.43% | 31.03% | 25.93% | 33.33% |
| Offer ATM Card | 71.88% | 60.71% | 62.07% | 55.56% | 64.10% |
Savings Accounts Differences Over Time
Change in Interest Rate for Savings Accounts Over Time
Savings Accounts Interest By Balance
| Q3 2019 (vs. last year) | Q4 2019 (vs. last year) | Q1 2020 (vs. last year) | Q2 2020 (vs. last year) | Q2 2020 vs. Q1 2020 | |
|---|---|---|---|---|---|
| $1,000 balance | 0.20% (15.37%) | 0.18% (-0.94%) | 0.12% (-36.35%) | 0.11% (-42.88%) | -9.73% |
| $3,000 balance | 0.21% (15.57%) | 0.19% (-0.18%) | 0.13% (-38.79%) | 0.12% (-44.94%) | -9.38% |
| $10,000 balance | 0.24% (18.98%) | 0.22% (2.72%) | 0.16% (-33.76%) | 0.14% (-41.73%) | -8.72% |
| $25,000 balance | 0.27% (20.40%) | 0.25% (3.51%) | 0.19% (-30.06%) | 0.17% (-37.69%) | -7.05% |
| $50,000 balance | 0.29% (22.30%) | 0.27% (3.74%) | 0.20% (-32.10%) | 0.19% (-37.55%) | -5.06% |
| WalletHub Savings Interest Index | 0.22% (16.83%) | 0.20% (0.73%) | 0.14% (-36.35%) | 0.13% (-43.12%) | -9.05% |
Change in Interest Rate for Savings Accounts Over Time by Institution and Region
| Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q2 2020 vs. Q1 2020 | |
|---|---|---|---|---|---|
| Best Institution | Credit Union (0.48%) | Credit Union (0.42%) | Credit Union (0.30%) | Credit Union (0.25%) | -15.40% |
| Worst Institution | National (0.03%) | National (0.03%) | Regional (0.02%) | Regional (0.02%) | 4.30% |
| Best vs. Worst Difference | 1498.28% | 1377.13% | 1337.39% | 1065.83% | -20.30% |
| Best Region | Midwest (0.29%) | Midwest (0.26%) | Midwest (0.22%) | SW (0.18%) | -19.86% |
| Worst Region | West (0.12%) | West (0.12%) | West (0.07%) | West (0.07%) | -5.97% |
| Best vs. Worst Difference | 131.69% | 127.80% | 198.24% | 154.18% | -22.22% |
Change in Interest Rate CD's Over Time
| Q3 2019 (vs. last year) | Q4 2019 (vs. last year) | Q1 2020 (vs. last year) | Q2 2020 (vs. last year) | Q2 2020 vs. Q1 2020 | |
|---|---|---|---|---|---|
| 3-Mo CD | 0.48% (24.43%) | 0.45% (1.29%) | 0.22% (-55.66%) | 0.18% (-63.21%) | -19.40% |
| 6-Mo CD | 0.78% (27.97%) | 0.71% (6.33%) | 0.43% (-42.60%) | 0.36% (-53.84%) | -17.00% |
| 1-Yr CD | 1.02% (3.48%) | 0.98% (-10.62%) | 0.64% (-44.60%) | 0.57% (-48.38%) | -10.70% |
| 2-Yr CD | 1.23% (-5.02%) | 1.16% (-15.43%) | 0.77% (-44.86%) | 0.68% (-49.50%) | -11.70% |
| 3-Yr CD | 1.41% (-2.43%) | 1.32% (-15.83%) | 0.96% (-39.83%) | 0.87% (-42.58%) | -8.89% |
| 5-Yr CD | 1.71% (-5.99%) | 1.58% (-17.50%) | 1.22% (-36.62%) | 1.17% (-36.52%) | -4.63% |
Change in Minimum to Open Requirements for Savings Accounts Over Time
Savings Accounts Features
| Q3 2019 (vs. last year) | Q4 2019 (vs. last year) | Q1 2020 (vs. last year) | Q2 2020 (vs. last year) | Q2 2020 vs. Q1 2020 | |
|---|---|---|---|---|---|
| Average Minimum to Open Savings/ MMA | $900 (-6.66%) | $907 (-4.18%) | $916 (-2.61%) | $931 (-0.76%) | 1.59% |
| % $0 Min to Open Savings/ MMA | 11.59% (0.86%) | 12.00% (6.29%) | 9.66% (-17.39%) | 10.53% (-6.19%) | 9.02% |
| Average Minimum to Open CD | $1,694 (43.83%) | $1,683 (-7.00%) | $969 (-46.39%) | $954 (-47.29%) | -1.52% |
| % $0 Min to Open CD | 0.00% (N/A*) | 0.00% (N/A*) | 0.00% (N/A*) | 0.00% (N/A*) | 0.00% |
Change in Monthly Fees on Savings Accounts Over Time
| Q3 2019 (vs. last year) | Q4 2019 (vs. last year) | Q1 2020 (vs. last year) | Q2 2020 (vs. last year) | Q2 2020 vs. Q1 2020 | |
|---|---|---|---|---|---|
| Average Monthly Fee | $5.18 (-3.21%) | $5.08 (-4.63%) | $5.03 (-4.86%) | $5.02 (-3.57%) | -0.34% |
| Average Minimum Balance to Avoid Monthly Fee | $2,057 (-3.93%) | $1,983 (-5.47%) | $1,905 (-10.40%) | $1,920 (-7.82%) | 0.78% |
| % $0 Monthly Fee | 28.48% (5.40%) | 29.67% (8.20%) | 29.66% (4.99%) | 30.18% (6.32%) | 1.75% |
| Average Monthly Fee with Minimum Requirements to Waive Met | $0.00 (N/A) | $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 2019 (vs. last year) | Q4 2019 (vs. last year) | Q1 2020 (vs. last year) | Q2 2020 (vs. last year) | Q2 2020 vs. Q1 2020 | |
|---|---|---|---|---|---|
| % with $0 Fee for Withdrawals | 92.05% (-0.20%) | 92.67% (0.44%) | 91.72% (-0.17%) | 92.63% (0.60%) | 0.99% |
| Ability to Write Checks | 27.48% (N/A) | 28.00% (N/A) | 26.55% (N/A) | 27.02% (N/A) | 1.75% |
| Offer ATM Card | 61.26% (1.68%) | 61.33% (0.60%) | 60.00% (-1.70%) | 58.95% (-3.97%) | -1.75% |
Methodology
Information for this report was collected from the websites and online fee schedules of each institution. In some cases, we were unable to locate individual fees or features associated with specific accounts. In those instances, we reported the averages of those institutions with valid data. However, we did not report any finding with fewer than 30 valid data points for the account type analysis or 10 valid data points for the institution size and regional analysis.
For the portions of the analysis that present findings by account type and compare a change in fees, features and rates over time, we reviewed over 700 checking accounts and over 1300 savings, MMA and CD accounts.
In order for the comparison to be consistent, the portion of our analysis that presents findings by institution type and by region reports averages for personal checking and savings accounts from more than 325 financial institutions including roughly 25 community banks (<$1 billion in total deposit volume), 25 small banks (≤$1B- >$10B in total deposit volume), 25 regional banks (≤$10B – $100B in total deposit volume), 10 National Banks (those with National footprint), and 25 credit unions. Each institution-type category, excluding National Banks, is weighted by region and thus includes five institutions from each region of the US (Midwest, West, Southwest, Southeast, Northeast). The regional designation for each institution type, excluding National Banks, was chosen based on the state where each institution is headquartered. Because National banks have, by definition, a footprint that reaches across multiple portions of the US, they were excluded from our regional analysis.
Although we chose the institutions for our sample of each institution type and regional category at random, some results may be skewed by selection bias due to the small number of institutions in each category.
WalletHub Index Weights:
The WalletHub Fee index includes the following common fees associated with checking accounts, multiplied by the estimated number of times an average consumer might be expected to incur each fee on an annual basis (weight). The total annual fee is then divided by 12 to achieve an estimate of the monthly checking account fees incurred by the average person.
| Checking Account Fees | Fee Index Weight |
|---|---|
| Monthly Fee | 4 |
| Monthly Fee w/ Min Requirements to Waive Met | 8 |
| Out-of-Network ATM Fees | 2 |
| Online Bill Pay Fee | 3.9 |
| Overdraft Fee | 3.2 |
The WalletHub Fee Index is intended to enable the comparison of checking account costs across various segments of the banking industry. Obviously monthly checking account fees are different for each customer, depending upon banking preferences and usage habits. Consumers should therefore consider their own banking patterns when shopping for an account.
The WalletHub Features Index includes the following features and their respective weights. Weights were chosen based on the relative value of each feature to the average consumer. For instance, most people would prioritize a $0 monthly fee over the availability of paper statements. Therefore, the “% $0 Monthly Fee w/ No Min Requirements” is given a weight of five, while the “% $0 Paper Statement Fee” is given a weight of 1.
| Checking Account Features | Features Index Weight |
|---|---|
| % $0 Monthly Fee w/ No Min Requirements | 5 |
| % $0 Out-of-Network ATM Fee | 3 |
| % Reimburse ATM Fees | 3 |
| % $0 Paper Statement Fee | 1 |
| % $0 Overdraft/ NSF Fees | 3 |
| % $0 Minimum to Open | 1 |
| % $0 Online Bill Pay Fee | 2 |
| % Interest Bearing | 2 |
| % Offer Rewards | 1 |
The WalletHub Checking and Savings Interest Index include the following weights, adjusted to account for the average savings account balance of $5,923, as reported by Pitney Bowes in 2012. We included interest rates for both checking accounts and savings accounts, as they are highly competitive in today’s market.
| Checking and Savings Account Interest | Interest Index Weight |
|---|---|
| $1,000 balance | 3.5 |
| $3,000 balance | 7 |
| $10,000 balance | 4 |
| $25,000 balance | 0.5 |
| $50,000 balance | 0.25 |
Historical Raw Data
Full data sets are available to educators and members of the press upon request.