Taking good care of your cash is essential to reaching top WalletFitness®. But with inflation causing problems, the pandemic still weighing on the economy and a growing number of financial products available to store your funds, it’s fair to wonder where to put your money right now.
To help answer that question, WalletHub analyzed the rates, fees and features associated with roughly 1,900 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.
Q1 Main Findings
RATES
- Savings account rates decreased by 5% compared to last year, while checking account rates decreased by 6%. CD rates have increased by 1.4%.
- Online-only personal savings accounts provide the market’s highest interest rates, offering 1.7X higher returns than the runner-up: branch-based personal checking accounts. Such accounts yield 0.4% and 0.24%, respectively, on average.
- For checking accounts, national banks have the lowest average interest rate (0.01%), while credit unions have the highest average interest rate (0.32%).
- Online-only personal savings accounts yield 3.7 times more than their branch-based counterparts.
- People in the Northeast and West continue to receive significantly lower returns from their checking accounts than consumers in other regions of the country, earning 84% less on average. Consumers in the Midwest, for example, earn more than 21 times higher checking-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 roughly 17% cheaper than the next-best option for non-students: online checking accounts.
- Checking accounts from credit unions are 81% less expensive than those from national banks and have two times more features. Their interest rates are also 32X higher on average.
- The minimum initial deposit required to open a checking account decreased by roughly 0.2% in the last year. It is $99. Accounts with $0 minimum to open also increased by roughly 11%.
TYPES OF ACCOUNTS
- The average 1-year CD currently yields about the same (0.49%) as your run-of-the-mill online savings account (0.4%).The yields on 3-month and 6-month CDs dropped by over 4% and 0.3%, respectively, compared to last year.
- Small business owners who aren’t looking for business-specific features should gravitate to personal banking options whenever possible – much like with credit cards.Business checking accounts are 79% more expensive than branch-based personal checking accounts and over 4X more expensive than online-only personal checking accounts. Business checking accounts also provide 74% lower interest rates than personal accounts and have 62% fewer features than online-based personal accounts.
- 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 64% lower than those available to the general-consumer population.
- While inferior to online-only savings accounts, checking accounts from credit unions are offering the best interest rates among deposit accounts from branch-based institutions, providing almost 17X more value than regional banks and 32X more value than national banks.
- Prepaid card complaints decreased by 12% during Q1 2022 compared to last quarter. Compared to last year, these have decreased by 60%.
Checking Accounts by Account Type
Average Fees on Checking Accounts by Account Type
| Info | Personal-Online | Personal-Branch | Business-Branch | Student-Branch |
|---|---|---|---|---|
| Monthly Fee | $2.32 | $6.18 | $9.87 | $0.07 |
| Monthly Fee w/ Min Requirements to Waive Met | $0.12 | $0.33 | $1.84 | $0 |
| Min Balance to Avoid Monthly Fee | $1,701 | $4,347 | $5,650 | $0 |
| Out-of-Network Fees | $0.79 | $1.49 | $1.97 | $1.59 |
| Paper Statement Fee | $2.96 | $1.80 | $2.71 | $2.14 |
| Online Bill Pay | $0.03 | $0.15 | $0.78 | $0 |
| Minimum to Open | $52 | $99 | $189 | $36 |
| Overdraft Fee | $19 | $31 | $33 | $31 |
| Insufficient Funds Fee | $19 | $31 | $33 | $32 |
| WalletHub Checking Account Fee Index | $17 | $39 | $70 | $12 |
Key Features on Checking Accounts by Account Type
| Info | Personal-Online | Personal-Branch | Business-Branch | Student-Branch |
|---|---|---|---|---|
| % $0 Monthly Fee w/ No Min Requirements | 70.73% | 43.44% | 35.16% | 98.21% |
| % $0 Out-of-Network ATM Fee | 68.42% | 33.03% | 16.34% | 31.37% |
| % Reimburse ATM Fees | 95.24% | 25.26% | 3.95% | 27.27% |
| % $0 Paper Statement Fee | 22.58% | 35.84% | 33.72% | 22.5% |
| % $0 Overdraft/ NSF Fees | 37.5% | 4.07% | 0% | 7.84% |
| % $0 Minimum to Open | 36.59% | 16.08% | 27.57% | 17.86% |
| % $0 Online Bill Pay | 94.87% | 96.33% | 86.71% | 92.59% |
| % Interest Bearing* | 37.5% | 24.8% | 8.11% | 8.93% |
| % Offer Rewards | 7.32% | 5.18% | 2.7% | 5.36% |
| WalletHub Checking Account Features Index | 61.35% | 33.51% | 23.35% | 44.73% |
*$1,000 balance
Average Interest Rate for Interest Bearing Checking Accounts by Account Type
| Info | Personal-Online | Personal-Branch | Business-Branch | Student-Branch |
|---|---|---|---|---|
| $1,000 balance | 0.22% | 0.28% | 0.05% | 0.08% |
| $3,000 balance | 0.24% | 0.25% | 0.05% | 0.08% |
| $10,000 balance | 0.26% | 0.2% | 0.06% | 0.09% |
| $25,000 balance | 0.27% | 0.11% | 0.23% | 0.09% |
| $50,000 balance | 0.29% | 0.08% | 0.22% | 0.09% |
| WalletHub Checking Interest Index | 0.24% | 0.24% | 0.06% | 0.08% |
Checking Accounts by Institution Type
Average Fees on Checking Accounts by Institution Type
| Info | Community | Small | Regional | National | Credit Union |
|---|---|---|---|---|---|
| Monthly Fee | $7.10 | $5.44 | $10.45 | $14.46 | $1.32 |
| Monthly Fee w/ Min Requirements to Waive Met | $0 | $0.38 | $0.55 | $0.35 | $0.04 |
| Min Balance to Avoid Monthly Fee | $1,840 | $4,242 | $6,160 | $6,008 | $9,000 |
| Out-of-Network ATM Fees | $1.52 | $1.71 | $1.50 | $2.18 | $0.92 |
| Paper Statement Fee | $2.70 | $2.39 | $1.25 | $0.82 | $0.83 |
| Online Bill Pay | $0.58 | $0 | $0.01 | $0 | $0 |
| Minimum to Open | $158 | $86 | $76 | $16 | $186 |
| Overdraft Fee | $31 | $35 | $33 | $29 | $25 |
| Insufficient Funds Fee | $31 | $34 | $32 | $29 | $25 |
| WalletHub Checking Account Fee Index | $42 | $37 | $58 | $73 | $14 |
Key Features on Checking Accounts by Institution Type
| Info | Community | Small | Regional | National | Credit Union |
|---|---|---|---|---|---|
| % $0 Monthly Fee w/ No Min Requirements | 35% | 47.06% | 23.81% | 0% | 82.14% |
| % $0 Out-of-Network ATM Fee | 24.39% | 23.53% | 40.48% | 17.65% | 35.71% |
| % Reimburse ATM Fees | 17.14% | 25.93% | 31.25% | 21.43% | 27.27% |
| % $0 Paper Statement Fee | 21.43% | 12.5% | 45.45% | 54.55% | 57.14% |
| % $0 Overdraft/ NSF Fees | 2.86% | 0% | 2.38% | 17.65% | 3.7% |
| % $0 Minimum to Open | 4.88% | 5.88% | 16.67% | 58.82% | 64.29% |
| % $0 Online Bill Pay | 90% | 100% | 95.12% | 100% | 100% |
| % Interest Bearing* | 19.51% | 26.47% | 26.19% | 23.53% | 60.71% |
| % Offer Rewards | 14.63% | 2.94% | 0% | 0% | 10.71% |
| WalletHub Checking Account Features Index | 27.05% | 31.33% | 30.77% | 25.27% | 50.68% |
Average Interest Rate for Interest Bearing Checking Accounts by Institution Type
| Info | Community | Small | Regional | National | Credit Union |
|---|---|---|---|---|---|
| $1,000 balance | 0.28% | 0.36% | 0.01% | 0.01% | 0.35% |
| $3,000 balance | 0.2% | 0.3% | 0.02% | 0.01% | 0.34% |
| $10,000 balance | 0.19% | 0.03% | 0.02% | 0.01% | 0.3% |
| $25,000 balance | 0.08% | 0.03% | 0.03% | 0.01% | 0.17% |
| $50,000 balance | 0.11% | 0.03% | 0.04% | 0.01% | 0.12% |
| WalletHub Checking Interest Index | 0.21% | 0.23% | 0.02% | 0.01% | 0.32% |
Checking Accounts by Region
Average Fees on Checking Accounts by Region
| Info | Midwest | West | Southwest | Southeast | Northeast |
|---|---|---|---|---|---|
| Monthly Fee | $5.94 | $8.64 | $7.71 | $5.41 | $8.70 |
| Monthly Fee w/ Min Requirements to Waive Met | $0 | $0.09 | $0.16 | $0.96 | $0.24 |
| Min Balance to Avoid Monthly Fee | $5,677 | $5,422 | $3,513 | $3,510 | $4,740 |
| Out-of-Network ATM Fees | $1.69 | $1.45 | $1.58 | $1.44 | $1.44 |
| Paper Statement Fee | $1.55 | $1.80 | $2.31 | $2.15 | $1.66 |
| Online Bill Pay | $0.38 | $0 | $0.21 | $0.02 | $0.14 |
| Minimum to Open | $60 | $221 | $162 | $87 | $27 |
| Overdraft Fee | $31 | $30 | $31 | $28 | $34 |
| Insufficient Funds Fee | $31 | $30 | $30 | $28 | $33 |
| WalletHub Checking Account Fee Index | $37 | $46 | $44 | $40 | $49 |
Key Features on Checking Accounts by Region
| Info | Midwest | West | Southwest | Southeast | Northeast |
|---|---|---|---|---|---|
| % $0 Monthly Fee w/ No Min Requirements | 56.25% | 29.41% | 35.48% | 40.74% | 35.14% |
| % $0 Out-of-Network ATM Fee | 28.13% | 28.57% | 19.35% | 25.93% | 43.24% |
| % Reimburse ATM Fees | 18.52% | 16.67% | 14.81% | 28.57% | 48% |
| % $0 Paper Statement Fee | 52.38% | 35% | 5.56% | 35.71% | 33.33% |
| % $0 Overdraft/ NSF Fees | 6.9% | 3.03% | 3.57% | 7.41% | 0% |
| % $0 Minimum to Open | 43.75% | 14.29% | 16.13% | 18.52% | 27.03% |
| % $0 Online Bill Pay | 93.75% | 100% | 93.1% | 96.15% | 97.3% |
| % Interest Bearing* | 31.25% | 34.29% | 29.03% | 29.63% | 27.03% |
| % Offer Rewards | 6.25% | 0% | 9.68% | 7.41% | 8.11% |
| WalletHub Checking Account Features Index | 37.82% | 29.03% | 26.97% | 33.46% | 36.5% |
Average Interest Rate for Interest Bearing Checking Accounts by Region
| Info | Midwest | West | Southwest | Southeast | Northeast |
|---|---|---|---|---|---|
| $1,000 balance | 0.84% | 0.03% | 0.21% | 0.02% | 0.09% |
| $3,000 balance | 0.72% | 0.03% | 0.21% | 0.06% | 0.06% |
| $10,000 balance | 0.48% | 0.03% | 0.15% | 0.06% | 0.05% |
| $25,000 balance | 0.12% | 0.05% | 0.15% | 0.06% | 0.05% |
| $50,000 balance | 0.13% | 0.06% | 0.07% | 0.06% | 0.06% |
| WalletHub Checking Interest Index | 0.65% | 0.03% | 0.19% | 0.05% | 0.07% |
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
| Info | Q2 2021 (vs. last year) |
Q3 2021 (vs. last year) |
Q4 2021 (vs. last year) |
Q1 2022 (vs. last year) |
Q1 2022 vs. Q4 2021 |
|---|---|---|---|---|---|
| Monthly Fee | $6.35 (-1.91%) | $6.37 (-1.85%) | $6.27 (-2.7%) | $6.18 (-3.27%) | -1.39% |
| Monthly Fee w/ Min Requirements to Waive Met | $0.35 (-3.52%) | $0.35 (-7.38%) | $0.33 (-12.73%) | $0.33 (-12.95%) | 0.27% |
| Min Balance to Avoid Monthly Fee | $4,554 (-1.49%) | $4,457 (-5.95%) | $4,270 (-8.63%) | $4,347 (-5.41%) | 1.8% |
| Out-of-Network ATM Fees | $1.48 (-0.7%) | $1.48 (1.9%) | $1.48 (2.1%) | $1.49 (1.5%) | 0.19% |
| Paper Statement Fee | $1.86 (0.92%) | $1.76 (-2.22%) | $1.76 (-4.33%) | $1.80 (-2.06%) | 2.16% |
| Online Bill Pay | $0.17 (-21.64%) | $0.17 (-20.52%) | $0.15 (-26.94%) | $0.15 (-22.34%) | -1% |
| Minimum to Open | $98 (-8.17%) | $97 (-5.17%) | $98 (-4.09%) | $99 (-0.18%) | 1.03% |
| Overdraft Fee | $31.70 (-2.35%) | $31.79 (-1.95%) | $31.79 (-1.01%) | $31.35 (-2.07%) | -1.38% |
| Insufficient Funds Fee | $31.65 (-2.06%) | $31.83 (-1.02%) | $31.84 (-0.35%) | $31.22 (-2.17%) | -1.95% |
| WalletHub Checking Account Fee Index | $37.46 (-2.35%) | $37.56 (-1.98%) | $37.11 (-2.48%) | $36.64 (-3.01%) | -1.26% |
Change in Average Fees on Checking Accounts Over Time by Institution and Region
| Info | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2021 | Q1 2022 vs. Q4 2021 |
|---|---|---|---|---|---|
| Best Institution | National ($14.26) | National ($13.99) | National ($14.04) | National ($14.02) | -0.21% |
| Worst Institution | Regional ($76.86) | Regional ($76.86) | Regional ($73.22) | Regional ($72.73) | -0.66% |
| Best vs. Worst Difference | -81.45% | -81.8% | -80.82% | -80.73% | -0.11% |
| Best Region | Midwest ($37.61) | Midwest ($37.33) | Midwest ($36.95) | Midwest ($36.92) | -0.09% |
| Worst Region | SE ($49.24) | SE ($49.24) | SE ($49.24) | SE ($49.08) | -0.33% |
| Best vs. Worst Difference | -23.61% | -24.19% | -24.96% | -24.78% | -0.72% |
Change in Key Features on Checking Accounts Over Time*
Checking Account Features
| Info | Q2 2021 (vs. last year) |
Q3 2021 (vs. last year) |
Q4 2021 (vs. last year) |
Q1 2022 (vs. last year) |
Q1 2022 vs. Q4 2021 |
|---|---|---|---|---|---|
| % $0 Monthly Fee w/ No Min Requirements | 43.88% (2.65%) | 43.16% (0.53%) | 42.97% (-1.26%) | 43.44% (-1.29%) | 1.09% |
| % $0 Out-of-Network ATM Fee | 33.63% (3.2%) | 33.53% (-1.09%) | 32.82% (-4.59%) | 33.03% (-2.07%) | 0.63% |
| % Reimburse ATM Fees | 26.09% (29.47%) | 25.33% (-1.86%) | 25.76% (2.06%) | 25.26% (-0.6%) | -1.97% |
| % $0 Paper Statement Fee | 35.19% (0.2%) | 36.86% (-0.18%) | 36.73% (1.97%) | 35.84% (-0.07%) | -2.41% |
| % $0 Overdraft/ NSF Fees | 3.93% (N/A) | 3.91% (N/A) | 3.76% (N/A) | 4.07% (N/A) | 8.32% |
| % $0 Minimum to Open | 15.12% (4.79%) | 16.27% (13.33%) | 16.71% (17.59%) | 16.08% (10.52%) | -3.8% |
| % $0 Online Bill Pay | 95.86% (0.49%) | 95.91% (0.44%) | 96.08% (0.92%) | 96.33% (0.94%) | 0.26% |
| % Interest Bearing** | 25.73% (-3.33%) | 24.93% (-2.76%) | 24.53% (-8.73%) | 24.8% (-3.57%) | 1.09% |
| % Offer Rewards | 5.57% (N/A) | 5.77% (N/A) | 5.39% (N/A) | 5.18% (N/A) | -3.96% |
| WalletHub Checking Account Features Index | 33.78% (4.68%) | 33.56% (13.26%) | 33.43% (-0.46%) | 33.51% (-0.23%) | 0.24% |
*Averages based on Personal Branch checking accounts
**$1,000 balance
Change in Key Features on Checking Accounts Over Time by Institution and Region
| Info | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q1 2022 vs. Q4 2021 |
|---|---|---|---|---|---|
| Best Institution | Credit Union (50.49%) | Credit Union (51%) | Credit Union (51.21%) | Credit Union (50.68%) | -1.03% |
| Worst Institution | Community (26.69%) | Community (26.69%) | National (24.61%) | National (25.27%) | 2.68% |
| Best vs. Worst Difference | 89.16% | 91.07% | 108.13% | 100.6% | -6.96% |
| Best Region | Midwest (36.62%) | Midwest (37.47%) | Midwest (37.79%) | Midwest (37.82%) | 0.09% |
| Worst Region | SW (26.34%) | SW (26.36%) | SW (26.97%) | SW (26.97%) | 0% |
| Best vs. Worst Difference | 39.03% | 42.12% | 40.14% | 40.26% | 0.3% |
Change in Interest Rate for Interest Bearing Checking Accounts Over Time
Checking Account Interest Rates By Balance
| Info | Q2 2021 (vs. last year) |
Q3 2021 (vs. last year) |
Q4 2021 (vs. last year) |
Q1 2022 (vs. last year) |
Q1 2022 vs. Q4 2021 |
|---|---|---|---|---|---|
| $1,000 balance | 0.27% (-22.45%) | 0.28% (-17.06%) | 0.28% (-6.99%) | 0.28% (-7.13%) | 0.12% |
| $3,000 balance | 0.25% (-22.33%) | 0.25% (-16.91%) | 0.25% (-9.15%) | 0.25% (-8.2%) | 0.11% |
| $10,000 balance | 0.18% (-20.42%) | 0.18% (-14.82%) | 0.19% (-6.17%) | 0.2% (0.78%) | 4.91% |
| $25,000 balance | 0.11% (-11.59%) | 0.11% (-11.03%) | 0.12% (-7.47%) | 0.11% (-7.14%) | -0.85% |
| $50,000 balance | 0.08% (-2.62%) | 0.08% (-3.17%) | 0.08% (1.23%) | 0.08% (3.68%) | -1.18% |
| WalletHub Checking Interest Index | 0.23% (-21.72%) | 0.23% (-16.36%) | 0.23% (-7.86%) | 0.24% (-6%) | 1.09% |
Change in Interest Rate for Interest Bearing Checking Accounts Over Time by Institution and Region
| Info | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q1 2022 vs. Q4 2021 |
|---|---|---|---|---|---|
| Best Institution | Credit Union (0.35%) | Credit Union (0.35%) | Credit Union (0.33%) | Credit Union (0.32%) | -3.52% |
| Worst Institution | National (0.01%) | National (0.01%) | National (0.01%) | National (0.01%) | 0% |
| Best vs. Worst Difference | 3393.24% | 3393.24% | 3237.04% | 3119.61% | -3.63% |
| Best Region | Midwest (0.6%) | Midwest (0.6%) | Midwest (0.65%) | Midwest (0.65%) | -0.25% |
| Worst Region | West (0.03%) | West (0.03%) | West (0.03%) | West (0.03%) | 0% |
| Best vs. Worst Difference | 1873.08% | 1873.08% | 2032.66% | 2027.24% | -0.27% |
Savings Accounts by Account Type
Average Interest Rate for Savings Accounts by Account Type
| Info | Personal-Online | Personal-Branch | Business-Branch | Student-Branch |
|---|---|---|---|---|
| $1,000 balance | 0.37% | 0.11% | 0.04% | 0.15% |
| $3,000 balance | 0.38% | 0.1% | 0.05% | 0.13% |
| $10,000 balance | 0.45% | 0.12% | 0.06% | 0.14% |
| $25,000 balance | 0.5% | 0.15% | 0.09% | 0.14% |
| $50,000 balance | 0.5% | 0.17% | 0.12% | 0.15% |
| WalletHub Savings Interest Index | 0.4% | 0.11% | 0.05% | 0.14% |
Average Interest Rate for CDs by Account Type
| Info | Personal-Branch | Business-Branch | Student-Branch |
|---|---|---|---|
| 3-Mo CD | 0.13% | 0.09% | N/A |
| 6-Mo CD | 0.29% | 0.19% | N/A |
| 1-Yr CD | 0.49% | 0.52% | 0.45% |
| 2-Yr CD | 0.61% | 0.66% | N/A |
| 3-Yr CD | 0.78% | 0.64% | N/A |
| 5-Yr CD | 1.06% | 1.02% | 0.55% |
Minimum to Open Requirements for Savings Accounts by Account Type
| Info | Personal-Online | Personal-Branch | Business-Branch | Student-Branch |
|---|---|---|---|---|
| Average Minimum to Open Savings/ MMA | $527 | $907 | $1,367 | $15 |
| % $0 Min to Open Savings/ MMA | 32.56% | 9.65% | 2.5% | 29.17% |
| Average Minimum to Open CD | $862 | $959 | $1,180 | $180 |
| % $0 Min to Open CD | 22.41% | 0 | 0% | 0 |
Monthly Fees on Savings Accounts by Account Type
| Info | Personal-Online | Personal-Branch | Business-Branch | Student-Branch |
|---|---|---|---|---|
| Average Monthly Fee | $1.35 | $5.02 | $7.07 | $0 |
| Average Minimum Balance to Avoid Monthly Fee | $2,683 | $1,953 | $2,862 | N/A |
| % $0 Monthly Fee | 86.05% | 30.89% | 15% | 100% |
| Average Monthly Fee with Minimum Requirements to Waive Met | $0 | $0 | $0 | $0 |
Access to Funds Savings Account by Account Type
| Info | Personal-Online | Personal-Branch | Business-Branch | Student-Branch |
|---|---|---|---|---|
| % with $0 Fee for Withdrawals | 100% | 94.59% | 95% | 100% |
| Ability to Write Checks | 23.26% | 27.41% | 35% | 0% |
| Offer ATM Card | 46.51% | 61.78% | 65% | 41.67% |
Savings Accounts by Institution Type
Average Interest Rate for Savings Accounts by Institution Type
| Info | Community | Small | Regional | National | Credit Union |
|---|---|---|---|---|---|
| $1,000 balance | 0.1% | 0.03% | 0.02% | 0.02% | 0.29% |
| $3,000 balance | 0.1% | 0.03% | 0.02% | 0.02% | 0.22% |
| $10,000 balance | 0.12% | 0.05% | 0.09% | 0.02% | 0.23% |
| $25,000 balance | 0.13% | 0.08% | 0.13% | 0.03% | 0.27% |
| $50,000 balance | 0.12% | 0.1% | 0.14% | 0.05% | 0.29% |
| WalletHub Savings Interest Index | 0.11% | 0.04% | 0.05% | 0.02% | 0.24% |
Average Interest Rate for CD's by Institution Type
| Info | Community | Small | Regional | National | Credit Union |
|---|---|---|---|---|---|
| 3-Mo CD | 0.06% | 0.05% | 0.08% | 0.03% | 0.29% |
| 6-Mo CD | 0.08% | 0.26% | 0.16% | 0.16% | 0.57% |
| 1-Yr CD | 0.33% | 0.37% | 0.43% | 0.12% | 0.86% |
| 2-Yr CD | 0.5% | 0.59% | 0.62% | 0.44% | 1.07% |
| 3-Yr CD | 0.54% | 0.58% | 0.73% | 0.74% | 1.25% |
| 5-Yr CD | 1% | 0.78% | 0.79% | 0.84% | 1.72% |
Minimum to Open Requirements for Savings Accounts by Institution Type
| Info | Community | Small | Regional | National | Credit Union |
|---|---|---|---|---|---|
| Average Minimum to Open Savings/ MMA | $277 | $1,065 | $966 | $33 | $574 |
| % $0 Min to Open Savings/ MMA | 0% | 0% | 5.56% | 41.67% | 17.02% |
| Average Minimum to Open CD | $1,058 | $913 | $864 | $961 | $765 |
| % $0 Min to Open CD | 0% | 0% | 0 | 0% | 0% |
Monthly Fees on Savings Accounts by Institution Type
| Info | Community | Small | Regional | National | Credit Union |
|---|---|---|---|---|---|
| Average Monthly Fee | $5.41 | $7.03 | $6.56 | $8.13 | $1.26 |
| Average Minimum Balance to Avoid Monthly Fee | $1,330 | $1,966 | $3,784 | $2,318 | $764 |
| % $0 Monthly Fee | 16.67% | 3.45% | 19.44% | 8.33% | 80.85% |
| Average Monthly Fee with Minimum Requirements to Waive Met | $0 | $0 | $0 | $0 | $0 |
Access to Funds Savings Accounts by Institution Type
| Info | Community | Small | Regional | National | Credit Union |
|---|---|---|---|---|---|
| % with $0 Fee for Withdrawals | 95.83% | 89.66% | 83.33% | 100% | 97.87% |
| Ability to Write Checks | 20.83% | 34.48% | 38.89% | 25% | 19.15% |
| Offer ATM Card | 62.5% | 75.86% | 88.89% | 91.67% | 40.43% |
Savings Accounts by Region
Average Interest Rate for Savings Accounts by Region
| Info | Midwest | West | Southwest | Southeast | Northeast |
|---|---|---|---|---|---|
| $1,000 balance | 0.11% | 0.04% | 0.05% | 0.14% | 0.24% |
| $3,000 balance | 0.11% | 0.05% | 0.07% | 0.14% | 0.12% |
| $10,000 balance | 0.13% | 0.08% | 0.08% | 0.16% | 0.18% |
| $25,000 balance | 0.15% | 0.13% | 0.1% | 0.18% | 0.22% |
| $50,000 balance | 0.14% | 0.16% | 0.12% | 0.18% | 0.24% |
| WalletHub Savings Interest Index | 0.12% | 0.06% | 0.07% | 0.15% | 0.17% |
Average Interest Rate for CDs by Region
| Info | Midwest | West | Southwest | Southeast | Northeast |
|---|---|---|---|---|---|
| 3-Mo CD | 0.06% | 0.09% | 0.17% | 0.25% | 0.17% |
| 6-Mo CD | 0.17% | 0.21% | 0.4% | 0.57% | 0.19% |
| 1-Yr CD | 0.34% | 0.39% | 0.77% | 0.5% | 0.47% |
| 2-Yr CD | 0.43% | 0.47% | 1.05% | 0.73% | 0.89% |
| 3-Yr CD | 0.48% | 0.62% | 1.24% | 0.95% | 1.02% |
| 5-Yr CD | 0.74% | 0.81% | 1.47% | 1.27% | 1.43% |
Minimum to Open Requirements for Savings Accounts by Region
| Info | Midwest | West | Southwest | Southeast | Northeast |
|---|---|---|---|---|---|
| Average Minimum to Open Savings/ MMA | $1,362 | $395 | $244 | $255 | $993 |
| % $0 Min to Open Savings/ MMA | 6.9% | 7.69% | 9.09% | 8.33% | 16.67% |
| Average Minimum to Open CD | $690 | $798 | $908 | $1,344 | $763 |
| % $0 Min to Open CD | 0% | 0% | 0% | 0% | 0% |
Monthly Fees on Savings Accounts by Region
| Info | Midwest | West | Southwest | Southeast | Northeast |
|---|---|---|---|---|---|
| Average Monthly Fee | $5.43 | $2.77 | $6.73 | $4.21 | $4.83 |
| Average Minimum Balance to Avoid Monthly Fee | $3,394 | $1,242 | $2,606 | $819 | $2,761 |
| % $0 Monthly Fee | 37.93% | 53.85% | 18.18% | 29.17% | 36.11% |
| Average Monthly Fee with Minimum Requirements to Waive Met | $0 | $0 | $0 | $0 | $0 |
Access to Funds for Savings Accounts by Region
| Info | Midwest | West | Southwest | Southeast | Northeast |
|---|---|---|---|---|---|
| % with $0 Fee for Withdrawals | 100% | 100% | 75.76% | 91.67% | 97.22% |
| Ability to Write Checks | 27.59% | 19.23% | 33.33% | 25% | 30.56% |
| Offer ATM Card | 75.86% | 61.54% | 69.7% | 50% | 72.22% |
Savings Accounts Differences Over Time
Change in Interest Rate for Savings Accounts Over Time
Savings Accounts Interest By Balance
| Info | Q2 2021 (vs. last year) |
Q3 2021 (vs. last year) |
Q4 2021 (vs. last year) |
Q1 2022 (vs. last year) |
Q1 2022 vs. Q4 2021 |
|---|---|---|---|---|---|
| $1,000 balance | 0.12% (5.84%) | 0.11% (10.51%) | 0.11% (-5.36%) | 0.11% (-5.26%) | 0.55% |
| $3,000 balance | 0.1% (-13.51%) | 0.1% (-11.12%) | 0.1% (-6.82%) | 0.1% (-6.51%) | 0.52% |
| $10,000 balance | 0.12% (-13.98%) | 0.12% (-13.66%) | 0.12% (-9.27%) | 0.12% (-3.59%) | 0.45% |
| $25,000 balance | 0.15% (-12.2%) | 0.15% (-9.93%) | 0.15% (-6.06%) | 0.15% (-1.67%) | 0.31% |
| $50,000 balance | 0.17% (-9.25%) | 0.17% (-8.45%) | 0.17% (-4.72%) | 0.17% (-0.68%) | 0.44% |
| WalletHub Savings Interest Index | 0.11% (-9.58%) | 0.11% (-7.5%) | 0.11% (-7.12%) | 0.11% (-5.03%) | 0.5% |
Change in Interest Rate for Savings Accounts Over Time by Institution and Region
| Info | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q1 2022 vs. Q4 2021 |
|---|---|---|---|---|---|
| Best Institution | Credit Union (0.25%) | Credit Union (0.24%) | Credit Union (0.24%) | Credit Union (0.24%) | -0.13% |
| Worst Institution | Regional (0.02%) | Regional (0.02%) | Regional (0.02%) | Regional (0.02%) | -11.15% |
| Best vs. Worst Difference | 1193.46% | 1184.35% | 998.31% | 1134.45% | 13.64% |
| Best Region | NE (0.17%) | NE (0.17%) | NE (0.17%) | NE (0.17%) | 0% |
| Worst Region | West (0.06%) | West (0.06%) | West (0.06%) | West (0.06%) | 0% |
| Best vs. Worst Difference | 183.33% | 175.61% | 175.61% | 175.61% | 0% |
Change in Interest Rate CD's Over Time
| Info | Q2 2021 (vs. last year) |
Q3 2021 (vs. last year) |
Q4 2021 (vs. last year) |
Q1 2022 (vs. last year) |
Q1 2022 vs. Q4 2021 |
|---|---|---|---|---|---|
| 3-Mo CD | 0.13% (-25.94%) | 0.13% (-23.15%) | 0.12% (-15.61%) | 0.13% (-4.21%) | 7.95% |
| 6-Mo CD | 0.28% (-20.6%) | 0.28% (-16.33%) | 0.27% (-10.05%) | 0.29% (-0.3%) | 6.13% |
| 1-Yr CD | 0.46% (-20.27%) | 0.46% (-13.46%) | 0.46% (-4.27%) | 0.49% (2.44%) | 5.2% |
| 2-Yr CD | 0.57% (-16.1%) | 0.56% (-13.55%) | 0.57% (-4.1%) | 0.61% (5.73%) | 7.42% |
| 3-Yr CD | 0.74% (-14.81%) | 0.75% (-10.45%) | 0.76% (-1.2%) | 0.78% (2.9%) | 3.21% |
| 5-Yr CD | 1.04% (-10.92%) | 1.05% (-7.23%) | 1.06% (-1.18%) | 1.06% (-1.18%) | -0.57% |
Change in Minimum to Open Requirements for Savings Accounts Over Time
Savings Accounts Features
| Info | Q2 2021 (vs. last year) |
Q3 2021 (vs. last year) |
Q4 2021 (vs. last year) |
Q1 2022 (vs. last year) |
Q1 2022 vs. Q4 2021 |
|---|---|---|---|---|---|
| Average Minimum to Open Savings/ MMA | $937 (0.66%) | $939 (-0.01%) | $910 (0.1%) | $907 (-1.67%) | -0.37% |
| % $0 Min to Open Savings/ MMA | 9.23% (-12.31%) | 9.2% (-9.36%) | 9.65% (-6.58%) | 9.65% (3.09%) | 0% |
| Average Minimum to Open CD | $971 (1.78%) | $955 (0.17%) | $958 (-0.36%) | $959 (-0.64%) | 0.14% |
| % $0 Min to Open CD | 0% (N/A*) | 0% (N/A*) | 0% (N/A*) | 0% (N/A*) | 0% |
Change in Monthly Fees on Savings Accounts Over Time
| Info | Q2 2021 (vs. last year) |
Q3 2021 (vs. last year) |
Q4 2021 (vs. last year) |
Q1 2022 (vs. last year) |
Q1 2022 vs. Q4 2021 |
|---|---|---|---|---|---|
| Average Monthly Fee | $4.97 (-0.85%) | $4.97 (-0.23%) | $4.98 (1.05%) | $5.02 (0.87%) | 0.93% |
| Average Minimum Balance to Avoid Monthly Fee | $1,966 (2.36%) | $1,958 (0.63%) | $1,907 (-1.56%) | $1,953 (0.09%) | 2.4% |
| % $0 Monthly Fee | 31.92% (5.79%) | 31.8% (2.06%) | 31.27% (-2.58%) | 30.89% (-2.98%) | -1.23% |
| Average Monthly Fee with Minimum Requirements to Waive Met | $0 (N/A) | $0 (N/A) | $0 (N/A) | $0 (N/A) | 0% |
Change in Access to Funds in Savings Accounts Over Time
| Info | Q2 2021 (vs. last year) |
Q3 2021 (vs. last year) |
Q4 2021 (vs. last year) |
Q1 2022 (vs. last year) |
Q1 2022 vs. Q4 2021 |
|---|---|---|---|---|---|
| % with $0 Fee for Withdrawals | 94.23% (1.73%) | 94.64% (2.03%) | 94.21% (1.31%) | 94.59% (1.84%) | 0.41% |
| Ability to Write Checks | 26.15% (N/A) | 26.05% (N/A) | 26.25% (N/A) | 27.41% (N/A) | 4.41% |
| Offer ATM Card | 60.38% (2.44%) | 60.92% (3.79%) | 61% (3.33%) | 61.78% (3.09%) | 1.27% |
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 almost 700 checking accounts and over 1,200 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 almost 320 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 |
Prepaid complaints information was collected from “Consumer Complaint Database” found on Consumer Financial Protection Bureau website.
Historical Raw Data
Full data sets are available to educators and members of the press upon request.
