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.

Banking industry market share is important to consumers and investors alike. On the one hand, understanding which banks and credit unions do the most business will help guide your search for the right credit card, prepaid card, checking account, etc. Not only can the biggest banks typically afford to offer the best deals, but they’re popular for a reason and you can use the comparison shopping that other consumers have already done to make your search more efficient. On the other hand, banks with a heavy deposit base typically dominate the lending space, while those with significant assets may garner higher valuations.

Issuer

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Bank of America | 0.10665524850746 JPMorgan Chase Bank | 0.103518233846934 Wells Fargo Bank | 0.103185113927013 Citibank | 0.041434430624933 U.S. Bank | 0.0260767898289551 PNC Bank | 0.0213009876599382 TD Bank | 0.0201488802295765 Capital One | 0.0189366487161071 Charles Schwab Bank | 0.0155128259294046 BB&T | 0.0135449809390407 SunTrust Bank | 0.0134231077976061 HSBC Bank USA | 0.0100569716311826 The Bank of New York Mellon | 0.00993834844018629 Goldman Sachs Bank USA | 0.0103738417989126 KeyBank National Association | 0.00875049155500379 Rest | 0.4771

• The top 15 banks make up over one half (52%) of the deposits for all banks in the U.S.

Top 15 Largest U.S. Banks based on Total Domestic Deposits

Federal Reserve rate hikes can send shockwaves through stock markets and put many people to sleep. But just because the nitty-gritty of the country’s fiscal policy isn’t exciting to most does not mean we’re unaffected.

For one thing, the Fed’s seven rate hikes since Dec. 2015 have cost credit card users an extra $9.65 billion in interest to date. That figure will swell by at least $1.6 billion this year if the Fed raises its target rate on September 26, as expected. One more rate hike is expected from the Fed in the final quarter of 2018, too.

Most banks allow their customers to close their bank accounts through the mail as long as the account is in good standing. You can use WalletHub’s free template below to send closing instructions to your bank and to request a check for your remaining balance, if any. 

Please note that your bank may require you to use its own account closure letter template. You may want to consult with your bank before using the one below.

Closing a bank account can be like breaking up with a partner. It can take more time and hassle than you expect at first. Even when you think you’ve parted ways, the jilted bank may not agree and may reopen your account without notifying you — leaving you vulnerable to mounting fees.

A joint account is a type of bank account that allows more than one person to own and manage it. There is no restriction regarding who can be an owner, which can include spouses, friends and business partners, among others. Everyone named on the account has equal access to funds, regardless of who deposited the money.

Joint bank accounts aren’t for everyone, and the rules for how your money is handled in the event of death or divorce vary depending on the type of joint account you open and your state’s laws. Below, we discuss the various factors to consider when opening a joint account, along with a comparison of its different forms, instructions for opening an account and advice on how to manage it well.

Although bank and credit union failures are rare, they’re not unprecedented. That’s why it’s important to know that government insurance — backed by the full faith and credit of the U.S. government — will protect your deposits even when your financial institution doesn’t. The track record is clear: Since the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) were founded, no bank account holder or credit union member has ever lost a penny of federally insured deposits.

Checking and savings accounts, the most common financial products offered by banks and credit unions, have both similarities and differences. Each allows you to deposit funds and provides government-backed insurance that guarantees the safety of your balance (currently up to $250,000). But the two types of accounts also differ in terms of their intended use, with checking accounts being designed for everyday banking and regular access to cash, while savings accounts are meant primarily for long-term money storage.

Whether you need one or both types of accounts, understanding the features and functions of each will help you determine what best fits your needs.

Most people expect small community banks to operate a bit differently than big national banks. There’s certainly rhyme to that reason, but we also tend to assume those mega-banks offer standardized national rates, regardless of where their customers happen to live. That part, interestingly enough, isn't quite true.

WalletHub analyzed savings accounts from the 10 largest U.S. banks in order to determine which institutions price their products geographically as well as how local competition among national banks impacts consumer rates. We found that 3 out of 10 banks offer different rates to consumers based on where they live, whether through disproportionately priced promotions or standard operating procedure. Perhaps more importantly, however, is the fact that interest rates vary by as much as 550% from city to city depending on whichever 2-4 major banks happen to have a significant presence in given area.