Business Insider’s Rating Methodology for Bank Accounts
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Whether you’re trying to find a free checking account at one of the best banks or a high-yield savings account at one of the best credit unions, Business Insider’s personal finance team is here to help you figure out which bank accounts may be the best option for you.
We research and write bank reviews and guides about hundreds of financial institutions so we can help you determine which may be your best option. We also compare and contrast the features and fine print of various products, so you know the advantages and limitations of each account.
Business Insider’s personal finance team is editorially independent. We have editorial standards on how we choose and cover financial products and services, with our goal being to write stories according to what will bring the most value to our readers.
Overview of bank account ratings
Personal Finance Insider rates bank accounts on a scale from one to five stars.
We review different features for distinct types of bank accounts. For example, for a savings account or money market account, we’ll evaluate the interest rate on an account to see if it’s competitive. This will not be factored for a rating of a checking account, since usually checking accounts do not pay interest.
Each feature is rated from 0 to 5 and then we calculate the weighted average. We round each rating to the nearest 0.25 and that is our total star rating.
As of December 2024, we have refined our rating system. We are considering more bank account features and are now calculating a weighted average to assign a star rating.
Business Insider conducted a survey to get feedback on how people make decisions about different financial products. Based on these results as well as our editorial team’s expertise, we decided to change our rating scale for banking products to be more in-depth and help our readers understand greater differences between banking products.
We understand that certain features, such as fees and interest rates, can make a bigger difference in your banking experience than others, so we are assigning a larger weight percentage to these features.
We have also added security and miscellaneous features (extra perks or disadvantages) to our rating system. As banking includes more non-traditional platforms, like fintech companies, we recognize that readers want to know if a particular financial institution is secure. We also know that while many bank accounts share similar structures, there may be particular features that may be worth calling out, like bucketing features or cash bonuses.
If you’d like to learn more about how we review individual features of bank accounts, you’ll find more details on our methodology for ratings below.
Checking accounts
A checking account is ideal for spending and managing money. Checking accounts typically won’t pay interest, but most include paper checks and a debit card for easy access to your account.
If you’d like to learn more about how we evaluate individual features of checking accounts, you’ll find more details on our methodology for checking account ratings below.
Monthly fees (20% of rating)
If a checking account charges a monthly service fee, the rating assigned will depend on the monthly charge and how easy it is to waive the fee.
A checking account that charges zero monthly service fees will earn a 5 out of 5. If a checking account charges a monthly service fee between $5 and $10 that can only be waived one way, it will earn a 3 out of 5.
Overdraft protection options (15% of rating)
First, we review whether a bank charges overdraft fees and/or offers overdraft protection. Banks that deny a purchase but do not offer overdraft protection are assigned a 3 in this category. If the bank offers overdraft protection, we see if there’s a fee for using overdraft protection.
For instance, a checking account that doesn’t have any overdraft fees and offers multiple free overdraft protection programs will receive a 5 out of 5. A checking account that charges an overdraft fee of up to $15 and doesn’t offer any overdraft protection will get a 2 out of 5.
Minimum deposit (10% of rating)
We look to see how easy it is to open a checking account. The highest-ranked checking accounts have a minimum opening deposit between $0 and $25. If a checking account requires more than $25, this will be considered a disadvantage.
For example, a checking account with a $0 minimum opening deposit will receive 5 out of 5. Meanwhile, checking accounts with a $25 minimum opening deposit will get 3.5 out of 5.
ATM network/fees (10% of rating)
We look to see if the bank has a substantial ATM network, and how it charges out-of-network ATM fees. Ideally, a bank won’t charge you a fee for using an out-of-network ATM. It will also reimburse you if you’re charged by another provider.
For example, a checking account that has a nationwide ATM network and permits unlimited reimbursements on out-of-network ATM fees receives a 5 out of 5. A checking account that has a regional ATM network and charges out-of-network ATM fees will receive a 2 out of 5.
Customer support (10% of rating)
We review a financial institution’s hours of customer support availability and ways you can contact a representative.
The strongest financial institutions offer several ways to contact a customer representative and are available 24/7. These will earn a 5 out of 5.
If representatives are available during traditional banking hours (e.g., Monday through Friday, from 9 a.m. to 5 p.m. and Saturday morning) the bank account will earn receive a 3 out of 5 for the category.
The lowest ratings will go toward financial institutions that do not offer a direct way to contact live customer service or offer limited email customer support.
Mobile app (10% of rating)
We review the Google Play and Apple stores to see how customers have rated the bank’s app. The average score between the two platforms will determine our rating. Banks or credit unions that do not have a mobile app will receive a 0 rating.
For example, if a bank has 4.7 stars in the Google Play store and 3.2 stars in the Apple store, we’ll use the average rating (3.95), round up, and assign it 4 out of 5. If a bank doesn’t have a mobile app it will receive a 0 out of 5.
Ethics (10% of rating)
We review financial institutions to see if they’ve been involved in public scandals over the last three years. If the bank has been involved in a recent public settlement, we’ll include information about it in our “Trustworthiness and BBB rating” section.
This section also includes ratings from the Better Business Bureau so you can see how a bank responds to customer issues, and information about whether a financial institution actively helps underserved communities.
Banks and credit unions that do not have recent public controversies and have a high rating from the Better Business Bureau (A+ to B-) will receive high ratings in this category.
We’ll assign lower ratings to financial institutions that have low BBB ratings (C+ to F) or multiple public controversies. The lowest ratings will go toward banks or credit unions that have both public controversies and significant public controversies involving discrimination or a lack of transparency in business practices.
Banks and credit unions that do not have recent public controversies and have an A+ rating from the Better Business Bureau get a 5 out of 5. If a financial institution has a B rating from the BBB and it has been in one public controversy in the last three years, it will be assigned a 3.5 out of 5.
Security (10% of rating)
To help determine whether a financial institution is secure, we examine a bank’s financial performance through Bauer Financial, Moody, and Fitch ratings. We also take into consideration when it was established and whether it’s experienced any data breaches in the last three years.
Banks will receive 5 out of 5 in the security category if they meet the following requirements: have high Bauer Financial, Moody, and Fitch ratings; were established 10 or more years ago; and experienced zero data breaches in the last 3 years.
Banks will receive 3 out of 5 in the security category if they meet the following requirements: rank in the middle for Bauer Financial, Moody, and Fitch ratings; were established 10 or more years ago; and experienced two or three data breaches in the last 3 years. We’ll also assign this score if there is insufficient information for one or more of the requirements.
Banks will receive 1 out of 5 in the security category if they meet the following requirements: rank in the bottom for Bauer Financial, Moody, and Fitch ratings; were established 5 or less years ago; and experienced two or three data breaches in the last 3 years.
If there’s one category where it’s an outlier we’ll deduct 0.5 from the score.
Miscellaneous features: Perks or disadvantages (5% of rating)
Many checking accounts have miscellaneous features that are specific to the financial institution it’s a part of. They can either benefit your overall banking experience or hinder it.
We’ll give this category a score of 3 out of 5 if the checking account is a standard account without perks or disadvantages or if the extra perks are canceled out by limitations that standard accounts do not usually enforce.
We’ll assign a score of 5 out of 5 for checking accounts that have two or more perks.
We’ll assign a score of 1 out of 5 for checking accounts that have two or more account limitations.
Some examples of checking account perks include cash back on debit card purchases, the ability to earn interest, and the option to deposit cash at an online-only bank.
Some examples of checking account limitations include limitations on the number of accounts you can open or an unusual bank fee.
Savings accounts
A savings account is a type of interest-earning bank account. It usually doesn’t have a debit card or checks, but you can transfer money to another bank account to access your money.
If you’d like to learn more about how we review individual features of savings accounts, you’ll find more details on our methodology for ratings below.
Interest rate (25% of rating)
A savings account will receive a high rating if it has a competitive interest rate. To help determine whether it has a high rate, we see if a savings account pays a higher interest rate than the average savings account rate.
If the financial institution offers a significantly higher rate (similar to the rates mentioned in our best high-yield savings account guide), it will receive 5 out of 5. A financial institution will earn a 3 out of 5 if its savings account interest rate is on par with average savings rates. Banks or credit unions that offer a much lower interest rate (for example, 0.01% APY (Annual Percentage Yield) on a savings account) will only get 1 out of 5.
Monthly fees (20% of rating)
If a savings account charges a monthly service fee, the rating assigned will depend on the monthly charge and how easy it is to waive the fee.
For instance, a savings account that charges zero monthly service fees will earn a 5 out of 5. A savings account that charges a monthly service fee between $5 and $10 that can only be waived one way will earn a 3 out of 5.
Minimum deposit (10% of rating)
We look to see how easy it is to open a savings account. The highest-rated savings accounts have a minimum opening deposit that’s between $0 and $25. If a savings account requires more than $25, this will be considered a disadvantage.
A savings account with a $0 minimum opening deposit will receive 5 out of 5. A savings account with a $25 minimum opening deposit will get 3.5 out of 5.
Customer support (10% of rating)
We review a financial institution’s hours of customer support availability and ways you can contact a representative.
The strongest financial institutions offer several ways to contact a customer representative and are available 24/7. These will earn a 5 out of 5.
If representatives are available during traditional banking hours (e.g., Monday through Friday, from 9 a.m. to 5 p.m. and Saturday morning) the bank account will earn receive a 3 out of 5 for the category.
The lowest ratings will go toward financial institutions that do not offer a direct way to contact live customer service or offer limited email customer support.
Mobile app (10% of rating)
We review the Google Play and Apple stores to see how customers have rated the bank’s app. The average score between the two platforms will determine our rating. Banks or credit unions that do not have a mobile app will receive a 0 rating.
For example, if a bank has 4.7 stars in the Google Play store and 3.2 stars in the Apple store, we’ll use the average rating (3.95), round up, and assign it 4 out of 5.
Ethics (10% of rating)
We review financial institutions to see if they’ve been involved in public scandals over the last three years. If the bank has been involved in a recent public settlement, we’ll include information about it in our “Trustworthiness and BBB rating” section.
This section also includes ratings from the Better Business Bureau so you can see how a bank responds to customer issues, and information about whether a financial institution actively helps underserved communities.
Banks and credit unions that do not have recent public controversies and have a high rating from the Better Business Bureau (A+ to B-) will receive high ratings in this category.
We’ll assign lower ratings to financial institutions that have low BBB ratings (C+ to F) or multiple public controversies. The lowest ratings will go toward banks or credit unions that have both public controversies and significant public controversies involving discrimination or a lack of transparency in business practices.
Banks and credit unions that do not have recent public controversies and have an A+ rating from the Better Business Bureau get a 5 out of 5. If a financial institution has a B rating from the BBB and it has been in one public controversy in the last three years, it will be assigned a 3.5 out of 5.
Security (10% of rating)
To help determine whether a financial institution is secure, we examine a bank’s financial performance. We also take into consideration when it was established and whether it’s experienced any data breaches in the last three years.
Banks will receive 5 out of 5 in the security category if they meet the following requirements: have high Bauer Financial, Moody, and Fitch ratings; were established 10 or more years ago; and experienced zero data breaches in the last 3 years.
Banks will receive 3 out of 5 in the security category if they meet the following requirements: rank in the middle for Bauer Financial, Moody, and Fitch ratings; were established 10 or more years ago; and experienced two or three data breaches in the last 3 years. We’ll also assign this score if there is insufficient information for one or more of the requirements.
Banks will receive 1 out of 5 in the security category if they meet the following requirements: rank in the bottom for Bauer Financial, Moody, and Fitch ratings; were established 5 or more years ago; and experienced two or three data breaches in the last 3 years.
If there’s one category where it’s an outlier we’ll deduct 0.5 from the score.
Miscellaneous features: Perks or disadvantages (5% of rating)
Many savings accounts have miscellaneous features that are specific to the financial institution it’s a part of. They can either benefit your overall banking experience or hinder it.
We’ll give this category a score of 3 out of 5 if the savings account is a standard account without perks or disadvantages or if the extra perks are canceled out by limitations that standard accounts do not usually enforce.
We’ll assign a score of 5 out of 5 for savings accounts that have two or more perks.
We’ll assign a score of 1 out of 5 for savings accounts that have two or more account limitations.
Some examples of savings account perks include ATM access, cash deposit access at an online-only bank, and cash bonuses for new customers.
Some examples of savings account limitations include limitations on the number of accounts you can open or limitations for earning interest.
Certificates of deposit
A certificate of deposit is a fixed-interest-rate savings account. You can lock in a fixed interest rate for a term, and keep money in the account.
Some of the best CD rates are usually more competitive than savings or money market accounts.
Here is a general overview of what we review when rating certificates of deposit (CDs):
Interest rate (20% of rating)
To help determine whether a CD term has a high rate, we see if a financial institution pays more than the national average CD rate.
If the financial institution offers a significantly higher rate (similar to the rates mentioned in our top CD guides), it will receive 5 out of 5.
A financial institution will earn a 3 out of 5 if most of its CD rates are on par with average CD rates.
Banks or credit unions that offer a much lower interest rate (for example, 0.01% APY (Annual Percentage Yield) on most CD terms) will only get 1 out of 5.
Early withdrawal penalties (20% of rating)
We look at how much a financial institution charges you if you take money from a CD before its term ends. Some examples of standard early withdrawal penalties are 90 days of interest for a 1-year CD and one year of interest for a 5-year CD.
If a financial institution has lower penalties, it will receive a higher rating, and institutions with higher penalties will receive a lower rating.
A CD with standard early withdrawal penalties on most terms will receive a 3 out of 5 rating in this category. A CD that charges all or the majority of interest earned when withdrawing money early will get a 1 out of 5 rating in this category.
Variety of term options (10% of rating)
We look to see if a financial institution offers a variety of CD terms. If a bank or credit union has specialty CDs (step-up CDs, bump-up CDs, or no-penalty CDs), that will also be taken into account when determining the overall CD rating.
A financial institution will receive a 3 out of 5 in this category if the following terms are available: 6 months; 1 year; 18 months; 2 years; 3 years; 4 years; and 5 years. If a financial institution has standard terms, no-penalty CDs, and step-up CDs, it will receive a 5 out of 5.
Customer support (10% of rating)
We review a financial institution’s hours of customer support availability and ways you can contact a representative.
The strongest financial institutions offer several ways to contact a customer representative and are available 24/7. These will earn a 5 out 5. If representatives are available only on weekdays and close before traditional banking hours (for example, from 9 a.m. to 3 p.m. ET), it will receive a 2 out of 5.
Mobile app (10% of rating)
We review the Google Play and Apple stores to see how customers have rated the app. The average score between the two platforms will determine our rating.
If a bank has 4.7 stars in the Google Play store and 3.2 stars in the Apple store, we’ll use the average rating (3.95), round up, and assign it 4 out 5. If a bank doesn’t have a mobile app it will receive a 0 out of 5.
Ethics (10% of rating)
We review financial institutions to see if they’ve been involved in public scandals over the last three years. If the bank has been involved in a recent public settlement, we’ll include information about it in our “Trustworthiness and BBB rating” section. This section also includes ratings from the Better Business Bureau so you can see how a bank responds to customer issues and whether a financial institution actively helps underserved communities.
Banks and credit unions that do not have recent public controversies and have an A+ rating from the Better Business Bureau get a 5 out of 5. If a financial institution has a B rating from the BBB and it has been in one public controversy in the last three years, it will be assigned a 3.5 out of 5.
Overall, our ratings can be used to help you understand how a particular bank’s CDs compare to the CDs of other financial institutions. CDs with high ratings in most of these categories will likely have a high overall rating. Meanwhile, CDs with lower overall ratings may still be good options, but you’ll want to review specific features to see if one is a good account for your needs.
Security (10% of rating)
To help determine whether a financial institution is secure, we examine a bank’s financial performance. We also take into consideration when it was established and whether it’s experienced any data breaches in the last three years.
Banks will receive 5 out of 5 in the security category if they meet the following requirements: have high Bauer Financial, Moody, and Fitch ratings; were established 10 or more years ago; and experienced zero data breaches in the last 3 years.
Banks will receive 3 out of 5 in the security category if they meet the following requirements: rank in the middle for Bauer Financial, Moody, and Fitch ratings; were established 10 or more years ago; and experienced two or three data breaches in the last 3 years. We’ll also assign this score if there is insufficient information for one or more of the requirements.
Banks will receive 1 out of 5 in the security category if they meet the following requirements: rank in the bottom for Bauer Financial, Moody, and Fitch ratings; were established 5 or more years ago; and experienced two or three data breaches in the last 3 years.
If there’s one category where it’s an outlier we’ll deduct 0.5 from the score.
Minimum deposit (5% of rating)
We look to see how easy it is to open a CD. Generally, banks and credit unions require a $1,000 minimum opening deposit for a CD. If a CD requires $1,000 or more for an opening deposit, this will be considered a disadvantage.
A CD with a $0 minimum opening deposit will receive 5 out of 5. A CD with a $1,000 minimum opening deposit will get 3.5 out of 5.
Miscellaneous features: Perks or disadvantages (5% of rating)
Many CDs have miscellaneous features that are specific to the financial institution it’s a part of. They can either benefit your overall banking experience or hinder it.
We’ll give this category a score of 3 out of 5 if the CD is a standard account without perks or disadvantages or if the extra perks are canceled out by limitations that standard accounts do not usually enforce.
We’ll assign a score of 5 out of 5 for CDs that have two or more perks.
We’ll assign a score of 1 out of 5 for CDs that have two or more account limitations.
Some examples of CD perks include flexible depositing features and the ability to easily renew terms online.
Some examples of CD limitations include caps on the number of accounts you can open or limitations for earning interest.
Money market accounts
A money market account is a type of interest-earning bank account. Money market accounts are distinct from other types of savings accounts because they often have tiered interest rates or provide access to your account through debit cards, checks, or an online payment system.
If you’d like to learn more about how we evaluate individual features of money market accounts, you’ll find more details on our rating methodology below.
Interest rate (20% of rating)
A money market account may receive a high rating if it has a competitive interest rate. To help determine whether it has a high rate, we see if a bank account pay more than the national average money market account rate.
If the financial institution offers a significantly higher rate (similar to the rates mentioned in our best money market accounts), it will receive 5 out of 5. A financial institution will earn a 3 out of 5 if its money market account rate is on par with average money market account rates. Banks or credit unions that offer a much lower interest rate (for example, 0.01% APY on a money market account) will only get 1 out of 5.
Monthly fees (20% of rating)
A money market account may receive a high rating if it charges zero monthly service fees. If a money market account charges a monthly service fee, the rating assigned will depend on the monthly charge and how easy it is to waive the fee.
For example, a money market account that charges zero monthly service fees will earn a 5 out of 5. A money market account that charges a monthly service fee between $10 and $20 that can only be waived one way will earn a 3 out of 5.
Customer support (10% of rating)
We review a financial institution’s hours of customer support availability and ways you can contact a representative.
The strongest financial institutions offer several ways to contact a customer representative and are available 24/7. These will earn a 5 out of 5.
If representatives are available during traditional banking hours (e.g., Monday through Friday, from 9 a.m. to 5 p.m. and Saturday morning) the bank account will earn receive a 3 out of 5 for the category.
The lowest ratings will go toward financial institutions that do not offer a direct way to contact live customer service or offer limited email customer support.
Mobile app (10% of rating)
We review the Google Play and Apple stores to see how customers have rated the bank’s app. The average score between the two platforms will determine our rating. Banks or credit unions that do not have a mobile app will receive a 0 rating.
For example, if a bank has 4.7 stars in the Google Play store and 3.2 stars in the Apple store, we’ll use the average rating (3.95), round up, and assign it 4 out of 5.
Ethics (10% of rating)
We review financial institutions to see if they’ve been involved in public scandals over the last three years. If the bank has been involved in a recent public settlement, we’ll include information about it in our “Trustworthiness and BBB rating” section.
This section also includes ratings from the Better Business Bureau so you can see how a bank responds to customer issues, and information about whether a financial institution actively helps underserved communities.
Banks and credit unions that do not have recent public controversies and have a high rating from the Better Business Bureau (A+ to B-) will receive high ratings in this category.
We’ll assign lower ratings to financial institutions that have low BBB ratings (C+ to F) or multiple public controversies. The lowest ratings will go toward banks or credit unions that have both public controversies and significant public controversies involving discrimination or a lack of transparency in business practices.
Banks and credit unions that do not have recent public controversies and have an A+ rating from the Better Business Bureau get a 5 out of 5. If a financial institution has a B rating from the BBB and it has been in one public controversy in the last three years, it will be assigned a 3.5 out of 5.
Security (10% of rating)
To help determine whether a financial institution is secure, we examine a bank’s financial performance. We also take into consideration when it was established and whether it’s experienced any data breaches in the last three years.
Banks will receive 5 out of 5 in the security category if they meet the following requirements: have high Bauer Financial, Moody, and Fitch ratings; were established 10 or more years ago; and experienced zero data breaches in the last 3 years.
Banks will receive 3 out of 5 in the security category if they meet the following requirements: rank in the middle for Bauer Financial, Moody, and Fitch ratings; were established 10 or more years ago; and experienced two or three data breaches in the last 3 years. We’ll also assign this score if there is insufficient information for one or more of the requirements.
Banks will receive 1 out of 5 in the security category if they meet the following requirements: rank in the bottom for Bauer Financial, Moody, and Fitch ratings; were established 5 or more years ago; and experienced two or three data breaches in the last 3 years.
If there’s one category where it’s an outlier we’ll deduct 0.5 from the score.
ATM network/fees (5% of rating)*
*Note: This will only be factored in if the money market account has a debit card or ATM card. If a money market account has neither a debit card nor an ATM card, this category will not negatively impact the rating since this will already be taken into account under the category “Access to your money.” The categories will be adjusted and will account for 14.29% of the rating.
We look to see if the bank has a substantial ATM network, and how it charges out-of-network ATM fees. Ideally, a bank won’t charge you a fee for using an out-of-network ATM and will provide reimbursement if you’re charged by another provider.
For example, a money market account that has a nationwide ATM network and permits unlimited reimbursements on out-of-network ATM fees receives a 5 out of 5. A money market account that has a regional ATM network and charges out-of-network ATM fees will receive a 2 out of 5.
Minimum deposit (5% of rating)
The highest-rated money market accounts have a minimum opening deposit of under $1,000. If a money market account requires $1,000 or more for an opening deposit, this will be considered a disadvantage.
A money market account with a $0 minimum opening deposit will receive 5 out of 5. A money market account with a $1,000 minimum opening deposit will get 3.5 out of 5.
Access to your money (5% of rating)
We research to see if a money market account has access to savings through an ATM card, debit card, paper checks, or online payment service. Money market accounts will receive a higher rating if there are several ways to access an account.
For example, a money market account that comes with a debit card, paper checks, and access to Zelle will receive a 5 out of 5. A money market account that only offers paper checks will receive a 3 out of 5.
Miscellaneous features: Perks or disadvantages (5% of rating)
Many money market accounts have miscellaneous features that are specific to the financial institution it’s a part of. They can either benefit your overall banking experience or hinder it.
We’ll give this category a score of 3 out of 5 if the money market account is a standard account without perks or disadvantages or if the extra perks are canceled out by limitations that standard accounts do not usually enforce.
We’ll assign a score of 5 out of 5 for money market accounts that have two or more perks.
We’ll assign a score of 1 out of 5 for money market accounts that have two or more account limitations.
Some examples of money market account limitations include caps on the amount of interest you can earn and limitations on how many accounts you can open.
Some examples of money market account perks include cash deposit access at online-only banks, bucketing features, and cash bonuses for new customers.
Hybrid bank accounts
Hybrid bank accounts combine checking and savings account features into an all-in-one account. These types of accounts are usually offered by non-traditional banking platforms, like fintechs.
Here’s an overview of how we rate hybrid accounts.
Monthly fees (20% of rating)
If a hybrid account charges a monthly service fee, the rating assigned will depend on the monthly charge and how easy it is to waive the fee.
A hybrid account that charges zero monthly service fees will earn a 5 out of 5. If a hybrid account charges a monthly service fee between $5 and $10 that can only be waived one way, it will earn a 3 out of 5.
Interest rate (15% of rating)
A hybrid account will receive a high rating if it has a competitive interest rate. To help determine whether it has a high rate, we see if a savings balance of a hybrid account pays a higher interest rate than the average savings account rate.
If the financial institution offers a significantly higher rate (similar to the rates mentioned in our best high-yield savings account guide), it will receive 5 out of 5. A financial institution will earn a 3 out of 5 if its hybrid account interest rate is on par with average savings rates. Banks or credit unions that offer a much lower interest rate (for example, 0.01% APY (Annual Percentage Yield) on savings balances) will only get 1 out of 5.
Overdraft protection options (15% of rating)
First, we review whether a bank or fintech charges overdraft fees and/or offers overdraft protection. Banks or fintechs that deny a purchase but do not offer overdraft protection are assigned a 3 out of 5 in this category. If they offer overdraft protection, we see if there’s a fee for using overdraft protection.
For instance, a hybrid account that doesn’t have any overdraft fees and offers multiple free overdraft protection programs will receive a 5 out of 5. A hybrid account that charges an overdraft fee of up to $15 and doesn’t offer any overdraft protection will get a 2 out of 5.
Minimum deposit (7.5% of rating)
We look to see how easy it is to open a hybrid account. The highest-ranked accounts have a minimum opening deposit between $0 and $25. If a hybrid account requires more than $25, this will be considered a disadvantage.
For example, a hybrid account with a $0 minimum opening deposit will receive 5 out of 5. Meanwhile, hybrid accounts with a $25 minimum opening deposit will get 3.5 out of 5.
ATM network/fees (7.5% of rating)
We look to see if the bank has a substantial ATM network, and how it charges out-of-network ATM fees. Ideally, an institution won’t charge you a fee for using an out-of-network ATM. It will also reimburse you if you’re charged by another provider.
For example, a hybrid account that has a nationwide ATM network and permits unlimited reimbursements on out-of-network ATM fees receives a 5 out of 5. A hybrid account that has a regional ATM network and charges out-of-network ATM fees will receive a 2 out of 5.
Customer support (7.5% of rating)
We review a financial institution’s hours of customer support availability and ways you can contact a representative.
The strongest financial institutions offer several ways to contact a customer representative and are available 24/7. These will earn a 5 out of 5.
If representatives are available during traditional banking hours (e.g., Monday through Friday, from 9 a.m. to 5 p.m. and Saturday morning) the bank account will earn receive a 3 out of 5 for the category.
The lowest ratings will go toward financial institutions that do not offer a direct way to contact live customer service or offer limited email customer support.
Mobile app (7.5% of rating)
We review the Google Play and Apple stores to see how customers have rated the bank’s app. The average score between the two platforms will determine our rating. Banks or credit unions that do not have a mobile app will receive a 0 rating.
For example, if a bank has 4.7 stars in the Google Play store and 3.2 stars in the Apple store, we’ll use the average rating (3.95), round up, and assign it 4 out of 5. If a bank doesn’t have a mobile app it will receive a 0 out of 5.
Ethics (7.5% of rating)
We review financial institutions to see if they’ve been involved in public scandals over the last three years. If the bank has been involved in a recent public settlement, we’ll include information about it in our “Trustworthiness and BBB rating” section.
This section also includes ratings from the Better Business Bureau so you can see how a bank responds to customer issues, and information about whether a financial institution actively helps underserved communities.
Banks and credit unions that do not have recent public controversies and have a high rating from the Better Business Bureau (A+ to B-) will receive high ratings in this category.
We’ll assign lower ratings to financial institutions that have low BBB ratings (C+ to F) or multiple public controversies. The lowest ratings will go toward banks or credit unions that have both public controversies and significant public controversies involving discrimination or a lack of transparency in business practices.
Banks and credit unions that do not have recent public controversies and have an A+ rating from the Better Business Bureau get a 5 out of 5. If a financial institution has a B rating from the BBB and it has been in one public controversy in the last three years, it will be assigned a 3.5 out of 5.
Security (7.5% of rating)
To help determine whether a financial institution is secure, we examine a bank’s financial performance through Bauer Financial, Moody, and Fitch ratings. For hybrid accounts, this looks at the banks the fintech is partnered with. We also take into consideration when it was established and whether it’s experienced any data breaches in the last three years.
Banks will receive 5 out of 5 in the security category if they meet the following requirements: have high Bauer Financial, Moody, and Fitch ratings; were established 10 or more years ago; and experienced zero data breaches in the last 3 years.
Banks will receive 3 out of 5 in the security category if they meet the following requirements: rank in the middle for Bauer Financial, Moody, and Fitch ratings; were established 10 or more years ago; and experienced two or three data breaches in the last 3 years. We’ll also assign this score if there is insufficient information for one or more of the requirements.
Banks will receive 1 out of 5 in the security category if they meet the following requirements: rank in the bottom for Bauer Financial, Moody, and Fitch ratings; were established 5 or more years ago; and experienced two or three data breaches in the last 3 years.
If there’s one category where it’s an outlier we’ll deduct 0.5 from the score.
Miscellaneous features: Perks or disadvantages (5% of rating)
Many hybrid accounts have miscellaneous features that are specific to the financial institution it’s a part of. They can either benefit your overall banking experience or hinder it.
We’ll give this category a score of 3 out of 5 if the hybrid account is a standard account without perks or disadvantages or if the extra perks are canceled out by limitations that standard accounts do not usually enforce.
We’ll assign a score of 5 out of 5 for hybrid accounts that have two or more perks.
We’ll assign a score of 1 out of 5 for hybrid accounts that have two or more account limitations.
Some examples of hybrid account perks include cash back on debit card purchases and the option to deposit cash at an online-only bank.
Some examples of hybrid account limitations include limitations on the number of accounts you can open or an unusual bank fee.
Business checking accounts
Business checking accounts are a type of business bank account where you can manage everyday business operations.
If you’d like to learn more about how we evaluate individual features of business checking accounts, you’ll find more details on our methodology for business checking account ratings below.
Monthly fees (20% of rating)
A business checking account will receive a high rating in this category if it charges zero monthly service fees. If a business checking account charges a monthly service fee, the rating assigned will depend on the monthly charge and how easy it is to waive the fee.
A business checking account that charges zero monthly service fees will earn a 5 out of 5. A business checking account that charges a monthly service fee between $5 and $10 that can only be waived one way will earn a 3 out of 5.
ATM network/fees (10% of rating)
We look to see if the bank has a substantial ATM network, and how it charges out-of-network ATM fees. Ideally, a bank won’t charge you a fee for using an out-of-network ATM. It will also provide reimbursement if you’re charged by another provider.
For example, a business checking account that has a nationwide ATM network and permits unlimited reimbursements on out-of-network ATM fees receives a 5 out of 5. A business checking account that has a regional ATM network and charges out-of-network ATM fees will receive a 2 out of 5.
Customer support (10% of rating)
We review a financial institution’s hours of customer support availability and ways you can contact a representative.
The strongest financial institutions offer several ways to contact a customer representative and are available 24/7. These will earn a 5 out of 5.
If representatives are available during traditional banking hours (e.g., Monday through Friday, from 9 a.m. to 5 p.m. and Saturday morning) the bank account will earn receive a 3 out of 5 for the category.
The lowest ratings will go toward financial institutions that do not offer a direct way to contact live customer service or offer limited email customer support.
Mobile app (10% of rating)
We review the Google Play and Apple stores to see how customers have rated the bank’s app. The average score between the two platforms will determine our rating. Banks or credit unions that do not have a mobile app will receive a 0 rating.
For example, if a bank has 4.7 stars in the Google Play store and 3.2 stars in the Apple store, we’ll use the average rating (3.95), round up, and assign it 4 out of 5.
Ethics (10% of rating)
We review financial institutions to see if they’ve been involved in public scandals over the last three years. If the bank has been involved in a recent public settlement, we’ll include information about it in our “Trustworthiness and BBB rating” section.
This section also includes ratings from the Better Business Bureau so you can see how a bank responds to customer issues, and information about whether a financial institution actively helps underserved communities.
Banks and credit unions that do not have recent public controversies and have a high rating from the Better Business Bureau (A+ to B-) will receive high ratings in this category.
We’ll assign lower ratings to financial institutions that have low BBB ratings (C+ to F) or multiple public controversies. The lowest ratings will go toward banks or credit unions that have both public controversies and significant public controversies involving discrimination or a lack of transparency in business practices.
Banks and credit unions that do not have recent public controversies and have an A+ rating from the Better Business Bureau get a 5 out of 5. If a financial institution has a B rating from the BBB and it has been in one public controversy in the last three years, it will be assigned a 3.5 out of 5.
Security (10% of rating)
To help determine whether a financial institution is secure, we examine a bank’s financial performance through Bauer Financial, Moody, and Fitch ratings. We also take into consideration when it was established and whether it’s experienced any data breaches in the last three years.
Banks will receive 5 out of 5 in the security category if they meet the following requirements: have high Bauer Financial, Moody, and Fitch ratings; were established 10 or more years ago; and experienced zero data breaches in the last 3 years.
Banks will receive 3 out of 5 in the security category if they meet the following requirements: rank in the middle for Bauer Financial, Moody, and Fitch ratings; were established 10 or more years ago; and experienced two or three data breaches in the last 3 years. We’ll also assign this score if there is insufficient information for one or more of the requirements.
Banks will receive 1 out of 5 in the security category if they meet the following requirements: rank in the bottom for Bauer Financial, Moody, and Fitch ratings; were established 5 or more years ago; and experienced two or three data breaches in the last 3 years.
If there’s one category where it’s an outlier we’ll deduct 0.5 from the score.
Minimum deposit (5% of rating)
The highest-ranked business checking accounts have a minimum opening deposit that’s between $0 and $25. If a business checking account requires more than $25, this will be considered a disadvantage.
For example, a business checking account with a $0 minimum opening deposit will receive 5 out of 5. A business checking account with a $50 minimum opening deposit will get 3 out of 5.
Transaction limit (5% of rating)
If there’s a transaction limit, the rating will depend on how many free transactions are permitted per month, and the charge for exceeding the limit.
For example, a business checking account that permits unlimited transactions will get a 5 out of 5. If a checking account permits 200 free transactions per month and charges a $0.50 fee for additional transactions that exceed the limit, it will receive a 3 out of 5. If a checking account permits fewer than 100 transactions per month and charges more than $0.50 for transactions that exceed the limit, it will receive a 1 out of 5.
Miscellaneous features: Perks or disadvantages (5% of rating)
Many business checking accounts have miscellaneous features that are specific to the financial institution it’s a part of. They can either benefit your overall banking experience or hinder it.
We’ll give this category a score of 3 out of 5 if the business checking account is a standard account without perks or disadvantages or if the extra perks are canceled out by limitations that standard accounts do not usually enforce.
We’ll assign a score of 5 out of 5 for business checking accounts that have two or more perks.
We’ll assign a score of 1 out of 5 for business checking accounts that have two or more account limitations.
Some examples of business checking account perks include cash back on debit card purchases, the ability to earn interest, and the option to deposit cash at an online-only bank.
Some examples of business checking account limitations include limitations on the number of accounts you can open or an unusual bank fee.
Ultimately, we review checking accounts, savings accounts, money market accounts, and business checking accounts to help you understand how a particular bank’s accounts compare to those of other financial institutions. Bank accounts with high ratings in most of these categories will likely have a high overall rating. Meanwhile, accounts with lower overall ratings might still be worth considering, but you’ll want to review specific features to see if one is a good account for your needs.
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