In today’s digital age, choosing the right checking account can be a daunting task. With so many options available from traditional brick-and-mortar banks to online banks and credit unions, it can be overwhelming to determine which account best suits your needs. To help simplify this process, Forbes Advisor conducted a thorough analysis of 34 checking accounts at 23 financial institutions.
Forbes Advisor ranked each account on 22 data points within six categories: fees, access, customer experience, digital experience, minimums, and APY. The weighting assigned to each category was as follows: APY (40%), fees (20%), digital experience (10%), customer experience (10%), minimum deposit requirement (5%), minimum balance requirement (5%), and access (10%).
Access, a crucial aspect of any checking account, was defined by Forbes Advisor as the ease with which the account links to business checking, availability of a debit or ATM card, check-writing capability, branch network size, and ATM network size. This category accounted for 10% of the overall ranking.
To provide transparency and insight into their rating and review methodology, Forbes Advisor encourages readers to refer to their guide on “How Forbes Advisor Reviews Banks.” This guide outlines the rigorous editorial process and criteria used to evaluate and rank checking accounts.
The list of financial institutions monitored by Forbes Advisor is extensive and diverse, including well-known names such as Ally Bank, Bank of America, Chase, Citibank, and Wells Fargo, as well as online banks like Aspiration, Axos Bank, and Marcus by Goldman Sachs. Credit unions such as Navy Federal Credit Union, PenFed, and USAA were also included in the research.
Each institution was carefully evaluated based on their fees, digital and customer experiences, minimum requirements, and APY. By considering these factors, Forbes Advisor aimed to provide consumers with a comprehensive overview of the best checking account options available in the market.
In conclusion, choosing the right checking account is a personal decision that should be based on individual financial goals and preferences. By leveraging the insights and rankings provided by Forbes Advisor, consumers can make informed decisions when selecting a checking account that aligns with their needs and priorities. Whether you prioritize high APY, low fees, or convenient access, Forbes Advisor’s analysis offers valuable guidance to help you navigate the complex landscape of checking accounts.
