Posted by: Alina Comoreanu

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 flirting with 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 2,200 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 trends and tidbits will help you make even better financial decisions moving forward.

1. Q2 Main Findings
2. Checking Accounts by Account Type
3. Checking Accounts by Institution Type
4. Checking Accounts by Region
5. Checking Account Differences Over Time
6. Savings Accounts by Account Type
7. Savings Accounts by Institution Type
8. Savings Accounts by Region
9. Savings Accounts Differences Over Time
10. Methodology

 

Q2 Main Findings

RATES

• Banks and credit unions have been eager to increase credit card interest rates following the Fed’s latest rate hikes, but this has yet to translate into higher deposit account APYs.

 

• Although deposit rates aren’t keeping up with the Fed, they are improving. Relative to Q1 2017, online savings account rates are up 13%, checking account rates are up nearly 9% and CD rates are up 5%.
• Online-only personal savings accounts provide the market’s highest interest rates, offering 36% higher returns than the runner-up: personal checking accounts from credit unions. Such accounts yield 0.72% and 0.53%, respectively, on average.
• Traditional banks seem to be discouraging long-term saving by offering 192% higher yields on branch-based checking accounts than savings accounts.
• Branch-based personal checking accounts yield an average of 9% more than their best online-only counterparts. This marks a significant change from previous years. Online-only personal checking accounts had the advantage for 11 consecutive quarters until Q3 2016.
• People in the Northeast and West continue to receive significantly lower banking returns than the rest of the country, earning an average of 66% less with checking accounts and 39% less with savings accounts. Consumers in the Southeast, for example, earn 704% higher checking-account rates and 172% higher savings-account rates 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 39% cheaper than the next-best option: online checking accounts.
• Checking accounts from community banks are 46% less expensive than those from national banks and have 24% more features. Their interest rates are nearly 10 times higher on average, too.
• The number of checking accounts with rewards declined by 14.66% during Q2 2017.
• Financial institutions appear to be courting new checking account customers by reducing minimum-to-open requirements (down ~14% year over year) and reducing the monthly fee by 4%, while increasing the average interest rate (up 23%).

TYPES OF ACCOUNTS

• Certificates of Deposit still aren’t worth sacrificing your liquid flexibility. After all, the average 2-year CD actually yields about the same (0.73%) as your run-of-the-mill online savings account (0.72%).
• Business checking accounts are 74% more expensive than branch-based personal checking accounts and 183% more expensive than online-only personal checking accounts. Business checking accounts also provide 74% lower interest rates and 49% fewer features than personal online accounts. So small business owners 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 71% less expensive than their general-consumer counterparts. But lower fees come at a cost, as the interest rates offered to students are 68% lower than those available to the general-consumer population.
• While inferior to online-only savings accounts, credit union checking accounts continue to offer the best interest rates among branch-based institutions, providing over 7X more value than regional banks and 15X 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	$4.10	$6.67	$10.19	$0.24
Monthly Fee w/ Min Requirements to Waive Met	$0.25	$0.47	$1.91	$0.00
Min Balance to Avoid Monthly Fee	$2,264	$4,150	$5,917	$667
Out-of-Network Fees	$1.01	$1.40	$1.83	$1.29
Paper Statement Fee	$2.52	$1.18	$1.50	$1.73
Online Bill Pay	$0.15	$0.30	$1.10	$0.01
Minimum to Open	$88	$111	$138	$42
Overdraft Fee	$25	$32	$34	$33
Insufficient Funds Fee	$26	$32	$33	$33
WalletHub Checking Account Fee Index	$28	$43	$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	58.33%	38.92%	32.34%	94.59%
% $0 Out-of-Network ATM Fee	55.32%	32.20%	16.00%	38.57%
% Reimburse ATM Fees	43.75%	17.34%	3.75%	17.57%
% $0 Paper Statement Fee	23.81%	56.16%	58.86%	34.92%
% $0 Overdraft/ NSF Fees	17.02%	1.55%	0.00%	0.00%
% $0 Minimum to Open	16.67%	16.03%	27.92%	17.57%
% $0 Online Bill Pay	93.75%	93.28%	81.58%	94.52%
% Interest Bearing*	38.30%	25.85%	8.33%	9.46%
% Offer Rewards	8.33%	7.69%	5.83%	10.81%
WalletHub Checking Account Features Index	45.37%	31.72%	23.49%	43.46%

*$1,000 balance

Average Interest Rate for Interest Bearing Checking Accounts by Account Type

 

	Personal-Online	Personal-Branch	Business -Branch	Student-Branch
$1,000 balance	0.32%	0.42%	0.08%	0.13%
$3,000 balance	0.31%	0.40%	0.08%	0.13%
$10,000 balance	0.34%	0.29%	0.08%	0.13%
$25,000 balance	0.35%	0.19%	0.21%	0.13%
$50,000 balance	0.37%	0.16%	0.19%	0.13%
WalletHub Checking Interest Index	0.32%	0.37%	0.08%	0.13%

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Checking Accounts by Institution Type

Average Fees on Checking Accounts by Institution Type

	Community	Small	Regional	National	Credit Union
Monthly Fee	$6.00	$7.05	$11.57	$13.89	$1.65
Monthly Fee w/ Min Requirements to Waive Met	$0.39	$0.37	$0.98	$0.55	$0.03
Min Balance to Avoid Monthly Fee	$2,524	$4,180	$5,600	$6,017	$8,000
Out-of-Network ATM Fees	$1.25	$1.70	$1.60	$2.03	$0.90
Paper Statement Fee	$2.24	$1.29	$0.97	$0.41	$0.32
Online Bill Pay	$0.71	$0.34	$0.15	$0.00	$0.02
Minimum to Open	$224	$90	$173	$51	$170
Overdraft Fee	$32	$34	$33	$33	$27
Insufficient Funds Fee	$32	$33	$31	$32	$26
WalletHub Checking Account Fee Index	$41	$45	$67	$73	$16

 

Key Features on Checking Accounts by Institution Type

	Community	Small	Regional	National	Credit Union
% $0 Monthly Fee w/ No Min Requirements	40.48%	28.57%	13.33%	3.45%	77.42%
% $0 Out-of-Network ATM Fee	30.95%	17.14%	33.33%	24.14%	35.48%
% Reimburse ATM Fees	11.90%	14.29%	13.33%	13.79%	22.58%
% $0 Paper Statement Fee	38.24%	42.86%	60.00%	75.86%	76.67%
% $0 Overdraft/ NSF Fees	0.00%	0.00%	2.22%	6.90%	0.00%
% $0 Minimum to Open	7.14%	17.14%	11.11%	24.14%	61.29%
% $0 Online Bill Pay	85.71%	94.29%	93.33%	100.00%	96.77%
% Interest Bearing*	33.33%	25.71%	33.33%	24.14%	48.39%
% Offer Rewards	7.14%	2.86%	4.44%	10.34%	12.90%
WalletHub Checking Account Features Index	29.60%	25.71%	25.82%	24.30%	47.74%

*$1,000 balance

Average Interest Rate for Interest Bearing Checking Accounts by Institution Type

	Community	Small	Regional	National	Credit Union
$1,000 balance	0.53%	0.06%	0.07%	0.07%	0.62%
$3,000 balance	0.44%	0.05%	0.06%	0.06%	0.62%
$10,000 balance	0.42%	0.06%	0.06%	0.06%	0.47%
$25,000 balance	0.12%	0.06%	0.07%	0.06%	0.33%
$50,000 balance	0.12%	0.06%	0.07%	0.06%	0.33%
WalletHub Checking Interest Index	0.44%	0.06%	0.06%	0.06%	0.57%

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Checking Accounts by Region

Average Fees on Checking Accounts by Region

	Midwest	West	Southwest	Southeast	Northeast
Monthly Fee	$6.42	$9.41	$7.70	$7.14	$10.10
Monthly Fee w/ Min Requirements to Waive Met	$0.00	$0.12	$0.37	$1.63	$0.21
Min Balance to Avoid Monthly Fee	$6,000	$4,504	$4,332	$5,094	$5,072
Out-of-Network ATM Fees	$1.70	$1.39	$1.37	$1.51	$1.51
Paper Statement Fee	$1.23	$0.91	$1.75	$0.76	$0.93
Online Bill Pay	$0.35	$0.00	$0.70	$0.18	$0.18
Minimum to Open	$109	$311	$172	$76	$31
Overdraft Fee	$31	$30	$31	$33	$35
Insufficient Funds Fee	$31	$30	$30	$32	$33
WalletHub Checking Account Fee Index	$39	$49	$47	$54	$55

 

Key Features on Checking Accounts by Region

	Midwest	West	Southwest	Southeast	Northeast
% $0 Monthly Fee w/ No Min Requirements	50.00%	20.93%	29.41%	31.71%	28.57%
% $0 Out-of-Network ATM Fee	22.22%	27.91%	26.47%	29.27%	39.29%
% Reimburse ATM Fees	13.89%	6.98%	17.65%	17.07%	21.43%
% $0 Paper Statement Fee	52.94%	60.47%	46.67%	68.42%	57.14%
% $0 Overdraft/ NSF Fees	2.78%	4.65%	0.00%	0.00%	0.00%
% $0 Minimum to Open	50.00%	13.95%	11.76%	9.76%	28.57%
% $0 Online Bill Pay	91.67%	97.67%	88.24%	92.68%	96.43%
% Interest Bearing*	30.56%	27.91%	44.12%	36.59%	25.00%
% Offer Rewards	5.56%	2.33%	2.94%	17.07%	7.14%
WalletHub Checking Account Features Index	34.27%	26.25%	28.83%	31.02%	31.46%

*$1,000 balance

Average Interest Rate for Interest Bearing Checking Accounts by Region

	Midwest	West	Southwest	Southeast	Northeast
$1,000 balance	0.39%	0.04%	0.47%	0.37%	0.18%
$3,000 balance	0.32%	0.04%	0.47%	0.36%	0.19%
$10,000 balance	0.33%	0.04%	0.30%	0.35%	0.18%
$25,000 balance	0.12%	0.06%	0.18%	0.13%	0.18%
$50,000 balance	0.13%	0.07%	0.19%	0.13%	0.19%
WalletHub Checking Interest Index	0.33%	0.04%	0.41%	0.35%	0.19%

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Checking Account Differences Over Time

Change in Average Fees on Checking Accounts Over Time*

 

 

 

	Q2 2016 (vs. last year)	Q3 2016 (vs. last year)	Q4 2016 (vs. last year)	Q1 2017 (vs. last year)	Q1 2017 vs. Q4 2016
Monthly Fee	$6.85(2.63%)	$6.73(0.04%)	$6.65(-1.58%)	$6.67(-2.33%)	0.28%
Monthly Fee w/ Min Requirements to Waive Met	$0.46(-31.52%)	$0.45(-16.23%)	$0.48(-7.39%)	$0.47(-13.72%)	-1.97%
Min Balance to Avoid Monthly Fee	$3,946(4.60%)	$4,056(10.27%)	$4,096(9.28%)	$4,150(5.20%)	1.32%
Out-of-Network ATM Fees	$1.39(-6.67%)	$1.40(-3.35%)	$1.41(-1.72%)	$1.40(-0.81%)	-1.03%
Paper Statement Fee	$1.05(-1.00%)	$1.07(-13.49%)	$1.15(-9.55%)	$1.18(2.73%)	2.24%
Online Bill Pay	$0.28(-27.49%)	$0.29(-25.28%)	$0.29(-20.13%)	$0.30(-11.70%)	3.31%
Minimum to Open	$139(0.35%)	$108(-19.17%)	$109(-22.63%)	$111(-20.36%)	1.86%
Overdraft Fee	$32.16(-1.04%)	$32.27(-0.42%)	$32.13(-0.90%)	$32.45(0.38%)	0.99%
Insufficient Funds Fee	$31.80(-1.15%)	$31.87(-0.66%)	$31.86(-0.72%)	$31.95(-0.03%)	0.29%
WalletHub Checking Account Fee Index	$39.85(-0.02%)	$39.46(-1.28%)	$39.12(-2.09%)	$39.29(-1.94%)	0.43%

*Averages based on Personal Branch checking accounts

 Change in Average Fees on Checking Accounts Over Time by Institution and Region

	Q2 2016	Q3 2016	Q4 2016	Q1 2017	Q1 2017 vs. Q4 2016
Best Institution	Credit Union($19.31)	Credit Union($18.19)	Credit Union($18.31)	Credit Union($16.01)	-12.55%
Worst Institution	National($77.27)	National($76.49)	National($74.74)	National($72.75)	-2.66%
Best vs. Worst Difference	-75.01%	-76.22%	-75.50%	-77.99%	3.30%
Best Region	Midwest($45.17)	Midwest($43.57)	Midwest($38.65)	Midwest($38.80)	0.40%
Worst Region	SE($57.21)	SE($58.00)	SE($55.82)	NE($55.14)	-1.21%
Best vs. Worst Difference	-21.05%	-24.87%	-30.77%	-29.64%	-3.67%

 Change in Key Features on Checking Accounts Over Time*

 

 

	Q2 2016 (vs. last year)	Q3 2016 (vs. last year)	Q4 2016 (vs. last year)	Q1 2017 (vs. last year)	Q1 2017 vs. Q4 2016
% $0 Monthly Fee w/ No Min Requirements	37.42%(-5.18%)	38.30%(-0.08%)	39.00%(2.33%)	38.92%(2.26%)	-0.20%
% $0 Out-of-Network ATM Fee	31.75%(23.97%)	31.22%(11.55%)	31.29%(7.75%)	32.20%(3.53%)	2.90%
% Reimburse ATM Fees	17.52%(20.22%)	17.53%(9.48%)	16.94%(1.03%)	17.31%(1.55%)	2.16%
% $0 Paper Statement Fee	59.71%(2.97%)	59.04%(8.57%)	56.77%(6.06%)	56.16%(3.64%)	-1.08%
% $0 Overdraft/ NSF Fees	1.27%(N/A)	1.29%(N/A)	1.71%(N/A)	1.55%(N/A)	N/A*
% $0 Minimum to Open	16.90%(-13.96%)	17.11%(-6.46%)	15.91%(-7.39%)	16.03%(-4.82%)	0.73%
% $0 Online Bill Pay	93.81%(2.41%)	93.10%(2.19%)	93.29%(1.47%)	93.28%(0.37%)	-0.02%
% Interest Bearing**	26.27%(16.68%)	24.95%(6.20%)	25.21%(3.58%)	25.85%(4.06%)	2.57%
% Offer Rewards	12.63%(N/A)	10.31%(N/A)	9.30%(N/A)	7.69%(N/A)	-17.26%
WalletHub Checking Account Features Index	31.82%(3.48%)	31.63%(2.82%)	31.61%(1.82%)	31.71%(0.57%)	0.32%

*N/A designates a small sample size, whereby a single issuer’s policies could lead to significant statistical changes. *Averages based on Personal Branch checking accounts **$1,000 balance

 Change in Key Features on Checking Accounts Over Time by Institution and Region

	Q2 2016	Q3 2016	Q4 2016	Q1 2017	Q1 2017 vs. Q4 2016
Best Institution	Credit Union(46.08%)	Credit Union(47.00%)	Credit Union(46.85%)	Credit Union(47.74%)	1.90%
Worst Institution	National(25.04%)	National(24.39%)	National(23.77%)	National(24.30%)	2.23%
Best vs. Worst Difference	84.05%	92.70%	97.07%	96.43%	-0.66%
Best Region	Midwest(35.39%)	Midwest(35.69%)	Midwest(35.17%)	Midwest(34.27%)	-2.56%
Worst Region	West(26.69%)	West(26.69%)	West(26.14%)	West(26.25%)	0.42%
Best vs. Worst Difference	32.60%	33.72%	34.56%	30.56%	-11.56%

 Change in Interest Rate for Interest Bearing Checking Accounts Over Time

 

 

	Q2 2016 (vs. last year)	Q3 2016 (vs. last year)	Q4 2016 (vs. last year)	Q1 2017 (vs. last year)	Q1 2017 vs. Q4 2016
$1,000 balance	0.37%(48.89%)	0.42%(20.82%)	0.41%(13.45%)	0.42%(18.81%)	2.69%
$3,000 balance	0.34%(50.09%)	0.39%(24.91%)	0.39%(17.54%)	0.40%(21.66%)	3.40%
$10,000 balance	0.27%(29.05%)	0.29%(6.38%)	0.29%(13.98%)	0.29%(0.13%)	0.01%
$25,000 balance	0.22%(65.68%)	0.19%(15.30%)	0.20%(21.62%)	0.19%(-0.16%)	-2.34%
$50,000 balance	0.21%(65.97%)	0.16%(19.40%)	0.16%(19.90%)	0.16%(-2.00%)	2.07%
WalletHub Checking Interest Index	0.32%(33.54%)	0.36%(45.03%)	0.36%(15.75%)	0.37%(15.13%)	2.37%

 Change in Interest Rate for Interest Bearing Checking Accounts Over Time by Institution and Region

	Q2 2016	Q3 2016	Q4 2016	Q1 2017	Q1 2017 vs. Q4 2016
Best Institution	Credit Union(0.55%)	Credit Union(0.59%)	Credit Union(0.57%)	Credit Union(0.57%)	-0.72%
Worst Institution	Small(0.05%)	National(0.04%)	Small(0.05%)	Small(0.06%)	14.06%
Best vs. Worst Difference	1008.12%	1516.86%	1059.65%	909.41%	-14.18%
Best Region	SW(0.40%)	SW(0.39%)	SW(0.40%)	SW(0.41%)	4.59%
Worst Region	West(0.04%)	West(0.04%)	West(0.04%)	West(0.04%)	20.26%
Best vs. Worst Difference	973.97%	874.72%	1005.85%	861.81%	-14.32%

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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	0.65%	0.12%	0.12%	0.28%
$3,000 balance	0.69%	0.13%	0.13%	0.23%
$10,000 balance	0.70%	0.15%	0.14%	0.23%
$25,000 balance	0.70%	0.16%	0.14%	0.23%
$50,000 balance	0.70%	0.17%	0.16%	0.24%
WalletHub Savings Interest Index	0.68%	0.14%	0.13%	0.24%

 Average Interest Rate for CDs by Account Type

	Personal-Branch	Business-Branch	Student-Branch
3-Mo CD	0.18%	0.13%	N/A
6-Mo CD	0.27%	0.21%	N/A
1-Yr CD	0.45%	0.32%	1.07%
2-Yr CD	0.69%	0.36%	N/A
3-Yr CD	0.91%	0.69%	N/A
5-Yr CD	1.30%	1.03%	1.15%

 Minimum to Open Requirements for Savings Accounts by Account Type

	Personal-Online	Personal-Branch	Business-Branch	Student-Branch
Average Minimum to Open Savings/ MMA	$1,356	$972	$4,006	$30
% $0 Min to Open Savings/ MMA	33.33%	11.01%	9.38%	18.18%
Average Minimum to Open CD	$902	$1,176	$1,150	$793
% $0 Min to Open CD	15.69%	0.62%	0.00%	0.00%

 Monthly Fees on Savings Accounts by Account Type

	Personal-Online	Personal-Branch	Business-Branch	Student-Branch
Average Monthly Fee	$2.04	$5.27	$7.97	$0.00
Average Minimum Balance to Avoid Monthly Fee	$1,061	$1,989	$2,981	N/A
% $0 Monthly Fee	68.89%	28.06%	11.11%	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	97.78%	91.29%	93.75%	96.55%
Ability to Write Checks	24.44%	25.89%	39.06%	0.00%
Offer ATM Card	51.11%	60.42%	43.75%	42.42%

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Savings Accounts by Institution Type

Average Interest Rate for Savings Accounts by Institution Type

	Community	Small	Regional	National	Credit Union
$1,000 balance	0.13%	0.05%	0.05%	0.03%	0.23%
$3,000 balance	0.13%	0.05%	0.05%	0.03%	0.27%
$10,000 balance	0.13%	0.07%	0.09%	0.04%	0.28%
$25,000 balance	0.10%	0.08%	0.13%	0.10%	0.31%
$50,000 balance	0.11%	0.09%	0.14%	0.11%	0.33%
WalletHub Savings Interest Index	0.13%	0.06%	0.07%	0.03%	0.26%

 Average Interest Rate for CD's by Institution Type

	Community	Small	Regional	National	Credit Union
3-Mo CD	0.20%	0.08%	0.08%	0.04%	0.29%
6-Mo CD	0.27%	0.11%	0.14%	0.11%	0.40%
1-Yr CD	0.38%	0.23%	0.26%	0.30%	0.66%
2-Yr CD	0.64%	0.35%	0.46%	0.40%	1.00%
3-Yr CD	0.95%	0.54%	0.66%	0.48%	1.29%
5-Yr CD	1.24%	0.87%	1.07%	0.73%	1.80%

 Minimum to Open Requirements for Savings Accounts by Institution Type

	Community	Small	Regional	National	Credit Union
Average Minimum to Open Savings/ MMA	$278	$1,082	$1,523	$660	$613
% $0 Min to Open Savings/ MMA	14.29%	14.29%	2.50%	25.00%	14.58%
Average Minimum to Open CD	$979	$3,720	$1,282	$908	$747
% $0 Min to Open CD	0.00%	0.00%	0.00%	13.16%	0.00%

 Monthly Fees on Savings Accounts by Institution Type

	Community	Small	Regional	National	Credit Union
Average Monthly Fee	$4.85	$6.43	$6.50	$8.09	$1.44
Average Minimum Balance to Avoid Monthly Fee	$1,026	$2,646	$3,777	$3,771	$938
% $0 Monthly Fee	14.29%	8.57%	20.51%	12.50%	77.08%
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	85.71%	85.71%	87.18%	100.00%	93.75%
Ability to Write Checks	10.71%	20.00%	37.50%	37.50%	22.92%
Offer ATM Card	60.71%	65.71%	80.00%	87.50%	47.92%

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Savings Accounts by Region

Average Interest Rate for Savings Accounts by Region

	Midwest	West	Southwest	Southeast	Northeast
$1,000 balance	0.11%	0.07%	0.11%	0.22%	0.08%
$3,000 balance	0.11%	0.07%	0.12%	0.22%	0.10%
$10,000 balance	0.13%	0.09%	0.13%	0.26%	0.11%
$25,000 balance	0.18%	0.10%	0.16%	0.22%	0.16%
$50,000 balance	0.18%	0.12%	0.17%	0.22%	0.18%
WalletHub Savings Interest Index	0.12%	0.08%	0.12%	0.23%	0.10%

 Average Interest Rate for CDs by Region

	Midwest	West	Southwest	Southeast	Northeast
3-Mo CD	0.14%	0.14%	0.10%	0.19%	0.33%
6-Mo CD	0.18%	0.21%	0.24%	0.27%	0.40%
1-Yr CD	0.29%	0.33%	0.49%	0.42%	0.58%
2-Yr CD	0.58%	0.46%	0.67%	0.66%	0.88%
3-Yr CD	0.86%	0.65%	0.93%	0.83%	1.25%
5-Yr CD	1.25%	1.10%	1.24%	1.28%	1.54%

 Minimum to Open Requirements for Savings Accounts by Region

	Midwest	West	Southwest	Southeast	Northeast
Average Minimum to Open Savings/ MMA	$1,241	$747	$368	$955	$1,011
% $0 Min to Open Savings/ MMA	17.65%	15.63%	3.23%	6.67%	17.50%
Average Minimum to Open CD	$729	$1,105	$2,146	$1,733	$672
% $0 Min to Open CD	0.00%	0.00%	5.56%	0.00%	0.00%

 Monthly Fees on Savings Accounts by Region

	Midwest	West	Southwest	Southeast	Northeast
Average Monthly Fee	$6.15	$3.84	$5.87	$4.61	$4.12
Average Minimum Balance to Avoid Monthly Fee	$3,405	$1,842	$2,479	$2,186	$2,859
% $0 Monthly Fee	29.41%	40.63%	19.35%	31.03%	40.00%
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	94.12%	93.75%	83.87%	79.31%	95.00%
Ability to Write Checks	23.53%	21.88%	25.81%	30.00%	25.00%
Offer ATM Card	67.65%	68.75%	67.74%	60.00%	62.50%

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Savings Accounts Differences Over Time

Change in Interest Rate for Savings Accounts Over Time

 

 

	Q2 2016 (vs. last year)	Q3 2016 (vs. last year)	Q4 2016 (vs. last year)	Q1 2017 (vs. last year)	Q1 2017 vs. Q4 2016
$1,000 balance	0.11%(3.93%)	0.11%(-12.08%)	0.12%(-11.26%)	0.12%(4.28%)	6.30%
$3,000 balance	0.13%(4.26%)	0.13%(-9.94%)	0.12%(-13.50%)	0.13%(-0.10%)	6.47%
$10,000 balance	0.14%(-0.35%)	0.14%(-9.80%)	0.14%(-8.27%)	0.15%(6.27%)	6.29%
$25,000 balance	0.16%(4.28%)	0.15%(-6.68%)	0.16%(-5.57%)	0.16%(2.20%)	5.14%
$50,000 balance	0.16%(0.79%)	0.16%(-7.16%)	0.16%(-5.63%)	0.17%(5.16%)	5.76%
WalletHub Savings Interest Index	0.13%(2.81%)	0.13%(-10.17%)	0.13%(-11.12%)	0.14%(2.77%)	6.32%

 Change in Interest Rate for Savings Accounts Over Time by Institution and Region

	Q2 2016	Q3 2016	Q4 2016	Q1 2017	Q1 2017 vs. Q4 2016
Best Institution	Credit Union(0.25%)	Credit Union(0.24%)	Credit Union(0.24%)	Credit Union(0.26%)	7.99%
Worst Institution	National(0.04%)	National(0.03%)	National(0.03%)	National(0.03%)	2.75%
Best vs. Worst Difference	528.57%	622.14%	625.36%	662.35%	5.92%
Best Region	SE(0.21%)	SE(0.21%)	SE(0.22%)	SE(0.23%)	4.99%
Worst Region	West(0.08%)	West(0.08%)	West(0.08%)	West(0.08%)	0.31%
Best vs. Worst Difference	176.87%	182.75%	183.73%	196.98%	7.21%

 Change in Interest Rate CD's Over Time

 

	Q2 2016 (vs. last year)	Q3 2016 (vs. last year)	Q4 2016 (vs. last year)	Q1 2017 (vs. last year)	Q1 2017 vs. Q4 2016
3-Mo CD	0.16%(7.46%)	0.16%(6.36%)	0.17%(8.67%)	0.18%(15.38%)	6.99%
6-Mo CD	0.24%(5.19%)	0.24%(3.65%)	0.25%(4.49%)	0.27%(10.11%)	8.36%
1-Yr CD	0.39%(7.70%)	0.39%(4.94%)	0.42%(5.99%)	0.45%(12.53%)	8.63%
2-Yr CD	0.62%(4.92%)	0.62%(2.04%)	0.65%(2.68%)	0.69%(8.92%)	6.16%
3-Yr CD	0.86%(2.09%)	0.83%(-1.86%)	0.88%(-0.47%)	0.91%(3.97%)	3.43%
5-Yr CD	1.26%(-1.25%)	1.23%(-6.58%)	1.26%(-4.09%)	1.30%(0.48%)	2.59%

 Change in Minimum to Open Requirements for Savings Accounts Over Time

 

	Q2 2016 (vs. last year)	Q3 2016 (vs. last year)	Q4 2016 (vs. last year)	Q1 2017 (vs. last year)	Q1 2017 vs. Q4 2016
Average Minimum to Open Savings/ MMA	$955(-11.27%)	$1,013(9.64%)	$1,022(5.08%)	$972(1.38%)	-4.88%
% $0 Min to Open Savings/ MMA	11.28%(-7.91%)	10.75%(-6.68%)	10.62%(-14.54%)	11.01%(-11.38%)	3.70%
Average Minimum to Open CD	$997(-4.20%)	$993(-3.69%)	$1,029(5.49%)	$1,176(18.64%)	14.26%
% $0 Min to Open CD	0.62%(N/A*)	0.62%(N/A*)	0.62%(N/A*)	0.62%(N/A*)	N/A*

 Change in Monthly Fees on Savings Accounts Over Time

 

	Q2 2016 (vs. last year)	Q3 2016 (vs. last year)	Q4 2016 (vs. last year)	Q1 2017 (vs. last year)	Q1 2017 vs. Q4 2016
Average Monthly Fee	$5.25(-3.08%)	$5.37(3.45%)	$5.23(0.00%)	$5.27(0.76%)	0.81%
Average Minimum Balance to Avoid Monthly Fee	$1,978(3.02%)	$2,126(9.90%)	$2,007(-0.29%)	$1,989(-1.72%)	-0.93%
% $0 Monthly Fee	26.79%(6.03%)	26.95%(-4.96%)	27.51%(0.79%)	28.06%(2.48%)	1.98%
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

	Q2 2016 (vs. last year)	Q3 2016 (vs. last year)	Q4 2016 (vs. last year)	Q1 2017 (vs. last year)	Q1 2017 vs. Q4 2016
% with $0 Fee for Withdrawals	90.66%(2.27%)	89.70%(-0.68%)	90.77%(0.09%)	91.29%(0.96%)	0.57%
Ability to Write Checks	52.23%(N/A)	46.27%(N/A)	32.74%(N/A)	25.89%(N/A)	N/A
Offer ATM Card	64.39%(-10.28%)	61.79%(-8.56%)	61.65%(-9.40%)	60.42%(-12.36%)	-2.00%

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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 110 financial institutions including 25 community banks ($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.

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