SuperMoney

Compare Personal Bank Accounts

Banks used to be simply places where you deposited your money. They were located downtown and transactions were made with a teller or with a personal banker.  Today, much of the business of banking occurs online, even with banks that have physical locations. Other banks only operate online.  The categories below should be useful in guiding your decision concerning personal banking.

Personal Banking Institutions

There are several types of institutions for personal banking accounts. Accounts housed in banks are guaranteed up to 250.000 dollars by the Federal Deposit Insurance Corporation (FDIC). Accounts held in credit unions are guaranteed to 250,000 dollars by the National Credit Union Association (NCUA). Accounts administered by prepaid debit card companies such as Serve or American Express Bluebird are protected by so-called pass-through insurance as funds deposited onto the card are transferred into holding accounts affiliated with the debit card companies.  Some investment institutions also provide customers with personal banking accounts, although such accounts may not be guaranteed against loss.

Branch versus Online Banking

Branch banking features that personal touch – allowing users to cultivate relationships with particular tellers and bank officers. Branch banks also facilitate services such as safety deposit boxes that are difficult, if not impossible to achieve with online banking. On the other hand, online-only banks are often able to provide accounts with higher interest rates and lower fees than brick-and-mortar institutions.

Available Account Types

Nearly all personal banking institutions offer checking and savings accounts. Certificates of Deposit (CDs) and Individual Retirement Accounts (IRAs) are also frequently available.  Banks, whether brick-and-mortar or online, guarantee checking and savings accounts through the Federal Deposit Insurance Corporation (FDIC).  This is not the case with deposits placed in nonbank institutions such as brokerage houses. The same is true with bank CDs versus those administered by nonbank institutions.

Account Interest Rates

Traditional brick-and-mortar savings accounts usually offer lower interest rates than online banks. Customers seeking higher interest rates but who want the convenience of brick-and-mortar banking can find options for interest bearing checking accounts or high-yield savings accounts. However, such accounts often carry high dollar requirements and impose stiff fees on account holders whose holdings fall below those limits.

Services and Perks

Personal banking services like online banking and bill payment services have become commonplace with both online banks and brick-and-mortar institutions. Likewise, debit cards providing ATM access, credit cards, and loans are also frequently available.  Dedicated mobile apps are available but somewhat less common, as are rewards programs. However, it’s unrealistic to expect lavish rewards programs similar to those offered by credit card companies, even with the most service-oriented personal banking institutions.

Rating and Ranking

While the features and services offered by banks are important, it’s also important to determine whether your money is being handled by a reputable institution.  Along with ensuring that the bank or financial institution you’re considering to administer personal banking services is properly licensed, it’s wise to check out its rating with Bauer Financial Services.  You can also look at the rating of a prospective banking institution with the Better Business Bureau (BBB).

Compare Personal Bank Accounts

Banks used to be simply places where you deposited your money. They were located downtown and transactions were made with a teller or with a personal banker.  Today, much of the business of banking occurs online, even with banks that have physical locations. Other banks only operate online.  The categories below should be useful in guiding your decision concerning personal banking.

Personal Banking Institutions

There are several types of institutions for personal banking accounts. Accounts housed in banks are guaranteed up to 250.000 dollars by the Federal Deposit Insurance Corporation (FDIC). Accounts held in credit unions are guaranteed to 250,000 dollars by the National Credit Union Association (NCUA). Accounts administered by prepaid debit card companies such as Serve or American Express Bluebird are protected by so-called pass-through insurance as funds deposited onto the card are transferred into holding accounts affiliated with the debit card companies.  Some investment institutions also provide customers with personal banking accounts, although such accounts may not be guaranteed against loss.

Branch versus Online Banking

Branch banking features that personal touch – allowing users to cultivate relationships with particular tellers and bank officers. Branch banks also facilitate services such as safety deposit boxes that are difficult, if not impossible to achieve with online banking. On the other hand, online-only banks are often able to provide accounts with higher interest rates and lower fees than brick-and-mortar institutions.

Available Account Types

Nearly all personal banking institutions offer checking and savings accounts. Certificates of Deposit (CDs) and Individual Retirement Accounts (IRAs) are also frequently available.  Banks, whether brick-and-mortar or online, guarantee checking and savings accounts through the Federal Deposit Insurance Corporation (FDIC).  This is not the case with deposits placed in nonbank institutions such as brokerage houses. The same is true with bank CDs versus those administered by nonbank institutions.

Account Interest Rates

Traditional brick-and-mortar savings accounts usually offer lower interest rates than online banks. Customers seeking higher interest rates but who want the convenience of brick-and-mortar banking can find options for interest bearing checking accounts or high-yield savings accounts. However, such accounts often carry high dollar requirements and impose stiff fees on account holders whose holdings fall below those limits.

Services and Perks

Personal banking services like online banking and bill payment services have become commonplace with both online banks and brick-and-mortar institutions. Likewise, debit cards providing ATM access, credit cards, and loans are also frequently available.  Dedicated mobile apps are available but somewhat less common, as are rewards programs. However, it’s unrealistic to expect lavish rewards programs similar to those offered by credit card companies, even with the most service-oriented personal banking institutions.

Rating and Ranking

While the features and services offered by banks are important, it’s also important to determine whether your money is being handled by a reputable institution.  Along with ensuring that the bank or financial institution you’re considering to administer personal banking services is properly licensed, it’s wise to check out its rating with Bauer Financial Services.  You can also look at the rating of a prospective banking institution with the Better Business Bureau (BBB).

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Company

Reviews

Additional Details

Company Website

Chime Bank

Chime Bank

23
 
 
26 total votes
  • Checking
  • Savings
USAA

USAA

 
4
4
9 total votes
  • CDs
  • Checking
  • IRAs
  • Savings
  • Branch
BBVA Compass ClearChoice

BBVA Compass ClearChoice

Be the first to rate

  • CDs
  • Checking
  • IRAs
  • Savings
  • Branch
CIT Bank

CIT Bank

Be the first to rate

  • CDs
  • Checking
  • IRAs
  • Savings
  • Branch
BBVA Compass ClearConnect

BBVA Compass ClearConnect

Be the first to rate

  • CDs
  • Checking
  • IRAs
  • Savings
  • Branch
Chase Bank

Chase Bank

3
4
2
9 total votes
  • CDs
  • Checking
  • IRAs
  • Savings
  • Branch
Ally Bank

Ally Bank

3
3
3
9 total votes
  • CDs
  • Checking
  • IRAs
  • Savings
  • Bauer Financial A+/A Rating
Zero

Zero

2
 
 
2 total votes
  • Checking
  • Savings
First Citizens Bank & Trust Company

First Citizens Bank & Trust Company

 
4
 
4 total votes
  • CDs
  • Checking
  • IRAs
  • Savings
  • Bauer Financial A+/A Rating
Bank of America

Bank of America

 
7
9
18 total votes
  • CDs
  • Checking
  • IRAs
  • Savings
  • Bauer Financial A+/A Rating