Find a Less Evil Bank with Fewer Fees and Better Returns [Saving Money]
Source: http://lifehacker.com/5743879/find-a-less-evil-bank-with-fewer-fees-and-better-returns
The reasons most banks made the list included a combination of free checking, no ATM fees (and reimbursements for ATMs that do charge fees), and relatively high interest rates on checking accounts. The eight least-evil banks, according to their list (which is unfortunately a rather annoying gallery), include:
- Ally Bank (ATM fee reimbursement and a 1.05% checking APY)
- ING Direct (1.2% on balances over $50,000)
- USAA (10 ATM reimbursements a month, free checking, no minimum balance)
- Capital One (no monthly fees or minimum balance)
- Alliant Credit Union (1.1% APY on checking, no monthly fees)
- PNC (no minimum balance or monthly fees, ATM reimbursements)
- The Incredible Bank (1.35% APY, free checking, ATM reimbursement)
- Charles Schwab (no fees, no minimum balance, ATM reimbursements)
Hit up their full post for more details on each bank. The post also offers more general advice when it seems like your current bank has introduced new fees or dropped interest rates:
...when shopping around, remember that a great yield and zero fees don't always come hand in hand, so you first have to figure out what is more important to you.
If you have a large amount of money to deposit — say, over $10,000 — you should typically look for a bank with a high interest rate rather than focus on the monthly fees, Barrington recommended.
That's because the interest you make would likely offset the fees.
If you're anything like us, you're probably also keeping an eye on the up-and-coming (as in, still not available, but looks very promising) BankSimple.
Got a bank you'd nominate for sainthood? Let's hear about what makes it so great in the comments.
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