Most of our financial network map revolves around our primary bank accounts – a checking or savings account at a bank.
A checking account is where your primary banking relationship is most likely going to be. Its the bank or credit union we often interact with from depositing our paychecks, paying bills to withdrawing cash.
While a savings account is where your money sits when you don’t use it for checking as well as placing your short or long term savings. It will earn a little bit more interest in comparison to your checking account.
We hope that this guide will help you on finding the best checking and savings account for you to use!
How to Find the Best Checking & Savings Account
When it comes to your finances , the small things can add up like how and where you do your banking. But the big question is where do you start? We’ve listed some factors to consider when looking for the right checking or savings account for you.
- Ask for schedule of fees. If you don’t understand any information about the fees provided or questions in general, ask a customer service rep for help.
- Check off any requirements to get the account benefits. It maybe towards a minimum balance, a minimum number of debit card transactions each month, or that you must use direct deposit and online bill pay at least once a month.
- See if you want overdraft protection on your checking accounts. This service allows your debit card to work even if you have insufficient funds in your account, but at a high price, up to $39 per transaction. This will help you save hundreds if you tend to let your bank balance get low.
- Use different accounts for different goals. Using two or more bank accounts to segregate your money can help managing money easier because you’ll always know what money is available to spend and what money is set aside.
- Certificate of Deposit Rates & Options. They offer better interest rate on your savings if you’re willing to commit your money for a set term, since withdrawing it early will require paring a penalty and forfeiting some or all of your interest.
- Sign-up bonuses. Nowadays, bank give out free cash. We have a list of the best bank sign-up bonuses with the minimum starting at $100.
This is where your primary banking relationship is most likely going to be with. You have to ask yourself whether you want this account to be:
- Convenient – where you can easily get cash and make deposits at either branches or via free ATMS.
- Free – does the bank or credit union offer free checking without a minimum balance? Or does the bank charge you to use other banks’ ATMs?
As you’re searching for a free checking account, you might have to find a way to compromise: the banks that are most convenient may be the ones with fees. Smaller banks and credit unions may have fewer locations, but they offer more rewarding accounts.
If you’re interested on nationwide branches, credit unions are a good alternative to big banks. Credit Unions work just like banks since they take deposits and make loans, but the difference is how they are nonprofits and are owned by their members. Credit unions can offer members better interest rates and perks like more free ATMS.
You can also checkout online interest-bearing checking accounts, these checking or “bill pay” account pay interest on balances. However the trade off is that you must do everything online or by phone since they are no branches to walk into.
With the TD Convenience CheckingSM Account:
• Earn $200 when you receive direct deposits totaling $500 or more within 60 days
• Low minimum daily balance of $100 waives the $15 monthly fee.
• Students and young adults ages 17 through 23 get additional perks like no minimum balance requirements and no monthly maintenance fee.
• Instantly replace a lost, stolen, or damaged debit card by visiting a TD Bank location near you
• Access accounts via Online Banking with Bill Pay, Online Statements, Send Money with Zelle and TD Bank Mobile Deposit. Plus, get 24/7 cash access at TD ATMs in the U.S. and Canada and around-the-clock Live Customer Service.
• TD checking accounts come with an instant-issue debit card - and, you can pay with confidence with contactless technology Visa Zero Liability protection and 24/7 fraud monitoring.
• Get a 0.25% discount on TD Bank Home Equity and Personal Loans.
• Open a Huntington Unlimited Plus Business Checking Account
• Earn $1,000 bonus when you open a Huntington Unlimited Plus Business Checking account and make total deposits of at least $20,000 within 30 days of account opening.
• Maintain minimum daily balance of $20,000 for 60 days after meeting deposit requirement.
• The $1,000 bonus will be deposited into your account after all requirements are met.
• Enjoy overdraft protection with no annual fee or deposit-to-deposit overdraft protection with no transfer fee!
• Bonus Service. Choose one bonus service such as fraud tools, discounts on payroll services, or Huntington Deposit Scan®
• Ideal for businesses with higher checking activity and greater cash flow needs.
• Open a Huntington Unlimited Business Checking Account
• Earn $400 bonus when you open a Huntington Unlimited Business Checking account and make total deposits of at least $5,000 within 60 days of account opening.
• The $400 bonus will be deposited into your account after all requirements are met.
• Get Overdraft Protection Account with no annual fee, or Deposit-to-Deposit Overdraft Protection with no transfer fee.
• Enjoy unlimited transactions. And up to $10,000 in cash or currency deposits monthly in-branch or at an ATM at no charge.
• Designed for businesses with higher checking activity and greater cash flow needs.
• Bonus service. Choose one bonus service such as fraud tools, discounts on payroll services, or Huntington Deposit Scan®.
• Open your Huntington Business Checking 100 Account today!
• Earn $100 bonus when you open a Huntington Business 100 Checking account and then make a minimum cumulative new money deposit into the new checking account of at least $2,000 within sixty (60) days of account opening.
• The $100 bonus will be deposited into your account after all requirements are met.
• Overdraft Protection Line of Credit available, or Deposit-to-Deposit Overdraft Protection with no transfer fee.
• Do business without a minimum checking account balance fee or maintenance fee.
• No monthly maintenance fee applies to this account.
• Enjoy up to 100 monthly transactions. And deposit up to $5,000 in cash or currency monthly in-branch or at an ATM at no charge.
• Ideal for start-ups and small businesses with lower balances and checking activity.
• Bonus Service Trial. Free 120-day trial of a fraud tool: Reverse Positive Pay.
You might have realized that keeping your savings the same place as your checking account isn’t the best place since:
- Special online-only banks pay up to ten times more on savings account than local banks.
- If you are keeping your savings alongside your checking account it can be tempting to dip into your savings more often than you should.
You should automatically transfer money into you savings every payday, so after a while you don’t realize that you’re doing it.
With the CIT Bank Savings Builders account:
• Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn up to 1.00% APY on your funds - grow your savings faster.
• Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate.
• FDIC Insured
Open a Discover Online Savings Account for all these features:
• Earn $200/$150 Bonus with promo code HMB923 by 12/14/2023
• Earn high interest rate of 4.35% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
• See advertiser website for full details
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB923 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice.
With the American Express® High Yield Savings Account:
• Earn 4.30% APY as of 9/27/23 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• 24/7 Account Access
We hope that this guide helped you figure out on where to start in terms of finding the best checking or savings account for you to use! If you have any additional or helpful tips for other readers to take note of, please feel free to leave them in the comment section below!
While you’re here on HMB, you can find the best bank promotions here or search through out top choices of checking and savings accounts! You can also read our master bank guide for further assistance!