WalletHub Offers Banking Roadmap for Consumers

October 6, 2024 by

Image credit: Ken Teegardin

WalletHub, which seeks to help consumers and small business owners make better financial decisions through its vast resources, has released the 2014 Banking Landscape Report, results of which will serve as a roadmap for consumers who want to make the most of their money with the help of efficient everyday banking habits.

Launched by Evolution Finance, WalletHub conducted a study on fees, features and rates associated with over 2,000 checking accounts, savings accounts, money market accounts, and certificate of deposits (CDs) from online and brick-and-mortar financial institutions across the United States.

According to the Q3 2014 Banking Landscape Report, business checking accounts are 115 percent more expensive than personal online checking accounts, have 42 percent fewer features and offer 72 percent lower interest rates. These figures, however, mark an improvement compared to the Q1 and Q2 findings.

Student checking accounts are cheaper than all other types of checking accounts, but have 11 percent fewer features and offer 87 percent lower interest rates.

Credit unions are found to offer the lowest fees, the highest interest rates and most features for checking accounts. Credit unions also lead the savings account market, offering more than six-times more interest than national banks.

For those looking for the highest possible rate, the report recommends personal online saving accounts, as these offer 57 percent higher interest rates on average, compared to online checking accounts.

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