Best Financial Products 2016

We recently announced the release of our Bank Awards for Fall 2016 to help you discover which banks in the nation are delivering the highest earnings and benefits at the lowest fees. But what if you’re searching for a specific type of financial product?

That’s what our Best Products are for. Just like we analyze thousands of banks nationwide to see who’s the best each quarter, we do the same for financial products such as checking accounts, savings accounts, and CDs. So, if you’re in the market for one of these types of products, look no further. Review this list to see who’s the best of the best this quarter.

Best Checking Accounts

Best Checking Accounts 2016

Checking accounts aren’t exactly known anymore for being much more than a place to store your money and (hopefully) not be charged too many fees to do so. That’s why it’s so important to find a checking account that delivers far more than what can typically be found in the market.

These checking accounts are on our list because they are loaded with technological advances and conveniences, they are not overburdened by fees, and some even offer interest rates that you usually can only find in a high-yield savings account. Review the list below to get a general idea for the best in the market this quarter, but visit our best products awards page to go deep on the details such as interest rates and cost of fees (if any).

Alliant Credit Union

Alliant Credit Union’s High-Rate Checking account takes home a few top awards this quarter. With its high-yield interest rate and low fees, this account wins for Best Overall Checking, Best Free Checking, and Most Convenient Checking. A great choice for someone looking to earn interest on an account that also offers flexibility.

Aspiration

Aspiration is not your everyday financial institution. Claiming to be a “financial firm with a conscience,” Aspiration offers a bank account and investment accounts with a “pay what is fair” policy (in other words, pay what you want to pay) and a promise to give ten cents to charity for every dollar in revenue earned. All that comes with a high-yield checking account that earns top honors for Best High-Yield Account.

Bank5 Connect

Bank5 Connect’s High-Interest Checking account is taking home several awards this quarter: Best Overall Checking Account, Best High-Yield Checking Account, and Best Low-Fee Checking Account. Besides the high interest rate and low fees, this account comes with a rewards-earning debit card.

Capital One 360

Capital One 360 makes an appearance for several Bank Awards and Best Products and for good reason. Bringing together the best of traditional and online banking, Capital One 360 delivers on almost all levels. Specifically for this category, Capital One 360 Checking places for Best Low-Fee Checking Account. The best part of this checking account? No overdraft fees.

Fidelity

If you’re surprised to see Fidelity listed under checking accounts, listen up. Fidelity has an Investment Cash Management Account that’s taking home the award for Most Convenient Checking Account. Besides the fact that this account comes with no fees, it’s super convenient if you have other Fidelity investment accounts, enabling you to easily move money between these accounts.

Huntington Bank

Huntington Bank wins Best Free Checking Account for its Huntington Bank Asterisk-Free Checking Account. With this account, you get no monthly fees and a 24 hour grace period if your account dips into the negative. That’s one full day to deposit money and bypass pesky overdraft fees.

Radius Bank

Radius Bank has been impressing us for some time now with its Radius Bank Hybrid Account. That’s why we’re awarding this account Best Overall Checking, Best Free Checking, Best High-Yield Checking, and Most Convenient Checking. What makes this account eligible for so many awards? Seriously competitive interest rates, low fees, and the benefit of a savings-level interest rate in an easy-to-use checking account.

Best Savings Accounts

Best Savings Accounts 2016

Savings accounts have taken a huge hit in interest earnings over the past decade, but some top savings accounts are working hard to help you earn as much as possible. Below are some such savings accounts – and we made sure to look for the accounts that don’t charge too many fees. It doesn’t make much sense to earn interest if you lose all of it to maintenance and other fees, right?

Check out our winners for the quarter below, but head on over to the Best Products Awards page to get even more information. There, we break down each accounts interest rates, fees (or lack thereof), and additional benefits.

Alliant Credit Union

Alliant Credit Union makes our list again, this time for its Alliant Credit Union High-Rate Savings Account. This account wins Best Overall Savings Account, thanks especially to its lack of monthly fees and high interest rates.

Ally Bank

Ally Bank doesn’t mess around when it comes to savings. Ally Bank has long led the way in low fees and high interest rate, something it has been able to do since there are no branches to pay overhead for. This quarter, Ally’s Online Savings Account wins Best Overall Savings Account and Most Consistent Rate while Ally’s Money Market Account wins Best Money Market Account.

American Express

Believe it or not, American Express has a seriously awesome savings account. And since American Express is mostly known for being a premium credit card issuer, this account is also one of the best kept secrets in the industry. Not for long though – we’re awarding the American Express High Yield Savings Account for Most Consistent Rate. This is an account that earns high interest that won’t be likely to go down anytime soon.

Capital One 360

As mentioned above, Capital One 360’s offerings are consistently top notch. For this quarter, Capital One is taking home a few awards for savings. The Capital One 360 Savings wins for Most Consistent Rate and Lowest Fees and the Capital One 360 Money Market wins for Best Money Market Account.

Dime Community Bank

Dime Community Bank takes home the award for Best Money Market Account for its DimeDirect Money Market Account. While most money market accounts come with rigid minimum balance requirements, this one has no such requirement and no monthly fees.

FNBO Direct

Most savings accounts require you to have a certain minimum balance and a cap on how many times you can withdraw your money per month. This is so the bank can earn enough interest on your account to pay out the interest promised. While understandable, these requirements don’t do much for flexibility. That’s why FNBO Direct is getting an award this quarter. Its Direct Online Savings Account doesn’t charge a monthly fee or excess withdrawal fees, making it earn its award for Lowest Fees Savings Account.

Incredible Bank

All of the banks listed in this section have competitive interest rates, but few can beat Incredible’s rate. That’s why the Incredible Bank Savings Account wins the award for Highest Interest Rate Account. If your main concern is earning money on your savings account, this could be the one for you.

Popular Community Bank

Also taking home the award for Highest Rate Savings Account is Popular Community Bank’s Popular Direct Savings account. This account has one of the best interest rates you can find, but it does come with a higher minimum balance requirement to match.

Radius Bank

Radius Bank didn’t stop with its Hybrid Checking Account, its High-Yield Savings Account is equally as great of a product. For this quarter, the account wins for Lowest Fee Savings Account. This account has a high interest rate for no monthly fee.

Salem Five Direct

Salem Five Direct’s eOne Savings account wins this quarter for Highest Rate Savings Account, but that’s not all this account offers. With Salem Five Direct, you can also branch out to other investment opportunities and easily move your money between these accounts.

Synchrony Bank

Completing our list of top savings accounts this quarter is Synchrony Bank’s High-Yield Savings, which wins for Best Overall Savings Account. This account earns competitive interest rates and gives you more access to your money, offering an optional ATM card.

Best CDs

Best CD Accounts 2016

Have you taken a look at CDs lately? For money that you can’t afford to tie up in the stock market but would like to earn more than a traditional savings, CDs can be a great tool. The CDs listed below range quite a bit in offerings and minimum deposit requirements, but all are geared towards high earnings and as much flexibility as possible.

Take a look at the list below, but if you want more details on all the interest rates and terms of the CDs, go to our Best Products Awards page for all those details.

Ally Bank

It shouldn’t be a surprise to see Ally Bank on this list yet again. Ally Bank is bringing its high quality offerings all the way through to its CD accounts. The Ally 2-Year Raise Your Rate CD enables you to take advantage of increasing interest rates once during your term. This rare feature earns the CD the award for Best Overall CD and Most Flexible CD. Ally’s 11-Month No Penalty CD lives up to its name, which is why it gets the reward for Best No Penalty CD.

BAC Florida Bank

BAC Florida Bank offers a CD that earns very high interest rates, although it does also come with a pretty high minimum deposit. Nonetheless, the rates are so good that the My e-BAnC 12-Month CD gets the award for Best Jumbo CD.

CIT Bank

Like the Ally Raise Your Rate CD, CIT Bank has a CD called CIT Bank 2-Year RampUp Plus CD that lets you capitalize increasing interest rates and raise your rate mid-term. This great feature wins this CD the award for Most Flexible CD.

GS Bank

GS Bank’s 5-Year CD comes with a very high interest rate and a very low minimum deposit requirement. In fact, this high rate, low deposit requirement is about the best you can find right now. That’s why this CD is taking home the award for Highest Rate CD.

Melrose Credit Union

Melrose Credit Union’s 5-Year CD wins this quarter for Best Overall CD and Best Jumbo CD. Why both awards? Because it offers a fantastic interest rate along with a lenient membership policy, which can be unusual for credit unions like this one.

Radius Bank

Radius Bank makes the list again. This time it’s for the Radius Bank 3-Year CD, which wins for Highest Rate CD. This CD has low minimum requirements and a competitive interest rate.

Synchrony Bank

Synchrony Bank is taking home top honors for two CDs this quarter. The Synchrony Bank 12-Month CD wins for Best Overall CD and Highest Rate CD while the Synchrony Bank 3-Year Jumbo CD wins for Best Jumbo CD. With both of these CDs, you’ll find high interest rates and fairly low deposit requirements.

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