Credit unions "continue to provide the best deals," offering 10 times more interest on checking accounts than regional banks and 573 percent higher rates on savings accounts compared to national banks, according to the Q4 Banking Landscape Report from WalletHub.
On average, credit unions boasted the lowest monthly fee ($1.73) and the lowest minimum balance to avoid a monthly fee ($723), and they were the institution most likely to feature a $0 monthly fee (69.7 percent), according to the report.
Savings accounts are more likely than student or business accounts to provide the best interest rates. Personal savings accounts offer an average of 55 percent higher interest rates compared to personal online checking accounts, according to the report.
Business checking accounts fell "at the bottom of the banking totem pole," charging 127 percent more than personal online checking accounts, according to the report. Business accounts also have 45 percent fewer features and return 73 percent less when in interest.
The Q4 2014 Banking Landscape Report, released on Jan. 15, reflects influential market tends for 2015. The report used more than 2,000 checking accounts and savings accounts available to general consumers, small business owners and students from financial institutions. The full report can be found here.
