6 Best Bank Accounts of 2021!

6 Best Bank Accounts of 2021!

For 2021, I discuss the 6 best bank accounts that have both a checking account and savings account for your every day short-term cash needs and money making options.

None of this content is sponsored, I’m just looking for what accounts have the lowest fees while offering the best money making options with current interest rates in this historically low interest rate environment.

I explain that because current federal funds and prime rates are as low as they are, this means that what we as bank customers get low interest rate yields on anything we’re saving or holding in a savings or checking account.

Many banks lend to consumers at around the prime rate, which is usually around 3% above the federal funds rate so as of August 2021 is hovering at 3.25%. The federal funds rate is also known as the benchmark rate and this is currently in the range of 0% to 0.25%.

I evaluated the 6 banks I discuss in this video based on the 8 criteria of 1) account minimums, 2) account maintenance or service monthly fees, 3) checking interest rates, 4) savings interest rates, 5) ATM fees, 6) overdraft fees, 7) locations, and 8) real time payments network.

While this is just based on a combination of my personal experience and what I’ve looked up online recently, if you might consider some of these same criteria you may be much more satisfied with your final banking choices.

The 6 banks I reviewed in this video are in no particular order of preference and you can see what I indicated to be the best attributes of each bank offering.

Since there’s no one-size-fits-all, something to maybe consider is mixing and matching different accounts depending on how you link your accounts to other purposes. For example, maybe you select an account that gives you a higher money market yield while using a checking account that doesn’t have overdraft fees. Or you may want to do one-stop banking for your checking, credit card, and brokerage account needs.

You may also want to look at various lists from Nerdwallet, Bankrate, and Investopedia for more bank account ideas. In addition, sometimes your local credit union can offer better deals such as for a checking account or mortgage loan rate than some of the big banks.

I hope this content was helpful to you to get you thinking about what is important when it comes to your banking needs and which banks you think will help you best manage your personal finances.

If you’re interested in learning how to take control of your finances and start becoming an investor like Warren Buffett, check out my free PDF guide.

I look forward to making more investor friends! Add me on Instagram: michellemarki!