Money Magazine: 7 Best Banks 2011
Are you satisfied with your bank? Apparently, only 37% of us are, according to Money Magazine.
But even as fees continue to rise, you can still find a great place to park your cash that offers convenience, quality of service and very low fees. In fact, Money recently completed its annual banking survey -- and the resulting list, Best Banks of 2011, a short list of just seven banks from across the country. (The story isn't posted online, but it appears on page 94 of the September 2011 issue.)
Here are a few of the highlights. See if your bank made the cut.
NEXT: Best Nationwide Checking
Best National Bank Checking: U.S. Bank's Easy Checking
Easy Checking customers can waive the monthly statement fee ($6.95 for online statements; $8.95 for paper statements) as long as they have combined monthly direct deposits totaling $500 or more, or an average daily account balance of $1,500.
USBank is the fifth-largest commercial bank in the country, with more than 3,000 branches across 25 states. It's dedicated to community service, earning the 2011 Spirit of America Award, the highest honor given a company by United Way.
NEXT: Best Savings Account
Best Savings Account: Discover Bank Online Savings Account
In an environment where savings rates are close to zilch, Discover Bank is offering online saving account holders who make a minimum initial deposit of $500 an interest rate of 1.1% a year. It's still not much, but it is technically 5 times the national average APY for interest-bearing savings accounts with balances of $500, according to Informa Research Services.
Rates are, of course, subject to change at any time. After the $500 initial minimum deposit, there's no minimum daily balance.
NEXT: Best Online Package
Best Online Package: Ally Bank
If you're looking for high rates on both savings and checking, Ally Bank is Money's top pick. Interest checking account customers pay $0 to open an account and need no minimum balance. APY begins at 0.5% and goes up as your balance increases.
Also, because Ally doesn't have ATMs of its own, you'll pay no ATM fees -- the bank will even repay you for the ATM fees charged by other banks. Online savings account customers also need no minimum initial deposit or balance. There are no monthly maintenance fees. High-yield savings accounts earn 1.00%
NEXT: Best All-Access Credit Union
Best All-Access Credit Union: Alliant
Money says Alliant tops the list because it combines an open-door policy with competitive offerings. For those who want to join a credit union but don't know if they'll qualify, Alliant's only requirement is a $5 initial deposit.
Among Alliant's sweet offers: Regular savings account holders earn 1.15%, more than 5 times the industry average, with a minimum daily balance of $100, and Alliant's high-rate checking account earns 1.10% with no minimum balance fee or monthly balance requirement. The bank also provides checking customers a VISA debit card, free of bank fees, for out-of-network withdrawals.
NEXT: Best Regional Bank (East)
Best Regional Bank (East): TD Bank
"America's Most Convenient Bank" is also the best on the East Coast, according to Money Magazine, thanks to branch convenience and a low bar to free checking.
Unlike many banks, TD Bank does not require a minimum amount to open any account. It also kindly reimburses "Premier" bank customers any and all ATM fees when they maintain a daily minimum balance of $2,500 in their account.
And according to my fiancé, who's a satisfied 5-year customer: "When you call the main number, a human answers." He's right; I checked. The bank boasts free 24/7 live customer service, something many of its competitors don't offer.
Photo Source: TD Bank
NEXT: Best Regional Bank (West)
Best Regional Bank (West): Bank of the West
Bank of the West is the third-largest commercial bank based in California. It runs more than 700 commercial and retail banking locations throughout 19 Western, Rocky Mountain and Midwestern states.
Money highlighted Bank of the West's great checking options, which include four different account types: Easy, Choice Interest, Choice ATM and 55 Plus Checking.
- Easy checking accounts are only available to residents of Iowa, Arizona and New Mexico and offers free online bill pay and free mobile banking. There is an $8 monthly service fee but it gets waived as long as you maintain a $1,000 average monthly balance or make a direct deposit to the account during each statement cycle.
- Choice Interest accounts are similar to Easy accounts, but earn interest.
- Choice ATM accounts provide unlimited free cash withdrawals from any ATM.
- 55 Plus Checking accounts have no monthly fee and provide free personal telephone assistance.
NEXT: Best Regional Bank (Midwest)
Best Regional Bank (Midwest): Huntington
Customers praise Huntington for its free checking and terrific customer service. It runs 600 local branches across six states: Ohio, Michigan, Indiana, Pennsylvania, West Virginia, and Kentucky.The company prides itself in its "asterisk free" checking: It's free to open, free from minimum balance requirements and free to maintain. If you use an ATM outside the bank's network, the bank won't penalize you with a fee, either.
Photo Source: OZinOH photostream on Flickr
Farnoosh Torabi is a personal finance journalist and commentator. She is the author of the new bookPsych Yourself Rich, Get the Mindset and Discipline You Need to Build Your Financial Life. Follow her at www.farnoosh.tv and on Twitter/farnoosh
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