 What's happening? It's Shane here. So you know what time it is, baby It's tier list time and this one is gonna be all about the best bank accounts Now up to a few years ago, your banking options were extremely limited You pretty much just had to choose whatever local options were available to you and all the banks had these hidden fees and overdraft fees And transfer fees and all these different things where they would just nickel and dime you for every single cent Oh, I see you didn't use your account last month. Let's charge you a $15 in activity fee Or oh, I see that your balance went below $100. Let's go ahead and charge you a $10 fee for that Like why the heck would they charge somebody for not having very much money in their bank account? That's like kicking a man when he's down But anyways, this video is going to be about the best bank accounts that are available out there But before we start the video, you know the drill Automatically smash the like button in order to defeat the evil YouTube algorithm. It's just a thing that people do on my videos Okay, I'm not gonna come up with an excuse this time first one on the list. Let's jump right in with number one I'm not gonna explain too much about these but the first one is going to be Ally Bank Ally Bank is an online bank and the great thing about online banking is they don't have a lot of the Traditional costs that a brick-and-mortar banking system would have and so they're able to basically take all of that money That they save by not having physical locations and pass those savings on to the customers And because of that their costs are ridiculously low You're probably not gonna get any random fees on your bank account and on top of that they have really good interest rates Now I'm not gonna go over the interest rates in this video Just because of the fact that we're in the middle of a pandemic right now and a lot of the banks have lowered them But historically Ally Bank has had some of the best interest rates out there They've pretty much always been competitive with everyone else on the market once in a while You will see savings accounts out there that give a better interest rate than the Ally Bank savings account But a lot of the time it's just a marketing scheme and a few months later They drop their interest rate down to below what Ally Bank offers Ally Bank on the other hand has Consistently had a very good interest rate and because of that They're kind of one of those companies that I trust quite a bit in the space anyways Ally Bank is S tier I really like them a lot. I'm kind of going in alphabetical order here But I'm probably messed it up a little bit next one on the list is going to be Alliant credit union now a credit union is very similar to a bank But instead of being a for-profit organization, they're generally going to be nonprofit And then on top of that the people who actually bank with the credit unions technically own a part of the union Now for a bunch of complicated reasons that I'm not going to get into Credit unions are able to give people better savings rates Usually they give a lot better customer service and overall the experience at a credit union is almost always going to be better Than the experience that you have at a brick-and-mortar bank Now Alliant takes this a step further because they are an online credit union Now one of the weaknesses when you're talking about credit unions is the fact that they're usually only local branches And so you might not have access to a bank account if you go to another state for instance And you might think that you're not going to have access to an ATM either So you wouldn't be able to access your money at all but you would be dead wrong when it comes to Alliant credit union. They actually have over 80,000 free ATMs Which is the best on the entire list. This one is an amazing option overall It's definitely going to go into s tier bank of america is next on the list And this is a really common one you see it all over the place Now the problem with bank of america is they have a lot of overhead costs because of the fact that they are Primarily a brick-and-mortar bank So the interest rates on their accounts aren't going to be as good And you're probably going to get some random stupid fees that are going to annoy you to death However, I know a lot of people don't want to go 100% online They want to have a bank that they can actually go to and talk to real people that they have a relationship with in real life You know, what happens if your house burns down or what happens if your identity gets stolen? It would be nice to be able to go to a bank where the people actually know who you are So out of the brick-and-mortar banks, this is one of the better options But overall on this list, I'm going to have to put this one in c tier Next one on the list is going to be city bank And I was really disappointed by this one because they have one of the best credit cards out there in the city double cash card And so I was hoping that they would also have really good service when it comes to bank accounts And unfortunately, I was extremely disappointed. The interest rates they offer on their accounts are some of the worst that I've seen There's a bunch of monthly fees like I was reading a review about it And somebody said that their account went above a certain amount and so they charged them even more And I just really hate it when I see that like why would a bank charge a person for not having enough money? This person already doesn't have very much money. Why would you charge them even more? That is just not good customer service. And when I see stuff like that, it honestly makes me not trust the company So overall, I'm going to have to put this one into f tier next one on the list is going to be Charles Schwab and this one is especially good if you're somebody that does a lot of traveling And specifically it's really good if you do a lot of international traveling And the reason for this is you can pay for stuff and take money out of atms pretty much anywhere in the world And even if the atm charges you a fee, if you use your Charles Schwab card, they will reimburse you I've heard over and over again from people who do a lot of traveling The Charles Schwab is the way to go and on top of that it seems like everywhere I look they offer really good service to their customers It seems like this is one of those companies that is really focusing on giving the best possible service And so I don't know what else to say Charles Schwab bank account is definitely s tier Next one on the list is going to be capital one 360 So this is another example of a credit card company that's trying to get into the online banking game And they're doing a pretty good job of it overall. First of all, they have about 38,000 atms that you can access for free They have a high interest savings account that historically has offered some of the best interest rates around and reportedly This is one of the only online bank checking accounts that allows you to actually deposit cash Into your checking account from an atm a lot of the other online checking accounts You actually have to wire the money into it And so this is pretty cool because it saves you a lot of time overall I really liked this one and i'm going to have to put it into a tier next one on the list is going to be CIT bank now for the longest time they had some of the best interest rates on their savings accounts I almost actually opened up a savings account with them And it seems like they do consistently have some of the best savings account interest rates So they're not one of those companies that offers a promotional thing where the interest rate is just ridiculous And then a few months later, they drop it down to below industry average You actually see that a lot in the banking industry and it's honestly kind of annoying whenever I see a company Do something like that I think that I've been tricked I think it's kind of just a marketing ploy and I kind of lose trust for that company Now this one just offers the saving account They don't actually offer a checking account But I think CIT bank is really good if you're considering going with a bank where you just want to use it as an emergency fund For instance, I'm going to go ahead and put CIT in a tier chase bank is going to be next on the list And this is going to be one of the biggest banks in the us And this one is going to be for you if you want a bank where they're going to have a physical branch Basically, no matter where you travel in the united states If that's something that is very important to you to always have a brick and mortar place that you can go No matter where you're traveling then chase bank might be one that you can consider They have over 5100 branches and 16,000 atms Now, of course, they're going to have the same problems that other brick and mortar banks have Their interest rates aren't going to be as good and they're probably going to hit you with stupid random fees But overall out of the brick and mortar banks. This is one of the best options on the list I'm going to go ahead and put chase bank into b tier status Next one on the list is going to be discover bank And this is another example of a credit card company getting into the online banking industry And they're doing it really really well. They have access to over 60,000 free atms for one They also have a high interest savings account that is consistently competitive with all of the others in the industry They're also known for having really good customer service their apps and their online banking is really easy to use And I have to admit this one had some of the best reviews online It seemed like it's one of those banks that just works. So overall, I'm going to go ahead and put this one into a tier Next one on the list is going to be fidelity cash management. Now technically this is not a bank account It's technically a money market account But it acts just like a bank account for the most part So that money that you put into it is technically being invested But you can take a small amount of that out for day-to-day purchases if you want And if at any point you want to take it all out, you know, you're using it basically like a savings account You can do that as well And I've done a ton of research on all these companies and fidelity Consistently makes it at the top of the list no matter whether you're looking at credit cards bank accounts investment accounts, etc It's clear to me that this is a company that truly does want to provide the most value to their customers I think they're playing the long game They want to give their customers the best experience and they have that long-term vision in mind Whereas a lot of the other companies will do gimmicky little sales tactics like, you know Doing a promotion where they get you to sign up for their bank account and then they drop the interest rate right afterwards It seems like fidelity has consistently been one of the best in every single area for a long amount of time And you're also seeing them making moves to combine all of the different things the credit card the bank account the investment account And the cool thing about that is a lot of the fees that you would have to pay if you had multiple different bank accounts And multiple different investing accounts are probably going to be waived if you just have them all with one company And the user experience in general is going to be a lot better and you're going to be less likely to be hacked And just on and on there's so many different reasons why it would be awesome If you could have all of your services with one company And I really think that they've just shown that their main goal is to just delight their customers And I love seeing companies like that now it is a money market account But technically they're kind of like partnered up with different banks and they are fdic insured up to $250,000 all of the banks on this list are fdic insured up to $50,000 at least whenever you're considering a bank account You need to make sure that it's fdic insured just in case like the company shuts down or something along those lines You'll still be able to get your money back. So yeah fidelity seems to be killing it no matter where you look This one is going to go into a tier status next one on the list is going to be marcus by goldman sacks Now this is another one that is not the best but it's pretty good And I think they're heading in the right direction for this one, you know, no matter where you look It's really good. You know, they've got excellent customer service. They've got really good, you know, high interest savings accounts They are trying to integrate a lot of different things kind of like fidelity But there's just one thing that they don't have which is super annoying and that is last time I checked at least They don't have an app. Are you kidding me, man? This is 2020 and you don't have a mobile app for your freaking online banking account If it wasn't for that I might consider putting them into s tier But because of that they are going into low a tier next one on the list is going to be PNC bank And this is another one where if you look up their reviews online, they do have a really good reputation They're very competitive when it comes to interest rates and fees like a lot of the others on the list They also have some of the best customer service around overall There's just one really big problem with PNC bank and that is they only offer their services in select states So if you don't live in one of those states, you can't really use it And to me that's kind of a deal breaker because I want to be able to use my bank no matter what state I live in Or if I decide to move somewhere else and so for that reason I am going to have to put this one in b tier Next one on the list is going to be usaa So this is one that has over 60,000 free atms, which is really good That's one of the highest on the list now in order to get account with usaa You have to either be a military member or have someone in your immediate family that is a military member and overall I've heard they have excellent excellent service Although they don't have that many brick and mortar locations. It kind of depends on where you live How many locations they have So if they do have a lot of locations in the place you live and you do have a family member that's in the service Or you have served then this one might be one that you want to consider Especially if you're somebody who wants to have a brick and mortar bank that you can go to But overall for the average person that probably doesn't apply And so this one is also going to go into b tier next one on the list is going to be us bank And in doing research on this one, they consistently scored really low on a lot of the rating sites They are a brick and mortar bank So if that's something you're looking for and they have a lot of locations in the city that you live Maybe you'd want to look into this one But even out of the brick and mortar banks, this one doesn't score very well Interest rates you get on accounts aren't that great. The customer service isn't anything to rave about You're probably going to get some stupid service fees. Overall, this is a mediocre choice at best I'm going to have to go ahead and put this one into d tier wealth front is going to be next on the list And this is a company that has a very interesting business model now up to very recently This was one of my favorite companies technically This is a robo advisor that does have an option for you to have a savings account Which is technically a money market account, but it acts just like a savings account They also offer money management and retirement planning and a bunch of other things and that's why I really like this app I'm not going to really get into the details, but I truly did enjoy using this app But the reason they aren't higher on this list is the fact that they advertised a 2.57 percent interest rate Which got me to put money into their savings account and then when this whole pandemic thing happened They dropped that down to 0.35 percent 2.57 percent was incredible That was the best I've ever seen and for a long time. It was awesome I was really loving using their service But then after this whole pandemic thing happened a lot of the different banks did drop their interest rates But wealth front really dropped their interest rates extremely low And I think the reason is because they are a money market account Now I'm going to wait until after this whole pandemic thing is over and see if they rebound and they continue giving that really good service I'm hoping this is just a temporary thing and it doesn't last very long But I am extremely disappointed with the fact that they did this it seems to me like it was almost a marketing scheme I'm giving them a little bit of a pass just because there's some crazy stuff going on in the world right now But I really don't like when companies do this and so for that reason I'm going to go ahead and put them into B tier wealth fargo is going to be next on the list and this is another one That's an extremely common bank account tons of brick and mortar locations everywhere around the country and some of the places I've lived it seems like wealth fargo is like the starbucks of banks It's almost like there's one on every single corner now Welles Fargo is a perfect example of brick and mortar banks that charge you really stupid fees So for instance, I had a business checking account with Wells Fargo and it went under 7500 and for some reason they decided to charge me a $15 fee because my business checking account went under 7500 It was so dumb. I I was I was like really annoyed with them and uh, yeah This is why a lot of people don't use brick and mortar bank accounts anymore This is also another bank account that has pretty low ratings when you look on the different sites Now they do have 5500 branches and 13 000 atms across the country and that's good But it's honestly not great compared to some of the other brick and mortar banks I also noticed that they would charge me like two dollar and fifty cents atm fees when I would use one That's outside of their network and then they wouldn't refund me on those Yeah, this is a perfect example of you know brick and mortar banks that will nickel and dime you This one is going to go into D tier The next one on the list is going to be your local credit union And this could be any number of thousands of credit unions across the nation If you're somebody who has to have a brick and mortar bank, I really recommend looking into credit unions Now aside from all the things I mentioned before really good customer service, you know, really good interest rates They don't charge you a bunch of stupid fees They're able to pass along some of the savings to you because of the fact that they aren't subjected to A lot of the same rules as bank accounts One big thing you want to do is you want to make sure that your credit union is a part of a credit union network The reason for this is because you'll be able to access a bunch of atms in other parts of the country As long as your credit union is part of their network Now you can find the best credit union for you by going to a smarter choice.org And then just basically typing in your zip code and it'll tell you what your options are But credit unions are going to go into s tier now when you're doing research on bank accounts There's a few resources that I would recommend for you. First of all, you can look at bankrates.com to see which banks are offering Some of the best options when it comes to savings accounts and all that sort of thing These are fluctuating a lot right now, but I know there's a lot of savings accounts that are still offering You know somewhere around 1.3 percent to 1.7 percent It used to be that they were offering well over 2 percent But right now since this pandemic is happening that's definitely gone down a little bit The second one that I recommend is looking at consumerreports.com and they're basically going to rank different banks Excellent very good or good in terms of their fees and their costs and how much interest they give you etc But you kind of don't want to go with the one that currently has the best interest rates because like I said before They could just give you a good interest rate and then pull out the rug from under you a few months later To me, I think it's a much better idea to just go with the one that has a good Long-term track record of giving their customers good service and giving you good interest rates Go ahead and check out my videos right here. I made them just for you Smash the like button hit the subscribe button ring the notification bell and then comment down below Any ideas that you have on the video or any thoughts comments criticisms. Let me know your experiences with different banks Thank you so much for watching and bye for now