Best in class products of 2020

As part of Bankrate's Best Banks of 2020 study, we analyzed hundreds of data points to find financial institutions that offer a savings account with a competitive APY, low or no fees, and accessible minimum deposit requirements. We also examined the banks' checking accounts to find accounts that limit fees and may even offer an APY. Here are our picks for the the best banks for savings accounts and checking accounts.

Best banks for savings accounts

  • BrioDirect
  • Vio Bank
  • UFB Direct
  • Comenity Direct
  • HSBC Direct
  • Capital One
  • Discover Bank
  • Bank5 Connect
  • Salem Five Direct
  • TAB Bank

Best banks for checking accounts

  • Radius Bank
  • Bank5 Connect
  • nbkc Bank
  • Memory Bank
  • Boeing Employees Credit Union
  • Capital One Bank
  • Ally Bank
  • VyStar Credit Union
  • Texas Capital Bank
  • Western State Bank

How we chose the best savings and checking accounts

Bankrate gathered checking and savings account data from dozens of brick-and-mortar banks, credit unions and online financial institutions. In doing so, we examined thousands of data points, looking at the fees each institution charges and the deposit rates it offers. We chose one checking account and one savings account from each institution. When an institution offered more than one checking account, we chose the one that offered free checking or the fewest barriers to avoid a monthly fee. In cases where an institution offered multiple free checking accounts, we chose the one that paid the highest APY. If it offered more than one savings account, we chose the one that offered the highest APY at the lowest monthly fee. We assigned a number grade to each institution on a 100-point scale, looking at criteria including monthly service fees, interest rates, ATM fees, mobile app ratings and minimum deposit and minimum balance requirements. We gave the most weight to savings interest rates and low-cost or free checking accounts. We then looked at the 10 highest-scoring savings accounts and checking accounts, regardless of the bank category, to rank the best products.