The report details the average fees, features, and rates associated with more than 1,900 checking accounts and savings accounts available to general consumers, small business owners and students. A few highlights can be found below. For the full Q1 2014 Banking Landscape Report, please visit: http://wallethub.com/edu/2014-banking-landscape-report/1629/
- General consumers should use online checking accounts, as they are 19% cheaper than branch accounts, have 20% more features, and provide a 122% higher average interest rate. Savings accounts actually have lower interest rates than checking accounts for this segment.
- Business accounts are at the bottom of the totem pole, as they’re 46% more expensive, have 4% fewer features, and offer 57% lower interest rates than consumer accounts. As a result, small business owners should also gravitate to personal online checking accounts as much as possible.
- College students should use student checking accounts for everyday access to cash and student savings accounts to set aside money for the future. Student checking accounts are 66% cheaper than the average personal account and offer 28% more features, but they also provide 86% lower interest rates. Student savings accounts offer some of the highest interest rates on the market.
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