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We currently use ING for our banking and like a lot of its amenities, but their rates (as most banks, I'm sure) keep going down, down, down. The current savings rate is 1.25% APY and checking rate is abysmal, though I can't find the actual rate listed anywhere. When we opened the accounts, the rates were in the 4% range for savings, I think.

It seems like a lot of trouble to switch banks at this point with all of the automatic payments, etc, but if there's a bank out there with good rates, good reviews, and no fees, we will consider it!

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3 Answers

up vote 5 down vote accepted

Good question!

Bankrate.com has tools to find what you are after, and as far as I know it is pretty comprehensive.

http://www.bankrate.com/checking.aspx

Personally, the rates I saw were around 1.5%, and it isn't worth the effort for me to switch for an extra half a percent.

There is also happens to be an article on there about the decline of free checking accounts. Coincidence or fate?

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Thanks - it's not worth it for us to switch if the best is only 1.5% either. Too bad. –  Fun2Dream Jan 24 '10 at 3:15
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I like the comparison and filter tool at DepositAccounts.com (here's the one for rewards checking). I think it's much easier to use than Bankrate. The UI is cleaner and it is easier to narrow in on the best accounts. You can filter by nation-wide and state-specific bank and credit unions. It shows the interest rate and amount cap. You can sort through various types of savings, checking, money market, IRA and CD accounts. I've clicked through to many of the accounts and always found the information accurate.

DepositAccounts also has a frequently updated blog with interest rate changes, new offerings and excellent account review roundups. Finally it offers health status for the many institutions listed. The site has been around long enough that the posts have historical trend insight. While a bank may have good rates now, it's nice to know if it has been a rate leader in the past.

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In my personal opinion it is Alliant Credit Union. You won't find this listed in comparison sites since there are no affiliate fees for referral! But like you, I settled on this after a lot of research and weeding through reviews based solely for referrals.

ACU offers you the best rate without having to jump through hoops. If you want to know why I chose this, I'ved detailed it in my blog: A bank that’s better than Ally and IngDirect?

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DepositAccounts.com lists Alliant CU. You should add a review if you have time. Nice blog post! Cheers –  JCotton Mar 2 '11 at 17:09
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