WalletHub Q1 Banking Report: Key Trends by Region, Bank Size, Account Type & More

Published 04/24 2014 01:30PM

Updated 04/24 2014 01:35PM

The personal finance social network WalletHub today released its Q1 2014 Banking Landscape Report,which breaks down checking and savings account offers by user type, institution type, region and various other factors that make it clear how different types of people should manage their cash in this often unfamiliar post-recession banking landscape.

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.

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.

For the full Q1 2014 Banking Landscape Report, please visit http://wallethub.com/edu/2014-banking-landscape-report/1629/

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