Awards methodology

In assessing the best bank overall, Bankrate considered banks and credit unions in every category: online, big banks, regional and credit unions. Factors included fees charged, if any, across account types, availability of competitive annual percentage yields (APYs), minimum deposit and monthly maintenance or overdraft fees, innovative digital features and more.

In determining the best big bank, Bankrate looked at banks with hundreds of branches across multiple states and regions. Factors included the range of products offered, the minimum amount required to open an account and to avoid monthly service fees, overdraft fees, size of ATM network and associated fees, digital features and more.

In selecting the best online bank, Bankrate evaluated dozens of banks without branches or operating as digital financial institutions whose products are widely available online. Factors included the range of products offered, the minimum amount required to open an account and to avoid monthly service fees, overdraft fees, size of ATM network and associated fees, digital features and more.

In judging the best regional bank, Bankrate evaluated dozens of banks that generally had fewer than 500 branches in one state or region. Factors included the range of products offered, the minimum amount required to open an account and to avoid monthly service fees, overdraft fees, size of ATM network and associated fees, digital features and more.

In choosing the best credit union, Bankrate looked at membership-based organizations regulated by the National Credit Union Administration. Factors included the range of products offered, the minimum amount required to open an account and to avoid monthly service fees, overdraft fees, size of ATM network and associated fees, digital features, membership requirements and more.

In assessing what makes the best savings account, Bankrate considered annual percentage yields (APYs), minimum deposit required (if any), how easy it is to access funds, monthly service fees and the account balance needed to avoid paying them, and more.

When it comes to the best money market account, Bankrate weighed annual percentage yields (APYs), minimum deposit required, monthly service fees, availability of accounts nationwide, check-writing privileges and ATM/debit card access, among other factors.

To score the best bank for CDs, Bankrate reviewed CD offerings from more than 100 banks and credit unions. Factors included the annual percentage yield (APY) based on the bank's best CD rate for 7- to 17-month terms, a minimum deposit was $25,000 or less; low minimum deposit requirements; range of term lengths and early withdrawal penalty amounts. Banks that offered specialty CDs, such as a bump-up or no-penalty CD, were given a bonus. Offering IRA CDs also resulted in a bonus being awarded.

In determining what makes the best checking account, Bankrate weighed numerous factors, including the amount required to open an account, monthly minimum balance requirements, early direct deposit being offered, fees for overdrafts and non-sufficient funds, size of ATM networks and any associated fees, among others. Institutions that paid interest on their checking accounts were awarded a bonus.

In determining the best cash management account, Bankrate assigned a score to nonbank cash accounts, looking at criteria including annual percentage yields (APYs), check-writing privileges, monthly service fees, minimum deposit requirements and minimum balance to earn interest.

In selecting the best socially responsible bank, Bankrate looked for institutions with a strong commitment to social and environmental issues, including a broad range of factors, such as how well the bank serves its community, and its relations with employees, charitable contributions and general global impact.

In determining the most trusted bank, Bankrate looked at a select group of the nation’s biggest and most-established banks with both a strong physical branch network and a robust digital offering. Factors that were taken into account include Bankrate scoring, popular third-party consumer satisfaction study research, ratings from the Better Business Bureau, and reviews from app users.

In selecting the best bank for sign-up bonuses, Bankrate evaluated a group of large banks and financial institutions whose products are widely available online and consistently offer bonuses to customers opening new accounts or making referrals. These institutions’ bonus promotions were scored across checking, savings, and other accounts, as well as for referring new customers to determine a winner.

When it comes to the best bank for branch access, Bankrate looked for institutions with thousands of branches across the U.S., and those with a vast physical presence across numerous states and the District of Columbia. We also took into account which banks generally offered more consumer-friendly hours, and which banks had the highest branch density in the most populated states.

To choose the best overall auto insurance company, we started by gathering information from over 150 insurance companies. We researched average quoted annual premiums obtained from Quadrant Information Services for all 50 states and Washington, D.C., because we know that price is a top concern for many shoppers. We also know that service and financial strength are important, so we also evaluated third-party scores and ratings from J.D. Power, the National Association of Insurance Commissioners (NAIC), AM Best, Standard & Poor’s (S&P) and Moody’s. To ensure that we chose companies that offer the coverage that drivers need, we next reviewed available coverage options and discounts. Finally, we considered each company’s local agency presence, digital tool functionality, corporate sustainability and national availability (which we define as being available in at least 48 states, since Alaska and Hawaii often present unique challenges to insurers). While our Bankrate Awards can serve as a helpful guide, keep in mind that each insurance company has its own underwriting and pricing regulations, which means eligibility and rates will vary. We chose to feature two companies, Amica and Geico, as the best overall to help a wider range of drivers.

To choose the best overall auto insurance company, we started by gathering information from over 150 insurance companies. We researched average quoted annual premiums obtained from Quadrant Information Services for all 50 states and Washington, D.C., because we know that price is a top concern for many shoppers. We also know that service and financial strength are important, so we also evaluated third-party scores and ratings from J.D. Power, the National Association of Insurance Commissioners (NAIC), AM Best, Standard & Poor’s (S&P) and Moody’s. To ensure that we chose companies that offer the coverage that drivers need, we next reviewed available coverage options and discounts. Finally, we considered each company’s local agency presence, digital tool functionality, corporate sustainability and national availability (which we define as being available in at least 48 states, since Alaska and Hawaii often present unique challenges to insurers). While our Bankrate Awards can serve as a helpful guide, keep in mind that each insurance company has its own underwriting and pricing regulations, which means eligibility and rates will vary. We chose to feature two companies, Amica and Geico, as the best overall to help a wider range of drivers.

Choosing the best digital auto insurance company involved comparing each company’s online and mobile tools. First, we checked to see if an insurer offered an online customer portal and a mobile app. Of the companies that offer mobile apps, we analyzed mobile app ratings from the App Store and Google Play and noted what features were and were not offered. Finally, we looked at each company’s overall approach to technology in terms of its rating, quoting and policy management system. We also used each company’s average rates, third-party scores, available coverage options and discounts into account, although we weighed these metrics less heavily than the digital tools. Root’s innovative approach to rating policies ultimately stood out among competitors.

Price was the most important factor as we looked for the best budget auto insurance company. We obtained average quoted premiums from Quadrant Information Services for all 50 states and Washington, D.C., then analyzed the rates by a number of driver profiles. We weighed the national average rate most heavily in our analysis, but also considered coverage options, discounts, third-party scores and digital tools. Geico consistently offers low average rates and has a long list of discounts that could lower premiums even more.

For high-risk drivers, we determined that average rates after an at-fault accident and a speeding ticket, as well as claims satisfaction, were the most impactful factors. State Farm offers rates lower than the national average for those two driver profiles and has a higher-than-average claims satisfaction score, which helped it earn the Bankrate Award. Like our other awards, we also took coverage options, discounts, national availability, corporate sustainability, digital tool strength, and third-party scores and ratings into account, but they weren’t weighted as heavily in this category.

To find the best overall home insurance companies, we started by analyzing metrics that we felt most impact customer experience. These included average rates from Quadrant Information Services as well as third-party scores and ratings from J.D. Power, AM Best, the National Association of Insurance Commissioners (NAIC), Standard & Poor’s (S&P) and Moody’s. We know that every homeowner has different needs, so we next reviewed coverage options and discounts. Lastly, we reviewed each insurer’s local agency availability, digital tools, corporate sustainability and giveback programs, and national availability (which we define as being available in at least 48 states, since many insurers do not operate in Alaska or Hawaii). We strive to help homeowners understand how to choose the best company, and to that end, we chose to feature two insurers as the best — USAA and Allstate — based on their ratings in our scoring model. While our Bankrate Awards can be a good guide, every insurance company has its own operating guidelines, so the best way to find out if a carrier is right for you is to get a quote.

To find the best overall home insurance companies, we started by analyzing metrics that we felt most impact customer experience. These included average rates from Quadrant Information Services as well as third-party scores and ratings from J.D. Power, AM Best, the National Association of Insurance Commissioners (NAIC), Standard & Poor’s (S&P) and Moody’s. We know that every homeowner has different needs, so we next reviewed coverage options and discounts. Lastly, we reviewed each insurer’s local agency availability, digital tools, corporate sustainability and giveback programs, and national availability (which we define as being available in at least 48 states, since many insurers do not operate in Alaska or Hawaii). We strive to help homeowners understand how to choose the best company, and to that end, we chose to feature two insurers as the best — USAA and Allstate — based on their ratings in our scoring model. While our Bankrate Awards can be a good guide, every insurance company has its own operating guidelines, so the best way to find out if a carrier is right for you is to get a quote.

For our best digital home insurance company category, we weighed each insurer’s mobile app and online tool functionality the most heavily. We also researched and analyzed the rating structure of digital insurance companies, as this can indicate a carrier’s ability to adapt to a quickly-changing insurance landscape. Finally, we incorporated coverage options, discounts and third-party ratings into our analysis to help ensure that the companies that rose to the top of our list still provided robust coverage.

Rates were the most important consideration in our analysis of budget home insurance companies. Customers shopping for cheap home insurance are, by the nature of their search, seeking a company that offers low average rates. To that end, we also heavily weighed available discounts, since discounts provide a way for homeowners to further lower their premiums. However, the ability to build a policy to fit the needs of different homeowners is also important; choosing a cheap company that skimps on coverage could leave policyholders without the necessary protections in a claim. With that in mind, we reviewed each carrier’s available coverage options as a third metric.

Policyholders with high-value homes may have different insurance considerations and might be searching for more tailored, unique or specific coverage options. Additionally, a company that insures high-value homes may need a higher level of financial stability, since claims for luxury properties likely cost more to settle. We weighted financial stability and coverage options as the most important factors in our high-value home insurer category.

To find the best life insurance companies, Bankrate compiled information in six key areas that affect customer experience. First, we analyzed each company’s third-party ratings for customer satisfaction and financial strength via J.D. Power and AM Best. Next, we analyzed the number of riders from each company and the coverage capacity for each policy type. Finally, we researched the availability of no-exam options and each company’s accessibility (via an online customer portal, digital app, 24/7 customer service and local agents). Term life is a common type of life insurance, meaning that customer service and accessibility were considered the most important factors. While our Bankrate Awards can be a helpful guide, remember that each company has its own underwriting and pricing regulations, which means eligibility and rates vary. The best way to find out if a company is right for you is to get a quote.

To find the best life insurance companies, Bankrate compiled information in six key areas that affect customer experience. First, we analyzed each company’s third-party ratings for customer satisfaction and financial strength via J.D. Power and AM Best. Next, we analyzed the number of riders from each company and the coverage capacity for each policy type. Finally, we researched the availability of no-exam options and each company’s accessibility (via an online customer portal, digital app, 24/7 customer service and local agents). Because whole life insurance is a form of permanent coverage that stays in place until you pass away (assuming premiums are paid), we determined that the most important features were an insurer’s financial strength and the ability to use endorsements to personalize a policy. While our Bankrate Awards can be a helpful guide, remember that each company has its own underwriting and pricing regulations, which means eligibility and rates vary. The best way to find out if a company is right for you is to get a quote.

To find the best life insurance companies, Bankrate compiled information in six key areas that affect customer experience. First, we analyzed each company’s third-party ratings for customer satisfaction and financial strength via J.D. Power and AM Best. Next, we analyzed the number of riders from each company and the coverage capacity for each policy type. Finally, we researched the availability of no-exam options and each company’s accessibility (via an online customer portal, digital app, 24/7 customer service and local agents). Universal life insurance is more complex than term or whole life coverage, so we reviewed each insurer’s portfolio of financial products and the ability to guide consumers through financial journeys with planning services. Universal life is also a form of permanent life insurance, so the financial strength of each insurer was also heavily weighed. While our Bankrate Awards can be a helpful guide, remember that each company has its own underwriting and pricing regulations, which means eligibility and rates vary. The best way to find out if a company is right for you is to get a quote.

In selecting the best broker overall, Bankrate evaluated brokers on key factors that matter to investors, including costs, tradable securities, customer support, research and education, trading platform, mobile app and more. Those scores were weighted by importance to arrive at the final assessment of the best overall broker.

In selecting the best broker for beginners, Bankrate looked at factors that would likely matter most to investors just getting started. Costs, the availability of fractional shares, customer support and a comprehensive educational offering were heavily weighted among other factors.

In selecting the best broker for advanced traders, Bankrate considered factors that would likely be of highest importance to experienced investors. The cost of trading stocks and options, the quality and robustness of trading platforms, including mobile platforms, tradable securities, available research and customer support were the key factors.

Bankrate evaluated brokers on a variety of factors when identifying the best broker for research and tools. These factors included access to research (both proprietary and third-party) on stocks and funds, the quality and breadth of research and tools, the capabilities of the trading platform, the quality and depth of the educational components, and the mobile app.

Bankrate looked at a number of factors when identifying the best broker for retirement investing. Brokers were evaluated based on the types of retirement accounts offered, access to research and education, trading costs and fees, customer service and the availability of mutual funds with no transaction fees, among other criteria.

In selecting the best cryptocurrency exchange, Bankrate evaluated crypto exchanges on factors relevant for crypto traders, including commissions, tradable cryptocurrencies, trading platform, the ability to stake coins with the exchange, education, mobile app and customer support.

In determining the best investing app, Bankrate evaluated app-based providers of financial services (including robo-advisors, brokerages and mobile-only services) and rated them on their overall experience, education and tools, cost and total value proposition to the investor.

In selecting the best mission-oriented investing service, Bankrate evaluated investing services with a stated mission and then graded them on the impact to their target audience, accessibility, ease of investing, and effectiveness at promoting diversity, equity and inclusion.

In selecting the best robo-advisor, Bankrate evaluated robo-advisors on factors that matter to their target audience, including management fees, fund expense ratios, robust portfolio construction, cash management accounts, features and tools, education, access to human advisors and customer support.

Bankrate ranked each card’s estimated rewards rate, rewards value, bonus value, redemption flexibility and other benefits against those of other cards in the “everyday use” category (all rewards, cash back and travel cards in our database with no annual fee).

Bankrate ranked each card’s estimated rewards rate, rewards value, bonus value, redemption flexibility and other benefits against those of other rewards cards in our database that offered rewards and perks on dining and at U.S. supermarkets.

Bankrate ranked each card’s estimated rewards rate, rewards value, bonus value, redemption flexibility and additional benefits against those of other rewards cards in the “jet-setter” category (cards focused on travel-related rewards and benefits).

Bankrate ranked each card’s estimated rewards rate, rewards value, bonus value, redemption flexibility and other benefits against those of other cards with “cash back” as their primary scoring category.

Bankrate looked at a number of factors when identifying the best broker for retirement investing. Brokers were evaluated based on the types of retirement accounts offered, access to research and education, trading costs and fees, customer service and the availability of mutual funds with no transaction fees, among other criteria.

Bankrate ranked each card’s membership cost, APR, annual fee (and other fees), security deposit, credit-building features and other elements against those of other secured and unsecured cards in the “credit building” category.

Bankrate ranked each card’s rewards program, intro APR, ongoing APR and fees, additional features, customer service experience and other elements against those of other cards in the “student” category (cards designed and only available for students).

Bankrate ranked each card’s intro APR periods, ongoing APR, annual fee, miscellaneous fees and other benefits against those of other cards in the “balance transfer” category (all cards designed primarily for the purpose of transferring a paying down an existing balance at a low introductory APR).

Bankrate ranked each card’s estimated rewards rate, rewards value, standard APR, welcome offers, rates and fees and other elements against those of other cards designed for small-business owners.

Bankrate ranked each card’s estimated rewards rate, rewards value, bonus value, redemption flexibility and other benefits against those of other cards in the “airline” category (all rewards cards in our database co-branded with a specific airline).

Bankrate ranked each card’s estimated rewards rate, rewards value, bonus value, redemption flexibility and other benefits against those of other cash back and rewards cards in our database with rewards and perks on gas and transit purchases.

Bankrate ranked each card’s estimated rewards rate, rewards value, bonus value, redemption flexibility and other benefits against those of other cards in the “hotels” category (all rewards cards in our database co-branded with a specific hotel network).

Bankrate ranked a series of popular single-issuer card combinations based on their combined estimated rewards rates, rewards category coverage, rewards value, redemption flexibility, sign-up bonus value and additional benefits against those of other popular card combinations.

Bankrate ranked each card’s estimated rewards rate, rewards value, bonus value, redemption flexibility and other benefits against those of other cash back and rewards cards in our database with shopping-centric rewards and perks.

Bankrate ranked each card’s estimated rewards rate, rewards value, bonus value, redemption flexibility and other benefits against those of other cash back and rewards cards in our database with streaming-centric rewards and perks.

Bankrate ranked each card’s estimated rewards rate, rewards value, bonus value, redemption flexibility and other benefits against those of other cash back and rewards cards in our database that earn points on rent or offer rent-related perks.

Bankrate evaluated each card issuer’s estimated community reinvestment, PCAF status, ESG risk score, B Corp Score and other social responsibility factors and ranked each card’s estimated rewards rate, rewards value, bonus value, redemption flexibility and other benefits against those of other cash back and rewards cards in our database.

The winner of best personal loan for borrowers with bad credit needed to score the highest on Bankrate Score criteria among the lenders that offer loans to consumers on this credit range. Some of the factors evaluated include minimum loan amount, fees, APR range, customer service availability and online access. In the event of a tie, the lender with the lowest starting APR was chosen.

The winner of best personal loan for borrowers with fair credit needed to score the highest on Bankrate Score criteria among the lenders that offer loans to consumers on this credit range. Some of the factors used to choose our top pick include minimum loan amount, fees, APR range, customer service availability and online access. In the event of a tie, the lender with the most competitive starting APR was chosen.

The winner of best personal loan for borrowers with good credit needed to score the highest on Bankrate Score criteria among the lenders that offer loans to consumers on this credit range. Some of the factors taken into account for the final score include minimum loan amount, fees, APR range, customer service availability and online access. In the event of a tie, our team of experts chose the lender with the lowest starting APR.

The winner of best personal loan for borrowers with excellent credit needed to score the highest on Bankrate Score criteria among the lenders that offer loans to consumers on this credit range. Loan-specific criteria included minimum loan amount, fees, APR range, customer service availability and online access. In the event of a tie, we chose the lender with the lowest starting APR.

To determine the best personal loans lender for home improvement, Bankrate sorted lenders into those that offered longer-than-average repayment times, fast funding and low APRs. The lender that scored the highest average of the three categories won. For repayment options, Bankrate favored lenders who offered terms longer than five years. For funding times, lenders were filtered to those that fund loans in a week or less.

Bankrate chose the best personal loan based on low starting APRs and low fees. Bankrate looked at how much each of the lenders’ fees added to the overall cost of the loan. Our top pick was chosen based on the lowest overall cost when adding starting APRs and fees. As a tie-breaker, the winner would be the lender with the highest Bankrate Score. This score evaluates, among other things, minimum loan amount, online access and customer service.

To determine the best online lender for personal loans, Bankrate compared online-only lenders, selecting the one with the best overall Bankrate Score. For this particular category, Bankrate put additional emphasis on customer experience to ensure borrowers are able to efficiently manage their loan without in-person resources. If a tiebreaker was needed, the lender with the highest score in the customer experience category would be chosen.

To determine the best personal loan from a bank, Bankrate narrowed down the list of lenders to those that are banks with online access and chose the bank with the highest Bankrate Score. The Bankrate Score evaluates factors such as accessibility, affordability and customer support options to determine the overall experience of using a particular lender.

To determine the winner for the best auto loan from a bank, Bankrate considered 10 banks that have both a large footprint and nationwide reach. From those ten banks, Bankrate narrowed down the winner by factoring for the lowest rate ranges, most loan types and best loan terms. Extra regard was given to financial institutions with extended customer service hours and app availability. On top of these criteria, the winner also had to score well in Bankrate’s scoring methodology, based on availability, affordability, customer experience and transparency.

To determine the winner for the best online lender, Bankrate scored 20 online lenders that serve borrowers across the country. Bankrate then filtered based on loan types offered, lowest rate ranges and available loan terms. The availability of an app and the ease of use of the lenders' websites were also considered. Lastly, the winner had to score well in Bankrate’s scoring methodology, based on availability, affordability, customer experience and transparency.

To find the best lender for auto refinancing loans, Bankrate considered 27 banks, credit unions and online lenders available to borrowers nationwide. To filter for the winner, Bankrate selected those with the lowest rate ranges, fewest vehicle restrictions and largest available loan amounts. Along with this, the winner also needed to carry a wide variety of repayment terms and fast funding. Finally, preference was given to lenders that scored well in Bankrate’s scoring methodology, based on availability, affordability, customer experience and transparency.

Bankrate evaluated 23 different banks, credit unions and online lenders to determine the best lender for used vehicle loans — catering to both dealer and private party purchases. From there Bankrate narrowed down by lowest rate ranges, most loan types, fewest vehicle restrictions, loan terms offered and widest loan amounts. The winner also needed to rank high within Bankrate’s scoring methodology, based on availability, affordability, customer experience and transparency.

To find the best auto loan for a new car purchase, Bankrate scored 21 banks, credit unions and online lenders. Bankrate narrowed down lenders by lowest interest ranges, loan terms offered and range of customer service options. Although low APR ranges were an important factor, Bankrate also focused on lenders with high financing amounts. Along with this criteria, the winner also needed to rank high on Bankrate’s scoring methodology, based on availability, affordability, customer experience and transparency.  

To find the best student loan for undergraduate students, Bankrate compared 21 well-known and widely available lenders using its 14-point scale scoring model. The Bankrate Score evaluates repayment options, affordability and customer experience based on metrics like minimum and maximum loan amounts, grace period length, fees, autopay discounts and more. The winner in this category was selected based on the lowest APRs, widest range of repayment options, flexible loan amounts and highest overall Bankrate Score of 4.5.

To find the best student loan for parents, Bankrate considered nine banks and online lenders that offer loans specifically for parents of undergraduate students. The winner was selected based on a high overall Bankrate Score, which takes into account repayment options, fees and customer experience, as well as APR ranges.

The winner of best personal loan for borrowers with good credit needed to score the highest on Bankrate Score criteria among the lenders that offer loans to consumers on this credit range. Some of the factors taken into account for the final score include minimum loan amount, fees, APR range, customer service availability and online access. In the event of a tie, our team of experts chose the lender with the lowest starting APR.

To find the best student loan for graduate students, Bankrate compared a total of 17 lenders, which offered financing options for MBA, law, medical and dental degrees, as well as other graduate programs. Our winner features low APRs, high borrowing limits and longer-than-average grace periods. Earnest also scored highly when it came to repayment options, affordability and customer experience.

To find the best student loan for boot camps and vocational programs, Bankrate narrowed down the search to four widely available lenders that offer unconventional loans meant for career-building, boot camps, certificate programs or trade school. Of the four contenders, the winner had transparent terms, multiple repayment options, relatively low APR ranges, a defined grace period and covered a variety of programs. It also had a high Bankrate Score, which evaluates repayment terms, fees and customer experience.

To find the best student loan for refinancing, Bankrate evaluated 15 lenders, including banks, credit unions and online lenders. The winner was selected based on the lowest APR ranges and the widest selection of repayment options, in addition to having no origination fees, application fees or prepayment penalties. Besides that, our top pick has an overall Bankrate Score of 4.5, which means it excels in other areas, such as affordability and customer experience.

In determining the best tax software overall, Bankrate examined the following: inclusion of a free version, educational and assistance options, ease of use, ability to import forms and if a tracker is included to let you know when you may access your refund. Bonuses were given to companies with a high-rated mobile app and/or if they offer in-branch services.

The winner for best low-cost tax software rated highly for the same factors as the best tax software, but the methodology was indexed to account more heavily for software cost compared to other comparable programs, as well as whether it included free filing.

The winner for best low-cost tax software rated highly for the same factors as the best tax software, but the methodology was indexed to account more heavily for companies providing in-branch assistance.