How Bankrate selects the best banking products

Bankrate’s editorial team researches over 100 banks and credit unions, including brick-and-mortar banks, online banks, regional banks and credit unions. We choose institutions based on their size, consumer interest and product quality.

We score accounts based on key consumer factors: minimum deposit requirements, annual percentage yields (APYs), fees and accessibility. For example, we won’t recommend a savings account based solely on high interest rates — it has to earn high marks across all categories to make our “best” list.

We survey banks’ and credit unions websites at least twice a month to keep our data fresh. Visit this page to learn more about how we score banks.

From our 100+ reviewed banks, we rate their most consumer-friendly savings account — typically the one with the highest rate, lowest deposit requirements, and fewest fees.

 We score savings accounts on:

• Interest rates
• Fees
• Minimum balances
• Funds accessibility

To make our list, a high-yield savings account must have a Bankrate score of at least 4.5 stars and meet a minimum APY threshold, which we set quarterly based on a review of competitive rates.

We show the top ten highest APYs from savings accounts that meet our requirements. If there is a tie, we prioritize accounts with a higher Bankrate score and lower minimum requirements.

We select the best CDs based on APY and minimum deposit requirements. We set the APY threshold for each CD term on a quarterly basis (at least).

To make our list, a CD must have a minimum deposit of $10,000 or less. CDs are simpler products with fewer variables to evaluate — they don't have monthly fees, so our focus is primarily on rates and accessibility.

We survey CD rates across the following 10 terms:

• One-month CDs
• Three-month CDs
• Six-month CDs
• One-year CDs
• 18-month CDs
• Two-year CDs
• Three-year CDs
• Four-year CDs
• Five-year CDs
• 10-year CDs

The top 10 highest APYs that meet our requirements make our list. If there is a tie, we increase the APY cut-off to ensure we’re surfacing the most competitive rates. For some non-standard CD terms, such as a 10-year CD, we may show fewer than 10 accounts if not enough competitive options exist.

For the Best CD Rates list, we also require a CD star rating of 4 stars. This score is based on the highest APY offering for a CD between seven and seventeen months, early withdrawal penalty, the number of CD terms offered and other factors.

We score checking accounts from the 100+ institutions we review. If a bank or credit union offers multiple checking accounts, we score the most accessible option which is usually the account with the fewest fees, lowest minimum deposit requirements and no age restrictions.

We score each checking account on:

• Monthly service fee and ways to avoid it
• ATM fees
• Minimum deposit to open account
• Access to peer-to-peer payments
• Early direct deposit
• Overdraft fees
• Non-sufficient funds fees

Accounts also earn bonus points for offering interest or robust ATM access.

To make any of our best checking account lists, an account has to have a Bankrate score of 4 stars or more. We show the top 10 highest-scoring accounts above that threshold. Depending on the specific list, we also include additional requirements for overdraft fees, set minimum APYs, and use ATM fees and bank app star ratings as tiebreakers.

We score money market accounts on their:

• APY
• Monthly service fee
• Minimum balance requirements
• Check-writing privileges, debit card and/or ATM access

To make our list of the best money market accounts, an account must have a Bankrate score of at least 4 stars, a maximum opening deposit of $5,000 and meet a minimum APY threshold, which we set quarterly based on our review of competitive APYs in the money market landscape.

We show a maximum of the top ten highest APYs from qualifying accounts. If there is a tie, we choose the accounts that have the lowest minimum requirements to earn the advertised APY.

When choosing the best institutions, whether it’s for the Best Big Banks or the Best Online Banks, we rely on our overall Bankrate star rating, which takes into account the institution’s score for each of the products they offer as well as the variety of their product offerings.

For all interest-earning accounts, we only consider rates published online. If an institution requires us to call to check their rates, we disqualify those accounts due to a lack of transparency and our inability to verify consistent rate offerings.

We typically exclude regional banks and credit unions with strict membership requirements from our best-of lists since they aren't widely available to our readers. Credit unions with paths to membership for anyone (like joining an association) may qualify for our lists.

We make exceptions for niche banking products that are not available at enough of our broadly-available institutions. This is why you may find restrictive membership credit unions or regional banks on the lists for the Best 10-year CDs and IRA CDs.