How Fox Money rates banks
Fox Money scores bank accounts on a 100-point scale across key factors like APY, fees, balance requirements, and digital experience to determine the top picks in each category.
At Fox Money, our mission is to provide in-depth, objective analysis to help you make better decisions about your money — which includes both banks and bank accounts.
Choosing the right bank account is a big financial decision — one that can last years. That's why we've developed a comprehensive methodology to rank and review high-yield savings accounts, CDs, checking accounts, and money market accounts.
Why you can trust us
We go to great lengths to ensure our bank account rankings and reviews are accurate, fair, and helpful:
- We gather all account details directly from banks and credit unions, verifying rates, fees, and features to ensure accuracy.
- We use vetted third-party websites like the Better Business Bureau and Trustpilot to assess customer service responsiveness and helpfulness.
- We regularly monitor accounts to check for changes in rates or terms and update our reviews accordingly.
Every review and ranking is a product of this strict editorial process combined with our team's deep expertise in the banking industry. Our experts have years of experience recommending financial products and a passion for helping readers maximize their money.
Our bank scoring system
We rate all banks and bank accounts on a 100-point system. We assess each account or institution across six key factors, weighted based on what our research shows matters most to readers like you:
Definition: How much you can earn on your money
We look at the Annual Percentage Yield (APY), whether its competitive with other banks, and the requirements to earn that rate. The higher the rate and the easier it is to earn, the better the score.
Why it matters:
The interest rate is the primary reason someone would choose a savings, CD, or money market account over another, so this is our most heavily weighted factor.
Definition: Costs associated with banking services
We assess all fees related to the bank's products and services, including monthly maintenance fees, overdraft fees, ATM fees, wire transfer fees, and more. We look at how these fees compare to other banks and whether there are ways to waive or avoid them.
Why it matters:
Low fees can help minimize the cost of managing your money and accessing essential financial services, allowing you to keep more of your hard-earned cash.
Definition: The requirements to open and maintain an account
We evaluate the minimum amounts required to open each type of account and any ongoing balance requirements to waive fees or earn the best interest rates. This includes considering whether the requirements are reasonable and accessible for the average customer.
Why it matters:
High minimum deposits can be a barrier, and high balance requirements to avoid fees or earn the best rate limit the account's usefulness. Reasonable minimum deposit and balance requirements make a bank more accessible to a wide range of people.
Definition: Range of financial products and services offered
We look at the variety of bank accounts a financial institution offers, including checking accounts, savings accounts, money market accounts, and certificates of deposits (CDs). While not our primary focus, we also consider other products and services, including credit cards, loans, and investment services. We consider whether the product mix is comprehensive enough to meet the needs of customers at stages.
Why it matters:
A diverse product mix allows customers to find the right financial solutions for their unique needs and goals. The more products and services a bank offers, the easier it is to manage your money all in one place.
Definition: Quality and accessibility of support
We assess the bank's customer service channels, including phone support, email, chat, and in-person assistance. We also look at customer ratings on vetted third-party websites like Trustpilot.
Why it matters:
Reliable customer service is essential for a positive banking experience. It’s important to get the support and guidance you need to manage your finances effectively.
Definition: Ease and functionality of online and mobile banking
We evaluate the user-friendliness and capabilities of the bank's website and mobile app. We look for features like online account opening, bill pay, mobile check deposit, budgeting tools, and account alerts. We review app ratings via the App Store and Google Play.
Why it matters:
With more banking done online, the quality of an account's digital offerings is increasingly important. A user-friendly and feature-rich digital banking experience allows you to manage your accounts from anywhere, saving you time and effort.
Definition: Convenience of physical banking locations
We consider the bank's ATM network and branch footprint. If it’s an online bank, we consider how easy it is to access your money, including transfer limits, mobile check deposit, cash deposit, and ATM access. This factor also looks at ATM fees and whether the bank offers ATM fee reimbursements for out-of-network withdrawals.
Why it matters:
Access to ATMs and branches gives bank customers the flexibility to handle their banking needs in person when necessary while also providing easy access to cash when they need it.
For each factor, we have defined evaluation criteria to ensure objectivity. For example, when assessing interest rates, we consider not just the headline APY but also whether the rate is tiered based on balance or if there are any requirements to earn the highest yield. For fees, we look at every possible fee an account holder could incur.
Our bank account scoring system
We also have individual scoring systems depending on the type of bank account.
High-yield savings accounts
For high-yield savings accounts, we use a 100-point scoring system that prioritizes the following factors:
- Interest rate (APY): (40%)
- Minimum balance requirements: (20%)
- Fees: (15%)
- Ease of withdrawals: (10%)
- Digital experience: (10%)
- Customer service: (5%)
We weigh the interest rate most heavily because earning a competitive interest rate is the main purpose of these accounts. Minimum balance requirements and fees also carry significant weight because they impact how much of that interest you get to keep.
Certificates of deposit (CDs)
Our 100-point scoring system for CDs emphasizes:
- Interest rate (APY): (50%)
- Minimum deposit requirements: (15%)
- Early withdrawal penalties: (15%)
- Variety of term lengths: (10%)
- Renewal options: (5%)
- Customer service: (5%)
With CDs, interest rate is arguably more important since your money is locked up for a set term. We evaluate rates across all term lengths offered. Early withdrawal penalties are a key factor because they determine the true cost of accessing your money before the CD matures.
Checking accounts
For checking accounts, our 100-point scoring system focuses on:
- Fees: (40%)
- ATM & branch access: (25%)
- Minimum balance requirements: (20%)
- Digital experience: (15%)
- Interest rate (APY): (10%)
- Customer service: (5%)
With checking accounts, fees are the top factor because these accounts tend to have more of them. ATM and branch access is also crucial since people use checking accounts for daily transactions. We weigh interest rates less heavily because most checking accounts don't offer high yields.
Money market accounts
Our 100-point scoring system for money market accounts assesses:
- Interest rate (APY): (35%)
- Check-writing & debit card access: (25%)
- Minimum balance requirements: (15%)
- Fees: (15%)
- Digital Experience: (5%)
- Customer service: (5%)
For money market accounts, we prioritize interest rates because these accounts are meant to offer higher yields than checking while still providing some accessibility. That's why check-writing and debit card access is the second most important factor.
Affiliate relationship disclosure
We believe in transparency first. That’s why it’s important for readers to know that Fox Money has affiliate relationships with some of the financial institutions we review. This means we may receive a referral fee if you click on a link advertising a bank or credit union. However, these affiliate relationships never influence our rankings or reviews.
However, we never let these affiliate relationships influence which banks or bank accounts we review or where they rank. Our rankings, scores, and reviews are solely based on our independent evaluation and editorial judgment, not on advertiser relationships. We review and rank many cards with no affiliate relationship at all.