Today let's break down the top 10 best bank accounts in 2023 to help you achieve your
financial goals this year starting with the Charles Schwab high-yield investor accounts
which is by far the best investment and banking combination.
As is the case with every single product we're going to talk about today I have done full
reviews on the Charles Schwab banking options and I will also leave some links down below
the like button where you can learn more about some of these products and get some free cash
when you sign up but what makes the Charles Schwab investor bank account unique is the
seamless integration between the Schwab investing platform and these pretty decent banking tools.
Truthfully just the banking products on their own are not anything crazy but there are some
standout features like unlimited ATM fee reimbursements worldwide and 0.43% APY on your savings account
at the time of recording this video which is nothing compared to some of the products
we're going to look at later in today's video but compared to the national average is still
pretty decent.
Again though the best part of Schwab is that when you open your high-yield investor checking
or savings account you automatically get a Schwab brokerage account included making it
super easy to track both of these financial accounts using one login credential which
I'm a huge fan of.
But if you're more focused on just banking then this next platform pioneered fully online
banking and that is Ally Bank.
Now I'll admit from the start that ally is no longer the industry leader in this space
that they once were at least in my opinion however they do still offer a number of financial
tools that many of their top competitors still don't have including things like certificates
of deposit, IRA banking options, money market accounts among others on top of the standard
checking and savings account products and their investment and lending services.
Right now they're paying 3% APY on their savings account which is near the top of the industry
and they do have several more modern features like round-up savings tools, the ability to
get paid early using direct deposit and even overdraft protection so if you are just getting
into the fully online banking world and maybe you'll take advantage of some of the other
financial products that they offer then ally bank is a great choice.
#8 is not a specific company but rather an alternative option for those of you who aren't
looking for an online bank which I totally understand and that would be getting an account
at your local bank or credit union.
This one's pretty self-explanatory but obviously being able to physically walk into a local
branch is incredibly useful, credit unions specifically usually pay decent interest rates
compared to a local bank and they can often offer more competitive rates on lending products
as well.
There's also something to be said for building a face-to-face relationship at your bank if
and when it comes time to borrow money on a house for example so not my cup of tea personally
however I totally understand that this is necessary for some individuals so it might
be worth checking out your local bank or credit union.
#7 is discover bank which once again offers some really unique products setting it apart
from many competitors including 1% cash back on up to $3000 in debit card purchases every
single month and 3% APY on your savings account.
Again, discover offers some account options like certificates of deposit that some of
the later platforms do not offer and with interest rates rising so quickly, CD's are
rapidly becoming a fantastic savings vehicle once again with discover offering 4% APY on
a 12-month CD meaning you could lock your money in for 12 months and earn a guaranteed
4% rate of return and this rates could likely go higher in the near future.
Similar to Ally they also have retirement banking options money market accounts and
all of the surface-level features that we've come to expect with these banking platforms
like 60,000 free-to-use ATMs.
I also love the discover it credit card and believe it is the best beginner option by
far so not that that is relevant to this conversation but if you do have that product then it may
be nice to have everything under the same platform and it's also worth mentioning that
discovers customer service is absolutely incredible so if that's important to you as well then
you might want to check out discover bank.
#6 is a product that we haven't talked about in a while but has had some cool changes recently
and that would be current.
You've probably heard some of your favorite influencers talk about this product since
they offer the most sleek and modern banking platform on the market in my opinion that
is largely designed for younger individuals who are more comfortable banking from their
smartphones.
Some key differentiators are their 4% APY on your savings pods, one of the best-designed
mobile banking applications on the market, and now some integrated crypto tools as well.
They also offer the best teen banking option which I've done a separate dedicated video
on allowing teens to take hold of their finances at a young age and allowing parents to make
sure their teen is staying on the right track financially.
The app can feel a little bit overwhelming at times but that's just because it has a
lot of great financial tools all from a smartphone which is why current is at #6 on today's list.
Alright now for the good stuff we are officially on the top five platforms which are the ones
that I feel are truly exceptional and the financial tools that I personally use myself
starting off with number five Quontic.
Once again the reason it is on today's list is the unique banking products that they offer.
For starters they have the Quontic Pay Ring which is a debit card that you wear on your
finger which I think is awesome not to mention their multiple account options for different
types of users like their high-interest checking and savings accounts, cash rewards and Bitcoin
rewards checking accounts in addition to more traditional money market and certificate of
deposit options.
I love the fact that they are trying something new in an industry that can oftentimes feel
stale and boring so if you want some really unique account options or the ability to pay
with a piece of jewelry then you'll definitely want to take a look at Quontic. #4 is by far
the most underrated platform on this list and that would be the Wealthfront cash account.
Now I've talked at length about the wealth front investing platform which I personally
use for all of my long-term investing since it is fully automated but what you may not
know is they also offer a pretty great banking option that currently offers 3.3% APY making
it the highest annual percentage yield on this list at the time of recording this video
with the exception of 4% from Current which does have a savings cap.
Once again you've got all those standard features like bill pay, early paychecks, free ATM access
but the huge differentiator here is similar to what we talked about with Charles Schwab
and that is the ability to seamlessly and instantly transfer money between your investing
and banking accounts.
And they've applied their automated mindset from their investing platform to their banking
tools allowing your direct deposited paycheck to come into your account, you can automatically
have money separated towards different savings goals and have money automatically transferred
into your fully automated investing account as well.
I love this set-it-and-forget-it approach to finances as a whole I'll also mention they
have one of the easiest-to-learn apps on the market so the Wealthfront cash account is
definitely worth checking out.
We have still got some of my favorite banking products to get to and coming in at #3 might
surprise some of you but that would actually be the Capital One 360 banking products.
Now it's no secret that I am not a fan of most national banking products like chase
Wells Fargo and Bank of America because they have fairly limited features, clunky and outdated
software, and pay embarrassing interest rates.
But Capital One has truly adapted to the rapidly changing world of mobile banking offering
70,000 fee-free ATMs, eliminating all account fees across the board, and offering an insane
3% APY on your savings account while still maintaining a decent network of physical branch
locations.
It's not going to be the most sleek and modern software on this list but if you're looking
to dip your toe into the world of online banking while still having the ability to go into
a physical brick-and-mortar location then Capital One is by far the best option and
that's why I put it at number three.
Alright as is the case every single year I struggled a lot with these last two products
and before I reveal the top two I should make it clear that everyone's financial needs are
obviously very different.
I have ranked these based on my own personal experiences with each company, the features
that they offer and how I feel that translates to your financial life but I don't know each
of you individually and what your financial needs are but coming in at #2 on today's list
is none other than Chime.
I've talked about this product at length and the biggest differentiator I always come back
to is simplicity.
As I've briefly touched on, mobile banking is fantastic but it can often be overwhelming
with some platforms frankly cramming way too many features onto a small smartphone screen.
And if a platform isn't easy to learn and easy to use then it's unlikely to be an effective
financial tool in the long run.
Chimes app is simple and to the point allowing you to view your checking and savings account
balances and access some of the other really unique tools that they offer like their Chime
credit builder secured visa credit card.
Again not the topic of today's video but if you wanna build your credit in a safe and
effective way then you'll definitely want to check out this video.
As you would expect they have all of the modern tools that you could possibly ask for from
a mobile banking platform and the main reason that it is at #2 on today's list is that their
APY currently stands at 2% at the time of recording this video which is still really
great but isn't quite as high as some of the other products that we looked at.
So if you're looking for a simple and to the point banking solution from your smartphone
without all of the clutter of different menus and ads then you'll definitely want to check
out Chime.
Alright I know for sure that most of you have known the number one product from the moment
you clicked on this video but the number one all-around banking platform in 2023 in my
opinion and the tool that I will continue to be using in the new year is of course SoFi.
I've got an entire playlist of SoFi videos so I don't want to sound like a broken record
here but there's just not much to dislike about this platform.
Early paychecks, overdraft coverage, up to 15% cash back on your debit card, automated
savings tools, an integrated budgeting platform, not to mention the abundance of lending products,
the sofi credit card, their own investing platform including crypto investing, and the
newly increased 3.25% APY on your savings account.
Now I will warn you that this platform is definitely more complex than something like
chime and it's likely going to have a learning curve as a result but it's well worth it in
my opinion and as a longtime user of this platform it truly has allowed me to track
and understand my finances and ultimately reach my financial goals faster.
Again though everyone has got different financial needs so if you're looking for the ultimate
investing and banking combination I'd say you want to check out something like Wealthfront.
If you're looking to just dip your toe into the online banking world but aren't ready
to fully commit then Capital One is the best option in my opinion whereas if you're looking
for a fully online option that is simple and easy to learn then chime is going to be your
best choice.
And lastly, if you're like me and you want to have all of your financial tools under
one app including banking, budgeting, investing, lending, and everything in between then my
all-around favorite for 2023 is going to be SoFi.
Remember to get your free cash when you sign up for some of these products using the links
down below the like button and check out this video to see my top 15 credit cards right
now or this video to learn about five of my favorite hidden features of the SoFi platform.
As always take it easy and I'll see you in the next one!