Banking & loans comparison
Compare where you keep and borrow money
Small differences in rates and fees add up over years. Here is what to compare for savings, checking and personal loans, and which numbers actually matter.
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Accounts and loans at a glance
| Product | Best for | Compare | Watch for | Next step |
|---|---|---|---|---|
| High-yield savings | Emergency funds and short-term goals. | APY, minimum balance, monthly fees, transfer limits and speed. | Rates are variable and can change at any time. Intro or tiered rates may apply only to part of the balance. | Read the guide |
| Checking account | Everyday spending and bill pay. | Monthly fee and how to waive it, ATM network and fees, overdraft policy, mobile app. | Overdraft and out-of-network ATM fees. Sign-up bonuses usually need direct deposit for a set period. | Read the guide |
| Certificate of deposit (CD) | Money you will not need for a fixed term. | APY, term length, early withdrawal penalty. | Withdrawing early usually costs some of the interest earned. | Read the guide |
| Personal loan | Consolidating debt or a one-time expense with a fixed payoff date. | APR (includes fees), term, monthly payment, total cost over the life of the loan. | Origination fees taken from the amount you receive, and prepayment penalties. | Read the guide |
Where to bank
| Type | Strengths | Trade-offs | Deposit protection |
|---|---|---|---|
| Online bank | Often higher savings rates and fewer monthly fees. | No branches. Cash deposits can be harder. | FDIC insurance if the bank is a member. Check at FDIC BankFind. |
| Traditional bank | Branches, in-person help, a full range of products. | Savings rates are often lower, and more accounts carry monthly fees. | FDIC insurance for member banks. |
| Credit union | Member-owned, often lower loan rates and fees. | Membership requirements. Smaller ATM networks, though many share networks. | NCUA insurance for federally insured credit unions. |
| Fintech app | Easy apps and budgeting tools. | Many are not banks. Your money is held at a partner bank. | Ask which partner bank holds your money and how deposit insurance applies. |
Common questions
How much of my money is insured?
FDIC and NCUA insurance cover up to $250,000 per depositor, per insured institution, for each ownership category. Joint and retirement accounts are separate categories.
What is the difference between APR and APY?
APY (annual percentage yield) shows what a deposit earns in a year, including compounding. APR (annual percentage rate) shows the yearly cost of borrowing, including certain fees. Compare APY for savings and APR for loans.
Does checking personal loan rates hurt my credit?
Many lenders let you prequalify with a soft inquiry, which does not affect your score. A formal application usually triggers a hard inquiry.