Savings and money market savings accounts provide customers with flexible options to earn interest while preserving ready access to funds for short-term needs. In this report, we investigate the standalone and package savings and money market savings products offered by 18 Bank Monitor firms and six firms from outside the coverage set. We evaluate features that firms provide for each account, assessing account rates and fees. Since our last report on this topic in February 2016, interest rates have significantly increased but remain relatively low.
Our survey of available savings accounts covers 48 standalone accounts and packages, with varying fee and interestearning structures between firms and accounts. The number of available accounts has not changed drastically in the last two years. Monthly account fees average to $3.88 for standard savings and money market savings accounts across the coverage group. The same fees average to $8.15 for more premium offerings. Eight firms (44%) provide at least one fee-free account, and those without fee-free accounts offer a wide variety of fee-waiving opportunities. Most firms (67%) will waive monthly fees for customers with a preset minimum daily balance while just under half of firms waive fees for customers with linked accounts and automatic transfer plans.
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