For each firm tracked by Bank Monitor, we look at the checking, savings, money market and CD products available to prospective clients, along with their current fees, rates and promotions detailed in comparison charts. We also investigate public site services offered by each firm, focusing on navigation, product overviews and individual account product pages. Though all 18 firms provide these resources, each offers its own variations. We therefore call attention to any especially notable and interesting products, tools or features.
Of the 18 Bank Monitor firms, two offer users seven options each, while on the other end of the spectrum, three firms offer exactly one. A similar scenario occurs with savings products – two firms offer seven savings or money market accounts, while two firms offer a single savings account. Only one firm offers rewards with a checking account. Separately, four allow account holders to enroll in distinct rewards programs.
Several firms offer bonus or relationship rates for clients who have more than one account with the firm, a common way to try and boost client engagement with a bank. Currently, 10 firms offer clients a higher interest rate on certain accounts if they have an additional linked deposit or credit account with the firm (up from nine banks last year).
Fourteen firms also offer bundled packages, a different way to reward clients with multiple accounts for their relationship with the firm. Last year, 12 firms offered bundled packages. Two firms in particular place great emphasis on combined account packages, with one firm offering three packages that carry additional preferred rates on auto loans, home equity loans and other personal loans.