A new report reveals that while savings accounts are a financial staple for nearly half of America's families, not all of these accounts are created equal.
The study released last month by the Consumer Federation of America analyzed data from a yet-to-be-published report from the Federal Reserve Board, as well as the policies and bank rates at 160 financial institutions. The report focused on what types of banks are offering consumers the best deals on their savings accounts.
Finding consumer-friendly savings accountsThe financial institutions in the study included:
- 50 largest banks in the nation (by number of branches)
- 50 medium-sized banks
- 50 small banks
- 10 largest credit unions in the nation