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When you go to a bank to open a new account, you will have a variety of account types and features to choose from. Should you choose the basic checking option or an account that earns interest? Do you want the convenience of a bundled checking and savings account or the higher returns of a money market account?

To make these decisions, it’s helpful to first understand the differences between the most common bank account types. Here are some definitions to help you navigate your banking needs:

Checking account: A checking account offers easy access to your money for your daily transactional needs and helps keep your cash secure. Customers can use a debit card or checks to make purchases or pay bills. Accounts may have different options or packages to help avoid certain monthly service fees. To determine the most economical choice, compare the benefits of different checking packages with the services you actually need.

Savings account: A savings account allows you to accumulate interest on funds you’ve saved for future needs. Interest rates can be compounded on a daily, weekly, monthly, or annual basis. Savings accounts vary by monthly service fees, interest rates, method used to calculate interest, and minimum opening deposit. Understanding the account’s terms and benefits will allow for a more informed decision on the account best suited for your needs.

Certificate of Deposit (CD): Certificates of deposit, or CDs, allow you to invest your money at a set interest rate for a pre-set period of time. CDs often have higher interest rates than traditional savings accounts because the money you deposit is tied up for the life of the certificate – which can range from a few months to several years. Be sure you do not need to draw on those funds before you open a CD, as early withdrawals may have financial penalties.

Money market account: Money market accounts are similar to savings accounts, but they require you to maintain a higher balance to avoid a monthly service fee. Where savings accounts usually have a fixed interest rate, these accounts have rates that vary regularly based on money markets. Money market accounts can have tiered interest rates, providing more favorable rates based on higher balances. Some money market accounts also allow you to write checks against your funds, but on a more limited basis.

Individual Retirement Accounts (IRAs): IRAs, or individual retirement accounts, allow you to save independently for your retirement. These plans are useful if your employer doesn’t offer retirement benefits or you want to save more than your employer-sponsored plan allows. These accounts come in two types: the traditional IRA and Roth IRA. The Roth IRA is popular because the funds can be withdrawn tax-free in many situations. Others prefer traditional IRAs because these contributions are tax-deductible. Both accounts have contribution limits and other requirements you may need to discuss with your tax advisor before choosing your account.

Once you understand the types of accounts most banks offer, you can begin to determine which option might be right for you.

Best Traditional Banks

The growth of online banking certainly doesn’t mean the end of traditional banking: 87% of respondents in this Federal Reserve study still went to branches in 2014 to access their accounts. While we may no longer need a branch for most day-to-day banking, many customers still want the option, especially for more complex transactions.

Best Bank for Customer Satisfaction: Chase Total Checking

Chase Total Checking is the nation’s largest bank by assets — it had a whopping 13% of the entire industry’s assets at the end of 2014. Fortunately, Chase has managed to keep its customers relatively happy despite its mammoth size.

Why it’s worth a look: Chase fares far better than its big-bank competitors in a major customer satisfaction survey, scoring above average in more than half the regions where it has retail locations. Chase also offers almost any financial product you need, whether that’s a basic checking account, a home equity loan, or a private investment advisor. With 5,100 branches and 16,000 ATMs, it’s easy to access cash when you need it. Right now, get a $200 bonus when you open a new Chase Total Checking® account and set up direct deposit.

Why you might want to skip it: Interest rates are nothing to write home about here. For example, a basic savings account will get you a measly 0.01% effective as of 9/18/17. Interest rates are variable and subject to change. A one-year CD will get you 0.02% unless you deposit $100,000 or more — then you get a whopping 0.05%. Despite its size, Chase doesn’t have branches in most of the Southeast and plains states. And while its product lineup is mostly impressive, you’re out of luck if you want a loan.

Best Bank for Availability: Wells Fargo

Wells Fargo isn’t far behind Chase when it comes to assets, having access to almost 10% of the U.S. market. Its acquisition of Wachovia in 2008 boosted its already-hefty retail-banking presence, making it one of the most accessible banks in the U.S.

Why it’s worth a look: With more than 6,300 branches as of June 2014, Wells Fargo has the most locations of any U.S. bank, and they are spread across nearly every region. Branches include several “stores within a store” — small locations inside of grocery stores, meant to make in-person banking more convenient. You’ll also have access to more than 12,000 ATMs and an impressive lineup of financial products including credit cards, loans, investments, and even insurance policies.
Wells Fargo can be more innovative on the loan side. They have special loan programs targeted at doctors, for instance. These programs used to be plentiful before 2008, and are now difficult to find.

Why you might want to skip it: Interest rates are also paltry at Wells Fargo, which offers the same APY on its basic savings account as Chase. A one-year CD will fetch 0.05% APY. Wells Fargo also notches mostly average marks for customer satisfaction.

Best Bank for Stability: BB&T

BB&T fares well in measures of financial stability — better than most of its larger competitors — while still maintaining solid marks in customer service, availability, and reach.
Why it’s worth a look: If the subprime mortgage crisis left you nervous about your bank’s financial health, BB&T notches the highest-possible 5-star rating from BauerFinancial, which analyzes banks’ regulatory filings. It also scored much better than many other large retail banks in an annual Forbes ranking that analyzes factors including the quality of a bank’s assets and the adequacy of its capital. BB&T also maintains solid customer satisfaction marks, particularly in regions where it has the most branches.

Why you might want to skip it: While BB&T remains one of the nation’s largest banks by assets, its nearly 1,900 branches are limited to the mid-Atlantic, Southeast, and Texas.

Best Online Banks

The banks in this section are online-only; they don’t have branches like the traditional banks above. These institutions focus mainly on basic checking and savings accounts, but if you’re a tech-savvy investor, we encourage you to check out The Simple Dollar’s best online brokers. Brokers such as T.D. Ameritrade and E*TRADE offer consumer banking products in addition to investment tools, letting you keep tabs on everything in one place.

Best Bank for High Interest Rates and Low Fees: Ally

Ally is a strong all-around performer in online-only banking, offering an impressive blend of low fees, high interest rates, and accessibility. Formerly known as GMAC Bank — part of General Motors’ financing division — Ally re-branded and switched gears in 2009 after it received a government bailout during the subprime mortgage crisis.
Why it’s worth a look: Ally’s savings account offers an impressive 1.15% APY with no maintenance fees or minimum balance, and the one-year CD will get you 1.05% APY with no minimum deposit. There are also no monthly maintenance fees for checking accounts. If you’re concerned about accessing your money, Ally allows you to use any ATM and reimburses the fees. In fact, Ally does an impressive job of making its fees easy to find and understand, and they’re typically much lower than the competition.
Why you might want to skip it: Ally is great for checking and savings, but if you’re looking for credit cards, most types of loans, and other products, you’re out of luck. Ally does offer auto loans, but you must go through a dealership — there is no way to apply online. Its customer reviews are also decidedly mixed.