WASHINGTON — Checking account interest rates — and fees — are rising, according to a new report from WalletHub.
The personal finance social network released its second-quarter 2014 "Banking Landscape Report" that shows checking rates rose by 12% over Q1, and fees inched up 1.5% among all financial institutions.
In that same period savings rates increased 11%, and the average minimum to open a savings account jumped by 21.4%.
The report, which tracks more than 2,000 checking and savings accounts, shows national banks charge the highest checking fees and offer the least amount of features.
Credit unions continue to be less costly than national banks — 72% cheaper — and offer 120% more features and provide a 567% higher average interest rate.
Overall, online checking accounts offer the best deals, coming in at 23% cheaper than traditional accounts and providing a 94% higher average interest rate.
Business checking continues to offer the worst deals — the product is 102% more expensive, has 43% less features and provides a 76% lower average interest rate when compared with personal online checking accounts.
