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Worst Banks for a Savings Account

Bank of America

  • Savings Account
  • No Fee Min. Balance: $500
  • 0.01% APY
  • Monlthy Maintence Fee of $8. If Below Min. Balance
  • $5 Fee for Statement Copies
  • Other Fees May Still Apply

Wells Fargo Bank

  • Savings Account
  • Min. Initial Deposit: $25
  • No Fee Min. Balance: $300
  • 0.15% APY
  • Monthly Maintenance Fee of $5. If Below Min. Balance
  • Other Fees May Still Apply

Chase Bank

  • Savings Account
  • 0.01% APY
  • Min. Balance to Avoid Service Fee: $300
  • Monthly Service Fees: up to $5
  • Limit 6 Withdrawals per Monthly Statement Period
  • Withdrawal Overage Fees: up to $15 per month
  • Other Miscellaneous Fees Apply

Fifth Third Bank

  • Savings Account
  • 0.01% APY
  • Service Fee of $5 per Month
  • Min. Balance to Avoid Service Fee: $500
  • Fee Waived If You have a Fifth Third Checking Account
    (Not including Fifth Third Express Banking)
  • Regional Account Open Restrictions Apply

Truist Bank

  • Savings Account
  • 0.01% APY
  • Service Fee of $5 per Month
  • Min. Balance to Avoid Service Fee: $300
  • Fee Waived If You have a Truist Checking Account
  • Withdrawal Limit Fee: $5 is Assessed, Regardless of Balance, for Each Withdrawal Over Six with a Maximum of Six Withdrawal Limit Fees per Statement Cycle.

 

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Why Are These Banks Considered the Worst for Savings Accounts?

  1. Low-Interest Rates: One of the primary reasons customers find these banks less appealing is their notably low-interest rates on savings accounts. In an era where competitive rates are more accessible, these banks fail to offer returns that keep pace with inflation, eroding the value of customers’ savings over time.
  2. High Fees: Many of these banks have gained notoriety for their excessive fees. From monthly maintenance fees to charges for account statements, these costs can quickly eat into any interest earned, making them an expensive choice for savers.
  3. Restrictive Features: Savings accounts at these banks often come with restrictive features like minimum balance requirements, limited transactions, or penalties for not maintaining a certain balance. Such restrictions can be inconvenient and unattractive for many savers.
  4. Negative Public Perception: Due to various scandals, poor customer feedback, or unfavorable ratings, these banks have developed a negative public image. Such perceptions can deter new customers and even cause existing ones to switch to more reputable institutions.

Sadly, some of the names on this list are also some of the biggest banks in America, like Bank of America, Chase Bank, and Wells Fargo.

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*National Savings Rate Average as published by FDIC