How We Rate Banking Products
Every savings account, CD and checking account on BankingPicks is scored out of 5 on a published, weighted scorecard for its category. Here is exactly how it works.
The short version: each category has its own scorecard, built around what matters most for that product. For savings, the rate carries the most weight, followed by how easy it is to earn that rate. We check every figure against the bank’s own website. Commissions never change a score or a ranking.
High yield savings scorecard
| Factor | Weight | How we score it |
|---|---|---|
| Top APY | 30% | The highest advertised APY for typical balances, including rates that need monthly requirements such as direct deposit. Scored against a 4.25% APY benchmark: 4.25% or higher earns 5.0, and lower rates are scaled in a straight line (for example, 3.40% earns 4.0). |
| Ease of earning the top APY | 20% | How simple it is to get the top rate. Accounts that pay their top APY with no direct deposit, balance or activity rules score 5.0. Points come off as the rules get harder to meet, such as direct deposit, a monthly balance or a separate checking account. |
| Fees | 15% | 5.0 for no monthly or account fees. Points come off for monthly fees, fees that are hard to avoid, or fees for common actions like transfers. |
| Access to money | 15% | How quickly and easily you can reach your cash: transfer speed, holds on deposits and withdrawals, and ATM or debit card access. |
| App and support | 10% | The average of the bank’s App Store and Google Play ratings for the app you use to manage the account. Accounts with no mobile app score 2.5. Human support available 24/7 adds 0.3, up to a maximum of 5. |
| Minimums | 5% | The opening deposit and any ongoing balance needed. $0 to open scores highest. |
| Safety | 5% | FDIC insurance verified in the FDIC BankFind database. Every account we rank must be insured; banks that offer extra coverage through a deposit network score highest. |
The overall score is the weighted average of the seven factor scores, rounded to one decimal place. When two accounts tie, the one with the higher top APY ranks first.
Why we score how easy the top rate is to earn
Many savings accounts advertise a top rate that only applies when you set up direct deposit, keep a minimum balance or bank there every day. Plenty of people meet those rules easily, especially if they move their paycheck, so the top rate carries the most weight. But a rate you will not qualify for is worth less to you, so an account whose top rate comes with no rules scores higher on ease. Each review explains the rules and the rate you earn if you miss them.
CD scorecard
CD rates are fixed for the term, so we score both the best rate on offer and the 12 month rate, the term most savers compare. Rate scores use a 4.50% APY benchmark.
| Factor | Weight | How we score it |
|---|---|---|
| Best CD APY | 30% | The highest APY across the bank’s standard CD terms. |
| 12 month APY | 20% | The APY on the one year term, or the closest term offered. |
| Penalties and flexibility | 15% | Early withdrawal penalties, the range of terms and whether the penalty schedule is published. |
| Minimum deposit | 15% | The amount needed to open. $0 scores highest. |
| App and support | 10% | App Store and Google Play ratings, plus support hours. |
| Safety | 10% | FDIC insurance for banks or NCUA insurance for credit unions, verified with the regulator. |
Checking scorecard
A checking account is for spending, so fees and getting to your cash matter most. Interest counts for less. Rate scores use a 1.00% APY benchmark.
| Factor | Weight | How we score it |
|---|---|---|
| Fees and overdraft | 30% | Monthly fees and how hard they are to avoid, plus overdraft and other common fees. |
| ATMs and cash access | 25% | The size of the fee free ATM network, ATM fee refunds and ways to deposit cash. |
| App and support | 15% | App Store and Google Play ratings, plus support hours. |
| APY | 10% | Interest paid on the checking balance, if any. |
| Minimums | 10% | Opening deposit and any balance needed to avoid fees. |
| Safety | 10% | FDIC insurance. For apps that are not banks, we verify the FDIC insured partner bank that holds the money. |
Business checking scorecard
Business owners care about cost, moving money and keeping large balances safe. Rate scores use a 2.00% APY benchmark.
| Factor | Weight | How we score it |
|---|---|---|
| Fees | 30% | Monthly fees, transaction limits and fees for wires, cash deposits and other common tasks. |
| Cash, ATMs and transfers | 20% | How you deposit cash, ATM access and the payment and transfer tools included. |
| App and support | 15% | App Store and Google Play ratings, plus support hours. |
| Safety and coverage | 15% | FDIC insurance, including extra coverage through sweep networks for larger balances. |
| APY | 10% | Interest paid on the business balance, if any. |
| Minimums | 10% | Opening deposit and any balance needed to avoid fees. |
Changes to this methodology
On September 28, 2026 we updated the savings scorecard. Top APY now carries 30%. A new factor, ease of earning the top APY, carries 20% and replaces our separate score for the rate earned without requirements. Opening deposits and balance minimums moved into their own factor at 5%, safety moved to 5% because every account we rank must be FDIC insured, and we added app and support at 10%. On the same date we published scorecards for CDs, checking and business checking. We apply every change to all products at the same time.
Where our data comes from
- Rates, fees and terms: the bank’s own product page and disclosures. We record the date the bank says the rate applies and the date we checked it.
- Insurance: the FDIC BankFind database for banks and the NCUA credit union locator for credit unions, which confirm each institution’s certificate or charter number and status.
- Bonuses and promotions: the bank’s published offer terms, including start and end dates.
How often we update
We recheck every rate at least once a week and update sooner when a bank announces a change. Pages show the date we last checked the figures. If a rate changes enough to move an account’s score, the ranking updates automatically.
What does not affect our ratings
BankingPicks may earn a commission when you open an account through some links. Commissions, advertising and partnerships do not affect scores or the order of our rankings. If we ever show a paid placement, it will be clearly labeled as such and kept separate from our ranked list. Read our advertiser disclosure and editorial policy.
Limits of our reviews
We do not review every product on the market, and rates can change between our checks. Our ratings compare accounts in general; they are not advice about what you personally should do with your money. Always confirm current terms with the bank before opening an account.
Corrections
If you spot an error, email hello@bankingpicks.com. We review every report and correct confirmed errors promptly.