Our methodology for rating CDs, high-yield savings accounts, money market accounts and cash management accounts (2024)

Our goal is to select the best products to meet your financial goals. All of our editorial decisions derive from that principle.

To meet that aim, our team of data analysts accumulate the latest terms and conditions, and, together with the banking editorial team, determine a methodology that factors in how you’ll use a savings product to meet your daily financial needs.

When it comes to savings, though, the most important factor is yield; how much you’ll receive for handing over your cash.

How we rate certificates of deposit, savings accounts, money market accounts and cash management accounts

How many financial institutions we reviewed

The number of financial institutions we review depends on the specific ranking. For instance, we can only review a bank or credit union for our Best 10-year CD ranking if the bank or credit union actually offers a 10-year CD.

Typical number of hours spent on best ranking: 60

This is how that figure typically breaks down:

20 hours for data accumulation and refinement. The USA TODAY Blueprint team includes about 10 researchers and analysts who look up data on hundreds of financial products.

40 hours for picking winners, reporting and editing. This includes determining a methodology, picking the winners, highlighting each pick’s most important features, reporting out accompanying educational content, crafting tables and graphics, as well as making sure the page is factual, well written and fair.

What makes for the best accounts

When it comes to these types of deposit accounts, yield is king. We give the highest marks to those that provide the best return to your bottom line, with interest rates and possible fees taken into consideration. An account that provides a supercharged yield, but nickel and dimes away your earnings is to be avoided. We also want accounts that come with good customer service (verified by independent analysis), as well as an easy-to-use digital platform.

How we come up with our star ratings

To help the readers get a sense of our evaluation at a glance, we use a star rating system, with one star being the worst score and five stars being the best. The star ratings themselves are an outgrowth of the data that we collect and the weights we give to particular categories, such as fees or yield.

Methodologies

• Best CD rates methodology.
• Best high-yield savings accounts methodology.
• Best money market accounts methodology.
• Best cash management accounts methodology.

Best CD rates methodology

How we choose the products we ranked

We examined more than 415 CDs offered by roughly 140 financial institutions, ranging from the biggest banks in the country, such as Chase and Bank of America, to credit unions, such as CommunityWide Federal Credit Union. We research as broad a list as possible to find the best options for our readers.

To be eligible for consideration, an institution needs to be insured via the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA) or, if not insured directly, offer coverage through partner institutions that are.

It must also be open to customers across the country. If a credit union’s membership requirements are too limited, then it won’t be included in the final ranking.

Certificate of deposit ranking factors

All of our CD methodologies, from 3 months to jumbo, look at similar categories and generally give each respective category a similar weight. Below is the list of factors for our Best CD rates ranking, along with the weight we assigned to each category.

• APY: 70%.
• Customer experience: 10%.
• Minimum deposit: 5%.
• Compound interest schedule: 5%.
• Digital experience: 5%.
• Available terms: 3%.
• Availability: 2%.

When it comes to CDs, one factor reigns supreme.

APY (70%)

You’ll notice that APY, or annual percentage yield, is the crown in our calculations. That’s because CDs are designed to earn a return on your funds and not much else. Once you open a CD, you should have no cause to look at your account until it’s time to access your cash.

Customer experience (10%)

Still, you might need to contact your financial institution on occasion or if some unforeseen issue arises. That’s why we allocated some weighting to how well a bank or credit union handles your experience.

• Better Business Bureau and Trustpilot (4% each). We considered a financial institution’s score on both business review sites to get a sense of how well a bank handles customer complaints and satisfaction issues. Bank5 Connect, for instance, has a 4.4 star rating on TrustPilot, while Bank of America has just 1.3.
• Live chat availability (2%). We wanted to reward banks that made it as easy as possible to connect. Live chat is a wonderful tool to resolve small issues quickly, and wanted to reward banks that made that investment in their clients.

Minimum deposit (5%)

We want banks to make it as easy as possible to open a CD, and therefore reward those institutions who have the lowest minimum requirements to get started. This is especially important for young savers who are just getting going. While lower balances will, by definition, earn less in yield, we still think it’s important to build good savings habits as early as possible.

Compound interest schedule (5%)

Compounding interest is the secret sauce behind the power of a CD, and the more often your CD compounds the more money you’ll have. Therefore, we rewarded banks that offered daily compounding interest (rather than monthly). To be sure, the difference between daily and monthly compounding schedules isn’t dramatic. For instance, you’ll earn an extra $5 in interest if you deposit $25,000 on a two-year CD with a 5% yield if the CD compounds daily. But every little bit helps, and it becomes more important with longer-term CDs.

Digital experience (5%)

We also rewarded banks that scored well on a few different metrics gauging how easily customers used their products.

• Apple Store and Google Play Store (2% each). With mobile banking becoming increasingly common, we gave marks to banks that offered a robust smartphone banking experience.
• Online banking access (1%). A universal attribute at this point, banks earned a single percentage point for allowing customers to access their account on the internet.

Available terms (3%)

Ideally we want a bank or credit union to offer as many CD terms as possible. This can make it easier to create a CD ladder, especially if you prefer to open up all of your accounts at a single bank. That said, discerning savers can find high yields on different terms from various financial institutions.

Availability (2%)

Banks and credit unions that are open to everyone in all states deserve some recognition in our rankings. The more states where a saver is eligible to sign up for a bank’s certificate of deposit, the better they’ll do in our ranking.

Quick tip. Here are the rates on the Best CDs based on our methodology.

Best high-yield savings account methodology

How we choose the products we ranked

We considered nearly 300 savings accounts from roughly 140 financial institutions across the country. The options we considered ranged from Affinity Federal Credit Union to Zynlo Bank.

To be eligible for consideration an institution must grant depositors federal deposit insurance and be open to customers nationwide. If a credit union has too strict membership requirements — such as requiring depositors to live within a set geographic area — it won’t be included in the final ranking.

High-yield savings account ranking factors

Below is the list of factors for our best high-yield savings account rankings, along with the weight we assigned to each category.

• APY: 75%.
• Fees: 10%.
• Minimum deposit: 5%.
• Minimum balance to avoid fees: 5%.
• Customer experience: 2.5%.
• Digital experience: 2.5%.

APY (75%)

The point of a high-yield savings account is to receive a high yield, and so we made an account’s interest rate count 75% towards the final score. The assumption here is that savers will put up with middling customer service or higher minimum deposit requirements if that means they can earn the best yield they can find. This is especially true in a time of high interest rates.

Fees (10%)

Besides paying attention to how much you can earn, we also considered how much you’ll pay for the account. All else being equal, you’d do well to avoid savings accounts that make you pay a fee just to use it. As a subcategory, the lack of a monthly maintenance fee (5%) counted towards an institution’s score.

And while a savings account is a great place to stash an emergency fund, you sometimes need to raid its coffers to pay for life events. We reward the accounts that charge the fewest fees to do so.

• Excess transaction fee (3%). Many savings accounts are moving away from the model that you can only make six withdrawals per billing cycle without incurring a fee. However, some still do, much to your chagrin.
• Domestic wire transfer fee (2%). Many people use a savings account as a means to save for a specific goal or purchase. Sometimes you need to use a wire transfer to make the purchase, and we rewarded those accounts that don’t.

Minimum deposit (5%)

A savings account is a basic building block of personal finance and therefore is crucial for people just beginning in their independent financial lives. That’s why we want to reward the accounts that make it as easy as possible to get started saving.

Minimum balance to avoid fees (5%)

Sometimes banks offer you a deal; keep a certain amount in your bank account each month or pay a fee. While we’re not enamored with this tradeoff (we’d rather the account have no monthly fee at all) we want to acknowledge that some minimum balance requirements are easier to satisfy than others.

Customer experience (2.5%)

While great customer service is often not critical, it’s still a nice bonus. We gave some consideration to how well banks handle customer needs.

• Better Business Bureau and Trustpilot (0.75% each). These all-in-one scores help potential customers see how well banks handle issues.
• Live chat availability (1%). We want banks offering services that make it as painless as possible to resolve an issue. While calling is always available, sometimes utilizing a live chat option can save time.

Digital experience (2.5%)

In order to gauge how well a bank creates a digital experience, we considered the following criteria:

• App Store and Google Play (0.75% each). With mobile banking becoming the way that many primarily interact with their savings accounts, we reward banks with a comprehensive app.
• Online banking access (1%). Still, we wanted to give at least a head nod to banks that offer the chance to do your banking online.

Here are the best high-yield savings accounts based on our methodology.

Best money market accounts methodology

How we choose the products we ranked

We considered more than 150 money market accounts from roughly 90 financial institutions across the country. The options we considered ranged from Cardinal Credit Union and Bank OZK.

To be eligible for consideration an institution needs to offer federal deposit insurance and be open to customers across the country. If membership requirements are too limited, then it won’t be included in the final ranking.

Money market account ranking factors

Below is the list of factors for our best money market account rankings, along with the weight we assigned to each category.

• Fees: 30%.
• APY: 25%.
• Customer experience: 21%.
• Digital experience: 9%.
• Accessibility of funds: 5%.
• Minimums: 5%.
• Availability: 5%.

Fees (30%)

Since money market accounts are a bit of a hybrid account, we took fees very seriously. You’re not just here for the yield, you also want to use this account on a day-to-day basis.

• Monthly fee (15%). We prioritize accounts that do not require payment each month simply to use the account.
• Excess transaction fee (15%). We don’t think you should be fined simply because you use your account for your daily financial needs.

APY (25%)

You opt for a money market account in part to earn higher yields than what you can find on the best checking accounts, and so we wanted to make sure that desire was reflected in our rankings. Still, it’s important to note that it can be difficult to find banks that offer the fewest fees (especially when it comes to excess transactions) and the highest yields. You typically have to weigh which feature you most prioritize and make your choice accordingly.

Customer experience (21%)

We looked at three metrics to gauge how well banks handle customer issues.

• Better Business Bureau and Trustpilot scores (7% each). Banks that performed well on these two widely-recognized platforms earned a higher score in our rankings.
• Live chat availability (7%). We reward banks that offer this service and give it more weight than in our formula for determining the best high-yield savings because you are more likely to run into issues with accounts you access more often.

Digital experience (9%)

Since online and mobile banking is so prevalent today, we want to make sure that our winners stand up in this realm.

• App store and Google Play (2.5% each). A well-run app, free from bugs, can take some pain out of the banking experience.
• Online bill pay and online banking access (2% each). The ability to bank from your laptop, especially when it comes to paying bills, is especially useful as banks move away from brick-and-mortar branches.

Accessibility of funds (5%)

In an ideal world, you’d be able to get at your money in any way you see fit.

• Debit card (2.5%). A debit card can make it easy to use your money market account in most circ*mstances.
• Check writing (2.5%). While checks are going out of style, they still come in handy from time-to-time and are useful in a pinch.

Minimums (5%)

Money market accounts can be a useful tool for anyone, even those just starting out.

• Minimum deposit requirement (2.5%). We don’t want banks to make it too difficult to open an account, so low minimum deposit requirements are preferred.
• Minimum required balance to avoid monthly fees (2.5%). We already stated our displeasure with monthly fees. Some banks let you avoid them by keeping a certain balance each month, and we like those with the lowest threshold.

Accessibility (5%)

Banks and financial institutions that limit their customer base to a particular region or narrow group of people will have a hard time making our best list.

Here are the best money market accounts based on our methodology.

Best cash management accounts methodology

How we choose the products we ranked

We evaluate cash management accounts from the following 13 financial institutions: SoFi, Betterment, Wealthfront, Aspiration, Personal Capital, Robinhood, Fidelity, TD Ameritrade, Prudential, Ellevest, Charles Schwab, Interactive Brokers and M1.

To be considered, the brokerage accounts must provide deposit insurance, even if through a third-party, and be available nationwide.

Cash management ranking factors

Below is the list of factors for our best money market account rankings, along with the weight we assigned to each category.

• Yields: 56%.
• Banking experience: 20%.
• Fees: 15%.
• Customer experience: 9%.

Yields (56%)

The whole point of a cash management account is to earn a strong yield on money you’re not investing in higher yielding, and more volatile, securities. Therefore we gave the most weight to what APY you can earn.

Banking experience (20%).

Yields aren’t everything, though, and we want to reward the institutions that provide a comprehensive banking experience to its customers so that it’s easy for them to deal with their day-to-day finances.

• Deposit insurance limit (5%). The typical FDIC and NCUA insurance is $250,000 per account holder per institution, but you can often find much higher levels from cash management accounts, such as Betterment.
• Minimum opening deposit (5%). All else being equal, we want as low a minimum opening deposit as possible.
• ATM network size (5%). A wide array of fee-free ATMs to choose from is always a plus.
• Check writing (5%). Sometimes checks come in handy even in today’s mobile world.

Fees (15%)

You should be able to use your cash management account without being stuck with niggling costs.

• Monthly fee (5%). You shouldn’t pay a brokerage just to open an account.
• Overdraft fee (5%). We like cash management accounts that don’t ding you if you happen to get out over your skies.
• Domestic ATM fee (5%). If you’re going to be using a cash management account as a de facto checking account, you shouldn’t be penalized for accessing your cash.

Customer experience (9%)

You should be able to navigate your cash management account seamlessly, whether on your phone or at your desk.

• App Store and Google Play rating (3% each.) As mobile banking becomes the default mode to bank, a cash management account’s app becomes even more important.
• Website, app or both (3%). We want cash management accounts that allow you to bank in the manner you see fit.

Here are the best cash management accounts based on our methodology.

How we collect data

The process starts with our banking editorial team, which consists of lead editor Taylor Tepper and deputy editor Jenn Jones.

When we decide to create a ranking, we collaborate with a team of 10 researchers to come up with a universe of accounts to research and various data points that help us determine which accounts are best. Our data team is consistently updating these data points, such as APY, straight from a financial institution’s website to ensure that they are as accurate as possible.

We then feed those data points into our methodology, which was independently decided upon by the editorial team, to determine which accounts are the best.

USA TODAY Blueprint’s editorial standards

All decisions regarding which banks we include, which data points we consider and how much a particular data point contributes to the final ranking were all made by our editorial team. We are not influenced by our partners, advertisers or anyone else.

We believe that this editorial independence is key. You cannot have a site worthy of reader trust that allows financial institutions to dictate to publishers where a particular product should rank in a particular list. While this may cost us business, we believe it is the only way to do this work with integrity.