The BEST Bank Accounts in 2020 | (4% interest? $2,000 signup bonus) Best Checking Accounts 2020

they've won we have some really exciting

news and no I'm not talking about the

recent rocket launch to space I have

something almost as exciting and that is

checking and banking accounts wow I am

tremendously lame but really I find this

absolutely fascinating that people pay

for things that they could otherwise get

for free with much better perks and

interest rates I'm gonna be breaking

down my favorite three bank accounts in

this video and telling you why you

should get any one of them on this list

in this video I'm gonna be breaking down

my favourite bank account which has free

ATM access I'm gonna be talking about a

bank account with a four percent

interest rate and I'm gonna be talking

about a bank account with the signing

bonus of two thousand dollars yes I'm

serious that is actually real my name is

Kevin Conway I make personal finance

videos so if you like investing real

estate stock market or really anything

having to do with money subscribe to the

channel and give a quick like to this

video if it helped you out in any way

now let's get right into it if you guys

have any questions at all leave them in

the comments below so here's a simple

fact of the matter you probably have had

Bank of America Chase Wells Fargo or


as your primary bank at one time or

another in your life you may even have

them right now but I'm here to tell you

that there are way way better banks out

there that you could get and why because

Bank of America Wells Fargo City and

those other banks will charge you up to

$100 annually just to have an account

there and they're gonna pay you near

zero and interest and they're not gonna

give you any cool perks cash back or

anything else like that now before I

give you my top three banks let me tell

you how I came up with these three

normally I rank interest rate among the

highest factors in evaluating banks but

things have changed dramatically since I

last released my bank account review

videos back in January that's because

the Federal Reserve has cut interest

rates to near 0% so by and large all

banks are going to be paying very little

in interest and there's not going to be

a lot of differentiation between the

banks so while I still care about


I also prioritize signup bonuses that

you can get with these banks or other

perks such as cashback at certain

retailers and free Global ATM acts

and in order to be on this list all

these banks must be FDIC insured that is

your deposits are safe because they are

backed by the federal government up to

the limit of $250,000 or sometimes more

these banks must also be free to own no

account maintenance fees at all and the

rewards program must be simple to

understand you must not have to jump

through a million different hoops in

order to get the perks that I'm gonna

list and really any one of these banks

is going to be good it just depends on

your preference and frankly there's a

lot of really good banks out there a lot

of good online banks and there's some

weird ones too like redneck bank but

we're not gonna be talking about that

one here so with that let's get right

into it first off my favorite bank to go

to the simplest one to understand for my

day-to-day finances

it's called so fie money so fie money is

a checking and savings hybrid account

that means you can use this account to

pay bills to do normal transactions to

take cash out and to do your regular

banking so if I money is an online

account so there are no physical

branches anywhere but you can withdraw

cash for free at any ATM that accepts

MasterCard will also earn a point two

percent interest rate on this account

which admittedly isn't great but again

that's because the Federal Reserve has

cut interest rates too near is 0% and

the reason why they are paying close to

0% is because the Fed is also paying

close to zero percent but by enlarge

this account so fie money will go up and

down with whatever the Fed does for

example when I first got this account

the Federal Reserve interest rates were

much higher and I was actually earning

2.25 percent on all of my money with no

limit at all in my so fie money account

I fully expect that when the Federal

Reserve raises interest rates you're

gonna see so five money's interest rates

raise as well additionally there are no

foreign transaction fees on this account

so if you're using your debit card

elsewhere you don't have to worry about

incurring foreign transaction fees so if

I money also comes with a sign up bonus

of $75 just for signing up and doing the

criteria in order to meet it and as of

right now you have to make two direct

deposits of at least $500 or more and

use somebody's signup link in order to

get that $75 bonus now I have my link in

the description you can use it but you

do not

- just be sure to use somebody signup

link somewhere online or go directly to

the site if that works as well to get

that 75 dollar bonus

so if I money also has some good

spending and tracking tools if you're

gonna be using your debit card on your

day-to-day transactions you'll actually

be able to see with precision where your

money is going and that tool is actually

pretty helpful

some other good perks of so far money

include the fact that you can actually

get from now until the end of June

twenty percent cash back on all ador -

and Netflix purchases and seeing us how

everybody is basically forced to be a

couch potato right now that's probably

gonna come in handy so if my money is

also part of sulphite more broadly and

you're able to take advantage of some of

the great perks of being a sofa member

one of my favorites is actually the

ability to talk with a real financial

advisor for free so you can talk to them

about things related to your sofa money

account or it could be about other

things such as planning to buy a house

questions about mortgages or really any

of those matters you're able to do so

for free this is a great perk because

financial advisors are actually pretty

expensive and to have this included for

free I think is one of the things that

separates so if I money I would say the

biggest downside to sofa money is the

fact that you can't really deposit cash

directly with sofa you must deposit it

at another bank account and then

transfer the money in but you are able

to do mobile check deposit and do really

quick instant transfers whether it's

between your account and another account

that you own or between you and a friend

you can do peer-to-peer transfers as

well so if you're okay with an online

bank presence then I would highly

recommend sofa

I personally have had so five for quite

a while now and I've had no issues with

it whatsoever it's been very clean the

platform's very easy to use and I

thoroughly enjoy using sofa now if you

want to earn a little bit more interest

on money you're gonna be keeping around

for an emergency I'd recommend pairing

sofa money with an account like Ally

Bank or Capital One both of which are

free and both of which offer an interest

rate right now of about one point two

five percent which is very good and it

can certainly be a beneficial thing to

have if you want to keep your money in

emergency fund basis so if I money is

best for your day-to-day transactions

it's very similar to a checking account

but a little bit more flexible and

of course when interest rates rise

you're gonna see the interest rate on

that account rise as well so it could be

an all-in-one hybrid account all right

so next up on this list is a bank that

isn't really a bank after all it is a

t-mobile yes the cell phone company they

actually have something called t-mobile

money and it frankly is a very very good

account especially if you are looking

for a very simple checking account to

earn a high interest rate on t-mobile

money while it's limited to only

t-mobile customers offers four percent

on all balances up to $3,000 so this is

gonna be your everyday sort of checking

account and you're gonna be earning four

percent on all that money and everything

above that is gonna earn one percent

t-mobile money also has free ATM access

at any all point ATM and there's

something like 50 or 60,000 all point

ATMs basically you can find them

anywhere whether it's Target or your

local grocery store or a liquor store

and those sorts of things you can access

cash and you can withdraw cash from

t-mobile the biggest downside of

t-mobile money is it's a pretty simple

pared down account there's really not

much else to talk about

other than the fact you wearing four

percent up to three thousand dollars and

get free ATM access but you can't

deposit cash directly with t-mobile

money there are no physical branches

anywhere and the t-mobile stores don't

count as physical branches you must

deposit your money at another bank and

then transfer it over into t-mobile if

you do want to have an account that you

can actually deposit cash with that

earns your very good interest rate again

I would recommend Capital One they have

physical branches in big cities and they

also have those Capital One cafes if you

want to know more about Capital One I

have an in-depth review which I'll link

to this video which I'd recommend

checking out but simply put t-mobile

money has an interest rate which is

really on top of any other interest rate

that I've seen right now in any other

Bank at 4% I'd say this bank account is

best if number one you're already a

t-mobile account customer and number two

you want a simple checking account you

could earn a really good interest rate

on to pay your everyday bills but if you

need a online savings account to put the

rest of your money and I would recommend

pairing it with Capital One or Alabang

alright moving on to the very last bank

account this actually is from Jay

Bank now I know what you're thinking I

just talked in the beginning of the

video about how Chase Bank was one of

those banks that's gonna rip you off

nickel and dime you not pay you any

interest and by and large that's pretty

true but rules kind of don't apply the

same way if you have a lot of assets

here's what I mean right now through

mid-august Chase Bank will actually

offer customers who sign up to be a

chase private client two thousand

dollars as a sign of bonus just for

transferring two hundred fifty thousand

dollars of either money or securities

into Chase Bank now that's kind of the

key point because they're checking and

savings account interest rates are

frankly terrible they're basically zero

percent so if you're going to take

advantage of this I would recommend

transferring securities so your regular

index fund ETFs or stocks that you hold

into Chase Bank to just simply hold them

there it's gonna be no skin off your

back whatsoever whether it's being held

at one brokerage or another and you're

going to get two thousand dollars just

for transferring that money and leaving

in there for 90 days you're also gonna

get some really interesting perks I

don't list them right here chase private

client allows you to have any chase bank

account linked to your chase private

client account for free and not gonna

have any account maintenance fees

they're not gonna have any ATM

withdrawal fees you're not gonna have

any wire transfer fees basically you're

gonna get all of those things all in one

for free whether you need a cashier's

check or a regular check all those perks

are gonna be rolled up for free private

client customers can also get one eighth

of a point or 1/4 of a point off of any

mortgage they get originated through

Chase Bank this can be especially

helpful if you're trying to compete for

the very best mortgage rate and you get

a bank like Chase Bank to give you a

quote with that reduced rate and then

you compete it with another online

lender or something like that to get the

very best interest rate and then pair

them off one another that's where it

really comes in handy so if you're going

to get a home and you have those assets

and you can transfer them into Chase it

could actually work out to save you a

ton of money one of the coolest things

of chase private client is actually

something called the arts and cultures

card you get this just for being a

private client and it allows you to get

free admission or reduced admission

at basically all of the major museums

and attractions in the major cities in

the country for example in New York City

you can be admitted you and a guess to

the Natural History Museum for free and

in San Francisco you can go to the

Museum of Modern Art for free as well

and this is obviously not an exhaustive

list there's a million different avenues

that you can take advantage of by using

arts and cultures card but it definitely

is a nice perk they could save you 20 40

50 bucks here and there

you also get direct access to a banker

at Chase Bank that's gonna know your

financial situation that can help you

plan for things in the future but you

know this is kind of one of those perks

that I feel a lot of people don't really

take advantage of and rightly so you

probably don't really need it but it may

be a nice thing to have again so fine

money has that for free you don't have

to have $250,000 to do it but it is a

perk that you get with chase private

client basically chase private client is

like airline elite status for banks and

it has a few perks to it it's by and

large not great on its own but that

$2,000 bonus just for transferring money

over there and leaving it for 90 days

can be a really nice perk to have so

those are the three banks I think are

the most interesting out there right now

but I want to go into just a few more

that are pretty popular online that

people have opinions of I just want to

touch on them very briefly first off a

lie Bank I mentioned it earlier in the

video and it's a bank account I actually

currently have it's very simple it is a

savings account that I leave my money in

to get a very good interest rate right

now it's about 1.25 percent it's a free

account to have and I like it because I

could always pick up the phone and talk

to a real person at Ally Bank I've had

this account for quite a while like five

or six years I've had no issues with it

whatsoever but it's not really that

great other than the interest rate it

doesn't have any outstanding perks it

doesn't have all of the things that so

fie money has or even t-mobile money or

chase private client really has but if

you pair a lie bank with one of those

other banks to get that really good

interest rate it could be a pretty nice

way to earn a little bit extra money one

last banking account they gets talked

about a lot is Charles Schwab now I have

no issues with Charles Schwab I actually

have a Charles Schwab investment account

but the checking account is actually not

as good today as maybe it was

comparatively in the past and the reason

is because although it is free to have

and you get a little bit of interest and

it reimburses your ATM fees all those

things are great it doesn't have any

extra perks and there's no signup bonus

to get Charles Schwab checking and you

must have a Charles Schwab brokerage

account in order to get the Charles

Schwab checking there's nothing really

wrong with Charles Schwab checking but

there are better banks out there Charles

Schwab is definitely much better than

the standard brick and mortars of Bank

of America and Wells Fargo but it's

probably not the best account to get if

you're looking to get one or two solid

bank accounts so that's about all if I

missed anything or you have any

questions whatsoever be sure to leave it

in the comments below let me know what

bank accountant that you have and

whether or not you're satisfied with it

or if there's an account that I missed

please let me know in the comments below

if this video helped you out in any way

I'd appreciate you just giving it a

simple like and subscribing to the

channel for more videos like this I'll

see you next time