For the second year in a row, consumer finance site NerdWallet has discovered the best cities for consumer banking – and Irvine has ranked among the top ten.
Though it’s a basic enough concept to want to get the most from your bank accounts, the reality is that some Americans have a distinct advantage over others, simply because of where they live. Bank rates, fees and even accessibility can vary significantly from one region to another. To compile this list, NerdWallet analyzed six critical factors:
- Are local banks and credit unions stable?
- Is there a diverse range of banking options?
- Do consumers have easy access to a local branch?
- What will the average savings account earn in interest?
- Do banks charge excessive fees?
- What proportion of the population is “fully banked”?
The overall score for each city was derived from the following measures:
- Bank failures via the FDIC and closed credit unions via the NCUA.
- Bank branch locations via the FDIC and credit union branch locations via the NCUA.
- Bank and credit union savings account rates from NerdWallet’s interest rates database – use our savings rates tool to research accounts in your own ZIP code.
- Average checking account fees calculated as the average of the monthly fee in each state for the most basic account at each of the top 10 largest U.S. banks by deposit size. Data via NerdWallet’s checking fee database – use our checking account comparison tool to research accounts in your own zip code.
- Household banking status (% fully banked) via the FDIC’s National Survey of Unbanked and Underbanked Households.
- Population estimates as of 2011 via the United States Census Bureau.
Click here to read more about this study, at NerdWallet.