Opening up a new checking or savings account is simple. Some banks have made it so streamlined. You can complete the whole process online and in less than 15 minutes. Talk about fast!

Just because some companies have made it quick and straightforward, doesn’t mean they are the best choice. You need to check out their rates, see if they have any hidden fees, and watch out for any significant pitfalls.

Checking - Citi

Every bank has a checking account, what makes Citi stand out? Several factors.

One of them is the different options. They have several levels of checking accounts.

They have everything from an “Affordable Access Banking” account to a premium Banking and Wealth Management.

Each account has different benefits and fees attached to them. Let’s start with the basic checking account. The key features of this plan is no paper checks and no overdraft fees.

Citi won’t allow a purchase if the money isn’t in your account, which means you can never rack up massive fees. The basic plan has a monthly $10 fee, but as long as you have a direct deposit set up, the fee will be waived.

The next step up is the Simple Checking account. This allows you to write as many checks as you want and have access to any of the thousands of ATMs across the nation. This plan has a slightly higher monthly fee of $12, but you can get it waived with one direct deposit into the account and one bill payment from the account.

Savings - CIT Bank

If CIT Bank isn’t on your radar when looking for a savings account, go ahead and put it at the top of your list.

They may not be the flashiest option out there, but if you want a simple savings account with a high interest rate, take a look at CIT.

Let’s look at the details. First of all, CIT in an online bank. There are no brick and mortar stores. If you want that face-to-face communication with a teller, don’t even bother with CIT Bank.

Why pick CIT? They have the highest interest rates with no fees.

Their high-yield savings account has a 1.90% interest rates and you won’t have to pay a dime. You only need a $100 minimum deposit to open the account.

CDs - Discover

Discover is known for their credit cards, but they also have one of the best CD programs in the banking industry.

CDs are an excellent way to supplement your investment portfolio without having to take on any additional risk, but you don’t want your money sitting there not earning you anything.

Discover continues to have the higher rates for their CDs and they offer just about any possible maturity length.

Currently, their CD rates are anywhere from 0.35% to 3.10% for their longer CDs. You’ll be hard-pressed to find any better rates.

Money Market - BBVA Compass

Want a simple money market account you don’t have to worry about? BBVA Compass will give it to you.

BBVA has low fees (which can easily be avoided with an automatic transfer) and excellent customer service and apps you can use.

BBVA has plenty of banking accounts, all of them are high-quality, but we are want to highlight their money market. It doesn’t have the highest returns, but this is about the only negative to this account.

Best Brokerage

When you’re looking at opening up financial accounts, why not go ahead and find a brokerage you love. There are thousands of options out there.

To get you started, let’s look at Merrill Edge, which is considered one of the best online brokers. They are owned by the bank, Bank of America, and you can access your Merrill Edge account with one single login from your Bank of America information. This makes it extremely simple to access all of your accounts.

Merrill Edge has no account minimums and low commission rates at less than $7 a trade. For new accounts, customs can take advantage of 300 free stock trades for 90 days. Also, depending on how much you put in the account, you could get anywhere from $100 bonus to $600.

On top of that, Merrill Edge doesn’t have an account minimum and there are no annual fees. Compared to a lot of other brokerages, this is fantastic. Other companies are going to siphon your account with all of the fees.

If you want to meet with someone to get help with your account, you can go to one of the 2,100 Bank of America branches with a Merrill Edge professional.

Best Accounts

Every bank is going to have different bells and whistles to try and entice you to join them. Don’t fall for all of the gimmicks and nonsense they are going to throw at you.

Do your research to find a bank who has great customer service, fees which won’t drain your account, and the reliability and security you need.