NerdWallet Names Best Banking Products, Credit Cards for 2023
With the holiday season in the rearview and 2023 now officially underway, many Americans may be taking a closer look at their finances — especially after the spending and traveling that comes with the holidays. As that happens, the site NerdWallet has just announced its “Best-Of Awards,” highlighting the top banking products and credit cards across a number of categories. And while some victories were to be expected, there were a few surprises to be found as well.
Starting with the banking categories, SoFi — which gained its own national bank charter in 2022 — was a big winner, taking home multiple honors. In addition to being named the Best Checking Account Overall and topping a number of related categories (including Best Checking Account for High Interest, Best Checking Account with No Monthly Fee, and Best Checking Account for Overdraft Fee Avoidance), SoFi Checking and Savings also appropriately won the award for Best Checking and Savings Combo.
However, it was Ally that topped them all, winning Best Bank. Ally’s Money Market Account was also named the best in that category. Synchrony Bank was named Best Bank or Credit Union for CDs, while Capital One 360 was honored as Best Online Banking Experience. Finally, while online banks ruled the day, the brick-and-mortar banks weren’t entirely shut out as Chase and Wells Fargo tied for Best Bank or Credit Union for Branch Access and Chase Total Checking won Best Bank Account for Sign-Up Bonuses.
Turning to credit cards, a diverse slate of issuers won honors. First, Wells Fargo’s Active Cash card was named Best Credit Card for Simple Cash Back, once again beating out the previous favorite: the Citi Double Cash card. Nevertheless, Citi did make an appearance on the list as their Custom Cash card was awarded Best Credit Card for Gas.
Speaking of specific categories the winner for Dining was the U.S. Bank Altitude Reserve, Groceries went to the American Express Blue Cash Preferred, and Entertainment was topped by the Capital One SavorOne. Meanwhile, in the ultra-competitive Best Airline Credit Card contest, Delta and Amex soared as the Delta SkyMiles Gold nabbed the category prize. Yet, it was Chase that took honors for Best Premium Travel Credit Card (for the perennial favorite Chase Sapphire Reserve), besting the likes of the American Express Platinum card and the much-hyped Capital One Venture X.
Overall, NerdWallet’s 2023 awards had some solid picks for both banking accounts and credit cards that could benefit everyday consumers. That said, while these selections may offer a good starting point, keep in mind that there’s not a “one-size-fits-all” solution when it comes to personal finance.
Therefore, in the case of banking accounts, customers will likely not only want to consider factors such as APY and monthly fees but also direct deposit requirements, ATM network access, and more. As for credit cards, annual fees, redemption options, and foreign transaction fees could also play a role in whether a certain card is ultimately right for a given consumer. So, if you’re in the market for a new bank account or credit card in 2023, be sure to do your research in order to find the options that are truly best for you.