Personal Finance News
Real Simple Announces 2024 Smart Money Award Winners
Today, the personal finance site Real Simple unveiled the winner of its sixth annual Smart Money Awards, which includes awards for banking, credit card, investment, and other financial products. For the first time this year, the site also partnered with Investopedia to assess numerous platforms and tools to arrive at their honorees.
About the awards and winners:
Starting with bank account awards, Ally was named the Best Online Bank while SoFi was crowned Best Free Checking Account. Interestingly, CIBC Agility was awarded Best Short-Term CD but Prime Alliance Bank won for Best Long-Term CD. Lastly, Popular Direct took the award for Best High-Yield Savings Account, with that account currently offering 5.01% APY.
In terms of credit cards, the best Overall Credit Card award went to the Wells Fargo Active Cash Card. That card features 2% back on all purchases, as well as a current welcome bonus of $200 back after spending $500 within the first three months. Elsewhere, the award for Best Card for Premium Travel Perks award went to the ever-popular Chase Sapphire Reserve — which topped the likes of the American Express Platinum Card and relative newcomer the Capital One Venture X.
Speaking of Capital One, the Venture Rewards card was named Best Card for Budget-Conscious Travelers and the SavorOne Rewards card won Best Card for Dining Out. Amex wasn’t completely shut out either as their Blue Cash Preferred Card earned the Best Card for Household Expenses award, thanks in part to the 6% back it earns at U.S. supermarkets (up to $6,000 per year in category purchases).
Other winners include YNAB being named Best Budgeting App, Capital One Shopping taking the Best Coupon App award, and Wealthfront being awarded Best Robo-Advisor. Meanwhile, Fidelity won both Best Health Savings Account and Best Online Broker. FinTech-turned-bank SoFi also won one other award beyond their checking account honor: Best Personal or Home Improvement Loan.
What they’re saying:
Announcing the 2024 awards list, Real Simple’s Editor in Chief Lauren Iannotti said, “Each year, the REAL SIMPLE Smart Money Awards celebrate the best new products that address the everyday financial concerns of our readers. From saving on household expenses to optimizing credit card rewards, our 2024 winners offer a wide array of tools and services that help you take control of your finances.” Iannotti continued, “We’re particularly thrilled to have teamed up with Investopedia this year, applying a critical lens to evaluate this year’s offerings.”
My thoughts:
Looking at these Smart Money Awards winners, I can definitely appreciate Real Simple and their judgment criteria and in my opinion there aren’t any major head-scratchers. Therefore, I think this list is a good starting place for those who may be looking for a new banking, brokerage, or credit card account. Of course, as they say, there’s no account for taste — which is why I might personally nominate some other options in place of what ultimately won. But, then again, perhaps some of my favorites will take home awards in future installments of this annual honor.
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