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Investopedia leveraged its product data research and expertise to power REAL SIMPLE’s sixth annual Smart Money Awards to highlight financial products that can maximize the value of your hard-earned money and help you make smart money decisions.
The REAL SIMPLE editorial team first identified key financial product categories. The Investopedia product recommendations team then created a list of companies within each category, as well as a list of key criteria, like fees, customer service and experience, and more, to evaluate each one.
After collecting the data on these features, the team used both quantitative and qualitative analyses to determine the best company in that category, ensuring each recommendation offers exceptional value and reliability to help readers make smart money decisions. Here are the star products featured in the 2024 REAL SIMPLE Smart Money Awards.
Table of Contents
Banking
Best High-Yield Savings Account: Popular Direct
High-yield savings accounts have been paying rates we haven’t seen in years, and for this program, we named Popular Direct as the best high-yield savings account. To identify the top overall financial institution for a high-yield savings account, we evaluated banks and credit unions with the highest interest rates (APYs) between March 2023 and March 2024.
We also considered key factors like minimum opening deposit, minimum balance requirement, fees, availability of an ATM card, mobile check deposit, other accounts offered (such as checking and CDs), the institution's history and reputation, and the range and value of the top APYs provided during that period.
Best CDs: CIBC Agility and Prime Alliance Bank
The best certificate of deposit (CD) providers are CIBC Agility for short-term CDs (generally terms of less than 12 months) and Prime Alliance Bank for long-term CDs (generally terms of 12 months or longer). These two CDs were selected as winners based on factors including the number of times they made our rankings of the institutions with the top nationwide CD rates between March 2023 and March 2024.
We also examined factors that are important to people looking to open a CD, such as the minimum deposit requirement, early withdrawal penalty, membership requirements, and the cost to join.
Both short- and long-term CDs provide an excellent opportunity to earn a predictable interest payment every month. The threat of an early withdrawal penalty may also help you avoid the temptation of spending your savings on something unplanned.
Best Online Bank: Ally Bank
We researched 19 online banks and selected Ally Bank as the best overall, considering factors such as availability, types of services offered, account terms, and fees. We prioritized key aspects like state availability, ATM access, account types, and APYs to help readers find a convenient and rewarding bank.
Many online banks specialize in specific areas, so if you need a checking solution, look for banks with low or no fees and a robust ATM network, while for savings, consider those offering the best rates.
Best Free Checking: SoFi
We chose the SoFi Checking Account as the best free checking account out of 12 popular options. We determined the most useful and inexpensive accounts by ranking each by availability, terms, and costs, putting the most weight on criteria like fees, minimum balances, and APYs. These features help identify accounts that meet the needs of many different bank customers, whether you need easy access to ATMs, a high interest rate, or the lowest fees possible.
Best Money Transfer App: Wise
According to our research into nine popular options, Wise is the best money transfer app for personal transfers for the REAL SIMPLE Smart Money Awards audience.
We compared and ranked money transfer apps by their costs, limits, features, user reputation, and availability, putting the most weight on factors like fees, time to receive funds, available countries and currencies, and user ratings. The best apps are easy to use, secure, and reliable, with thousands of users attesting to the quality of the service.
Budgeting
Best Budgeting App: YNAB
Our top recommended budgeting app is YNAB (You Need a Budget), selected from 11 popular options. YNAB excelled in our comparison based on costs, customer reviews, usability, and features like bank syncing and spend tracking. We prioritized user ratings, costs, and app features across mobile and desktop platforms. Users will appreciate YNAB’s intuitive interface and features that help manage spending and save more effectively.
The right budgeting app can not only organize and simplify your finances, it can help you save money by identifying areas where you tend to spend more than you think. You may be surprised at how much you can save just by becoming more aware of where your money is going.
Best Coupon App: Capital One Shopping
The best coupon app is Capital One Shopping, which is free to use both via a mobile device and a desktop browser, offers rewards and price comparison tools, and partners with 30,000+ retailers. Capital One Shopping has high ratings in both the Google Play and Apple App Store (it also ranks 6 overall in the Shopping category on Apple’s App Store).
When looking for a coupon app, it’s important to find one that does not cost you anything to use and meets your needs, whether that’s saving money on purchases, earning cash back or other rewards, or being available to you where you shop.
Best Health Savings Account: Fidelity
Fidelity Investments was an easy pick for the best health savings account provider because it has no fees, extensive investment choices, top interest rate, and immediate investment options, regardless of balance size. We reviewed 10 HSA providers, focusing on fees, investment types, interest rates, and minimum balance requirements, with the latter being most critical.
An HSA provider that lets you start investing your money right away—no matter how low the balance—is rare, and it means you have more time for your money to grow. If it pays a high interest rate to boot, you've got a winner.
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Credit Cards
Best Overall Credit Card: Wells Fargo Active Cash Card
The best overall credit card is Wells Fargo Active Cash Card as it offers unlimited 2% cash back on each and every purchase with no reward categories to track and no annual fee. Whether you’re a seasoned rewards card user who wants to earn a bit more on purchases other cards don’t favor, or just want a simple, daily use card in your wallet, this card is a top-notch option. You can also redeem cash back as purchase credits, cash, or directly to a Wells Fargo account.
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Best Card for Premium Travel Perks: Chase Sapphire Reserve
It’s the extra perks that make luxe travel cards like this one worth their annual cost. This card offers a wealth of rewards, luxury travel perks, and flexible reward redemption options which make it perfect for frequent travelers who want to maximize each trip. We love this card's $300 annual travel credit, Global Entry/TSA PreCheck application fee credit, and the flexibility of the large Chase Ultimate Rewards airline and hotel partner network.
The high annual fee may be an initial sticker shock, but if you spend a lot on travel and dining and take advantage of card benefits (including access to more than 1,000 airport lounges), you’ll recoup that cost and then some.
Best Card for Budget-Conscious Travelers: Capital One Venture Rewards Credit Card
The Capital One Venture Rewards card is well-rounded and easy-to-use without a high annual fee, offering value for both overseas adventurers and occasional domestic travelers. You’ll get unlimited 2 miles per dollar spent on every purchase (not just travel), plus some extra miles if you use the card to make travel reservations through Capital One. There’s no limit to how many rewards you can earn either, which sets it apart from other similar cards.
In addition to flights and hotels, you can even use them to reimburse everyday travel expenses such as ride-sharing fees or commuting train fares.
Best Card for Restaurants: Capital One SavorOne Cash Rewards Credit Card
The Capital One SavorOne Cash Rewards Credit Card offers unlimited 3% cash back on dining, entertainment, popular streaming services, and at grocery stores. When it comes time to redeem your points, you can get cash back for any amount, which sets it apart from other similar cards on the market.
Plus, because it’s a Capital One card, there’s no fee for using the SavorOne card outside the U.S., which means you can use it for your international dining adventures without additional costs.
Best Card For Household Expenses: Blue Cash Preferred Card from American Express
This card boasts an exceptional cash-back rewards rate on groceries. It stands out from the competition with 6% back on U.S. grocery store purchases (up to $6,000 spent in a calendar year), and offers competitive rewards on streaming subscriptions, gas tank refills, and transit expenses, too.
Paired with American Express’s top-tier customer service reputation, this is a no-brainer card for people who want to get money back for daily necessities.
Everyday purchases like gas and groceries can really add up, but a rewards credit card like this one can really help soften the impact on your wallet. It can even be a tool to save on gym, streaming, or commuting costs if you match your spending habits with its wide array of perks.
Insurance
Best Life Insurance: Nationwide
Nationwide is our pick for the best life insurance provider because of its generous no-medical-exam requirements, strong financial record, relatively low number of customer complaints, and rare inclusion of three living benefits with most policies.
Health Insurance: Blue Cross Blue Shield
Blue Cross Blue Shield (BCBS) is our pick for the best health insurance company overall because of its low costs, high quality and customer satisfaction ratings, wide variety of plan types, and large provider network.
We chose BCBS from among nine major insurers that we evaluated against 40 criteria including plan benefits, types of plans available, and ACA metal levels available. We prioritized quality and customer satisfaction, with costs and nationwide availability also weighted heavily.
Investing
Best Broker: Fidelity
When it comes to bringing critical full-service brokerage features, sophisticated tools, and low fees to a wide range of traders and investors, Fidelity reigns supreme. Known for its industry-leading fee transparency and robust platform, Fidelity excels in customer support, research tools, educational content, and a wide range of investment options.
Today's market participants are overloaded with misinformation, which makes it critical to find the right brokerage platform on which to monitor portfolio performance and manage risk, all while learning how overtrading and poor asset allocation can affect the performance of their investments.
Best Investing & Trading App: E*TRADE
E*TRADE excels in both mobile and online trading, offering intuitive navigation, robust portfolio and risk management, and deep research. As a major online broker with millions of customers, it provides a wide range of investment options and tools across its website, desktop, and mobile platforms.
The E*TRADE integration with Morgan Stanley has enhanced its educational resources, which can make it easier for new investors to enter the market with confidence.
Best Robo-Advisor: Wealthfront
Wealthfront is the top robo-advisor, offering extensive customization, fee-free stock investing, low-interest rate borrowing, and dynamic tax-loss harvesting. We evaluated 21 digital wealth management platforms on 59 criteria, including cost, account services, and goal planning tools. Wealthfront's Path digital planner, which answers up to 10,000 questions, provides a comprehensive financial view and integrates with external accounts for advanced goal planning.
More Saving & Investing Recommendations
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Loans
Best Personal Loan: SoFi
After researching and evaluating 70 lenders, including banks, credit unions, and fintechs, we chose SoFi as best overall for personal loans. You may find a lender that offers lower rates, but not one that can match SoFi’s winning combination of competitive interest rates, no fees, quick approval, and excellent customer service. In addition, SoFi offers a suite of member benefits including financial advice, discounts on other loan products, and more.
A personal loan is a versatile financial tool that can help you out of a jam, help you repay expensive debt, or even help you improve your property. Lenders like SoFi that focus on customer service hope to turn your positive experience with a loan into a deeper relationship involving a wide range of financial products and services.
Best Home Improvement Loan: SoFi
If you don’t have equity in your home, then a personal loan is a good way to borrow to fund a home improvement. Our choice for best personal loan is also our choice for best home improvement loan—SoFi. Interest rates are competitive, and it offers loans up to $100,000, enough to cover ambitious projects. Payment terms as long as seven years can reduce budget-strain while you pay it off.
Mortgages
Best Homebuying App: Zillow
Zillow is our pick for best homebuying app because of its large database (140 million homes), its robust suite of search tools, and its connections with local-to-you real estate agents and other industry pros, right from within the app.
It’s particularly helpful that the homebuying service displays properties from the real estate industry’s Multiple Listing Service (MLS), plus homes that aren’t included in the MLS, like For Sale by Owner properties and auctions and foreclosures
Taxes
Best Tax Software: H&R Block
We chose H&R Block for best tax preparation software because of its breadth of service offerings and competitive pricing. Whatever your tax situation, and whatever the level of assistance you want or need, Block has you covered, from DIY software offerings to in-person tax preparation for filers with complex returns.
Pricing starts at $0 for taxpayers with basic returns and who are eligible for the IRS’s Free File program, and ranges up through paid software packages (with and without assistance) to professional tax preparation, either virtual or at one of Block’s 9,000 locations.
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Methodology
The Investopedia research and editorial teams aim to provide the most human product recommendations for readers. We are always considering what is best for the reader and never let client relationships dictate our recommendations. Every financial product that we recommend is based on data, analysis, and subject matter expertise.
Before we collect data, we look at the product category and review the competition. Next, we make a list of criteria that are important when choosing this product, such as fees or customer service options. We then collect several data points on these companies based on the list of criteria so we can compare and analyze their offerings in a quantitative way. This analysis includes weighing criteria based on what’s most important for people choosing this product and then scoring each company’s offering on a scale that makes the most sense for the data.
Next, our editors and subject matter experts review the companies and their scores to see if the results align with our knowledge of the product and what matters most for readers. This layer of qualitative analysis ensures that we’re always putting the reader first when making recommendations.
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