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September 20, 2022March 10, 2023

The 7 Best Always-Free CRM Software for Small Businesses

Hand arranging white letters to spell CRM

Managing a relationship with a customer requires far more than just remembering birthdays and previous purchases. The right CRM software can handle all the details and dates, leaving your sales agents free to focus on developing leads and making sales process. This article covers the best free CRM software for small businesses available now.

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HubSpot CRM – Best for Email Marketing
Freshsales – Best Customer Support
Zoho Free CRM – Best for Automation
Agile CRM – Best for ECommerce
Insightly – Best for Small Businesses
Engagebay – Best for Ease of Use
Bitrix24 – Best for Sales Teams

Our Methodology

When picking the best free customer relationship management software, we looked at the number of users each lets you have and lead management tools for tracking current and prospective clients. It was also important to discover automation tools that facilitate daily tasks like chatting and sending out emails.

Finally, we studied each company’s support structure and the costs of upgrading to paid plans in the future. Check out a more detailed explanation of our methodology here.

HubSpot CRM

Unlimited

Starting at $45/month

Email templates and tracking, landing pages, web forms, some limited calling

Automated contacts and responses, chatbots for lead generation, ticket sales pipeline

Community support

Freshsales

Unlimited

Starting at $15/user per month

Chatbots for website, customizable contact lifecycle, contact timeline, make calls from app

Few automation features, including chatbots

Phone, chat, and email support 24/5

Zoho Free CRM

Starting at $14/user per month

Track website traffic, web forms, templates for email marketing, sale analytics

Five custom workflow automations

Support docs, email and community support

Agile CRM

Starting at $8.99/user per month

Lead scoring, email tracking, contact profiles, landing pages

Limited automation triggers, limited API calls

Support docs, training sessions, email support

Insightly

Starting at $29/user per month

Visualize leads with kanban, mass emailing, email templates, duplicate detection

2 roles and permissions, 2 configurable profiles

Email support and community forums

Engagebay

Starting at $11.99/user per month

Landing pages, lead scoring, deal segmentation and milestones, task reminders

Form builder, customer segmentation, auto-responders

Help docs and videos, email and chat support

Bitrix24

Unlimited

Starting at $39/month for 5 users

Custom info fields, social media management, build and host website, unlimited contacts

Limited automation options

Help docs and chat support

The Best Free CRM Software for Small Businesses

There are several free CRM software options out there, but they’re not all created equally. Here are the seven best CRM software that stand out to us the most for their free plans.

HubSpot CRM – Best Overall Free CRM

Number of Users: Unlimited

★★★★★

4.8

Visit

HubSpot makes it easy for businesses of any size to set up CRM with an unlimited number of users and up to one million contacts. Among its many features is a chat builder to customize your first point of contact. There’s no space for workflow automation in the free version of this software, and the only customer support you’ll receive comes from the community forum. Should you wish to upgrade to a paid version, expect to pay a good amount of money to do so.

Why we chose it: HubSpot CRM has the tools to let you build a robust customer interface for unlimited users without having to shell out a single penny.

Unlimited number of users
Up to 1 million contacts
Chatbot builder

No workflow automation
Expensive pricing tiers
Customer support limited to community forum

Number of Users

HubSpot CRM doesn’t place limits on the number of users for its free software. There’s no need to pick and choose who to give access to, a common problem with Zoho or Insightly.

Paid Plan Availability

The lowest paid tier starts at $45 each month and goes up from there depending on the tools and number of contacts you’re looking for. Paid plans remove a lot of HubSpot branding and add helpful tools like automation to the mix.

Lead Management

You can use HubSpot’s lead management tools to create landing pages, web forms, email templates, and more. There are even some limited calling options your team can take advantage of. These offerings are fairly similar to Zoho, but Insightly adds in impressive kanban charting.

Automation Tools

It’s not possible to set up any workflow automation with HubSpot’s free version. Still, you can automate responses to contacts and even set up a chatbot to interact with customers visiting your site. These features pale in comparison to Zoho’s automation tools.

Support

HubSpot offers little in the way of support with its free version. In fact, you can only turn to the community forum for answers if you get stuck somewhere along the way. While Insightly does something similar, Freshsales gives even free members phone, chat, and email support.

Freshsales – Best Free CRM for Customer Support

Number of Users: Unlimited

★★★★★

4.7

Visit

Freshsales – Best Free CRM for Customer Support Review

Among Freshsales many free features are built-in phone and chat support for interacting with your clientele. With an unlimited number of users and contacts, you don’t have to limit access to your team, nor do you have to pick and choose which customers to focus on. Best of all, you can resolve any issues on your end by contacting Freshsales 24 hours a day during the work week. Of the features it does have, you won’t have access to automated processes, reporting tools, or document storage.

Why we chose it: Unlimited users, contacts, and 24/5 customer support all make Freshsales a CRM worth considering.

24/5 customer support
Built-in chat and phone for communicating with clients
Unlimited users and contacts

No reporting tools
No automated processes
No document storage

Number of Users

There’s no need to worry about the size of your CRM team with Freshsales. Like HubSpot and Bitrix24, you can have an unlimited number of users accessing your account at any time.

Paid Plan Availability

It will cost you $15 per user each month to tap into Freshsales’ premium features, and the prices increase from there. Fees can quickly get out of hand if not careful, especially when HubSpot charges a flat rate per account.

Lead Management

Freshsales has built-in call capability and customizable chatbots to engage interested customers. You can also monitor contact interest over time to see who your best customers are.

Automation Tools

Other than website chatbots, Freshsales doesn’t have much in the way of automation. This feels like a miss when Zoho’s automation tools do so much.

Support

The customer support team at Freshsales is a breath of fresh air. Even as a free user, you have access to the group by phone, email, or chat at all times during the work week. This is a huge blessing when HubSpot and Insightly offer nothing beyond help docs or a community forum.

Zoho Free CRM – Best Free CRM for Automation

Number of Users: 3

★★★★★

4.6

Visit

Zoho’s free CRM software includes several workflow tools for automating redundant processes. You can also customize web pages to a certain extent with the hope of drawing in new customers. The multipurpose digital contact book is perfect for logging current and prospective clients within your account.

It may be challenging to pick just three users to access the CRM software, and they can only send 150 automated email notifications each day. There’s also no way within the free version to send mass emails.

Why we chose it: Those with knowledge of automation can use Zoho’s automation and customization features to set themselves apart from the competition. As one of the best CRM software for ecommerce, its free plan can do wonders for new online businesses.

Workflow rules and automated email notifications
Page customization options
Multipurpose digital contact book

Only three users allowed
150 automated email notifications per day
Impossible to send mass emails

Number of Users

For all Zoho has, it falls short on the number of max users in its free account, capping out at three. Make sure those three users can make the most of Zoho’s automation software. Both HubSpot and Bitrix24 don’t place a maximum on the number of users you can have.

Paid Plan Availability

Paid plans are somewhat reasonable, starting at $14 per user each month and increasing from there. The amount isn’t much different from what Freshsales or Engagebay have to offer.

Lead Management

Zoho lets you track website traffic and view sale analytics over various lengths of time. You’ll also be able to build web forms and templates for outgoing emails. It’s important to mention here that it’s the best CRM for real estate.

Automation Tools

With the free version alone, you can build up to five unique workflow automations to perform mundane tasks and lessen the load on your team. Zoho’s automation tools are second to none, especially considering CRMs like Bitrix24 don’t offer any.

Support

You’ll find plenty of support docs and a strong community support team if you sign up for Zoho. While you can email the company with questions, response times are often quite slow. Freshsales gives 24/5 phone, email, and chat support whether you’re paying for the service or not.

Agile CRM – Best Free CRM for Email Marketing

Number of Users: 10

★★★★★

4.5

Visit

With Agile CRM, you can send out up to 5,000 emails with your own branding to entice consumers. You can generate an unlimited number of tasks, documents, and deals to market yourself on your website. Speaking of websites, Agile allows you to build your own alongside forms and emails. Your account is limited to only ten users, and the free version caps at 1,000 contacts. Although there’s a lot you can customize, Agile CRM doesn’t have many automation tools.

Why we chose it: Agile CRM gives teams the opportunity to express themselves through branded emailing and customization tools for emails, forms, and websites.

5,000 branded emails per month
Unlimited deals, tasks, documents
Form, email, website builder

Limited to 10 users
Only 1,000 contacts
Minimal automation tools

Number of Users

You can add up to ten users to your Agile CRM setup, which isn’t a bad number for free CRM software. After all, Insightly gives access to just two users on its free account. However, HubSpot and Freshsales allow an unlimited number of users.

Paid Plan Availability

Agile CRM’s Starter plan costs as low as $8.99 per user each month, adding several features and increasing your contact pool to 10,000. This is one of the best-priced user-based plans, with Zoho and Freshsales coming in at $14 and $15 respectively.

Lead Management

You can build leads in Agile CRM through several customizable features, including branded emails and a website builder. It’s also possible to create contact profiles and track the results of emails you send out.

Automation Tools

Agile CRM allows you to build one API trigger in its free package, but all other automation tools cost money to access. While not bad, one trigger doesn’t look like much next to Zoho’s five.

Support

The service will point you toward its website for support, where you’ll find help documents and training tools. There’s an email support team for additional questions, but these options don’t hold a candle to Freshsales’ 24/5 customer service tools.

Insightly – Best Free CRM for Lead Generation

Number of Users: 2

★★★★★

4.5

Visit

Insightly uses kanban charts and other client tracking tools to discover what customers are looking for when shopping online. These tools cover social media as well, maximizing potential clients from every available avenue. The software connects seamlessly with over 250 programs, bringing over contact information and streamlining data entry. You’ll have to do all this with just two users in the free version and minimal automation tools to share the work. Support only comes in the form of email support or community insight.

Why we chose it: Insightly has the best tools for generating leads that can turn into clients and profits for your business.

Several lead generation tools
Over 250 business integrations
Automatic social profile enrichment

Only for two users
Minimal automation tools
Limited access to customer support

Number of Users

It hurts to think that only two users can use most of everything Insightly has to offer. You’ll have to pay to bring more team members into your account, where Freshsales and HubSpot feature an unlimited number of users out of the gate.

Paid Plan Availability

Insightly has one of the pricier plans, starting at $29 per user on a monthly basis. This feels like a steep rise, especially since Agile CRM’s first paid tier starts at $8.99.

Lead Management

You’ll find a large number of lead management tools, such as mass emailing with templates, duplicate detection, lead visualization, and kanban charting. The software compliments lead management with a laundry list of integrations.

Automation Tools

Within Insightly’s dashboard, you can control read/write permissions and set granular roles for your two users. Several other tools are available at the Professional level.

Support

At the free level, Insightly makes available email support and community forums for those wanting answers fast. Freshsales still sets the bar here with unlimited support during the week.

Engagebay – Best Free CRM for Ease of Use

Number of Users: 15

★★★★★

4.2

Visit

Engagebay prides itself on a simple interface and marketing editors anyone can use to maximize CRM output. The software lets you brand emails with your company’s logo to personalize outgoing messages. You won’t have much luck with third-party integrations, and some templates miss the mark on modernity. If you find yourself in a jam, Engagebay’s free version doesn’t offer a phone number for support.

Why we chose It: Engagebay has a generous limit for users and lots of important features wrapped up in an easy-to-use format.

Intuitive interface
Branded emails
Easy to use marketing editors

Minimal third-party integrations
Outdated templates
No phone support

Number of Users

Apps like HubSpot and Freshsales don’t limit the number of users, but Engagebay’s cap at 15 is still plenty for smaller businesses. Those nearing the threshold will either need to upgrade or consider another option.

Paid Plan Availability

Paid plans start at $11.99 per user, billed monthly. Other top free CRMs such as HubSpot immediately jump to a much higher $45 per month from its free service. With Engagebay, you’ll have three tiers of service to pick from as your needs expand.

Lead Management

Even in its free version, Engagebay lets you build landing pages and perform predictive lead scoring. You can create milestones and segment deals to facilitate workloads. The app can also send task reminders if things start falling by the wayside.

Automation Tools

You won’t find much in the way of automation, but Engagebay does allow users to build forms and segment customers for easier tracking. Auto-responders can come to the rescue when you need your team to focus on other areas. Compared to Zoho, these tools are just a drop in the bucket.

Support

Engagebay does have help docs and videos peppered throughout its site, and if you really get stuck, email and chat support are available to help. This support is better than most but still pales to Freshsales and its top-tier service.

Bitrix24 – Best Free CRM for Sales Teams

Number of Users: Unlimited

★★★★★

4.6

Visit

Bitrix24 stands out with powerful collaborative tools to help teams function as cohesively as possible. Sales teams can work efficiently to connect with an unlimited number of contacts both through traditional means and social media as well. With the free version, you won’t find analytics tools or customer support to help if you’re in a pinch. Newer users do tend to struggle through a complex user interface.

Why we chose it: Social media features and collaborative tools make Bitrix24 a great option for an active sales team.

Collaborative tools
Free connection to social media
Unlimited users and contacts

No analytics tools
Somewhat challenging UI to navigate
No customer support

Number of Users

You can add as many users into your Bitrix24 account as you deem necessary, whether one or one thousand. HubSpot has a similar offering, but CRMs like Insightly and Zoho limit you to just a handful of users.

Paid Plan Availability

Bitrix24’s first paid tier of service costs $39, which includes up to five users. You’ll have to spend $159 to unlock all features and get back to unlimited users. This strange setup is somewhat similar to HubSpot’s price per plan.

Lead Management

Bitrix24 has a hub for social media management and interaction, ensuring you don’t miss out on potential customers from those areas. Other included tools allow you to build and host your own website and track an infinite number of contacts.

Automation Tools

The CRM software falls a bit short in the automation department, lacking tools to build workflow automation or software-based communications with clients. On the other hand, Zoho’s free CRM software allows five custom automations.

Support

Like Agile CRM, Bitrix24 forces you to rely on help docs and the community for support should you encounter an issue. You can forward questions to the Bitrix24 team, but don’t expect a quick response to your query.

Choosing the Best Free CRM for a Small Business – Ranking Methodology

Several factors go into making a free CRM the best out there. Check out those we considered when making our choices below.

An image of best free crm software with dollar coin,search bar.

Number of Users: Whether you have a small business or a large one, you’ll want to maximize what your team can do when it comes to bringing in new customers. When choosing a CRM, small businesses should consider costs for scaling as growth occurs, making sure you don’t get pigeonholed into something you can’t afford. Large businesses need to ensure you can add the number of team members you want into your system.

Lead Management: CRM software should help you focus your time where it will be most beneficial while handling basic contact management. Free CRM options often limit the contact records you can store, which can put a limit on your ability to manage customer relationships. Be sure to check the number of contacts you need for your system and ensure the avenues you access most are easy to use and meet your needs.

Automation: Automation can take repetitive tasks off your teams’ plates, freeing them up for more specific tasks. Having automated emails or even a chatbot can streamline customer connections and bring shoppers back for more.

Support: Don’t underestimate the power of a good support team when things aren’t going as planned. Understanding your website and trends therein can spell the difference between success and failure. If you can’t access this information, having support nearby can save countless dollars in the long run.

Reporting: Reports are one of the most important tools in project management, helping to pinpoint problems and opportunities. Most free CRMs come with some limited reporting, including website visitor tracking and conversion statistics.

Paid Plans: Free CRM software is a great place to start out, but it’s rare to see a business stay within the realm of what free software can offer for long. Be sure to have a plan to upgrade down the road, noting available future features as well as costs.

Frequently Asked Questions (FAQs) for Best Always-free CRM

There’s understandably a lot of confusion surrounding customer relationship management software and everything packed within. The answers below should shed some light on the most popular questions on the topic.

Is There a Truly Free CRM?

You can definitely find free CRM software that provides tools like contact management and lead generation. However, free CRM tools usually come with limits on contacts or users. Free tools may work for small businesses with limited needs.

Which CRM Is Easiest To Use?

Free customer relationship management software is usually limited in features and may therefore be somewhat simplistic. It can also depend on your use – the best free CRM solution for real estate may be great for a realtor trying to nurture customer relationships, but be less suited for B2B sales.

What Is the Best Low-Cost CRM?

Free is as low cost as it gets, but some free CRM systems plans are better suited for specific markets or situations. We found HubSpot to be the best, offering features to help manage customer retention and additional tools small businesses need.

Conclusion

Free CRM software is an excellent starting point for businesses looking to better understand customer relationships and retention. The downside is that you have to be able to work within certain limits and perhaps not have all the features you need at your fingertips. Each app included in our list offers incredible tools to help take your venture to the next level of growth, with plenty of opportunities to expand down the road.

August 2, 2022February 16, 2023

10 Best Countries for Cryptocurrency – Crypto Laws, Taxes & Adoption

Cryptocurrency has been around for long enough that almost every country has passed legislation on it. While some of the best countries for cryptocurrency took a more relaxed approach and allowed it to thrive, other countries have imposed strict crypto regulations. A few, including China, Egypt, and Qatar have even outright banned cryptocurrency.

The 10 Best Countries for Cryptocurrency in 2023

If you’re an investor or looking to start a business in the crypto sector, you’d ideally want to be located in a crypto-friendly country. We’ve studied regulatory laws, taxes, adoption rates, and other facts and figures from different countries as part of our methodology.

Here are the 10 best countries for cryptocurrency:

El Salvador
Singapore
Slovenia
Portugal
Switzerland
Germany
Malta
Estonia
The Netherlands
Canada

But what makes these countries best for crypto? The table below summarizes some of the most important facts and figures to consider.

El Salvador

No taxes for foreign investors

60%

212

BTC accepted as legal tender

Singapore

No capital gains tax

22%

8 (temporarily closed)

Crypto companies are regulated

Slovenia

No capital gains tax or VAT on crypto

10%+

Ljubljana named the most crypto-friendly European city of 2022

Portugal

No capital gains tax or VAT on crypto

2.5%

Golden Visa program for crypto investors

Switzerland

No capital gains tax for private investors

11%

149

Zug named as Crypto Valley

Germany

No long-term capital gains tax

Views crypto as private money

Malta

No long-term capital gains tax

N/A

Binance is based in Malta

Estonia

No VAT on crypto

Crypto-friendly legislation

The Netherlands

Crypto taxed as an asset

FATF-approved crypto regulation

Canada

Crypto taxed as an asset

3.2%

2525

Crypto-friendly banks

Now that you have an overview of what makes these countries ideal for crypto trading, investing, and businesses, let’s take a deeper look at each one of them.

1. El Salvador

The Central American nation is the first in the world to adopt Bitcoin as a legal tender. This means all businesses within the country must accept payment in BTC. This has also inspired several other countries to move toward accepting crypto as legal tender, however, it comes with its limitations.

El Salvador - a woman stands in front of a Bitcoin vendor

El Salvador also hopes to transform its digital economy by attracting crypto businesses and investors. Foreign investors don’t have to pay any capital gains or income tax on crypto. So if you’re based outside the country and are looking to avoid taxes on crypto, El Salvador might be the perfect place for you.

The country has a pro-crypto leadership under President Nayib Bukele who aims to take the small Central American forward in this sector. With BTC adopted as legal tender, the country has more than 4 million crypto users which are approximately 60% of its total population.

2. Singapore

Singapore is one of the most developed Asian economies and is an attractive destination for crypto investors from around the world. Not only is the Southeast Asian country a global fintech hub, but its openness to cryptocurrency makes it a great place to start a certified crypto business.

Singapore has no capital gains tax which means you don’t have to pay crypto taxes on trading profits. Not only that, crypto transactions are seen as barter trade and are not taxed in the country. That said, you still have to pay income tax if you earn in cryptocurrency.

Singapore’s central bank has a positive outlook on crypto. It states the blockchain ecosystem be closely monitored to prevent illegal activity but innovation should be welcomed. This is why it’s a great place to establish a legal crypto or blockchain company that’s supported by regulatory bodies.

3. Slovenia

The small Central European country has emerged to be a crypto haven with tax write-offs on cryptocurrency trading and no VAT on mining. You can even consider it the most crypto-friendly European country as its government officially encourages the transition to blockchain tech.

Slovenia has the highest market capitalization of crypto and other blockchain projects per capita, representing a high success rate of blockchain startups in the country. The government has eased crypto regulations to a large extent which is a welcoming gesture for crypto companies and investors from around the globe.

The Alpine country is also home to the most crypto-friendly European city of 2022, Ljubljana, Slovenia’s capital and largest city. The city has hundreds of vendors accepting crypto payments. Europe’s largest crypto-based shopping, leisure, business, and innovation center, BTC City is a classic example of Slovenia’s trend toward crypto adoption. The shopping center has 500+ stores accepting cryptocurrency payments.

While the country has no capital gains tax and no mining VAT, you still have to pay a significant 25% income tax if you mine crypto. Still, Slovenia is arguably the most attractive destination for crypto enthusiasts and investors in Europe.

4. Portugal

It wouldn’t be wrong to say that Portugal is the best crypto tax haven in the world right now. The country has no capital gains tax on crypto trading as long as you’re not a professional trader. So whether you trade crypto-crypto or crypto-fiat, you’re exempt from taxes.

Portugal’s crypto tax-free environment and progressive laws like the 2020 Digital Transitional Action Plan are attracting businesses and investors from around the world. Not only that, the country has also initiated a Golden Visa program whereby non-EU residents can gain a residency permit and a Portuguese passport if they make a qualifying investment.

5. Switzerland

Switzerland is world-renowned for its low-tax, high-privacy banking system. However, it has also stepped up in the world of crypto with very relaxed regulations for crypto companies and investors.

Town of Zug in Switzerland crypto valley

Switzerland is not the most crypto tax-free country on this list, but it’s still fairly friendly when it comes to cryptocurrency tax rates. The country sees crypto as an asset and BTC is recognized as legal tender in some areas. If you’re interested in cloud mining, the thriving Swiss crypto mining industry is an excellent market to start.

If you’re trading crypto privately and not on a professional level, you don’t have to pay any capital gains tax. However, crypto income through professional trading is taxed.

Switzerland is also home to Zug, a small city named Crypto Valley for its high concentration of blockchain businesses. Companies including the Ethereum Foundation and other fast-growing cryptocurrency companies like Cardano, Dfinity, Bancor, and Tezos are based in Zug.

6. Germany

Germany stands out for its unique approach toward cryptocurrencies. Unlike most other countries on this list, Germany doesn’t recognize crypto as an asset but rather as private money.

German flag - German is one of the best countries for cryptocurrency

If you’re a long-term investor, there’s no better country for you as Germany has no long-term capital gains tax. This means if you hold cryptocurrency for more than a year, the capital gains tax on it is waived. You still have to pay income tax and short-term capital gains tax.

The German capital, Berlin, is also a crypto hotspot being home to several blockchain companies including blockchain operating system, EOS, and cryptocurrency IOTA. It was also one of the first cities to accept crypto payments.

7. Malta

The small island nation of Malta has gained popularity in the realm of crypto for its openness toward blockchain technology. With its progressive legislation, the country has managed to attract a range of crypto companies including one of the best crypto exchanges, Binance.

Blockchain island in Matla - Best countries for cryptocurrency

Investors won’t have to pay a long-term capital gains tax on their crypto holdings. However, they still have to pay crypto income tax depending on what bracket they fall in. The Maltese government has passed several bills aimed to make the country an even more attractive destination for cryptocurrency businesses.

8. Estonia

Estonia aims to revolutionize its economy by attracting tech companies from all over the world with relaxed regulations and pro-privacy laws. It’s one of the few countries where crypto companies can operate legally with sound regulations. Moreover, the country is also looking at launching a national cryptocurrency, Estcoin.

Estonia isn’t a great choice if you’re looking to avoid taxes as crypto gains and income are taxed the same way as any other business activity. The country’s finance sector is also pro-crypto. Estonian LHV Bank was one of the first in the world to start working with blockchain technology.

9. The Netherlands

The Netherlands has always taken a positive approach towards new concepts, and cryptocurrency adoption is no exception. It’s one of the most welcoming European countries for crypto investors and organizations as it doesn’t hold any strict regulations against virtual currencies.

The Dutch government has ensured they follow FATF (Financial Action Task Force) guidelines in regulating crypto. This makes the Netherlands a great place to establish a blockchain organization if you prefer international certification.

10. Canada

Canada is home to a strong Bitcoin community. The country has always had an open approach toward cryptocurrencies and there’s no legislation that objects or restricts the use of crypto. Although recent laws have tried to centralize the Canadian crypto market, the government still welcomes the technology and acknowledges it as the way forward.

Canada, one of the best countries for crypto

Crypto companies are classified as Money Service Businesses (MSBs) in Canada. Such entities must register themselves with the Financial Transaction Analysis and Reporting Center of Canada (FINTRAC) to operate legally in the country. Although this presents a hurdle, it allows blockchain companies to work legitimately in Canada.

That said, Canada has one of the highest numbers of BTC ATMs in the world which represents the large scale at which the country’s moving towards virtual currencies. Not only that, several Canadian banks allow crypto transactions which makes life much easier for investors and businesses alike.

All Countries Where Trading Crypto is Illegal

Cryptocurrency has its pros and cons. One of the latter is that not all countries welcome it. Due to its volatility, decentralized, and anonymous nature, some governments see the new technology as an easy way to launder money and other criminal activities. This is why you’d come across countries that heavily restrict or completely ban the use of crypto.

Countries with Legal Restrictions on Crypto

The following countries restrict or implicitly ban crypto trading. In such states, financial institutions are restricted from dealing with crypto wallets and exchanges.

Bahrain
Burundi
Cameroon
Central African Republic
Gabon
Georgia
Guyana
Hong Kong
Kuwait
Lesotho
Libya
Macao
the Maldives
Vietnam
Zimbabwe

Countries with Absolute Bans on Crypto

Here’s the list of countries that have placed complete bans on crypto trading.

Algeria
Bangladesh
China
Egypt
Iraq
Morocco
Nepal
Qatar
Tunisia

Why are Developing Countries Leading the Race to Crypto Adoption?

If you look at the Global Crypto Adoption Index, you’ll be surprised to find that more than 90% of the top 20 countries are developing economies. Nigeria leads the way with India and Pakistan in second and third spots.

Not only that India has the highest number of crypto holders in the world at around 100 million. Nigeria, Brazil, Ukraine, Pakistan follow close behind. Pakistan has a staggering 9 million crypto users which represents more than 4% of its total population. This begs the question, why do developing economies lead the way in crypto adoption rather than the US and European countries?

A Lack of Alternative Investment Opportunities

Countries like Nigeria, Pakistan, and even Afghanistan are among the top 20 countries in crypto adoption. A lack of alternative investment opportunities is one glaring reason why these developing economies have such a large share of crypto investors.

Crypto is an international market and gives investors from around the world equal investment opportunities. Investors from underdeveloped countries see it as a chance to trade on the same market as traders from highly developed economies operate on.

Crypto as a Hedge Against Inflation

A significant proportion of countries leading in crypto adoption are also facing very high inflation. Digital assets, especially deflationary cryptocurrencies, are seen as a good way for investors to retain their net worth.

Note that the countries with the highest percentage of crypto users or countries leading in crypto adoption aren’t the most crypto-friendly either. India, for example, plans to introduce a law that might completely ban crypto use. Similarly, Nigeria doesn’t have a very pro-blockchain government either.

How We Ranked the Best Countries for Cryptocurrency – Methodology

Not all the facts and statistics we needed to rank the best countries for cryptocurrency are readily available. This made our evaluation a bit more difficult, but we managed to gather the required statistics from different sources. We accounted for several implicit and explicit factors in our methodology. These include:

Regulatory laws: Laws passed on cryptocurrencies are the most important factor when it comes to evaluating the crypto-friendliness of a country. While countries like El Salvador pass legislation to recognize BTC as legal tender, other countries illegalize trading and holding digital currencies.

Crypto taxes: Some countries allow crypto traders and companies to operate tax free. You don’t have to pay any capital gains tax or VAT on crypto transactions in some countries, making them a crypto haven and an attractive destination for businesses and investors. On the other hand, countries with higher crypto taxes are ranked lower on the list.

Crypto users: Cryptocurrency users as a percentage of the total population helps you gauge the overall crypto scene in a country. Countries with a high percentage are more likely to have businesses that accept virtual payments.

Crypto adoption rates: This marks the speed at which a country is moving toward the blockchain revolution. A high crypto adoption rate increases the chances of the country passing more friendly laws.

BTC ATM locations: Although a vague measure, the number of BTC ATMs lets you gauge how active the market is in a country. A high number of Bitcoin ATMs also means more accessibility to crypto for the general population.

Bottom Line on the Best Countries for Cryptocurrency

Different countries have different reasons for being crypto-friendly. While developing economies like El Salvador rank top for recognizing Bitcoin as legal tender, other countries like Switzerland and Germany offer a well-regulated crypto industry.

If you invest in crypto on a personal level and want to avoid taxes, destinations like El Salvador, Slovenia, and Portugal are a good option. On the other hand, if you want to establish a crypto business and are looking for a place to run it legally, Malta, Singapore, Estonia and The Netherlands are good options.

July 29, 2022November 23, 2022

7 Most Secure VPNs of 2023

Woman's phone and PC connected to one of the most secure VPNs

The most secure VPNs protect you from privacy issues and cybercrime when you connect to the internet. It’s no wonder that virtual private network (VPN) usage in the U.S. shot up from 26% in 2019 to 69% in 2021.

Let’s compare the seven safest VPNs in the industry based on pricing, security, and features in this guide. Discover which VPN provider is ideal for you as a small business owner or freelancer.

Most Secure VPNs

Surfshark: Best Overall Secure VPN
NordVPN: Best for Safe Cloud Storage
CyberGhost: Best for Most Servers
ProtonVPN: Best for Speed
ExpressVPN: Best for Unlimited Bandwidth
Windscribe: Best for Flexibility
TunnelBear: Best for Affordability

Surfshark

Starts at $2.49/month

AES-256-GCM encryption + Change IP + Private DNS + Leak protection + CleanWeb + MultiHop + Security protocols + Bypasser + No logs

3,200+

1 Gbps – 10 Gbps

Yes

NordVPN

Starts at $3.29/month

Encrypted cloud storage + AES 256-bit encryption + Threat Protection + IP masking + Multi-factor authentication + No logs

5,569

No speed or bandwidth limits

Yes

CyberGhost

Starts at $3.25/month

AES 256-bit encryption + IP masking + Private browser + No logs

8,000+

6 Mbps – 1 Gbps

Yes

ProtonVPN

Starts at free

AES-256 encryption + Secure Core servers + NetShield + VPN Accelerator + No logs

1,772

Up to 10 Gbps

Yes

ExpressVPN

Starts at $8.32/month

AES-256 encryption + Threat Manager + VPN split tunneling + IP masking + TrustedServer + No logs

Undisclosed

Yes

Windscribe

Starts at $1/location/month

AES-256 encryption + R.O.B.E.R.T. + Leak protection + No logs

Undisclosed

1 Gbps for uplinks

TunnelBear

Starts at free/500 MB

AES 256-bit encryption + GhostBear + IP tracking prevention + Global content access + Bypass censorship + No logs

Undisclosed

Yes

Surfshark: Best Overall Secure VPN

Starts at $2.49/month

★★★★★

4.75

Visit

Surfshark Review

Surfshark ranks first among the most secure VPNs in our list because it merges together advanced security, snappy speed, many servers, and budget-friendly pricing. Founded in 2018, this Netherland-based VPN provider makes high-quality digital security accessible to everyone.

Pricing

Surfshark only charges you as low as $2.49 per month if you select the 2-year plan. Take note that the rate will rise to $12.95 per month if you choose to be billed monthly instead. Although it doesn’t have a free plan like TunnelBear or Windscribe, it has the cheapest rates among the VPN providers with paid plans.

Security

As discussed in our Surfshark review, it has the widest range of security features in the bunch. First, it safeguards your privacy through industry-standard AES-256-GCM encryption. Next, it doesn’t monitor your surfing through activity logs. Also, it changes your IP address to hide your real identity.

Plus, the private DNS and leak protection reduce the risk of compromising your data, while CleanWeb helps you avoid ads, phishing, trackers, and malware. MultiHop adds an extra layer of security by directing your web traffic through two different servers.

Aside from this, you can take your pick from security protocols like IKEv2/IPsec and OpenVPN. Finally, the Bypasser function lets you designate which apps and websites are allowed to bypass the VPN.

Servers

After CyberGhost and NordVPN, Surfshark has the third largest network with over 3,200 servers across 95 countries. To make things better, each server has its own private DNS. Through its innovative Nexus technology, your traffic is routed along the entire network instead of a lone VPN tunnel for better safety and performance.

Speed

Tied with ProtonVPN, Surfshark showcases the fastest estimated connection speeds in the group. Each of its servers has at least one port with 1 Gbps speeds. On top of this, the latest 10 Gbps ports are being added on a daily basis.

Audits

Surfshark first completed an independent audit back in November 2018 by Cure53, a German cybersecurity firm. This initial audit confirmed that the browser extensions have robust security with only two small issues.

The latest audit in May 2021 extended to the server infrastructure of this VPN provider. This time around, Cure53 commended the good defaults of the server network and skilled configuration of the constructs. Only a few minor issues were spotted during the audit, which were promptly fixed by Surfshark.

While the aspects of VPN services that were checked are limited, it’s still reassuring that Surfshark gained generally positive results from third-party audits.

Why we chose it: We award Surfshark as the best overall secure VPN because it gives you exceptional value for your money in terms of security, speed, servers, and rates. That’s why it also deserves to be counted as one of the best VPNs for PCs.

Strong security suite
Above-average connection speeds
3,200+ servers in 95 countries
Economical rates of paid plans

No free plan

Limited coverage of audits

Pricing:

2 Years: $2.49/month
1 Year: $3.99/month
1 Month: $12.95/month

NordVPN: Best for Safe Cloud Storage

Starts at $3.29/month

★★★★★

4.5

Visit

NordVPN Review

NordVPN is the close runner-up in our roundup of the safest VPNs. Aside from its attractive offerings, it grants you a generous 1 TB of encrypted cloud storage where you can keep your sensitive data. Established in 2012, this VPN provider currently operates from its headquarters in Panama.

Pricing

NordVPN has the second steepest rates among its competitors, right after ExpressVPN. Nevertheless, the price range of the 2-year plans are still reasonable at $3.29 to $5.29 per month. Admittedly, you do need to reach deeper into your pocket if you prefer to pay monthly, with rates from $11.99 to $13.99 per month.

Security

Although NordVPN encountered a third-party breach in 2018, it bounced back by taking several steps to boost its security. At present, it has a rich set of security features, almost comparable to Surfshark.

In addition to cloud storage with encryption, it comes with AES 256-bit encryption which is designed for shielding classified information. Plus, the built-in Threat Protection blocks malware, trackers, ads, and malicious websites. It masks your IP address to maintain the privacy of your internet browsing.

Also, multi-factor authentication ensures that only you can access your account. Last but not least, NordVPN is one of the most secure non-logging VPNs in the market. After all, it’s not required to store logs because Panama doesn’t have a mandatory data retention law

Speed

NordVPN doesn’t place any caps on your connection speed or bandwidth, unlike most of its peers except ExpressVPN. However, your actual speed will be determined by various factors, such as your internet speed, VPN protocol, and server proximity. NordVPN explains that it’s normal to expect a slightly slower connection when your traffic is routed through an encrypted VPN tunnel.

Servers

NordVPN has the second biggest server network in the bunch, only next to CyberGhost. It currently has 5,566 servers in 60 countries all around the globe. These servers are compatible with NordLynx, OpenVPN, and IKEv2/IPSec protocols.

Audits

NordVPN ordered its first independent assurance engagement to check its no-log policy in late 2018. After evaluating the VPN service, auditing firm PricewaterhouseCoopers AG Switzerland verified the authenticity of its no-log claim.

In May 2020, NordVPN requested an expanded third-party audit involving its central server infrastructure. The Double VPN, obfuscated, and P2P servers were inspected by the auditors. Once again, PricewaterhouseCoopers confirmed that the VPN provider uses the right configurations and keeps its no-log promise.

Finally, NordVPN underwent an advanced application security audit by VerSprite, a global cybersecurity consulting firm, in June 2021. Thankfully, VerSprite didn’t find any critical vulnerabilities during its evaluation.

Why we chose it: We picked NordVPN as the best for safe cloud storage among the most secure VPNs because it gives you a reliable digital space where you can keep your private information. It’s not surprising that it’s also considered one of the best VPNs for mobile phones in terms of security.

1 TB encrypted cloud storage
Solid security features
5,566 servers in 60 countries
No speed or bandwidth limits

Slightly pricey rates
Third-party breach in 2018

Pricing:

2 Years: $3.29-$5.29/month
1 Year: $4.99-$6.99/month
1 Month: $11.99-$13.99/month

CyberGhost: Best for Most Servers

Starts at $3.25/month

★★★★★

4.25

Visit

CyberGhost Review

CyberGhost has an edge over its competitors because it has the highest number of servers among the safest VPNs in this review. It currently shows off more than 8,000 servers in 91 countries. This means that you have more servers to choose from, as well as more computing resources to share with other VPN users.

Founded in 2011 in Germany, the headquarters of this VPN provider is now located in Bucharest, Romania. At present, it shields the privacy of more than 38 million users across the globe. It’s a pioneer in the VPN industry when it comes to publishing transparent reports and developing crypto-technology.

Pricing

While it doesn’t present free plans like ProtonVPN, Windscribe, and TunnelBear, CyberGhost has the second lowest rates for paid plans next to Surfshark. You only need to pay $3.25 per month if you sign up for a 2-year plan. While the difference isn’t that big for the 1-year plan at $3.99 per month, the monthly rate will jump to $12.95 if you opt to pay every month instead.

Security

CyberGhost has good security features, although admittedly not as comprehensive as Surfshark and NordVPN. It keeps your data private through military-grade AES 256-bit encryption. Also, it gives you the chance to surf anonymously by hiding your IP address and providing a private browser. It sticks to a no-logs policy while operating under Romanian law, which doesn’t require the retention of data.

If you’re willing to pay extra, you can also access the NoSpy servers which are operated independently by CyberGhost for greater security and performance. The add-on price is $4.99 per month for annual billing.

Speed

The estimated connection speed of CyberGhost is the slowest among the VPN providers that disclose this information. You can expect around 6 Mbps if you have a regular internet connection, although you may potentially reach up to 1 Gbps under ideal circumstances.

Servers

CyberGhost leads the pack when it comes to the expansiveness of its server network. As we explained in our CyberGhost review, it currently counts over 8,000 VPN servers all over the world. That’s almost 2,500 more servers than second-ranked NordVPN. These bountiful servers support OpenVPN, L2TP/IPSec, and iKEv2 network protocols.

Audits

The last time CyberGhost went through a third-party inspection was in March 2012. Back then, it passed the audit and verification by QSCert on the Information Safety Management System (ISMS). However, at the time of writing, CyberGhost hasn’t undergone any recent audits to prove its claims in the privacy policy and transparency reports.

Why we chose it: We selected CyberGhost as the best for most servers since it grants you access to an incredibly broad server network.

Leading number of servers
Respectable security features
Transparency reports

Slowest estimated speed
Extra charge for NoSpy server access
No recent third-party audit

Pricing:

2 Years: $3.25/month
1 Year: $4.29/month
1 Month: $12.99/month

ProtonVPN: Best for Speed

Starts at free

★★★★★

4.0

Visit

ProtonVPN is way ahead of the other most secure VPNs in terms of estimated speed for paid plans. Its server network is capable of generating up to a whopping 10 Gbps connection. Thanks to its cutting-edge VPN Accelerator technology, it exponentially boosts the speed and stability of the VPN service.

Established in 2014, it’s presently based in Geneva, Switzerland. It originally started with the creation of Proton Mail, which eventually led to the development of ProtonVPN. Today, this open-source VPN service focuses on online security for millions of global users.

Pricing

ProtonVPN is one of the three VPN providers that offer a free plan, along with TunnelBear and Windscribe. That’s why it’s counted as one of the best free VPNs in the market. If you prioritize server speed, you may consider subscribing to paid plans that range from $4.99 to $9.99 per month, which we expounded on in our ProtonVPN review.

Security

ProtonVPN has an adequate amount of security features, although not on the same level as Surfshark or NordVPN. It guards your network traffic through AES-256 encryption, while it blocks ads, malware, and trackers through the DNS filter NetShield.

This VPN provider operates its own Secure Core servers which have the ability to defend itself against network attacks. Lastly, it enforces its no logs policy under Swiss law, which doesn’t require it to save user connection logs.

Speed

ProtonVPN has the swiftest estimated connection speeds in the group, which can go up to a maximum of 10 Gbps. Nevertheless, you should be aware that you can only experience this phenomenal speed if you subscribe to a paid plan. If you opt for the free plan, you can only expect medium speed, which is enough for basic users but probably not for power users.

Servers

At the time of this writing, ProtonVPN operates a total of 1,772 servers in 63 different countries. While it doesn’t have as many servers as CyberGhost, NordVPN, or Surfshark, at least it has over 1,000 servers unlike TunnelBear and ExpressVPN.

The company operates 96 Secure Core servers that it fully owns and operates. Nevertheless, only ProtonVPN Plus users can connect to these superior VPN servers. The network supports P2P file sharing protocols like BitTorrent..

Audits

Just last April 2022, ProtonVPN announced that it completed a third-party audit on its no-logs policy. After evaluating the infrastructure and server-side operations, Securitum verified that the VPN provider doesn’t keep any activity or metadata logs. Plus, the European security auditing firm didn’t pinpoint any major security issues during the audit. In addition to this, ProtonVPN also went through regular audits by independent security experts in the past.

Why we chose it: We acknowledge ProtonVPN as the best for speed because you can benefit from first-rate, high-speed connections if you get a paid package.

10 Gbps maximum speed
Free plan available
Very recent third-party audit

Medium speed for free plan
2-year plan rates are relatively high
Secure Core servers for paying users only

Pricing:

ProtonVPN Free: $0/month
ProtonVPN Plus:
- 2 Years: $4.99/month
- 1 Year: $5.99/month
- 1 Month: $9.99/month

ExpressVPN: Unlimited Bandwidth

Starts at $8.32/month

★★★★★

4.0

Visit

ExpressVPN Review

ExpressVPN is the most generous among the safest VPNs when it comes to bandwidth allotment. It doesn’t cap your online traffic at all so you can download as much content as you like without worrying about excess usage fees. Founded in 2009, it’s presently based in the British Virgin Islands. It now caters to around 3 million active subscribers in 180 countries and counting.

Pricing

ExpressVPN definitely has the overall most expensive pricing of the lot. The annual package will set you back $8.32 per month, the half-year package $9.99 each month, and the monthly billing $12.95 every month.

Security

While it doesn’t match Surfshark or NordVPN, ExpressVPN has a decent suite of security features. It satisfies basic security standards with AES-256-bit encryption, while the Threat Manager tool blocks trackers and malicious users. Aside from masking your IP address, the VPN split tunneling routes your traffic efficiently.

Thanks to the TrustedServer technology, none of your data will be written on hard drives. There’s a private DNS on every server as well to bump up the security. Finally, this VPN provider doesn’t keep any connection or activity logs.

Speed

ExpressVPN doesn’t give an estimate of the Mbps or Gbps like most of its peers, but it assures users that the next-generation Lightway protocol is designed for quick connection speeds. Plus, the unlimited bandwidth ensures that you can enjoy as much data transfers as you like.

Servers

According to its official website, ExpressVPN has thousands of servers, but it doesn’t disclose the exact number. At least, it shares that the servers are placed in 160 locations in 94 countries. Also, it explains that the TrustedServer network provides extra security via private DNS.

Audits

ExpressVPN went through a recent independent audit by F-Secure last November to December 2021. The third-party cybersecurity firm validated the security of the Windows app by confirming it didn’t find significant issues. Back in 2019, ExpressVPN also benefited from positive results from security audits by PricewaterhouseCoopers and Cure53.

Why we chose it: We recognize ExpressVPN as the best for unlimited bandwidth because it allows you to make as many data transfers as you need.

No bandwidth caps
Satisfactory security features
Speedy Lightway protocol

Most expensive pricing
Server number info unavailable
No numeric speed estimate

Pricing:

1 Year: $8.32/month
6 Months: $9.99/month
1 Month: $12.95/month

Windscribe: Best for Flexibility

Starts at $1/location/month

★★★★★

3.75

Visit

Windscribe Review

Windscribe stands out for being the only VPN provider in this roundup to offer a Build A Plan option. This pay-as-you-go service helps you save money by charging you only for the server locations you actually use. Established in 2016, it’s based at present in Toronto, Canada. It enables users to access geographically restricted content while protecting them from surveillance, marketers, and cybercriminals.

Pricing

Windscribe has the most versatile pricing in the group, thanks to the one-of-a-kind Build A Plan arrangement. At $1 per location each month, it has the second most budget-friendly rate, next to ProtonVPN and TunnelBear. If you prefer a flat rate, you can pick the yearly plan which goes for $4.08 per month or the monthly plan which charges $9.00 every month.

Security

Windscribe may have simple security features compared to most of its competitors, but it’s got the basics covered. Like most VPNs, it uses an AES-256 cipher to encrypt your data for private browsing. Plus, R.O.B.E.R.T. gives you the choice to block certain IPs and domains. This configurable DNS-based tool keeps you safe from ads, malware, trackers, and specific content as well.

Also, it doesn’t record logs to identify you via IP address and timestamp. On top of this, you can activate more security functions through the desktop app and browser extensions, including firewalls and WebRTC Slayer for leak protection.

Speed

Windscribe has an average speed of 1 Gbps for uplinks for both free and paid servers. However, the actual speed will depend on how many people are connected to each server. In addition to this, you can get from 10 GB up to unlimited bandwidth for Build A Plan, while data bandwidth is unlimited for paid plans.

Servers

Windscribe doesn’t disclose the exact number of its servers. Nevertheless, it does share that the network spans 110 cities located in 63 countries. If you install the browser extension, you can take advantage of the Auto Pilot feature which automatically selects the optimal location for you.

Audits

During the time of this writing, Windscribe hasn’t completed any external audits of its VPN services. This means its privacy claims haven’t ever been confirmed by independent firms at all. Disappointingly, it’s the only VPN provider in the list that never went through a recent or past third-party audit.

Why we chose it: We pick Windscribe as the best for flexibility because you can customize its Build A Plan based on your budget and location.

Build A Plan adjustable rates
Simple yet sufficient security
10 GB to unlimited bandwidth

Not the fastest connection speed
Server number info unavailable
Zero third-party audits

Pricing:

Build A Plan: $1/location/month
Pro Plans:
- 1 Year: $4.08/month
- 1 Month: $9/month

TunnelBear: Best for Affordability

Starts at free/500 MB

★★★★★

3.5

Visit

TunnelBear is one of the most affordable alternatives among the most secure VPNs in this guide. After all, it grants you 500 MB per month if you sign up for the free plan. Your data allocation renews automatically every month, although you can’t carry over leftover data from the previous month. Founded in 2011, its headquarters are situated in Toronto, Canada. It’s a user-friendly VPN for casual users because of its freebies and simple apps.

Pricing

TunnelBear is one of the three VPN providers here that present a free plan, along with ProtonVPN and Windscribe. If you need more advanced VPN services, you can pay for the unlimited plan which begins at $3.33 per month or the Teams plan which is priced at $5.75 per user each month. As you can see, even the paid plans have pretty cost-effective rates.

Security

TunnelBear probably has the most basic security features among its peers. Still, the GhostBear feature helps you avoid VPN blocking. Plus, it gives you essential protection through AES 256-bit encryption for essential privacy, while preventing intrusive IP tracking. Also, it doesn’t log your online activity. Lastly, it allows you to access global content and bypass local censorship.

Speed

TunnelBear claims it has lightning-fast speeds on its server network. However, it doesn’t share what the actual speed is in terms of Mbps or Gbps. It’s up to you if you want to take the company’s word for it.

Servers

TunnelBear doesn’t disclose information about the exact number of its servers. The official website only mentions that there are more than 40 server locations in 48 countries. At least, it placed servers in some underrepresented geographical areas, not just in the usual popular server spots.

Audits

TunnelBear finished a fairly recent annual independent security audit last October 2020. It’s the VPN provider’s fourth audit since it first went through the inspection in 2016. The results showed that Cure53 spotted two low, two medium, and a single high-risk vulnerability. Nevertheless, the auditor commended TunnelBear for its ongoing efforts to reduce security issues.

Why we chose it: We give a nod to TunnelBear as the best for affordability because it’s a practical option if you want to try a VPN service for the first time or if you can’t afford a paid plan.

Free 500MB per month
Easy-to-use apps
Annual security audits

Simple security only
Estimated speed unavailable
Server number info unavailable
One high-risk vulnerability found in recent audit

Pricing:

Free: $0/500 MB
Unlimited: Starts at $3.33/month
Teams: $5.75/user/month

Methodology for the Most Secure VPNs

We considered security and other relevant factors while choosing the most secure VPNs. In short, we ranked the safest VPNs based on which providers clearly stand out in these areas:

Pricing: We checked if each VPN provider offers both free plans and paid packages. Plus, we listed how much the monthly rates of the paid plans are in terms of 2-year, annual, biannual, or monthly billing.
Security: We evaluated the basic or advanced security suite that’s included with every VPN service. Some examples of security features we discussed are VPN routing, encryption standards, IP masking, ad blocking, and no-logs policies. Read more on what a VPN protects you from here.
Servers: We examined how many servers each VPN provider currently has in its network. Also, we explained if it has any special features like network protocols, private DNS, and auto location selection.
Speed: We took note of the estimated speed of the VPN connection, at least if the numeric information is disclosed by the provider. Keep in mind that the actual speed might not always be the same as real-life speed since it’s based on different factors. In addition to this, we indicated the amount of bandwidth allotment if the data is available.
Audits: We reported if the VPN provider underwent independent audits by third-party security auditing firms, such as Cure53, PricewaterhouseCoopers, or VerSprite. Aside from pinpointing which aspect of the VPN service was scrutinized, we summarized what the results of these inspections are.

Take note that the information in this comparative review is based on current data as of the time of this writing.

Frequently Asked Questions (FAQs) for Most Secure VPNs

The most secure VPNs keep your data and devices safe while you browse through the internet. That’s why the global VPN market has grown to a staggering $44.6 billion this 2022. Learn the answers to these frequently asked questions if you’re on the lookout for the safest VPNs.

What Makes Some VPNs More Secure Than Others?

The most secure VPNs offer users both first-rate server routing and security features. These VPN providers allow you to safely route your internet traffic and downloads through a choice of servers located around the world. Ideally, the law in these countries don’t require data from servers to be identified with users. Equally as important, the safest VPNs provide a broad range of high-quality security features to protect your online privacy.

What Are the Most Essential VPN Security Features?

All security features are useful, but some are absolutely essential when connecting to the internet through a VPN. One vital feature is end-to-end data encryption, with most providers in the industry offering at least AES 256-bit encryption. Another necessary function is IP masking, which hides your IP address so you can browse anonymously. One more crucial feature is the no-logs policy, where the provider guarantees not to record logs of your online activity.

Why Are External Audits for VPN Providers Important?

A VPN provider can make a lot of claims about the security of various aspects of its VPN services. However, these claims can only be verified through external audits by third-party organizations. Independent auditing firms like PricewaterhouseCoopers, Cure53, or VerSprite aren’t biased in favor of any particular VPN company. That’s why they can provide objective feedback on the real-world implementation of security best practices by VPN companies.

How Can I Start Using a VPN Service?

First, look for a VPN provider with applications that are compatible with your computers, devices, and operating systems. Next, sign up for a VPN plan with the features and billing arrangements you prefer. Afterwards, download the VPN app or program, then log in to begin safeguarding the privacy of your location, downloads, and web traffic. Finally, choose from the nearest available servers for optimal security and performance.

How Do I Choose the Most Secure VPN?

The best way to choose a secure VPN is to consider all the information about top providers and square this data with your own unique requirements. Pick the VPN service which excels in the aspect you prioritize the most, whether it be overall security, cloud storage, server options, connection speed, bandwidth allotment, flexible customization, or low-cost pricing. You can try a risk-free monthly subscription first to determine whether it works well for you or not.

Bottom Line on the Most Secure VPNs

We hope our comparison review helped you pick the best VPN provider which matches your business needs and budget. All seven industry-leading safest VPNs in this guide offer secure and reliable connections for your small business network and devices. Nevertheless, we especially recommend Surfshark as our top pick among the most secure VPNs because it combines superior security, quick speed, abundant servers, and affordable rates.

July 22, 2022February 15, 2023

7 Best Credit Union Business Accounts of 2023

A credit union business account building

A credit union business account is a friendly alternative to opening a business bank account. It could work for you if you’re looking for the right hub for your business finances to push your venture to the next level.

Similar to banks, credit unions are financial institutions that offer online business checking accounts, savings accounts, loans, and credit cards. However, the advantages of credit unions over traditional banks include personalized customer service, lower loan interest rates, lower fees, and higher APY on savings and checking accounts.

Check out the best credit unions for business banking accounts in 2023 to find the right one for your small business:

Alliant Credit Union – Best Overall
Consumers Credit Union – Best for Checking APY
Digital Federal Credit Union – Best for Savings APY
America First Credit Union – Best for Checking Options
Blue Federal Credit Union – Best for Easy Branch Access
Pentagon Federal Credit Union – Best for Credit Card Rewards
Navy Federal Credit Union – Best for Small Business Loans

Alliant Credit Union

$0/month

0.25%-2.80%

Alliant employment, local proximity, or FC2S membership

Online + ATMs

Android & iOS

Unlimited credit card cashback

Consumers Credit Union

$0/month

0.03%-4.09%

$5 membership fee

Illinois branches + ATMs

Android & iOS

High Interest Checking account

Digital Federal Credit Union

$0/month

0.16%-6.17%

Employment w/ DCU partners, local proximity, or family affiliation

Massachusetts & New Hampshire branches + ATMs

Android & iOS

Primary Savings account

America First Credit Union

$0-$6/month

0.05%-1.10%

Located in Utah, Nevada, Arizona, or Idaho

Utah, Idaho, Arizona & Nevada branches + ATMs

Android & iOS

Multiple checking account options

Blue Federal Credit Union

$0/month

0%-5%

Donation, family affiliation, or work location in Wyoming or Colorado

Colorado & Wyoming full-service branches + Shared branches + ATMs

Android & iOS

In-person banking

PenFed Credit Union

$0-$10/month

0.05%-2.85%

U.S. citizenship or permanent residence

Branches in 15 states + ATMs

Android & iOS

Credit card incentives

Navy Federal Credit Union

Starts at $0/month

0%-3.15%

Military affiliation

Washington, D.C. & international branches + ATMs

Android & iOS

Various loan offers

Alliant Credit Union: Best Overall

Pricing: $0/month

★★★★★

4.5

Visit

Alliant Credit Union Review

Alliant Credit Union is the leading contender in our roundup because it ticks all the boxes for free bank accounts, flexible membership qualifications, reliable online banking technology, and unlimited cashback.

Screenshot of Alliant online banking page — *Source: Alliant*

It provides a full range of financial products and services, with different personal and business banking alternatives you can select from. Plus, you can open up to 19 different supplemental accounts for various goals if you become a member.

Pricing

Alliant offers you free bank accounts, just like most of the credit unions in this list. You don’t need to pay monthly service fees if you open a High-Rate Checking account. Also, there’s no monthly fees for the High-Rate Savings account if you choose to receive eStatements, although you must pay a $1 monthly fee if you prefer paper statements.

APY

These are the annual percentage yield (APY) rates for Alliant banking solutions:

High-Rate Checking Account: 0.25% APY
High-Rate Savings Account: 0.75% APY
Certificates: 2.80% APY
Custodial Account: 0.75% APY

It has the third highest APY among savings accounts, next to Digital Federal Credit Union and Consumers Credit Union. Yet along with Blue Federal Credit Union, it has the third lowest APY among checking accounts, although it’s a little higher than America First Credit Union and Digital Federal Credit Union.

Membership Requirements

You can join Alliant if you work for the institution’s businesses, organizations, or partners within the U.S. You may also qualify for membership if you live or work close to the union’s headquarters in Illinois.

However, the easiest way to join is to seek Foster Care to Success (FC2S) membership for only $5. Alliant will even settle this one-time fee on your behalf. Thanks to the FC2S option, a lot of people beyond the Alliant community have the opportunity to become a credit union member.

Alliant has one of the easiest eligibility requirements among the credit unions in our guide, on par with Consumers Credit Union and PenFed Credit Union. It’s not like America First Credit Union, Digital Federal Credit Union, or Navy Federal Credit Union which are only open to certain people based on employment, location, or affiliation.

Locations

Alliant is completely based online, which makes it the only credit union in this guide without any physical branches. Instead, you can access banking products and financial tools over the internet. Nevertheless, it has a broad network of over 80,000 fee-free ATMs. Plus, you can use ATMs outside the union’s network to make deposits and receive up to $20 refunds.

Online Banking

Because Alliant is an online credit union, it offers one of the most useful mobile banking apps for Android and iOS. You can settle your payments via bill pay, monitor your account balances, and even deposit checks through the app.

Special Feature

You have the chance to earn unlimited cashback simply by using the Alliant Cashback Visa Signature Credit Card. You can receive up to 2.5% cashback on your first $10,000 worth of qualifying purchases.

Why we chose it: We bestowed the title of best overall credit union of 2023 to Alliant Credit Union because it’s a remarkable all-purpose banking platform. It provides free banking solutions, various application methods, practical mobile app features, and cashback rewards.

No monthly service fees
Low membership barrier
Superior online banking
Credit card cashback

$1 monthly fee for paper statements
No brick-and-mortar branches
Relatively low checking APY

Pricing: $0/month

Consumers Credit Union: Best for Checking APY

Pricing: $0/month

★★★★★

4.25

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Consumers Credit Union Review

Consumers Credit Union (CCU) trumps other credit unions in this review because of its impressive checking APY. If you open a Free Rewards Checking account, you have the opportunity to earn as high as 4.09% APY on balances up to $10,000.

Consumers Credit Union home page screenshot — *Source: Consumers*

Founded in 1930, CCU is currently based in the state of Illinois. Aside from its checking account, the financial institution also offers other financial products, including savings accounts, business banking accounts, business lines of credit, credit cards, money market certificates, and loans.

Pricing

The CCU checking and savings accounts are both free, which is similar to the majority of the credit unions in this list. While there is a zero minimum balance for the checking account, you do need to maintain at least $5 in your savings account balance.

APY

Here are the APY rates for CCU banking solutions:

Free Rewards Checking Account: 0.10%-4.09% APY
Savings Account: 0.03%-0.25% APY
Money Market Account: 0.05%-0.25% APY
Certificates: 0.35%-2.30% APY

CCU has the highest APY for checking accounts among all the credit unions in this roundup. Take note that you need to qualify for the highest checking tier to benefit from the top interest rate. Along with Navy Federal Credit Union, it has the second lowest savings APY, only higher than Blue Federal Credit Union.

Membership Requirements

CCU has one of the simplest eligibility criteria in this guide, equal to Alliant Credit Union and PenFed Credit Union. All you need to do is spend a $5 membership fee to join CCU.

Locations

Although CCU is based in Illinois, it accepts customers from all over the nation. It has over 5,000 shared credit union branches spread out in the state, plus a nationwide chain of over 30,000 ATMs that are part of the CO-OP network.

Online Banking

CCU has a mobile app that’s compatible with Android and iOS devices. While the slightly outdated app doesn’t allow check deposits, you can at least conduct basic business functions like bill pay and fund transfers.

Special Feature

The standout feature of CCU is its High Interest Checking account. It comes with unlimited check writing and early direct deposit. Also, you can link your debit card so you can make payments via Google Pay, Apple Pay, and Samsung Pay.

Why we chose it: We acknowledge Consumer Credit Union as the best for checking APY because of its exceptional APY rates for the checking account.

Top-notch checking APY
No monthly fee or minimum balance for checking
$5 membership fee requirement only

Maximum checking APY for highest tier only
Fairly low savings APY
No mobile app check deposits

Pricing: $0/month

Digital Federal Credit Union: Best for Savings APY

Pricing: $0/month

★★★★★

4.0

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Digital Federal Credit Union Review

Digital Federal Credit Union (DCU) beats its competitors when it comes to APY rates for savings accounts. It’s possible for you to earn as much as 6.17% APY if you open a Primary Savings account.

Screenshot of Digital Federal Credit Union free checking account page — *Source: DCU*

Aside from savings solutions, DCU also offers a wide range of financial tools, such as checking accounts, credit cards, loans, and business lines of credit. It also stands out for its equity crowdfunding feature, which equips members to raise capital for investment in local businesses within the community.

Pricing

Both the checking and savings accounts of DCU don’t charge monthly maintenance fees, same as most of the credit unions in the list. There’s no minimum opening balance for the checking account as well, although you need to deposit at least $5 to open a savings account.

APY

See below for the APY rates of DCU banking solutions:

Checking Account: Up to 0.20% APY
Savings Account: 0.16%-6.17% APY
Money Market Account: Starts at 0.20% APY
Retirement Accounts: Starts at 0.20% APY

DCU has the highest APY for savings accounts among the credit unions in this roundup. Keep in mind that this maximum rate only applies to balances up to $1,000. Nevertheless, it has the second lowest APY for checking accounts, only higher than America First Credit Union.

Membership Requirements

You are qualified to join DCU if you work for any of the union’s partner companies or organizations. Also, you are eligible to apply if you worship or attend school in DCU eligible communities. Alternatively, you can earn membership if you have a relative who is currently a DCU member.

Because of its geographical and social restrictions, DCU has strict application requirements compared to Alliant Credit Union and PenFed Credit Union, which are open to more potential members.

Locations

DCU is based in Marlborough, Massachusetts. Plus, it has 23 branches located in Massachusetts and New Hampshire. Also, members have access to more than 80,000 surcharge-free ATMs through the CO-OP network.

Online Banking

DCU offers a digital banking platform via mobile phones or desktops with innovative financial tools for members. The mobile app is available for both iOS and Android smartphones.

Special Feature

The notable feature of DCU is the Primary Savings Account. It helps you grow your funds over time through its generous APY and dividend rates. Plus, the online calculator lets you compute how much you can save through estimated monthly deposits.

Why we chose it: We recognize Digital Federal Credit Union as the best for savings APY because of its phenomenal interest rates for savings accounts.

First-rate savings APY
Equity crowdfunding
Zero monthly maintenance fees

Minimum deposit requirement for savings accounts
Maximum APY applicable up to $1,000 only
Restrictive membership eligibility

Pricing: $0/month

America First Credit Union: Best for Checking Options

Pricing: Starts at $0/month

★★★★★

4.0

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America First Credit Union Review

America First Credit Union gives you the freedom to choose between different types of checking accounts. You can take your pick from Premium Checking, Classic Checking, Regular Checking, Money Market Checking, and HSA Money Market Checking.

America First Credit Union home page screenshot — *Source: America First*

This financial institution meets the banking needs of businesses and individuals through various banking products and services. Aside from checking accounts, it also presents savings programs, investment accounts, and low-rate loans. On top of this, it provides business registration services, which makes it possible for you to open a bank account with EIN only.

Pricing

Most of the America First checking accounts are free, with the exception of Premium Checking where you need to pay $6/month. Along with PenFed Credit Union and Navy Federal Credit Union, it’s one of the few credit unions in this review that charges a monthly fee for bank accounts. On the bright side, the savings account is free as long as you maintain a minimum balance of $1.

APY

Take a look at the APY rates for America First banking solutions:

Checking Accounts: 0.05% APY
Savings Accounts: 0.05%-0.50% APY
Money Market Savings Accounts: 0.05-0.15% APY
Certificates: 0.25% to 1.10% APY

America First has the lowest checking account APY among the credit unions in this guide. At least it ranks somewhere in the middle when it comes to its savings accounts APY.

Membership Requirements

Unfortunately, not everyone qualifies to join America First Credit Union, in contrast to PenFed Credit Union and Alliant Credit Union which have more lenient requirements. You must work, live, volunteer, or worship in Utah, Nevada, Arizona, or Idaho to become a member. Aside from this, you may be eligible for membership if you have a relative or spouse who is a member of America First.

Locations

America First has 128 full-service branches in Utah, Idaho, Arizona, and Nevada. It also has a network of over 5,600 shared branches and more than 60,000 ATMs via CO-OP‘s shared network.

Online Banking

America First has you covered if you like the convenience of mobile and online banking features. You can deposit checks, transfer funds, and schedule bill payments through the digital banking portal. The Android and iOS mobile apps also provide live update alerts and account balance information.

Special Feature

The standout feature of America First is the multiple types of checking accounts. It ranges from simple checking to advanced money market checking so you can select the one that perfectly fits your banking purpose.

Why we chose it: We commend America First Credit Union as the best for checking options because it has a wide array of checking accounts to meet different checking needs.

Rich checking options
Business registration services
Feature-packed digital banking portal

Lowest checking APY
$6 fee for Premium Checking
Membership limited to a few states

Pricing: $0-$6/month

Blue Federal Credit Union: Best for Easy Branch Access

Pricing: $0/month

★★★★★

4.0

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Blue Federal Credit Union Review

Blue Federal Credit Union excels when it comes to availability of in-person banking. On top of 18 full-service branches, you can also visit thousands of CO-OP shared branches to perform banking transactions.

Screenshot of Blue Federal Credit Union solutions page — *Source: Blue Federal*

This credit union showcases business and personal financial products, including loans and credit cards. You can even earn points through the membership reward program, which you can use to waive fees or earn loan discounts.

Pricing

Blue offers free business checking and savings accounts, like most of the credit unions in this review. While there’s no monthly maintenance fees or minimum balance for basic checking and savings, the higher tiers of business checking do require certain daily balance amounts.

APY

These are the APY rates for Blue banking solutions:

Business Checking Accounts: 0%-0.25% APY
Business Savings Account: 0.05% APY
Savings Accounts: 0.15%-5% APY
Business Tiered Money Market Accounts: 0.05%-0.25% APY

It has the second highest savings APY in the bunch, only next to Digital Federal Credit Union. Along with Alliant Credit Union though, it has the third lowest APY among checking accounts, but it’s higher than America First Credit Union and Digital Federal Credit Union.

Membership Requirements

Blue Federal Credit Union has versatile eligibility requirements, which is the opposite of Navy Federal Credit Union and America First Credit Union. First, you are qualified to join if you have a relative with a Blue membership. You are also eligible to apply if you work in Wyoming or Colorado. The third and most straightforward way to become a member is to donate $5 to the Blue Foundation.

Locations

There are over 5,000 CO-OP shared branches where you can receive in-person Blue financial services, unlike most of its peers which only have branches in certain states. Plus, the credit union has over 30,000 fee-free ATMs through the CO-OP network. However, you have to visit one of the 18 full-service branches in Colorado or Wyoming if you wish to open a bank account.

Online Banking

You can access your Blue account through the convenient mobile app available for iOS and Android. You can also send money, pay bills, and check your loan status through the online banking portal.

Special Feature

The standout feature of Blue is the wide availability of in-person banking. This could come in handy for you if you prefer to perform banking transactions in a brick-and-mortar branch assisted by staff whom you can directly interact with in real life.

Why we chose it: We acknowledge Blue Federal as the best for easy bank access because it brings face-to-face banking within reach of many people in the U.S.

5,000+ shared branches
High savings APY
Flexible membership requirements

Minimum balance for high-tier checking accounts
Relatively low checking APY
Account opening unavailable in shared branches

Pricing: $0/month

Pentagon Federal Credit Union: Best for Credit Card Rewards

Pricing: Starts at $0/month

★★★★★

3.75

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Pentagon Federal Credit Union Review

Pentagon Federal Credit Union, also known as PenFed, has an edge over its competitors when it comes to credit card incentives. You have the chance to earn big rewards if you use the PenFed Platinum Rewards Visa Signature Card to pay for everyday purchases.

Screenshot of Pentagon Federal Credit Union online savings account page — *Source: PenFed*

This credit union was established in 1935. At present, it offers a full suite of financial services, such as checking accounts, savings accounts, money market certificates, and CDs. It also provides different kinds of loans, including mortgages and auto loans.

Pricing

There is a $10 monthly service charge for most of the checking accounts of PenFed, except the free checking one. Along with America First Credit Union and Navy Federal Credit Union, it’s one of the few institutions in our list that charges maintenance fees for bank accounts.

Still, you can waive this fee if you have a monthly direct deposit or daily balance worth $500 or more. At least you don’t have to pay a monthly fee if you open a savings account, although you need to deposit and maintain a balance of at least $5.

APY

Check out the APY rates of PenFed below:

Access America Checking Account: 0.15%-0.35% APY
Savings Accounts: 0.05%-0.75% APY
Money Market Savings Account: 0.15% APY
Money Market Certificates: 2.85% APY

Its checking APY falls somewhere in the middle of the group. Nevertheless, it has the second highest savings APY alongside Alliant Credit Union, next to Digital Federal Credit Union.

Membership Requirements

At first, PenFed membership was limited to those who served in the federal government or military. Today, anyone who is a U.S. citizen or permanent U.S. resident can join PenFed and benefit from its financial products.

That’s why it’s now more inclusive than America First Credit Union, Digital Federal Credit Union, or Navy Federal Credit Union. Take note that you have to be at least 18 years old to apply as a PenFed member.

Locations

PenFed has 48 full-service branches spread across 15 states. Members can conduct banking transactions at over 85,000 fee-free ATMs through CO-OP and Allpoint ATM networks.

Online Banking

PenFed allows you to access your account and perform a range of banking tasks from your smartphone or tablet. It has an intuitive app available for iOS and Android which lets you make check deposits, access bill pay tools, locate nearby ATMs, and instantly transfer funds between PenFed accounts.

Special Feature

The PenFed Platinum Rewards Visa Signature Card grants you the opportunity to gain bountiful rewards. By powering up your company cars, you could earn up to 5x points per dollar spent on gas at pump and EV charging stations. Plus, you will get 3x points when you shop at supermarkets, dine in restaurants, and pay tech bills.

Why we chose it: We recognize PenFed as the best for credit card rewards because it generously grants points for common business and personal purchases.

Credit card incentives
High savings APY
Open to U.S. citizens & permanent residents

$10 monthly fee for most checking accounts
Mediocre checking APY
Steep requirements to waive checking fees

Pricing: $0-$10/month

Navy Federal Credit Union: Best for Small Business Loans

Pricing: Starts at $0/month

★★★★★

3.5

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Navy Federal Credit Union Review

Navy Federal Credit Union sets itself apart from other credit unions because of its small business financial solutions. If you’re an eligible member, you can expand your venture and build your inventory with the help of business-friendly loans.

Navy Federal Credit Union home page preview — *Source: Navy Federal*

This full-service financial institution was founded in 1933. It offers checking accounts, savings accounts, credit cards, and loans. You can even open as many savings accounts as you like. However, while it’s considered as the largest credit union in the U.S., its strict membership requirements lock out most people from eligibility.

Pricing

Most of the Navy Federal checking accounts are free, except for the Flagship Checking account which has a monthly service fee of an unspecified amount. Similar to America First Credit Union and Blue Federal Credit Union, it’s one of the few institutions in this review which involves a monthly fee for bank accounts. Still, there’s no monthly service fee for the Navy Federal savings account, although you need to deposit at least $5 to open an account.

APY

Take a peek at the APY rates of Navy Federal banking solutions:

Checking Accounts: 0.01%-0.45% APY
Savings Accounts: 0.25% APY
Money Market Savings Account: 0%-0.45% APY
Jumbo Money Market Savings Account: 0.25%-0.50% APY
Certificates: 0.40% to 3.15% APY

It has the second highest checking APY compared to its peers, only next to Consumers Credit Union. Yet alongside Consumers Credit Union, it has the second lowest savings APY, only higher than Blue Federal Credit Union.

Membership Requirements

Military affiliation is a non-negotiable requirement for membership with the Navy Federal Credit Union. The main requirement to join the credit union is active duty with any department of the U.S. armed forces. Also, you may qualify for membership if you’re a military retiree, veteran, or an immediate family member of an eligible member.

Its membership criteria is very restrictive, in contrast to Alliant Credit Union, Consumers Credit Union, and PenFed Credit Union. If you’re interested in a checking account but aren’t eligible for Navy Federal Membership, you may check out other checking accounts like the one we discussed in our Bluevine review.

Locations

Finding a Navy Federal full-service branch shouldn’t be a problem because the credit union has 350 offices spread across Washington, D.C. and abroad. Members can also access their funds through over 30,000 ATMs in the CO-OP network.

Online Banking

Navy Federal digital banking allows you to manage your account anytime, anywhere. Through the mobile app for Android and iOS, members have full access to financial tools that enable them to transfer funds and view account activities.

Special Feature

Navy Federal provides a suite of small business financing solutions at low-interest rates and a flexible repayment plan of up to 60 months. This makes it convenient for entrepreneurs to address short-term cash flow issues and make urgent commercial equipment purchases.

Why we chose it: We commend Navy Federal Credit Union as the best for small business loans because it provides funds to help entrepreneurs start a new business or grow their existing one.

Cost-effective business loan options
High checking APY
National & international branches

Very limited membership eligibility
Flagship Checking monthly fee
Low savings APY

Pricing: Starts at $0/month

Methodology for the Best Credit Unions for Business Banking Accounts

We analyzed the offerings of different credit unions, plus rates and fees, to pick out credit unions that soar high in various categories. Here are the main features we considered:

Pricing: First, we researched if the checking and savings accounts offered by the credit unions are free or not. In case there are maintenance fees, we confirmed how much you need to pay each month.
APY: Next, we checked how much APY you can potentially earn with the checking and savings accounts. Since the rates may vary per category, we gave an overview of the APY ranges for each banking solution.
Membership Requirements: We evaluated the eligibility requirements for all the credit unions. Also, we assessed if the membership criteria of each institution is welcoming or restrictive.
Locations: We examined if there are available physical branches or not, as well as where these spots are located. In addition to this, we indicated if members have access to ATM networks or not.
Online Banking: We took a look at the mobile app and/or digital banking portal of every credit union. Plus, we explained which banking transactions you can perform online.
Special Feature: Last but not least, we highlighted what the standout feature is for each credit union, as well as what makes it unique.

Note: The pricing and APY rates in this guide are based on available information in June 2022.

Frequently Asked Questions (FAQs) for Credit Union Business Accounts

Is a Credit Union Business Account Better Than a Traditional Bank Account?

Yes. A credit union business account typically offers more favorable terms and higher APY rates compared to a conventional bank account, which can be beneficial for owners of small businesses and startup companies. These member-centric financial institutions usually provide attractive features, including a business line of credit and low-interest rates on loans. If your traditional bank lacks these options, you should consider switching to a business account with a credit union.

Which Is the Best Type of Credit Union Bank Account For Small Businesses?

In general, it’s best to opt for a business checking account if you want to open a credit union account for your small business. It’s designed to help entrepreneurs like you separate your business and personal finances. Moreover, the account has numerous features which can help you manage your cash flow and track your expenses. Just be aware that some online banks may be better than credit unions in terms of third-party integrations, such as the business account we discussed in our Novo review.

What Are the Perks of Opening a Credit Union Checking Account?

The checking accounts provided by credit unions usually have far more benefits than most checking accounts offered by traditional banks. For instance, you can receive more personalized services if you become a credit union member. Plus, you can expect lower fees to open and maintain an account. Finally, you can look forward to higher interest rates on your funds.

Final Thoughts on the Best Credit Union Business Accounts

The number of businesses and individuals joining credit unions has been steadily rising over the past few years. In 2020, credit unions in the United States boasted 126.6 million members, which is a significant leap from the 98.4 million members it had back in 2013. Today, these financial institutions have less stringent eligibility requirements. Plus, members enjoy lower fees and higher APY rates, as well as the power to influence the organization.

Now that you’ve read our comparative guide to the best credit union business accounts, we hope you’re confident enough to pick the credit union business account which will best meet the needs of your small business.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

July 21, 2022March 23, 2023

5 Best Online Business Checking Account (No Credit Check)

Person checking an online credit check form

Managing your business’s finance is no easy task–but it’s easier when you work with the right tools. An online business checking account with no credit check is one of the essential resources you need for your business to operate.

Opening a business bank account is necessary if you want to separate your personal finances from your company’s finances. It’s also a must if you want to get your business registered. The good news is that there are low-cost and efficient options to do it: Many banks offer business checking accounts that cost very little–or nothing at all–while also offering a broad set of banking services that fit small businesses’ needs just right.

Best Online Business Checking Account (No Credit Check)

Novo – Best Overall
BlueVine – Best for Earning Interest
LendingClub – Best for Cashback
Lili – Best for Tax Optimization
Wells Fargo – Best for Full Banking Services

Novo

Checking account integrates with other business tools

$50 minimum opening deposit
$0 monthly service fees

No credit check when opening an account

It doesn’t offer

E-mail only

Bluevine

Checking account with best Annual Percentage Yields (APY)

$0 minimum opening deposit
$0 monthly service fees

No credit check for LLC or corporation

Up to 1.5% interest for eligible customers

Phone or e-mail

LendingClub

Checking account with up to 1% cashback

$100 minimum opening deposit
$10 monthly service fees

Only when applying for loans

0.10% APY on balances of $5,000 and up

Online chat, phone or e-mail

Lili

Checking account with tax optimizer

$0 minimum opening deposit
$0 monthly service fees

No credit check when opening an account

Savings with 1% APY

E-mail only

Wells Fargo

Checking account with over 12,000 ATMs across the US

$25 minimum opening deposit
$10 monthly service fees

Second chance account available

It doesn’t offer

Phone or local branches

Novo: Best Overall

Pricing: $0/month

★★★★★

4.5

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Novo Review

If you are looking for a cost-efficient business checking account with no credit checks, Novo is the best fit for you. Its features cover all the basic banking services your small business might be looking for, all at a very low cost. In addition, Novo discloses all its fees.

Users can easily access the checking fee schedule on the website. While your business won’t benefit from an APY interest rate, the Novo checking account offers a broad set of features that will take your business’s finances to the next level, without adding any complexity to it.

As far as credit checks go, Novo makes it very clear that it will not check your credit history once you apply for an account. In addition, having an account with Novo does not affect users’ credit scores.

What really sets Novo aside is its integrations. Businesses can connect Novo with a number of tools, such as Shopify, Stripe, QuickBooks, and Xero. These features help businesses track their sales within payment platforms, sync transactions to accounting software, and easily send money overseas. Novo is also supported by Google Pay and Apple Pay–you won’t need to carry your plastic around when shopping for your business.

Also, Novo users get access to discounts and credits with partner companies such as Stripe, Booking.com, Google Cloud, and Gusto. However, Novo requires a minimum of $50 as an opening deposit. Also, there are charges for NSF (Non-Sufficient Funds) and UCF (Uncollected Funds) of $27 each.

Why we choose it: Novo is the best overall for small businesses as it offers an affordable business checking account, integration with business tools, and discounts with partner companies.

Low costs and no hidden fees
Easy transfers
A broad set of integrations and discounts with partner companies

Requires a minimum opening deposit
A $27 fee for insufficient funds charges
A $27 fee for uncollected funds returned

Pricing:

$50 minimum opening deposit
$0 monthly fees

Bluevine: Best for Earning Interest

Pricing: $0/month

★★★★★

4.0

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Bluevine Review

Ranked as the best small business bank account for LLCs, the BlueVine business checking account comes in a close second in our ratings, as it offers a broad set of banking features at nearly zero costs–the company doesn’t require a minimum deposit to open an account and doesn’t charge monthly fees, insufficient funds fees or incoming wire fees.

One of the main benefits of the BlueVine business checking account is its competitive APY interest rate. While most services won’t even reach 1%, BlueVine allows businesses to earn up to 1.5% interest. This means that eligible users can earn 50x the US average on balances up to and including $100,000.

BlueVine lets you easily schedule one-time and recurring payments and manage bills. Furthermore, the mobile app allows you to check your balance, deposit checks and set up transfers. BlueVine can also be integrated with QuickBooks Online and sync your business’s bill information. The company also allows you to lock your card if it gets lost or stolen.

BlueVine falls short in a few things–the number of users for a single account. In other words, there’s no joint account, which might be a problem for multi-owner businesses.

Also, since it’s an online-only bank, account holders have no access to a physical branch, and in case you need to issue a deposit, there’s a $4.95 fee per deposit.

Why we chose it: BlueVine offers a free business checking account with interest-earning for users and unlimited transactions at no extra cost.

No monthly fees, minimum opening deposit or minimum balance requirements
Unlimited, fee-free transactions
Up to 1.50% interest rate

No joint accounts
It charges a fee per deposit
No branch access

Pricing:

$0 minimum opening deposit
$0 monthly fees

LendingClub: Best Online Business Checking Account for Cash Back

Pricing: $10/month

★★★★★

4.0

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LendingClub offers a comprehensive business checking account. In addition to the complete set of banking services, it also offers APY–although its interest rate is lower than its competitors.

The company also goes beyond digital banking: it offers fee-free ATM access and point-of-sale (POS) solutions, which can be great for small local businesses.

Applying to LendingClub is quick and easy: Users can open an account in about 10 minutes. Regarding credit checks, LendingClub only pulls a hard inquiry when users apply for a credit card, mortgage, small business loans, or other sorts of credit–and only once the loan is approved. Being declined for a loan does not affect the user’s credit score. Users can also run a soft inquiry and check their credit score with LendingClub. However, check out this article if you’re interested in bad credit loans.

LendingClub offers a perk that not many checking accounts offer: a cashback of up to 1%. Users can earn back up to 1% of their money on online and signature-based transactions made with their debit cards. In addition, users can earn 0.10% interest on APY. However, both of these benefits are only available for users that maintain an average monthly balance of $5,000 or more.

Why we chose it: LendingClub offers 1% cashback, unlimited transactions, and no fee for ATM withdrawals.

1% cashback and 0.10% APY interest rate
Unlimited transactions and fee-free ATM access
Digital invoicing and POS

A $100 minimum opening deposit
A $10 monthly fee, waived with a $5,000 minimum balance
Charges for both incoming and outgoing wire transfers

Pricing:

$100 minimum opening deposit
$10 monthly fees, waived with $5,000 minimum balance

Lili: Best for Tax Optimization

Pricing: $0/month

★★★★★

4.0

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Lili Review

The Lili Business checking account is perfect for one-person businesses who just need essential banking services. Lili has all the checking account features a small business might be looking for and a competitive APY interest rate.

But more than that, it also offers features that help small business owners manage their companies, such as tax optimization features and accounting tools. A fee-free overdraft of up to $200 is also available, which is excellent for managing cash flow.

The drawback of Lili’s business checking account is that it is only eligible for sole proprietors and single member LLCs. As an account with essential banking services, users won’t be able to access additional banking services such as additional debit cards and third-party integration. Like most online-only banks, users can’t make cash deposits.

Lili stands out from other checking accounts thanks to its exclusive features. The tax optimizer provides users with a write-off tracker, an estimated tax calculator, and automatic tax savings. In addition, Lili also comes with accounting tools such as invoicing software, transaction categorizations, quarterly expense reports, and receipt scan and save.

Concerned about bad credit or credit checks? Don’t worry–Lily discloses right up front on its homepage that opening an account will not hurt your credit score.

Why we chose it: Lili offers fee-free overdrafts at zero costs, no minimum balance requirements or minimum opening deposit, and exclusive features such as a tax optimizer and accounting tools.

No account fees and no minimum balance
Up to $200 fee-free overdraft
Tax optimization tool

Eligible only for sole proprietors and Single Members LLC
No cash deposits
No additional banking services

Pricing:

$0 minimum opening deposit
$0 monthly service fees

Wells Fargo: Best for Full Banking Service

Pricing: $10/month

★★★★★

3.5

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Wells Fargo offers a comprehensive set of banking services, which is a good option for businesses looking for broader features. The bank has different account plans too–you can start with the basic account and move up as your business grows. Its convenient payment options also allow businesses to pay vendors, employees, and bills using its full set of payment services.

With Wells Fago, businesses have access to a full range of services at the tip of their fingers: its mobile banking allows any time access to the account. Don’t want to carry around your wallet all day long? Simply add your debit card to your digital wallet and get access to fast and secure payments, as well as a variety of ATMs. Also, if you’re often on the go, Wells Fargo moves along with you–it offers alerts that help you monitor account balances, track purchases and cash withdrawals.

Finally, Wells Fargo offers “second chance” business checking accounts, meaning you can get access to basic banking services no matter your credit score.

For small businesses that are looking for a wider range of banking services, Wells Fargo is the way to go. In addition to a number of digital banking services, Wells Fargo also comes with the traditional perks small business owners might value: there are over 12,000 ATMs across the USA and approximately 4,900 branches from coast to coast in case there is any need for in-person attention. Withdrawals have a charge fee when using a non-Wells Fargo ATM.

However, the cons of opening a business checking account at Wells Fargo are the fees. As opposed to its online-only competitors, the bank charges a $10 monthly fee, unless users have at least a $500 minimum daily balance. Also, to open a business checking account at Wells Fargo, there’s a deposit of a minimum of $25.

Why we chose it: Wells Fargo makes an excellent option for businesses of any type and size that need several banking services and features at hand, it offers thousands of ATMs and branches across the country.

12,000 ATMs and 4,900 branches
24/7 fraud monitoring
Customized cards and checks

$10 monthly fee, waived with $500 minimum daily balance or $1,000 average leger balance
$25 minimum opening deposit
Charges fees when using non-Wells Fargo ATMs

Pricing:

$10 monthly fee
$25 minimum opening deposit

Methodology for the Best Business Checking Account with no Credit Checks

There are a number of online business checking accounts out there that companies in their early stages can rely on – some offer free business accounts. When writing this review, we chose the criteria on what we think are the most relevant aspects a business checking account should meet to cater to small companies’ needs.

Small businesses usually work on a budget, so fees we’re highly taken into account. Obviously, we took into consideration checking accounts that don’t run credit checks or don’t run a pull a heavy inquiry. Let’s dive into each one of them and the other criteria we considered for this rating.

No Credit Checks

Credit checks are exactly what their name suggests. It is a process that involves checking your credit score and credit history.

Some banks offer a “second chance” business checking account that does not run a hard credit check. Checking accounts are usually meant for everyday access to your own money and do not offer any sort of credit, applicants can easily open an account within minutes without facing any hurdles.

Low Costs & Transparency

Costs were highly taken into consideration–the lower the monthly fees, the better. We also took into consideration a low minimum deposit, as we understand small businesses don’t usually start off with high capital.

Another major criterion was transparency. Business checking accounts that ditch small letters and are open about their fee schedule got extra points.

Access to Basic Services

A good checking account should properly allow you to pay bills, make purchases, receive deposits, and carry out withdrawals. However, since most businesses these days are going fully digital, not offering these perks wasn’t considered eliminatory. We’d rather favor checking accounts that offer mobile banking with good UI/UX to get you going.

Extra Features

Managing a small business can be tough. So, one of the criteria we considered for this review was business checking accounts that offer features that help businesses manage their business, either via a wide set of integrations or other types of resources.

Business checking accounts that are able to connect and sync information with other software and services were highly considered, such as e-commerce platforms, accounting tools, and PoS machines.

Interest

We did take into consideration if the business checking account offered APY earnings. However, we consider this more of a perk.

Frequently Asked Questions (FAQs) for Business Checking Accounts

Do you have questions regarding business checking accounts? Here are a few Frequently Asked Questions answered.

What is a checking account?

A checking account is a tool that provides easy everyday access to your money. It usually comes with a debit card and allows you to easily move money around. It is different from a savings account, as not all have earning features.

What’s the point of a business checking account?

While personal accounts are meant for personal finances — such as deposits, payments, purchases, transferring money to a linked personal savings account, withdrawals at ATMs, and peer-to-peer (P2P) payments — business accounts are meant for managing businesses finances.

This includes receiving deposits from customers, paying suppliers and employees, paying taxes, and covering the business’s expenses. The main reason for opening a business checking account is to manage your business’s finances separate from your personal life.

What type of account is best for small businesses?

Business checking accounts are the best option for small businesses, as they offer the basic banking services every company needs. In addition to separating business from personal finance, these types of accounts allow companies to move money around and prepare for taxes and establish a financial presence.

How much does it cost to open a business account?

We have good news if you are a small business looking for a checking account. The cost to open an account can be next to zero. Many online banking services, such as those listed here, do not require a minimum deposit opening and don’t charge monthly fees.

However, depending on the type of financial service you are looking for, you might want to go with a business checking account with a broader set of services, which might incur fees.

What are the requirements for a business checking account?

When applying for a business checking account, you might have to provide some of your personal ID, such as a government-issued photo ID or Social Security Number or EIN. You might also have to provide some of your business’s documents, like your Taxpayer Identification Number (TIN) for the business or licenses.

Do I need a credit check to open a business bank account?

Most banks don’t often run a credit check to open a business checking account — but they will likely run a ChexSystems report. However, the bank might run a credit check and score check when applying for a loan or business line of credit.

Can you be denied a business bank account?

Yes, a bank can deny your business to open a business checking account if your history with checking and savings accounts doesn’t match the bank’s criteria.

So What’s the Best Online Business Checking Account (No Credit Check)?

For small companies that want to separate their personal finance from their company’s finance, a business checking account with no credit checks is the simplest, most efficient way to go. The options listed in this rating offer a complete set of banking services with low, near-to-zero costs–and they fit perfectly for the job.

We selected Novo as the Best Overall checking account because it has overall low costs and, most importantly, it is transparent about its fee schedule, which can be easily accessed via the Novo website. In addition, Novo does not run credit checks and offers a broad set of integration options, which take its service to another level.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

July 19, 2022November 23, 2022

7 Best Life Insurance Companies – Cost, Policy Types & Ease of Application

Best life insurance company's policy form on a desk with a calculator and pen

Buying life insurance is a key component of financial planning. However, it’s tough to choose the best life insurance with so many companies offering various policy types and features. If you’re looking to buy life coverage, look no further because we’ve got it all summed up for you.

7 Best Life Insurance Companies

State Farm – Best Overall
Banner Life – Best for Low-Cost Insurance
Bestow – Best for Ease of Application
Nationwide – Best for Customer Satisfaction
Lincoln Financial – Best for Term to Universal Policy Conversion
Haven Life – Best for Same-day Coverage
Northwestern Mutual – Best for Financial Stability

We considered several different factors to evaluate and rank the best life insurance companies. We considered the cost of insurance, offered policy types, ease of application, third-party ratings, and reputation in the process. Go through the methodology section for an in-depth look.

State Farm

$54.79

A++

1st

Term, Whole, Universal

Banner Life

$46.63

A+

N/A

Term, Universal

Bestow

$56.00

A+

N/A

Term

Nationwide

$59.94

A+

2nd

Term, Whole, Universal

Lincoln Financial

$57.81

A+

12th

Term, Universal

Haven Life

$81.16

A++

N/A

Term

Northwestern Mutual

N/A

A++

3rd

Term, Whole, Universal

*Sample monthly cost is for a healthy 35-year-old female for a $1 million coverage policy on a 20-year term. The sample cost gives a comparative overview of life insurance costs from different providers. The exact cost for you might be a lot different from the ones quoted here.

State Farm: Best Overall

Cost of Insurance: Low

AM Best Rating: A++

★★★★★

4.9

Visit

State Farm is best known for its car and home insurance products but its life insurance policies are also at the very top of the competition. With top-of-the-line customer satisfaction, several policy types, sound financial strength, and low premiums, it’s our Best Overall pick for Life Insurance companies.

State Farm holds an A++ rating from AM Best which is sound evidence of its financial health. On top of that, the coverage provider ranked No. 1 on J.D. Power’s Customer Satisfaction ranking, which is a very strong indicator of its high-quality service.

Although its premiums are not the lowest in the industry, it offers policies at affordable prices. You may find its term insurance more costly than other options, however. The provider currently doesn’t operate in Massachusetts and Rhode Island. Also, to purchase a State Farm plan, you have to connect with an official company agent.

Why we chose it: State Farm has an A++ rating from AM Best and has ranked No. 1 on J.D. Power Customer Satisfaction rankings which makes it the most credible insurer. This along with its low cost of insurance makes it our top best life insurance pick.

Affordable life insurance
Offers term, whole, and universal policies
Universal insurance available for ages up to 85 years

Policies can only be purchased from a State Farm agent
Not available in Massachusetts and Rhode Island
Most policies require medical exams

Cost of Insurance

State Farm is not the cheapest life insurance provider but its premiums are still on the lower end of the spectrum. Some may find its term coverage policies to be very expensive, especially if you’re in poor health.

Offered Policy Types

The insurer provides term coverage for 10, 20, and 30 years. It also offers whole life coverage which includes Limited Pay Whole Life and Single Premium Whole Life where you pay the entire premium once. State Farm’s universal life insurance includes Survivorship and Joint Universal Life.

Ease of Application

While online tools are available for all policies, you’d have to connect with an official State Farm agent to purchase some policies. You can easily check whether you can apply online for a plan on the website. State Farm’s site also has a premium calculator that lets you see what term insurance will cost for you after you input some information.

Banner Life: Best for Low-Cost Insurance

Cost of Insurance: Very Low

AM Best Rating: A+

★★★★★

4.8

Visit

Banner Life insurance now operates under the name Legal & General. It offers term and universal insurance policies at some of the lowest rates in the market. The same monthly cost, which is for a healthy 35-year-old woman, is only $46.63 for a $1 million coverage on a 20-year term. It’s the lowest monthly premium out of all our top picks.

This insurance company also enjoys a strong A+ AM Best rating. It wasn’t ranked by J.D. Powers in its Customer Satisfaction Index Ranking. However, some other credible sources suggest Banner Life has a low number of complaints, which means a high level of customer satisfaction.

Since it operates along with William Penn Life Insurance under the Legal & General umbrella, Banner Life covers all 49 states except New York, which is covered by Willam Penn. It has limited rider options which means there’s little space for customization. You may also find the website to be a bit old-fashioned and difficult to navigate, especially compared to other insurance providers.

Why we chose it: Banner Life has the lowest premiums for term life insurance policies. The low cost paired with its high customer satisfaction makes it an excellent option.

Very low-cost term coverage
Terms up to 40 years
Low number of complaints

Limited rider options
Low coverage for universal life insurance
Website tough to navigate

Cost of Insurance

As mentioned above, Banner Life is a very low-cost insurance provider, especially when it comes to term insurance policies. Note that getting a quote is a little tough and you might need to get an agent on call to acquire one.

Offered Policy Types

Banner Life only offers term and universal insurance policies. It offers a wide range of terms which start from 10 years and can go up to 40 with 5-year intervals.

Ease of Application

Banner Life, or better yet, Legal & General’s website is a bit old-fashioned but it does offer online tools for its coverage policies. You can’t buy insurance online and will have to get in touch on the phone to get an accurate quote and move things forward.

Bestow: Best for Ease of Application

Cost of Insurance: Low

AM Best Rating: A+

★★★★★

4.6

Visit

If you’re looking for a speedy and convenient life insurance application process and don’t want to be poked with needles for medical tests, Bestow is a good option for you. The company only sells term insurance policies and you can apply and buy a plan within minutes from the comfort of your home.

Bestow offers coverage of up to $1.5 million which is much higher than most other medical exam-free alternatives. However, it’s not flexible with its plans and has an applicant age limit of 60.

It’s a great option if you’re young and looking to buy insurance hassle-free. But if you’re a senior, Bestow’s premiums can get really expensive. It also offers very limited riders so there’s little space for customization.

Why we chose it: Bestow stands out for its fast and convenient online application process. You can apply and buy a plan in no more than a few minutes. It’s an excellent choice for young applicants who want to skip the bother of medical exams.

Medical exam-free coverage of up to $1.5 million
Speedy online application process
30-day trial

No riders
Offers only term life insurance policies
Enrollment age limit of 60

Cost of Insurance

Considering the convenience and quality of service offered by Bestow, its cost of insurance is quite affordable. However, as with any insurer, premiums go up with age. But since there’s an enrollment cap at 60 years of age, we don’t get a chance to see very high insurance premiums on Bestow’s site.

Offered Policy Types

The company only offers term policies from 10 to 30-year periods and has no riders. This is a major drawback for customers who prefer a wider range of options or may want to convert from term to universal later on.

Ease of Application

The ease of application Bestow offers is one of its strongest selling points. Bestow claims the entire application and purchasing process doesn’t take more than a few minutes which is attractive to busy individuals.

Nationwide: Best for Customer Satisfaction

Cost of Insurance: Lower than average

AM Best Rating: A+

★★★★★

4.5

Visit

Ranking second on the J.D. Power Customer Satisfaction Index, Nationwide offers a range of life insurance policy types including term, whole, universal, and variable options. The insurer is a well-established name in the finance industry for its wide variety of services.

Nationwide offers a range of other insurance and financing options from business insurance, and business banking services to auto and pet insurance products. Apart from its exceptional financial strength and customer satisfaction ratings, the insurer offers a lot of flexibility when it comes to policy types.

On top of that, it even offers medical exam-free policies with up to $5 million in coverage, arguably the highest in the insurance sector. You can also get discounter premiums on Nationwide’s auto or homeowners insurance if you are a life insurance customer.

Why we chose it: Nationwide is the only insurer after Banner Life with the highest customer satisfaction. Along with a wide range of policy types and riders, its incredible set of features makes it one of the best companies on this list to buy insurance from.

High customer satisfaction ranking
Medical exam-free coverage of up to $5 million
Discounts available if bought together with auto or homeowners insurance

Limited eligibility
Lacks live chat
Limited online quotes

Cost of Insurance

The cost of insurance from Nationwide is around or below the industry average. While the price factor doesn’t make Nationwide a particularly attractive option, its additional features and riders for different illnesses make it worth the cost.

Offered Policy Types

Nationwide’s wide range of policy types and additional riders make its product range one of the most comprehensive ones out there. It offers term, whole, universal, and variable policies. Term policies come in 10, 15, 20, and 30-year periods.

Ease of Application

You can get quotes online, but not for all policies on the insurance provider’s website. To apply, you need to get in touch with Nationwide or an insurance agent. You can’t buy a plan online but it does offer other conveniences like digital document processing and delivery.

Lincoln Financial: Best for Term to Universal Policy Conversion

Cost of Insurance: Lower than average

AM Best Rating: A+

★★★★★

4.2

Visit

Lincoln Financial offers flexible life insurance packages with high coverage caps and some no-medical-exam policies. It offers affordable premiums but is not the cheapest insurance provider out there.

All in all, the company is a great choice for anyone looking for term or universal life insurance or who would consider converting a term policy into a universal one in the future. Especially, if you’re a boomer (ages 57-72), Lincoln’s universal policies give you more time to build cash value and term policies offer higher maximum ages for guaranteed renewability or conversion to universal insurance.

The company has an A+ rating from AM Best so it’s good to go with on the financial strength front. But when it comes to customer satisfaction, Lincoln Financial ranks lower than the industry average. Its below-par performance on this front can easily dissuade a potential customer.

If you’re looking to buy insurance over the phone, you can expect a smooth and expedited policy buying experience. Through Lincoln Financial’s Tele-App process, an advisor meets with you over the phone and helps you purchase a suitable policy. You’re likely to qualify for a medical exam-free policy if you’re under 60 and want coverage less than $1 million.

Why we chose it: Lincoln Financial stands out for its flexible offerings for senior applicants, especially when it comes to term-universal policy conversion. That along with its exceptional over-the-phone application process makes it an insurer worth considering.

Affordable term life insurance
No medical exam policies available
Term policies can be easily converted to universal

Doesn’t offer whole life policies
Application process involves working with a Lincoln Financial professional
Low Customer Satisfaction ranking

Cost of Insurance

You’ll find affordable term life insurance policies from Lincoln Financial, however, its universal ones aren’t as low cost. That said, there are cheaper options available on the market.

Offered Policy Types

The company offers term and universal life insurance. The term policies include Lincoln TermAccel® and Lincoln LifeElements® which are available in 10,15, 20, and 30-year options. Permanent policies include Universal, Indexed Universal, and Variable Universal.

Ease of Application

Lincoln Financial offers online tools for all its policy types. On top of that, its Tele-App process makes the insurance application process a cakewalk.

Haven Life: Best for Same-day Coverage

Cost of Insurance: High

AM Best Rating: A++

★★★★★

4.0

Visit

Haven Life is an online-first insurance company that offers high coverage caps for online applications and medical exam-free options. It was established in 2014 which makes it a new addition to the insurance sector but with an A++ rating from AM Best, we can trust its credibility.

Haven Life isn’t a part of the J.D. Power ranking as it’s an online service primarily powered by MassMutual which ranks seventh. It has much fewer customer complaints than the industry average.

The coverage company stands out when it comes to speed of service, convenient application process, and the possibility of same-day coverage. However, since it doesn’t offer any other policy type other than term, customers have limited options. Also, there’s an applicant age limit at 64 years, which is still higher than Bestow’s limit at 60.

Why we chose it: Haven Life is powered by MassMutual, an industry giant that ranks 7th on the J.D. Power customer satisfaction index. However, the best part about it is the company’s quick service which also makes it possible for customers to get same-day coverage.

Apply online for up to $1 million in coverage
Offers same-day coverage
Very few customer complaints

Offers only term life insurance
Limited riders
Applicant age limit at 64

Cost of Insurance

Haven Life’s premiums are higher than most other companies on our list. The sample monthly cost lies at a high $81.16 compared to Banner Life’s $46.63 or State Farm’s $54.79. The prices may also increase exponentially if you’re a smoker or have any other health condition.

Offered Policy Types

It only offers term life insurance policies which include Haven Term and Haven Simple. Haven Simple offers coverage up to $500,000 and requires no medical exam. But if you want higher coverage of up to $3 million, you’d have to go with Haven Term which mostly comes with medical exams.

Ease of Application

Haven Life is a digital insurance company which means it pays importance to a seamless online application process. You can apply online for coverage up to $1 million. The company also claims to have a quick approval process that can give you same-day coverage.

Northwestern Mutual: Best for Financial Stability

Cost of Insurance: N/A

AM Best Rating: A++

★★★★★

3.8

Visit

Northwestern Mutual is one of the most well-established insurers out there. It was established in 1857 and has been serving in the American finance and insurance market even since. Its years of experience also make it the largest seller of life insurance in the country.

The provider isn’t very transparent with quotes which is a huge drawback for any insurance provider. Unlike other companies on this list, Northwestern doesn’t have a premium calculator and you have to get in touch with an agent to see how much insurance will cost. This can take a day or two in back and forth compared to getting an instant quote on their site.

Northwest ranks third on J.D. Power’s Customer Satisfaction Index which makes it the best in the industry after State Farm and Nationwide. But it has its drawbacks too. Unlike modern insurance providers like Bestow and Haven Life, you can only purchase a plan through agents.

Why we chose it: Northwest Mutual is one of the oldest insurance companies and has an A + + rating from AM Best which means it’s very stable financially. On top of that, it has a high customer satisfaction ranking making it an option worth considering.

Highest financial strength rating
High customer satisfaction
Multiple policy options

Limited pricing information on website
Plans can only be purchased through an agent
Most options require a medical exam

Cost of Insurance

Northwestern Mutual offers no information on its premiums at all. You will have to contact an agent in person to get a quote.

Offered Policy Types

This company offers term, whole, universal, and variable universal life insurance. It also offers a range of optional riders, more than other insurers on this list, so you can easily access benefits under special circumstances.

Ease of Application

Ease of application is one area Northwest Mutual lacks in. You can’t get a quote online and will have to get in touch with an agent, whereas State Farm offers online tools. Most insurance options require you to take a medical exam. Note that not all life insurance products are available in all states which makes things more complicated than they need to be.

Methodology for the Best Life Insurance

Picking an insurer for life insurance can be very difficult given the variety of factors you need to consider and the countless options available. However, we at Management Library use our research and industry expertise to help you make the right decisions. We carefully considered data from multiple sources on several different factors to come up with this list of life insurance providers. Here are the criteria we considered when ranking the best life insurance companies:

Cost of insurance: The price factor most often weighs the heaviest when it comes to making any financial decision. The insurance providers that offer the same or higher value coverage for a lower premium rank higher than those with higher premiums.

Offered policy types: Customers don’t want to have limited options to choose from. Plus, they also want the freedom to switch between different policies in the future. Companies that offer more policy types and freedom rank higher than those with limited options.

Ease of application: Convenience and speed of service are important factors. Customers prefer seamless online application and approval. Plus, no medical exam alternatives are preferred over those that require it.

AM Best rating: AM Best is a credit rating agency that ranks insurance companies for financial strength on a scale of A++ (superior) to D (poor). We only chose the companies with a rating of A or higher to include in our list.

J.D. Power Customer Satisfaction Index ranking: J.D. Power releases an annual study on the top life insurance providers and ranks them according to the customer complaints and satisfaction statistics it compiles from authentic sources. The ranking is a valuable measure of how well an insurance company performs on the customer satisfaction compared to the industry average.

Bar chart representing J.D. Power 2021 US Individual Life Insurance Customer Satisfaction Index Ranking

Reputation: Last but not least, we considered the historical reputation of each company. This includes how long they’ve been in business, any significant problems they’ve had over the years, and their performance when it comes to other services in the financial and insurance industry.

Frequently Asked Questions (FAQs) for Best Life Insurance

Here are some of the most commonly asked questions about the top life insurance companies.

What is the most reputable life insurance company?

Northwest Mutual and StateFarm are two of the most reputable life insurance companies. Both have an AM Best rating of A++ and rank third and first respectively on the customer satisfaction ranking. Both companies have been operating for quite some time too.

What is the average monthly cost of life insurance?

The average monthly cost of insurance primarily depends on your age, gender, and health conditions plus the coverage and insurance term period you need. If you’re a 35-year-old female in good health looking for $1 million in coverage over a 20-year term, you can expect the average monthly cost to be $43.

What’s an insurance policy rider?

A rider is an additional coverage feature you may add to a life insurance policy. More often than not, it comes at an additional cost. Insurance policy riders help you cover life events or bring benefits for critical health conditions that the standard policy does not.

Bottom Line on the Best Life Insurance Companies

You have quite a few very good options to choose from. While different insurance companies suit different needs, State Farm is our best overall choice for its very low cost of insurance and strong third-party ratings. But if you’re looking for a lower cost, you can go with Banner Life.

However, the cost is not the only factor. You must also consider the insurer’s financial stability, customer satisfaction rating, and the policy types it offers. We’ve ranked each of the best life insurance companies according to what they’re best for to make your choice simpler.

July 18, 2022February 7, 2023

The 6 Best Background Check Services in 2023

A young woman using a magnifying glass to illustrate the best background check services

When you need in-depth information about someone, a background check is the simplest and quickest way to access the information you need. The best background check services can reveal criminal history, education, financial standing, and a lot more about an individual.

The information attained through a background check is culled from public records. This means it is technically possible to find the information you need on your own. However, people typically find that the time, effort, and money it requires to perform this type of research independently is extensive, making a professional background check service the better option.

Choosing the best background check services can be challenging. This guide gives you the facts you need to know to make an informed choice.

6 Best Background Check Services

Truthfinder – Best Background Check Service Overall
Intelius – Best for Single Reports
Instant Checkmate – Best for Criminal Activity Reports
Spokeo – Best for Ease of Use
PeopleFinders – Best for Personal Use
BeenVerified – Best for Tracking New Information

In researching background check services, we focused on the essential elements that contribute to the usefulness and reliability of each company and the features they offer. We looked at factors like pricing, the accuracy of results, customer support, delivery time, and comprehensiveness of results to prepare this buyer’s guide. Read our complete methodology below.

Truthfinder

$4.99 – $27.78

4.8

Yes

Intelius

$0.95 – $39.95

4.8

Yes

Instant Checkmate

$35 Standard/

+$19.95 per report for Premium

4.5

Yes (+$1.99)

Yes

Spokeo

Searches limited by price, which varies widely:

$24.95 – $119

4.0

Yes

PeopleFinders

$1.95 – $29.95

4.0

BeenVerified

$26.89

4.0

Yes

Truthfinder – Best Background Check Service Overall

$4.99 – $27.78

★★★★★

4.8

Visit

Truthfinder – Best Background Check Service Overall Review

Truthfinder earns its place as the best of the best background check services by offering a full slate of features. This service returns reports that give information on a subject’s current location, financial status, educational history, close acquaintances, and social media accounts.

With Truthfinder you can choose everything from a simple people search and reverse phone lookup to a detailed background check, including criminal history. The service will check the sex offender registry and even give results from the dark web.

Scans the dark web
Color-coded mobile app
Checks social media accounts
User-friendly reports
Membership includes unlimited searches

Search can be slow
Cannot purchase single reports

Accuracy

Even the best background check services cannot guarantee that their results are 100% accurate. A service can only report the information that is held in the public records they are mining.

Truthfinder produces reports containing the most accurate and current information available within its databases. Truthfinder has earned an A+ rating from the Better Business Bureau based on its business transparency, compliance with the law, and relentless efforts to solve customer complaints.

Customer Support

Truthfinder customer support is available by phone from 7 a.m. to 7 p.m. Pacific Standard Time. For customers living in other time zones or in need of support outside of phone hours, you can contact the service through email.

Truthfinder balances this shortcoming by providing an extensive amount of information on its site. Many customer questions may be answered without the need for customer support personnel.

Delivery Time

Truthfinder delivers a report to users within an average time of five minutes. This is not as quick as some services with nearly instantaneous response times; however, when you consider the comprehensiveness of this service’s reports, it is reasonable. The best background check services must balance speed with the depth of information.

Price

Truthfinder is completely membership-based. It does not offer individual or one-off searches or background checks.

Its membership prices are competitive within the industry with a monthly cost of $27.78. It is worth noting that this fee includes unlimited access to all of Truthfinder’s search and background check features for the month of membership.

It does offer a separate lower-cost membership for those only seeking a simple people search. That cost is $4.99 and includes unlimited searches throughout the membership period.

Comprehensiveness

Truthfinder reports are extensive and provide a great depth of information. While other services offer a selection of features, Truthfinder shows itself to be one of the best background check services by providing a one-stop option for multiple background check categories.

Whether you are seeking to reconnect with an old acquaintance or find yourself needing extensive information on an individual, Truthfinder has the tools to answer your most pressing questions.

Additionally, Truthfinder keeps its customers’ privacy intact by offering the ability to perform deep web scans and institute caller identity checks on its smartphone app.

Intelius – Best Background Check Service for Single Reports

$0.95 – $39.95

★★★★★

4.62

Visit

Intelius – Best Background Check Service for Single Reports Review

Intelius has been in business for 15 years, making it one of the most established best background check services on this list. They have many purchase options, including a people search, background checks, and the opportunity to subscribe to identity protection.

Intelius is one of the few background check services that gives customers the option to purchase a single background check rather than signing up for a membership. For those needing a greater volume of checks, they have multiple membership plans.

Single report purchase option
Identity protection available
Comprehensive database
Reverse phone and address lookup

Confusing site navigation
Confusing price structure
Limited customer support

Accuracy

Intelius made a change in its platform a few years ago. Customer response has not been completely positive. There have been numerous complaints of reports containing inaccurate or dated information.

The company does have an A rating from the Better Business Bureau, which is an improvement over their ratings in the past. This positive rating indicates a high level of business transparency and integrity.

Customer Support

Intelius customer support is available on weekdays by phone from 7 a.m. until 5 p.m. Pacific Standard Time. Beyond this, customers can email the customer support department with questions. The company states that emails will be answered at the earliest opportunity.

Delivery Time

Given the variety of service plans that Intelius offers, their turnaround time on completed reports vary slightly. The simplest people searches and email lookups will take approximately five minutes. More intensive reports including criminal record searches and full background checks can take up to 30 minutes to complete.

Price

Intelius’s premier plus membership gives customers unlimited access to most of their services and runs $29.95 a month. Identity theft protection is an added service that costs an additional $20.00 monthly.

Unlike many of the best background check services, Intelius customers have the convenience of forgoing a membership if they only need to look into a single person, but the pricing here can get confusing.

A simple people search will reveal basic information and costs $0.95. If you want to add an email lookup or a social network search, the cost jumps to $6.95. A single criminal record search costs $29.95, while a single full background check runs $39.95.

Considering that not all the lower-tier services are included in the price of the upper-tier services, ordering the type of search you want can be both pricey and confusing.

Comprehensiveness

Intelius has grown into a massive data bank over the years and now pulls information from more than 20 billion public records. This enables them to offer their customers a myriad of services including people search, background checks, social media monitoring, educational achievements, and criminal records.

Some users have complained that the company’s many levels of service are confusing, however. There isn’t a clear all-inclusive subscription. Customers must choose between doing a people search, a separate social media search, or yet another search for property records. Moreover, all of these are separate from a background check.

Additionally, customers can pay an extra fee to add an identity protection component to their services. Although Intelius offers a wide range of services, the choices might be overwhelming to casual users.

Instant Checkmate – Best for Criminal Activity Reports

$35 Standard/+$19.95 per report

★★★★★

4.4

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Instant Checkmate Review

Instant Checkmate was founded in 2010 and is an established and widely used background check service. It offers a simple interface that customers find easy to use.

Unlike many of the best background check services, Instant Checkmate does not require additional fees for a detailed criminal history. This info is included in the standard subscription price.

Criminal background checks included with a standard membership
Sex offender mapping
Full-featured mobile app

Slow loading reports
Overly promotional FAQs and knowledge base
Misleading paywall

Accuracy

Instant Checkmate provides accurate information; however, customers have complained that reports are sometimes limited in scope. On its site, Instant Checkmate claims that it utilizes a minimum of two reputable information sources that are checked against one another for accuracy.

Customer Support

Customer service hours are limited. Customers can reach help agents during working hours only via phone or email. Instant Checkmate has a limited FAQ page and knowledge base for customers looking to solve problems independently.

Delivery Time

Report generation typically takes five minutes or more, which is standard among the best background check services. However, users must remain at the computer during report generation as Instant Checkmate utilizes a series of pop-up questions throughout the process to refine results.

Price

Instant checkmate offers one of the simplest pricing plans of all the best background check services. Their standard membership runs $35 a month and includes a robust criminal records check. While this price is somewhat high, the ease and inclusivity of the subscription plan are appealing.

To obtain information on property ownership and liens, you need to upgrade to a premium service, which costs an additional $19.95 per report. If you need this type of information, and especially if you need it for several individuals, this added cost could make the price prohibitive for some.

Comprehensiveness

Customer reviews in this area are somewhat mixed. While users report that general information is sometimes shallow, it is notable that the information pertaining to criminal records is extensive.

Instant Checkmate stands out among the best background check services for the thoroughness of its criminal records check. This service goes beyond reporting criminal charges and convictions and will often find details about the crimes that are invaluable to the search, such as case numbers and sentencing.

Instant Checkmate also does a good job related to sexual offender identification. Reports may include maps and even pictures of known offenders within a certain geographic area.

Spokeo – Best for Ease of Use

$24.95 – $119

★★★★★

4.3

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Spokeo – Best for Ease of Use Review

Spokeo started out as a site that specializes in checking information on social media sites. It has grown steadily since then and now offers many of the industry-standard features that are common with the best background check services.

Spokeo is known for its intuitive interface. It also offers some unique services that other best background check services do not, such as a family tree feature to identify genealogical connections.

Phone app gives push notifications
“Insights” feature offers interesting details
Simple user interface

Pulls from a relatively small database
Reports are not in-depth
Reveals limited financial information

Accuracy

Spokeo garners its information from public resources such as real estate listings and social media. As a background check service is only as accurate as its database, there are sometimes issues of Spokeo searches returning inaccurate or out-of-date information.

Customer Support

Spokeo customer service is available by phone or email every day from 5 a.m. to 8 p.m. You can also utilize their live chat feature Monday through Friday from 8 a.m to 5 p.m.

Delivery Time

Spokeo is one of the fastest services on our list of the best background check services. Spokeo typically compiles a complete report within one to five minutes. Customers state that searches are often completed in an even shorter amount of time.

Price

For the individual user, Spokeo offers a monthly membership for $24.95. This plan is limited to 100 searches throughout the month. If you want to upgrade, it will cost an additional $21 per month.

For businesses, Spokeo offers memberships with a wide range of fees that depend on the number of searches needed per month. Subscriptions start at $35.95 a month for 200 searches and increase to $119.95 for 1,000 searches.

Outside of its membership plans, Spokeo offers one-time, simple people searches for $0.95 each.

Comprehensiveness

Although Spokeo offers many of the same search types as the other best background check services, the information its reports provide does not tend to be expansive. In particular, criminal record checks and financial information are likely to be minimal.

However, Spokeo offers niche services that are hard to find elsewhere. It continues to excel at social media mining and uncovers interesting miscellaneous facts such as hobbies and dating patterns. It is also the only one of the best background check services to offer a family tree builder feature.

PeopleFinders – Best for Personal Use

$1.95 – $29.95

★★★★★

4.2

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PeopleFinders – Best for Personal Use Review

PeopleFinders has an impressive database of over 40 billion records and 6,000 data sources that it pulls from. As the name would suggest, this contender for the best background check services excels at simple people searches. It is a go-to resource for individuals looking to reconnect with out-of-touch family and friends.

Individual searches or memberships available
Choice of simple search or full background check
Rapid results

Doesn’t investigate social media
Doesn’t check employment history
The website is not intuitive

Accuracy

PeopleFinders is careful to point out on its website that even the best background check services cannot offer a full guarantee that all information is accurate. The service does pull information from over 6,000 resources.

Customer Support

PeopleFinders’ customer support hours are limited to weekdays 7 a.m. to 6 p.m. Pacific Standard Time and weekends from 7 a.m. to 3:30 p.m.PST. You can also reach out to customer service agents via email.

Delivery Time

Like many of its competitors, PeopleFinders has a report compilation time of about five minutes or less.

Price

PeopleFinders offers users both memberships and single report options. Their premium level monthly subscription cost is $29.99. For single reports, a basic people search costs $1.95 and a full report runs $9.95.

Comprehensiveness

PeopleFinders is great for personal uses such as locating and contacting old friends or distant family members. When it comes to background checks, PeopleFinders does not report on some details that are common with many of the other best background check services.

It does not reveal any employment history, nor does it give results from any social media resources.

BeenVerified – Best for Tracking New Information

$26.89

★★★★★

4.1

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BeenVerified – Best for Tracking New Information Review

BeenVerified ranks in multiple top 10 lists for best background check services. This company has been around for over a decade. They are known for compiling consistently sound reports that are well-organized and easy to interpret.

Well-organized reports
Information tracking features give instant alerts
App includes incoming number identification

Lack of details prior to purchasing
No option to purchase single or specific reports
No demo report
Knowledge base and customer service are lacking

Accuracy

The accuracy of BeenVerified’s reports is in line with many of the best background check services on this list. The service gives customers notice on their website that their accuracy will be impacted by the public sources they use to compile reports.

BeenVerified currently has a B rating with the Better Business Bureau. Although it does appear that the service is responsive to customer complaints, this is still the lowest BBB rating of all services on this list.

Customer Support

The customer service team at BeenVerified is available during business hours on weekdays only. Unfortunately, the FAQ and knowledge base are not well developed, so customers have no viable customer support option when phone support is not available.

Delivery Time

BeenVerified has a wait of five minutes or less while a purchased report is being compiled.

Price

BeenVerified has a refreshingly simple pricing strategy. It offers all its services for a monthly membership fee of $26.89. If you choose to make a three-month commitment, the membership fee drops to just $17.48.

While its simplicity in pricing is welcome, it is unfortunate that BeenVerified does not allow for the purchase of single reports.

Comprehensiveness

BeenVerified is a solid choice for those looking for the best background check services. Its well-organized reports include basic information as well as financials and detailed criminal history. Its information tracking feature assures that you always have the most current information.

Methodology for the Best Background Check Services

Reputation for providing accurate information
Comprehensiveness of report types offered
Affordability
Availability and quality of customer support
Ease of use
Additional services offered

Although we used a straightforward rating system, it is important to note that any one of these excellent companies may be the best choice for a particular customer.

Frequently Asked Questions (FAQs) for Best Background Check Services

It can be stressful deciding which of the best background check services is right for your needs. Most people have unanswered questions about what a background service entails. Here are answers to some of the most common questions about these services.

Will People Be Notified if I Run a Check on Them?

When you subscribe to one of the best background check services, there is no public record of your activity. The people you are looking into will not be aware that you have used the service or of what information you gained through the report.

Is it Legal To Use a Background Check Service?

Background check services like those listed in this guide pull their information mainly from resources that are open to the public. Public records are accessible to anyone who has the time to do the research and the knowledge of where to look.

Even a lot of information we commonly think of as sensitive, such as criminal and court proceedings, is part of public record unless the court has sealed the records.

Reports generated by the best background check services do not reveal legally private information such as health records. Therefore, it is legal for them to reveal what information they offer you upon your request.

How Reliable is the Information From an Online Background Check?

Each of the companies within this guide has a history and reputation for providing accurate information to their customers. However, their accuracy is impacted by the databases from which they are working. They can only report the facts that are provided to them.

The best background check services use large databases and multiple resources to obtain information. They also cross-check information to produce a report with the most accurate and up-to-date information available in the public sphere.

Can I Run a Background Check on Myself?

Yes, and it’s a great idea. Although you are intimately aware of all the details of your life, it’s hard to know which pieces of your past have become a part of the public record. Running a background check on yourself ensures that you’re aware and prepared to respond to any regrettable or inaccurate information.

Why Would I Want To Use a Background Check Service?

There are myriad reasons you may feel the need to know more about someone. The world is full of people you need to be sure you can trust.

Parents could have concerns about their child’s fiance. You may have a new neighbor that you want to make sure has a clean criminal record. You might be considering a new roommate and want to be sure they are financially stable. Perhaps you simply want to reach out to an old friend or family member you’ve lost touch with.

A simple background check has the potential to address all of these concerns within minutes.

How Do I Decide Which of the Best Background Check Services to Use?

Choosing the best background check services depends on the reason behind the search. Your goals will determine the type of features that will best suit your needs.

Added features like dark web scanning and other identity protection measures may not be of concern to the average customer. For businesses dealing with sensitive information, though, it could be crucial. In these instances, services like Truthfinder or Intelius might be the optimal choice.

Individuals focused on reconnecting with classmates or finding distant relatives may not require the expansive services offered by a background check service like Intelius. Services that focus on simple people searches such as Spokeo or PeopleFinders could be a perfect fit.

Not every background check service includes a search of finances, educational achievements, or robust criminal records reviews. If such details are important for you to know, choosing a background check service that specializes in this type of information will deliver the best results.

The Best Background Check Services Offer Convenience and Peace of Mind

Much of the information you wish to obtain about the people in your life can be found within public records. However, accessing and sifting through this mountain of data can take time and resources you do not have.

The best background check services offer a simple, fast and affordable way to pinpoint the information you’re looking for. You need only supply basic details about a person of interest, and they can search millions of public records and utilize thousands of resources to deliver a comprehensive report to you within minutes.

July 18, 2022March 21, 2023

6 Best Banks in California in 2023

The best banks in California offer a combination of low account fees, convenience, and comprehensive banking tools. If you’re in California and want to find a new bank, this guide discusses your best options. Each bank is federally insured and carries a variety of products, including checking accounts, investment accounts, and loans.

Best Banks in California

Bank of America – Best Overall Bank
Chase Bank – Best for Checking Account
Wells Fargo – Best for Small Business
Ally Bank – Best for Savings Account
US Bank – Best for Customer Service
Bank of the West – Best for Regional Banking

In ranking the best banks of California, we looked at the factors most important to consumers, including fees (and whether they’re waivable), opening deposit requirements, and annual percentage yield (APY) on savings accounts. There’s more to consider when choosing a bank and we detailed our methodology below.

Bank of America

Starts at $4.95 per month

Checking accounts, savings accounts, credit cards, home loans, car loans, investing

$25 to $100

0.01% to 0.04%

854

Chase Bank

Starts at $12 per month

Checking accounts, savings accounts, money market accounts, CDs, custodial accounts, home loans

0.01% to 0.05%

967

Wells Fargo

Starts at $10 per month

Checking accounts, savings accounts, money market accounts, CDs, custodial accounts, home loans

$25

0.01% to 0.02%

932

Ally Bank

$0 per month

Checking accounts, savings accounts, auto loans, home loans, personal loans

0.90%

US Bank

Starts at $6.95 per month

Checking accounts, savings accounts, money market accounts, CDs, custodial accounts, home loans

$25

0.01%

481

Bank of the West

Starts at $10 per month

Checking accounts, savings accounts, CDs, IRA CDs, credit cards, loans

0.01%

224

Bank of America: Best Overall Bank

Pricing (or other important bit): Starts at $4.95 per month, but is waivable if you meet the requirements below

4.91

★★★★★

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Bank of America Review

Bank of America is a national bank with an extensive network of free ATMs and branch offices. Although Bank of America offers weak savings rates, you get access to premium traditional banking services and support. Bank of America offers a host of different checking and savings accounts, making it easy to find the best solution for your needs.

Why we chose it: Bank of America is the best overall bank in California because of its complete range of online and mobile banking tools. Furthermore, Bank of America makes it easy to waive the monthly fee on all three of its checking account plans and it’s also one of the best mortgage lenders.

Three checking account options
No overdraft fees
Many physical branches

Low annual percentage yield (APY)
Low transfer limits
Paper checks included for free only on Advantage Relationship

Pricing:

Bank of America offers three different checking accounts:

SafeBalance: $4.95 per month, waivable if you are under 25 and qualify as a student, are under 18, or are enrolled in Preferred Rewards.
Advantage Plus: $12 per month, waivable if you have at least one qualifying direct deposit of $250 or more, maintain a $1,500 minimum daily balance, or are enrolled in Preferred Rewards.
Advantage Relationship: $25 per month, waivable if you maintain a combined balance of $10,000 in eligible linked accounts or are enrolled in Preferred Rewards.

Checking and Savings Options

Bank of America has three checking account plans and one savings account. The Advantage Plus account is $12 per month, but you can waive the service fee if you have at least one qualifying direct deposit of $250 or more, maintain a $1,500 minimum daily balance, or are enrolled in Preferred Rewards.

Fees and Requirements

Every Bank of America checking and savings account has a monthly maintenance fee, while Ally has none. However, you can waive each monthly maintenance fee if you meet Bank of America’s requirements. Furthermore, you can access Bank of America’s vast network of fee-free ATMs. There’s a $3 out-of-network ATM withdrawal fee.

Interest Rates

The Bank of America Advantage Savings account offers a low APY of 0.01% to 0.04% if you’re a Platinum Honors Tier Preferred Rewards Member.

ATM and Branch Access

Bank of America has hundreds of branches and ATMs across California. Therefore, it’s convenient to withdraw cash or get in-person help at a Bank of America branch.

Banking Experience

Bank of America stands out because of its easy online banking experience and digital tools. The website and mobile app are straightforward and offer everything you need to manage your bank account and make payments.

Chase Bank: Best for Checking Account

Pricing (or other important bit): Starts at $12 per month but is waivable if you meet requirements below

4.83

★★★★★

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Chase Bank Review

Chase Bank is the largest bank in the United States with over $3 trillion of assets. This bank offers a robust menu of banking products and services. Chase Bank’s website and mobile experience can compete with online-only banks. Furthermore, Chase offers five different checking accounts and two savings account plans. We have also review articles for other business banks like Novo Review and Bluevine Review

Why we chose it: Chase Bank is the best California bank for checking accounts because it offers five different account options. It also offers three additional checking account plans for kids and students.

Wide range of checking accounts
Regular cash bonuses for opening an account
Many ATMs and branches

Above average monthly fees
Low rates on CDs
Low rates on savings

Pricing:

Chase Bank carries five different checking accounts:

Chase Total Checking: $12 per month, waivable if you have $500 in electronic deposits, maintain a $1,500 minimum daily account balance, or maintain an average beginning day balance of $5,000 or more in any combination of this account and link qualifying Chase accounts.
Chase Secure Banking: $4.95 per month fixed fee.
Chase Premier Plus Checking: $25 per month, waivable if you have an average beginning day balance of $15,000 or more in any combination of this account and linked qualifying Chase accounts.
Chase Sapphire Banking: $25 per month, waivable with an average beginning day balance of $75,000 or more in any combination of this account and linked qualifying Chase accounts.
Chase Private Client Checking: $35 per month, waivable with an average beginning day balance of $150,000 or more in any combination of this account and linked qualifying Chase accounts.

Checking and Savings Options

Chase Bank offers eight total checking accounts and two savings accounts. Therefore, there’s a good chance you’ll find a plan that meets your banking needs.

Fees and Requirements

Every Chase Bank account has a monthly service fee that can be waived if you meet the requirements outlined above.

Interest Rates

Chase offers low 0.01% to 0.05% APY on its savings account–Ally offers a slightly higher APY. Therefore, Chase Bank isn’t a great option if you want to earn interest on your account balance.

ATM and Branch Access

Chase has over 900 branches in California and 16,000 ATMs throughout the United States. Even if you’re not located near a Chase branch, you can handle all of your banking duties through Chase’s mobile app or online website.

Banking Experience

Chase has an excellent banking experience because of its many branch locations and great online banking tools. Furthermore, Chase customer support is easy to reach and helpful.

Wells Fargo: Best for Small Business

Pricing (or other important bit): Starts at $10 per month but waivable if you meet requirements below

4.71

★★★★★

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Wells Fargo Review

Wells Fargo is another major US bank offering a full array of banking services. These include checking and savings accounts, investing and wealth management services, home loans, auto loans, and credit cards. With nearly 1,000 branches in California, you won’t have trouble depositing money, withdrawing cash, or getting in-person help.

Why we chose it: Wells Fargo is the best bank for small businesses because it is one of the nation’s top lenders to small businesses, with transparent interest rates on loans.

Many branches in California
Wide range of savings options
Comprehensive banking tools

Low APYs
Minimum opening deposit
Service fees

Pricing:

Wells Fargo has four checking account options:

Clear Access Banking: $5 per month, waivable if the primary account owner is 13 to 24 years old.
Everyday Checking: $10 per month, waivable with a $500 minimum daily balance, $500 or more in total.
Prime Checking: $25 per month, waivable with $20,000 or more in statement-ending qualifying linked balances.
Premier Checking: $35, waivable with $250,000 or more in statement-ending qualifying linked balances.

Checking and Savings Options

Wells Fargo carries four unique checking accounts and two savings accounts. Wells Fargo is best for individuals who prefer access to branches and want to keep multiple accounts at the same bank. It also offers one of the best business checking account options on the market.

Fees and Requirements

Although each account has a monthly maintenance fee, you can waive them by following the guidelines above.

Interest Rates

Wells Fargo offers a low APY of 0.01% to 0.02% across both savings accounts.

ATM and Branch Access

Wells Fargo has hundreds of ATMs and branches across California. Therefore, you don’t need to worry about finding somewhere to withdraw or deposit cash.

Banking Experience

Similar to Bank of America and Chase Bank, Wells Fargo offers a complete suite of physical and digital banking tools. With Wells Fargo, you get access to contactless debit cards, 24/7 fraud monitoring, and 12,000 ATMs across the United States.

Ally Bank: Best for Savings Account

Pricing (or other important bit): No monthly maintenance fees; free to open an account

4.65

★★★★★

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Ally Bank Review

Ally Bank is a widely popular online bank for people seeking strong rates and an extensive set of digital banking features. Since Ally Bank is online only, it saves money on its overhead and can pass it on to customers in the form of minimal fees and high interest rates. The bank also offers convenient customer service options. Don’t forget these reviews as well; NBKC Bank Account Review and Axos Review.

Why we chose it: Ally Bank is the best California bank because it offers 0.90% APY on the Online Savings Account. You can also earn 0.25% APY on an Ally Interest Checking Account.

High APY
No fees or minimums
Excellent customer service

No physical branches
No way to deposit cash
30 days to fund account

Pricing:

Ally doesn’t charge monthly maintenance fees and doesn’t have a minimum opening deposit

Checking and Savings Options

Ally offers one checking account and one savings account. However, Ally also offers a Money Market account and high-yield CDs.

Fees and Requirements

Ally shines because it doesn’t have monthly maintenance fees, overdraft item fees, or minimum balance requirement fees. The only fees Ally has are returned deposit item fees, expedited delivery fees, and outgoing domestic wire fees.

Interest Rates

Ally’s Online Savings Account offers 0.90% APY, and its Interest Checking Account offers 0.25% APY. These interest rates are well above the standard rates we see from most California banks.

ATM and Branch Access

Ally is an online bank without physical branches. However, account holders can access 43,000 fee-free Allpoint ATMs across the United States. You also receive $10 per month in ATM fee reimbursements if you withdraw from out-of-network ATMs.

Banking Experience

Since Ally is an online bank, it offers a comprehensive suite of digital banking tools. Furthermore, you get access to Zelle to easily send and receive payments.

U.S. Bank: Best for Customer Service

Pricing (or other important bit): Starts at $6.95 per month, but waivable

4.39

★★★★★

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U.S. Bank Review

U.S. Bank is the fifth-largest bank in the US by assets. As a well-known national bank, U.S. Bank offers convenient access to thousands of branches and ATMs across the United States. Furthermore, US Bank carries five different checking accounts, making it easy for you to find an option that suits your needs. Since you have read the U.S. bank review you might be interested as well to Lili Review and Capital One Review.

Why we chose it: US Bank is the best California bank for customer service because it offers 24/7 live phone support. You can get in-person help at one of the 500 California US Bank branches.

Excellent customer service
Wide range of banking services
Hundreds of branches in California

Low APYs
Monthly fees
Not as many branches as other banks

Pricing:

US Bank carries five checking account plans:

Easy Checking: $6.95 per month, waivable if you have combined monthly direct deposits totaling $1,000 or more, you keep an average account balance of $1,500 or more, or you or another person on the account are age 65 or greater.
Gold Checking: $14.95 per month, waivable if you have an open U.S. Bank personal loan, line, mortgage, or credit card
Platinum Checking: $24.95 per month, waivable if you have $25,000 or more in combined personal deposits, credit balances with U.S. Bank investments through U.S. through Bancorp Investments.
Student Checking: $0 per month
Safe Debit Account: $4.95 per month, non-waivable

Checking and Savings Options

US Bank is unique because it offers five different checking accounts and five different savings accounts. These range from basic student accounts to a Platinum Checking account that includes all of US Bank’s banking tools.

Fees and Requirements

Easy Checking, Gold Checking, and Platinum Checking have monthly maintenance fees that are waivable if you meet the requirements. Furthermore, the Student Checking account is $0 per month, and the Safe Debit Account is a non-waivable $4.95 per month.

Interest Rates

US Bank offers low interest rates at a 0.01% APY. For this reason, we recommend Ally bank if you’re looking for a savings account with a high interest rate.

ATM and Branch Access

US Bank has a large physical presence across Los Angeles, Orange County, South Bay, Inland Empire, San Diego, and many surrounding communities.

Banking Experience

US Bank excels as one of the best banks in California when it comes to reach and access. In addition to the wide selection of branches and ATMs, US Bank’s customer service is available 24 hours a day by phone or social media.

Bank of the West: Best for Regional Banking

Pricing (or other important bit): Starts at $0 per month if you meet requirements

4.25

★★★★★

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Bank of the West Review

Bank of the West is headquartered in San Francisco and is owned by BNP Paribas, a French international banking group. The bank has more than 500 branches in 19 states and mainly operates on the west coast. Bank of the West offers a wide range of banking and investment products for personal and commercial banking needs.

Why we chose it: Bank of the West is the best California bank for regional banking because it has a strong presence on the west coast and midwest.

Convenient customer service
Wide range of banking tools
Good for small businesses

Low rates
Some accounts can’t be opened online
Not available everywhere in USA

Pricing:

Bank of the West provides three different checking accounts:

Any Deposit Checking: $0 monthly service fee with any deposit per statement ($0.01 or more) or if you’re under 25
1% For The Planet Checking: $0 monthly service fee with any deposit per statement ($0.01 or more) or if you’re under 25
Premier Checking: $25 monthly service charge waived with minimum $25,000 average balance in eligible accounts

Checking and Savings Options

Bank of the West carries a wide range of checking accounts and one savings account. The downside of these accounts is the low interest rates they offer.

Fees and Requirements

You can waive the monthly maintenance fee on the Any Deposit Checking and 1% For The Planet Checking by making any deposit per statement. This can be as little as $0.01. However, the Premier Checking account has a monthly service fee of $25 that can be waived with a $25,000 minimum average balance in eligible accounts.

Interest Rates

Bank of the West savings account only offers 0.01% APY, which is relatively low compared to other options on this list.

ATM and Branch Access

Bank of the West has over 200 branches in California. We recommend checking if there’s a Bank of the West branch near your home.

Banking Experience

Bank of the West offers various ways to conduct your banking duties, including at physical branches, online, and in the Bank of the West mobile app.

Methodology for the Best Banks in California

In this section, we discuss the crucial factors offered by the best banks in California. By breaking down each feature into its own section, you can easily discover which bank has the right solutions for your needs.

Checking and savings options: The most important feature of the best banks in California is their checking and savings account options. The best banks in California offer checking and savings accounts with low fees and
Fees and requirements: Each bank has unique monthly service fees, which can be waived if you meet certain requirements. Choose a bank in California with a monthly maintenance fee you can easily waive. Furthermore, each California bank has a unique minimum deposit requirement.
Interest rates: Some checking accounts pay interest while most savings accounts pay some interest. If you’re interested in earning interest on your account balance, you need to find a California bank with an above average annual percentage yield (APY).
ATM and branch access: If you mostly use cash, you need a bank that makes it easy to withdraw cash at an ATM or branch. Furthermore, banks with many branches in California make it easy for you to manage your account and perform your banking duties in person.
Banking experience: Banking experience describes how easy the bank makes it to perform different actions. For example, the best banks in California offer great mobile apps, excellent online websites, and simple ways to deposit checks, pay bills, send money, and monitor account activity.

Frequently Asked Questions (FAQs) for Best Banks in California

Choosing the best bank in California is an important decision as you’re looking to open a new account for a business. If you are an entrepreneur there are top banks for startups also. So let’s discuss a few questions you may have about California banks.

Which California bank is best?

Bank of America and Chase Bank are the best California banks. These are both national banks with an extensive range of account options, features, and convenience. Both banks offer easy-to-use mobile apps and ATMs to make your banking experience more practical.

What is the most popular bank in California?

Chase Bank and Wells Fargo are the most popular banks in California. Both of these banks have nearly 1,000 physical branches in California. Furthermore, Chase and Wells Fargo have thousands of accessible ATMs in California.

What’s the safest California bank to put my money in?

As long as the bank is insured by the Federal Deposit Insurance Corporation (FDIC), then your money is safe. Each bank on today’s list is federally insured. Therefore, your individual account is insured for up to $250,000. Furthermore, joint accounts are insured for up to $500,000. This means that if the bank goes under, you won’t lose all your money.

Bottom Line on the Best Banks in California

Bank of America, Chase Bank, and Wells Fargo are the best banks in California if you prefer traditional banking and a wide range of services. If you want to open a digital bank account, Ally and CIT Bank are great options. There are also banking accounts in the market that are free. Either way, you can’t go wrong with any bank on this comprehensive list. Look for features that suit your needs before making your decision. We also have other reviews like Kabbage Review and Oxygen Review that may help you create the right decision.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

July 14, 2022January 11, 2023

5 Best Mortgage Lenders of 2023

Best mortgage lenders' approved application form on a desk

The best mortgage lenders empower you to buy or maintain your own house through home loans. That’s why mortgages are one of the main sources of debt in the U.S., with a national value of $17.6 trillion as of October 2021.

There’s no need to wait until you save enough money to purchase a house if you get a loan from the right bank or financial institution. Get ready to compare the best mortgage lenders of 2023 so you can pick the one which meets your unique needs as a borrower.

Best Mortgage Lenders of 2023

Bank of America – Best Overall
Ally – Best for Fast Processing
PNC – Best for Closing Grants
Chase – Best for Payment Flexibility
Rocket Mortgage – Best for Low Credit Scores

By far, the most important factors for choosing the best mortgage lender include minimum down payment and interest rate. The lower the minimum percentage, the better, but you also want to consider what your interest rate will be, so you don’t give more money to a bank than to your assets. There are plenty of other things to consider, and you can see how we ranked these lenders in our full explanation of our methodology below.

Bank of America

Starts at 3%

30-Year Fixed: 5%
15-Year Fixed: 4.125%
5/6 ARM Variable: 4.25%

30-Year Fixed: 5.195%
15-Year Fixed: 4.472%
5/6 ARM Variable: 3.949%

Online or in-person

PayPlan or MortgagePay

Home loan assistance

Ally

Starts at 3%

30-Year Fixed: 5.125%
15-Year Fixed: 4.375%
5/6 ARM Variable: 4.875%

30-Year Fixed: 5.14%
15-Year Fixed: 4.390%
5/6 ARM Variable: 4.290%

Online

Automatic, paperless, or one-time monthly payment

3-minute pre-approval

PNC

Starts at 3%

Variable

Online or in-person

Online banking, automated, phone, mail, or in-branch payment

Closing grant

Chase

Starts at 3%

Variable

Online or in-person

Automatic, online, cash, check, money order, phone, or bank transfer payment

Educational incentive

Rocket Mortgage

Starts at 3%

30-Year Fixed: 5.75%
15-Year Fixed: 5.125%

30-Year Fixed: 6.021%
15-Year Fixed: 5.59%

Online

One-time online, autopay, or mail payment

Supports down payment assistance programs

Bank of America: Best Overall

Minimum Down Payment: Starts at 3%

4.5

★★★★★

Visit

Bank of America Review

Bank of America is our number one choice in this roundup of mortgage lenders. It has the highest ranking because it packs together cost-effective rates, transparent data, accessible mortgage plans, and face-to-face services. Of course, we discussed in our Bank of America review that it’s also a solid all-around business bank.

To start with, its mortgage interest rates and APR are the most budget-friendly among all the lenders in the list, based on June 2022 rates. You can take your pick between fixed and variable loans, as well as the length of your repayment schedule. Plus, the current rate list is readily available on the official website so you don’t need to make complex computations anymore.

Also, it presents the Affordable Loan Solution for first-time home buyers of one-unit properties, which allows you to benefit from lower down payments. Finally, Bank of America has physical locations as a traditional bank. You can schedule an appointment if you need personalized assistance related to your mortgage.

Bank of America mortgage page preview — *Source: Bank of America*

While Bank of America is an impressive mortgage lender, it does have certain limitations. For instance, you need to prequalify first before you can apply for a mortgage and estimate your loan amount. The stringent criteria for prequalification include income information, credit check, and bank account data.

In addition to this, the payment options are sparse compared to its competitors. On top of this, you need an existing checking or savings account to take advantage of the PayPlan and MortgagePay methods.

To sum things up, Bank of America is one of the top mortgage lenders because it comes with a lot of perks.

Why we chose it: We salute Bank of America as the best overall mortgage lender in this comparative review. After all, it beats its competitors in terms of cost-effective rates, information disclosure, and in-person service.

Competitive rates
Straightforward rate listing
Affordable Loan Solution mortgage
Brick-and-mortar branches

Strict prequalification requirements
Few payment methods
Bank of America account required for PayPlan or MortgagePay

Pricing: 3% or higher minimum down payment

Minimum Down Payment

Bank of America only requires first-time home buyers to pay a 3% down payment, which is similar to all the mortgage lenders in the list. Just be aware that the minimum down payment can rise to 5% for mortgages in high-cost areas.

Interest Rate

It offers the lowest interest rates among its competitors in this guide which openly advertise their rates. As of June 2022, the 30-year fixed interest is 5%, the 5-year fixed is 4.125%, and the 5/6 ARM variable is 4.25%.

APR

Again, Bank of America has the overall lowest APR compared to other lenders whose rates are publicly available, as of June 2022. While the 30-year fixed APR is slightly higher than Ally’s at 5.195%, the 15-year fixed and 5/6 ARM variable APR are lower at 4.472% and 3.949% respectively.

Home Buying

Like the rest of its peers, it gives you the chance to purchase a home through the Bank of America Digital Mortgage Experience. However, you need to meet the prequalification requirements first.

Refinancing

It presents you with refinancing opportunities, similar to other mortgage lenders. It grants you as many refinance options as PNC. You can select from fixed-rate, adjustable rate, FHA, VA, and cash-out refinance loans.

Application Process

You can choose from online or in-person application procedures. It’s more versatile than Rocket Mortgage, which only lets you apply over the internet.

Payment Methods

It enables you to make mortgage payments via auto-debit PayPlan or one-time MortgagePay. These two payment options are meager compared to the various payment methods of Chase.

Special Feature

Bank of America’s special feature is the home loan assistance for borrowers who find it hard to make loan payments. There are solutions for those who want to save their home, as well those who are willing to let it go to settle their debts.

Ally: Best for Fast Processing

Minimum Down Payment: Starts at 3%

4.25

★★★★★

Visit

Ally has an edge over the other mortgage lenders in the bunch because of its simple application process. After all, you can gain pre-approval in as short as three minutes only. Plus, it helps you close deals up to 10 days quicker compared to the mortgage industry average.

To make things even better, it won’t charge you any lender fees, such as processing, underwriting, processing, or application fees. In addition to this, it’s the runner-up next to Bank of America in terms of affordable APR and interest rates.

Last but not least, it’s more welcoming to borrowers with different financial backgrounds, compared to conventional banks with high standards. It does its best to provide solutions for people who are hesitant to apply for a mortgage because of limited funds or difficult situations.

Ally mortgage page preview — *Source: Ally*

Nevertheless, Ally has some drawbacks as well. An obvious one is that there aren’t any physical branches you can visit because it’s a digital financial services company, not a traditional bank. Also, it only offers regular loans, but not VA or FHA loans, which might be restricting for some borrowers. Aside from this, there are only a few methods you can utilize to make mortgage payments.

Overall, Ally is a cutting-edge lender whose modern solutions make it convenient for potential home buyers to get a mortgage.

Why we chose it: We award Ally as the best for fast processing among mortgage lenders because it simplifies the way you apply for a home loan.

Speedy application procedure
No lender fees
Reasonable rates
Less strict requirements for borrowers

No physical locations
Basic loans only
Limited payment methods

Pricing: 3% or higher minimum down payment

Minimum Down Payment

Ally provides down payment options as low as 3%. This rate is the same as the rest of the mortgage lenders in the list.

Interest Rate

Next to Bank of America, Ally has the second lowest interest rates compared to its competitors who publicly display their rates too. As of June 2022, the 30-year fixed rate is 5.125%, the 15-year fixed is 4.375%, while the 5/6 ARM variable is 4.875%.

APR

Once more, it generally has the second lowest APR among the other lenders with openly available rates, as of June 2022. While the 30-year fixed APR is 5.14% slightly lower than Bank of America’s, the 15-year fixed and 5/6 ARM variable APR are a little higher at 4.390% and 4.290%.

Home Buying

Similar to its peers, Ally assists first-time home buyers through the HomeReady mortgage program. In contrast to Bank of America which has strict prequalification requirements, it’s ready to help borrowers with limited down payment resources or challenging circumstances.

Refinancing

It offers refinancing options like the rest of the lenders in this guide. However, you can only apply for basic loans, but not FHA or VA loans, which are available from the rest of its competitors.

Application Process

Ally has the quickest application process out of all the mortgage lenders in the group. The procedure is completely online, in comparison to Chase and Bank of America which both have a face-to-face option.

Payment Methods

There are slightly more ways to pay than Bank of America, but less ways than Chase. You can make automatic, paperless, or one-time monthly payments for your mortgage.

Special Feature

Ally’s special feature is the 3-minute pre-approval process. It streamlines the mortgage application steps so you can save time and effort.

PNC: Best for Closing Grants

Minimum Down Payment: Starts at 3%

4.0

★★★★★

Visit

PNC sets itself apart from the other mortgage lenders in the bunch by minimizing your closing costs. Its closing grant can supply you with a hefty amount of $5,000 towards closing fees. Of course, you do need to qualify for the grant first by meeting income requirements or living in certain communities.

Plus, it gives you a wide selection of loan types to choose from, including fixed rate, adjustable rate, VA, FHA, and jumbo loans. On top of this, PNC has physical branches where you can drop by if you need face-to-face services regarding mortgage matters.

PNC mortgage page preview — *Source: PNC*

However, PNC isn’t exempt from disadvantages. To begin with, you must provide your loan amount and ZIP code first before you can view the APR and interest rates. Finally, you must meet certain standards when you apply for a mortgage by presenting your employment credentials and your income amount.

To make a long story short, PNC can be an attractive option to borrowers who wish to reduce or get rid of closing costs when purchasing a home.

Why we chose it: We recognize PNC as the best for closing grants among mortgage lenders because it makes it more affordable for you to close home deals through financial assistance.

Closing grants
Various loan options
Brick-and-mortar locations

No direct list of APR & interest rates
Employment verification required
Income assessment

Pricing: 3% or higher minimum down payment

Minimum Down Payment

PNC gives you the chance to buy a house with down payments as low as 3%. This minimum percentage is comparable to the other mortgage lenders in this guide.

Interest Rate

The interest rates may change based on your loan amount and ZIP code. There is no readily available list of rates, unlike Bank of America, Ally, and Rocket Mortgage.

APR

Once more, the APR depends on your location and loan value. It doesn’t directly display its APR data, in contrast to Ally, Rocket Mortgage, and Bank of America.

Home Buying

PNC guides you through your home buying journey, similar to all its competitors. You can take advantage of tools and resources when you apply for a PNC Mortgage.

Refinancing

Like the rest of the lenders, it presents you with refinance opportunities. It gives you as many refinance alternatives as Bank of America, thanks to its adjustable rate, fixed rate, jumbo, FHA, and VA loans.

Application Process

You can pick your preferred mortgage application method, whether it be online or in-person. In contrast to Rocket Mortgage and Ally, PNC has physical locations you can visit.

Payment Methods

Next to Chase, it has the second most payment avenues available to borrowers. You can make mortgage payments through online banking, automated, phone, mail, or in-branch methods.

Special Feature

PNC’s special feature is the closing grant. It’s possible for you to receive a $5,000 grant towards closing expenses if you’re a qualified borrower.

Chase: Best for Payment Flexibility

Minimum Down Payment: Starts at 3%

4.0

★★★★★

Visit

Chase trumps the rest of the mortgage lenders in this roundup when it comes to rich payment options. After all, it has a variety of payment methods you can select from. These include automatic, online, bank transfer, phone, cash, check, and money order.

Also, it motivates you to complete the Chase DreaMaker Mortgage educational course by rewarding you with $500. Aside from this, you can drop by brick-and-mortar branches if you prefer to apply for a mortgage in person. That’s because it’s a traditional bank with physical locations, as mentioned in our Chase Bank review.

Chase mortgage page preview — *Source: Chase*

Still, Chase admittedly has some weaknesses as a mortgage lender. For example, you need to input your ZIP code first before you can browse through the local APR and interest rates. Next, you must be prepared to pay closing costs before you assume ownership of the new house. Lastly, it recommends a good credit score and low debt-to-income ratio for borrowers who want to prequalify for mortgages.

In general, Chase is a conventional bank that gives you freedom to make mortgage payments via your favorite method.

Why we chose it: We commend Chase as the best for payment flexibility because there’s a lot of payment alternatives you can take your pick from.

Multiple payment methods
Educational incentives
Physical branches

No list of APR & interest rates
Closing fees
Strict prequalification requirements

Pricing: 3% or higher minimum down payment

Minimum Down Payment

Chase makes home ownership accessible through down payments as low as 3%. This rate is similar to the rest of the mortgage lenders in the list.

Interest Rate

Its interest rates are variable. You need to enter your ZIP code to see the local rates, in contrast to Bank of America, Ally, and Rocket Mortgage that openly display the data.

APR

Again, the APR is variable. You must provide your ZIP code first to view the APR, unlike Ally, Rocket Mortgage, and Bank of America which publicly lists the information.

Home Buying

Chase enables you to buy your own home, along with the rest of its peers. You can select between Chase DreaMaker Mortgage and Standard Agency Mortgage for low down payments.

Refinancing

It provides you with refinancing plans, just like all its competitors in this review. It features more refinance options than Ally, yet less than Bank of America, with its alternative, FHA, and VA loans.

Application Process

You can apply online or in person for a mortgage. It has brick-and-mortar buildings you can head to, unlike Ally and Rocket Mortgage.

Payment Methods

By far, it has the most payment methods among all the lenders in the list. While most have two or three payment options, Chase beats them all by showcasing seven methods: online, automatic, bank transfer, phone, check, money order, and cash.

Special Feature

Chase’s special feature is its educational incentives. You can potentially earn $500 once you complete a course under the Chase DreaMaker Mortgage program.

Rocket Mortgage: Best for Low Credit Scores

Minimum Down Payment: Starts at 3%

3.5

★★★★★

Visit

Rocket Mortgage is the most viable option for borrowers with a less-than-ideal credit standing among the mortgage lenders in this guide. It gives you the chance to get your home loan approved even if your credit score is as low as 580, at least if you meet certain eligibility criteria. It even encourages you to improve your credit score through the Fresh Start program.

Plus, it’s open to third-party down payment assistance programs. It accepts loans or grants from other organizations to make it easier for you to fund your home down payment. Lastly, you can call Home Loan Experts who can answer your questions about mortgages.

Rocket Mortgage page preview — *Source: Rocket Mortgage*

However, Rocket Mortgage has its disadvantages too. To begin with, it has comparatively steep APR and interest rates next to its competitors. Also, while it presents different types of fixed-rate loans, there are no variable loan alternatives.

In addition to this, while it supports down payment assistance from other organizations, it doesn’t have an in-house down payment assistance program of its own. Lastly, there are no physical locations where you can request for in-person services. That’s because it’s not a conventional bank, but an online mortgage lender.

To wrap things up, Rocket Mortgage offers hope to potential home buyers who might not typically qualify for mortgages with traditional banks.

Why we chose it: We acknowledge Rocket Mortgage as the best for low credit scores because you don’t need a spotless record to qualify as a borrower.

Low credit score requirements
Third-party down payment assistance support
Home Loan Experts available

Relatively high rates
No variable interest options
No in-house down payment assistance
No brick-and-mortar branches

Pricing: 3% or higher minimum down payment

Minimum Down Payment

Rocket Mortgage only requires you to pay a minimum of down payment of 3% or higher. This percentage is comparable to all the other mortgage lenders in this list.

Interest Rate

It has the highest interest rates compared to Bank of America and Ally, which also openly exhibit their rate information. As of June 2022, the 30-year fixed rate is 5.75% and the 15-year fixed is 5.125%.

APR

It also has the highest APR among its peers, particularly Ally and Bank of America which publicly share rate data too. The 30-Year fixed APR is 6.021% and the 15-year fixed APR is 5.59%, as of June 2022.

Home Buying

Rocket Mortgage helps you purchase a new home, just like all its competitors. You can maximize the mortgage tools or request for advice from Home Loan Experts.

Refinancing

It presents you with refinance solutions, similar to all the lenders in this review. With its fixed-rate, VA, FHA loans, it gives you more refinancing options than Ally, but less than Bank of America.

Application Process

The application process is purely online. It’s not like Bank of America, Chase, or PNC which also grant you the alternative of in-person application.

Payment Methods

It offers a little more methods to pay your mortgage than Bank of America, yet less methods than Chase. It allows you to make mortgage payments via one-time online, autopay, or mail.

Special Feature

Rocket Mortgage’s special feature is its acceptance of third-party down payment assistance programs. It supports certain grants and loans from other financial institutions. However, it doesn’t have its own in-house down payment assistance program.

Methodology for the Best Mortgage Lenders of 2023

We took vital factors into account as we compared the best mortgage lenders of 2023. Check out some of the criteria we considered while comparing the lenders to each other:

Minimum Down Payment: To begin with, we researched what minimum percentage of the purchase price you need to provide as down payment for your new home. Most mortgage lenders offer a down payment as low as 3% for eligible borrowers.
Interest Rate: We examined how much interest you need to pay every year on your mortgage. Take note that the interest rates in this guide reflect the available information on June 2022.
APR: We evaluated the annual percentage rate (APR) or total borrowing cost you will incur with your home loan. Again, the APR data comes from June 2022 statistics.
Home Buying: We confirmed if each lender provides you with home loans so you can buy a new house. All the banks and financial institutions in this list provide mortgage options.
Refinancing: We checked if every lender presents you with refinancing solutions. Again, all the banks and organizations in this guide grant refinancing loans.
Application Process: We explained whether you can apply for a mortgage online or in-person. In general, traditional banks provide both application options, while online lenders only let you apply over the internet.
Payment Methods: We took note of the available ways you can make mortgage payments to each lender. Some examples of common payment methods are automatic, one-time payment, online, mail, and cash.
Special Feature: We assessed the unique offers which the lenders showcase to attract borrowers. Most special features are related to financial incentives, although some are connected to the application process.

We understand that each borrower has different requirements when it comes to selecting a mortgage lender. That’s why we covered various criteria to help you search for a lender that satisfies your needs.

Frequently Asked Questions (FAQs) for Best Mortgage Lenders

The best mortgage lenders open the door to home buying and refinancing opportunities. Discover the answers to common questions about mortgages and lenders.

What Is a Mortgage?

A mortgage is a type of loan that enables you to purchase or keep a home or land. Your real estate property serves as collateral for the loan. As a borrower, you will be required to pay back the loan to your mortgage lender over a certain period of time. These regular payments typically consist of the principal amount plus interest. Take note that the location of your house will also affect the total amount of your mortgage so it makes sense to find the best states for real estate.

What Is a Mortgage Lender?

A mortgage lender is a bank or financial organization that offers home loans. Each lender establishes its own loan terms, interest rates, APR, and repayment schedules for mortgages. Plus, every institution evaluates the eligibility of potential borrowers like you based on relevant factors like credit standing and income. The Consumer Financial Protection Bureau (CFPB) is the U.S. government agency responsible for ensuring that mortgage lenders treat borrowers fairly.

Should I Get a Mortgage or a Small Business Loan?

It depends on what your goal is. If your goal is to buy a house, you should get a mortgage. A home loan grants you the chance to become a homeowner even if you have limited resources. However, if your goal is to establish a business, you ought to apply for a small business loan instead. The best small business loans provide the funds you need to start a new business or expand your existing one.

Bottom Line on the Best Mortgage Lenders of 2023

Mortgage lenders make it possible for you to own a house whether you’re flush with cash or not. We give a nod of approval to all the best mortgage lenders of 2023 in our comparative review. Nevertheless, we especially recommend Bank of America to future home loan borrowers like you, thanks to its competitive rates, clear information, economical mortgage solutions, and in-person options.

July 14, 2022March 28, 2023

7 Best Crypto Exchange with Most Coins in 2023

Crypto coins on a black background - Crypto Exchange with Most Coins

There are more than 19,500 cryptocurrencies in the world, but you will only find a small fraction of them listed on the most popular exchanges. This is because trading platforms only list a coin if it passes a thorough evaluation process. Choosing the best crypto exchange with the most coins is important, but so are fees and trading volume.

You want to have a wide variety of cryptocurrencies to invest in and trade. Some exchanges have catalogs of often no more than a few dozen coins which can sometimes be a problem. Especially when it limits your trading, and hence, profit-making opportunities. If you’re looking for a larger playing field, here are the best crypto exchanges with the most coins.

Best Crypto Exchange with Most Coins

Gate.io – Best Overall
MEXC – Best for Global Coverage
KuCoin – Best for Earning Options
Huobi Global – Best for Liquidity
Binance – Best for Trading Volume
FTX – Best for Advanced Features
Hotbit – Crypto Exchange with the Most Cryptocurrencies

Picking the top crypto exchanges with the highest number of cryptocurrencies involves counting all the coins listed on every exchange’s website. Apart from the number of cryptocurrencies listed, we also looked at the total number of markers, fees, trading volume, and liquidity as part of our methodology.

Gate.io

1459+

2920+

4.9/10

0.015%-0.20%

MEXC

1437+

1711+

5.3/10

0.014%-0.20%

KuCoin

732+

1350+

5.6/10

0.0125%-0.1%

Huobi Global

569+

1120+

4.9/10

0.07%-0.20%

Binance

395+

1673+

8.7/10

0.5%-4.5%

FTX

300+

440+

7.3/10

0.07%-0.02%

Hotbit

1549+

1932+

3.7/10

-0.50%-0.65%

*Number of coins and markets accurate as of 9th June 2022

We went through the painstaking process of manually counting the total number of cryptocurrencies on each exchange to bring you accurate estimates. Since exchanges are frequently listing and delisting cryptocurrencies, the number keeps changing all the time. Still, it should give you a clear overview of the variety of trading options you will have on each exchange.

Gate.io: Best Overall

Number of cryptocurrencies: 1459+

Fees: 0.015%-0.20%

★★★★★

4.7

Visit

Gate.io is one of the oldest crypto exchanges on the market. Launched in China in 2013, the exchange has since undergone a rebranding and has grown immensely over the years. It takes the best overall spot for its impressive listing of fast-growing cryptocurrencies, the highest number of trading markets, and a reasonably good trading volume.

Your trading opportunities are ultimately determined by the markets available to you. With 1459 coins, Gate.io doesn’t technically have the most number of cryptocurrencies, but it does have the most number of markets. This means Gate.io offers more opportunities than any other exchange.

When you manage to find an exchange with such a high number of cryptocurrencies and trading markets, the most common drawback you’ll encounter is a low trading volume. This ultimately results in low liquidity, meaning you can’t always make the trades you want. But this is not the case with Gate.io. It has a reasonably good liquidity score of 4.9 which makes it a good choice for anyone looking to trade with a large playing field.

Why we chose it: Gate.io made it to the top of our list for its highest number of trading markets out of all crypto exchanges. That coupled with low fees, high security, and additional trading features make it one of the best crypto exchanges out there.

Second-highest number of cryptocurrencies
Highest number of trading markets
Relatively low fees

Limited fiat support
Not beginner-friendly
Largely unregulated

Fees

Gate.io isn’t the cheapest exchange to trade on but its fees are relatively lower. It charges a 0.20% maker/taker fee which gradually decreases to 0.155% when you trade in large volumes. The exchange also offers a discount on fees on transactions involving its native coin, GateToken.

Liquidity and Trading Volume

This crypto trading platform has one of the highest trading volumes and liquidity scores among others offering a similar number of coins and markets. Gate.io frequently ranks among the top ten exchanges around the world when it comes to trading volume and liquidity.

Number of Markets

With more than 2920 markets, Gate.io is the single largest crypto exchange in terms of markets. With hundreds of spot, perpetual, and futures markets, it offers you the widest range of trading choices on a single platform.

MEXC: Best for Global Coverage

Number of cryptocurrencies: 1437+

Fees: 0.014%-0.20%

★★★★★

4.5

Visit

Also known as MEXC Global, MEXC is a professional crypto exchange offering its services around the world. With 1437 cryptocurrencies, it has the third-largest coin listing in the world. The exchange has a strong founding team behind it as its members come from leading blockchain and finance companies. The team claims to be working on blockchain technology ever since its inception.

MEXC is truly a global exchange as it’s licensed to operate in the US, Canada, Australia, and more than 200 other countries and regions. It also supports several fiat currencies including the USD, TWD, PHP, AED, AUD, JPY, CAD, and the PKR.

Apart from being a leading trading platform in terms of listed cryptocurrencies, MEXC offers an all-in-one trading platform where you trade a variety of digital assets. This includes spot, margin, leveraged ETF, and futures trading services.

It’s also one of the most secure exchanges as it keeps assets safe in a cold-storage crypto wallet. The exchange hasn’t experienced any significant security lapses since its launch.

Why we chose it: MEXC has 1437 listed cryptocurrencies and 1711 trading markets, making it an excellent option if you’re looking for a wide range of trading options.

Works in 200+ countries
Offers a wide range of trading options
Secure exchange

Doesn’t partner with trading bots
Lacking customer support
Needs more transparency

Fees

MEXC charges a 0.20% maker/taker fee on spot trading. All spot trading transactions are charged at the same rate. Futures trading maker/taker fees are 0.020%/0.060% and go as low as 0.014% for trade volumes over $500 million.

Trading Volume and Liquidity

The trading platform serves over 6 million users. It has a higher average trading volume than Gate.io and also has a higher liquidity score of 5.3/10.

Number of Markets

Despite a roughly similar number of listed cryptocurrencies, MEXC has a much lower number of markets than Gate.io. It offers around 1700+ options compared to Gate.io’s 2900+ trading markets.

KuCoin: Best for Earning Options

Number of cryptocurrencies: 732+

Fees: 0.0125%-0.1%

★★★★★

4.3

Visit

On any other list, you’d find KuCoin as the crypto exchange with most coins. But since this buyer’s guide is specifically about the best crypto exchanges with the most coins, KuCoin is a bit behind in the race with just around 730 digital currencies.

Generally speaking, KuCoin is right at the top with the best crypto trading platforms. It charges low fees and has an impressive average trading volume and liquidity score. It works in more than 200 countries. However, KuCoin is not licensed to operate in the US.

It also has a complex user interface, so it’s not the best choice if you’re just learning how to trade crypto. But it has low trading fees and a range of earning options including crypto staking, lending, and even an NFT trading platform.

Why we chose it: KuCoin is a high-quality crypto exchange with low fees, and a variety of earning options including staking, lending, KuCoin Earn, KuCoin Pool, and Cloud Mining.

Low fees
Offers a variety of earning options
24/7 customer service

Not licensed in the US
Not beginner-friendly
Low trading volumes

Fees

KuCoin charges relatively lower fees at 0.1% for each spot trade. This is much lower than other top trading platforms. The maker/taker fees decrease further as your trade volume increases.

Trading Volume and Liquidity

KuCoin lacks trading volume and liquidity when it comes to the top ten best exchanges in the market. Although its liquidity score is good at 5.6/10, it still has a lot of ground to cover to reach industry leaders like Binance, Kraken, and FTX.

Number of Markets

KuCoin has around 1350+ markets including spot and futures catalogs. It also has a separate New Listings page to keep you updated with new arrivals.

Huobi Global: Best for Liquidity

Number of cryptocurrencies: 569+

Fees: 0.07%-0.20%

★★★★★

4.2

Visit

Huobi Global is one of the world’s most used crypto exchanges with a stronghold in the Asian market. Just like Gate.io, it was launched in 2013 and has developed a solid user base since then.

This exchange is a complete digital asset ecosystem in itself as it covers spot and derivatives trading, staking, crypto lending, and other yield-generating opportunities from crypto holdings. The best thing about Huobi is the deep liquidity you’ll find on the exchange with one of the highest average trading volumes.

Although it has a good user interface, beginners might find it tough to find their way around the large number of services being offered on the platform. Plus, like a lot of other global exchanges, Huobi doesn’t work in the US.

Why we chose it: With more than 569 coins, Huobi can be a good choice for anyone who’s looking for a combination of liquidity and yield-generating options.

One of the most liquid exchanges
Wide range of yield-generating options
Low trading fees

Not available in the US
Difficult for beginners to navigate
Reputation issues

Fees

Huobi charges a 0.2% base fee. But if you’re a Huobi Token holder, you can get a discount based on the value of your holding. The fee rate is reduced to 0.18% if you have more than 10 HT tokens. It can go down to as low as 0.07% for holdings of over 5000 HT.

Trading Volume and Liquidity

Huobi Global’s trading volume and liquidity are arguably its strongest selling points. With millions of users primarily from Asia, the exchange offers deep liquidity in BTC and ETH markets.

Number of Markets

Huobi global has a total of 1120+ spot and futures trading markets. Its BTC/USDT and ETH/USDT trading pairs are popular for their liquidity.

Binance: Best for Trading Volume

Number of cryptocurrencies: 395+

Fees: 0.5%-4.5%

★★★★★

4.0

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Usually you’d find Binance right at the top spot of best crypto exchange lists, if not in the top three. But you find it lower in this guide because, with just around 395+ coins, Binance’s list of cryptocurrencies is smaller than that of Gate.io, KuCoin, or Huobi Global.

Still, hitting around 400 coins, Binance has a considerable collection of coins available for trading. Note that while Binance’s website claims 600+ digital currencies, we found that number to be inaccurately reported when we manually counted the rows on its markets page.

Binance is the most used crypto exchange around the world with the highest trading volume of all exchanges. It boasts a liquidity score higher than others on this list which makes it a highly attractive choice for any trader. Note that Binance doesn’t work in the US either. It has a separate version for the US called Binance.US with a very limited list of coins.

Why we chose it: Binance is the world’s most popular crypto exchange with the highest trading volume and liquidity score. It also has an impressive catalog of coins with around 395+ digital currencies.

Highly liquid exchange
Advanced trading features
Offers a proprietary wallet

Not available in the US
Not beginner-friendly
Faces regulatory issues in different countries

Fees

Binance charges a 0.1% maker/taker fees on spot trades. You get a 25% discount on the fee which brings the total feel down to 0.075%. When it comes to transaction fees, you’ll have to pay up to 4.5% if you make a purchase with a debit card.

Trading Volume and Liquidity

Binance is the single largest crypto exchange in terms of trading volume. With the highest liquidity score, you can expect your orders to be filled right away.

Number of Markets

Although Binance doesn’t have more coins listed than KuCoin or Huobi Global, it has more trading markets than them. This is simply because it has the largest number of users trading in several different pairs in the spot and futures markets.

FTX: Best for Advanced Features

Number of cryptocurrencies: 300+

Fees: 0.07%-0.02%

★★★★★

3.8

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FTX is a good choice for advanced traders, even if it isn’t the top crypto exchange with most coins. It offers sophisticated products including margin and derivatives trading and has its own digital wallet to keep funds secure.

The exchange was launched in 2019 which makes it a newcomer to the space. Still, with its advanced features and quality offerings, it has quickly risen to become a popular crypto trading platform, especially for pros.

You must note that the global version of the exchange does not work in the US due to regulatory issues. Like Binance, FTX has a special US version called FTX.US.

Why we chose it: FTX offers highly sophisticated features making it an excellent choice for crypto pros looking for a wide range of digital currencies to trade.

Low fees
Advanced features
Has an NFT marketplace

Not available in the US
Not beginner-friendly
Limited customer support

Fees

Like most other exchanges, FTX follows a maker/taker fee model but it charges different maker and taker fees. Fees start at 0.02% for the maker and 0.07% for the taker and can go down to as low as 0% with trade volume.

Trading Volume and Liquidity

FTX has a high average trading volume and boasts an attractive liquidity score of 7.3/10. This is much higher than all other exchanges on this list except Binance.

Number of Markets

Similar to its cryptocurrencies catalog, FTX has the lowest number of markets on this list. This means fewer trading options than other exchanges. Still, 440 trading markets are not bad at all, especially if they come with advanced trading features such as those FTX offers.

Hotbit: Crypto Exchange with the Most Coins

Number of cryptocurrencies: 1549+

Fees: -0.50%-0.65%

★★★★★

3.0

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Hotbit Review

The only reason why Hotbit is on this list is the number of cryptocurrencies it supports. It’s not the best crypto exchange when you consider other important factors like liquidity, fees, and security. However, with more than 1549 coins, it’s the single crypto exchange with the most coins.

Apart from its weaknesses of low liquidity, trading volume, and a small user base, Hotbit covers a lot of ground in terms of coverage. Not only does it cover the largest variety of cryptocurrencies, but it also works in more than 170 countries and supports six languages including English, Chinese, Turkish, Russian, Thai, and Korean.

Hotbit doesn’t work in the US which is a huge drawback. It’s a relatively new trading platform launched in early 2018. It has good features which promise a bright future ahead, but for now, we won’t recommend it for trading. It has a very low liquidity score and trading volume which means you won’t be able to trade freely even if it offers the most number of cryptocurrencies.

Why we chose it: The only reason Hotbit is on this list is the sheer number of coins it supports. With more than 1549 tokens, it offers more coins than any other crypto exchange out there.

Largest cryptocurrency list
Works in 170+ countries
Offers lending and DeFi products

Very low liquidity
Doesn’t work in the US
Doesn’t offer margin trading

Fees

Hotbit has an interesting fee structure. It has negative maker fees ranging from -0.05% to -0.50%. This means if you’re an order maker, the exchange pays you instead of you paying it. The taker fees range from 0.20% to 0.65% depending on the market type you’re trading in.

Liquidity and Trading Volume

Hotbit is not a widely used cryptocurrency exchange. With a low number of users, the exchange has a low trading volume and liquidity. This means your buying and selling orders may not be filled right away.

Number of Markets

Hotbit has the highest number of coins but it doesn’t have the most markets or active trading pairs. With some 1932 markets, it has lower trading opportunities than Gate.io.

Methodology for the Best Crypto Exchange with Most Coins

Picking the best crypto exchanges with the most coins is a lot like picking the best crypto exchanges. It’s just that the number of cryptocurrencies and markets on each exchange is given more weightage. This is also the reason why exchanges like Gate.io and MEXC rank higher than Binance and FTX.

Number of cryptocurrencies: This is the single most important criterion we based this guide on. People prefer trading on an exchange that supports a large number of coins which gives them greater freedom to enter different trades and invest in new and growing altcoins.
Number of markets: Markets are the different spot and futures trading pairs you’ll find on an exchange. In other words, it’s just a number of the different kinds of trades you can enter on an exchange.
Fees: The trading and transaction fees you pay for trading on an exchange are just the price you pay for using its services. The lower the fees, the higher the exchange ranks.
Trading volume and liquidity: Trading volume and liquidity are very important factors when it comes to trading. The higher they are, the more freedom you’ll have to make the trades you want. Low trading volume and liquidity often mean you can’t enter and exit trades when you want.

Frequently Asked Questions (FAQs) for Crypto Exchange with Most Coins

Here are some of the most frequently asked questions about crypto trading platforms with the largest coin listings.

Which crypto exchange has the most cryptos?

Hotbit has the most number of cryptocurrencies with more than 1549 coins. Gate.io has the second-highest number with 1459+ coins.

What is the highest-rated crypto exchange?

Binance is the highest-rated crypto exchange as it has the largest trading volume and liquidity score in the market. It also offers advanced trading features and a vast listing of coins making it the overall highest-rated exchange. FTX is the second-highest-rated exchange.

Which crypto wallet supports the most coins?

Ledger supports the most number of cryptocurrencies. The website suggests you can store more than 5500 coins on the hardware wallet including all major digital currencies and emerging projects.

Bottom Line on the Best Crypto Exchange with Most Coins

Although Hotbit technically holds the highest number of coins, it’s not worth using yet for its low trading volume. Use Gate.io if you want a wide range of coins to play with. FTX and Binance are two options we always recommend as they come with everything you need to trade crypto.