The Best Financial Products Out There Right Now

We asked some of our savviest friends to nominate the best apps, accounts, and services. After lots of vetting and debating, we're happy to share the official winners of our seventh annual Smart Money Awards!

- BY MELISSA MATTHEWS

Banking

Best High-Yield Savings Account Bread Financial FEE: NONE

Looking to park some cash in a savings account? Why earn an annual percentage yield (APY) of around 0.4% with a regular one when you can get 10 times that with a high-yield account? As for which one, Marguerita Cheng, a certified financial planner (CFP) and the CEO of Blue Ocean Global Wealth in Gaithersburg, Maryland, likes Bread Financial so much, she often has clients set up an account while they're still on a call with her. “The company provides competitive rates, and the website is easy to navigate,” she says. There's no monthly fee, and $100 gets you started.

Best No-Fee Checking SoFi FEE: NONE

It's hard to beat this second-year-in-a-row winner, says Aja Evans, a licensed mental health counselor specializing in financial therapy and the author of Feel Good Finance. “SoFi’s checking account offers amazing benefits without the usual fees. There's no account minimum, and you get free access to a ton of ATMs.” You also get a high-yield savings account, which doesn't require a minimum balance and has pretty solid rates—3.8% last we checked!

Best Online Bank Ally FEE: NONE

Another repeat winner from last year. It continues to go unmatched, says Ashley Feinstein Gerstley, CFP, founder of the Fiscal Femme, a financial education platform for women. “The app and website get rave reviews, there are no monthly fees, and Ally has competitive interest rates,” she says. We love that you can earn interest without having to meet a minimum balance requirement.

Best CD American Express FEE: NONE