U.S. News & World Report Unveils Inaugural Banking, Investing Platforms & Lender Awards

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Jun 27, 2023, 00:01 ET

The awards address the current economic climate by featuring an editors' choice award for beating high
mortgage rates.

WASHINGTON, June 27, 2023 /PRNewswire/ -- U.S. News & World Report, the global authority in rankings and consumer advice, today announced the winners of its first-ever Banking, Investing Platforms and Lender Awards. The winners for the 2023-2024 awards were recognized across seven categories, with PenFed Credit Union securing this year's Editors' Choice Award: Best Lender for Beating High Mortgage Rates.

The housing market has experienced incredible turmoil over the past two years as mortgage rates have soared from below 3% to over 7%. PenFed Credit Union won the Editors' Choice Award with high scores among the top-rated lenders for affordability.

"Today's homebuyers are contending with an affordability crisis fueled by high interest rates and unyielding home prices, so it's important to find a mortgage lender that can provide some financial relief," said Erika Giovanetti, loans expert and reporter at U.S. News. "PenFed offers competitive rates, a 60-day rate lock and up to $1,500 in closing credits, making it a good choice for overcoming high housing costs."

U.S. News' new awards come as rising interest rates, inflation and a generally unpredictable investing market continue to impact the financial lives of consumers. The awards highlight trusted resources to help consumers identify the financial institutions most likely to meet their needs.

The 2023-2024 U.S. News Banking, Investment Platforms & Lender Awards Winners:

Editors' Choice: Best Lender for Beating High Mortgage Rates – PenFed Credit Union
Best Mortgage Lender – AmeriSave
Best Mortgage Refinancing Lender – New American Funding
Best Private Student Loan Lender – Earnest
Best Private Student Loan Refinancing Lender – Laurel Road
Best Personal Loan Lender – Discover
Best Debt Consolidation Loan Lender – SoFi
Best Checking Account – Axos Bank Rewards Checking
Best Savings Account – Bask Bank Interest Savings Account
Best CD Account – Barclays Bank 12-month CD
Best Investing Platform – Charles Schwab
Best Investing Platform for Beginners – Fidelity Investments

U.S. News determined the winning institutions using comprehensive, data-driven methodologies including factors specific to their respective categories: annual percentage yield, ATM availability, customer complaints and more for banking; useability, product and account offerings, customer support and fees for investing platforms; and affordability, eligibility and customer service for lenders. For more information, read the methodologies for Banking, Investing Platforms and Lender HYPERLINK "https://money.usnews.com/loans/methodology"s.

U.S. News also publishes in-depth personal finance, investing and loans content to help consumers make the best money-related decisions for them. Consumers can find advice about banking, loans and much more.

Media Contact: Santierra Hutson, [email protected], 202-955-2119.

About U.S. News & World Report

U.S. News & World Report is the global leader in quality rankings that empower consumers, business leaders and policy officials to make better, more informed decisions about important issues affecting their lives and communities. A multifaceted digital media company with Education, Health, Money, Travel, Cars, News, Real Estate, Careers and 360 Reviews platforms, U.S. News provides rankings, independent reporting, data journalism, consumer advice and U.S. News Live events. More than 40 million people visit USNews.com each month for research and guidance. Founded in 1933, U.S. News is headquartered in Washington, D.C.

SOURCE U.S. News & World Report, L.P.