The latest CPI data indicating a continued rise in inflation underscores the importance of optimizing your financial strategies. As inflation persists, reassessing your banking choices becomes crucial to ensure your accounts are working for you.
Whether you’re in the market for a new checking account, a high-yield savings option, or exploring certificates of deposit (CDs), selecting the right bank is a significant financial decision. Your priorities might range from user-friendly mobile apps to extensive ATM networks, or perhaps maximizing interest rates is your primary goal.
Remember, there’s no obligation to consolidate all your banking needs under one roof. You have the flexibility to diversify your financial portfolio by utilizing services from multiple institutions, tailoring your banking to best suit your diverse financial goals. Always conduct thorough research and compare various options when considering opening a new bank account to make informed choices.
Overview of the Best Banks
Our curated list highlights the best banks across different categories. The personal finance experts at Business Insider have meticulously reviewed over 200 financial institutions to bring you these top recommendations, each excelling in specific areas:
- Capital One: Best for a leading national brand checking account
- Chase: Best for customers prioritizing a vast branch network
- Axos Bank: Best for a diverse selection of online account types
- Discover®: Best for centralized banking solutions
- Ally: Best for maximizing savings and investment growth
- Synchrony Bank: Best for high-yield savings from a reputable national bank
- TD Bank: Best for superior customer service experiences
- TotalBank: Best for leading interest rates on Certificates of Deposit (CDs)
- Barclays: Best for attractive high-yield savings account interest rates
Featured Bank Account Offers
Best online checking account
Capital One 360 Checking
Start banking Capital One, Member FDIC
Capital One Capital One 360 Checking
Insider’s Rating
★★★★★
4.75/5
Perks Earn $250 when you open a checking account using the code CHECKING250 and receive at least 2 direct deposits, each of $500 or more, within 75 days of account opening
Fees
no monthly service fee
Annual Percentage Yield (APY)
See website for details
Minimum Opening Deposit
$0
Bonus
$250
Pros
- Earn interest on all balances
- No opening deposit or minimum balance requirements
- No monthly service fees
- No foreign transaction fees
- Multiple overdraft protection options
- Early direct deposit processing
Cons
- No reimbursement for out-of-network ATM fees
- Limited phone-based customer service access
Insider’s Take Capital One stands out as a robust banking option overall. Benefit from competitive interest rates on their online savings and CD products.
Capital One 360 Checking review
Product Details
- Earn a $250 bonus with code CHECKING250 and 2+ direct deposits of $500+ within 75 days
- Access to over 70,000 fee-free ATMs nationwide
- Branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Interest compounds daily, paid monthly
- FDIC insured
Best for doing all of your banking at one place
Discover® Bank
Start banking Discover Bank, Member FDIC
Insider’s Rating
★★★★★
4.25/5
Perks Earn cash back with your debit card
Annual Percentage Yield (APY)
Varies depending on account
Minimum Opening Deposit
Varies depending on account
Pros
- Debit card cash back rewards
- High interest rates on savings, CD, and money market accounts
- Long CD terms available
- 24/7 customer service
Cons
- No reimbursement for out-of-network ATM fees
Discover® Bank review
Product Details
- Online bank with no physical branches
- Access to 60,000+ fee-free ATMs
- Interest on interest-earning accounts compounds daily
- Member FDIC
SoFi® Checking and Savings (Member FDIC)
Start saving SoFi Bank, N.A., Member FDIC
SoFi® SoFi® Checking and Savings (Member FDIC)
Insider’s Rating
★★★★★
4.75/5
Perks Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 1/31/2026. Earn up to 3.80% APY on savings balances (including Vaults) with direct deposit or qualifying deposit.
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 3.80%
Minimum Opening Deposit
$0
Bonus
up to $300
Pros
- FDIC insured up to $2 million
- Competitive high interest rates
- Higher interest rates with qualifying activities
- No minimum opening deposit
- No monthly service fees
- Up to $300 bonus with qualifying direct deposit (terms apply)
- Savings tools available
- Early direct deposit feature
- Joint accounts offered
Cons
- Purchase declines for overdraws exceeding $50
- No reimbursement of out-of-network ATM fees
- Cash deposits via Green Dot locations incur a $4.95 fee
Insider’s Take SoFi Checking and Savings is an excellent consolidated account option for both checking and savings.
SoFi® Checking and Savings (Member FDIC) review
Product Details
- Sign-up bonus up to $300 with qualifying direct deposit
- Up to 3.80% APY with direct deposit or $5,000+ qualifying deposits
- $2 million FDIC insurance via network of participating banks
- 55,000+ fee-free ATMs
Compare the Best Banks in America
The best banks in America are recognized for their comprehensive financial products, diverse services, and exceptional customer support. Our selection includes both online and traditional brick-and-mortar banks to cater to varying customer preferences and banking needs.
Each of our top bank selections stands out for unique features and specialized services. Delve deeper into our detailed reviews of the best banks below.
Capital One Bank
Capital One 360 Checking is consistently ranked as a top checking account choice. It eliminates overdraft, foreign transaction, and monthly service fees, and requires no minimum opening deposit. Capital One is also recognized for customer satisfaction, holding the No. 1 rank in J.D. Power’s U.S. National Banking Satisfaction Study.
While you benefit from free ATM access at over 70,000 locations nationwide, Capital One does not reimburse fees from out-of-network ATM providers, unlike some online banks.
Capital One Capital One 360 Checking
Using a Capital One ATM allows customers to conduct fee-free transactions, highlighting the bank’s extensive network and customer-centric services.
Capital One’s savings account and CD rates surpass the national average, making it advantageous to consider multiple accounts with them.
Although primarily an online bank, Capital One maintains a physical presence with over 280 branches in seven states and approximately 50 Capital One Cafés. These Cafés offer a unique blend of banking services, coffee, and financial coaching. Capital One checking customers enjoy access to 70,000+ fee-free ATMs within the Capital One, MoneyPass, and Allpoint networks, including select retail locations like Target, Walgreens, and CVS.
Capital One Bank Review
Chase Bank
Chase boasts an expansive branch network, exceeding both Bank of America and Wells Fargo in state presence. They provide a wide array of account types, with potential benefits like relationship rates for customers holding multiple accounts. Chase is recognized in guides for best kids savings accounts and top national banks.
Monthly service fees apply if account requirements are not met, and out-of-network ATM usage also incurs fees.
Chase operates over 4,700 branches across the contiguous US and around 16,000 ATMs, providing extensive in-person banking access.
Discover® Bank Discover® Bank
Chase Bank’s widespread branch network ensures convenient in-person banking services for a large customer base across the United States.
Chase Bank Review
Axos Bank
Axos Bank distinguishes itself with five specialized checking account options tailored to diverse needs:
- Essential Checking: Offers early access to paychecks, up to two days in advance.
- Rewards Checking: Features a high Annual Percentage Yield (APY).
- CashBack Checking: Provides up to 1% cash back on debit card purchases.
- Golden Checking: Designed for customers aged 55 and over.
- First Checking: Specifically for teenagers aged 13-17.
A minimum deposit of $250 is required to open an Axos high-yield savings account, unlike some competitors with no initial deposit requirements.
Meeting specific criteria is necessary to earn up to 3.30% APY with an Axos Bank Rewards Checking account. These include:
- 0.40% APY with monthly direct deposits totaling at least $1,500 (a prerequisite for any interest accrual).
- 0.30% APY for either 10 monthly Axos Visa® Debit Card transactions (minimum $3 each) or enrollment in Account Aggregation/Personal Finance Manager (PFM) via online banking.
- 0.99% APY by maintaining a $2,500 average daily balance in an Axos Managed Portfolios Invest Account.
- 0.99% APY by maintaining a $2,500 average daily balance in an Axos Self Directed Trading Invest Account.
- 0.60% APY by using the account for monthly Axos consumer loan payments.
As a fully online bank, Axos lacks physical branches but compensates with access to approximately 91,000 ATMs. While Axos doesn’t specify an ATM network, free ATMs are widely accessible, and generous out-of-network ATM fee reimbursements are available when needed.
Axos Bank Review
Discover Bank
Discover Bank is a versatile choice for customers seeking a single institution for comprehensive financial services, including banking, investing, and borrowing, alongside credit card offerings. It’s particularly attractive for debit card cash back, earning 1% on up to $3,000 in monthly purchases.
No initial deposit is required for checking, savings, CD, or money market accounts, enhancing accessibility.
Discover operates only one physical branch in Delaware. However, customers enjoy free access to over 60,000 ATMs via the Allpoint and MoneyPass networks.
SoFi® SoFi® Checking and Savings (Member FDIC)
The Discover Bank logo symbolizes its wide range of financial services, from banking to credit cards, catering to diverse customer needs.
Discover Bank Review
Ally
Ally Bank is recognized as a leading online bank, offering robust banking and investment platforms.
It provides a comprehensive suite of savings products, including high-yield savings accounts, money market accounts, traditional CDs, No-Penalty CDs, and Raise Your Rate CDs, exceeding the variety offered by many banks. Ally also eliminates minimum opening deposits across all accounts, allowing banking access regardless of initial amount.
The Ally Savings Account stands out with its innovative “bucketing” feature, enabling users to allocate savings towards specific financial goals like emergency funds or travel.
Ally also features a top-tier investment app for beginners, and its robo-advisor service is a strong option for those starting their investment journey.
Ally Bank Review
Synchrony Bank
Synchrony Bank offers a high 4.00% APY on its high-yield savings account, significantly competitive among established banks. It requires no minimum deposit and charges no monthly fees. Uniquely, it provides an ATM card with its savings account, facilitating easy access to funds—a rare feature for savings accounts.
Synchrony’s offerings are focused on high-yield savings, CDs, and money market accounts, without checking accounts. Transfers to external checking accounts may take a few business days. However, the ATM card access to savings balances provides greater liquidity compared to many banks lacking checking account services.
As an online-only bank, Synchrony has no physical branches. It leverages the Plus, STAR, or NYCE ATM networks for fee-free withdrawals and reimburses up to $5 monthly for out-of-network ATM operator fees.
Synchrony Bank Review
TD Bank
TD Bank ranks highly for customer satisfaction, securing third place in J.D. Power’s 2024 U.S. National Banking Satisfaction Study. Many branches offer extended hours, open seven days a week, accommodating customers with weekday constraints.
While TD Bank’s ATM fees are comparable, specific checking account terms impact out-of-network ATM fee policies.
Notably, only the TD Bank Beyond Checking Account waives non-TD Bank ATM fees, and this waiver requires maintaining a $2,500 minimum balance for reimbursement of out-of-network ATM operator charges.
TD Bank operates over 1,100 branches across 16 states and approximately 2,600 ATMs, offering substantial physical banking access across its footprint.
TD Bank branch exterior highlighting its customer service focus
The welcoming exterior of a TD Bank branch emphasizes its commitment to customer service and accessible banking solutions.
TD Bank Review
TotalBank
TotalBank is a fully online financial institution specializing in competitive CD rates. It offers some of the highest CD rates nationwide across various terms: 3-month, 6-month, 1-year, 2-year, 3-year, and 5-year CDs, ranging from 4.11% to 4.51% APY.
TotalBank’s Online Money Market account is also noteworthy, offering up to 4.51% APY with no monthly service fees.
However, TotalBank’s product range is limited to CDs and money market accounts. It may not be ideal as a primary bank for customers seeking a full suite of banking services, including checking or savings accounts, loans, or credit cards.
Barclays
Barclays Bank is a top choice for high-yield savings accounts currently. Its Tiered Savings account offers 4.15% to 4.40% APY, significantly outperforming the national average.
Interest earnings scale with account balances. New savings account openings may also qualify for a $200 bonus under specific terms (offer expiring 3/8/25).
Barclays also presents highly competitive CD rates with no minimum opening deposit requirements.
However, Barclays does not offer checking accounts. Customers requiring checking services should consider alternative banking solutions.
Barclays Bank Review
Importance of Choosing the Right Bank
Selecting the right bank hinges on understanding your personal financial needs and banking preferences. Consider your banking goals: are you opening a single account or planning for multiple accounts and services? Do you prefer in-branch interactions or digital banking convenience? Do specific values, such as supporting women-led or minority-owned institutions, influence your choice?
For those currently unbanked due to ID limitations, options exist. Banks catering to immigrants and non-U.S. citizens accept foreign passports or Matricula Consular for account opening.
To refine your bank selection, identify key features aligning with your banking priorities. We provide guidance on specific bank attributes based on your desired banking experience, including resources for women-owned, Black-owned, and Hispanic-American-owned banks.
Top Banks for Savings Accounts
The best banks for savings accounts offer competitive interest rates. While the average savings account APY is 0.41%, high-yield savings accounts significantly exceed this. Top rates can reach up to 5% APY. Smaller banks often lead in savings rates, but national banks like Synchrony also offer excellent yields.
Be mindful of potential fees like monthly maintenance, excess transaction, paper statement, and inactivity fees. Many banks waive these fees under certain conditions, while some eliminate them entirely.
Best Banks for Checking Accounts
The best banks for checking accounts prioritize easy access to your funds. This includes extensive ATM networks and branch availability for in-person banking. For digital banking users, mobile deposit options and robust mobile apps are essential.
Optimal checking accounts also minimize common bank fees such as monthly service, overdraft, and out-of-network ATM fees. Some accounts offer added perks like sign-up bonuses, interest earnings, or cash-back debit cards.
Banks with the Best Customer Service
To identify banks excelling in customer service, we reference the J.D. Power 2024 U.S. National Banking Satisfaction Study, based on nearly 11,000 customer responses from July to October 2024. Capital One, Chase, and TD Bank emerged as top-rated for overall customer satisfaction.
For extended support access, banks with 24/7 customer service are advantageous.
Checking a bank holiday schedule can also inform branch availability on specific holidays.
Best Bank for an Online-Only Experience
Online banks excel in digital convenience, often lacking physical branches but providing robust mobile and online platforms.
The top online banks offer free checking and savings accounts, eliminating monthly service fees and often overdraft fees.
Best Banks for In-Person Banking
Brick-and-mortar banks distinguish themselves with comprehensive account options and services. They provide diverse checking and savings accounts, home loans, credit cards, personal loans, and relationship banking benefits, such as fee waivers or discounts for multiple accounts.
While brick-and-mortar banks often have monthly service and overdraft fees, leading institutions offer multiple fee waiver options, such as maintaining minimum balances or setting up direct deposits. Overdraft protection via linked savings accounts or credit lines is also typically available, potentially at lower costs than standard overdraft fees.
Differences Between Online Banks and Traditional Banks
The primary distinction between online and traditional banks is the physical presence of branches in traditional banks, which online banks generally lack.
Online banks often have lower fee structures and higher savings interest rates due to reduced overhead costs.
However, brick-and-mortar banks typically offer a broader range of accounts and services, including foreign currency exchange and varied CD terms.
How to Choose Between a Traditional and Online Bank
The choice between traditional and online banks depends on individual preferences.
Online banks often feature no monthly service fees and no overdraft fees, but require comfort with digital account management. If branch access is preferred, traditional banks are suitable, provided you select accounts with manageable or waivable fees.
How to Switch Banks
Switching banks involves finding a new bank that better aligns with your needs, ensuring it offers desired accounts and services with favorable fee structures.
Account opening can be initiated online, in-branch, or via phone, requiring identity verification with a Social Security number and government-issued ID.
Once your new account is active, you can close your old account. Update direct deposit information with your employer and modify autopay settings for bills linked to the old account.
Bank Trustworthiness and BBB Ratings
Our reviews consider bank ethics, settlement history, and Better Business Bureau (BBB) ratings to assess trustworthiness.
BBB grades reflect responses to complaints, advertising practices, and business transparency.
While a strong BBB grade is indicative, it’s not a guarantee of a flawless customer experience. Online reviews and public records can provide further insights.
Brick-and-mortar banks
| Institution | BBB grade |
|---|---|
| TD Bank | D+ |
| Chase | A- |
TD Bank’s D+ rating stems from government action related to unauthorized Debit Card Advance service charges.
Chase faced a $75 million settlement in 2023 related to Jeffrey Epstein case allegations.
Online banks
| Institution | BBB grade |
|---|---|
| Axos Bank | A+ |
| Capital One 360 | A+ |
| Synchrony | NR |
| Discover | A+ |
| TotalBank | A- |
| Barclays | A+ |
Synchrony has an NR rating due to ongoing complaint resolution processes.
TotalBank’s A- rating is due to an unresolved customer complaint.
Synchrony settled for $2.6 million in 2023 over alleged calls to customers about non-existent accounts.
Discover settled for $1 million in 2024 regarding loan denials to DACA recipients based on immigration status, agreeing to revise lending rules.
Barclays settled with the SEC for $361 million in 2022 over unregistered securities issues, neither admitting nor denying charges.
Best Banks FAQs
What are the best banks for savings accounts?
Online banks and banks with no-fee high-yield savings accounts are generally the best for savings. Online banks often offer higher APYs and lower fees due to lower overheads. Physical banks are better for frequent cash deposits.
Which banks have the lowest fees for checking accounts?
Online banks typically offer the lowest checking account fees. For in-person banking preference, checking accounts with fee waiver options are available at traditional banks.
How can I choose the best bank?
Consider your preferred banking type (traditional, online, credit union) and compare account fees, interest rates, opening requirements, and perks across institutions. Evaluate your overall banking needs and potential future service requirements.
What is the No. 1 bank in America?
Chase, based on branch locations, offers extensive physical access and customer service. It also holds a high BBB rating.
Which bank has the most complaints?
Citibank may have a higher complaint volume and has an F rating from the BBB, lacking accreditation.
Why You Should Trust Us: Our Expert Panel for the Best Banks
To provide expert insights on bank selection, we consulted:
- Tania Brown, CFP®, OfColor, emphasizing FDIC insurance and aligning bank type with personal banking preferences.
- Sophia Acevedo, Banking Editor, Business Insider, focusing on fee structures, APYs, and personal banking priorities.
- Mykail James, MBA, BoujieBudgets.com, highlighting bank accessibility, branch locations, and cybersecurity in online banking.
- Roger Ma, CFP®, author of “Work Your Money, Not Your Life,” addressing ease of fund transfers and interest rates in online banking.
Our Methodology: How We Chose the Best Banks
Business Insider’s personal finance team evaluated over 200 financial institutions, prioritizing product range and customer service quality.
Our editorial standards ensure independence and objectivity in product ratings and reviews.
Key factors in our evaluation include ease of access to funds (branch and ATM networks), affordability (fees and interest rates), and fee waiver policies.
Bank products are rated on a one-to-five-star scale, with a five-star rating indicating superior performance.
Our bank account rating methodology scores features on a zero-to-five scale, weighted to reflect their impact on customer experience, such as interest rates and fees.
Top Offers From Our Partners
SoFi® Checking and Savings (Member FDIC)
Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 1/31/2026. Earn up to 3.80% APY on savings balances (including Vaults) with direct deposit or qualifying deposit.
