The latest CPI data indicates a continued rise in inflation, marking the fourth consecutive month of increases. This economic trend underscores the importance of carefully managing your financial resources and ensuring your banking choices are optimized for your needs. In times of inflation, it’s prudent to re-evaluate your financial setup and consider whether your current bank accounts are truly serving your best interests.
Switching banks might seem like a daunting task, but it can be a strategic move if your current financial institution isn’t aligning with your goals, especially as inflation impacts the value of your savings. Whether you’re seeking a better checking account, a high-yield savings option, or exploring Certificate of Deposits (CDs), selecting the right bank is a crucial financial decision. Your priorities might range from a user-friendly mobile app and a wide ATM network to securing the most competitive interest rates.
It’s important to remember that you’re not confined to a single bank for all your financial needs. You have the flexibility to diversify and utilize services from multiple financial institutions, tailoring your banking portfolio to your specific requirements. The key is to explore a range of options whenever you’re considering opening a new bank account, ensuring you’re aware of the diverse landscape of banking services available.
Overview of the Best Banks
Our team of personal finance experts at Business Insider has conducted extensive reviews of over 200 financial institutions to bring you our top recommendations for the best banks. These selections are based on a comprehensive evaluation of various factors, ensuring we highlight institutions that stand out for their services and benefits. Here’s a snapshot of our top picks and what makes them exceptional:
- Capital One: Best overall checking account from a national bank.
- Chase: Best for customers who value a large physical branch network.
- Axos Bank: Best for a wide selection of online account options to suit diverse needs.
- Discover® Bank: Best for consolidating all your banking services within one institution.
- Ally Bank: Best for individuals focused on maximizing savings and investment growth.
- Synchrony Bank: Best for high-yield savings accounts from a reputable national brand.
- TD Bank: Best for customers prioritizing exceptional customer service.
- TotalBank: Best for those seeking the highest interest rates on Certificate of Deposits (CDs).
- Barclays: Best for competitive high interest rates on high-yield savings accounts.
Featured Bank Account Offers
Best online checking account
Capital One 360 Checking
Start banking Capital One, Member FDIC
Capital One 360 Checking Online Account
Insider’s Rating: 4.75/5
Perks: Earn a $250 bonus when you open a checking account using the code CHECKING250 and establish at least 2 direct deposits of $500 or more within 75 days of account opening.
Fees: No monthly service fee
Annual Percentage Yield (APY): See website for current rates
Minimum Opening Deposit: $0
Bonus: $250 upon meeting requirements
Pros:
- Earns interest on all balances.
- No minimum deposit or 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.
- Customer service access via phone is limited.
Insider’s Take: Capital One is a robust banking institution overall. It offers competitive interest rates on both online savings accounts and CDs, making it a compelling choice for comprehensive banking needs.
Capital One 360 Checking Review
Product Details:
- Bonus offer: Earn $250 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 compounded daily and paid monthly.
- FDIC insured.
[Show Pros, Cons, and More](chevron down icon An icon in the shape of an angle pointing down. )
Best for doing all of your banking in one place
Discover® Bank
Start banking Discover Bank, Member FDIC
Discover Bank Online Banking Platform
Insider’s Rating: 4.25/5
Perks: Earn cash back rewards using your debit card on everyday purchases.
Annual Percentage Yield (APY): Varies by account type; check website for details
Minimum Opening Deposit: Varies by account type
Pros:
- Debit card with cash back rewards.
- High interest rates on savings, CD, and money market accounts.
- Extended CD terms available.
- 24/7 customer service accessibility.
Cons:
- Does not reimburse fees for out-of-network ATM usage.
Discover® Bank Review
Product Details:
- Online bank with no physical branch locations, offering nationwide accessibility.
- Access to 60,000+ surcharge-free ATMs.
- Interest on earning accounts compounds daily to maximize returns.
- Member FDIC, ensuring deposit security.
[Show Pros, Cons, and More](chevron down icon An icon in the shape of an angle pointing down. )
SoFi® Checking and Savings (Member FDIC)
Start saving SoFi Bank, N.A., Member FDIC
SoFi Checking and Savings Mobile App Interface
Insider’s Rating: 4.75/5
Perks: Earn up to a $300 bonus with qualifying direct deposits for eligible new members through 1/31/2026. Benefit from up to 3.80% APY on savings balances with direct deposit or qualifying deposits.
Fees: No monthly service fees.
Annual Percentage Yield (APY): Up to 3.80% on savings; see terms for qualification.
Minimum Opening Deposit: $0
Bonus: Up to $300 for new members.
Pros:
- FDIC insured up to $2 million, providing enhanced security.
- High interest rates on savings accounts.
- Opportunity to earn higher interest with qualifying activities.
- No minimum deposit to open an account.
- No monthly service fees.
- Sign-up bonus of up to $300 for eligible customers (terms apply).
- Savings tools to help manage and grow your funds.
- Early access to direct deposits.
- Joint accounts available for shared banking.
Cons:
- Purchase declined if overdrawn by more than $50.
- Does not reimburse out-of-network ATM fees charged by providers.
- Fee of $4.95 for cash deposits at Green Dot locations.
Insider’s Take: SoFi Checking and Savings is an excellent choice if you prefer managing both your checking and savings in a single, integrated account for streamlined financial management.
SoFi® Checking and Savings Review
Product Details:
- New account bonus up to $300 with qualifying direct deposit setup.
- Earn up to 3.80% APY on savings with direct deposit or qualifying deposits.
- FDIC insured up to $2 million through network banks.
- Access to over 55,000 fee-free ATMs.
[Show Pros, Cons, and More](chevron down icon An icon in the shape of an angle pointing down. )
Compare the Best Banks in America
The best banks in America are distinguished by their comprehensive suite of financial products, robust service offerings, and a strong commitment to customer satisfaction. Our selection includes both online and brick-and-mortar banks, recognizing that the ideal choice varies depending on individual preferences and banking needs.
For each of our top recommendations, we have highlighted specific features or services that set them apart. Below, we delve deeper into what makes these banks the best in the nation.
Capital One Bank
Capital One 360 Checking consistently ranks as a top checking account. It eliminates common fees such as overdraft, foreign transaction, and monthly service fees, and there are no minimum deposit requirements to open an account. Notably, Capital One secured the No. 1 position in J.D. Power’s 2024 U.S. National Banking Satisfaction Study, highlighting its commitment to customer excellence.
Customers enjoy fee-free access to over 70,000 ATMs nationwide. However, unlike some online banks, Capital One does not reimburse fees charged by out-of-network ATM operators.
Capital One’s savings account and CD rates are also notably above the national average, presenting an attractive option for those looking to consolidate multiple accounts within one institution for potentially better rates across the board.
While Capital One 360 is primarily an online bank, it maintains a physical presence with over 280 branches in seven states, along with approximately 50 Capital One Cafés. These Cafés offer a unique blend of banking services and amenities, allowing customers to enjoy Verve Coffee, consult with money coaches, and open accounts in person. Capital One checking account holders benefit from access to over 70,000 fee-free ATMs within the Capital One, MoneyPass, and Allpoint networks, including locations within select Target, Walgreens, and CVS stores.
Capital One Bank Review
Chase Bank
Chase boasts an extensive branch network, surpassing both Bank of America and Wells Fargo in the number of states with physical locations. The bank offers a broad spectrum of account types and potential benefits, such as enhanced relationship rates for customers holding multiple accounts. Chase is prominently featured in our guides for the best savings accounts for kids and as one of the best national banks overall.
It’s important to note that Chase accounts may incur monthly service fees if certain balance or activity requirements are not met, and out-of-network ATM usage also attracts fees.
Chase’s infrastructure includes over 4,700 branches across the contiguous United States and approximately 16,000 ATMs, providing widespread access for in-person banking needs.
Chase Bank Review
Axos Bank
Axos Bank provides a diverse range of checking accounts, each tailored to specific financial needs and preferences:
- Essential Checking: Offers the benefit of receiving paychecks up to two days early.
- Rewards Checking: Designed for high-yield interest earnings.
- CashBack Checking: Provides up to 1% cash back on eligible debit card purchases.
- Golden Checking: Specifically for customers aged 55 and over, with tailored benefits.
- First Checking: Aimed at teenagers aged 13-17, facilitating early financial management.
To open an Axos high-yield savings account, a minimum deposit of $250 is required, which is a consideration compared to other options on our list that may not have this requirement.
Earning the top APY of up to 3.30% with an Axos Bank Rewards Checking account involves meeting several criteria, including:
- Earning 0.40% APY by receiving at least $1,500 in monthly direct deposits (a prerequisite for earning any interest).
- Earning an additional 0.30% APY by completing either 10 Axos Visa® Debit Card transactions monthly (minimum $3 each) or enrolling in Account Aggregation/Personal Finance Manager (PFM) through online banking.
- Achieving 0.99% APY by maintaining a $2,500 average daily balance in an Axos Managed Portfolios Invest Account.
- Another 0.99% APY for maintaining a $2,500 average daily balance in an Axos Self Directed Trading Invest Account.
- And 0.60% APY by using the checking account to make monthly Axos consumer loan payments.
As a fully online bank, Axos lacks physical branches but compensates with access to approximately 91,000 ATMs nationwide. While Axos does not operate a proprietary ATM network, its broad access and reimbursement of out-of-network ATM fees (should you incur them) enhance its accessibility.
Axos Bank Review
Discover Bank
Discover Bank is a strong contender for individuals aiming to manage all their financial activities—banking, investing, and borrowing—under one roof. Its product suite includes a variety of credit cards and banking services. A notable feature is the debit card cash-back program, offering 1% cash back on up to $3,000 in monthly purchases (details on their website).
Account accessibility is also a highlight, with no initial deposit requirements for checking, savings, CD, or money market accounts.
Discover’s physical presence is minimal, with just one branch in Delaware. However, customers benefit from surcharge-free access to over 60,000 ATMs through the Allpoint and MoneyPass networks.
Discover Bank Review
Ally Bank
Ally Bank is recognized as a leading online bank due to its robust banking and investment platforms.
It offers a comprehensive range of savings options, including high-yield savings accounts, money market accounts, traditional CDs, no-penalty CDs, and bump-up CDs—a broader variety than many banks provide. Ally also distinguishes itself by eliminating minimum opening deposits across all account types, enabling customers to start banking with any amount.
The Ally Savings Account is particularly innovative with its “buckets” feature, designed to help users allocate savings towards specific financial goals, such as an emergency fund or travel expenses, directly within the savings account.
Ally also provides one of the best investment apps for beginners, including a robo-advisor service, making it an attractive option for those starting their investment journey.
Ally Bank Review
Synchrony Bank
Synchrony Bank stands out with a 4.00% APY on its high-yield savings account, which is exceptionally competitive compared to many established banks. It requires no minimum opening deposit and charges no monthly fees. Uniquely, unlike most savings accounts, Synchrony provides an ATM card for convenient access to savings.
Synchrony’s product line is focused on savings, offering high-yield savings accounts, CDs, and money market accounts, but not checking accounts. Transfers to external checking accounts may take a few business days. However, the inclusion of an ATM card facilitates easier access to funds compared to banks without checking account services.
Operating exclusively online, Synchrony has no physical branches. While it lacks its own ATM network, customers can use ATMs within the Plus, STAR, or NYCE networks without fees. Synchrony also offers reimbursement up to $5 monthly for out-of-network ATM surcharges.
Synchrony Bank Review
TD Bank
TD Bank is ranked third in customer satisfaction in the J.D. Power 2024 U.S. National Banking Satisfaction Study, reflecting its strong customer service focus. A notable advantage is the extended operating hours of many branches, open seven days a week, providing greater convenience for in-person banking, especially for those with weekday work commitments.
While TD Bank’s ATM fees are generally in line with other banks, specific checking account terms, particularly regarding ATM fee reimbursements, are important to consider when choosing an account.
Specifically, the TD Bank Beyond Checking Account is the only TD Bank checking account that waives non-TD Bank ATM usage fees. Furthermore, reimbursement of out-of-network ATM operator fees requires maintaining a $2,500 balance.
TD Bank has a substantial physical footprint with over 1,100 branches across 16 states and approximately 2,600 ATMs, primarily concentrated along the East Coast.
TD Bank Review
TotalBank
TotalBank operates as an online-only financial institution, specializing in offering some of the best CD rates available nationwide. It provides high APYs across various CD terms, including 3-month, 6-month, 1-year, 2-year, 3-year, and 5-year CDs, with rates ranging from 4.11% to 4.51% APY.
TotalBank’s money market account is also noteworthy. The TotalBank Online Money Market offers up to 4.51% APY with no monthly service fees, making it a competitive option for savings.
However, TotalBank’s product offerings are limited to CDs and money market accounts. It may not be the best choice for those seeking a full-service banking relationship with a wide array of products, such as checking accounts, savings accounts, loans, or credit cards. In such cases, considering other banks from our top picks that offer a broader range of services might be more suitable.
Barclays
Barclays Bank is a leading choice for high-yield savings accounts. The Barclays Tiered Savings account offers APYs ranging from 4.15% to 4.40%, significantly exceeding the national average. The specific interest rate earned depends on the account balance tier. New savings account customers may also be eligible for a $200 bonus upon meeting qualifying activity criteria (offer valid until 3/8/25).
Barclays also provides highly competitive CD rates with no minimum deposit requirement, enhancing accessibility for savers.
It’s important to note that Barclays does not offer checking accounts. If a checking account is a necessary component of your banking needs, you should consider alternative banks that offer both checking and savings solutions.
Barclays Bank Review
Importance of Choosing the Right Bank
Selecting the right bank is a personalized decision, deeply rooted in your individual financial goals and banking preferences. Start by defining your banking needs: Are you primarily looking for a single account, or do you anticipate needing multiple accounts and services? Do you prefer the personal interaction of branch banking, or are you more comfortable managing your finances digitally? Are there specific values or principles that you want your bank to align with, such as supporting women-led or minority-owned financial institutions?
For individuals who are currently unbanked due to lacking a U.S. ID, it’s important to know that options are available. The top banks for immigrants and non-U.S. citizens often accept foreign passports or Matricula Consular cards for account opening.
To refine your bank selection process, identify the features that are most important to you. If you are particularly interested in supporting specific community banks, we also offer lists of Black-owned banks and Hispanic-American-owned banks.
Top Banks for Savings Accounts
The best banks for savings accounts are characterized by their competitive interest rates. While the average savings account interest rate is around 0.41% APY, high-yield savings accounts offered by top banks can significantly exceed this, sometimes reaching rates as high as 5% interest. Smaller, online banks often lead in offering these higher rates compared to large national banks. However, as demonstrated by Synchrony Bank, even national brands can offer excellent interest rates.
When evaluating savings accounts, pay close attention to potential fees, including monthly maintenance fees, excessive transaction fees, fees for paper statements, and inactivity fees. Many banks waive these fees if certain conditions are met, and some, particularly online banks, eliminate them altogether.
Best Banks for Checking Accounts
The best banks for checking accounts prioritize easy access to your funds. This includes a wide ATM network, and for those who prefer in-person banking, conveniently located branches. For online banking enthusiasts, features like cash deposit capabilities and robust mobile apps are crucial for effective account management.
A good checking account should also help you minimize common bank fees, such as monthly service charges, overdraft fees, and out-of-network ATM fees. Look for specialized checking accounts that offer added perks like sign-up bonuses, interest earnings, or cash-back on debit card purchases.
Banks with the Best Customer Service
To identify banks with superior customer service, we refer to the J.D. Power 2024 U.S. National Banking Satisfaction Study. This study, based on feedback from nearly 11,000 banking customers between July and October 2024, highlighted Capital One, Chase, and TD Bank as top performers in overall customer satisfaction.
For those who require extended customer service availability, consider a bank with 24/7 customer support.
It’s also beneficial to consult a bank holiday schedule to understand the operating hours of different financial institutions, especially during holidays.
Best Bank for an Online-Only Experience
Online banks excel in providing seamless digital banking experiences without physical branches. The top online banks offer highly functional mobile and online platforms, ensuring that customers do not miss the branch experience, thanks to convenient digital access to all banking services.
The best banks for an online-only experience typically offer free checking accounts and savings accounts, characterized by no monthly service fees and often no overdraft fees.
Best Banks for In-Person Banking
The best brick-and-mortar banks are distinguished by their comprehensive suite of account options and services. They provide a variety of checking account types and savings accounts, alongside services like home loans, credit cards, personal loans, and relationship banking benefits. Relationship banking can offer perks such as fee waivers or discounts for customers with multiple accounts.
While brick-and-mortar banks often charge monthly service and overdraft fees, leading banks provide multiple avenues to waive these fees, such as maintaining minimum balances or setting up direct deposits. Overdraft protection can often be linked to a savings account or a line of credit, potentially reducing overdraft costs.
Differences Between Online Banks and Traditional Banks
The primary distinction between online and traditional banks lies in the physical presence of branches. Traditional banks operate physical branches, while online banks primarily function without them.
This operational difference leads to online banks typically having lower overhead costs, which often translates into fewer and lower bank fees and more competitive interest rates on savings accounts compared to traditional banks.
However, brick-and-mortar banks usually offer a broader range of banking products and services, such as foreign currency exchange and a wider variety of CD terms.
How to Choose Between a Traditional and Online Bank
The choice between a traditional and an online bank depends entirely on your banking style and needs.
Online banks are ideal if you prioritize minimal fees and higher interest rates and are comfortable with digital banking. If you value face-to-face interaction and branch services, a traditional bank might be more suitable, provided you select accounts that allow for fee waivers.
How to Switch Banks
If you decide to switch banks, the first step is to identify a new bank that better meets your financial needs. Ensure the new bank offers the accounts and services you require and review their fee structure to minimize banking costs.
Once you’ve chosen a bank, you can open an account online, in a branch, or via phone. Banks require identity verification, so you’ll need to provide your Social Security number and a government-issued ID during the application process.
After your new account is active, you can proceed to close your old bank account. Update your direct deposit information with your employer and change your payment details for any automated bills to your new account.
Bank Trustworthiness and BBB Ratings
We assess the ethical standing of each bank to help you choose institutions that align with your values. Our reviews include a bank’s settlement history over the last three years to highlight any significant public controversies.
The Better Business Bureau (BBB) evaluates banks based on their responsiveness to customer complaints, advertising practices, and transparency. A strong BBB grade is indicative but not a guarantee of a positive banking experience. We also recommend considering online reviews and any public scandals associated with each bank.
Brick-and-Mortar Banks
| Institution | BBB Grade |
|---|---|
| TD Bank | D+ |
| Chase | A- |
TD Bank’s D+ rating is partly due to government actions taken against the bank. The U.S. Bureau of Consumer Financial Protection found TD Bank to have illegally charged customers for its Debit Card Advance service without proper authorization.
In 2023, JPMorgan Chase settled a lawsuit with the U.S. Virgin Islands for $75 million, accused of failing to report suspicious activities related to Jeffrey Epstein’s sex trafficking operations.
Online Banks
| Institution | BBB Grade |
|---|---|
| Axos Bank | A+ |
| Capital One 360 | A+ |
| Synchrony | NR |
| Discover | A+ |
| TotalBank | A- |
| Barclays | A+ |
Synchrony currently has an NR rating as it addresses previously closed complaints. TotalBank holds an A- rating due to an unanswered customer complaint.
Recent controversies involving online banks include Synchrony’s $2.6 million settlement in 2023 over unauthorized customer calls, Discover’s $1 million settlement in 2024 for alleged lending discrimination against DACA recipients, and Barclays’ $361 million settlement in 2022 with the SEC for securities violations.
Best Banks FAQs
What are the best banks for savings accounts?
The best banks for savings accounts are typically online banks or those offering no-fee, high-yield savings accounts. Online banks often provide higher APYs and lower fees due to lower overhead costs, making them ideal for maximizing savings growth. However, for frequent cash deposits, physical banks may be more convenient.
Which banks have the lowest fees for checking accounts?
Online banks generally offer the lowest fees for checking accounts, although they lack physical branches. If in-person banking is preferred, many traditional banks offer checking accounts with fee waivers based on balance or direct deposit criteria.
How can I choose the best bank?
Consider the type of financial institution that best fits your needs: traditional, online, credit union, or non-traditional banking platform. Compare various options based on fees, interest rates, account requirements, and perks. Reflect on your overall banking needs and potential future requirements for other financial services.
What is the No. 1 bank in America?
Chase is often considered the No. 1 bank in America based on its extensive branch network, providing wide accessibility and customer service. Chase also holds a high rating from the Better Business Bureau.
Which bank has the most complaints?
Citibank may have the most complaints among major banks. It is not BBB-accredited and holds an F rating.
Why You Should Trust Us: Our Expert Panel for the Best Banks
To provide comprehensive insights into choosing the best bank, we consulted with a panel of experts in personal finance:
- Tania Brown, CFP®: Vice president of coaching strategy at OfColor.
- Sophia Acevedo: Banking editor at Business Insider.
- Mykail James, MBA: Certified financial education instructor at BoujieBudgets.com.
- Roger Ma, CFP®: Author of “Work Your Money, Not Your Life”.
These experts provided guidance on key factors to consider when selecting a bank, including fees, interest rates, accessibility, and online banking features.
Expert Insights on Choosing a Bank:
- Tania Brown: Emphasizes FDIC insurance and aligning banking preferences (branch vs. online, check usage) with the bank’s offerings.
- Sophia Acevedo: Recommends prioritizing banking needs and comparing fee structures, interest rates, and requirements for fee waivers.
- Mykail James: Stresses accessibility of branches and ATMs for brick-and-mortar banks and cybersecurity and competitive interest rates for online banks.
- Roger Ma: Focuses on the ease of transferring funds to and from online banks and security measures like two-factor authentication.
Our Methodology: How We Chose the Best Banks
Business Insider’s personal finance team rigorously evaluated over 200 financial institutions to identify the best banks, focusing on a wide range of products and effective customer service. Our editorial standards ensure independence and objectivity in our reviews.
Key criteria in our evaluation included ease of access to funds (branch and ATM networks), affordability (fee structures), and competitive interest rates. For brick-and-mortar banks, we prioritized those with extensive networks and options to waive monthly fees. For online banks, we favored institutions with high rates and minimal fees.
Our bank product ratings range from one to five stars, with five stars representing superior options. Our bank account rating methodology scores features on a scale of zero to five and uses a weighted average to determine final ratings, prioritizing factors like interest rates and fees.
For readers in specific regions, we also provide state-specific bank recommendations.
Sophia Acevedo Business Insider Banking Editor
Sophia Acevedo
Banking Editor
Evelyn He Business Insider Compliance and Operations Associate
Evelyn He
Compliance and Operations Associate
Top Offers From Our Partners
SoFi® Checking and Savings (Member FDIC)
Earn up to a $300 bonus and up to 3.80% APY.
