Best Banks in America - Banks with the Best Benefits (2024)

Personal Finance Banking

Written by Laura Grace Tarpley, CEPF; edited by Sophia Acevedo; reviewed by Evelyn He

Updated

  • Best Banks of June 2024
  • Compare the Best Banks in America
  • FAQs
  • Why You Should Trust Us

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Whether you're looking for a checking account, savings account, or a CD, choosing a bank is a major decision. Maybe you're looking for a bank with a great mobile app. Maybe an extensive ATM network is important to you, or maybe you're looking for the best rate above all else.

Featured Banking Offer

Discover® Cashback Debit Account

Start banking

Discover Bank, Member FDIC

Insider’s Rating

4.25/5

Perks

Cash back earned on up to $3,000 a month in purchases. Outgoing wire transfers are subject to a service charge. You may be charged a fee by a non-Discover ATM if it is not part of the 60,000+ ATMs in the no-fee network.

Earn cash back rewards with no fees. Start earning 1% cash back today (see website for details).

Fees

no monthly service fee

Annual Percentage Yield (APY)

None

Minimum Opening Deposit

$0

Pros

  • Earn up to 1% cash back on up to $3,000 in purchases per month (See website for details)
  • No monthly service fee
  • Over 60,000 in-network ATMs
  • Get paid early with direct deposit through Early Pay
  • Enroll in free overdraft protection

Cons

  • Debit card can only be used in the US, Canada, Mexico, and the Caribbean
  • Only 1 branch location

Product Details

  • Earn 1% cash back on up on up to $3,000 per month in eligible debit card purchases (See website for details)
  • 100% US-based customer service available 24/7
  • No opening deposit or minimum account balance
  • No monthly maintenance fees
  • Over 60,000 in-network ATMs
  • FDIC insured

Best Banks of June 2024

  • Capital One 360 Checking: Best online checking account
  • Chase Total Checking®: Best for a large branch network
  • Axos Bank Rewards Checking: Best for online account options
  • Discover® Bank: Best for doing all of your banking at one place
  • Synchrony Bank: Best high-yield savings account
  • TD Bank: Best for customer service
  • Regions Bank: Best for avoiding monthly fees
  • U.S. Bank: Best in-person bank for CDs

There's no rule that you have to use the same bank for all of your banking needs, but remember to look at whether you have to open a certain type of account at a given bank to get the best rate.

Compare the Best Banks in America

The best banks in America are well-rounded financial institutions with various banking products and services and strong customer service. We have a mix of online and brick-and-mortar banks because, depending on what you're looking for, one type of bank may appeal to you more than another.

For each of our top picks, we highlighted specific stand-out features or services. Read more about the best banks, below.

Capital One Bank

Best online checking account

Capital One 360 Checking

Best Banks in America - Banks with the Best Benefits (2)

Insider’s Rating

4.5/5

Perks

No minimums, no fees, no worries.

Fees

no monthly service fee

Annual Percentage Yield (APY)

See website for details

Minimum Opening Deposit

$0

Pros

  • Earn interest on all account balances
  • No opening deposit or minimum account balance
  • No monthly service fee
  • No foreign transaction fee
  • Range of overdraft protection options
  • Processes direct deposits up to 2 days early

Cons

  • Doesn't reimburse out-of-network ATM fees
  • Limited access to customer service by phone

Insider’s Take

Capital One is a strong bank overall. You'll earn competitive interest rates on online savings accounts and CDs.

Capital One 360 Checking review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

  • Over 70,000 free ATMs nationwide
  • Branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
  • Interest compounded daily, paid monthly
  • FDIC insured

Capital One 360 Checking ranks as one of our best checking accounts. It doesn't charge any overdraft, foreign transaction, or monthly service fees, and Capital One doesn't require any minimum opening deposits. The bank ranks No. 1 on J.D. Power's U.S. National Banking Satisfaction Study.

You can use your debit card at over 70,000ATMs nationwide for free, but unlike many online banks, Capital One doesn't reimburse any fees charged by out-of-network ATM providers.

Branch and ATM locations: Although Capital One 360 is considered an online bank, the institution does have some physical branches. There are over 280 branches in seven US states, plus around 50 Capital One Cafés, where you can grab Verve Coffee, speak with a money coach, and open a bank account. As a Capital One checking customer, you can get money from 70,000+ fee-free Capital One, MoneyPass and Allpoint ATMs—including in select Target, Walgreens and CVS stores.

Capital One Bank Review

Chase Bank

Best for a large branch network

Chase Total Checking®

Start banking

On Chase's website

Insider’s Rating

3.5/5

Perks

Earn $300 bonus when you open an account and make direct deposits totaling $500 or more within 90 days of coupon enrollment (offer expires on 07/24/2024)

Annual Percentage Yield (APY)

None

Minimum Opening Deposit

$0

Bonus

Earn $300 bonus when you open an account using a coupon code and make direct deposits totaling $500 or more within 90 days of coupon enrollment (offer expires on 07/24/2024)

$300

Pros

  • No required opening deposit
  • Over 4,700 branches
  • $300 sign-up bonus
  • Free overdraft protection when you link to savings for automatic transfers

Cons

  • $12 monthly fee unless you meet direct deposit or minimum balance requirements
  • Fees for non-Chase ATMs
  • $34 overdraft and non-sufficient funds fees (no fee if you're overdrawn by $50 or less at the end of the business day)

Insider’s Take

There are several Chase checking accounts, and Chase Total Checking® is the bank's most popular choice. It offers several ways to waive the monthly fee, and you may qualify for a $300 bank account bonus. But if you want perks like early direct deposit or waived out-of-network ATM fees, one of Chase's other options could be a better fit.

Chase Total Checking review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • Access to more than 15,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Chase Overdraft Assist℠ – no overdraft fees if you’re overdrawn by $50 or less at the end of the business day or if you’re overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*

Chase has branches in more states than Bank of America or Wells Fargo. The bank also has numerous types of bank account, and you could get perks such as relationship rates if you open multiple bank accounts. Chase is notably featured in our guides for the best kids savings accountsand best national banks.

You'll pay a monthly service fee if you don't meet certain account requirements. You'll also have to pay a fee if you use an out-of-network ATM.

Branch and ATM locations: Chase has over 4,700 branches throughout the continental U.S., and around 16,000 ATMs.

Chase Bank Review

Axos Bank

Best for online account options

Axos Bank

Start banking

Axos Bank, Member FDIC

Insider’s Rating

4.25/5

Perks

Earn up to 1.00% cash back on signature-based transaction purchases. Earn up to $2,000.00 per month in cash back on your signature-based transactions. Maintain a $1,500.00 average daily collected balance to earn 1.00% cash back on signature-based transaction purchases. If your average daily collected balance falls below $1,500 you will earn .50% in cash back for the month. Cash back is calculated on net purchases (purchases minus returns or credits). Cash back will be calculated and paid on your monthly statement cycle date. Cash back is paid in the form of a deposit to your Axos Bank CashBack Checking account. Your total cash back earnings may be reported as miscellaneous income to the IRS on a 1099-MISC form. Merchants who accept Visa/MasterCard cards are assigned a merchant code which is determined by the merchant or its processor in accordance with Visa/MasterCard procedures based on the kinds of products and services they primarily sell. Axos Bank cannot control how merchants choose to classify a transaction; Axos Bank cannot guarantee a transaction will qualify. Purchases made at Super Markets, Super Stores, Grocery Stores, Wholesale Stores, Discount Stores, USPS, and financial or money transfer institutions are not eligible. Purchases made using virtual wallets, funds transfer services, or other similar technology are not eligible. If you close your account mid-cycle, your accrued cash back earning will be forfeited. If your account is at zero at the end of your statement cycle, your accrued cash back earnings will be forfeited for that cycle and your account will be closed. The Bank has the right to change or cancel this program at any time.

With Cashback Checking, you can earn up to 1.00% cash back on all transactions that require a signature. Take your money further, faster. No monthly maintenance fees, and it only requires a $50 minimum opening account balance.

Annual Percentage Yield (APY)

Varies depending on account

Minimum Opening Deposit

Varies depending on account

Pros

  • Decent APY (Annual Percentage Yield) on savings and money market account
  • Checking account earns interest
  • Savings account comes with a debit card

Cons

  • Low CD rates compared to other online banks
  • $250 minimum opening deposit for savings account

Insider’s Take

Axos has strong high-yield savings, checking, and money market accounts. if you'd like to avoid monthly service fees.

Axos Bank review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

  • Online bank with no physical locations
  • Around 91,000 free ATMs
  • Interest on interest-earning accounts compounds daily
  • FDIC insured

Axos offers five different checking accounts, all geared toward specific needs:

  • Essential Checking (get paid two days early)
  • Rewards Checking (earn a high APY)
  • CashBack Checking (earn up to 1% cash back on purchases)
  • Golden Checking (age 55+)
  • First Checking (ages 13-17)

You'll need at least $250 to open a high-yield savings account. Some of the options on our list do not require an initial deposit.

There are also several requirements to earn up to 3.30% APY with an Axos Bank Rewards Checking account. You'll have to meet the following criteria:

  • Earn 0.40% APY when you receive at least $1,500 in direct deposits in a month (this requirement must be met to be eligible to earn any interest during the statement cycle, regardless of whether the other interest-earning requirements are met)
  • Earn 0.30% APY when you make 10 Axos Visa® Debit Card transactions in a month (minimum $3 per transaction) or sign up for Account Aggregation/Personal Finance Manager (PFM) in Online Banking
  • Earn 0.99% APY by maintaining an average daily balance of $2,500 per month in an Axos Managed Portfolios Invest Account
  • Earn 0.99% APY by maintaining an average daily balance of $2,500 per month in an Axos Self Directed Trading Invest Account
  • Earn 0.60% APY by using your account to make your full monthly Axos consumer loan payment

Branch and ATM locations: As an online-only bank, Axos doesn't have physical branches. You have free access to around 91,000 ATMs. Axos doesn't have a specific ATM network, but you can likely use one near you for free. Axos also offers generous out-of-network ATM fee reimbursem*nts, in case you can't find a free ATM close by.

Axos Bank Review

Discover Bank

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

  • Cash back with your debit card
  • High interest rates on savings, CD, and money market accounts
  • Long CD terms
  • 24/7 customer service

Cons

  • Need $2,500 to open a CD or money market account
  • Doesn't reimburse out-of-network ATM fees

Insider’s Take

Discover is a strong online bank. However, if you'd prefer to open an CD or money market account with a low minimum opening deposit, you might consider other options.

Discover® Bank review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

  • Online bank with no physical branch locations
  • Access to 60,000 free ATMs
  • Interest on interest-earning accounts compounds daily
  • Member FDIC

Discover is a good option for people who want to do all their banking, investing, and borrowing with one institution. It offers a wide range of products, including credit cards. The bank is a good option if you want to earn cash back with your debit card — you'll earn 1% cash back on up to $3,000 in purchases per month (see website for details).

While you don't need to place an initial deposit for a checking or savings account, you'll need at least $2,500 to open a money market account or CD. If you don't have a lot of money to deposit, some of the options are our list do not require a minimum opening deposit on accounts.

Discover also currently is not accepting new applications for the Discover Cashback Checking Account. However, you can sign upto receive an email notification on when you can apply for a new account.

Branch and ATM locations: Discover has just one physical branch, in Delaware. You have free access to over 60,000 ATMs in the Allpoint and MoneyPass networks.

Discover Bank Review

Synchrony Bank

Best high-yield savings account

Synchrony High Yield Savings Account

Start saving

Synchrony Bank, Member FDIC

Perks

Earn 4.75% Annual Percentage Yield (APY). $0 minimum deposit. FDIC Insured.

Fees

no monthly service fee

Annual Percentage Yield (APY)

4.75%

Minimum Opening Deposit

$0

Pros

  • Competitive APY
  • Comes with an ATM card
  • No required opening deposit or minimum account balance
  • No monthly service fee

Cons

  • No physical branch locations
  • Only reimburses up to $5 of out-of-network ATM fees per month

Insider’s Take

With a high rate and no fees, the Synchrony High Yield Savings Account is a great option for savers. But if you want to open a checking account to do all of your banking at one place, you may want to consider one of the best online banks instead.

Synchrony High Yield Savings Account review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

  • Access your cash online, by phone or via ATM
  • Manage your accounts from virtually anywhere in the Synchrony app
  • No minimum balance
  • Interest compounded daily, paid monthly
  • FDIC insured

Synchrony pays 4.75%APY on its high-yield savings account, which is great compared to other well-known banks. It doesn't require a minimum opening deposit, and there are no monthly fees. Unlike most savings accounts, it comes with an ATM card so you can easily access your savings.

Synchrony only offers a high-yield savings account, CDs, and a money market account — not a checking account. If you need to transfer money from your Synchrony account to an external checking account, it could take a few business days. But keep in mind that Synchrony makes it easier to access your money than most banks without checking accounts, because it gives you an ATM card.

Branch and ATM locations: Synchrony is an online-only bank, so it doesn't have any branches. Although it doesn't have its own ATM network, you can use ATMs in the Plus, STAR, or NYCE ATM networks for free. Synchrony also reimburses up to $5 per month for any fees charged by an out-of-network machine.

Synchrony Bank Review

TD Bank

Best for customer service

TD Bank

Start banking

TD Bank, Member FDIC

Insider’s Rating

3.75/5

Perks

Over 1,100 branches and 2,600 ATMs with low or no minimum opening deposits on bank accounts

Annual Percentage Yield (APY)

Varies depending on account

Minimum Opening Deposit

Varies depending on account

Pros

  • Low or no minimum opening deposits
  • Possible to waive monthly service fees
  • 24/7 customer service
  • Many branches have long hours

Cons

  • Pays low interest rates
  • Monthly service fees
  • High CD early withdrawal penalties

Insider’s Take

TD Bank is Insider's pick for the best national bank on the East Coast. It has long customer service hours and bank accounts with low minimum opening deposits. You also might like TD Bank if you're searching for a variety of home loan options.

TD Bank review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

  • Access to around 1,100 locations and over 2,600 ATMs
  • Branches in CT, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT, and Washington, DC
  • Interest on interest-earning accounts compounds daily
  • FDIC insured

TD Bank is ranked third in JD Power's 2023 U.S. National Banking Satisfaction Study. Many branch locations are open seven days per week, which is great if you struggle to make it to the bank during the workday.

TD Bank's ATM fees aren't necessarily higher than other banks' fees, but its fine print may affect which checking account you choose to open.

Just be aware that the TD Bank Beyond Checking Account is the only TD Bank checking account that doesn't charge a fee when you non-TD Bank ATMs — and you must maintain a $2,500 balance for TD Bank to reimburse fees charged by out-of-network ATM operators.

Branch and ATM locations: TD Bank has over 1,100 branch locations across 16 states, with about 2,600 ATMs.

TD Bank Review

Regions Bank

Best for avoiding monthly fees

Regions Bank

Start banking

Regions Bank, Member FDIC

Insider’s Rating

3.75/5

Perks

Over 1,300 branch locations in the Southeast US region with variety of accounts including free savings account and possible to waive monthly fees

Annual Percentage Yield (APY)

Varies depending on account

Minimum Opening Deposit

Varies depending on account

Pros

  • Over 1,500 branch locations in the Southeast US region
  • Variety of accounts
  • Free savings account
  • Possible to waive monthly fees
  • 24/7 customer support

Cons

  • Pays low interest rates on savings, money market, and CDs
  • Monthly service fees
  • No debit or ATM card included in the money market account

Insider’s Take

Regions Bank is one of the best national banks, especially in the Southeast. It's a good option if you prefer a bank with a variety of bank accounts or a large branch network. But if your goal is to earn a high interest rate or avoid account fees, you'll likely fare better at another institution.

Regions Bank review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

  • Around 1,500 branches and 2,000 free ATMs
  • Branches in AL, AR, FL, GA, IA, IL, IN, KY, LA, MO, MS, NC, SC, TN, and TX
  • Interest on interest-earning accounts compounds daily
  • FDIC insured

Regions offers a wide range of bank accounts, so you can probably find one that fits your needs. The Regions LifeGreen® Savings Account is a unique savings option from a brick-and-mortar bank. It doesn't charge monthly fees.

Regions charges you if you overdraw from your account or if you use an out-of-network ATM. You also may have to pay a monthly service fee on some accounts.

Branch and ATM locations: Regions has around 1,500 branch locations in 15 states, and about 2,200 ATMs.

Regions Bank Review

U.S. Bank

Best in-person bank for CDs

U.S. Bank Standard CD

Start saving

U.S. Bank, Member FDIC

Insider’s Rating

3.5/5

Annual Percentage Yield (APY)

0.05% to 0.25%

Minimum Opening Deposit

$500

Pros

  • $500 minimum opening deposit
  • Variety of terms

Cons

  • Online banks may pay a higher interest rate
  • High-to-standard early withdrawal penalties

Insider’s Take

U.S. Bank is included in our best national banks guide as the best national bank in the Midwest and West. It's a good choice if you want a brick-and-mortar bank with 24/7 live support. It also has a variety of credit card and lending options, and you can earn significant welcome bonuses when you open checking and savings accounts.

U.S. Bank review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

  • Over 2,200 branches in 26 US states
  • Free access to around 4,500 ATMs
  • Terms range from 1 month to 5 years
  • For terms 6 months or less, you have to pay an early withdrawal penalty of $25, plus all the interest that would have been earned on the withdrawn amount for the entire term OR 1% of the withdrawn amount
  • For terms between 6 months and 1 year, you'll have to pay an early withdrawal penalty of $25, plus 50% of the interest that would have been earned on the withdrawn amount for the entire term OR 1% of the withdrawn amount
  • For terms longer than 1 year, you'll have to pay an early withdrawal penalty of $25, plus 50% the interest that would have been earned on the withdrawn amount for the entire term OR 3% of the withdrawn amount
  • Interest compounded daily, deposited monthly
  • FDIC insured

U.S. Bank is a solid choice if you want to open a CD with a national bank. The bank provides more types of CDs than most big banks, including Step Up CDs that increase your rate every seven months, and Trade Up CDs that increase your rate once during the term if U.S. Bank rates go up. U.S. Bank CD rates are particularly high on its CD Specials, which pay 4.20% to 5.05% (Varies by location) APY — these are great rates for a brick-and-mortar bank.

Although you may be eligible to waive monthly maintenance fees, U.S. Bank makes it a little harder than many competing national banks.

Branch and ATM locations: U.S. Bank has around 2,000 branch locations in 26 states, and roughly 37,000 ATMs through the MoneyPass network.

U.S.Bank Review

Best Banks FAQs

Should I use an online bank?

You should use an online bank if you're looking for low fees and higher APYs. Because online banks don't pay for physical branch locations, they can charge less and pay more. However, physical banks are better for anyone who needs to deposit cash regularly.

What is the No. 1 bank in America?

The No. 1 bank in America is Chase, if you go by the highest number of locations. Many locations makes it good for getting easy access to your money and regular customer service. Chase also has a high score from the Better Business Bureau.

Which bank has the most complaints?

The bank with the most complaints may be Citibank. Unlike other major banks, it is not accredited by the Better Business Bureau and received a score of F.

Bank Trustworthiness and BBB Ratings

We review the ethics of each company so you can see if a specific financial institution aligns with your values.

We also include the settlement history of the last 3 years so you're aware of any recent public controversies involving the bank.

The Better Business Bureau grades companies by looking at responses to customer complaints, advertising, and transparency about business practices.

A strong BBB grade doesn't guarantee you'll have a smooth experience with a bank. You may also want to read online reviews or look into public scandals. We've also detailed any existing public issues with each bank.

Brick-and-mortar banks

InstitutionBBB grade
TD BankA+
RegionsA
U.S. BankNR
ChaseA+

Regions Bank has an A rating due to government action taken against the bank. U.S. Bank currently has a "No Rating" grade because the BBB is currently updating information.

In 2022,Regions Bankwas required to$191 million in a settlementwith the Consumer Financial Protection Bureau. The CFPB accused the bank of charging surprise overdraft fees for some ATM withdrawals and debit card transactions.

The US Bureau of Consumer Financial Protection said TD Bank had been breaking the law by charging customers for its Debit Card Advance service without their permission.

U.S. Bank paid the government $200 million in a settlement when accused of approving FHA mortgages for insurance when borrowers didn't meet the minimum criteria.

In 2021, JP Morgan Chase & Co. paid the SEC$125 million in a settlementthat stated the company did not have proper recordkeeping for certain documents. JP Morgan Chase also paid the Commodity Futures Trading Commission$75 million in a settlementwhen accused of permitting unapproved communication, such as text messages and WhatsApp messages.

In 2023, JP Morgan Chase was also required to pay $75 million in a settlementwith the U.S. Virgin Islands that accused the financial institution of failing to report suspicious activity regarding Jeffrey Epstein's sex trafficking operation.

Online banks

InstitutionBBB grade
Axos BankA+
Capital One 360A+
SynchronyNR
DiscoverA+

Synchrony currently has an NR rating because the bank is in the process of responding to previously closed complaints.

Synchrony has been involved in a few public controversies. In 2023, Synchrony was required to pay $2.6 million in a settlement when accused of calling customers about bank accounts they didn't have. In 2021, the bank also was required to pay $3.5 million in a settlement when accused of making unreasonable phone calls to debtors living in California.

In 2024, Discover was required to pay $1 million in a settlement that claimed Discover denied Deferred Action for Childhood Arrivals, or DACA, recipients loans because of their immigration status. In the settlement, Discover agreed to rewrite its lending rules to make DACA recipients equally eligible for loans as comparable U.S. citizens.

Capital One is also facing a lawsuit. The bank used to have an account called 360 Savings. In 2019, Capital One launched the new 360 Performance Savings Account, which paid a much a higher interest rate. Many customers thought their old savings accounts would transition into this new one, but in reality, they had to open a new 360 Performance Savings Account to earn the higher rate. So some customers have been earning a significantly lower savings rate for years.

In the lawsuit, the plaintiffs' lawyers allege that Capital One didn't inform 360 Savings customers that these were two distinct accounts, or that 360 Performance Savings paid a higher rate. However,Capital One wants this case dismissedbecause it claims people had every opportunity to learn these facts on their own. This case is still ongoing.

Why You Should Trust Us: Our Expert Panel for the Best Banks

Best Banks in America - Banks with the Best Benefits (10)

BI

To learn more about what makes a good bank and how to choose the best fit, four experts weighed in:

We're focusing on what will make a bank most useful, including fees, interest rates, accessibility, and more. Here's what they had to say about banking online. (Some text may be lightly edited for clarity.)

How can someone determine whether a bank is the right fit for them?

Tania Brown, certified financial planner and vice president of coaching strategy atOfColor:

"Obviously, you want to make sure it's FDIC insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you're okay online. Do you write checks? Do you not write checks? So it's thinking through how your experience with it is going to be before you make that decision."

Sophia Acevedo, banking editor, Business Insider:

"I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I'm searching for an interest-earning bank account I'll pay attention to interest rates. I would make sure the account pays a higher interest rate than theaverage bank account."

What should someone look for in a brick-and-mortar bank?

Brown:

"How can that bank grow with you? If you are 25, single or newly married, and all you need is a checking account, that's going to look very different 15 years from now when you may have had a couple of jobs, you may have an IRA roll over, or you may want a financial adviser."

Mykail James, MBA, certified financial education instructor,BoujieBudgets.com:

"How accessible it is. So where are the branches? And if I am to go out of town or something, how accessible is my money to me?"

Acevedo:

"With a brick-and-mortar bank, I would review all the bank accounts and make sure there are options where I can waive monthly service fees. I would also factor in the overall banking experience. For example, I would see if a bank lets you exchange foreign currency — not all do — and has a strong mobile app."

What should someone look for in an online bank?

Roger Ma, certified financial planner withlifelaidout®and author of"Work Your Money, Not Your Life":

"How onerous the transfer process is, transferring money in and transferring money out. Is it same day, next day? Is it pretty easy to sync a brick-and-mortar checking account to this particular high-yield savings account?"

James:

"When it comes to online banks, you want to be a little bit more strict about what type of interest rates they're providing. That's the biggest thing, because online banks are supposed to have the higher interest rate because they don't have the overhead of the brick-and-mortar. You want to make sure that it's well above the national average.

"What types of securities do they provide? Do they have two-factor identification? If it's an online bank, they should definitely have — at the bare minimum — two-factor authentication in how easy it is to change your passwords and things like that, because you want to be a little more hypersensitive about the cyber security for a strictly online bank."

Our Methodology: How We Chose the Best Banks

There area lot of online banks out there. Through our research, we've found that the best banks offer a wide range of products and effective customer service.

Banks should make it easy to access your money. With a brick-and-mortar bank, we looked at banks with large branch and ATM networks. Although most online banks don't have physical branches, we chose ones with plenty of ATMs nationwide.

A bank should also make it affordable to keep your money with the institution. We chose online banks that pay high rates and charge low fees, or no fees at all. Brick-and-mortar banks are known for paying lower rates and charging higher fees, but a good one should make it possible to waive monthly fees. We also looked at other types of charges, such as fees for overdrafts, using out-of-network ATMs, and foreign transactions.

See our full methodology for how we rate banks »

If you live in one of the following states, you can also check out our region-specific bank recommendations:

  • The best banks and credit unions in California
  • The best banks and credit unions in Florida
  • The best banks and credit unions in Georgia
  • The best banks and credit unions in Massachusetts
  • The best banks and credit unions in North Carolina
  • The best banks and credit unions in Texas
  • The best banks and credit unions in Colorado
Laura Grace Tarpley, CEPF

Personal Finance Reviews Editor

Laura Grace Tarpley (she/her) is an expert in mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She worked on Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors.She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU.

Evelyn He

Compliance and Operations Associate

Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.

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SoFi Checking and Savings Earn up to 4.60% APY on savings balances and up to a $300 bonus with qualifying direct deposit. FDIC Insured.

There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. To earn the $300 bonus, the customer must complete a direct deposit with a minimum initial deposit of $250 in a new SoFi Checking and Savings account within 45 days of clicking to qualify (offer expires 12/31/24).

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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