Best Banks 2017 Editors’ Picks

From the best checking accounts to the best savings rates, get the most bang for your buck with these top banks.

Choosing the right bank is a crucial financial decision — but often the search can be difficult if you don’t know what to look for. The editors at GOBankingRates identified the best banks, checking accounts, savings accounts, certificate of deposit accounts and online banks in its Best Banks of 2017 study. Take a look at the Editors’ Picks of the Best Banks for 2017 and why these financial institutions really stand out from the pack.

BankCategoryEditors’ Pick Award
citibank logoCitibankBest National BanksExcellence of Products
chase bank logoChase Bank Best National BanksTop Credit Card Rewards
bank5 connect logoBank5 Connect Best Online BanksTop Customer Service
Discover Bank Best Online BanksQuality and Range of Products
ally bank logoAlly Bank Best Savings AccountsNo Fees or Minimums
Barclays Bank Delaware Best Savings AccountsNo Fees or Minimums
alostar bank of commerce logoAloStar Bank of Commerce Best Savings AccountsHigh Yields
capital one logoCapital One Best Checking AccountsNo Fees or Minimums
Discover Bank Best Checking AccountsRewards
cit bank logoCIT Bank Best CD AccountsBonus Offer
Barclays Bank Delaware Best CD AccountsNo Minimums
ally bank logoAlly Bank Best CD AccountsNo Minimums

Best National Banks

Although TD Bank was recognized as the best bank in the U.S., many other national banks in the 2017 Best Banks study offer top-of-the-line financial products, and two of them really stood out.

More from Your Money
Sponsors of

Don’t Miss: 10 Best National Banks of 2017

Excellence of Products: Citibank

Recognized as one of the best national banks of 2017, Citibank offers several ways to grow your wealth and reach your financial goals. Citibank earned an Editors’ Pick because of the institution’s range and quality of bank products, which include checking accounts with no minimum deposit, mortgage loans, credit cards, CD laddering, and much more.

Top Credit Card Rewards: Chase Bank

Chase Bank’s savings accounts and CDs might not offer the highest yields, but the bank does offer several products such as credit cards, checking accounts, savings accounts, auto loans, student loans and mortgages, which is why Chase was recognized as one of the best national banks of 2017.

Chase earned an Editors’ Pick, however, because of its great credit card rewards: Chase Freedom Unlimited credit card, for example, rewards you with a $150 bonus after you spend $500 in the first three months of opening an account, plus unlimited 1.5 percent cash back on every purchase automatically.

Best Online Banks

With online banking, you tend to get the best bank interest rates because, unlike traditional banks, they don’t have to devote resources to brick-and-mortar branches and other overhead costs. As a result, online banks have the capacity to redistribute their business savings back to customers. Here are two of the best online banks that editors recognized for specific excellence.

More from Your Money
Sponsors of

Top Customer Service: Bank5 Connect

If you’re looking for one of the best online banks, Bank5 Connect is one of the finalists in that category. Bank5 Connect also earned an Editors’ Pick for its excellent customer service. What makes Bank5 Connect’s customer service really stand apart from most banks is its live customer support chat feature — a technical perk that only two other top online banks offer.

Quality and Range of Products: Discover Bank

Besides offering some of the best savings accounts, best checking accounts and best CD accounts, Discover Bank earned an Editors’ Pick for its convenient, high-quality financial products and features. Discover provides flexible CD terms between three months and 10 years, over 60,000 free ATMs, no monthly maintenance fees on checking and savings accounts, and 0.95% APY on online savings accounts.

Best Savings Accounts

The key to saving money is keeping more of your earnings than you spend. In terms of finding the best savings account, that means identifying accounts that don’t drain your balance with fees and that reward your savings with high APYs.

More from Your Money
Sponsors of

See: 10 Best Savings Accounts of 2017

No Fees or Minimums: Ally Bank and Barclays Bank Delaware

Ally Bank was awarded the top position in the best online bank category for the third consecutive year. And Ally Bank has been further recognized by GOBankingRates’ editors as one of the best savings accounts, along with Barclays Bank Delaware, for having no fees or minimum deposits. In addition, Ally and Barclays do not require a minimum balance to maintain a savings account, and the banks’ online savings accounts have a 1.00% APY and 1.50% APY, respectively — which is one of the best savings rates you can get.

High Yields: AloStar Bank of Commerce

AloStar Bank of Commerce is a repeat contender across multiple categories of the Best Banks study. This year, AloStar Bank earned recognition for having one of the best savings account rates and garnered an Editors’ Pick due to its excellent 1.05% APY. AloStar Bank also garnered high marks in the Best CD category, offering 1.05% APY for 12-month CDs with a minimum deposit of $1,000 and 1.61% APY for 60-month CDs.

More from Your Money
Sponsors of

Best Checking Accounts

If you want to open a checking account, keep in mind that most checking accounts tend to earn less interest than savings accounts, but a high yield might not be the best criterion for choosing a checking account. GOBankingRates’ editors recognized two best banks for their exceptional checking account features.

No Fees or Minimums: Capital One

Capital One Bank’s 360 Checking offers a solid bang for your buck. With 360 Checking, you get an interest checking account — capable of earning 1.00% APY with a deposit of $100,000 or more — while at the same time avoiding annoying fees and the need to maintain a minimum balance. As long as you have an account balance of $0 to $49,999, you earn 0.20% APY with your 360 Checking account.

Rewards: Discover Bank

With Discover Cashback Checking, you get the features of a checking account as well as the benefit of earning money, but not in the usual way. Instead of earning interest, you earn 10 cents on everyday purchases, such as using your debit card, clearing a check or paying a bill online. As you build up your rewards, you can redeem your Cashback Bonus as cash or transfer your rewards to your Discover credit card.

More from Your Money
Sponsors of

Best CD Accounts

When choosing the best CD account to open, high interest rates are often central to the decision. The best interest rate isn’t the only factor you should be evaluating when deciding which CD bank account makes sense for you, though.

Bonus Offer: CIT Bank

CIT Bank ranked among the top 10 best banks for CD accounts in 2017. The bank earned an Editors’ Pick due to its bonus offers for its CD account options. For instance, CIT Bank’s RampUp Plus CDs allow account holders to adjust their rate once if rates go up and add to their deposit once during the CD’s term, while at the same time having the flexibility of short-term, 1-year and 2-year CD accounts.

No Minimums: Ally Bank and Barclays Bank Delaware

Once again, Ally Bank and Barclays Bank Delaware stand out for requiring no minimum deposit, in this case for their top-rated CD accounts. Ally and Barclays offer lower CD APYs than some of the other banks in the best CD accounts category, but those banks require minimum deposits in the thousands.

Ally Bank, Barclays Bank Delaware and Capital One rates accurate as of today. All other rates accurate as of Oct. 26, 2016

Methodology: To determine the two editors’ picks for each category, the nine finalists in the savings, checking, certificate of deposit, online bank, and national brick-and-mortar bank categories were reviewed for standout factors. The editors’ pick symbolizes that that bank excelled in a certain area over the rest of the nine finalists.

Data was compiled via the GOBankingRates interest rate database and verified against the individual institutions’ websites between Oct. 11 and Oct. 26, 2016. Rates, terms and conditions are subject to change at the discretion of the individual financial institutions.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc.,an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some banks mentioned in the Best Banks of 2017 survey are clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement.

Editorial Note: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.

Related Video

About the Author

Andrew DePietro is a finance writer with years of experience covering topics such as taxation, Social Security, entrepreneurship, investing, real estate and housing markets. His work has appeared on MSN, Yahoo Finance, Fortune, Forbes, CBS and U.S. News. Before writing for GOBankingRates, Andrew worked as a research assistant and graduated from the University of Pennsylvania with a degree in History.