GOBankingRates’ Best Banks of 2022: Live Richer by Banking Better

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The financial institutions you bank with may have more of an impact on your finances than you think. If your bank or credit union offers lower interest rates than are available elsewhere, you’re missing out on having your money grow to its full potential. Or if your bank charges monthly or annual fees, that’s also taking a bite out of your funds.

You may also be looking for a financial institution that offers a wide array of products and services, strong customer service offerings or convenient digital banking options. But with so many banks and credit unions out there, it can be hard to figure out the best place to put your money.

To help you Live Richer, GOBankingRates has conducted extensive research to determine the best banks, credit unions and bank accounts that are currently available.

“Our Best Banks research supports so many different needs and wants,” said Andrew Murray, content data researcher at GOBankingRates. “We looked at 179 financial institutions across nine categories, with 6,996 individual data points across 65 scoring factors. So it is safe to say that no matter who you are, we can find you a bank that fits your current banking priorities.”

A Better Way to Bank

Whether you’re looking to switch banks, open a new account or just want to see if your current financial institution is one of the best, check out GOBankingRates’ definitive rankings of the Best Banks of 2022.

The Best Banks and Bank Accounts of 2022

Our research-based rankings can help you find the best institution or account for your needs.

Top 100 Banks of 2022

The winner: JPMorgan Chase Bank

Why it stands out: JPMorgan Chase Bank has over 5,000 locations and a Bauer rating of 5 out of 5. It also offers a wide range of financial products and services, including auto loans, mortgage loans, credit cards, investment services and insurance, in addition to checking, savings and CD accounts. Checking options include parent-owned and co-owned accounts for children as young as 6 that teach kids about money, and a Secure Banking account with no overdraft fees.

Pros:

  • Over 5,000 locations
  • Wide range of products offered

Cons:

  • $4.95 Secure Banking fee can't be waived
  • Currently not offering home equity loans or money market savings accounts

What to look for: With over 5,000 locations, JPMorgan Chase is a convenient banking option for those who prefer to bank in person, no matter where you are located. And with so many financial products and services available, it can be a one-stop shop for all of your banking needs. On the downside, there is a $4.95 non-waivable fee associated with its Secure Banking checking account, and its annual percentage yields are not the highest out there — 0.01% APY for savings and 0.05% APY for a 12-month CD. 

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Best National Banks of 2022

The winner: U.S. Bank

Why it stands out: Among the national banks on our list, U.S. Bank has the lowest checking fee, the best rate on a 12-month CD and a good selection of CDs that include a step-up with regular rate increases and a trade-up that lets you switch rates one time if a better one comes along. It also offers a wide range of financial products, including auto loans, mortgage loans, credit cards, investment services and insurance, so it can serve all your financial needs. That's especially true for home loans. Whereas many banks, including Chase and Wells Fargo, have stopped offering home equity loan products due to constraints resulting from the pandemic, U.S. Bank offers both home equity loans and home equity lines of credit.

Pros:

  • Low checking fee
  • Wide range of products offered
  • 0.05% APY for 12-month CD

Cons:

  • Not as many locations as other national banks
  • Low rates on savings accounts

What to look for: With over 2,000 branch locations, U.S. Bank does not have as wide a geographical scope as others in the category. However, it scored highest among the national banks thanks to its low checking fee — $6.95, which can be waived — and high annual percentage yield for 12-month CD accounts — 0.05% APY — compared to other national banks. Its savings annual percentage yield is on par with other national banks at 0.01% APY.

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Best Regional Banks of 2022

The winner: KeyBank

Why it stands out: KeyBank has no monthly checking fees, an excellent Bauer rating 4 out of 5 and a wide range of services offered. These services include auto loans, mortgage loans, home equity loans and lines of credit, credit cards, investment services and insurance. If you'd like, you can schedule a 30-minute in-person or virtual Key Financial Wellness Review to go over your finances with a banker for insights on the best ways to achieve your financial goals.

Pros:

  • No checking fee
  • Wide range of products offered
  • 0.05% APY for most CDs
Cons:
  • Savings APY isn't the best in the category
  • High minimum deposits for CDs
What to look for: KeyBank has over 1,000 locations across 16 states. It offers fee-free checking and annual percentage yields that are on par with top national banks. The savings annual percentage yield is 0.01% while CDs offer a 0.05% APY. CD terms start at just six months, but you'll need a $2,500 opening deposit for any U.S. Bank CD, plus a $10,000 checking deposit, using funds from outside the bank, to qualify for relationship rates. READ MORE
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Best Online Banks of 2022

The winner: Ally Bank

Why it stands out: Ally Bank offers competitive rates, and it provides a slew of products for your financial needs, including auto loans, mortgage loans and investment services. It also offers a number of products and services that make online banking as convenient as possible — 24/7 phone customer service, live chat customer service, a user-friendly mobile app with an average rating of 4.3 out of 5 and remote check deposit capabilities.

Ally recently eliminated overdraft fees — a moneymaker for banks that has come under fire by regulators. The bank has a new CoverDraft service that provides up to $100 to cover certain types of transactions and gives you 14 days to bring your account current.

Pros:

  • Competitive rates on savings and CD
  • No monthly checking fee
  • No overdraft fees

Cons:

  • Can find higher rates at a few other online banks

What to look for: Ally's no-fee checking account is one of its standout products. It also offers appealing savings and CD account interest rates — Ally currently offers a 1.25% APY for its saving account and a 2.20% APY for its 1-year CD account. In addition, you can earn a 0.05% loyalty reward for renewing an Ally CD before it matures.

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Best Credit Unions of 2022

The winner: Navy Federal Credit Union

Why it stands out: Navy Federal Credit Union has all the standard accounts, including CDs with competitive rates. Its savings account annual percentage yield is also higher than the average account. In addition, it has a no-fee checking account. And you don't have to be located in the U.S. to join Navy Federal. The credit union has branches in 10 countries besides the U.S. to serve members stationed or serving overseas. Membership is available to current and veteran members of the military, civilian employees of the U.S. Department of Defense and family members of eligible individuals.

Pros:

  • Competitive APY on savings account
  • Competitive APY on 1-year CD
  • No checking account fee
  • Expertise in meeting the financial needs of military service members and veterans

Cons:

  • $1,000 minimum to open 1-year CD
  • Limits on who can join

What to look for: Not only does Navy Federal Credit Union have no checking account fee, but it also pays interest on its checking account. Relatively few checking accounts offer interest at all, but Navy Federal Credit Union has several checking account options with differing APY. Navy Federal Credit Union also has a 0.25% APY on its savings account, a 2.10% APY on its 1-year CD and a 2.80% APY on its 5-year CD. It also offers other financial products and services, including auto loans, mortgage loans, credit cards and investment services.

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Best Savings Accounts of 2022

The winner: Sallie Mae Bank's SmartyPig Account

Why it stands out: Sallie Mae is best known for its private student loans, but it has a variety of other products to help students and their families save for college and meet their financial goals, including a high-yield savings account. The bank's SmartyPig Account offers a nice annual percentage yield of 1.40%. On top of that, it comes with no minimum balance and no monthly fee. And as a perk, you'll get rewarded for referring friends to open an account.

Pros:

  • No minimum balance to avoid fees
  • No monthly fee
  • 1.40% APY
  • Earn a $10 reward for every friend you refer who opens a SmartyPig account, sets a goal and contributes to it.

Cons:

  • Online only

What to look for: Sallie Mae Bank's SmartyPig Account is easy to open and maintain. There is no minimum deposit required to open an account, no minimum balance requirements and no monthly fees. And you'll earn the 1.40% APY no matter how little is in your account — the minimum balance required to earn interest is $0.01.

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Best Checking Accounts of 2022

The winner: Wells Fargo Bank's Wells Fargo Everyday Checking

Why it stands out: The Wells Fargo Everyday Checking account comes with online banking and a contactless debit card. If you prefer to do your deposits or withdrawals in person, Wells Fargo's large number of locations makes it easy for you to do so. And though there is a monthly service fee, there are multiple ways to have this fee waived — and they're easy to meet compared to other banks. Just maintain a $500 minimum daily balance, make $500 or more in total qualifying direct deposits or have a linked Wells Fargo Campus ATM or Campus Debit Card, which is available to college students. The fee is also waived when the primary account holder is 17 to 24 years old.

Pros:

  • Online banking
  • Over 5,000 branch locations
  • Multiple ways to waive the monthly service fee

Cons:

  • Monthly service fee
  • Higher minimum balance requirement
  • No free overdraft protection

What to look for: The Wells Fargo Everyday Checking account requires a minimum deposit of $25 to open, and there is a monthly fee of $10 if you do not maintain a minimum balance of $500 or meet any of the other criteria listed above. The overdraft/NSF fee is $35, and overdraft protection transfers from a Wells Fargo savings account have no fee. This account does not earn interest.

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Best CD Accounts of 2022

The winner: Quontic Bank

Why it stands out: Quontic is an online-only bank that pays outstanding rates on all its accounts. The Quontic Bank CD account is especially noteworthy, as it offers a great annual percentage yield of 2.20% for a 60-month CD, plus a solid annual yield percentage of 1.76% for a 12-month CD and 1.15% on a 6-month CD. Terms of two and three years are also available and pay 1.95% and 2.05% APY, respectively.

Pros:

  • 2.20% APY for 60-month CD
  • 1.76% APY for 12-month CD
Cons:
  • Online-only bank
What to look for: The minimum deposit required to open a Quontic Bank CD account is $500, which is on the lower end compared to the other accounts examined. However, there are some accounts you can open for less. It's also important to note that Quontic Bank is an online-only bank, so it may not be the best option if you prefer to bank in person. READ MORE

Best Money Market Accounts of 2022

The winner: Ally Bank's Money Market Account

Why it stands out: The Ally Bank Money Market Account has a $0 minimum deposit, no monthly fees and a 1.40% APY. That annual percentage yield is tied for the best in the category. The rates really shine in comparison to those offered by the big brick-and-mortar banks, which, if they offer money market accounts at all, offer them at low rates for all but wealth management customers with high account balances. With Ally, the minimum balance to earn that APY is only $0.01.

Pros:

  • No minimum deposit
  • Minimum balance to earn APY is only $0.01
  • No monthly fee
  • 1.40% APY

Cons:

  • Online only

What to look for: You don't have to worry about balances or fees with the Ally Bank Money Market Account, so it's ideal if you want a low-maintenance account. In addition to having no monthly maintenance fee, the Ally Bank Money Market Account also has no fees for overdrafts, standard and expedited ACH transfers, copies of online statements and incoming wire transfers.

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How To Choose the Best Bank for You

Although we rated the best banks overall, choosing the first on the list isn’t necessarily the best choice for everyone. To make the right decision for you, we have to zoom in a bit. Let’s take a look at the different categories of banks and what each has to offer.

National and Regional Banks

If accessibility is your top priority, national banks and regional banks are worth considering. These banks can be ideal for frequent domestic travelers as you will likely have a branch nearby. That means you can always stop in and talk to someone in-person, regardless of your location.

Local Banks and Credit Unions

Another option for in-person service is your local credit union, which may have even better customer service than the big bank. Smaller banks and credit unions tend to be more invested in their communities, which can lead to more favorable interest rates for business and personal loans. Plus, they may have higher APYs for savings accounts and CDs.

Online Banks

Several online banks on the list have no checking account fees and some of the highest APYs for savings accounts and CDs. Many of these banks partner with nationally operated ATM networks that allow you to deposit checks and withdraw cash nationwide. In addition, online banks are often friendlier to travelers as they are more likely to reimburse or even waive out-of-network ATM fees altogether.

Factors To Consider

There is more choice than ever when it comes to opening a bank account. That is a good thing, but it can also make the decision seem overwhelming. Choosing a bank means you must take your own lifestyle into consideration.

Customer Service

If customer service is very important to you, then a local bank or credit union may be the best choice. These banks have smaller client bases, meaning it’s in their best interest to keep you as a customer. On the other hand, most credit unions don’t have 24/7 customer support, but some national banks do.

APY and Interest Rates

If you want the best savings rates, a credit union or online bank is your best bet. Online banks often have high APYs for savings accounts and CDs because they have much lower overhead than large, national banks.

Credit unions also offer high APYs on savings and CDs because they are invested in their communities. The same goes for lending; credit unions tend to have lower interest rates on mortgages on personal loans.

ATM Access and Fees

Those who often travel domestically will benefit from a national bank, as they have ATMs all over the country. Online banks, on the other hand, partner with large ATM networks with tens of thousands of locations. Plus, online banks sometimes waive ATM fees entirely, making them particularly good for international travelers.

FAQs About the Best Banks

Here are some common questions about banking and GOBankingRates' Best Bank rankings.
  • How were the best banks chosen?
    • For our main ranking, GOBankingRates looked at the following factors: total assets, number of branch locations, checking account annual fee, savings account APY, 12-month CD APY, customer service products offered, Bauer rating, products/services offered auto loans, mortgages, credit cards, investment services and insurance and the average mobile app ranking across both the Apple and Android app stores.
  • What factors are most important when choosing a bank?
    • In a recent GOBankingRates survey, we found the features most important to people when opening an account with a new institution were low fees 34% and good rates 22%. But different factors may also be important to you.
    • "I also think reviewing the products/services offered by each institution is extremely helpful, as I may want to join a bank because they have a great savings rate, but if a savings account is the only product that institution offers, I might want to go with an institution that I consider more well-rounded," Murray said. "On the flip side of that same coin, if I am a consumer and all I care about is getting the highest rate for my savings, our data can easily isolate that institution and provide the information to our audience."
  • When is it worth it to switch banks?
    • If your bank is continuing to hit you with annual fees, ATM fees, severe overdraft fees, etc., then it's time to make a switch. There are so many accounts, and even entire institutions, that are fee-free. Another sign it might be time to switch banks is if you are unsatisfied or even underwhelmed by your bank's mobile app or online banking options.

Daria Uhlig, Bob Haegele and Andrew Murray contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of July 18, 2022.

Top 100 Best Banks methodology: To discover the Top 100 Best Banks, GOBankingRates looked at all institutions with available published data (national, regional, local and online) from the 2022 Best Banks categories as well as all credit unions with over $1 billion in total assets and accessible to a wide audience. GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC and NCUA; (2) number of branch locations as sourced from the FDIC and NCUA; (3) checking account annual fee; (4) savings account APY rate; (5) 12-month CD APY rate; (6) customer service products offered (24/7 customer service and live chat with a human); (7) Bauer rating (out of 5 stars); (8) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (9) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factors (1) and (4) were weighted 1.5 times in final scoring, factor (2) was weighted 2 times, factor (6) was weighted 0.5 times and factor (8) was weighted 2.5 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed. Rates and fees are subject to change.

Best National Banks methodology: To discover the Best National Banks, GOBankingRates looked at the top national institutions (located in 20 or more states). To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) checking account annual fee; (4) savings account APY rate; (5) 12-month CD APY rate; (6) customer service products offered (24/7 customer service and live chat with a human); (7) Bauer rating (out of 5 stars); (8) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (9) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factors (1) and (4) were weighted 1.5 times, factors (2) and (8) were weighted 2 times, and factor (6) was weighted 0.5 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed. Rates and fees are subject to change.

Best Regional Banks methodology: To discover the Best Regional Banks, GOBankingRates looked at the top regional institutions (located in 5 or more states but in less than 20). To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) checking account annual fee; (4) savings account APY rate; (5) 12-month CD APY rate; (6) customer service products offered (24/7 customer service and live chat with a human); (7) Bauer rating (out of 5 stars); (8) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (9) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factors (5) and (9) were weighted 1.5 times, factors (1), (2) and (8) were weighted 2 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed. Rates and fees are subject to change.

Best Online Banks methodology: To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking account annual fee; (3) savings account APY rate; (4) 12-month CD APY rate; (5) customer service products offered (24/7 customer service and live chat with a human); (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services, and insurance); and (8) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factor (1) was weighted 1.5 times, factor (2) was weighted 0.5 times, and factors (3), (4), and (7) were weighted 2 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed. Rates and fees are subject to change.

Best Credit Unions methodology: To discover the Best Credit Unions, GOBankingRates looked at the top credit unions in terms of total assets size based on available published data. GOBankingRates looked at the following factors: (1) total assets as sourced from the NCUA; (2) number of branch locations as sourced from the NCUA; (3) minimum deposit to open a checking account; (4) checking account fee; (5) minimum balance needed in checking account to avoid fee; (6) minimum deposit to open a savings account; (7) minimum balance needed to achieve savings APY; (8) savings APY; (9) minimum to open a 12-month CD account; (10) 12-month CD APY; (11) 60-month CD APY; (12) customer service products offered (24/7 customer service and live chat with a human); (13) Bauer rating (out of 5 stars); (14) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (15) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factor (1) was weighted 1.5 times, factor (2) and (14) were weighted 2 times, and factor (12) was weighted 0.5 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed. Rates and fees are subject to change.

Best Savings Accounts methodology: To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly fees associated with the account; (5) minimum balance needed to avoid the fee; (6) minimum balance needed in account to earn APY; (7) savings APY; and (8) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factors (1), (4), (5) and (6) were weighed 1.5 times, factor (2) was weighted 2 times, and factor (7) was weighted 4 times. Rates and fees are subject to change.

Best Checking Accounts methodology: To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly fees associated with the account; (5) minimum balance needed to avoid the fee; (6) APY on the checking account; (6) overdraft fee amount; (7) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factors (1), (4), and (5) were weighted 1.5 times, factor (2) was weighted 2 times, and factor (6) was weighted 0.5 times. Rates and fees are subject to change.

Best CD Accounts methodology: To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) 12-month CD APY rate; (5) 60-month CD APY rate; and (5) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factor (1) was weighted 1.5 times, factor (2) was weighted 2 times, and factors (4) and (5) were weighted 4 times. Rates and fees are subject to change.

Best Money Market Accounts methodology: To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) money market APY rate (5) minimum balance needed in account to earn APY, (6) monthly fees associated with the account; (7) minimum balance needed to avoid the fee; and (8) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factor (1) was weighted 1.5 times and factor (2) was weighted 2 times and factor (4) was weighted 4 times. Rates and fees are subject to change.

Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.

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About the Author

Gabrielle joined GOBankingRates in 2017 and brings with her a decade of experience in the journalism industry. Before joining the team, she was a staff writer-reporter for People Magazine and People.com. Her work has also appeared on E! Online, Us Weekly, Patch, Sweety High and Discover Los Angeles, and she has been featured on “Good Morning America” as a celebrity news expert. 

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