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There are many banking institutions across the country that customers can choose from to help manage their money. In fact, there are nearly 5,000 FDIC-insured banks within the U.S. that provide a range of services, from checking and savings accounts to loans and lines of credit and convenient options such as online and mobile banking. But with so many options comes the task of determining the best one to work with for your needs.

To determine the best banks in the U.S., GOBankingRates ranked institutions based on a number of factors, including:

  • Total assets
  • Minimum deposit needed to open a checking or savings account
  • Checking and savings account fees
  • Minimum balances needed to maintain the account
  • Savings account APY
  • Customer service
  • Options for loans, credit cards and investment services
  • Mobile app ratings

Here’s a look at our overall winners, as well as the winners across nine distinct categories.

Our Commitment to the Readers

Our editors are committed to bringing you unbiased ratings and information. Our editorial content is not influenced by advertisers. We use data-driven methodologies to evaluate financial products and companies, so that all are measured equally. You can read more about our editorial guidelines and the banking methodology for the ratings below.

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Presents John Rosenfeld, president of Jenius Bank, in this special podcast episode to learn about the evolution of digital banking, how to make the most of your money, and other important information you should know when selecting a bank

GOBankingRates’ Best Banks of 2024

From thousands of institutions, we narrowed it down to the best of the best. Here’s the complete list of GOBankingRates’ Best Bank winners of 2024, listed in alphabetical order.

4.6
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Acorns Bank

  • Winner in the Best Neobanks category
  • 5.00% Emergency Fund APY
  • Offers basic, low-cost deposit accounts that encourage saving and investing

Read Full Review

4.8
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Ally Bank

  • Winner in the Best CD Accounts, Best Money Market Accounts and Best Online Banks categories
  • 4.35% APY for online savings account
  • Online-only bank that features low fees and high interest rates on its deposit accounts

Read Full Review

4.4
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

American Express National Bank

  • Winner in the Best Online Banks category
  • 4.35% APY on Personal Savings Account
  • Highly competitive interest rates on its high-yield savings account and certificates of deposit

Read Full Review

4.9
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Arvest Bank

  • Winner in the Best Southeast Regional Banks category
  • 0.25% Online Savings Account APY
  • Offers no-fee checking accounts

Read Full Review

4.2
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Associated Bank, National Association

  • Winner in the Best Midwest Regional Banks category
  • 0.50% Money Market Account APY
  • Extensive account options and banking services

Read Full Review

4.6
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Axos Bank

  • Winner in the Best Checking Accounts category
  • 3.30% APY on Rewards Checking
  • Charges minimal fees for a nearly free banking experience

Read Full Review

4.6
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Bank of America, National Association, Member FDIC

  • Winner in the Best National Banks category
  • Up to 0.04% APY on Diamond Honors Preferred Rewards
  • Provides a full suite of services, from checking and savings accounts to investment and loan options

Read Full Review

4.1
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

BankUnited, National Association

  • Winner in the Best Money Market Accounts category
  • 0.25% APY for Vertical Rewards Premier Checking
  • Unlimited transactions and easy fund transfers with online and mobile banking

Read Full Review

4.3
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Barclays Bank Delaware

  • Winner in the Best CD Accounts category
  • 4.35% APY for Online Savings Account
  • Charges minimal fees for a nearly free banking experience

Read Full Review

4.5
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Bask Bank

  • Winner in the Best High-Yield Savings Accounts category
  • 5.10% Bask Interest Savings Account
  • Offers savings accounts and CDs with option of interest or airline miles

Read Full Review

4.2
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Beal Bank USA

  • Winner in the Best Money Market Accounts category
  • Up to 4.00% APY on Money Market Accounts
  • High interest rates on its savings, CD and money market accounts

Read Full Review

4.6
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Betterment

  • Winner in the Best High-Yield Savings Accounts and Best Neobanks categories
  • 5.50% APY on Cash Reserve Account
  • A robo-advisor with fee-free checking and savings and high interest rates

Read Full Review

4.8
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

BMO Alto

  • Winner in the Best CD Accounts and Best High-Yield Savings Accounts categories
  • 5.10% Alto Online Savings Account APY
  • Online-only bank that only offers CDs and savings accounts (with great rates)

Read Full Review

4.5
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

BMO Bank, National Association

  • Winner in the Best Checking Accounts category
  • 5.00% APY for 13-Month CDs
  • Straightforward approach to banking with dependable products

Read Full Review

4.2
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Bank of Oklahoma, National Association

  • Winner in the Best Southwest Regional Banks category
  • 0.55% APY on Money Market Account
  • Wide variety of products available to residents of the Southwest United States

Read Full Review

4.6
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Bread Financial

  • Winner in the Best High-Yield Savings Accounts category
  • 5.15% APY for High Yield Savings
  • Minimal fees, low deposit requirements and high APYs

Read Full Review

4.7
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Capital One, National Association

  • Winner in the Best CD Accounts, Best Checking Accounts and Best National Banks categories
  • 4.35% APY for 360 Performance Savings
  • Absolutely no service charges or minimum balance requirements

Read Full Review

4.4
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Cathay Bank

  • Winner in the Best West Regional Banks category
  • 0.03% APY on Statement Savings
  • Full range of products with service available in English, Chinese and Spanish

Read Full Review

4.7
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Charles Schwab Bank, SSB

  • Winner in the Best Checking Accounts category
  • 0.45% APY for High Yield Investor Checking
  • No-fee accounts with no foreign transaction fees

Read Full Review

4.5
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Chime

  • Winner in the Best Neobanks category
  • 2.00% APY for High Yield Savings Account
  • Online financial services with no service fees and option to get paid up to two days early with direct deposit

Read Full Review

4.7
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Citibank, National Association

  • Winner in the Best Checking Accounts, Best Premium Checking Accounts and Best National Banks category
  • 0.25% APY for High Yield Savings Account
  • Variety of high-quality checking accounts with no required minimums

Read Full Review

4.6
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Citizens Access

  • Winner in the Best Online Banks category
  • 4.50% Online Savings Account APY
  • High interest rates and no monthly fees

Read Full Review

4.7
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Citizens Bank, National Association

  • Winner in the Best Premium Checking Accounts category
  • 5.00% APY for 8-month CD
  • Wide variety of accounts and convenient in-person banking in the states it services

Read Full Review

4.1
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

City National Bank

  • Winner in the Best Premium Checking Accounts category
  • 0.03% APY for Checking
  • Comprehensive banking and loan options

Read Full Review

4.5
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Comerica Bank

  • Winner in the Best Premium Checking Accounts category
  • 0.01% APY on Online Savings Accounts
  • Great range of products and fees waived for larger balances

Read Full Review

4.9
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Current

  • Winner in the Best Neobanks category
  • 4.00% APY for Savings
  • Online-only banking with free budgeting tools, no fees or minimums and high APY

Read Full Review

4.3
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Dave

  • Winner in the Best Neobanks category
  • 4.00% Goals Account APY
  • Paycheck advances and no overdraft fees

Read Full Review

4.7
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Discover Bank, Member FDIC

  • Winner in the Best CD Accounts, Best Checking Accounts, Best Money Market Accounts and Best Online Banks categories
  • 4.30% Online Savings Account APY
  • Online banking with no monthly or overdraft fees

Read Full Review

4.8
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

EverBank

  • Winner in the Best CD Accounts, Best Checking Accounts, Best Money Market Accounts and Best Online Banks categories
  • 5.15% APY on Savings Account
  • High yields on qualifying checking, savings and CD accounts

Read Full Review

4.6
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Fifth Third Bank, National Association

  • Winner in the Best Midwest Regional Banks and Best Premium Checking Accounts categories
  • 0.01% APY for the 1-Year CD
  • Wide variety of products, including specialized checking accounts

Read Full Review

4.2
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

First Horizon Bank

  • Winner in the Best Southeast Regional Banks category
  • Up to 1.76% APY on TotalView Money Market Savings
  • Affordable fees and deposits and options for interest checking

Read Full Review

4.1
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

FNBO

  • Winner in the Best Checking Accounts category
  • 0.15% for Online Checking APY
  • Midwest, family-owned and operated bank with relationship banking perks and low fees

Read Full Review

4.3
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

First National Bank of Pennsylvania

  • Winner in the Best Northeast Regional Banks category
  • 0.15% APY for Premierstyle Checking
  • Large range of products and convenient banking locations in the Northeast

Read Full Review

4.4
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Flagstar Bank, National Association

  • Winner in the Best Premium Checking Accounts category
  • 0.75% APY for Online Savings
  • Variety of account options, including interest checking

Read Full Review

4.3
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

FNBO Direct

  • Winner in the Best High-Yield Savings Accounts category
  • 0.15% APY for Online Checking Account
  • Family-owned, online bank with no fees and competitive interest

Read Full Review

4.4
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Frost Bank

  • Winner in the Best Southwest Regional Banks category
  • 0.08% for Online Checking APY
  • Texas bank with multiple account options and impressive CD rates

Read Full Review

4.1
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Fulton Bank, National Association

  • Winner in the Best Northeast Regional Banks category
  • 0.02% Savings APY
  • Good range of accounts and branch locations for regional customers

Read Full Review

4.3
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

GO2bank

  • Winner in the Best High-Yield Savings Accounts and Best Neobanks categories
  • 4.50% High Yield Savings APY
  • High interest rates and overdraft protection

Read Full Review

4.6
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

JPMorgan Chase Bank, National Association

  • Winner in the Best National Banks and Best Premium Checking Accounts categories
  • 0.01% APY on Chase Premier Plus Checking
  • Large selection of products and bonus offer for new customers

Read Full Review

4.9
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

LendingClub Bank

  • Winner in the Best CD Accounts and Best Online Banks categories
  • 5.00% APY for the 12-Month CD
  • Free checking and savings and high interest rates

Read Full Review

4.6
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Marcus by Goldman Sachs, Member FDIC

  • Winner in the Best CD Accounts and Best Online Banks categories
  • 4.50% for Online Savings APY, as of Feb. 15, 2024
  • Provides loans, high-yield savings and CD accounts

Read Full Review

4.3
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Milli

  • Winner in the Best High-Yield Savings Accounts category
  • 5.50% APY on Savings Account
  • App-based banking with a very competitive savings APY

Read Full Review

4.2
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

One Finance

  • Winner in the Best Neobanks category
  • 5.00% APY on Pay Autosave
  • Online banking with dynamic account management and no monthly fees

Read Full Review

4.5
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

PNC Bank, National Association

  • Winner in the Best National Banks category
  • 4.65% APY on High Yield Savings
  • Wide variety of management and planning tools, with no minimum balance for checking and savings

Read Full Review

4.7
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Revolut

  • Winner in the Best Neobanks category
  • 4.25% APY on Premium Savings Account
  • An app with easy-to-use banking, investing and foreign exchange features

Read Full Review

4.4
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Salem Five Direct

  • Winner in the Best High-Yield Savings Accounts and Best Online Banks categories
  • 5.01% for eOne Savings
  • High interest on savings with any balance and no limit on savings transactions

Read Full Review

4.5
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Sallie Mae Bank

  • Winner in the Best Money Market Accounts category
  • 4.50% APY on Savings
  • No monthly fees, competitive interest rates and financial planning options

Read Full Review

4.9
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

SoFi

  • Winner in the Best Checking Accounts and Best Online Banks categories
  • 4.60% APY for SoFi Checking and Savings
  • Comprehensive banking and investing app with interest checking

Read Full Review

4.6
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

SouthState Bank, National Association

  • Winner in the Best Southeast Regional Banks category
  • 0.15% APY on Savings
  • Easy-to-waive fees and automatic savings tool

Read Full Review

4.8
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Synchrony Bank

  • Winner in the Best CD Accounts, Best Money Market Accounts and Best Online Banks categories
  • 4.75% APY on High Yield Savings Account
  • High APYs, no monthly fees or minimum deposits, with a focus on savings products

Read Full Review

4.3
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

TAB Bank

  • Winner in the Best High-Yield Savings Accounts category
  • 5.27% High Yield Savings APY
  • Only-only, fee-free banking designed to serve customers on the go

Read Full Review

4.5
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

TD Bank, National Association

  • Winner in the Best Northeast Regional Banks category
  • 0.01% APY on TD Beyond Checking
  • Sign-up bonuses and extended branch hours for in-person banking

Read Full Review

4.3
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Texas Capital Bank

  • Winner in the Best Money Market Accounts and Best Southwest Regional Banks categories
  • Up to 4.08% APY on Star Money Market Account
  • Big variety of deposit accounts, mostly based in Texas

Read Full Review

4.4
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

The Huntington National Bank

  • Winner in the Best Midwest Regional Banks category
  • 0.01% APY on Online Savings Account
  • No-interest, no-fee lines of credit and overdraft fee relief

Read Full Review

4.4
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Truist Bank

  • Winner in the Best Checking Accounts and Best Premium Checking Accounts categories
  • Up to 5.00% APY on CDs
  • Large network of branches and no overdraft fees on checking

Read Full Review

4.3
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

U.S. Bank, National Association

  • Winner in the Best National Banks category
  • 0.01% APY on Savings
  • Wide network of branches and variety of checking account options

Read Full Review

4.6
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Valley National Bank

  • Winner in the Best Northeast Regional Banks category
  • 0.02% APY on Interest Checking
  • A lot of account options and high rates on select CDs

Read Full Review

4.6
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Varo

  • Winner in the Best Neobanks category
  • 5.00% APY on Savings
  • Digital bank with no monthly fees or minimums

Read Full Review

4.2
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Vio Bank

  • Winner in the Best Money Market Accounts category
  • 1.10% APY on Online Savings Account
  • High interest on money markets and no monthly or overdraft fees

Read Full Review

4.3
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

VirtualBank

  • Winner in the Best Money Market Accounts category
  • 5.00% Online Savings Account APY
  • Online banking with low minimums and competitive rates

Read Full Review

4.1
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Washington Federal Bank

  • Winner in the Best West Regional Banks category
  • 1.00% APY on Minor Savings Account
  • Broad product line with low minimum deposit requirements

Read Full Review

4.4
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Wealthfront

  • Winner in the Best High-Yield Savings Accounts and Best Neobanks categories
  • 5.00% APY on Cash Management Account
  • Robo-advisor with banking capabilities and investing perks like automated portfolio rebalancing

Read Full Review

4.5
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Wells Fargo Bank, National Association

  • Winner in the Best National Banks and Best Premium Checking Accounts categories
  • Up to 2.50% APY for Platinum Savings Account
  • Wide array of products and large network of branches for in-person banking

Read Full Review

4.2
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Zions Bancorporation, National Association

  • Winner in the Best West Regional Banks, Best Premium Checking Accounts and Best CD Accounts categories
  • Up to 2.02% Online Money Market APY
  • Solid selection of checking and savings products for regional customers

Read Full Review

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What To Consider When Choosing the Best Bank

When choosing a bank, there are several factors you should look for — including the products and services it offers, its fees and interest rates and, if it’s a brick-and-mortar institution, whether there are physical branches near you. The best bank for you will also depend upon the type of account you wish to open. You can also open different accounts at different banks to take advantage of the best rates and offers for specific accounts.

Different Types of Banks

In this day and age, there are more banking options than ever before, each offering different services and levels of accessibility that are tailored toward individuals as well as businesses. Every bank operates independently with its own terms, rates and range of options for customers. However, there are many types of banks and standard services that most will provide to help clients manage their money. Here are some of the main types available:

  • National banks: The big banks that have a national presence and thousands of physical locations with recognizable names, like Chase, Wells Fargo and Bank of America, among others.
  • Online banks: Unlike national banks that have plenty of brick-and-mortar locations, online banks work primarily in the digital space, including website portals and mobile apps.
  • Retail banks: Financial institutions that cater to retail consumers, aka regular people, rather than corporations and large businesses. They offer personal banking options, like checking and savings accounts, as well as loans.
  • Neobanks: Nontraditional banking options that are virtual and rely on fintech solutions to provide money management without in-person customer support. They generally partner with more established institutions to provide services.
  • Private banks: A concierge-style service providing personalized counseling for wealth management and estate planning, private banks are usually reserved for high net worth individuals.

Standard Bank Services

  • Savings accounts: A low interest earning account that allows you to make regular deposits to help build up a financial reserve. Generally, these accounts are used to store money you don’t need to access regularly and want to allow to grow.
  • Checking accounts: A type of bank account for active money transactions. Customers can deposit money either through paper checks or direct deposits and are able to use funds 24/7, including paying bills or making retail purchases, which are generally done with a linked debit card. Many banks allow you to link savings accounts to checking accounts for easy money transfers and protection from overdraft fees if your checking account runs low.
  • CDs: A certificate of deposit is a more specific type of savings product where you make a one-time deposit and determine a term that allows the money to vest, typically from three months to five years. Generally, you are not able to access the money and will incur a penalty for an early withdrawal. The tradeoff is that a CD offers a higher interest rate and more earning potential.
  • Money market account: This type of account combines the earning potential of a savings account with the convenience of a checking account in which the customer can write checks or use a linked debit card for purchases.
  • Loans: Banks can provide loans for large purchases with varying interest that will accrue over the course of the agreement. Whether it’s a 30-year mortgage or a five-year auto loan, there’s a large range of options. Banks may also be able to help finance student loans and business loans and help process home equity loans and lines of credit.
  • Credit cards: In addition to loans, many banks offer personal credit cards with a revolving line of credit available for purchases that can be paid off over time. Bank-issued credit cards can also come with perks such as cash-back promotions, accruing travel miles and reward points, but it’s important to read the fine print when it comes to APRs and any annual fees.
  • Retirement accounts: Some banks also offer personal retirement plans, such as 401(k) plans, that can be helpful for those unable to contribute to an employer-matching retirement savings account — for example, if the person is unemployed or a contract/freelance/side gig worker.

How Your Money Is Protected in a Bank

National banks are insured by the Federal Deposit Insurance Corporation (FDIC), which protects up to $250,000 per person per institution. So for any event that may affect a financial institution’s health or viability, whether a natural disaster or default, a customer’s money is insured through this federally regulated mandate.

How To Choose the Best Bank

Finding the right bank for you is an important step in getting control of your cash flow and reaching your financial goals. In order to do so, be sure to familiarize yourself with what banks near you are offering and what best suits your needs.

Banking Terms To Know

Here is a glossary of terms commonly used in banking.

  • Account balance: Total funds in your account.
  • Adjustable rate: Typically a mortgage rate or rate of interest that can vary during the term of the loan.
  • Annual percentage rate: APR is the interest rate and fees you’re charged per year for a loan or credit card.
  • Annual percentage yield: APY is the annual rate of return on a savings, checking, CD or money market account.
  • Automated clearing house: ACH is the electronic network used to transfer money between accounts at different banks or financial institutions.
  • Available balance: The amount from the balance in your account ready for immediate withdrawal.
  • Beneficiary: An individual, institution, trustee or estate that will receive money or other benefits upon the death of a certain person.
  • Certificate of deposit: Also known as a CD, this is a savings product used to lock in a fixed APY on deposits for a set period of time until the maturity date.
  • Checking account: The day-to-day account that allows easy access to your money for withdrawals, checks or online transactions.
  • Credit score: Number, or score, indicating an individual’s creditworthiness. This is based on factors such as your total debt, number of open accounts and whether you rent or own your home. The better your credit score, the easier it will be to secure things like loans through banks.
  • Debit: A transactional decrease in a bank account, such as a withdrawal or writing a check.
  • Debit card: An ATM card linked to your account that allows you to buy things in stores or pay for things online and have the funds directly withdrawn from your checking account.
  • Deposit: Any funds you put into your account.
  • Direct deposit: Any regular or scheduled automatic deposit to your account made by your employer or other outside agency.
  • Early withdrawal penalty: Fees you incur for withdrawing funds from an account before its maturity date.
  • eBills: Paperless electronic bills that are sent directly online for payment instead of being mailed to your home.
  • Electronic funds transfer: EFT is money sent or transferred between accounts through ATMs or electronic payment systems.
  • Federal Deposit Insurance Corp: The FDIC is an independent U.S. government agency that insures and protects bank accounts and deposits of up to $250,000.
  • Fixed rate: An interest rate that does not vary for the entire term of the loan or deposit.
  • Home equity loan: A loan that uses the equity of your home as collateral.
  • Indexed rate: The rate charged for an adjustable rate loan for things such as a mortgage or credit card payment.
  • Interest: This can be either the cost of borrowing money or the amount earned on a deposit account.
  • Interest income: The amount of money you earn on savings accounts, CDs and money markets. This is considered taxable income.
  • Interest rate: Either the interest charged on loans or the annual percentage paid on an interest-bearing savings account or CD.
  • Joint account: A bank account that has more than one person’s name on it, thus giving equal ownership to each account holder.
  • Maturity: The date the CD funds are available for withdrawal or renewal with interest paid. This can also refer to the date a full balance is due on a loan.
  • Minimum balance: This is the amount your average account balance must stay above to avoid fees.
  • Money market account: A high-yield savings account that allows you to still have regular access to your funds.
  • Mortgage loan: A loan used to purchase or refinance a home, real property or another real estate property, with payments usually spread over 10 to 30 years.
  • Overdraft protection: An arrangement that typically comes with a minimum balance requirement made between you and your bank that allows you to withdraw more than the balance in your account without incurring any penalties.
  • Periodic rate: The cost of credit interest rate over a specific period of time, such as per day or per month.
  • Personal identification number: A PIN is a private number issued with your debit or credit card so you can withdraw money from ATMs.
  • Routing number: The first nine numbers that appear at the bottom of a check to identify the financial institution responsible for holding the account. These numbers can also be found in your bank’s mobile app or online account.
  • Savings account: An interest-bearing deposit account used for storing money.
  • Service charge: A charge or fee for a service or a penalty for not meeting certain requirements, such as insufficient funds, not meeting minimum balance requirements or surplus transactions.
  • Surcharge: This is typically the fee you are charged when you use out-of-network ATMs.
  • Term: The time to the maturity of a loan or deposit.
  • Variable rate: An interest rate that fluctuates for things such as lines of credit, during the term of a loan, or on a deposit account.
  • Wire transfer: An electronic payment service for transferring funds by wire to use during the same business day.

Bank Fees

All banks operate differently, but many have fees that may be applied for maintaining accounts unless you meet certain requirements. For example, a savings account may require that you keep a minimum amount deposited at all times to avoid a fee, and a checking account may dictate that you must have regular direct deposits made in order to not be charged.

Many banks also apply overdraft fees, charging customers any time they overdraw a checking account where the available balance can’t cover the purchase being made.

Bank Interest Rates

Savings accounts and certificates of deposit opened with a bank will both accrue interest, though the amount will change based on the financial institution and the current average as dictated by the Federal Reserve. Savings accounts will typically have a lower interest rate than a CD, but it’s best to shop around to find the most competitive offer.

ATMs and Online Banking Services

It used to be that you had to wait until a local branch of a bank was open to withdraw money or deposit checks. But with advanced technology, there are more convenient options nowadays. All major banks have ATMs that allow you to do most of your banking business at any time of the day without needing a teller to be present.

Online banking portals and mobile apps also offer the same 24/7 banking opportunities where you can check balances, transfer funds, pay bills and deposit checks by taking a photo with your smartphone.

How To Open a Bank Account

Once you’ve determined which financial institution you want to do your banking with, you’ll need a few items in order to open an account. That list includes:

  • Government-issued ID
  • Social Security number
  • Initial deposit to fund the account

Most of the time, you can open new accounts either in-person or online. Once established, you may also need to change your paycheck direct deposit and update any of your linked automatic bill pay agreements.

Sign-Up Bonuses

Banking is a competitive field, and many major institutions will offer incentives to encourage new clients to work with them. Many provide sign-on bonuses when you open a new account that can top $150 to $300 or more. It’s one more point to consider when deciding where to bring your business.

Alternative to Banks

Though banks are a secure way to save and store your money while managing your finances, they are not the only financial institutions that you have as an option. It is always important to do your research to see what banking system works best for you.

Bank vs. Credit Union

There is another option for banking called a credit union. Unlike a traditional national bank, which is a for-profit entity and is governed by shareholders, a credit union is a not-for-profit institution that works for its membership. This means they’re generally smaller and community-based with more personalized services.

There are a few factors in order to be considered eligible for membership in a credit union — usually determined by where you live, an employer you work for or a community you belong to, such as the military. Because credit unions are smaller and not-for-profit, they typically offer better interest rates and lower fees than traditional banks. However, there usually aren’t as many branch locations, and they’re less likely to offer advanced technology, like mobile apps, that national banks offer.

Bank vs. Brokerage

A bank account holds cash deposits, which you can write checks from and use the debit card linked for transactions. Banks also provide services such as loans and lines of credit. Brokerage accounts hold securities, such as stocks, bonds and mutual funds. Some brokerage accounts also hold cash deposits and provide a debit card but generally specialize in investments and portfolio building.

Caitlyn Moorhead, Dawn Alcott, John Csiszar, Nicole Spector, Will Healy and Daria Uhlig contributed to the reporting for this article.

Research Methodology

To determine the Best Banks of 2024, GOBankingRates analyzed the biggest 100 banks in terms of total assets and select online banks with over $1 billion in total assets, all pulled from June 2023 FDIC data. For Savings and Checking Accounts, we chose only one product per category per institution. If an institution did not offer a given product, we did not score it. If the institution offers multiple checking accounts, we chose the one that was free or had the lowest bar for entry. If there were multiple free checking accounts, we chose the one with the highest APY and/or the one with the lower monthly fee. If an institution offered multiple savings accounts, we chose the one that had the lowest monthly fee, with a minimum deposit of $20,000 or less. If multiple savings accounts fit those criteria, we chose the savings account with the highest APY. All APYs were calculated assuming the base APY offered/achievable. To be deemed a “winner” for a product category (Checking, Savings, CD and Money Market), the institution had to have more than $5 billion in total assets to ensure the institution can handle rising interest rates, exposure to commercial real estate and growing liquidity requirements.

Frequently Asked Questions

Although the basic idea behind a bank can be simple to understand, there are still many common questions surrounding them. Here are the answers to some of the most frequently asked questions regarding banks.
  • What are the top 10 biggest banks?
  • What’s the No. 1 bank in America?
    • Based on the number of branches and ATMs available, as well as customer service hours and products offered, Chase is the No. 1 largest bank in the U.S. with a presence in nearly all 50 states and a network of 16,000 ATMs.
  • Which is the safest bank in the world?
    • Since all major banks in the U.S. are insured by the FDIC, all rank similarly when it comes to safety. The FDIC insures up to $250,000 per person per account and per bank. This is the same cap for a credit union, though they are insured under the National Credit Union Administration.
  • Is my money safe in the bank during a recession?
    • Yes. Any money you have deposited into a checking, savings or another type of bank account is safe during a recession. Major banks are FDIC-insured, therefore you are covered for the full balance of your account up to $250,000.

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