Banking / Banks

Top 100 Banks Leading the US in 2022

How To Choose
Factors To Consider

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When it comes to choosing a bank, you have plenty of options. You may elect to bank with a national bank so that you can easily access your funds and get in-person customer service no matter where you are in the country. You may choose a regional bank if you prefer more localized offerings, or an online bank if you are seeking low fees. In addition, you may benefit from opting for a credit union if you are seeking a more personal connection with your banking institution. If you’re open to any of these institution types, it can be difficult to choose the best bank for you.

To make choosing the right bank or credit union easier, GOBankingRates has identified the Top 100 Best Banks of 2022 by analyzing these institutions across 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
Average mobile app rating

“These nine factors give a great wholesale overview of a bank or credit union,” said Andrew Murray, content data researcher at GOBankingRates. “In our recent 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%), which we cover through the factors analyzed.”

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Here are the Top 100 Best Banks of 2022. Click on each to see their detailed review:

How To Choose the Best Bank for You

Although we rated the best banks overall, choosing from the first few 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.

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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.

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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 Top 100 Best Banks

Here are some common questions about banking and GOBankingRates’ Top 100 Best Banks ranking.

How Were the Top 100 Best Banks Chosen?

For the Top 100 Banks, GOBankingRates looked at the following nine 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 GOBankinRates 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.

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

Information is accurate as of Aug. 5, 2022.

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. All data is up to date as of Nov. 8, 2021. Rates and fees are subject to change.

Editorial Note: This content is not provided by any entity covered in this article. 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 any entity named in this article.

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.