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.
|Bank||Category||Editors’ Pick Award|
|Citibank||Best National Banks||Excellence of Products|
|Chase Bank||Best National Banks||Top Credit Card Rewards|
|Bank5 Connect||Best Online Banks||Top Customer Service|
|Discover Bank||Best Online Banks||Quality and Range of Products|
|Ally Bank||Best Savings Accounts||No Fees or Minimums|
|Barclays Bank Delaware||Best Savings Accounts||No Fees or Minimums|
|AloStar Bank of Commerce||Best Savings Accounts||High Yields|
|Capital One||Best Checking Accounts||No Fees or Minimums|
|Discover Bank||Best Checking Accounts||Rewards|
|CIT Bank||Best CD Accounts||Bonus Offer|
|Barclays Bank Delaware||Best CD Accounts||No Minimums|
|Ally Bank||Best CD Accounts||No 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.
Don’t Miss: 10 Best National Banks of 2017
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.
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.
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.
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.
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 both banks’ online savings accounts have a 1.00% APY — which is one of the best savings rates you can get.
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.
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.
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 0.90% 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.
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.
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.
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.
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.
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.