Best Banks 2026: Save More, Earn More and Meet Your Money Goals

What To Consider When Choosing the Best Bank

When choosing the right banking experience, you should look for several factors. These include the products and services it offers, fees and interest rates, if it’s a brick-and-mortar institution and if there are physical branches near you.

The best bank for you will also depend upon the type of account you wish to open, not to mention the customer service. 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 tailored toward individuals as well as businesses. Every bank or credit union 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 provide to help customers manage their money. Whether you are looking for the convenience of a national bank or the personal touches of a regional bank, here are some of the main types available for your personal finances:

• 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: Did you know that over one in four people do their banking online, which is about 27%? Unlike national banks, which 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 and loans as well.
• 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 can use their 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 won’t be able 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 during the lending period. 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: Additionally, 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 potential 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, 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. Here are some steps you can take when choosing the right fit for your finances. 

1. Assess the Bank Fees

Did you know that many Americans spent over $150 in bank fees–including overdrafts–a year? According to GOBankingRates, that’s around $35 a transaction. That might be something to think about when you’re thinking about where to bank.

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 so you won’t 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.

2. Calculate Your Interest Rates

You might be one of the millennials–or any age group for that matter–that opts for high-yield savings accounts versus other ways to save, like investing. You might be thinking about any of the banks on this list and the interest rates being offered.

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.

3. Locate ATMs and Access Online Banking Anywhere

It used to be that you had to wait until your local bank branch was open to withdraw money or deposit checks. With advanced technology, however, 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 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, which you might find help. Why is that? GOBankingRates noted that 49% of Americans were living paycheck to paycheck throughout the year, as well as 22% part of the year in a recent survey.

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 aren’t the only financial institutions available. It is always important to do your research to see what banking system works best for you.

Bank vs. Credit Union

There is another banking option 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 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, Melanie Grafil, Dawn Alcott, John Csiszar, Nicole Spector, Will Healy and Daria Uhlig contributed to the reporting for this article.

*Capital one interest rates accurate as of Dec. 30, 2025. See website for all current rates.

All information about American Express CD accounts has been collected independently by GOBankingRates and has not been reviewed or approved by American Express. These products are not available through GOBankingRates.

All information about Discover® Money Market Account has been collected independently by GOBankingRates. Discover® Money Market Account is no longer available through GOBankingRates.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of Dec. 30, 2025. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of Dec. 23, 2025) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by Jan. 31, 2026. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC./