Best Banks and Credit Unions in California
California is the largest state in the country based on population, so it's no surprise that there are thousands of banks and credit unions operating within the state. To help you identify the best banking option for you, Money researched leading financial institutions.
By evaluating their bank account options, annual percentage yields (APYs) and fees, we selected the best banks and credit unions of California for 2024-2025:
- Golden1 - Best Overall
- Bank of America - Best for Low Fees
- BMO - Best for Checking
- U.S. Bank - Best for Money Market Accounts
- Wells Fargo - Best for Promotional Offers
*Rates and APYs are subject to change. All information provided was accurate as of Oct. 8, 2024.
Golden1 Credit Union is a top credit union in the Golden State. It offers low-fee deposit accounts, including free checking options and high-yield savings accounts. And, it offers higher-than-usual APYs on CDs. As a credit union, Golden1 is also a good option for seniors and minors; it has special account options with low fees and added perks.
However, you must live in an eligible county, work for a partnering employer or have a family member who belongs to Golden1 Credit Union to qualify for membership.
- Free checking accounts available
- Benefits for seniors
- Higher-than-average rates on CDs
- Interest-bearing checking accounts have monthly service fees
- Lower APYs on larger savings account balances
Although many of Bank of America's savings and checking accounts have monthly fees, the bank has several ways to qualify for fee waivers. The waiver requirements are attainable; for example, you can qualify for a fee waiver on a checking account by maintaining a balance of just $500.
You can open an account with as little as $100, and Bank of America offers higher-than-usual rates on CDs. However, to qualify for the best rates, you need to have a combined balance of $20,000 or more in Bank of America accounts.
- Multiple ways to qualify for fee waivers
- Low minimum deposit requirements
- Multiple CD terms
- Lower APYs on savings accounts
- Most perks require large combined balance
In 2023, Bank of the West, a leasing bank in California, was acquired by BMO Harris. With its savings accounts, you can qualify for added rewards. For every month you save $200 or more during the first 12 months of opening an account, BMO Harris will reward you with $5.
There are hundreds of bank branches within the state, and it gives its customers access to over 40,000 ATMs. You can open an account with as little as $25. Many of its accounts have monthly fees, but there are multiple ways to qualify for fee waivers.
- Savings reward
- Broad branch and ATM network
- Low opening deposit
- Monthly fees apply
- Lower rates on savings accounts
For those who want to open a money market account, U.S. Bank is an excellent choice. It offers significantly higher-than-usual rates, and it's a top-ranked bank for customer satisfaction.
You can qualify for a waiver of monthly fees on money market accounts by maintaining a balance of $10,000 or more. However, to qualify for the best-possible rate, you'll need to have a balance of $25,000 or more.
- Top-ranked for customer satisfaction
- High APYs on money market accounts
- Multiple fee waivers
- Highest APY requires a high balance
- Checking accounts have monthly fees
If you open a new checking or savings account with Wells Fargo, you could be eligible for hundreds in promotional offers. The balance or deposit requirements are relatively low, so the bonuses are fairly easy to get.
However, be aware that Wells Fargo accounts have monthly fees. Additionally, the bank offers comparatively low APYs on its savings accounts.
- Valuable bonus offers
- Budgeting and spending tools
- Fee waivers available
- Accounts have monthly fees
- Low APYs on savings accounts
How we chose the Best Banks of 2024-2025
To determine our list of best banks for 2024-2025, Money staff evaluated hundreds of the largest retail banks, online banks, credit unions, regional and state banks ranked by assets. We then compared opening balance requirements, interest paid, fees and features to determine our top picks.
To identify the best banks and credit unions in California, we researched leading financial institutions operating within the state. We looked at the banks' accounts, deposit minimums, rates and fees, as well as the number of branches each institution operates in California.
You can read our full methodology here.
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