The Best Banks in America
Banks are the country’s financial lifeblood. These institutions provide a range of essential services, whether it’s a safe place to park cash or a reliable source of capital for an auto loan or to make home improvements.
Brick-and-mortar banks face growing competition from institutions that operate completely online. This has led them to beef up their own online presence and rethink the way they connect with customers.
Read on to see our picks for the Best Banks in America. Money’s editorial team examined a range of data points for different categories of institutions: large national banks, credit unions, online banks, banks for seniors, for military members and for students. Data gathering and fact-checking took place from August through October.
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*Rate as of 8/1/2023
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*Rate as of 8/1/2023
| Bank
|
Category
|
Best For
|
Minimum Opening Deposit
|
Annual Percentage Yield
|
Monthly Service Fees
|
|---|---|---|---|---|---|
Alliant Credit Union |
Credit Union | Interest rates | $25 | 2.35% | $0 |
Ally Bank |
Online Bank | Budgeting tools | $0 | 2.50% | $0 |
America First Credit Union |
Credit Union | Rewards | $0 | 0.05% | $6† |
American Express |
Online Bank | Interest rates | $0 | 0.60% | $0 |
Axos Bank |
Online Bank | Seniors | $50 | 1.25% | $0 |
Bank of America |
National Bank | Budgeting tools | $25 | 0% | $0 |
Bethpage Federal Credit Union |
Credit Union | Students | $5 | 0.40% | $0 |
Bread Financial |
Online Bank | Interest rates | $100 | 3.00% | $0 |
Capital One |
National Bank | Customer ratings | $0 | 3.00% | $0 |
Chase |
National Bank | Cash bonuses | $0 | 0.01% | $25† |
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|
|||||
CIT Bank |
Online Bank | Interest rates | $100 | 3.25% | $0 |
Citibank |
National Bank | Travel perks | $500 | 3.10% | $0 |
Discover |
Online Bank | Customer ratings | $0 | 2.75% | $0 |
First Technology Federal Credit Union |
Credit Union | Cash back | $0 | 1.50% | $0 |
Golden 1 Credit Union |
Credit Union | Seniors | $0 | 0% | $0 |
Lake Michigan Credit Union |
Credit Union | Rewards | $0 | 3.00% | $0 |
Marcus by Goldman Sachs |
Online Bank | No-fee services | $0 | 2.50% | $0 |
Mountain America Credit Union |
Credit Union | Students; seniors | $0 | 2.60% | $7† |
Navy Federal Credit Union |
Credit Union | Overseas services | $0 | 0.45%* | $10† |
Pentagon Federal Credit Union |
Credit Union | Easy to join | $5 | 1.70% | $0 |
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|
|||||
PNC Bank |
National Bank | Students; seniors | $0 to $25 | 0.04%* | Up to $25† |
Quontic |
Online Bank | Earns Bitcoin | $500 | 3.00% | $0 |
Regions Bank |
National Bank | Students; seniors | $50 | 1.00% | $0 to $8 |
Security Service Federal Credit Union |
Credit Union | Deployment loans | $0 | 0.79%* | $6 |
SoFi Bank |
Online Bank | Combo account | $0 | 2.50% | $0 |
State Employees' Credit Union |
Credit Union | Interest on checking | $25 | 0.10% | $0 |
TD Bank |
National Bank | Discounted loans | $0 | 0.01%* | $25† |
Truist |
National Bank | Rewards | $50 | 0.01% | $12† |
USAA Federal Savings Bank |
National Bank | Shopping discounts | $25 | 0.01% | $0 |
US Bank |
National Bank | Discounts; waived fees | $25 | 0% | $0 |
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|
|||||
Vio Bank |
Online Bank | Interest rates | $100 | 3.52% | $0 |
Wells Fargo |
National Bank | Outstanding support | $25 | 0.02%* | Up to $10† |
The interest rates and bonuses quoted in the bank and credit union overviews are valid as of Nov. 4, 2022, and are subject to change by the financial institution at any time.
* Rates quoted can vary depending on customer location or on account balance
† Can be waived
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