How We Chose Money’s Best Banks 2022-2023

Money compared the interest rates and features of 65 financial institutions.
By Leslie Cook
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To determine our list of Best Banks of 2022-2023, Money evaluated a total of 65 financial institutions, including national banks, direct or online banks and credit unions.

We began our analysis of national banks with a list of the 30 largest retail banks ranked by total assets from the Federal Deposit Insurance Corporation. We considered the interest rates and features of each bank’s checking, savings and money market accounts.

For our online bank finalists, we reviewed the products and services of 15 of the most popular direct banks, focusing on the features of their checkings, savings and money market accounts.

We looked at the largest credit unions in the U.S., ranked by total assets, from the National Credit Union Administration. Then, we prioritized credit unions that had fairly easy membership requirements and a simple sign-up process.

We considered accounts at national banks, credit unions and online banks for our picks of the best senior, student and military accounts. For our list of best military accounts we focused on services and accounts specifically designed for members of the armed forces.

Main Methodology

We reviewed minimum opening balances as well as a range of fees for monthly account maintenance, ATM use, overdraft and overdraft protection, insufficient funds, and domestic and international wire transfer. We also analyzed interest rates and online accessibility.

When selecting our finalists, we prioritized the checking and savings accounts that required low opening and/or minimum balance requirements, paid a high interest rate and charged few or no fees. We also factored in online and mobile accessibility, unique products or services and a large ATM network.

Whenever applicable, we considered customer service rankings from JD Power’s 2022 Retail Banking Advice Satisfaction Study and 2022 Direct Banking Satisfaction Study.

Money’s editorial team gathered and fact-checked the information in August, September and October.

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.