Finance
Banking
Best Banks

Best Banks of 2023

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Updated: 01/24/2023

Companies considered

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The best banks stand out from the rest because they offer a combination of excellent customer service, competitive interest rates and low fees. But trying to sift through all your options can feel overwhelming if you don’t know what to compare.

Consider your personal preferences and what you’re willing to trade off. For example, while brick-and-mortar banks offer a sense of security for customers who prefer in-person interaction, online-only banks offer lower fees and better interest rates. If you’re someone who banks on the go, you’ll want a variety of mobile banking options. And while interest rates and fees are important factors, customer service should not be overlooked.

How we selected the best banks

To make our top picks, the ConsumerAffairs Research Team vetted 56 banks. We considered more than 37,000 reviews and features, including types of accounts and products offered, fees, interest rates and extra services available. Our list includes both traditional brick-and-mortar banks as well as online-only banks. All our picks are insured by the Federal Deposit Insurance Corporation (FDIC).

You can read our full methodology to learn more about how we compared different banks and chose our top picks. Our picks may be Authorized Partners that compensate us. This does not affect our recommendations or evaluations but may impact the order in which companies appear.

Our pick for low fees: Ally Bank
Our pick for businesses: U.S. Bank
Our pick for military: Armed Forces Bank
Our pick for students: PNC Bank
Our pick for in-person access: Chase
Our pick for extra features: Wells Fargo
Our pick for loan options: SoFi
Our pick for savings options: M&T Bank
Our pick for financial planning: Citizens Bank

Why trust ConsumerAffairs?

Our recommendations are based on what reviewers say.
4,337,775 reviews on ConsumerAffairs are verified.
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We use intelligent software that helps us maintain the integrity of reviews.
Our moderators read all reviews to verify quality and helpfulness.

Compare our picks for top 9 banks

Ally Bank	Armed Forces Bank	PNC Bank	Chase Bank	Wells Fargo	SoFi Checking and Savings	M&T Bank	Citizens Bank
Primary	Ally Bank	Read reviews	Customer Ratings 2.1 1,465 reviews 1,465 reviews	Our pick for Low fees	Min. opening deposit $0	Overdraft fee No	In-person branches No
Primary	US Bank	Read reviews	Customer Ratings 2.7 1,853 reviews 1,853 reviews	Our pick for Businesses	Min. opening deposit $25	Overdraft fee $36	In-person branches 2,000+
Primary	Armed Forces Bank	Read reviews	Customer Ratings 2.6 96 reviews 96 reviews	Our pick for Military	Min. opening deposit $25	Overdraft fee $20	In-person branches 94
Primary	PNC Bank	Read reviews	Customer Ratings 2.2 1,521 reviews 1,521 reviews	Our pick for Students	Min. opening deposit $25	Overdraft fee $36	In-person branches 2,500
Primary	Chase Bank	Read reviews	Customer Ratings 1.6 4,077 reviews 4,077 reviews	Our pick for In-person branches	Min. opening deposit $0	Overdraft fee $34	In-person branches 4,700+
Primary	Wells Fargo	Read reviews	Customer Ratings 1.9 3,346 reviews 3,346 reviews	Our pick for Extra features	Min. opening deposit $25	Overdraft fee $35	In-person branches 4,700
Primary	SoFi Checking and Savings	Read reviews	Customer Ratings 1.5 81 reviews 81 reviews	Our pick for Loan options	Min. opening deposit $0	Overdraft fee $0	In-person branches No
Primary	M&T Bank	Read reviews	Customer Ratings 2.5 471 reviews 471 reviews	Our pick for Savings options	Min. opening deposit $25	Overdraft fee $15	In-person branches 1,000+
Primary	Citizens Bank	Read reviews	Customer Ratings 1.8 631 reviews 631 reviews	Our pick for Financial planning	Min. opening deposit $0	Overdraft fee $35	In-person branches 1,000+

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Choose what information you want to see across each brand. At least one option must be selected.

Our pick for low fees

Ally Bank

2.1

1,465 reviews

Opening deposit required: $0
Overdraft fee: No
In-person branches: No

Ally Bank is widely regarded as one of the best banks for low fees. As an online-only bank, it doesn’t charge monthly fees for its checking or savings accounts. It also offers a number of other money-saving services, such as free checks, free overdrafts and reimbursements for non-network ATM fees.

In addition to low fees, Ally Bank is known for its competitive interest rates on both checking and savings accounts. This allows customers to earn money on their deposits, rather than simply avoid fees.

In addition to checking and savings accounts, it also offers high-yield certificates of deposit (CDs), money market accounts, credit cards and loans. While you won’t find a ton of account options with Ally (it only offers one checking and one savings account), it focuses on quality over quantity. Its low fees and competitive rates make it a popular choice.

Ally Bank offers some serious benefits to its clients, including:

No monthly fees or overdraft fees
Competitive interest rates
Non-network ATM fee reimbursements

Some potential customers might be disappointed that Ally Bank has:

No physical branches
Limited account options
No cash deposits

A number of ConsumerAffairs readers have praised Ally Bank for its competitive interest rates and helpful customer service.

Marcia from Denver had this to say: “Ally has always been responsive to my questions, either online or via phone. They make me feel confident in banking with them and using new transaction practices. Their rates are competitive with other large banks, and I would recommend Ally's services.”

Other customers noted that they like Ally Bank’s lack of fees and its convenient mobile banking app. That said, we’ve also received negative reviews of Ally Bank, including complaints about frozen accounts and long wait times for customer service.

Our pick for businesses

US Bank

2.7

1,853 reviews

Opening deposit required: $25
Overdraft fee: $36
In-person branches: 2,000+

As one of the largest banks in the nation, U.S. Bank offers everything from standard checking and savings accounts to credit cards and loans. But its range of business products makes it a strong choice for businesses looking for a reliable banking partner.

With U.S. Bank, customers can find business checking accounts with mobile banking, cash management tools and merchant services that allow businesses to accept credit and debit card payments.

U.S. Bank also provides business loans, including Small Business Administration (SBA) loans, lines of credit and even McDonald’s franchise financing. Treasury management services help businesses manage their cash flow, optimize working capital and reduce financial risk.

While not all of U.S. Bank’s checking and savings accounts have overdraft fees or minimum deposits, some do. For instance, the minimum opening deposit is $25 for the Standard Savings Account and Safe Debit Account. There’s a $36 fee for overdrafts of $5.01 or more with some accounts.

U.S. Bank’s size allows it to offer a number of advantages, such as its:

Large network of physical branches
Variety of financial products
Good options for small business financing
Free credit monitoring services

But a big bank also comes with a few inevitable pitfalls, like:

Monthly fees on some accounts
High minimum balance requirements to waive monthly account fees
Low savings account interest rates

A lot of ConsumerAffairs readers praise U.S. Bank for its easy-to-use online banking platform and helpful customer service.

Sebastian from Honolulu wrote: "We've been with U.S. Bank for at least 12 years now, and we love it. U.S. Bank helped me with my first account after I turned 18 and got me through school. The bankers are wonderful and have given me all sorts of insight, from how to invest to spending on a daily basis."

However, some customers had negative experiences with loan applications, and others complained about high fees and poor communication from the bank.

Our pick for military

Armed Forces Bank

2.6

96 reviews

Opening deposit required: $25
Overdraft fee: $20
In-person branches: 94

Armed Forces Bank is considered one of the best banks for military members due to its long-standing history of serving active-duty and retired military personnel and their families since 1907.

As a full-service institution, Armed Forces Bank provides a variety of products, including savings accounts, money market accounts, CDs, credit cards, personal military loans, home equity loans and mortgages.

One standout product of Armed Forces Bank is its Recruit Access Checking account, which is designed specifically for new recruits. It charges no monthly maintenance fees (with direct deposit), offers early access to direct deposits from the Defense Finance and Accounting Service and provides a network of over 30,000 ATMs nationwide.

Armed Forces Bank also has other bank accounts that come with identity monitoring, cellphone protection, roadside assistance, movie and theme park discounts and more.

Armed Forces Bank’s savings account has a $25 minimum opening deposit. A $20 fee applies to overdrafts over $5 (up to $100 in total overdraft fees per day).

Armed Forces Bank will definitely appeal to Americans in uniform, given that:

Its products and services are tailored to the military.
It has an account specifically designed for new recruits.
Some members are entitled to early paydays.

Armed Forces Bank won’t be a good fit for everyone given that:

Its branches are located on military bases.
Some of its products can only be applied for at its branches.
Most of its checking and savings accounts have monthly fees.

Many ConsumerAffairs readers appreciate Armed Forces Bank’s focus on serving military personnel and their families, as well as its wide range of financial products.

Robert from Chula Vista, California, is very grateful for the bank’s customer service. “I am so thankful for the men and women of this business. … Lately, I have had attempts of people trying to take money from my account. The Armed Forces Bank personnel worked so very hard to help,” he said.

Some of the negative reviews of Armed Forces Bank that we’ve received complained of limited support hours and excessive fees.

Our pick for students

PNC Bank

2.2

1,521 reviews

Opening deposit required: $25
Overdraft fee: $36
In-person branches: 2,500

PNC Bank offers a variety of financial products specifically designed to help students manage their finances. The Virtual Wallet Student account is one of its most notable offerings. It includes three accounts in one: Spend, Reserve and Growth. It has no monthly fees for up to six years and comes with $5 in monthly ATM rebates and one overdraft refund.

PNC also offers private student loans and education refinance loans. For younger students, PNC’s S is for Savings program is designed to teach children how to save money and build a strong financial foundation for their future.

Beyond these student and youth-specific offerings, PNC provides credit cards, mortgages, small business accounts and other financial products that can be useful for students as they transition into adulthood.

Most PNC checking and savings accounts have a $25 minimum opening deposit, though some savings accounts waive that requirement if you open the account online.

Some of PNC’s most notable attributes are its:

Good savings and checking options for young people
Large ATM network
Free financial education resources

A few of PNC’s drawbacks include:

Limited availability in some regions
High overdraft fees
Monthly fees for some accounts

Some ConsumerAffairs readers have praised PNC for its helpful customer service and wide range of financial products.

Eric from Erie, Pennsylvania, gave PNC Bank a 5-star rating and said: "I absolutely love, love, love PNC Bank. About a month ago, I upgraded from their prepaid card to the Virtual Wallet Performance account (Spend, Reserve & Growth)! I couldn’t be more happy and thankful. PNC is the absolute BEST, BEST, BEST bank I have ever been with. Customer service is extraordinary, great branch and ATM locations nationwide and my local branch is phenomenal."

However, some negative reviews of PNC complained of poor communication with the bank’s staff.

Our pick for in-person access

Chase Bank

1.6

4,077 reviews

Opening deposit required: $0
Overdraft fee: $34
In-person branches: 4,700+

Chase’s extensive branch network and range of personal and business financial services make it an excellent choice for those who need in-person access to their accounts.

The bank, which is the largest in the U.S., has over 4,700 branches and 16,000 ATMs. Its branch network spans 49 states (there are no Chase branches in Alaska) and Washington, D.C. Its branches offer personalized assistance to customers who prefer to conduct their banking in person.

Chase provides a diverse mix of financial products, including rewards credit cards, checking accounts, savings accounts, business banking, mortgages, investments and car loans.

Chase’s massive banking footprint gives it the following advantages over a number of competing banks:

Its branch network is extensive.
Its ATM network is huge.
It offers a full range of products and services.

Chase also suffers from some of the disadvantages that are common among large banks:

Some accounts charge monthly fees.
High minimum balances may be required to waive monthly fees.
Savings account interest rates are low.

A number of people who left reviews of Chase with ConsumerAffairs seem to appreciate Chase’s online banking platform, helpful customer service and convenient branch locations.

Margery from Prudenville, Michigan, said: “Whether online or in person, they look out for me and my money. They tell me of new things that are available and … that I may be interested in. The ATM area is always clean, and drive-up window is always a breeze to get in and out of fast.”

But some customers had less positive experiences. Negative reviews mentioned account fees and difficult loan application processes, among other issues.

Our pick for extra features

Wells Fargo

1.9

3,346 reviews

Opening deposit required: $25
Overdraft fee: $35
In-person branches: 4,700

Wells Fargo products include checking and savings accounts, credit cards, loans and investment platforms. However, it also provides a variety of extra features that make banking more convenient and secure.

One key feature is Wells Fargo’s 24/7 fraud monitoring. The bank has systems in place to help detect and prevent fraud, including real-time transaction monitoring.

Customers can also set up activity alerts to receive notifications when certain types of transactions occur, such as purchases over a certain amount or ATM withdrawals. The bank also offers a credit monitoring service called “Credit Close-Up” to help customers stay on top of their credit scores and catch potential identity theft.

Another extra feature that sets Wells Fargo apart is Early Pay Day. Customers can receive their paychecks up to two days early when they set up direct deposit, allowing them to manage cash flow and potentially avoid overdrafts.

Among Wells Fargo’s most notable perks are its:

Wide range of products and services
Large branch and ATM network
Mobile banking app with a variety of features
Good low-interest credit cards

Some of Wells Fargo’s weaknesses are its:

Monthly fees for some accounts
Low interest rates on some savings accounts
History of creating fraudulent bank accounts without clients’ consent
Lack of branches in 14 states

Many ConsumerAffairs readers have expressed how much they appreciate Wells Fargo's branch services, security measures and friendly customer support.

Donald from Firestone, Colorado, said: “They have always been courteous and helpful to solve problems. When we had a credit card fraud, the bank immediately solved the crisis. In almost 30 years, we have been very happy. We would never switch banks.”

However, some customers have had negative experiences with hidden fees and poor communication.

Our pick for loan options

SoFi Checking and Savings

1.5

81 reviews

Opening deposit required: $0
Overdraft fee: $0
In-person branches: No

SoFi started as a student loan company but has since expanded to offer a full lineup of loans, including personal loans, home loans, credit card consolidation loans, family planning financing and small business financing. It also offers investment services, high-yield checking and savings accounts, career coaching and complimentary financial planning.

Its high-yield checking and savings accounts offer competitive interest rates and no monthly fees. Investment products like ETFs and retirement accounts are available through SoFi Invest.

Among SoFi's most notable offerings are its student loan refinancing options, which can help borrowers lower their interest rates and monthly payments. Fixed and variable rate options are available, and loans are offered in repayment terms including five, seven, 10, 15 and 20 years. Borrowers can also defer payments for up to 36 months if they experience financial hardship.

SoFi’s extensive lending history and online-only structure allow it to offer these key benefits to its customers:

It has a wide range of loan products.
There are no minimum balance requirements for checking or savings accounts.
Checking and savings balances benefit from high annual percentage yields (APYs).

SoFi’s comparatively small size also leads to a few weaknesses:

It has no physical branches.
The process for depositing cash into a SoFi bank account is a bit convoluted.
Its range of products is relatively limited outside of loans.

A lot of ConsumerAffairs readers have indicated that they had positive experiences with SoFi. For example, Pedro of Bethesda, Maryland, stated: "They offered me the lowest rate, highest loan amount and best loan term. Also, their process is user friendly, which is important to me because looking for a loan is already frustrating enough. Their customer service is also very attentive and polite."

On the other hand, a number of ConsumerAffairs readers have complained about frustrating loan approval processes and poor communication with SoFi.

Our pick for savings options

M&T Bank

2.5

471 reviews

Opening deposit required: $25
Overdraft fee: $15
In-person branches: 1,000+

M&T Bank is a regional institution that provides banking services to consumers and businesses. Its products include basic and interest-bearing checking accounts, as well as savings accounts, loans, credit cards and business bank accounts. M&T Bank is headquartered in Buffalo, New York, and it’s an excellent pick for anyone looking for a bank with a wide range of savings options.

Not only does M&T Bank offer traditional savings accounts, but it also has other types of accounts, such as CDs, money market accounts and business savings accounts.

Among the standout options offered by M&T Bank are its promotional CDs. These accounts earn up to 4% APY (as of publication) and allow customers to lock in a specific interest rate for a set period of time.

Some of M&T Bank’s biggest selling points are:

It has a wide range of savings vehicles.
It has over 1,000 branch locations.
Its promotional CDs offer competitive rates.
It has multiple credit cards with no annual fee.

These aspects might give you pause before you gravitate toward M&T Bank:

Some of its checking accounts have high monthly fees.
Some of its savings vehicles have low APYs.
All M&T checking accounts have a $25 minimum opening deposit.
M&T branches are primarily located on the East Coast.

M&T Bank has received many strong reviews from ConsumerAffairs readers, some of which have highlighted M&T’s personalized customer service and its focus on serving local communities.

Pat from Niagara Falls, New York, offered this description of M&T: “Large bank with a hometown feel. Very personable, professional and friendly. They have made recommendations for me and my accounts that I have with them. They also do excellent follow-up on any questions you have about your accounts.”

Negative M&T reviews include complaints about long wait times and unexpected fees.

Our pick for financial planning

Citizens Bank

1.8

631 reviews

Opening deposit required: $0
Overdraft fee: $35
In-person branches: 1,000+

Citizens Bank provides a range of financial products, including deposit accounts, loans, credit cards, mortgages and investment accounts. But its financial planning services are where it excels.

Every customer of Citizens Bank has free access to Citizens Checkup, a financial planning service in which a Citizens Bank customer can consult with a banker or advisor and get help mapping out their goals. In addition, the bank offers retirement, educational, estate and insurance planning.

One key benefit of choosing Citizens Bank for financial planning is the level of personalization offered. The bank says its financial professionals will take the time to understand each customer's unique situation and work with them to develop a customized plan that meets their needs.

Citizens Bank also offers a range of online resources to help customers manage their finances. From budgeting and savings calculators to retirement planning tools and investment resources, the bank provides a wealth of support to help customers make informed financial decisions.

Citizens Bank stands out from competitors due to its:

Free financial checkups for customers
Comprehensive financial planning services
Online tools and educational resources

A few of Citizens Bank’s weaker points are its:

High overdraft fees
Below-average interest rates
Limited service area

A number of ConsumerAffairs readers have praised Citizens Bank for its variety of quality accounts and the accessibility of its customer service.

Gail from Titusville, Florida, put it like this: “We have mortgaged through Citizens for the past three houses. Since we have our savings/checking through them also, going online to check our balances is so nice to have all our mortgage info available on the same page and location.”

There are, however, some negative Citizens Bank reviews that mention frustration with expensive overdraft fees.

Compare Top Banks Sort Best Rated Most Reviewed Highest Rated
Compare	Merrick Bank	Read 2,279 Reviews	Bank for those wanting to build or rebuild their credit. Offers credit cards, recreation loans and CDs. Double Your Line credit cards double your limit after seven months of on-time payments. Free financial education resources.
	Arrowhead Credit Union	Read 21 Reviews	Credit union serving areas of California, Arizona and Nevada. Offers a range of checking and savings accounts, loans, credit cards, investment products and retirement planning. Competitive rates and personalized service.	Chat with a ConsumerAffairs decision guide Live agent
	Bank of America Gift Cards	Read 13 Reviews	Bank of America gift cards come in the form of prepaid Visa cards that customers can register online or by calling a toll-free number. Customers can use the cards at gas stations, restaurants and at other merchants.	Chat with a ConsumerAffairs decision guide Live agent
	BB&T	Read 924 Reviews	Merged with SunTrust Banks in 2019 to form Truist. Truist has branches in 15 states and Washington, D.C., and offers banking, insurance, investment services, credit cards, personal loans and mortgage products.	Chat with a ConsumerAffairs decision guide Live agent
	HSBC	Read 905 Reviews	Global bank with international services. Offers checking and savings, credit cards, loans, mortgages and wealth management. Exclusive perks for high-net-worth customers. Premier Checking required to access other HSBC accounts.	Chat with a ConsumerAffairs decision guide Live agent
	BBVA USA Bank	Read 448 Reviews	Provides FDIC insured checking and savings accounts, credit cards, wealth management and other financial services for individuals and businesses. Award-winning mobile app.	Chat with a ConsumerAffairs decision guide Live agent
	KeyBank	Read 634 Reviews	Financial institution in 15 states. Offers checking, savings, CDs, credit cards, loans, investments and insurance. Lenient overdraft protection. Low interest rates on deposit accounts. Commitment to corporate responsibility.	Chat with a ConsumerAffairs decision guide Live agent
	Crescent Bank	Read 172 Reviews	New Orleans-based financial institution. Offers checking and savings accounts, as well as auto loans. High APYs but high opening deposits. Accounts must be opened in person at a local branch but CDs can be opened online.	Chat with a ConsumerAffairs decision guide Live agent
	Union Bank	Read 145 Reviews	California-based regional bank. Offers checking and savings accounts, wealth management and mortgage lending. Free account options. High overdraft fees. Acquired by U.S. Bank in December 2022. Transition to complete by mid-2023.	Chat with a ConsumerAffairs decision guide Live agent
	Regions Bank	Read 797 Reviews	Bank serving 16 states in the South and Midwest. Offers checking, savings, mortgages, loans, credit cards and investments. Competitive rates on promotional CDs. Low interest rates and strict withdrawals on savings accounts.	Chat with a ConsumerAffairs decision guide Live agent

How to choose a bank

“As long as your bank is FDIC-insured, the safety of your money is covered. So when choosing a bank, it really comes down to the interest rate, fees associated with your bank and other services offered,” explained Kendall Meade, a certified financial planner at SoFi.

With Meade’s advice in mind, take the following approach when choosing a bank:

Consider your needs

Are you looking for a bank that offers a lot of online services? Do you need a bank with a lot of physical locations? Do you need a bank that offers a specific type of account? Make a list of your needs and use it to narrow down your options.

Look at fees

Bank fees can wipe out your account balance if you’re not careful. Look for a bank that has low or no fees for the services you need. Some common bank fees to look out for include ATM fees, overdraft fees and monthly maintenance fees.

“It’s important to take all of these fees into account because even if you are getting a higher APY, these fees may end up costing you more than the interest you earn,” said Meade

Check the interest rates

If you're looking to earn money back on your savings, check the interest rates offered by different banks. Most of the time, you’ll find the best rates at online banks.

Research the bank's reputation

Look for reviews online and ask friends and family members for their recommendations. You want to choose a bank that’s reputable and has a good track record of customer service.

Consider convenience

If you value face-to-face service, look for a bank that has branches and ATMs in convenient locations near you. If you prefer online banking , make sure the bank's website and mobile app are easy to navigate.

Banking alternatives

While traditional banks have been the go-to for managing finances for decades, there are now several alternatives. Here are some options to consider:

Credit unions

Credit unions are member-owned financial cooperatives that offer similar products and services to banks, such as checking and savings accounts, loans and credit cards. However, credit unions are typically smaller and focus more on local communities. They often offer better interest rates and lower fees than traditional banks.

Online banks

Online banks, also known as virtual banks or digital banks, operate entirely online without physical branches. One example of an online bank is Ally Bank, which is on this list.

Online banks offer similar services to traditional banks, but usually with lower fees and better interest rates. Online banks also tend to have user-friendly mobile apps and websites, making it easy to manage your finances on the go.

Neobanks

A neobank is a type of online bank that focuses on providing innovative digital banking experiences. Neobanks often offer features such as budgeting tools, instant money transfers and real-time spending notifications. They are also known for their sleek and modern designs, making them a popular choice for younger generations.

Community banks

Community banks are small, locally owned banks that focus on serving the needs of their surrounding communities. They offer similar services to traditional banks, but with a more personal touch.

Community banks often have a better understanding of local economic conditions than national banks, and they may be more willing to work with customers in challenging financial circumstances.

Other payment options

In addition to these bank alternatives, you have other options for paying bills and managing finances without a bank account. These include:

Money orders: A money order or money transfer service can be used to pay bills or send money to someone else without needing a checking account. Money orders can be purchased at banks, post offices and other retail locations.
Prepaid cards: A prepaid card is a reloadable card that can be used to make purchases and pay bills. They’re often used by people who don't have a traditional bank account or who want to limit their spending.
Cash: While cash may seem old-fashioned, it's still a viable option for covering some expenses. Just be sure to keep your cash in a secure location and track your spending carefully. And you might want to consider pairing your cash with a prepaid card for those bills that can’t be covered in cash.

FAQ

How is my money protected if I use a traditional bank?

When you use a traditional bank, your money is protected by the Federal Deposit Insurance Corporation (FDIC). This means that if the bank fails, your deposits will be insured for up to $250,000.

What are the different types of banks?

There are several types of banks, including traditional banks, online banks and community banks. Traditional banks have brick-and-mortar branches and offer a wide range of financial products and services. Online banks operate entirely online and often offer high interest rates and low fees. Community banks are usually locally owned and tend to serve a small number of clients who live in the same vicinity.

Can I have accounts at more than one bank?

Yes, you can have accounts at more than one bank. In fact, it can be a good idea to have accounts at multiple banks to take advantage of different products and services. For example, you might have a checking account at one bank and a savings account at another bank that offers a higher interest rate.

Do I need a good credit score to open a bank account?

No, you do not need a good credit score to open a bank account. However, some banks may check your credit score when you apply for certain products, such as a credit card or loan. If you have a low credit score, you may be denied these products or offered less favorable terms.

Methodology

To make our choices for top banks, we collected 54 individual data points for 56 popular banks. We then used this data to examine the most important considerations for consumers.

Customer feedback is a critical indicator when evaluating companies, and we factored in over 37,000 customer reviews and overall ratings from ConsumerAffairs readers when making our top picks. However, for those companies we considered that have no ratings from ConsumerAffairs, there were other variables that made them stand out, which factored into our decisions.

Accounts and products offered: We looked at the amount of checking, savings, retirement and other account types each bank offered. Higher consideration was given to banks that offered traditional accounts as well as specialized accounts, such as accounts for teens and military members.
Fees: Among the types of fees we considered were overdraft, out-of-network ATM and account maintenance fees. Preference was given to banks that have low fees or offer reimbursements or waivers of fees.
Additional options and services: We examined features like credit monitoring, fraud protection, financial planning, account alerts and account bonuses. Preference was given to banks that offer more of these features and services, as they provide customers with a more comprehensive banking experience.
APR and APY: Interest rates are important when selecting a loan or savings account from a bank, and we looked at APYs on savings accounts as well as annual percentage rates (APRs) on loans. We gave greater consideration to banks that offered high APYs and low APRs as of publication. However, since these rates fluctuate frequently, this variable was not given as much weight as others.

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Compare Top Banks
	Bank of the West	Read 407 Reviews	Personal checking, savings and business banking accounts. Investing and wealth management services available. Branch locations in 19 states. Over 40,000 ATMs nationwide. Became part of BMO in February 2023.	Chat with a ConsumerAffairs decision guide Live agent
	First Citizens Bank	Read 105 Reviews	Largest family-controlled bank in U.S. Offers personal and business banking, including loans, mortgages, credit cards and insurance. Over 500 branches in 21 states. Fee-free account options. Low interest rates on savings accounts.	Chat with a ConsumerAffairs decision guide Live agent
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	US Bank	Read 1,853 Reviews	Large bank available in 26 states. Offers checking and savings accounts, credit cards, loans, mortgages, insurance and wealth management. Large ATM network. High fees and below-average interest rates on some savings accounts.	Chat with a ConsumerAffairs decision guide Live agent
	USAA Banking	Read 702 Reviews	Financial services provider for U.S. military and their immediate families. Offers banking, insurance, investments and retirement planning. Low fees. No minimum balance requirements on many accounts. Competitie APYs.	Chat with a ConsumerAffairs decision guide Live agent
	Flagstar Bank	Read 630 Reviews	One of largest residential mortgage originators in the U.S. Also offers checking and savings accounts, loans, credit cards and investment services. Banking only available in California, Indiana, Michigan, Ohio and Wisconsin.	Chat with a ConsumerAffairs decision guide Live agent
	Pentagon Federal Credit Union	Read 223 Reviews	Credit union offering checking and savings accounts, credit cards, loans and investment services. Anyone can join by opening a savings account. Low fees and competitive interest rates. Some minimums required to avoid fees.	Chat with a ConsumerAffairs decision guide Live agent
	Armed Forces Bank	Read 96 Reviews	Full-service bank tailored to active and retired military personnel but open to anyone in the U.S. Offers checking and savings, money market accounts, CDs, credit cards, loans and mortgages. Branches are on military bases.	Chat with a ConsumerAffairs decision guide Live agent
	Fifth Third Bank	Read 1,209 Reviews	Full-service regional bank in 11 states. Offers checking and savings accounts, CDs, credit cards, loans and mortgages, insurance and investment services. HSAs, ABLE accounts and 529 savings accounts are also available.	Chat with a ConsumerAffairs decision guide Live agent
	Royal Bank of Canada	Read 490 Reviews	Multinational bank based in Canada. Branches in 22 states. Offers bank accounts, credit cards, mortgages, loans and investments. Kid-friendly accounts available. Fees on all checking accounts. CDIC-insured.	Chat with a ConsumerAffairs decision guide Live agent
	Bread Financial	Read 890 Reviews	Formerly known as Comenity. Specializes in co-branded credit cards and loyalty programs with retailers. Also offers high-yield savings accounts, certificates of deposit and loans. No checking accounts. Online only.	Chat with a ConsumerAffairs decision guide Live agent
	M&T Bank	Read 471 Reviews	Regional bank in Mid-Atlantic states. Offers checking and savings accounts, loans, credit cards, investments and business banking. High rates on promotional CDs. No annual fees on credit cards. Monthly fees on most accounts.	Chat with a ConsumerAffairs decision guide Live agent
	Comerica Bank	Read 224 Reviews	Full-service bank offering personal and business banking. Operates in Arizona, California, Florida, Michigan and Texas. Low opening deposit requirements but also low interest rates on deposits. High monthly fees.	Chat with a ConsumerAffairs decision guide Live agent
	Arvest Bank	Read 67 Reviews	Regional bank in Arkansas, Kansas, Missouri and Oklahoma. Offers checking, savings, certificates of deposit, loans and mortgages, credit cards and investment services. Some competitive rates. Monthly fees on deposit accounts.	Chat with a ConsumerAffairs decision guide Live agent
	Ally Bank	Read 1,465 Reviews	Offers online banking, robo-advisor trading, portfolio management and various loans. Stocks, ETFs, bonds, mutual funds, margin accounts and securities lending available. No commission or advisory fees.	Chat with a ConsumerAffairs decision guide Live agent
	PNC Bank	Read 1,521 Reviews	One of the largest banks in the U.S. Offers checking, savings, credit cards, loans, mortgages, investment services and tools for tracking spending and bill payments. Branches in 29 states. Options and rates vary by location.	Chat with a ConsumerAffairs decision guide Live agent
	Navy Federal Credit Union	Read 754 Reviews	Not-for-profit credit union serving military, veterans and their families. Offers savings and checking accounts, credit cards and loans. Low fees. Competitive interest rates. Large ATM network across the U.S. and Canada.	Chat with a ConsumerAffairs decision guide Live agent
	Huntington Bank	Read 411 Reviews	Regional bank located in 11 states. Offers checking and savings accounts, credit cards, loans, investments and insurance. A 24-hour grace period protects from overdraft fees. Below-average interest rates on most savings accounts.	Chat with a ConsumerAffairs decision guide Live agent
	Associated Bank	Read 103 Reviews	Midwest-based regional bank. Branches in Wisconsin, Illinois and Minnesota. Offers checking, savings, loans, mortgages and investments. Large ATM network. Monthly fees for most accounts, but can be waived with minimum balance.	Chat with a ConsumerAffairs decision guide Live agent
	Citibank	Read 2,156 Reviews	Full-service global bank in nearly 160 countries. Checking and savings accounts, credit cards, loans and wealth management services available. Robust credit card rewards. No overdraft fees. Ability to waive other monthly fees.	Chat with a ConsumerAffairs decision guide Live agent
	Bank of America	Read 4,947 Reviews	Offers traditional and online banking options. Special $0-fee student checking accounts available. Operates over 3,900 locations and 16,000 ATMs nationwide. AI virtual assistant enabled on all accounts.	Chat with a ConsumerAffairs decision guide Live agent
	Wells Fargo	Read 3,346 Reviews	Wells Fargo offers many financial services that help make banking easier. Wells Fargo Conversations magazine helps users learn about investing and other financial topics. The company's credit cards include a variety of perks.	Chat with a ConsumerAffairs decision guide Live agent
	Citizens Bank	Read 631 Reviews	Large bank in 14 states and D.C. Offers checking and savings, credit cards, loans, mortgages and wealth management services. Monthly fees are easy to waive. High overdraft fees. Below-average interest rates on savings accounts.	Chat with a ConsumerAffairs decision guide Live agent
	TD Bank	Read 1,182 Reviews	Multinational bank based in Canada. More than 1,100 branches across the Eastern U.S. Offers checking and savings accounts, credit cards, personal loans and mortgages. Numerous sign-up bonuses and relationship banking perks.	Chat with a ConsumerAffairs decision guide Live agent
	Voya Financial	Read 323 Reviews	Provider of retirement, investment and insurance products nationwide. Primarily serves businesses and institutions. IRAs available for individuals. Doesn’t offer checking or savings accounts, loans or credit cards.	Chat with a ConsumerAffairs decision guide Live agent
	FNBO	Read 267 Reviews	First National Bank of Omaha is the largest privately held bank in the U.S. The company offers a range of financial services, such as checking and mobile banking. In addition, they have lending services and wealth management.	Chat with a ConsumerAffairs decision guide Live agent
	President's Choice Financial	Read 241 Reviews	Canadian bank, only available in Canada. Offers one bank account and several credit cards. No annual or monthly fees. Products earn PC Optimum points for groceries and other rewards. No savings or other interest-bearing accounts.	Chat with a ConsumerAffairs decision guide Live agent
	Chase Bank	Read 4,077 Reviews	Chase Bank offers a variety of financial services, including specialized business and personal credit cards. Their Slate card includes a free monthly FICO score, and the Freedom card earns one percent cash-back on all purchases.	Chat with a ConsumerAffairs decision guide Live agent
	Credit One Bank	Read 3,172 Reviews	Line of credit provider that offers unsecured and secured credit cards. Works with less-than-perfect credit. Credit scores as low as 300 accepted. Cashback benefits available. Annual fees go up to $99.	Chat with a ConsumerAffairs decision guide Live agent
Compare	SoFi Checking and Savings	Read 81 Reviews	Checking and savings accounts. No minimum balance, account fees or overdraft charges. Get paycheck up to two days early. Up to $300 cash bonus with direct deposit. Cashback on local purchases. Earn 1.25% APY.	View Rates
	Discover Bank	Read 98 Reviews	Provides online savings and checking accounts, CDs, and MMAs with high APY. No account maintenance or overdraft fees. Online services only; no physical branch locations. Over 60,000 no-fee ATMs available.	Chat with a ConsumerAffairs decision guide Live agent
	First Tech Federal Credit Union	Read Reviews	Offers personal loans for $500 to $50,000, with repayment terms of 24 to 84 months. APRs range from 6.70% to 18.00% at publishing. No origination fees. Check your loan options without affecting your credit.	Chat with a ConsumerAffairs decision guide Live agent
Compare	CIT Bank	Read Reviews	Online subsidiary of First Citizens Bank. Offers high-yield savings accounts, CDs and an eChecking account. No monthly fees and low minimum opening deposits. Home loans available. No physical branches and few account options.	Get Started
	Digital Federal Credit Union	Read Reviews	Headquartered in Massachusetts but available for members in all states. Full-service credit union. Offers savings, checking and loans. Mobile and online banking options. Loan discounts for select members.	Chat with a ConsumerAffairs decision guide Live agent
	Liberty Federal Credit Union	Read Reviews	Full-service financial institution for members. Available in all 50 states. Branch locations in Indiana, Kentucky and Tennessee. Auto loans and home loans available. Mobile banking and mobile pay features.	Chat with a ConsumerAffairs decision guide Live agent
	Ledyard Bank	Read 6 Reviews	Located in New Hampshire and Vermont. Offers online and mobile app banking. Checking accounts, savings accounts and lending available. Accounts are FDIC-insured. Helps with financial planning and wealth management too.	Chat with a ConsumerAffairs decision guide Live agent
	Alliant Credit Union		Not-for-profit financial institution. Checking and savings accounts, credit cards, certificates, loans and investment services. Competitive interest rates. Fee-free accounts. Large ATM network. No physical branch locations.	Chat with a ConsumerAffairs decision guide Live agent
	Bethpage Federal Credit Union		Full-service credit union headquartered in New York but available in all states. Offers savings and checking accounts and loans. Children and teen accounts available. Can make video appointments. Anyone can become a member.	Chat with a ConsumerAffairs decision guide Live agent
	Connexus Credit Union		Not-for-profit financial institution. Fee-free checking and savings accounts. ATM rebates. Competitive rates on certificates. Also offers personal loans, mortgages and credit cards. Frequent promotional offers.	Chat with a ConsumerAffairs decision guide Live agent
	DepositAccounts		Comparison site owned by LendingTree. Database of deposit products and rates from banks and credit unions across the U.S. Offers news and analysis on banking and personal finance topics, as well as tools and calculators.	Chat with a ConsumerAffairs decision guide Live agent
	Service Credit Union		Not-for-profit financial institution. Checking and savings accounts, loans, credit cards and investment services. Specialized offerings for military members. Free checking accounts but some monthly fees on other accounts.	Chat with a ConsumerAffairs decision guide Live agent
	Teachers Federal Credit Union		Headquartered in New York but available in all states. Full-service credit union. Offers savings, checking and loans. Online and mobile banking. Youth savings and student credit cards available. 55,000+ ATMs worldwide.	Chat with a ConsumerAffairs decision guide Live agent
Compare	Valley Direct		Online savings accounts and CDs. High APYs. No monthly maintenance fees. Low minimum opening deposits and daily balances. CDs come in 12-, 24- and 36-month options. Early withdrawal fees apply. Quick online application.
	BMO Harris Bank	Read Reviews	FDIC-insured bank and financial institution. Checking and savings accounts. Lines of credit and loans. Investment portfolio management. Retirement IRA accounts and planning. Online/mobile banking. In-person branches.	Chat with a ConsumerAffairs decision guide Live agent
	TCF Bank	Read 405 Reviews	TCF Bank was acquired by Huntington Bank in 2021 and is no longer in business. Out Of Business	Chat with a ConsumerAffairs decision guide Live agent

Disclaimer

Information in this guide is general in nature and is intended for informational purposes only; it is not legal, health, investment or tax advice. ConsumerAffairs.com makes no representation as to the accuracy of the information provided and assumes no liability for any damages or loss arising from its use.

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