Best Banks in America – Banks With the Best Benefits

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Whether you’re looking for a checking account, savings account, or a CD, choosing a bank is a major decision. Maybe you’re looking for a bank with a great mobile app. Maybe an extensive ATM network is important to you, or maybe you’re looking for the best rate above all else.

Best Banks of January 2024

There’s no rule that you have to use the same bank for all of your banking needs, but remember to look at whether you have to open a certain type of account at a given bank to get the best rate.

Compare the Best Banks in America

Capital One Bank

Capital One 360 Checking ranks as one of our best checking accounts. It doesn’t charge any overdraft, foreign transaction, or monthly service fees, and Capital One doesn’t require any minimum opening deposits. The bank ranks No. 1 on J.D. Power’s US National Banking Satisfaction Study.

You can use your debit card at over 40,000 ATMs nationwide for free, but unlike many online banks, Capital One doesn’t reimburse any fees charged by out-of-network ATM providers.

Branch and ATM locations: Although Capital One 360 is considered an online bank, the institution does have some physical branches. There are over 280 branches in seven US states, plus around 50 Capital One Cafés, where you can grab Peet’s Coffee®, speak with a money coach, and open a bank account. You can use over 70,000 ATMs for free, both through the Capital One and Allpoint networks.

Capital One Bank Review

Chase Bank

Chase has branches in more states than Bank of America or Wells Fargo. The bank also has numerous types of bank account, and you could get perks such as relationship rates if you open multiple bank accounts. Chase is notably featured in our guides for the best 3 month CD rates, best kids savings accounts, and best national banks.

You’ll pay a monthly service fee if you don’t meet certain account requirements. You’ll also have to pay a fee if you use an out-of-network ATM.

Branch and ATM locations: Chase has over 4,700 branches throughout the continental US, and around 16,000 ATMs.

Chase Bank Review 

Axos Bank

Axos offers five different checking accounts, all geared toward specific needs: 

• Essential Checking (get paid two days early)
• Rewards Checking (earn a high APY)
• CashBack Checking (earn up to 1% cash back on purchases)
• Golden Checking (age 55+)
• First Checking (ages 13-17)

You’ll need at least $250 to open a high-yield savings account. Some of the options on our list do not require an initial deposit.

There are also several requirements to earn up to 3.30% APY with an Axos Bank Rewards Checking account. You’ll have to meet the following criteria:

• Earn 0.40% APY when you receive at least $1,500 in direct deposits in a month (this requirement must be met to be eligible to earn any interest during the statement cycle, regardless of whether the other interest-earning requirements are met)
• Earn 0.30% APY when you make 10 Axos Visa® Debit Card transactions in a month (minimum $3 per transaction) or sign up for Account Aggregation/Personal Finance Manager (PFM) in Online Banking
• Earn 1.00% APY by maintaining an average daily balance of $2,500 per month in an Axos Managed Portfolios Invest Account
• Earn 1.00% APY by maintaining an average daily balance of $2,500 per month in an Axos Self Directed Trading Invest Account
• Earn 0.60% APY by using your account to make your full monthly Axos consumer loan payment

Branch and ATM locations: As an online-only bank, Axos doesn’t have physical branches. You have free access to around 91,000 ATMs. Axos doesn’t have a specific ATM network, but you can likely use one near you for free. Axos also offers generous out-of-network ATM fee reimbursements, in case you can’t find a free ATM close by.

Axos Bank Review 

Discover Bank

Discover is a good option for people who want to do all their banking, investing, and borrowing with one institution. It offers a wide range of products, including credit cards. The bank is a good option if you want to earn cash back with your debit card — you’ll earn 1% cash back on up to $3,000 in purchases per month.

 While you don’t need to place an initial deposit for a checking or savings account, you’ll need at least $2,500 to open a money market account or CD. If you don’t have a lot of money to deposit, some of the options are our list do not require a minimum opening deposit on accounts.

Discover also currently is not accepting new applications for the Discover Cashback Checking Account. However, you can sign up to receive an email notification on when you can apply for a new account.

Branch and ATM locations: Discover has just one physical branch, in Delaware. You have free access to over 60,000 ATMs in the Allpoint and MoneyPass networks.

Discover Bank Review 

Synchrony Bank

Synchrony pays 4.75% APY on its high-yield savings account, which is great compared to other well-known banks. It doesn’t require a minimum opening deposit, and there are no monthly fees. Unlike most savings accounts, it comes with an ATM card so you can easily access your savings.

Synchrony only offers a high-yield savings account, CDs, and a money market account — not a checking account. If you need to transfer money from your Synchrony account to an external checking account, it could take a few business days. But keep in mind that Synchrony makes it easier to access your money than most banks without checking accounts, because it gives you an ATM card.

Branch and ATM locations: Synchrony is an online-only bank, so it doesn’t have any branches. Although it doesn’t have its own ATM network, you can use ATMs in the Plus, STAR, or NYCE ATM networks for free. Synchrony also reimburses up to $5 per month for any fees charged by an out-of-network machine.

Synchrony Bank Review 

TD Bank

TD Bank is ranked third in JD Power’s 2022 US National Banking Satisfaction Study. Many branch locations are open seven days per week, which is great if you struggle to make it to the bank during the workday. 

TD Bank’s ATM fees aren’t necessarily higher than other banks’ fees, but its fine print may affect which checking account you choose to open.

Just be aware that the TD Bank Beyond Checking Account is the only TD Bank checking account that doesn’t charge a fee when you non-TD Bank ATMs — and you must maintain a $2,500 balance for TD Bank to reimburse fees charged by out-of-network ATM operators.

Branch and ATM locations: TD Bank has over 1,100 branch locations across 16 states, with about 2,600 ATMs.

TD Bank Review 

Regions Bank

Regions offers a wide range of bank accounts, so you can probably find one that fits your needs. The Regions LifeGreen® Savings Account is a unique savings option from a brick-and-mortar bank. It doesn’t charge monthly fees.

Regions charges you if you overdraw from your account or if you use an out-of-network ATM. You also may have to pay a monthly service fee on some accounts.

Branch and ATM locations: Regions has around 1,500 branch locations in 15 states, and about 2,200 ATMs.

Regions Bank Review »

U.S. Bank

U.S. Bank is a solid choice if you want to open a CD with a national bank. The bank provides more types of CDs than most big banks, including Step Up CDs that increase your rate every seven months, and Trade Up CDs that increase your rate once during the term if U.S. Bank rates go up. U.S. Bank CD rates are particularly high on its CD Specials, which pay 4.20% to 4.80% (Varies by location) APY — these are great rates for a brick-and-mortar bank.

Although you may be eligible to waive monthly maintenance fees, U.S. Bank makes it a little harder than many competing national banks.

Branch and ATM locations: U.S. Bank has around 2,000 branch locations in 26 states, and roughly 37,000 ATMs through the MoneyPass network.

U.S.Bank Review

Best Banks FAQs

Bank Trustworthiness and BBB Ratings

The Better Business Bureau grades companies by looking at responses to customer complaints, advertising, and transparency about business practices.

A strong BBB grade doesn’t guarantee you’ll have a smooth experience with a bank. You may also want to read online reviews or look into public scandals. We’ve also detailed any existing public issues with each bank.

Brick-and-mortar banks

Chase has an A- rating because it hasn’t responded to a customer complaint. U.S. Bank’s profile is currently being updated. Regions Bank has an A- rating due to government action taken against the bank. 

In 2022, Regions Bank was required to $191 million in a settlement with the Consumer Financial Protection Bureau. The CFPB accused the bank of charging surprise overdraft fees for some ATM withdrawals and debit card transactions.

The US Bureau of Consumer Financial Protection said TD Bank had been breaking the law by charging customers for its Debit Card Advance service without their permission.

U.S. Bank paid the government $200 million in a settlement when accused of approving FHA mortgages for insurance when borrowers didn’t meet the minimum criteria.

In 2020, JP Morgan Chase & Co. paid the Department of Justice $920 million in a settlement that said the bank was involved in wrongful trading. 

In the same year, the US Department of Labor also required Chase to pay $800,000 in back wages in a settlement that accused the bank of underpaying women. 

In 2023, JP Morgan Chase was also required to pay $75 million in a settlement with the U.S. Virgin Islands that accused the financial institution of failing to report suspicious activity regarding Jeffrey Epstein’s sex trafficking operation. 

Online banks

Synchrony has been involved in a few public controversies. In 2023, Synchrony was required to pay $2.6 million in a settlement when accused of calling customers about bank accounts they didn’t have. In 2021, the bank also was required to pay $3.5 million in a settlement when accused of making unreasonable phone calls to debtors living in California.

Capital One is also facing a lawsuit. The bank used to have an account called 360 Savings. In 2019, Capital One launched the new 360 Performance Savings Account, which paid a much a higher interest rate. Many customers thought their old savings accounts would transition into this new one, but in reality, they had to open a new 360 Performance Savings Account to earn the higher rate. So some customers have been earning a significantly lower savings rate for years.

In the lawsuit, the plaintiffs’ lawyers allege that Capital One didn’t inform 360 Savings customers that these were two distinct accounts, or that 360 Performance Savings paid a higher rate. However, Capital One wants this case dismissed because it claims people had every opportunity to learn these facts on their own. This case is still ongoing.

Why You Should Trust Us: Our Expert Panel for the Best Banks

Business Insider

To learn more about what makes a good bank and how to choose the best fit, four experts weighed in:

We’re focusing on what will make a bank most useful, including fees, interest rates, accessibility, and more. Here’s what they had to say about banking online. (Some text may be lightly edited for clarity.)

How can someone determine whether a bank is the right fit for them?

Tania Brown, certified financial planner at SaverLife:

“Obviously, you want to make sure it’s FDIC insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you’re okay online. Do you write checks? Do you not write checks? So it’s thinking through how your experience with it is going to be before you make that decision.”

Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:

“I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I’m searching for an interest-earning bank account I’ll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account.”

What should someone look for in a brick-and-mortar bank?

Brown:

“How can that bank grow with you? If you are 25, single or newly married, and all you need is a checking account, that’s going to look very different 15 years from now when you may have had a couple of jobs, you may have an IRA roll over, or you may want a financial adviser.”

Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:

“How accessible it is. So where are the branches? And if I am to go out of town or something, how accessible is my money to me?”

Acevedo:

“With a brick-and-mortar bank, I would review all the bank accounts and make sure there are options where I can waive monthly service fees. I would also factor in the overall banking experience. For example, I would see if a bank lets you exchange foreign currency — not all do —  and has a strong mobile app.” 

What should someone look for in an online bank?

Roger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”:

“How onerous the transfer process is, transferring money in and transferring money out. Is it same day, next day? Is it pretty easy to sync a brick-and-mortar checking account to this particular high-yield savings account?”

James: 

“When it comes to online banks, you want to be a little bit more strict about what type of interest rates they’re providing. That’s the biggest thing, because online banks are supposed to have the higher interest rate because they don’t have the overhead of the brick-and-mortar. You want to make sure that it’s well above the national average.

“What types of securities do they provide? Do they have two-factor identification? If it’s an online bank, they should definitely have — at the bare minimum — two-factor authentication in how easy it is to change your passwords and things like that, because you want to be a little more hypersensitive about the cyber security for a strictly online bank.”

Our Methodology: How We Chose the Best Banks

There are a lot of online banks out there. Through our research, we’ve found that the best banks offer a wide range of products and effective customer service.

Banks should make it easy to access your money. With a brick-and-mortar bank, we looked at banks with large branch and ATM networks. Although most online banks don’t have physical branches, we chose ones with plenty of ATMs nationwide.

A bank should also make it affordable to keep your money with the institution. We chose online banks that pay high rates and charge low fees, or no fees at all. Brick-and-mortar banks are known for paying lower rates and charging higher fees, but a good one should make it possible to waive monthly fees. We also looked at other types of charges, such as fees for overdrafts, using out-of-network ATMs, and foreign transactions.

See our full methodology for how we rate banks »

Other Banks We Considered

We considered dozens of banks when choosing our favorites. Here are some of the banks we considered but ultimately didn’t choose as top picks:

• Marcus by Goldman Sachs: This bank has a strong high-yield savings account, but it doesn’t have a checking account. It also doesn’t offer an ATM card, like Synchrony does.
• Wells Fargo: Wells Fargo has one of the largest branch networks in the US, but its customer satisfaction and trustworthiness scores are lower than Chase’s scores.
• Bank of America: Bank of America doesn’t have quite as many branches as Chase does.
• Citizens Bank: Citizens Bank is a solid option for people in the Northeast, but it isn’t as widespread as TD Bank.
• Santander Bank: As with Citizens Bank, Santander is a worthwhile choice for people in Northeast, but TD Bank has more locations.
• Huntington Bank: Huntington is only available in 11 states.
• Woodforest: Woodforest’s mobile app isn’t as beloved as those of our top picks.
• PNC Bank: You might like PNC, but the bank has rules about which accounts you can open in which markets.
• Fifth Third Bank: You may like Fifth Third Bank if you live in certain states in the Southeast and Midwest, but it only has branches in 11 states.
• KeyBank: You’ll find KeyBank branches sprinkled across the US, but it isn’t prevalent in a certain region.
• Citibank: Citibank has received an F in trustworthiness from the Better Business Bureau.
• M&T Bank: M&T Bank is a good option for people living in one of the 10 states where it operates, but beware that its overdraft fee is higher than most banks’ fees.
• BMO Harris: You might like BMO Harris if you can afford its high minimum deposits for CDs and money market accounts.
• American Express: American Express pays a competitive APY on savings account balances, but the bank doesn’t offer a checking account.
• Barclays: Like American Express, Barclays offers solid rates but doesn’t provide a checking account.
• Ally: Ally is a strong online bank overall, but Synchrony has the higher savings rate right now.
• Bank5 Connect: You’ll earn some interest on your Bank5 Connect checking account balance, but you can’t bank with the institution if you’re a resident of Rhode Island or Massachusetts.
• CIBC: This bank offers a variety of checking and savings accounts, but most require a minimum opening deposit or charge a fee if your balance falls below a certain amount.
• Salem Five Direct: This is a solid online bank, but you’ll face some fees.
• E*TRADE: This online bank pays low rates on savings and checking accounts.
• Quontic: You have plenty of bank account options to choose from with Quontic Bank — but you need to make 15 debit card transactions per month to earn the competitive APY on its high-yield checking account.
• TIAA: TIAA Bank offers respectable rates, but its checking and savings account rates drop a bit after the first year.
• Vio Bank: This online bank pays one of the highest savings rates in the industry (which is always subject to change), but it doesn’t offer a checking account.
• Chime (Deposits are FDIC insured): Chime’s app is beloved, and it doesn’t charge foreign transaction fees; however, you must open a checking account to qualify for a savings account.
• CIT Bank (Member FDIC): This is a solid online bank, but you’ll need between $100 and $1,000 to open bank accounts, and it doesn’t provide 24/7 live customer service over the phone like Ally does.
• NBKC (Member FDIC): You’ll earn a good rate on your checking account balance, but rather than offering a regular savings account, NBKC bank only has a money market account.
• Varo (Member FDIC): Varo offers very competitive rates, but it charges a $2.50 fee for using out-of-network ATMs.
• FNBO Direct (Member FDIC): This is a respectable online account, but its mobile app hasn’t received great reviews.
• MemoryBank (Member FDIC): This online bank only offers checking and money market accounts, and you’ll pay a $15 fee if your checking account balance falls below $1,000.
• BrioDirect (Member FDIC): This is a strong online bank overall, but you can find higher CD rates at other online banks.
• USAA (Member FDIC): This could be a good online bank for military members and families, and new recruits can get paid a day early; however, USAA’s rates are low.
• Charles Schwab (Member FDIC): Charles Schwab provides unlimited out-of-network ATM fee reimbursements and doesn’t charge foreign transaction fees, but its rates are low.
• LendingClub Personal Banking (Member FDIC): LendingClub pays a good rate on its savings account, and it’s a decent choice if you have $100 to open an account.

If you live in one of the following states, you can also check out our region-specific bank recommendations:

Laura Grace Tarpley, CEPF

Personal Finance Reviews Editor

Evelyn He

Compliance Associate

Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.   Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.

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