The best in banking

Ally Bank offers many best-in-class products, and they all pay competitive yields. Ally doesn’t charge any fees (it even eliminated overdraft fees in 2021), and there are no minimum deposit or balance requirements on its accounts. The bank’s 24/7 phone customer service and call center wait-time updates on its website exemplify its commitment to customer service.

Capital One operates around 300 branches and also provides online banking services. This full-service bank’s savings accounts and CDs earn competitive yields for a big bank. Customers can access more than 70,000 fee-free ATMs from the Capital One, Allpoint and MoneyPass networks. The bank eliminated fees for overdrafts and nonsufficent funds in 2022.

Ally Bank has become the gold standard of online banks. Ally offers savers nationwide consistent, competitive rates and supports a mobile banking app with useful features, like the ability to set up savings buckets. Ally doesn’t require minimum balances to open accounts nor does it charge overdraft fees, and its partnership with Allpoint provides customers with access to more than 43,000 fee-free ATMs nationwide. Customers who use an out-of-network ATM are reimbursed up to $10 at the end of each statement cycle.

CFG Bank is a privately owned bank that operates three branches in Maryland, and some of its accounts can be opened online. It offers a full range of deposit products and its money market account and CDs earn top-tier rates. Its Community Checking account requires no minimum balance, and customers have free access to more than 40,000 ATMs nationwide. The bank offers online and mobile banking options and its mobile app receives good reviews.

In 2021, CFG Bank launched a nonprofit organization that aims to provide improved health care for seniors and free health care training to community members.

Quorum Federal Credit Union can trace its roots back nearly a century, and today it serves more than 70,000 members nationwide. Membership is open to those who work for more than 50 affiliate companies, and anyone else can become a member by joining one of two partner organizations at no charge.

The credit union’s savings account and CD rates are well above national averages. The QClassic checking account charges no monthly fees and provides access to online bill pay, overdraft protection services and a nationwide network of more than 90,000 fee-free ATMs. All of Quorum’s deposit products are insured by the National Credit Union Administration (NCUA).

Quontic Bank’s High Yield Savings account offers a yield that’s much higher than the national average. With a minimum of just $100 to open an account, it’s accessible to most savers, and there is no monthly service fee.

Quontic also offers several features such as remote check deposit and Zelle that make it easy for customers to access their funds. The bank earns top marks for its generous ATM network, with more than 90,000 fee-free ATMs nationwide.

Ally Bank’s money market account offers a competitive yield. It comes with a debit card, and checks are available for order.

Ally Bank is a part of the Allpoint ATM network, so finding a fee-free ATM is easy. But even if one isn’t available, customers are still reimbursed $10 each monthly statement cycle for fees assessed at ATMs outside the Allpoint network. Ally also has no minimum balance requirement for ATM reimbursement, unlike some brick-and-mortar banks that require a significant minimum monthly balance.

Ally Bank offers a variety of CD terms and types, including seven terms of standard CDs, a no-penalty CD and two bump-up CDs. It also has no minimum opening deposit requirement, so nearly anyone can afford to open an account.

Discover Bank’s Cashback Debit Checking Account offers customers 1% cash back on debit card purchases without charging a monthly service fee. Discover doesn’t charge overdraft fees and it provides account holders with Early Pay, allowing them to get paid up to two days early with direct deposit. Customers can access more than 60,000 ATMs without a fee.

Note: Although there’s no minimum deposit required to open an account, Discover isn’t currently accepting new applications, and there isn’t a set date for when applications will start up again. However, the account may reopen in the spring, according to a Discover spokesperson. In the meantime, consider Ally Bank. Ally’s Interest Checking Account also scored very highly, and it doesn’t come with any monthly maintenance fees.

PNC Bank is one of the largest banks operating in the U.S. It offers a full suite of retail, commercial and small-business products. Customers can visit any of PNC’s more than 2,600 branches or get fee-free access to around 60,000 ATMs nationwide. PNC’s Virtual Wallet Spend account with Low Cash Mode can help customers avoid overdraft fees.

TD Bank bills itself as “America’s Most Convenient Bank” because many of its branches are open for extended hours, seven days a week — as well as some holidays. But it can also be considered a great place to snag a sign-up bonus on new accounts and referrals.

During our research, TD Bank offered excellent checking and savings bonuses but also rewarded customers for referring new customers to the bank. Student accounts have also seen their share of bonus opportunities in recent months from TD.

With a massive branch network and breadth of product offerings, Chase is often viewed as the country's signature banking institution. If you like having quick access to branches, Chase has more than 4,700 of them — plus around 16,000 ATMs.

Wealthfront is a popular robo-advisor that also offers a compelling cash management account. The account pays a highly competitive APY, there’s no monthly fee and only $1 is needed to open it. Customers have access to more than 19,000 free ATMs and a robust app. Cash management customers who set up direct deposit with Wealthfront can access their paychecks up to two days early. Deposits are protected by FDIC insurance through Wealthfront’s partner banks. Accounts are covered up to $2 million by spreading deposits across multiple banks.

Spring Bank serves communities where many adults are unbanked and underbanked with branches in Manhattan and the Bronx. It offers a “green” paperless checking account with no overdraft fees and no maintenance fees with direct deposit, as well as basic and interest checking accounts. Spring Bank also has savings and money market accounts with competitive yields. Its mobile app is highly rated, and the bank offers 24/7 customer service along with access to a wide network of fee-free ATMs.

In 2016, Spring Bank became the first bank in New York state to become certified as a B corporation, which is defined as a company working toward a more sustainable and inclusive economy. The U.S. Treasury designated the bank as a CDFI, recognizing its investment in and services provided to low-income communities. It invests in numerous local charities that address environmental concerns and help those in need attain everything from healthcare and tax preparation to special education and job training resources. Customers can also receive free financial counseling through Spring Bank’s partnership with GreenPath.