You deserve the best in banking
Rising interest rates and high inflation have led millions of consumers to ask whether it’s a good time to look for a new bank or to move money around to a new type of account.
Finding the right mix of high annual percentage yields (APYs), low fees, time-saving digital tools, branch availability (if that’s important to you) and other features may require more time than you’re willing to spend. Not to mention that the choices are numerous and it can feel a bit overwhelming.
That’s where Bankrate can help. Our banking team compiled data from hundreds of banks and account types to help you find just the right ones for you. Whether you’re looking for a new checking, savings or money market account or a certificate of deposit (CD) — or looking for an entirely new bank or credit union — this list can arm you with the information you need to make the best decision.
How we rated these banks
- Bankrate evaluated the range of deposit products offered, along with fees, minimum balance requirements, availability of competitive APYs, extent of ATM network and key digital banking features.
- We assigned a score to each type of account and its features, weighted them based on importance to account holders and combined them to derive an overall score.
- Bankrate compared each bank or credit union’s overall rating against the rating of all other banks/credit unions in the relevant Bankrate Awards category.
Best bank overall
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.
- Ally offers competitive yields on its products, so customers can keep all of their accounts at the same bank without compromising returns
- Ally doesn’t charge any account fees, including overdraft fees
- There’s no minimum deposit required to open any of the accounts
Best big bank
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.
- The Capital One 360 Performance Savings account and 360 CDs provide competitive APYs compared with other big banks
- Capital One’s deposit products do not charge monthly fees or overdraft fees, or require minimum balances
- The bank offers a full range of online banking services and also operates around 300 branches, including cafe locations
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Best online bank
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.
- Ally is consistently competitive with deposit rates
- Savers won’t lose money on paying monthly fees because there are none
- Ally offers a variety of CD terms and, more impressively, requires no minimum deposit to open any of them
Best regional bank
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.
- CFG Bank offers a full range of deposit products, including CDs and money market accounts that pay top-tier yields
- The bank’s Community Checking account charges no service fees and provides access to more than 40,000 in-network ATMs
- CFG Bank’s well-rated mobile app allows for online bill pay, check deposit, external transfers and more
Best credit union
Quorum Federal Credit Union
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).
- Quorum Federal Credit Union makes it easy to become a member
- It offers above-average yields on its savings accounts and CDs
- Checking account holders have access to more than 90,000 free ATMs
Best savings account
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.
- Quontic Bank offers a highly competitive APY on its savings account
- The account doesn’t charge a monthly service fee
- There’s a wide variety of ways to access the funds in your account
Best money market account
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’s money market account pays a competitive APY
- The account has no minimum balance requirement or monthly fee
- It offers check-writing privileges and a debit card
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.
- Ally Bank offers all standard terms of CDs and every kind of specialty CD we look for
- It offers top-tier yields on its standard CDs
- Ally doesn’t require a minimum opening balance for its CDs
Best checking 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.
- Discover’s checking account has no monthly fees and no overdraft fees, and it comes with fee-free access to tens of thousands of ATMs
- You can get your direct deposit early with this account
- Although the account doesn’t pay interest, account holders get 1 percent cash back on up to $3,000 in debit purchases each month
Most trusted bank
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.
- Strong consumer satisfaction ratings
- Wide network of bank branches and customer service availability
- A+ rating from the Better Business Bureau
Best bank for sign-up bonuses
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.
- Wide range of bonus offers across products
- Easy bonus qualifications
- Strong bonus payouts
Best bank for branch access
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.
- Thousands of branches available from coast to coast
- Banking presence in nearly every state
- High branch density in the most populated states
Best cash management account
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.
- Customers can receive a highly competitive yield on their cash deposits, right up there with what the top online banks offer
- The account is easily accessible and pairs with a highly rated app
- Wealthfront offers fee-free access to nearly 20,000 ATMs