Best Banks and Credit Unions September 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

The best bank or credit union for you depends on what you’re in the market for: a savings account, a checking account, or both.

NerdWallet spent more than 200 hours comparing and rating dozens of financial institutions to identify those with the best deposit accounts. Skip ahead to our top picks.

Top Overall Banks: Three financial institutions earned spots in both our best checking and best savings accounts lists. If you want to keep your checking and savings accounts at the same bank, go with one of these options.

Our list includes a credit union. Generally speaking, credit unions emphasize customer service more than banks do and pay higher interest rates — although online accounts, like the ones on this list, tend to pay great rates, too. Read our article for more on credit unions vs. banks.

Top Savings Accounts: If you’d like to split your accounts between different banks, consider one of these savings accounts. They have annual percentage yields above 2% — much higher than the national average of 0.09%. This is important because people typically use savings accounts to set money aside for goals, such as a trip or a down payment on a house. Your savings will grow faster with one of these accounts. Read more in our article about savings accounts.

Top Checking Accounts: If you’re more interested in checking accounts, these banks offer perks, such as interest or ATM fee reimbursements. And, crucially, they have large ATM networks and don’t charge monthly fees. Since checking accounts hold most people’s daily spending money, they should be easy to access and cheap to maintain. Read more in our article about checking accounts.

+ See a summary of NerdWallet's best banks and credit unions

Best banks and credit unions:

• Best overall, best for customer service: Ally Bank
• Best overall, best for cash-back rewards: Discover Bank
• Best overall, best for ATM availability: Alliant Credit Union
• Best for savings, 2.20% APY: HSBC
• Best for savings, 2.00% APY: Marcus by Goldman Sachs
• Best for savings, 2.00% APY: Barclays
• Best for checking, flexible overdraft options: Capital One 360
• Best for checking, interest, worldwide ATM reimbursements: Charles Schwab Bank

Top Overall Banks

Learn More

at Discover,

Member, FDIC

Discover Bank

4.5

NerdWallet rating

• Over 60,000 free ATMs, cash-back rewards
• 2.00% savings APY
• Read more in our Discover review

Read Review

Ally Bank

4.5

NerdWallet rating

• • Over 43,000 ATMs, strong customer service
  • 1.90% savings APY
  • Read more in our Ally review

Read Review

Alliant Credit Union

4.5

NerdWallet rating

• Over 80,000 free ATMs, interest checking available
• 2.10% savings APY
• Read more in our Alliant review

» Looking for more excellent savings options? Browse our best savings accounts

Top Checking Accounts

Read Review

Capital One 360

4.5

NerdWallet rating

• Flexible overdraft options, APYs starting at 0.20%
• Read more in our Capital One 360 review

Read Review

Charles Schwab Bank

4.0

NerdWallet rating

• Unlimited ATM reimbursements worldwide, 0.31% APY
• Read more in our Charles Schwab review

 

» For more checking options, take a look at our best checking accounts

What You Need to Open a Bank Account

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Whether you apply for a bank account online or in person, you’ll need a government-issued ID and personal details, such as your Social Security number, on hand. You might also be asked to fund your account with an initial deposit.

Here’s what you need to open a new checking or savings account and what to expect during the process.

What you need to open a bank account

The information you’ll be asked to provide will be much the same, whether you’re opening a checking account, a savings account or both: You’ll need to provide a valid, government-issued photo ID, such as a driver’s license or a passport. Nondrivers can get a state ID card at the Department of Motor Vehicles office. You might also need to provide other basic information, such as your birthdate, Social Security number or phone number.

Some banks require an initial deposit, too. Skip ahead to read more about account funding.

You’ll need to provide a valid, government-issued photo ID, such as a driver’s license or a passport, or a state ID card from the Department of Motor Vehicles.

Depending on your circumstances, you might need a few other items, too:

Identification details for other applicants, if you’re opening a joint account: Because the account will be owned by multiple people, the bank will want all owners’ identification and personal information.

A co-owner if you’re not yet 18. Ask a parent or legal guardian to sign legal documents with the bank.

Know the basics: checking vs. savings

Choose checking if you want to:Choose savings if you want to:

Pay your bills.

Write checks.

Make debit card purchases.

Build an emergency fund.

Put away money for specific goals.

What to look for in a checking account:What to look for in a savings account:

No monthly fees.

Low or no overdraft fees.

Convenient ATM access.

High interest rates (ideally 1.50% or higher).

No monthly fees.

You can compare accounts side by side with NerdWallet’s list of top checking accounts and our best savings roundup.

» Need more detail? Read more about the difference between checking and savings accounts

There are other options if you’ve had trouble with banking in the past, you have poor credit or you’re not a U.S. citizen. If you’ve been denied a bank account, get a fresh start with a second chance checking account: See what’s offered in your area. And if you’re not a citizen, check out our financial guide for immigrants living in the U.S., including info on opening a bank account as an immigrant.

Need help starting your budget?

NerdWallet breaks down your spending and shows you ways to save.

Get started — it's free

Find a bank that suits your needs

If you’re willing to consider online-only banks, see our picks for best high-yield online savings accounts and best online checking accounts. Online banks tend to have lower fees and higher interest rates.

Here are a few of our favorite checking accounts.

Read Review

Capital One 360

4.5

NerdWallet rating

• Flexible overdraft options, APYs starting at 0.20%

Read Review

Fidelity

4.0

NerdWallet rating

• No monthly fees or minimum deposit, APYs starting at 0.37%

Read Review

Charles Schwab Bank

4.0

NerdWallet rating

• Unlimited ATM reimbursements worldwide, 0.37% APY

What to expect when you open your new account

Applying for a new account usually doesn’t take very long, especially if you apply online. NerdWallet has found many accounts you can open in 15 minutes or less.

Some accounts don’t require you to make a deposit right away, but others require $25 to $100.

Some accounts don’t require you to make a deposit right away, but others ask that you have $25 to $100 on hand to open one. If you already have an account at a different bank or credit union, you can simply transfer money from that existing account into the new one. (Your original bank might charge for this transfer.) Otherwise, a check or cash will work.

Close your old account, if needed

Knowing how to properly switch banks can save you late fees and headaches. Address these items to make sure the transition is seamless:

Direct deposit: Give your employer your new account information.

Automatic bill payments: Cancel any old ones — whether in the bank’s own bill-pay platform or through, say, your cable provider’s website — and set up new ones with your new account information.

Cancel any automatic bill payments from your old bank and set up new ones with your new account information.

Recurring transfers and linked accounts: This could involve setting up a transfer between a new checking and an existing savings account, or making sure your PayPal, Venmo and other payment app information is up to date.

Smartphone apps, text banking and alerts: Download your new bank’s app, sign out of and delete your old one, and turn off any alerts you were receiving.

Paper checks: Destroy any leftover blank ones from the old account.

Safe-deposit boxes: If you’re cutting ties completely, collect your items in person and consult your rental agreement for specifics about closing out your box.

Get a written statement from your old bank confirming that your account is closed and ask about the bank’s account-reopening policies. Why? Some banks will reactivate closed accounts to honor automatic payments or receive deposits, putting you back on the hook for any fees.

Bank and Credit Union Reviews

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

NerdWallet’s experts have reviewed and rated dozens of banks and credit unions to help you find those with the best accounts, branch and ATM availability, customer service and more.

Below is an overview of the financial institutions that we’ve analyzed, with a special spotlight on three that received high ratings for both checking and savings products.

+ Skip ahead to online banks
+ Skip ahead to banks and credit unions with branches

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Join – it's free Highly-Rated Banks and Credit Unions

Read Review

Alliant Credit Union

4.5

NerdWallet rating

• Over 80,000 free ATMs; interest checking available
• 2.10% savings APY

Read Review

Ally Bank

4.5

NerdWallet rating

• Over 43,000 free ATMs; interest checking available
• 2.10% savings APY

Learn More

at Discover,

Member, FDIC

Discover Bank

4.5

NerdWallet rating

• Over 60,000 free ATMs; cash-back rewards
• 2.00% savings APY
• Click here for full review

Although these financial institutions are the best of the pack, there are plenty of other good options out there. Below are links to reviews of over 50 additional banks and credit unions.

Online banks

What online banks lack in branches, they make up for with low fees, high annual percentage yields (APYs) and helpful budgeting tools. These banks are typically FDIC insured and invest heavily in online security. Your money is just as safe at an online bank as it is at a traditional financial institution.

For more information, check out the following bank reviews.

Ally Bank

4.5

NerdWallet rating

Ally is a popular destination for people seeking strong rates, top-notch customer service and
helpful tools.

American Express National Bank

4.0

NerdWallet rating

American Express National Bank offers highly competitive interest rates on its savings account and certificates of deposit, but doesn’t offer a checking option.

Aspiration

4.0

NerdWallet rating

Aspiration offers an interest-bearing checking account with a good annual percentage yield and free access to all ATMs.

Axos Bank

4.0

NerdWallet rating

Unlike many of its competitors, Axos Bank offers a range of checking accounts that come with a variety of perks.

Bank5 Connect

4.0

NerdWallet rating

Bank5 Connect offers access to thousands of free ATMs and generous fee reimbursements.

Barclays

4.0

NerdWallet rating

What Barclays lacks in checking account products it makes up for with its impressive selection of savings accounts and CDs.

Capital One 360

4.5

NerdWallet rating

Capital One’s tools are some of the best in the business. The bank also offers a full-service online experience and a great mobile app.

Chime

4.0

NerdWallet rating

Chime is a mobile-only bank that offers a checking, or “spending,” account and automatic savings.

CIT Bank

4.0

NerdWallet rating

CIT Bank has an online high-yield savings account but no checking account. It’s a good place to park your money and earn interest.

Citizens Access

3.5

NerdWallet rating

Citizens Access, the online offshoot of parent bank Citizens Bank, offers a savings account and CDs with top-notch rates.

Discover Bank

4.5

NerdWallet rating

Discover Bank’s free ATMs, free checks and fee-free services mean you keep more money in your pocket.

FNBO Direct

4.0

NerdWallet rating

FNBO has excellent checking and savings accounts but its CD options have low rates.

GoBank

3.0

NerdWallet rating

GoBank is ideal for those who are comfortable doing their banking online.

Marcus by Goldman Sachs

4.0

NerdWallet rating

Marcus by Goldman Sachs won’t fulfill all of your banking needs, but it offers top-of-the-line savings rates.

Moven

3.5

NerdWallet rating

Designed for use on a smartphone, Moven boasts a real-time budgeting tool that could help you improve your finances.

Popular Direct

3.5

NerdWallet rating

Popular Direct’s savings and CD rates are hard to top, but you’ll have to look elsewhere for a checking account.

Sallie Mae Bank

4.0

NerdWallet rating

Sallie Mae has excellent savings options and CDs, but doesn’t offer checking accounts.

Simple

4.0

NerdWallet rating

Simple’s checking account, goal-oriented savings accounts, tools and fee structure are as user-friendly as the company’s name suggests.

State Farm Bank

3.5

NerdWallet rating

State Farm Bank, part of the insurance giant, is an online institution with an array of banking products.

Synchrony Bank

4.0

NerdWallet rating

Synchrony offers relatively high rates on its savings accounts, certificates of deposit and money market accounts.

UFB Direct Bank

3.5

NerdWallet rating

UFB Direct Bank offers rewards for American Airlines customers.

Varo

4.0

NerdWallet rating

Varo is a mobile-only banking app with a hard-to-beat combo: free checking and high-yield savings.

» Want your cash to grow faster? Check out NerdWallet’s best high-yield online savings accounts

Financial institutions with branches

These banks and credit unions are ideal for people seeking in-person help. But keep in mind that banks with thousands of branches typically charge steep monthly fees, and APYs are often low. Credit unions tend to offer better interest rates but might not have as many branches as regional and national banks.

But there are always exceptions. Take a look at the following reviews for more information on rates, ATM and branch availability, and other services.

Alaska USA Credit Union

4.0

NerdWallet rating

Shared branching and low fees make Alaska USA a convenient banking experience.

Alliant Credit Union

4.5

NerdWallet rating

Alliant is unusually easy to join for a credit union. It also offers great tech tools and exceptional APYs.

America First Credit Union

4.0

NerdWallet rating

America First’s checking and savings accounts are fee-free, but the share certificates are what really shine.

Associated Bank

3.0

NerdWallet rating

Associated’s checking accounts are solid, but it’s otherwise a fairly unremarkable regional bank.

Bank of America

3.5

NerdWallet rating

Bank of America boasts award-winning online and mobile products, as well as the branches and ATMs you’d expect from a national bank.

Bank of the West

3.5

NerdWallet rating

Bank of the West has a solid branch network, and its online and mobile services make banking convenient wherever you are.

BBVA

3.5

NerdWallet rating

BBVA’s branches are concentrated in a handful of states, but its accounts are solid.

Boeing Employees Credit Union

4.5

NerdWallet rating

Boeing Employees Credit Union is a nice alternative to banks if you meet its eligibility requirements.

Charles Schwab Bank

4.0

NerdWallet rating

With no monthly fees or minimum balances, checking and savings accounts offer stress-free banking. ATM coverage is superior.

Chase

3.5

NerdWallet rating

Chase delivers a stellar online experience and works well for people who want all their financial needs met by one provider.

Citibank

3.5

NerdWallet rating

Citibank’s budgeting tools are helpful, but customers will find lower fees and higher interest rates elsewhere.

Citizens Bank

3.5

NerdWallet rating

It’s easy to avoid monthly fees on Citizens’ basic checking and savings accounts, but its savings rates aren’t competitive.

Consumers Credit Union

4.0

NerdWallet rating

Consumers Credit Union isn’t a big institution, but its free rewards checking account lets members earn big yields.

Delta Community Credit Union

4.0

NerdWallet rating

Delta offers good deposit accounts, even though some of its fees are high.

Fidelity

4.0

NerdWallet rating

Fidelity’s Cash Management account is an excellent place to keep your spending money, but you’ll have to look elsewhere for a savings account.

Fifth Third Bank

3.0

NerdWallet rating

Fifth Third has a strong branch network, but its deposit accounts leave a lot to be desired.

First National Bank

3.0

NerdWallet rating

Little distinguishes First National Bank from other banks, and that’s both good and bad.

Golden 1 Credit Union

4.0

NerdWallet rating

Golden 1 Credit Union is easy to join if you’re a Californian and offers great access to branches and ATMs, especially around the Bay Area.

HSBC

3.5

NerdWallet rating

HSBC offers an excellent savings account along with decent checking options.

Huntington Bank

3.5

NerdWallet rating

Fees on Huntington’s basic products are easy to avoid, and the overdraft policy is more lenient than most.

KeyBank

3.0

NerdWallet rating

KeyBank’s approach to banking includes no-frills checking accounts and good access to branches.

M&T Bank

3.0

NerdWallet rating

Much like the biggest national banks, M&T provides a full array of products and services along with steep fees.

Navy Federal Credit Union

4.0

NerdWallet rating

Navy Federal is the largest credit union in the U.S. and offers solid checking and savings options.

Pentagon Federal Credit Union

3.5

NerdWallet rating

PenFed offers a user-friendly mobile app and an engaging website, unlike many other credit unions.

PNC Bank

3.5

NerdWallet rating

With PNC Bank, you can choose traditional banking, or you can go modern and virtual.

PurePoint Financial

3.0

NerdWallet rating

PurePoint Financial offers good savings and CD options and doesn’t offer checking accounts.

Radius Bank

4.0

NerdWallet rating

Radius Bank has good APYs and a consumer-friendly ATM fee policy.

Regions Bank

3.0

NerdWallet rating

Regions has an impressive number of branches and ATMs, but its deposit accounts aren’t particularly noteworthy.

Santander Bank

NerdWallet has rated this bank:

4.0

NerdWallet rating

Santander has good savings options and cheap checking accounts, along with plenty of branches.

Security Service Federal Credit Union

4.0

NerdWallet rating

Security Service Federal Credit Unions has good checking and savings options, but its interest rates are mostly low.

Service Credit Union

4.5

NerdWallet rating

Service Credit Union has multiple checking options and strong rates on certificates.

State Employees’ Credit Union

4.0

NerdWallet rating

State Employees’ Credit Union of North Carolina has low fees and a solid ATM network.

Suncoast Credit Union

4.0

NerdWallet rating

Good rates, low fees and a dedication to community accessibility make Suncoast exceptional in western Florida.

TCF Bank

3.0

NerdWallet rating

TCF Bank has a lot of options, but plenty of steep fees, too.

TD Bank

3.5

NerdWallet rating

At TD Bank, you’ll find straightforward checking  and savings accounts, along with plenty of branches.

TIAA Bank

3.5

NerdWallet rating

TIAA, formerly known as EverBank, offers solid CD rates, and its ATM fee policy is generous if you keep your checking account full.

Union Bank

3.0

NerdWallet rating

Union Bank offers a full lineup of services, but its deposit accounts come with steep fees.

U.S. Bank

3.0

NerdWallet rating

U.S. Bank offers several types of checking and savings accounts, and a wide range of CDs.

USAA Bank

4.0

NerdWallet rating

USAA serves military members and their families, offering solid checking and savings accounts.

Wells Fargo

3.5

NerdWallet rating

Wells Fargo has a full range of solid financial products, but APYs are generally low.

» For more insight, check out NerdWallet’s best banks and credit unions of 2019

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RATING METHODOLOGY

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, bank experience and overdraft fees.

Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

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