For the 2023 edition of Best Banks, Money evaluated 293 financial institutions, including national banks, direct or online banks, and credit unions. We looked at hundreds of data points covering minimum deposits, rates, fees, and other features like customer service and convenience.
Of those 293 institutions, we established Money's top picks in the following categories: best national banks, best online banks, best credit unions, best banks for students, best banks for seniors, and best military banks and credit unions.
We also looked at four regions: Northeast, Southeast, Midwest and West. Finally, we examined California, Texas, Florida and New York in this year's edition.
Data analyzed was provided by Curinos in summer 2023.
Money's Best Banks is one of the publication's oldest franchises, providing readers an annual analysis of the institutions best for everyday banking needs.
By Leslie Cook, Adam Hardy, Brenden Rearick, Bryant Guardado, Mary Ellen Cagnassola and Jill Cornfield
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* APY for deposit accounts varies depending on balance, type of account and/or area
# Membership in a credit union is obtained by opening a savings account with a $5 deposit in many cases. However, some credit unions may have higher or lower opening deposit requirements. The minimums quoted here are to become a member of the credit union.
^ Monthly fee can be waived
Note: APYs are valid as of 9/26/2023
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JPMorgan Chase, or Chase Bank, is the biggest bank in America with nearly $3.4 trillion in assets. It boasts a vast network of over 4,800 physical branches and more than 15,000 ATMs. With generous bonuses and promotions and a variety of products, Chase is a popular choice for consumers across the country.
Following one of the most successful years in United's long history, United Bank has been named the Most Trustworthy Bank in America by Newsweek for 2023.
To choose a bank that's right for you, consider your current financial situation, your existing banking habits and your future needs. Then look for a financial institution that can provide the account types, products, services and additional features you want most.
Money coach and certified financial planner Ohan Kayikchyan says it can make sense for a household to maintain four accounts: one checking account for monthly recurring bills and another for variable expenses, plus one savings account for emergency funds and a second for other savings goals.
Generally, credit unions are viewed as safer than banks, although deposits at both types of financial institutions are usually insured at the same dollar amounts. The FDIC insures deposits at most banks, and the NCUA insures deposits at most credit unions.
Which Bank Has the Most Complaints? In terms of sheer numbers, Bank of America tops the list with 128,404, which is the most complaints issued overall. However, when it comes to the most complaints per $1 billion deposited, Discover has the highest rate at 247.37 complaints.
Which Bank Gives 7% Interest Rate? Currently, no banks are offering 7% interest on savings accounts, but some do offer a 7% APY on other products. For example, OnPath Federal Credit Union currently offers a 7% APY on average daily checking account balances up to and under $10,000.
Bank of America pays slightly higher interest on your account balance. It also has a lower monthly fee and more options to have it waived. While the comparison between the two banks' checking accounts stacks up as a draw, the clear winner among savings accounts is Bank of America Advantage Savings.
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.
Based on the analysis of Bank of America's financial health, risk profile, and regulatory compliance, we can conclude that the bank is relatively safe from any trouble or collapse. The bank's financial performance has been stable, and its balance sheet shows a healthy level of capital and a diversified loan portfolio.
JPMorgan Chase & Co., the largest US bank by total assets, reported a 0.8% sequential increase, while Bank of America Corp. and Wells Fargo & Co. reported sequential asset growth of 1.0% and 1.8%, respectively.
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