If you’re on the hunt for a better bank, you have a few aspects to consider as you settle on one with the features that fit your needs. Would you like to walk into a branch for assistance, or are you comfortable managing your accounts primarily online? Do you typically hold high balances in your accounts — which opens the door to a host of extra benefits, including fee waivers, at many institutions — or would you rather find a checking account that’s free regardless of how much money is in it? Is it important to keep your checking and savings accounts all under one roof (whether it’s brick-and-mortar or virtual), or are you willing to spread your deposits across multiple institutions to maximize the yields and other benefits you get with different accounts?
Whatever your priorities, you should be able to find institutions that suit you in our ranking of the best banks and credit unions. With the help of Curinos, a financial-data provider, we studied accounts at 40 financial institutions, judging them based on criteria including fees, minimum balance requirements, yields and the availability of additional perks, such as financial planning services or identity theft protection. We’ve named the three institutions (listed in alphabetical order) that stood out most in each of three categories: national banks, internet banks and credit unions. We also highlighted two institutions that are an especially good fit for each of three profiles: high-net-worth clients, retirees and travelers.
Even if you’re not looking for a new primary banking relationship, you may find some ideas here. For example, given the likelihood that the Federal Reserve will start cutting short-term interest rates soon, you may want to lock in a high yield on a certificate of deposit — and we’ve listed CDs here that recently offered rates above 4% for some maturities. If you have a child or teen at home, consider some of the youth-oriented accounts mentioned below.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Interest rates change frequently so before you commit to any of these accounts, check the current yield. Yields and other terms listed here are as of December 24.
Best banks of 2024
- Best National Banks: These large national banks offer a wide range of accounts and services, all with added benefits. One of the best national banks on our list also offers a free checking account — uncommon among big institutions.
- Best Internet Banks: Online banks usually have lower maintenance fees and offer higher yields than most brick-and-mortar banks.
- Best Credit Unions: Because they are nonprofit institutions owned by their members, credit unions typically have minimal fees and offer decent yields on the accounts they offer. If you're interested in learning more about qualifying for membership at each institution, check out the “How to join” section.
- Best Banks for High-Net-Worth Clients: Customers who carry large balances at these banks will get elevated benefits and unique perks.
- Best Banks for Retirees: These banks offer accounts and features suited for retirees, including in-person service, low fees and decent yields.
- Best Banks for Travelers: These banks offer features that will appeal to individuals who frequently travel, like fee-free ATMs and no foreign transaction charges.
How we chose the top financial institutions
With data from Curinos, a financial-data provider, as well as from financial institutions and other sources, we evaluated 13 national banks, 14 internet banks (including online accounts from brokerage firms) and 13 credit unions. We reviewed checking accounts, savings accounts, money market deposit accounts and certificates of deposit from each institution.
We looked at interest rates; minimum deposit and balance requirements; monthly maintenance fees and the ease of waiving those fees; ATM benefits, such as waived or reimbursed fees for out-of-network withdrawals; free or discounted benefits, such as personal checks, cashier’s checks, paper statements and overdraft-protection transfers; overdraft fees and concessions, such as cushions; and online and mobile banking features, such as the availability of peer-to-peer payment services. Yields and other data are as of December 24.
SOURCE: Curinos LLC. Data is obtained from public sources; accuracy and completeness is not guaranteed. Curinos is not liable for reliance on the data.
Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.
-
Stock Market Today: Earnings Speak Louder Than TariffsRecent market reaction to Trump administration policy announcements has been "entirely normal."
-
State Farm Seeks Rate Hikes After California Wildfire Losses: What It Means For YouState Farm has requested emergency rate increases of up to 38% in California, citing wildfire-related losses. Here’s what homeowners need to know.
-
Why a 5-Year CD is Your Best Bet After the Fed MeetingWith no rate cut at the Fed meeting in January, you still have time to lock in historically high interest rates with a 5-year CD.
-
How to Cushion Your Tax Refund From InflationIf you're planning on receiving a tax refund, there are a variety of strategies you can employ to protect it from rising costs.
-
After the Fed Meeting, Seven High-Yield Savings Accounts Worth Your WhileThe Fed didn't cut interest rates during their meeting this week. These high-yield savings accounts offer attractive rates to beat continuing inflation.
-
Fed Leaves Rates Unchanged: What the Experts Are SayingFederal Reserve As widely expected, the Federal Open Market Committee took a 'wait-and-see' approach toward borrowing costs.
-
Are You Really Prepared for a Financial Emergency?High inflation and interest rates have impeded the ability of many people to save more. How do you save more with less? We'll show you a few options.
-
15 Reasons You'll Regret an RV in RetirementMaking Your Money Last Here's why you might regret an RV in retirement. RV-savvy retirees talk about the downsides of spending retirement in a motorhome, travel trailer, fifth wheel or other recreational vehicle.
-
CPI Report Keeps the Fed on Track: What the Experts Are Saying About InflationCPI Disinflation in key areas of consumer prices should help the Federal Reserve stick to its policy path of gradual cuts to interest rates.
-
Blowout December Jobs Report Puts Rate Cuts on Ice: What the Experts Are SayingJobs Report The strongest surge in hiring since March keeps the Fed on hold for now.
