Best Banks of December 2024

The best banks minimize fees and overdraft charges, offer (relatively) high-interest rates, and may even have extra perks like cashback rewards or automated savings features.

With over 10,000 banks and credit unions in the U.S., it can be hard to choose which ones have the best account options. But banks (or neobank platforms) such as SoFi®⁸ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="http://sofi.com/banking">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p> <p>SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p> , Discover® Bank, and Chime⁹ <p class="">Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC.&nbsp;<br></p> offer perks that go beyond the traditional bank experience.

In this guide, we’ll cover some of the best banks for all types of people, allowing you to choose the best option for you based on your needs and preferences. Whether you’re looking to open a checking account or earn a great interest rate on your savings account, there’s something on this list for you.

How we evaluate products

We know checking and savings accounts can be critical tools for managing your money. They're one of the financial tools you use the most. That's why the features offered by a bank matter so much and we've taken that into consideration in our evaluations.

We consider the annual percentage yield (APY), account features, minimum opening balance required, fees, customer service, and FDIC insurance. The best banks also offer a variety of account types and the support you need to you make the most of your money. 

We intensively research all products and services we review, and our team members personally use a wide array of financial products. Our product rankings and scores are based on objective measurements and product features as well as expert opinions from our editorial team.

Best banks for checking accounts

Discover

Best for earning cash back

You can easily open a Discover® Cashback Debit Account online and start earning 1% cash back on debit card purchases up to $3,000 each month. Applying for this account doesn’t impact your credit score and there’s no initial deposit requirement. But you must deposit money into your account within 45 days of opening or it will be closed.

With Discover banking products, you don’t have to worry about monthly fees or fees for insufficient funds or overdrafts. You can also receive your paycheck up to two days early with direct deposit and access your funds for no cost at over 60,000 fee-free ATMs.

If you need to make a cash deposit, conveniently use any Walmart location. Note that Discover is FDIC-insured.

Visit Discover

Read our Discover® Bank review

Chase Total Checking®

Best for an upfront bonus

Chase Total Checking provides everything you need from a banking standpoint, and the bank also has a suite of other products and services if you need them. You can also enjoy a generous bonus when you open a new Chase Total Checking account and set up direct deposit.

A Total Checking account also gets you access to more than 15,000 Chase ATMs and more than 4,700 branches. All you'll need is your phone to manage all your accounts in the Chase Mobile app. You can deposit checks, transfer money, and more.

An added benefit is that Chase Bank also offers a great line of credit cards. Cardholders of Chase credit cards will get easy access to both their bank accounts and credit card accounts in one easy-to-navigate online banking experience.

Visit Chase Bank

Read our Chase Bank review

Current

Best for families and no monthly fees

Current is an online-only banking service¹¹ <p><b>Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC.</b>.</p> that allows you to get paid up to two days faster with direct deposit¹² <p>Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer's submission of deposits.</p> and no overdraft fees up to $200¹³ <p>Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to <a href="https://current.com/overdraft_protection_terms_of_service/" target="_blank" rel="noopener noreferrer">Fee-free Overdraft Terms and Conditions</a>. Individual Current Accounts only.</p> — plus it removes any holds placed on your account when buying gas so your funds stay available. If you’re a parent of teens, you can also set up special accounts to help them manage their money with a little guidance from you.

Visit Current

Read our Current review

Axos Bank Rewards Checking

Best for checking rewards

If you want a high interest rate on your checking account, the Axos Bank Rewards Checking account offers APY rates up to 3.30%.¹⁶ <p class="">The product and annual percentage yield (APY) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your area. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. Always verify account details and availability with the financial institution before opening an account.<br></p> That’s impressive, especially considering there are no monthly maintenance fees. But Axos does have a list of requirements you have to fulfill to earn the highest possible APY.

There are a few ways you can get the highest possible APY on your Rewards Checking account, but some consistent requirements are setting up direct deposit, using Axos investment accounts with a minimum balance, and using your Rewards Checking account to make payments on an Axos-given loan.

That's quite a few hoops to jump through to get the highest rate. But if you're all in on Axos products anyway, then you might meet these requirements without trying too hard.

Axos Bank checking account APY tiers:

• 0.40% APY: Receive $1,500 or more in monthly direct deposits.
• 0.30% APY: Use your debit card at least 10 times per month, with a minimum transaction of $3.
• 1.00% APY: Maintain an average daily balance of $2,500 per month in an Axos Invest Managed Portfolios Account.
  
• 1.00% APY: Maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account.

• 0.60% APY: Use your Rewards Checking account to make your full monthly Axos Bank consumer loan payment. Mortgage and auto loans are both eligible, as are personal loans.

If you pay attention to these milestones, you could end up earning some extra interest on your deposits. Also, if you use the promo code "RC500" when applying for a new Rewards Checking account by July 31st, 2024, you can earn up to a $500 welcome bonus.

Visit Axos Rewards Checking

Read our Axos Bank review

Best banks for savings accounts

If you’re looking for the best savings account to stash your emergency fund or for another important financial goal, you won’t earn much in interest from most banks and credit unions. According to the Federal Deposit Insurance Corp., the average annual percentage yield (APY) on a savings account in the U.S. is a measly 0.43% (as of 11/18/24). But with the competitive rates offered by the banks below, you’ll get a lot more than that. 

Customers Bank

Best for high-yield savings online

The High Yield Savings Account from Customers Bank provides a fantastic rate, offering 4.16% APY¹⁷ <p>APY means Annual Percentage Yield. APY is accurate as of November 8, 2024. This is a variable rate account, Interest rate and APY may change after initial deposit. Minimum initial deposit to open account and earn interest is $1.00.</p> . That’s an excellent return if you’re looking to earn money on stored funds.

Customers Bank High Yield Savings Accounts are FDIC insured and only require a $1 minimum deposit. Even better, you don’t have to worry about any monthly maintenance fees.

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Upgrade

Best for high-yield savings with a card issuer

The Upgrade Premier Savings account has no monthly or annual fees and provides an exceptional 4.69% APY¹⁸ <p>The Annual Percentage Yield (“APY”) for the Premier Savings account is accurate as of 09/23/2024. It is variable and may change at any time. There is no minimum balance to open your account, but you will only earn the APY on days when the closing balance of your Premiere Savings account is or exceeds $1000. On days where the account closing balance drops below $1000, the APY will be 0%.<br><br> There are no monthly account fees associated with Premier Savings accounts.<br><br> Upgrade is a financial technology company, not a bank. Premier Savings accounts are provided by Cross River Bank, Member FDIC.</p> on balances of $1,000 or more. That’s well above the national average APY rate.

Upgrade Premier Savings accounts are FDIC insured through Cross River Bank. Upgrade also offers multiple credit products, including cashback rewards cards.

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CIT Bank Platinum Savings

Best for high-yield savings

The CIT Bank Platinum Savings account is excellent for those looking for a high return on their money. It offers up to 9x the national average APY rate. The Platinum Savings account earns 4.35% APY¹⁹ <p>Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of December 20, 2024: 0.25% APY on balances of $0.01 to $4,999.99; 4.35% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.</p> on balances of $5,000 or more.

The CIT Platinum Savings accounts are FDIC insured and have no account opening or monthly service fees. The higher your balance, the more you will earn. Plus, CIT makes it easy to manage your banking with their mobile app.

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Citi® Accelerate High-Yield Savings

Best national bank for high-yield savings

The Citi Accelerate High-Yield Savings account will do exactly as the name states, accelerate your savings with a 4.30% (as of December 25, 2024) APY (annual percentage yield). Another big perk of this savings account is no minimum balance is required to open a new account. 

The online-based account can easily be managed through the Citi mobile app, and you can apply to open one over the phone or through a branch in certain areas. 

Visit Citi

Best banks for both checking and savings accounts

The previous two options provide solid checking and savings accounts, but there are a few other really great alternatives in that arena. Here are some of our top choices when it comes to opening both of these banking accounts at the same institution.

SoFi®

Best for online savings and checking accounts

SoFi® makes it easy to sign up online for both a savings account and a checking account. With SoFi®, you can earn up to 4.00% APY on savings with direct deposit.²⁰ <p>SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p>

SoFi is a Member, FDIC²¹ <p><b>SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a></b></p> . SoFi® offers the standard FDIC insurance of up to $250,000, but you can also opt-in to SoFi’s insured deposit program at no extra cost and receive up to $2 million in coverage.

Even better, SoFi® doesn’t charge monthly service²² <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p> or overdraft fees.²³ <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.</p>

Visit SoFi®

Read our SoFi® review

Chime®

Best for young adults

What makes Chime stand out is its significant lack of fees.⁹ <p class="">Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC.&nbsp;<br></p> Sure, there are some, but you won’t get any of the common ones, such as monthly fees and foreign transaction fees.²⁵ <p>There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.</p>

You can also set up your account so that when you receive your paycheck — which comes up to two days early with direct deposit²⁶ <p> Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.</p> — you automatically transfer a percentage to your savings account. You can also have every transaction you make with your debit card rounded up to the nearest dollar, with the difference transferred to your savings account.²⁷ <p class="">Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.&nbsp;<br></p>

These features are particularly good for young adults. If you're just starting out your career, automated savings can give you a leg-up on establishing financial health.

Visit Chime

Read our Chime review

Green Dot

Best for prepaid debit cards

Green Dot offers several prepaid debit cards, but the Cash Back Visa Debit Card earns interest on savings. You'll earn an APY of 2.00% (as of 12/11/24) on up to $10,000 with this card, as well as earn 2.00% cash back when you use your debit card to shop online or through mobile apps.  Green Dot also offers overdraft protection, a free ATM network, and early direct deposit. 

The biggest drawback is that these benefits are limited. You’ll only earn cash back on certain purchases, for instance, and anything over $10,000 in savings won’t earn interest at all. Also, the checking account charges a $9.95 monthly fee, and you can't redeem your cashback rewards more than once every 12 months. Green Dot pays interest on savings annually as well, which is much less frequent than most banks.

Read our Green Dot review

Aspiration

Best for socially-conscious consumers

For ongoing value, the Aspiration Spend & Save plans²⁸ <p>The Aspiration Spend &amp; Save Accounts are cash management accounts offered through Aspiration Financial, LLC, a registered broker-dealer, Member FINRA/SIPC, a subsidiary of Aspiration Partners, Inc. (“Aspiration”). Aspiration is under separate ownership from any other named entity. The Aspiration Save Account’s up to 3.00% Annual Percentage Yield (“APY”) is variable, subject to change, and is only available to customers enrolled in Aspiration Plus after conditions are met. Aspiration’s Cash Back program is subject to change at any time and without notice, including reversal of rewards for abuse, fraud, and other illicit activity. Cash Back rewards are generally credited on the first day of each calendar month. Aspiration Standard customers receive up to 3-5% cash back while Aspiration Plus members receive up to 10% cash back. Everyday cashback is earned through Aspiration’s Impact Measurement Scores. Aspiration Debit Cards are issued by Coastal Community Bank, Member FDIC, pursuant to a license by Mastercard International Incorporated. Aspiration is under separate ownership from any other named entity. Aspiration is not a bank.</p> pair excellent reward rates with an environmentally friendly model. The Aspiration debit card provides up to 3% to 5% cash back when you use your card to shop at select socially-conscious retailers (called the Conscious Coalition). If you want to spring for Aspiration Plus, then you can get up to 10% back on Conscious Coalition purchases, but Plus membership costs $7.99 per month or $71.88 when billed annually. If you're OK with earning the lower rewards rate, then you can opt to pay whatever you think is fair for a monthly fee. 

On top of the cashback rewards the Aspiration Spend checking account offers, you’ll earn up to 3.00% APY on your savings balance if you sign up for Aspiration Plus.

Read our Aspiration Banking review

Best banks for other accounts

As online banks have become more popular, some financial institutions have gotten more creative with their offerings and the value you can gain from an otherwise basic bank account. Here are some of the best banks to consider if you’re looking for financial products that go beyond a basic checking or savings account.

Wealthfront Cash Account

Best for a cash account

The Wealthfront Cash Account²⁹ <p>Wealthfront Cash account is offered by Wealthfront Brokerage LLC, Member of FINRA/SIPC. Wealthfront Brokerage is not a bank. We convey funds to partner banks who accept and maintain deposits, provide the interest rate, and provide FDIC insurance. Rate is subject to change.</p> is not a traditional bank account, but a cash account with a brokerage firm. Wealthfront’s approach to banking offers a 5.00% APY. You also won’t have to worry about fees, and you're able to set up direct deposit and use a debit card. This cash account also has a robust system for setting savings goals and automating how your money is put aside toward those goals.

And if you’re an investor with Wealthfront, having money in a Wealthfront Cash Account gives you easier access to your funds if you want to transfer to and from your brokerage account.

Visit Wealthfront

Read our Wealthfront Cash Account review

Stash Banking

Best for stock-related rewards

Stash banking is another unique option for investors. It’s extremely light on fees, including no monthly fees or overdraft fees.³¹ <p class="">Stash offers access to investment and banking accounts under each subscription plan. Each type of account is subject to different regulations and limitations. Stash Monthly Subscription Wrap Fee starts at $3/month. You’ll also bear the standard fees and expenses reflected in the pricing of ETFs, plus fees for various ancillary services charged by Stash and/or the Custodian. Please see the <a href="https://cdn.stashinvest.com/disclosures/StashInvest_Advisory_Agreement.pdf" target="_blank">Advisory Agreement </a> for details. Other fees apply to the bank account. Please see the <a href="https://cdn.stash.com/disclosures/stride-deposit-account-agreement.pdf" target="_blank">Deposit Account Agreement</a>.<br></p>  And with the account’s debit card,³² <p>Stash Banking services provided by Stride Bank, N.A., Member FDIC. The Stash Stock-Back® Debit Mastercard® is issued by Stride Bank pursuant to license from Mastercard International. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. Any earned stock rewards will be held in your Stash Invest account. Investment products and services provided by Stash Investments LLC and are Not FDIC Insured, Not Bank Guaranteed, and May Lose Value.</p> you’ll earn Stock-BackⓇ rewards on every purchase you make.³³ <p class="">All rewards earned through use of the Stash Stock-Back® Debit Mastercard® will be fulfilled by Stash Investments LLC and are subject to <a href="https://lp.stash.com/stride-stash-stock-back-rewards-terms-and-conditions/" target="_blank">Terms and Conditions</a>. You will bear the standard fees and expenses reflected in the pricing of the investments that you earn, plus fees for various ancillary services charged by Stash. In order to earn stock in the program, the Stash Stock-Back® Debit Mastercard must be used to make a qualifying purchase. Stock rewards that are paid to participating customers via the Stash Stock Back program, are Not FDIC Insured, Not Bank Guaranteed, and May Lose Value.<br></p>

That’s right — instead of earning cash back, you’ll earn rewards in the form of shares in your favorite companies. Depending on how they perform, you could get far more value in the long term with Stash than with other rewards checking accounts.

Visit Stash

Read our Stash review

How to pick the best bank for you

With so many different bank accounts out there, it can be challenging to find the right fit for you. Here are some factors to consider as you compare the best banks:

• Ease of use: Some financial institutions provide an easy-to-use digital banking and mobile banking interface, making it that much easier to manage your money without needing to study the platform to figure it out.
• Low fees: Most banks charge fees of one kind or another, but some are more low cost than others. Although some banks charge monthly fees, don’t write them off too quickly. In some cases, you can get the fee waived with your regular banking habits or by maintaining a certain account balance. Or it could turn out that the account provides enough value to make up for the monthly cost.
• Minimum deposit requirements: Some banks will allow you to open a new bank account with little to no money. Others may require a small amount, or even thousands of dollars, for you to get started.
• ATM access: Online banks tend to offer the widest networks of fee-free ATM withdrawals, but that doesn’t necessarily mean you need that many. Consider your travel habits and whether you’ll need access to fee-free ATMs across the country or if you just need a smaller ATM network that is close to you. Also, note that some banks will offer ATM fee reimbursements if you use a machine that is out-of-network. They typically offer a certain reimbursement amount per month, and that amount varies by bank and account.
• Debit card access: Some of the accounts we referenced, including Wealthfront, aren’t technically checking accounts, so typically, there would be no debit card access. 
• Ability to write paper checks: Like the debit card issue, some of these institutions don’t offer the option to write paper checks, which can be frustrating when it turns out you need one.
• Interest rate: Check to see what kind of annual percentage yield (APY) the bank is offering on its accounts and whether you need to jump through hoops to maximize the value. Higher interest rates can be appealing, but make sure you can easily earn the money, won’t lose out through fees, and can maintain the minimum balance requirements.
• Mobile deposits: In most cases, you’ll be able to deposit checks through your mobile device, but it's not a feature that is available with every account. Even if it is, the mobile check deposit process can be smoother with some banks than others.
• Customer service: Most of these banks are online banks only, which means you won’t get in-person service. As a result, it’s crucial to take the time to research all of your options and how they handle customer service to ensure it’s a good fit. If you prefer a more traditional experience, you might want to go with a more well-known big lender.
• Rewards: Relatively speaking, very few banks offer rewards on their checking accounts. Depending on how you plan to use your debit card, consider an account that will reward your normal spending habits.

As you shop around and compare options, you’ll also find other features and terms that are important to you. Make sure to include these in your decision-making process.

Methodology

Many of the companies we chose for our best-banks list are current partners of FinanceBuzz. We did not evaluate all companies in the market. Companies were assessed according to a set of criteria, and then we used editorial judgment to determine what use or user each account would be best for.

FinanceBuzz evaluation criteria include:

• FDIC- or NCUA-insured: To make our list, a bank must be FDIC or National Credit Union Administration insured.
• Fees: A variety of fees were taken into account in our assessment. Fees evaluated include monthly maintenance, ATM, minimum balance, foreign transaction, and overdraft fees.
• Account features: Accounts were evaluated on the availability of certain features such as paper checks, mobile deposits, rewards on spending, and whether the account is interest-bearing.
• Customer experience: Accounts were evaluated based on how the customer can access and manage the account (mobile app and/or web-based portal), as well as the methods by which the customer can communicate with support.

FAQs about the best banks

The bottom line

The best banks provide a lot of value for people who are looking for a little more from their banking experience. Whether you're looking for a mobile banking experience or a bank with physical branches, there are a lot of account options out there.

If you’re searching for a new bank account, our list of the best banks can help you narrow down your list of choices, or at least provide you with a benchmark you can use to compare other bank accounts.