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Compare the best banks and credit unions of 2020

Get the most out of your money by balancing fees, rewards, interest rates and additional offerings.


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The best banks and credit unions in the US are ones that works for you — it offers financial advice, services and tools that let you take charge of your money. Comparing your options and knowing what to look for can give you a leg up on finding what’s best for your financial situation. We researched over 60 financial institutions to find you the best bank to place your money and the accounts that come with them.

Best banks overall

Ally Bank

Best online bank

Straightforward products and services are paired with a completely online experience through Ally. Where it truly shines is its top-notch interest rates.

Bank of America

Best for a brick and mortar bank

Bank of America is dependable and accessible. Plus, it offers a huge selection of banking products and special features like cashback rewards and automated savings.

Alliant Credit Union

Best for credit unions

An almost-completely online credit union, Alliant offers transparent services and financial education resources for its members.


Best bank for small businesses

TIAA Bank offers a suite of business banking products for commercial, nonprofit and small business use. These accounts go beyond simple cash management with tools that help you stay organized.

Best banks for savings accounts


Best bank for savings account rates

HSBC is one of the largest international banks with more than 37 million customers across 70 countries. Its savings accounts stand out for their competitive APYs and low minimum deposit requirements.


Best savings bank with no ATM fees

Synchrony is the second largest online-only bank in the US that offers great interest rates and unique perks like identity theft resolution services, travel and leisure discounts and more.

PNC Financial Services Group

Best bank for budgeting

PNC Financial Services Group offers two savings accounts that help you set savings goals and reach them with competitive APYs. Plus, this bank offers a wide selection of other financial products.

Best banks for checking accounts

Axos Bank

Best bank for ATM refunds

Axos Bank is a digital institution with low overhead costs and almost nonexistent account fees. It offers many interest-bearing checking account options with special perks like unlimited domestic ATM refunds.


Best bank for no-fee products

Your checking, savings, credit card, IRA, CD, money market, student loan and personal loan accounts can all be fee-free with Discover.

Capital One

Best bank accounts for teens

Capital One offers two personal checking accounts: one for you and one for your teen. It may not have a broad selection of products, but it makes up for it in perks.

How we chose the top banks

The best banks make it easy to save and spend money. They’re transparent and don’t try to bury unnecessary fees in pages of fine print. For these reasons, our research focused on evaluating institutions based on criteria like accessibility, fees, account type offerings, interest rates, and special features. If any banks had associated monthly fees, we made sure there were reasonable ways to waive them.

What’s changed in 2020?

For 2020, we broke up our recommendations by category, so you can clearly see the top institutions for checking accounts, savings accounts and overall. We focused on banks with high interest rates, low fees and plenty of accessibility so you can take charge of your money without worrying about pesky fees and requirements getting in the way.

Compare accounts with other banks

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
HSBC Premier Checking
Free to use at all ATMs in the US
Get up to $700 (max. $120 per month) for eligible new customers who open an HSBC Premier checking account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
Chase Total Checking
Access to 16,000 ATMs and nearly 4,900 branches nationwide
Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 4,900 branches. Available online nationwide except in Alaska, Hawaii and Puerto Rico.
Chase Premier Plus Checking
Access to 16,000 ATMs and nearly 4,900 branches nationwide
Get a $300 signup bonus as a new Chase checking customer when you open a Chase Premier Plus Checking account and set up direct deposit. Available online nationwide except in Alaska, Hawaii and Puerto Rico.
Aspiration Spend & Save Account
Fee-free ATM withdrawals at Allpoint ATMs
A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
TD Beyond Checking
1,900 ATMs across the country and Canada
A checking account that offers interest plus three ways to waive the monthly fee, two overdraft paybacks a year and no ATM fees with a $2,500 balance.
Axos Bank Rewards Checking
ATM fees reimbursed at any ATM nationwide
Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.

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Name Product Interest rates (APY) Fee Minimum deposit to open More info
American Express® Personal Savings High Yield Savings
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Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
CIT Bank Savings Builder High Yield Savings Account
  • 1.25% on balances of $25,000+ or set up a direct deposit of $100+ each month
  • 1.06% on balances of $0 to $24,999
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No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
Discover Online Savings Account
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Take advantage of a high-interest online savings account with no fees, no minimums and more.
Aspiration Spend & Save Account
  • 1.00% on balances of $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
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A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
UFB Direct High Yield Savings
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Earn a competitive rate with a balance higher than $10,000.
BBVA Money Market
  • 0.75% on balances of $10,000+
  • 0.05% on balances of $0 to $9,999
$15 per month
(can be waived)
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Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.

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Top 11 banks in the US

Traditional banks offer a wide variety of products, including savings and checking accounts, mortgages, personal loans and credit cards. The table below shows the top 11 banks in the US, along with the location of each institution. The list is ranked by asset size according to the Federal Reserve’s latest findings.

BankHeadquartersNumber of offices
Bank of AmericaNorth Carolina4,475
JPMorgan ChaseNew York5,146
Wells FargoCalifornia5,875
CitigroupNew York717
US BankMinnesota3,131
Capital One Virginia605
Charles SchwabCalifornia2
Morgan StanleyNew York3
BB&TNorth Carolina1,971
Suntrust BanksGeorgia1,243

Top 11 credit unions in the US

Credit unions are focused on community because they’re owned by their members rather than a group of shareholders. Here are the top 11 credit unions by asset size, along with the number of branch locations owned by each institution.

Credit unionNumber of offices
Navy Federal330
Golden 173
America First128
First Tech43
Security Service FCU67
Suncoast Credit Union67

How do I find the best bank for my situation?

There are several aspects one can look at when trying to find the best bank.

  • Accessibility. Ease of application is one of the biggest points of accessibility, but it’s not the only one. If you’re set on being able to talk to a banker in person, having access to branch locations is going to be a strong influencer. You might also want to check the ATM network to see if you’ll be struggling to find a surcharge-free machine. Some banks will even let you use out-of-network ATMs without tacking on an extra fee.
  • Products and eligibility. Before you select a bank, consider your future banking needs. If you think you may need a credit card; or want to take out a home loan down the line, you may want to only look for banks that already offer these. Having a long-term relationship with a bank can get you discounts and advantages when applying for new products or services.
  • Fee structure. If you’re primarily interested in keeping your fees to a minimum, the best bank might be a credit union. Credit unions don’t need to charge fees for everything, largely because they don’t have the costs of keeping shareholders happy like bigger banks do. Many banks also provide low- or zero-fee accounts — but the requirements tend to be more specific, while credit unions typically offer them more broadly.
  • Rewards. Being rewarded for credit card purchases is fairly common, but cashback deals when you swipe your debit card are much more rare. Check out the types of deals being offered by banks, and consider whether they fit into your normal spending habits.
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Should I use a major bank or a smaller one?

It’s all about finding the one that’s best for you. Consider these pros and cons of big banks when making a decision.


  • Many options. Bigger banks tend to offer a good variety of services and products to choose from. For example, if you open a checking account you can choose from a range of different tiers and types to find what’s most preferable, while a smaller bank might only have one or two different types of accounts.
  • Nationwide presence. The largest banks have a strong presence in the US, while mid-sized institutions might be present in some states but not others and small banks and credit unions may have very few branches and limited services.


  • Fees and charges. Big banks typically aren’t particularly competitive with the fees and charges they impose on customers. This doesn’t mean you can’t find low- or zero-fee accounts with them, but smaller institutions are typically more likely to have lower fees on a given product.
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What else should I consider when picking the best bank?

The products and services are the core of what a bank offers, but you may also want to consider how they offer them and their reputation. The major banks all offer comprehensive online banking services, but some smaller establishments have yet to catch up. If you know you’ll be depending on online banking, you may want to be sure it’s available.

To get a sense of their reputation and customer service record, you might look through consumer ratings. You’ll get an indication of how existing customers view their banking relationships, and they may highlight deal breakers. Word of mouth can also work well, so if you know someone who banks with that institution ask them about their experiences.

Ideally you will be able to access all your financial needs in one place, through the same bank. This can make it significantly easier and quicker to manage your finances. It can also mean you’re eligible for loyalty rewards and discounts.

What’s the first service to look for in a bank?

It depends what your top priority is. An effective place to start is often by looking at available checking and savings accounts, because these are often a core component of banking services, and you may be required to open one in order to use other products.

Bottom line

Pay attention to the factors that are most important to your financial health when comparing top banks. If you’re still not sure where to get started, use our guide to bank accounts to figure out differences between accounts so you can understand what will work best for your situation.

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