The Best Banks Of January 2023 (2023)

We’ve compared 80 nationally available banks—both traditional brick-and-mortar institutions and online-only banks—to find the best options available. Read on to learn more about why we picked these banks, to see the pros and cons of each and to access individual bank reviews.

Interest rates and other account details are accurate as of Jan. 4, 2023.

Several types of banks and financial institutions are out there to meet a variety of needs for individuals, families, businesses and more. These are some of the more common types of banks for consumers.

• Retail banks: Also known as consumer banks. Retail banks offer personal banking products and services, including savings accounts, checking accounts and other financial products.
• National banks: A commercial bank regulated by the federal Office of the Comptroller of the Currency (OCC).
• Brick-and-mortar banks: Traditional banks with physical branches. Many brick-and-mortar banks offer online banking services too.
• Online banks: Digital banks that operate entirely online or through mobile services.
• Neobanks: Nonbank financial technology companies that offer accounts and services similar to banks. Typically neobanks partner with banks to provide bank accounts and services.
• Private banks: Banks that provide one-on-one concierge-style services, including wealth management, estate planning and more, typically for wealthier clientele.

Banking products and services vary depending on the bank or financial institution. Full-service banks tend to offer a wider variety of products and services than other banks. Here are some of the products and services you may find at a bank.

Savings Accounts

A savings account is a deposit account you can add money to while potentially earning interest. Savings accounts are often subject to monthly withdrawal limits and may require monthly maintenance fees. You’d typically open a savings account to hold money you don’t need to access regularly.

Checking Accounts

Checking accounts allow you to deposit money, make purchases with a linked debit card, write checks or pay bills online. Many banks also let you link a savings account to your checking account for overdraft protection. Some checking accounts earn interest or rewards on purchases, though they’re exceptions rather than the rule.

CD Rates

Certificate of deposit (CD) accounts are time deposit accounts. When you open a CD, you deposit money and earn a fixed interest rate for a set time period. Once the CD matures, you can withdraw your initial deposit and the interest earned. CD rates vary by bank, though online banks tend to pay more interest on CDs than traditional banks do.

Credit Cards

Credit cards can be a convenient way to make purchases and pay them off over time. Some also offer rewards in the form of cashback, points or miles. You’re more likely to find credit cards offered by brick-and-mortar banks and credit card issuers, though some online banks provide them. When comparing a bank’s credit card options, it’s helpful to look at the rewards structure, the annual percentage rate (APR) and any fees you might pay, including the annual fee.

Other Products and Services

Banks can offer other products and services in addition to the accounts mentioned above. Many of the best banks offer:

• Mortgage loans
• Personal loans and lines of credit
• Auto loans
• Business loans
• Student loans
• Insurance products
• Retirement accounts
• Wealth management services

Keep in mind, however, that many of these services involve additional fees.

Depending on your banking experience, you may only be familiar with savings and checking accounts. But banks offer a variety of account types, giving consumers flexibility when saving, spending and investing their money. Here are some of the more common types of bank accounts available.

• Savings account: An interest-bearing deposit account. High-yield savings accounts are savings accounts that earn higher, competitive interest rates.
• Checking account: An everyday spending account, typically accompanied by a debit or ATM card and a checkbook.
• Certificate of deposit (CD): Timed deposit accounts that generally pay higher interest as long as you keep funds in the account for a set period of time, called a term. CD terms can range from one month to five years or longer.
• Money market account: A hybrid bank account that generally combines the earning potential of a savings account with the convenience of a checking account. Many money market accounts come with a debit card and check-writing privileges.

You have several factors to keep in mind when choosing the right bank.

Fees

A bank may charge fees for specific transactions or to manage and service your account each month. Some banks may provide a way to avoid bank fees, such as by meeting minimum balance or deposit requirements each month. Bank fees can undermine savings efforts unless you can meet the requirements to have them waived. If not, find a “fee-free” bank that may charge only for less common occurrences like wire transfers and late payments.

Accounts and Services

Full-service banks generally provide the gamut of bank account options and other financial services, like credit cards, lending and retirement and investment accounts and services. Other banks may focus only on a few specific products or services. Choose a bank that offers the types of bank accounts you want to open.

Interest Rates

Shop around to find the best interest rates to maximize your savings. Earning a higher annual APY will help you grow your account balance faster.

Account Minimums

Some banks require a minimum deposit to open an account or a minimum ongoing balance to avoid monthly service charges. Make sure you can meet the account minimums before you sign up.

Customer Service

Support doesn’t look the same at every bank. Some banks focus on in-person services, while others may offer a variety of ways you can get help, including phone support, private messaging and email, live chat and virtual mobile assistants. Find a bank that offers your preferred methods of contact and support.

Convenience

It’s good to know you can access your money when you need to. Some banks provide ways to reach your funds earlier than others. Look for banks that offer multiple methods to access funds or manage accounts, like ATMs, mobile and online banking services, bill pay and other convenient tools.

To open a bank account, you’ll first need to select a bank and account type. Once you’ve done that, you can decide whether you want to open a bank account online or in person.

In either case, you’ll need a few pieces of information to get your new account started:

• Your name, date of birth and Social Security number
• A government-issued ID
• Minimum deposit

If you’re opening a bank account online, you’ll also need some information to link an external account so you can make your opening deposit electronically. These details include your bank account number and routing number.

You could write a check or deposit cash if you’re opening a bank account at a branch. Keep in mind that online banks might have lower minimum deposit requirements than brick-and-mortar banks when opening a new account.

Once your new account is open, there may be a few additional steps to take. If you’re linking an external account for your initial deposit, you might need to verify one or two small trial deposits before you can add funds. You may also need to enroll in online and mobile banking before you can access those services.

A bank is a for-profit institution, either privately held or publicly traded. Banks are focused on making profits and pleasing their owners or shareholders—not necessarily on the needs of their customers.

Some banks charge fees for accounts and services, pay lower returns or charge more interest on loans than other financial institutions. Deposits kept in banks are FDIC-insured up to $250,000 per depositor, for each account ownership category.

Credit unions are cooperative, not-for-profit organizations owned by their members. Membership typically revolves around individuals with a common interest or bond, such as an employer, industry, place of residence, faith or affiliation with other organizations. Because their focus isn’t on making a profit, credit unions tend to charge fewer fees than many banks and offer more competitive rates on deposit accounts.

All federal credit unions and most state credit unions are insured by the National Credit Union Administration (NCUA), which guarantees up to $250,000 per share owner, per insured credit union, for each account ownership category.

Bottom Line

The right bank account can make a significant difference in your ability to manage your money. Some of the best banks are online banks, which usually charge fewer fees and pay higher interest rates on deposits than traditional banks. Figuring out what you need most from a bank, whether that’s a higher APY on savings or branch banking access, can help you find the best bank for your situation.

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