Top 10 Best Banks of 2024

Finding the best banks available doesn’t have to be a hassle, but what makes a bank one of the best? Is it low fees, high-interest rates, a slick online platform, or perhaps a combination of all those things?

There’s certainly no shortage of banks vying for your business, so don’t settle for just any financial institution. Why not earn more money over the long term by going with a bank that can meet your specific needs?

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Here’s a look at the best banks for every type of consumer.

10 Best Banks of 2024

Here are the best banks you can open an account with today:

  1. Chase Bank: Best Overall
  2. Discover® Bank: Best Online Bank
  3. Wells Fargo: Best Big Bank
  4. Bank of America: Best for Students
  5. Axos Bank: Best for Small Business
  6. Capital One: Best Free Checking Account
  7. Ally Bank: Best Savings Account
  8. PNC: Best for Personal Loans
  9. Quontic: Best Digital Bank
  10. Varo: Best for Building Credit

1. Chase Bank

BankBonus Rating: 9.0

  • 🏆 Best: Overall
  • Products: Checking, savings, credit cards, loans, and investments
  • Fees: Most accounts have monthly maintenance fees, but Chase offers ways to waive them
  • APY: 0.01%

Chase Bank is the largest consumer bank in the U.S. and also tops our list of best national banks. This New York-based financial giant is well-known for its wide range of account options and lucrative sign-up bonuses.

Chase offers deposit accounts for consumers and businesses, credit cards, loans, and an investment platform. Chase has more than 4,700 physical branches and over 16,000 ATMs nationwide.
Moreover, its online banking platform consistently ranks as one of the best among traditional banks. Chase also leaves most other brands behind regarding credit card intro bonuses and rewards.

2. Discover® Bank

BankBonus Rating: 9.5

  • 🏆 Best: Online Bank
  • Products: Checking, savings, CDs, money market accounts, IRAs, student and personal loans, mortgages, and credit cards
  • Fees: No monthly fees

Online banks, sometimes called digital banks, are banking platforms that exist entirely in the digital space without any retail locations. Discover® Bank is an online-only bank operated by Discover Financial, one of the leading credit card issuers in the US.

Discover’s online banking platform includes rewards checking, high-yield savings, certificates of deposit (CDs), and a money market account (MMA).

Where this bank truly shines is in the fees category. Discover is a truly fee-free bank, and you won’t pay a thing for monthly maintenance, overdrafts, or low balances.

You’ll also have access to over 60,000 free ATMs, and the Discover® Bank mobile app is one of the best-reviewed banking apps available.

3. Wells Fargo

BankBonus Rating: 8.0

  • 🏆 Best: Big Bank
  • Products: Checking, savings, CDs, credit cards, home loans, personal and auto loans, investing and wealth management
  • Fees: $5 – $35, but Wells Fargo offers ways to waive it

Wells Fargo is the fourth-largest bank in the US and has more branch locations than anyone else (more than 8,000).

Headquartered in San Francisco, Wells Fargo’s most substantial presence is on the West Coast. The bank offers deposit accounts, credit cards, loans, retirement planning, and wealth management services.

As far as big, traditional banks go, Wells Fargo is one of the best examples, with plenty of in-person support and financial products available. Like most big banks, the low savings rates and frequent fees are the downside.

But, with an improved mobile banking app platform and a new emphasis on improved customer service, Wells Fargo is making strides.

4. Bank of America

BankBonus Rating: 8.0

  • 🏆 Best: Bank for Students
  • Products: Checking, savings, CDs, credit cards, home loans, auto loans, and investing
  • Fees: $4.95 – $25, but Bank of America offers ways to waive it

Whether you’re a high school or college student, starting a relationship with a bank is an important step toward building a sound financial future.

Bank of America (BoA) is the second-largest national bank in the US, servicing nearly 11% of all American bank deposits.

BoA’s Advantage SafeBalance Banking is a bank account designed specifically for students. You won’t have to worry about monthly maintenance or overdraft fees if you’re under 24 and enrolled in high school or college.

The account is checkless (which means you can’t write checks), but you can pay with a debit card, digital wallet, or mobile app.

5. Axos Bank

BankBonus Rating: 8.5

  • 🏆 Best: Bank for Small Businesses
  • Products: Checking, savings, personal loan, auto loan, mortgage, and investing
  • Fees: None

If you’re a small business owner, freelancer, or entrepreneur, a good small business bank account is essential for your enterprise’s financial health.

Axos, formerly known as Bank of Internet USA, is one of the nation’s longest-running online-only banks and offers personal and business solutions covering everything from accounts to loans to investing.

Axos offers small business and commercial banking services for business owners, emphasizing modern, evolved business banking solutions.

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6. Ally Bank

BankBonus Rating: 9.5

  • 🏆 Best: Bank for Savings Accounts
  • Products: Checking, savings, credit cards, auto loans, personal loans, investing and retirement
  • Fees: None

Ally is the most popular online bank in the US. With competitive high-yield savings accounts (HYSAs), loan products, and an investment platform, it’s easy to see why.

Ally is the biggest bank in the digital space and a top contender in all banks throughout the U.S.

Ally originally made its name issuing auto loans, and it still stands as one of the largest car finance companies in the country, but its high-yield savings account comes with one of the best interest rates around.

Best of all, you won’t see any monthly fees or minimum balance requirements.

7. Capital One

BankBonus Rating: 9.0

  • 🏆 Best: Bank for Free Checking Accounts
  • Products: Checking, savings, CDs, credit cards, and auto loans
  • Fees: None

Capital One is a hybrid bank that operates online and with brick-and-mortar bank branches. Capital One 360 now offers a fee-free checking account with no service fees or minimum balance.

Still, there are some fees in case of an overdraft or bounced checks. Make sure you always read the fine print.

The main perk of Capital One’s free checking account is the outstanding customer experience. You will also have access to more than 70,000 fee-free ATMs since you can use both Capital One 360 and Allpoint ATMs for free nationwide. The account also earns you a 0.10% annual percentage yield on all balances.

Its online banking and mobile banking app is compatible with both Apple and Android devices. They are highly rated and equipped with fast mobile deposit, bill pay, an ATM finder, spending alerts, and more.

The Capital One 360 checking account also offers a free checkbook and no foreign transaction fees.

8. PNC Bank

BankBonus Rating: 9.0

  • 🏆 Best: Bank for Personal Loans
  • Products: Checking, savings, money market accounts, CDs, credit cards, home and auto loans
  • Fees: Up to $25 per month with ways to waive the fee

PNC has a massive regional presence in the Mid-Atlantic and is one of the country’s largest banks, with over 2,400 brick-and-mortar branches.

PNC’s personal loans are highly customizable, with loan terms determined on a case-by-case basis, depending on your loan requirements and financial situation. PNC performs a soft credit inquiry when submitting a request to determine what terms you qualify for, and if you decide to proceed with the application, the bank will do a hard pull credit check.

PNC does not charge origination or application fees and doesn’t require collateral, much like personal loans from other institutions. Applications can be submitted online, and personal loans to California residents have lower limits than other states.

9. Quontic

BankBonus Rating: 9.0

  • 🏆 Best: Digital Bank
  • Products: Checking, savings, CDs, and mortgage loans
  • Fees: None

Quontic is a digital bank that offers innovative online banking opportunities, competitive rates, and great customer service.

Most people assume they won’t deal with a live person when dealing with a digital bank, but Quontic is different. They are constantly developing innovative ways to build better opportunities for their clients.

Quontic especially stands out in the mortgage industry, offering non-traditional loan programs for the self-employed who have great credit and a large down payment, but on paper, they don’t qualify for traditional financing.

10. Varo

BankBonus Rating: 9.0

  • 🏆 Best: Bank for Building Credit
  • Products: Checking, savings, credit building credit card, cash advance
  • Fees: None

Varo is the next-generation banking service, providing consumers with many opportunities, including high-yield savings, instant cash advances, and credit-building credit cards.

Varo has a large network of 40k fee-free ATMs, no hidden fees, offers early access to direct deposit funds, and pays cash back on certain purchases.

All funds up to $250,000 per depositor are FDIC-insured, and the bank doesn’t charge any overdraft, monthly maintenance, or any other fees.

How We Chose The Best Banks

We’ve gathered data on banks across the nation, including account types offered, account minimums and fees, interest rates to save and borrow, number of branches, size of the ATM networks, welcome bonuses or rewards, online banking, and the bank’s overall rating.

We also consider customer reviews and satisfaction scores and emphasize industry studies, such as J.D. Power’s 2021 Banking Mobile App Satisfaction Study and J.D. Power’s 2020 U.S. Retail Banking Satisfaction Study.

You can’t go wrong by choosing any financial institution on this list – your money will be secure, and you’ll find account offerings that should cover your financial needs. But each bank shines for slightly different reasons, so you should consider what’s most important and choose accordingly.

If you’re stuck between two with no clear winner, follow the cash by choosing the bank that offers the best bonus!

Learn More about the Best Banks for:

Frequently Asked Questions

What is the best bank overall?

The best bank for one person won’t work for another, and one bank might have the best savings account but fall short in other areas. It all depends on what you need and which bank can provide it. It also might come down to where you live and the type of business that you have.

Are online banks better than traditional banks?

Undoubtedly, online banking comes with many benefits. For example, they often have low fees, high APYs, and advanced mobile apps and online platforms. The tradeoff is the lack of physical branches and potentially less customer support.

On the other hand, if you frequently need to deposit cash or need various account services from the same provider, you might be better off with a traditional bank. It all comes down to finding a provider that best suits your financial needs.

Which banks charge the most fees?

In general, the bigger the bank, the higher and more frequent the fees. If you take a look at the fee schedules of any major bank, you will see that they charge similar amounts for monthly maintenance fees, overdrafts, and so on.

You are better off considering online banking to avoid checking account fees. This rule is not absolute because some online banks charge fees, and many traditional banks offer ways to avoid fees by meeting certain requirements.

Do you have to have a social security number to open a bank account?

Not all banks require that you have an SSN to open an account. They will allow you to use other forms of identification, such as a valid ID issued by the US government and an ITIN rather than an SSN. Here is a list of banks that do not require SSNs.

Are banks open 7 days a week?

No, not all banks are open seven days a week. Only online banks with a mobile app or online banking platform are available every day of the week.

How do you switch banks?

If you decide to switch banks, do so slowly. Start by opening your new account after finding the bank with the best promotions, lowest fees, and highest APY. Open a new account and fund it with new money. Transfer your direct deposits and any automatic withdrawals to the new bank account.

After transferring all information and funds to the new account and ensuring all payments cleared your old account, close it. Confirm with the old bank that your account was closed, by requesting written verification of the closure.

Enjoy your new bank account with better perks!

What is the difference between a bank vs. a credit union?

Banks and credit unions offer similar services; however, banks are for-profit, and credit unions are not-for-profit. Members own shares of the credit unions and may have access to better interest rates and lower fees. Banks are insured by the FDIC, and credit unions are insured by the National Credit Union Administration.

Final Thoughts

The key to finding the right bank is to determine your needs. Are you a student or a small business owner? Do you prefer minimal fees or more comprehensive account options? How important is having access to a physical branch?

Once you answer these questions, you’ll determine which banks are best for you.

Take your time, do the research, and find the bank that fits best your own financial picture. Remember, you can easily switch banks if you’re unhappy with your decision.

Here’s to finding the best bank that charges low fees and helps you hit your goals.

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