America's Best Banks 2022
Over the past 18 months, COVID has upended all aspects of American life, including how we bank. And that, in turn, has shifted what we look for in the place where we park our money and which institutions serve us best.
Take savings, for instance. While the personal savings rate is down from the stratospheric high of 33.8 percent recorded early in lockdown last year, Americans are still setting aside cash at historically high rates: nearly 10 percent recently. But just as our need to earn a decent return on our savings has rarely been higher, many banks have slashed rates; the average savings account pays out just 0.06 percent now, and many of the largest banks pay nothing at all.
"Interest rates are even lower than in the seven years following the Great Recession when the Federal Reserve also dropped rates to around zero," says Ken Tumin, founder of the bank comparison site DepositAccounts.com.
That makes it all the more important to seek out institutions that pay a decent rate, while also keeping fees to a minimum, so you keep more of what you earn. In that respect, there's a silver lining to current low-rate conditions as banks look for other ways to woo new customers. "Some are lowering fees, eliminating maintenance fees or offering better overdraft policies," Tumin says.
Also in demand these days: institutions that make it easy to bank remotely. Nationwide, 41 percent of Americans are now digital-only bank customers, J.D. Power reports, up from a third pre-COVID. About four in 10 who made the switch during the pandemic say they won't go back, says Paul McAdam, senior director of banking intelligence at J.D. Power.
To keep online users happy, banks are improving apps and adding features, like budgeting tools, options to round up debit card transactions to the nearest dollar to boost balances, and offering advice to help you reach financial goals like improving your credit score. "Banks are focusing on digital tools that help customers improve their financial wellness," says McAdam. "A lot of this work began before the pandemic, but over the past year or so, the industry has accelerated their efforts."
To help you make sense of the new banking environment and find an institution that best suits your needs, Newsweek has partnered with LendingTree, the online marketplace and comparison site for financial services, for our annual Best Banks rankings. We assessed thousands of FDIC-insured banks and credit unions, and the savings and checking accounts they offer, based on more than 50 different factors to land on best-in-class options in 26 different categories. One or more of these winning banks may be the perfect choice for you.
—Kerri Anne Renzulli, Senior Reporter
| Award | Description | Metro | State | Winner | Branches | More Info |
|---|---|---|---|---|---|---|
| Best Big Bank | The largest banks in the country (those with a national presence and $100 billion or more in assets) rarely deliver top interest rates, but do offer convenience, low fees and innovative tech tools to improve their customers’ experience. The best-in-class bank, however, also must offer good customer service, easy access to a local branch, a superior mobile app and a variety of loans and other financial products. The winner here delivers on all counts. | Citibank | 922 | Fee-free ATMS: 62,300+ / Timely response to complaints: 100% / Mobile app score (1 to 5 scale): 4.86 | ||
| Best Small Bank (tie) | From among all the small banks with $10 billion or less in assets and at least 20 branches, Newsweek found that the two standout winners provide the more personal touch of local service while also offering competitive rates, a top-notch mobile banking experience, low fees and a variety of financial products. | First Guaranty Bank | 33 | Region: Louisiana / Mobile app score: 4.74 of 5 | ||
| Best Small Bank (tie) | From among all the small banks with $10 billion or less in assets and at least 20 branches, Newsweek found that the two standout winners provide the more personal touch of local service while also offering competitive rates, a top-notch mobile banking experience, low fees and a variety of financial products. | 1st Constitution Bank | 26 | Region: New Jersey / Mobile app score: 4.69 of 5 | ||
| Best Online Bank | Banks that operate exclusively online typically outshine traditional brick-and-mortar institutions when it comes to interest payouts on both checking and savings. But with rates low across the board, the online bank advantage these days is as much about their non-existent or low fees. Other critical factors in our scoring: great customer service and a stellar mobile app. | Discover | 0 | Recent interest rate on checking: 1% on up to $3,000 in debit card purchases each month / Mobile app score: 4.79 of 5 | ||
| Best Regional Bank | Dominating our best big-bank state rankings, this winner took the top spot in 12 states thanks to its strong performance across the Midwest and Western regions of the country. | U.S. Bank | 2,293 | Mobile app score: 4.75 of 5 | ||
| Best Customer Service | With the pandemic wreaking havoc on many people’s financial lives, banks needed to step up in a big way last year to help their customers meet these challenges. To see who did that best, Newsweek looked for banks with the fewest complaints reported to the Consumer Financial Protection Bureau, a swift response and resolution rate, weekend hours, a helpful mobile app and a variety of dedicated customer service lines. | Commerce Bank | 168 | Complaints with timely response: 100% / Mobile app score: 4.7 of 5 | ||
| Best Online Checking Account | A big advantage of many online-only checking accounts: no fees for common charges like maintaining the account, using out-of-network ATMs and overdrafts, plus no minimum balance requirement. Our winner also had to go a step further: offering both a high interest rate and excellent digital experience. | Axos | 0 | Rewards Checking / Recent interest rate: 1% / ATM fee reimbursement: unlimited | ||
| Best Online Savings Account | The pandemic kickstarted a new love affair with saving for many Americans, but banks aren’t interested in rewarding thriftiness, cutting rates just as our balances are growing. This makes online accounts, which offer higher-than-average payouts, the best bet for your funds. Our winner provides the top rate in the nation, has consistently done so over the past year and has low fees to boot. | Sallie Mae | 0 | SmartyPig / Recent interest rate: 0.7% up to $10,000, then 0.45% / Minimum to open account: $0 | ||
| Best Checking Account (bank) | No one wants to pay to access their own money—to get cash, pay bills or swipe a debit card. That’s why accounts with no monthly maintenance, ATM and other common fees got top consideration in this category. Additionally, Newsweek looked for accounts offering a little extra, in the form of interest rate rewards. | The Tri-County Bank | 4 | Free Kasasa Cash Checking / Recent interest rate: 4% up to $10,000, then 0.35% / ATM fee reimbursement: up to $4.99 per transaction | ||
| Best Checking Account (credit union) | No one wants to pay to access their own money—to get cash, pay bills or swipe a debit card. That’s why accounts with no monthly maintenance, ATM and other common fees got top consideration in this category. Additionally, Newsweek looked for accounts offering a little extra, in the form of interest rate rewards. | Consumers Credit Union | 19 | Rewards Checking / Recent interest rate: 2.09% up to $10,000, 0.2% up to $25,000, then 0.1% / ATM fee reimbursement: unlimited | ||
| Best Savings Account (bank) | The average national interest rate for savings accounts is just 0.06 percent currently. Our winners beat that rate handily, without requiring a big balances to earn the high payout or charging a monthly maintenance fee that would eat up your return. | ConnectOne Bank | 27 | OneConnection Savings / Recent interest rate: 0.6% on $2,500-$249,999, then 0.3% / Minimum to open: $2,500 | ||
| Best Savings Account (credit union) | The average national interest rate for savings accounts is just 0.06 percent currently. Our winners beat that rate handily, without requiring a big balances to earn the high payout or charging a monthly maintenance fee that would eat up your return. | Blue Federal Credit Union | 19 | Accelerated Savings / Recent interest rate: 4.89% on up to $1,000, 1% on $1,000-$5,000, 0.5% on $5,000-$10,000, 0.25% on $10,000-$50,000, then 0.15% / Minimum to open: $0 | ||
| Best Savings Account for Kids (bank) | From a pool of special accounts available to those under age 18, Newsweek sought out the best bank and credit union account that offered low minimums to open, no monthly maintenance fees and a decent interest rate, plus special perks like birthday gifts or interactive mobile app features to get kids excited to save. | Capital One | 333 | Kids Savings Account / Recent interest rate: 0.3% / Minimum to open: $0 | ||
| Best Savings Account for Kids (credit union) | From a pool of special accounts available to those under age 18, Newsweek sought out the best bank and credit union account that offered low minimums to open, no monthly maintenance fees and a decent interest rate, plus special perks like birthday gifts or interactive mobile app features to get kids excited to save. | USALLIANCE Financial Federal Credit Union | 14 | MyLife Savings for Kids / Recent interest rate: 2% on first $500, then 0.02%; $10 annually on child’s birthday / Minimum to open: $1 | ||
| Best Checking Account for Teens (bank) | Teens need an account that will allow them to deposit earnings from after-school jobs and practice responsibly using a debit card, without killing them with fees for everyday use or an occasional slip-up. Accounts with low minimums to open and no monthly maintenance fees or minimum balance requirements got top priority. | Capital One | 333 | MONEY: Teen Checking / Recent interest rate: 0.1% / Minimum to open: $0 | ||
| Best Checking Account for Teens (credit union) | Teens need an account that will allow them to deposit earnings from after-school jobs and practice responsibly using a debit card, without killing them with fees for everyday use or an occasional slip-up. Accounts with low minimums to open and no monthly maintenance fees or minimum balance requirements got top priority. | Alliant Credit Union | 0 | Teen Checking / Recent interest rate: 0.25% / ATM fee reimbursement: $20 monthly | ||
| Best Savings Account for Teens (bank) | Whether they’re putting money away for a first car or college, teens need a secure place to house their savings that will also help them quickly grow their balances. Our winning institutions provide stunningly high interest rates to help teens make the most of their savings, no matter how small, with low or no minimum amounts needed to open the account and no monthly fees to maintain it. | Northpointe Bank | 1 | Kid’s Savings / Recent interest rate: 1.5% up to $1,000, 1.11% on $1,000-$10,000; then 0.35% / Minimum to open: $10 | ||
| Best Savings Account for Teens (credit union, tie) | Whether they’re putting money away for a first car or college, teens need a secure place to house their savings that will also help them quickly grow their balances. Our winning institutions provide stunningly high interest rates to help teens make the most of their savings, no matter how small, with low or no minimum amounts needed to open the account and no monthly fees to maintain it. | Chevron Federal Credit Union | 22 | MySavings Youth / Recent interest rate: 7% up to $1,000, then 0.3% / Minimum to open: $0 | ||
| Best Savings Account for Teens (credit union, tie) | Whether they’re putting money away for a first car or college, teens need a secure place to house their savings that will also help them quickly grow their balances. Our winning institutions also provide stunningly high interest rates to help teens make the most of their savings, no matter how small, with low or no minimum amounts needed to open the account and no monthly fees to maintain it. | Spectrum Credit Union | 22 | MySavings Youth / Recent interest rate: 7% up to $1,000, then 0.3% / Minimum to open: $0 | ||
| Best Checking Account for College Students (bank) | College students need an account that suits their somewhat nomadic and at-times financially strained lifestyle. This means no or low ATM charges for using out-of-network machines; low fees if they trip up and overdraw the account, and low minimums to open an account and avoid monthly charges. Our winners provide all that, plus a solid mobile app experience for these digital natives. | Axos Bank | 0 | Essential Checking / Minimum to open/monthly fee: $0 / ATM fee reimbursement: unlimited | ||
| Best Checking Account for College Students (credit union) | College students need an account that suits their somewhat nomadic and at-times financially strained lifestyle. This means no or low ATM charges for using out-of-network machines; low fees if they trip up and overdraw the account, and low minimums to open an account and avoid monthly charges. Our winners provide all that, plus a solid mobile app experience for these digital natives. | Alliant Credit Union | 0 | High-Rate Checking / Recent interest rate: 0.25% / ATM fee reimbursement: $20 monthly | ||
| Best Traditional Checking Account (bank) | Like to keep your banking old school, preferring a branch office to a mobile app, and physical checks to Zelle? Accounts in this category must provide all that without forcing you to bank or pay bills online to receive top rates and avoid fees. The winners, additionally, give out free checks and ATM reimbursements. | Centennial Bank | 160 | Diamond Checking / Minimum to open account: $100 / Monthly service charge: $0 | ||
| Best Traditional Checking Account (credit union) | Like to keep your banking old school, preferring a branch office to a mobile app, and physical checks to Zelle? Accounts in this category must provide all that without forcing you to bank or pay bills online to receive top rates and avoid fees. The winners, additionally, give out free checks and ATM reimbursements. | Digital Federal Credit Union | 23 | Free Checking / Recent interest rate: 0.5% on up to $100,000 / ATM fee reimbursement: $25 monthly | ||
| Best Small Business Checking Account (bank) | After a year in which many small businesses faced lockdown closures and other pandemic challenges, the last thing they need is a financial institution eating into their profits with monthly maintenance fees or charges for transactions. The winners allow small business owners to bank fee-free with no minimum balance requirement, and offer above-average rates. | BlueVine/Coastal Community Bank | 0 | Business Checking / Recent interest rate: 1% on up to $100,000 / Unlimited transactions | ||
| Best Small Business Checking Account (credit union) | After a year in which many small businesses faced lockdown closures and other pandemic challenges, the last thing they need is a financial institution eating into their profits with monthly maintenance fees or charges for transactions. The winners allow small business owners to bank fee-free with no minimum balance requirement, and offer above-average rates. | Digital Federal Credit Union | 23 | Free Business Checking / Recent interest rate: 0.2% / 20 deposits free per day | ||
| Best Cashback Checking Account | Heavy debit card users can get rewarded for their swiping with a checking account that returns a percentage of their purchases, similar to the way a cashback credit card operates. The winner pays interest on top of that, offers unlimited ATM reimbursements and doesn’t charge a monthly maintenance fee or require a minimum balance. | LendingClub | 1 | Rewards Checking / Recent interest rate: 0.1% for $2,500–$99,999; then 0.15%/ Cashback: 1% unlimited | ||
| Best Military Checking Account | Members of the military need a financial institution that accommodates their job and lifestyle, whether it be reassignment to another base, deployment or obtaining a VA loan. The winner has no minimum balance requirements, no monthly fees, ATMs in all 50 states and 10 countries (plus rebates if you do go out of network), free checks and a modest payout. | Navy Federal Credit Union | 331 | Free Active Duty Checking / Recent interest rate: 0.05% / ATM fee reimbursement: $20 monthly | ||
| Best Military Savings Account | Managing finances while juggling the demands of military life can be tricky; that’s why an easy to maintain account with no monthly service fee and a low initial deposit to open are key. Our winner also offers a stunningly high interest rate on the first $500 deposited; those on active duty in combat zones can double that interest rate. | Service Credit Union | 42 | Primary Savings / Recent interest rates: 5% on first $500, then 0.25%. Active duty in combat zone earn 10% on up to $10,000 / Minimum to open: $5 | ||
| Best High-Yield Checking Account (bank) | A stellar payout was a must-have for this category, which is all about earning top interest rates. Current and historical interest rates were weighed most heavily, but fees for monthly maintenance, ATMs and overdrafts were also considered to ensure you actually reap the full benefit of those high interest payouts. | Presidential Bank | 9 | Advantage Checking / Recent interest rate: 2.25% on $500-$25,000, then 0.65% / Minimum balance: $500 | ||
| Best High-Yield Checking Account (credit union) | A stellar payout was a must-have for this category, which is all about earning top interest rates. Current and historical interest rates were weighed most heavily, but fees for monthly maintenance, ATMs and overdrafts were also considered to ensure you actually reap the full benefit of those high interest payouts. | Evansville Teachers Federal Credit Union | 25 | Vertical Checking / Recent interest rate: 3.3% up to $20,000 / ATM fee reimbursement: $15 monthly | ||
| Best Money Market Account (bank) | These savings accounts offer a blend of features, providing checks and debit card usage like a checking account but higher rates typical of a savings account. To qualify, you need to meet certain requirements, like maintaining a minimum balance. The picks offer a winning combo of high rates and low minimums. | Prime Alliance Bank | 1 | Personal Money Market / Recent interest rate: 0.6% / Monthly service fee: $0 | ||
| Best Money Market Account (credit union) | These savings accounts offer a blend of features, providing checks and debit card usage like a checking account but higher rates typical of a savings account. To qualify, you need to meet certain requirements, like maintaining a minimum balance. The picks offer a winning combo of high rates and low minimums. | Affinity Plus Federal Credit Union | 28 | Superior Money Market / Recent interest rate: 1% up to $25,000, then 0.35% / Monthly service fee: $0 | ||
| Best Certificates of Deposit: Six Months (bank) | Banks and credit unions typically offer higher interest rates on CDs in exchange for you agreeing to leave the money untouched for a set period, typically ranging from six months to five years. The critical consideration here was the payout, but Newsweek also considered factors such as penalties for withdrawing your money early and the minimum amount needed to open the account. | Quontic Bank | 2 | Six-Month CD / Recent interest rate: 0.55% / Minimum to open account: $500 | ||
| Best Certificates of Deposit: Six Months (credit union) | Banks and credit unions typically offer higher interest rates on CDs in exchange for you agreeing to leave the money untouched for a set period, typically ranging from six months to five years. The critical consideration here was the payout, but Newsweek also considered factors such as penalties for withdrawing your money early and the minimum amount needed to open the account. | CommunityWide Federal Credit Union | 11 | Six-Month Share Certificate / Recent interest rate: 0.7% / Minimum to open account: $1,000 | ||
| Best Certificates of Deposit: One Year (bank) | Banks and credit unions typically offer higher interest rates on CDs in exchange for you agreeing to leave the money untouched for a set period, typically ranging from six months to five years. The critical consideration here was the payout, but Newsweek also considered factors such as penalties for withdrawing your money early and the minimum amount needed to open the account. | Comenity Direct | 0 | One-Year CD / Recent interest rate: 0.7% / Minimum to open account: $1,500 | ||
| Best Certificates of Deposit: One Year (credit union) | Banks and credit unions typically offer higher interest rates on CDs in exchange for you agreeing to leave the money untouched for a set period, typically ranging from six months to five years. The critical consideration here was the payout, but Newsweek also considered factors such as penalties for withdrawing your money early and the minimum amount needed to open the account. | Signature Federal Credit Union | 1 | EZ Save Certificate / Recent interest rate: 1%, $10,000 limit / Minimum to open account: $50 | ||
| Best Certificates of Deposit: Three Year (bank) | Banks and credit unions typically offer higher interest rates on CDs in exchange for you agreeing to leave the money untouched for a set period, typically ranging from six months to five years. The critical consideration here was the payout, but Newsweek also considered factors such as penalties for withdrawing your money early and the minimum amount needed to open the account. | Quontic Bank | 2 | Three-Year CD / Recent interest rate: 1% / Minimum to open account: $500 | ||
| Best Certificates of Deposit: Three Year (credit union) | Banks and credit unions typically offer higher interest rates on CDs in exchange for you agreeing to leave the money untouched for a set period, typically ranging from six months to five years. The critical consideration here was the payout, but Newsweek also considered factors such as penalties for withdrawing your money early and the minimum amount needed to open the account. | Lafayette Federal Credit Union | 8 | Three-Year Fixed-Rate Certificate / Recent interest rate: 1.01% / Minimum to open account: $500 | ||
| Best Certificates of Deposit: Five Years (bank) | Banks and credit unions typically offer higher interest rates on CDs in exchange for you agreeing to leave the money untouched for a set period, typically ranging from six months to five years. The critical consideration here was the payout, but Newsweek also considered factors such as penalties for withdrawing your money early and the minimum amount needed to open the account. | Quontic Bank | 2 | Five-Year CD / Recent interest rate: 1.11% / Minimum to open account: $500 | ||
| Best Certificates of Deposit: Five Years (credit union) | Banks and credit unions typically offer higher interest rates on CDs in exchange for you agreeing to leave the money untouched for a set period, typically ranging from six months to five years. The critical consideration here was the payout, but Newsweek also considered factors such as penalties for withdrawing your money early and the minimum amount needed to open the account. | PenFed Credit Union | 41 | Five-Year Money Market Certificate / Recent interest rate: 1.10% / Minimum to open account: $1,000 |
Visit our rankings portal Methodology
To identify America's Best Banks and Bank Accounts, Newsweek worked in partnership with LendingTree, which culled candidates from an initial universe of more than 2,625 FDIC-insured financial institutions (credit unions were excluded from consideration for overall bank winner categories but included for individual account winner categories). LendingTree applied filters to create a short list of candidates in each category, based on the most salient features for each bank type or account, supplied the data and made recommendations for scoring. The final proprietary ranking system was developed by Newsweek, based on the factors that would be most important to consumers. Data sources for the project included: DepositAccounts.com, information published by each bank or credit union, quarterly call reports filed with the FDIC by banks or NCUA by credit unions, Consumer Financial Protection Bureau complaints and mobile app reviews.
Best Bank winners were selected from among 2,508 financial institutions and assessed on more than 30 separate factors, covering the overall health of the bank, customer service performance and features, digital and branch presence, account and loan options, interest rate offerings and fees. Among the specific data collected: the average service charges collected on deposit accounts during the first quarter of 2021; average interest paid on deposit accounts during the first quarter of 2021; the number of complaints submitted to the Consumer Financial Protection Bureau and how quickly the bank responded, the kinds of loan and account products offered; mobile app scores; the kinds of customer service features offered; overall health of the bank as determined by DepositAccounts.com; and, depending on the Best Bank accolade, branch presence.
For Best Bank state winners, the Best Big Bank in each state needed to have at least one branch per 100,000 residents and at least $10 billion in assets, while the Best Small Bank in each state needed less than $10 billion in assets and had to be among the five banks with the most branches in the state. For Best Big Bank in Every Major Metro area, a bank must have at least one branch per 100,000 residents in the analyzed location. Financial institutions needed at least one branch to win for best checking, savings and traditional checking accounts. Only banks without a single physical branch were considered for the online bank categories. For Best Customer Service, a bank needed to have responded to at least 97 percent of complaints filed with the CFPB in a timely fashion to be considered; other features such as languages provided on the bank's website and app as well as banking and credit card service lines were also evaluated.
Individual Best Bank account winners were selected from a pool of more than 2,625 financial institutions that included 125 credit unions open to anyone to join. Criteria included: current interest rate; average interest rate over the past year; minimum deposit required to open an account, the monthly service fee charged to maintain the account and how easily it could be avoided; fees charged for nonsufficient funds, overdraft, or/and overdraft protection; amount charged to use an out-of-network ATM; amount refunded for out-of-network ATM usage; cost to replace a debit card; whether requirements like online banking or debit card usage must be met to get top rates; the bank's average mobile app score; branch presence; the bank's financial strength; and, for CD accounts, number of days of interest lost for withdrawing early. For all categories, no accounts were considered if they required you to also have another existing account with the financial institution.
The weighting given to each factor varied depending on the Best Bank accolade; Newsweek exercised final editorial judgment when selecting winners. The complete data set was last updated by LendingTree on July 28, 2021. Current interest rate information is accurate as of September 9, 2021 and represents the highest possible rate a customer could earn, if all qualifications are met.
