7 best banks of 2023: Review and compare
To find the best banks for you, stick around. We’ll review top banks and let you know their strengths and weaknesses as well as their best accounts.
What’s Ahead:
Overview of the best banks of 2023
Ally Bank, Axos Bank, Capital One, Chase, Chime®, Marcus by Goldman Sachs, and Alliant Credit Union are our favorite banks (and one credit union) for the majority of our readers.
This is because these banks have better terms, fewer fees, and more perks than you’re probably used to. Plus, they’re generally pleasant to work with and make it easy to get support and check on your accounts yourself with user-friendly apps and online platforms.
Read on to see what each of these financial institutions is best for and why we picked them.
Best bank for savings accounts: Ally Bank
Pros
- No monthly fees
- No minimum deposit or balance requirements
- 24/7 customer support
- ATM fee reimbursements
- No overdraft fees
Cons
- No physical branches
- No cash deposits
How to get support
As an online bank, Ally doesn’t have any physical branches, but they do provide 24/7 support. You can reach a representative at any time for all of your banking questions by calling (877) 247-2559. The site even has a handy tool that estimates your wait time if you call.
There’s also a chat function on the site and mobile app for current customers or you can tweet @AllyCare during business hours Monday through Friday.
What this bank offers
Ally Bank is an online-only bank with consistently good interest rates and a variety of savings accounts, making it one of the best banks for saving. Products include a standout high-yield savings account, money market accounts, and multiple CDs. For longer-term goals, there are also fee-free retirement and investing accounts. And Ally doesn’t charge any monthly maintenance fees for any of these.
With the Online Savings Account, you can create up to 10 different buckets to save for different goals and track your progress. This savings account is also unique because it allows you to automate your saving with features like Round Ups and Surprise Savings. Round Ups link your Ally Interest Checking account to automatically round up transactions and save the extra and Surprise Savings points out savable money in your checking account.
Best bank for checking accounts: Axos Bank
Pros
- No monthly fees
- 24/7 customer support
- ATM fee reimbursements
- No overdraft fees
Cons
- Some minimum deposit and balance requirements
How to get support
Axos Bank doesn’t have any in-person branches but you can make free ATM withdrawals at more than 91,000 ATMs.
To get in touch with customer support, you can chat with a virtual assistant called Evo online or call (844) 999-2967 with banking questions at any time, any day of the week.
What this bank offers
Axos Bank seems to have a pretty good handle on what customers are looking for in a checking account. They offer a number of options to choose from, each with its own set of perks. Some of the available checking accounts include:
- Essential Checking – early direct deposit, no balance or deposit requirements, no overdraft fees
- Rewards Checking – pays 1.25% APY, no balance or deposit requirements, no overdraft fees
- Cashback Checking – 1.00% cash back on all signed debit card transactions, $50 deposit and balance minimum
- Business Checking – both a basic and high-yield checking account
We especially love the Cashback Checking. Axos also has a decent savings account with no monthly fee or minimums.
In addition to these, there are specialized checking accounts for certain age groups. The First Checking account is for teens between the ages of 13 and 17 and the Golden Checking account is for seniors over 55 years.
Best bank for credit cards: Capital One
Pros
- No monthly fees for most accounts
- No minimum deposit or balance requirements for most accounts
- No overdraft fees
Cons
- Limited customer support
How to get support
Capital One has over 750 branches and 70,000 ATMs across the U.S. If you’re not near one of these or like sitting on your couch more than not sitting on your couch, you can contact customer service digitally or by phone. For general questions, you can call (877) 383-4802. For questions about a specific product, call the dedicated phone line for that department.
Unfortunately, Capital One does not offer 24/7 customer support as many online banks do, and the online chat feature is run by a bot named Eno instead of real people. You can also tweet @AskCapitalOne for help.
What this bank offers
You need different things from a credit card than you need from a checking or savings account. This is why you might not want to just open a card with your current bank.
Capital One has long had some of the most competitive credit cards out there, making it one of the best banks for anyone in the market for a new card. To name just a couple, the Capital One Venture Rewards Credit Card stands out as a perks-packed travel card, and the Capital One Quicksilver Cash Rewards Credit Card is a fantastic everyday rewards credit card.
In addition to having fantastic credit cards, Capital One has a super user-friendly platform. Everything is connected (i.e., checking, savings, credit card, mortgage) to give you a clean, easy online experience and, unlike many big banks, Capital One doesn’t charge monthly fees. Other great Capital One accounts include the 360 Checking and 360 Performance Savings accounts.
Read more: Best Capital One credit cards
Best bank for small business: Chase
Pros
- Many branches and ATMs
- Great signup bonuses
Cons
- Monthly service fees for some accounts (most can be waived)
- Overdraft fees
- Limited customer support
How to get support
Chase Bank has more than 4,700 branches and 16,000 ATMs across North America. You can visit any of these branches with or without an appointment to open an account and service it, which can be especially convenient for business owners.
There are also a few ways to reach customer service from home. You can call the phone line at (800) 935-9935 for any kind of question you might have or send a secure message from your account. Unfortunately, there is no live chat support. Compared to online banks, Chase’s customer support availability is much more limited.
What this bank offers
For a massive bank with $2.6 trillion in assets as of 2022, Chase is actually a really good place to go for a small business account, whether you’re looking for a checking account or a credit card. Chase offers the benefits of a large brick-and-mortar bank with a sleek platform that makes it easy to manage your accounts online.
The Chase Business Complete Checking account always offers a generous signup bonus and a host of benefits to help you save money and organize your business expenses. And although it does come with a monthly fee of $15, you can waive it with a minimum balance of at least $2,000.
Chase Ink business credit cards are another reason to join this bank. The different cards are:
- Chase Ink Business Cash® – no annual fee, up to 5% cash back
- Chase Ink Business Preferred® – $95 annual fee, up to 3x on travel and shipping
- Chase Ink Business Premier – $195 annual fee, between 2% and 2.5% cash back on everything
- Chase Ink Business Unlimited®- no annual fee, 1.5% cash back on everything
Best bank for online banking: Chime®
Pros
- No monthly fees
- No overdraft, foreign transaction, or transfer fees
- No minimum deposit or balance requirements
- 24/7 customer support
Cons
- Limited product suite
How to get support
Chime’s customer support is available 24/7 via live chat through the app or online portal. You can also call (844) 244-6363 or email [email protected]
Chime is fully digital. There are no branches you can visit, but there are more than 60,000 ATMs members can use without paying transaction fees.6
What this bank offers
Chime* is a tech company and app known for not charging hidden fees for its unique, no-nonsense products.2 Chime has become a leader of sorts in the financial space for being completely transparent about its products and doing away with a lot of the fees associated with many bank accounts.
Chime offers a checking account, savings account, and credit builder credit card at this time. The checking account comes with free overdraft protection up to $2005 and early direct deposit3 and the high-yield Chime savings account has a solid annual percentage yield and offers automatic savings features like round-ups^. The Secured Chime Credit Builder Visa® Credit Card does not require a credit check and is designed for those looking for a way to safely build credit.
Compared to other online banks, Chime doesn’t have as many products in its lineup, but the ones they do have are rewarding and free.
* Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
^ 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.
2 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.
3 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.
5 Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member's Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime's discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won't cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
6 Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
Best bank for loans: Marcus by Goldman Sachs
Pros
- No monthly fees
- No minimum deposit or balance requirements
- 24/7 customer support
- No overdraft fees
Cons
- Limited product suite
How to get support
The Marcus contact center is standing by 24/7 to take your questions through the chat feature on the site. There’s also a separate phone number for Savings and Insights, Loans, Marcus Invest, and Credit Cards. Except for the Savings and Insights line, which can be reached by calling (855) 730-7283, these do not offer 24/7 support.
There are no Marcus branches.
What this bank offers
Marcus by Goldman Sachs is one of those online banks that gets it. They understand why you’re choosing an online bank over a brick-and-mortar bank, and they’re here to make sure you get what you came for and then some. This is one of the best banks you can choose when you need to borrow money thanks to low rates, repayment flexibility, and a wide range of terms to choose from.
Marcus offers personal loans, debt consolidation loans, home improvement loans, and MarcusPay. MarcusPay is an installment loan with a fixed interest rate and the option to repay in six, 12, or 18 months. You can use this product to book travel or split up a big purchase.
Marcus also has a high-yield savings account, an investment account, and a handful of co-branded credit cards with GM. There is no checking account.
Best credit union: Alliant Credit Union
Pros
- No or very low monthly maintenance fees
- 24/7 customer support
- No overdraft fees
Cons
- Minimum deposit and balance requirements on some products
How to get support
Alliant Credit Union doesn’t have any in-person branches and isn’t part of any credit union networks, so you won’t be able to walk into a branch for help. However, you can take advantage of 24/7 customer support by phone. The general phone number is (800) 328-1935. You can also send an email, but there’s no chat feature.
As for ATMs, Alliant members can use over 80,000 fee-free machines around the country.
What this credit union offers
You didn’t expect us to include a credit union on our list of best banks, did you? We’re just full of surprises.
But Alliant Credit Union isn’t. This digital credit union has a well-rounded suite of products from checking and savings accounts to loans and credit cards. Both the High-Rate Savings and Supplemental Savings accounts pay excellent interest rates, and the High-Rate Checking account has no minimums and pays a $20 ATM rebate every month.
Alliant does not charge a monthly fee for most of its deposit accounts. Also, while there are minimum deposit requirements, these are low (e.g. $100 to earn interest on a savings account).
As far as credit unions go, Alliant is really easy to join. You may be eligible if you live or work near Chicago, but if you’re not, anyone can become a member of Alliant Credit Union by joining Foster Card to Success. This is a nonprofit that serves foster youth and it requires a membership fee of $5 to join, paid on your behalf by Alliant.
Read more: 6 best credit unions
How to choose a bank
You don’t need to choose just one bank to do all of your banking. In fact, we always encourage you to shop around for the features and benefits you’re looking for.
If you’re not quite sure what you’re looking for, here are some key factors to look at when comparing different banks.
Competitive interest rates
Nowadays, getting competitive rates on your banking products is a must. This is why we looked for banks that had good interest rates on the products they offered.
Whether you’re looking to earn interest on a bank account or pay less interest on a loan or credit card, don’t be afraid to make this a priority in your search.
Fees
The account fees you can be charged sometimes depend on the type of account you have and other times just depend on the bank.
For example, monthly service fees can apply to both savings and checking accounts, and foreign transaction fees can apply to both credit cards and checking accounts. But some banks won’t charge any sort of monthly service fee period.
You’ll probably want to choose banks that don’t charge monthly fees. If they are charging you fees (and many do for some things), just make sure that they’re being transparent with those fees and showing you upfront on their website.
Some banks will even pay you. ATM fee rebates are not uncommon with fee-free accounts.
Minimums
You should always find out the minimum deposit and minimum balance requirement for an account before you open it. If you feel that they’re out of reach and you don’t think the required account balances make sense for you, move on to the next option.
A lot of banks tend to either require minimum balances or not require them for all or most of their products. And as a rule, brick-and-mortar banks and credit unions are more likely to have these minimums than online banks.
Customer satisfaction
In a time when consumers have choices on choices, customer satisfaction is key. This is a good way to quickly determine if a financial institution generally keeps its customers happy.
If you have a few minutes to spare and feel like snooping on a bank’s business (as you should), here are a couple of platforms to check for customer satisfaction metrics:
- J.D. Power — J.D. Power is a review and research company that conducts extensive studies to determine how well businesses are meeting consumer needs and expectations. They then rate each company and publish the results so you can easily compare banks.
- Better Business Bureau — the Better Business Bureau or BBB is an independent organization that gives consumers a platform to review different companies and file complaints. Some businesses address complaints individually, which may lead to them being closed. You can search a company’s BBB profile to see its rating and reviews.
Customer service
A high customer satisfaction rate is all fine and good, but what about the actual quality of support you’ll receive when you have a problem or question?
Read review platforms like Trustpilot and ConsumerAffairs to see what real people have to say about their experiences with a bank.
Don’t underestimate the power of a great customer experience. We’re getting to a point in time where banks are offering almost the same types of products at almost the same rates. So the key difference boils down to how they treat you as a customer in many cases. Choose a bank that you feel respected and valued by.
Mobile app
In the modern world, this is a big one. A great mobile app makes good banks better and can make all the difference when it’s time for you to manage your bank accounts.
Look into a bank’s mobile app to find out how easy it is to see your account balances, transfer money, get help, etc. We also suggest reading a few of the top positive and negative reviews on Google Play and the App Store for some helpful insight.
Product availability
While not a dealbreaker, we looked at banks that had a good variety of products for the most likely potential customer.
For example, if you’re looking for banks with high-yield savings accounts, you’re most likely also into interest checking accounts and money market accounts. If you’re looking for a bank account with no monthly maintenance fee, you might also be interested in an investment account that doesn’t charge commission fees.
Even if you just need one account right now, it’s good to know what other products are available with a bank just in case.
Branch and ATM footprint
This might not matter much to you if you prefer online banking anyway, but it’s nice to know what your options for in-person help are should you end up needing it.
Big banks usually come out on top in this category. They have a number of branches spread out across the country, so you can have the in-person support you sometimes need when issues come up. Digital banks rarely have branches but are often part of extensive ATM networks, so you still have options.
Again, not a dealbreaker, but we looked at banks that had either a heavy footprint with either branches or ATMs. Having access to your money in one of those ways is critical, and while physical branches aren’t as popular anymore, they still serve their purpose.
FDIC insurance
Last but not least, you want to make sure any bank or credit union you’re considering is insured. This means FDIC insurance (Federal Deposit Insurance Corporation) for banks and NCUA (National Credit Union Administration) insurance for credit unions. Both types cover your deposits up to $250,000 in the event your bank fails so you aren’t at risk.
For the record, we’ll never recommend a bank to you that isn’t FDIC- or NCUA-insured.
Summary
Choosing a bank is an important decision, but not usually a hard one. Great banks can make your life easier while less-than-great banks can lead to headaches and frustration. Fortunately, you have more than enough options, no matter what your priorities are and what kind of banking experience you’re craving.
Don’t bother with banks that are going to charge you unnecessary fees, treat you poorly, or make you jump through hoops and meet minimums you can’t meet. Open a bank account with a bank you can trust and take your time choosing the right products for you.
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