2023’s Best Banks in America

Finding the Best Banks in 2023

At SmartAsset, We looked through the many options for banking across the nation to find out which ones were best for 2023. We picked banks that allow you to access your funds, do not charge to keep your account open, and offer decent interest rates. Below, we break down the top banks into six categories: online banks, major bank credit unions, small businesses, students, and savings accounts.

BankAPYMinimum DepositHighlights
Ally Bank3.60%$0Best Online BankNumerous options for accounts and competitive rates
Chase Bank0.01%$0Best Major BankAn institution that is mobile-friendly
Digital Federal Credit Union6.17%$5Best Credit UnionThere are no monthly fees and great APR
UFB Direct4.55%$0Excellent APY24/7 customer support online
Wells Fargo0.15%$25Best Bank for Small Business One of the biggest corporate loan companies across the U.S.
Synchrony3.75%$0Best Bank for StudentsA solid online interface and an APY
Fidelity2.34%$0Best Bank for ATMsFree and easy ATM access

How We Determine the Best Banks

SmartAsset’s financial experts have compiled an extensive list of banks with the best rates. We rated each based on their access to accounts, the charges for keeping your account open and interest rates, customer support products, and overall customer experience.

Best Online Bank: Ally Bank

Online Savings Account

3.40% APYMinimum Deposit: $0 Pros

  • Competitive rates of interest
  • Mobile app for check deposit
  • Many options for account options


  • There are no physical sites

Best For

  • People who prefer online banking with competitive rates and many account options

Ally offers an all-online institution that provides various banking, home loans, and auto and investment products. Its main products are saving accounts, check accounts, individual retirement accounts (IRAs), certificates of deposit (CDs), and money market accounts.

The savings account on the internet of Ally boasts a 3.40 percent APR with no monthly maintenance fees and minimum required balances. However, this account is subject to an overly high transaction cost of $10. The bank’s website also charges customers for speedy delivery, outgoing domestic wire accounts research, and returned deposit items.

Ally compensates for its absence of physical presence with its mobile services, online banking tools, and 24/7 customer support. For example, the bank’s mobile app has an average score of 4.5 out of five between the Apple and Android app stores, which permits customers to transfer funds, deposit checks, and much more.

Best Major Bank: Chase

Savings Account

0.01% APYMinimum Deposit: $0 Pros

  • A plethora of ATMs and branches
  • Convenient banking perks
  • Mobile and online banking are both accessible and thorough.


  • Low-earning rates of interest
  • Monthly maintenance costs

Best For

  • Customers who desire the ease having convenience of working for a large bank

Chase bank provides the most extensive bank experience available in America for people who prefer to do their banking in person. There is Chase all over the U.S., with thousands of branches and accessible in-network ATMs.

Accessing your money quickly is a significant consideration when selecting the right bank. In addition, there’s a greater chance of cash withdrawals for free with Chase, particularly when you reside near New York City, Chicago, or Los Angeles.

The Chase app is rated 4.7, 5 stars from 5 across both the Apple and Android stores. It’s arguably the most user-friendly and intuitive banking app on the market. You can control all of your accounts while on the move, which includes checking accounts, savings account, cardholders, or even mortgage.

Best Credit Union: Digital Federal Credit Union

Savings Account

6.17% APYMinimum Deposit: $5 Pros

  • A great starting point for APR
  • $5 minimum opening deposit
  • No maintenance fee per month


  • You must be able to qualify for credit union membership
  • The rate is low for balances that exceed $1,000

Best For

  • If you have less than $1,000 to put in

According to our ranking, Digital Federal Credit Union (DCU) is the most reputable credit institution in the U.S. If you sign up for the Primary Savings Account, you can receive a fantastic 6.17 percent APY when you deposit the first $1,000 into the account. In addition, you don’t have to open your wallet as much because you’ll only require an initial deposit of $5 to establish an account. In addition, with no fees for a month to think about.

DCU also has an Advantage Savings account that gives you the benefit of a 1.26% APY and doesn’t require depositing money to start. Similar to the primary Savings Account, There aren’t any charges for monthly payments with Advantage Savings, so you can enjoy an APY while putting away more funds in your savings account.

Most of the members base comprises employees currently employed, retired employees, or members from qualified organizations or businesses. If you’re not in one of these categories, you’ll require a spouse or close family member to reside, work, attend school, or attend church in a recognized community.

DCU provides more than just banking services. If you’re an existing member of the bank, then you can access an array of financial assistance available to you. In addition, members can access excellent benefits such as auto loans, student personal loans, loans for personal uses, real estate services, and financial advisory services.

Best Bank for Savings: UFB Direct

Savings Account

4.55% APYMinimum Deposit: $0 Pros

  • Fantastic APY
  • No monthly charges
  • 24/7 customer service


  • It is essentially online-only, with only one branch

Best For

  • People looking for an outstanding rate with no limitations

UFB Direct, a division of Axos Bank, has one of the most competitive savings rates available in the market. The bank offers the highest yield savings account, which provides an excellent 4.55 percent annual percentage yield. Significant advantages for their customers accompany UFB accounts. If you sign up for a UFB high-yield savings account, you won’t have to fret about monthly maintenance charges or deposits that are minimum. In addition, it’s a straightforward procedure for customers to open a savings account. To top it off, the account’s high 4.55% APY enables customers to earn substantial money in interest.

Another benefit of the UFB high-yielding savings account is that it comes with a free ATM card. UFB also offers an emergency hotline for customer service and internet chat. If you need cash while moving, UFB has a sizeable free ATM network that includes around 91,000 machines throughout the United States. These are excellent resources for customers with accounts because the bank’s only branch is in California. If you’re not close to a department or a network ATM, connecting to UFB using their mobile application and checking deposits remotely, regardless of location, is possible.

Best Bank for Small Business: Wells Fargo

Business Savings

0.15% APYMinimum Deposit: $25 Pros

  • Many ATMs and branches throughout the U.S.
  • Comprehensive online and mobile services
  • A wide range of accounts


  • Some banks also offer more excellent interest rates.
  • Most accounts charge monthly fees. However, they can be waived if the version is in good standing.
  • Minimum deposit requirements

Best For

  • Customers who seek access to online banking, mobile, and in-person banking

Wells Fargo excels at the primary banking needs of small-sized businesses, including loans, bank accounts, and merchant services.

When you use Wells Fargo business checking, you’ll have a significant deposit product. You can choose between three kinds of accounts: Start Business-Checking, Navigate Business Checking, Initiate Business Checking, and Optimize Business-Checking. Each is designed explicitly for small businesses of various sizes and markets. The monthly costs for these accounts could be high; the Initiate business Checking and Navigate Business Checking accounts allow you to reduce those fees. In addition, those with the Improve Business Checking account will receive an earnings allowance you can use to cover your expenses.

The last element that makes Wells Fargo the best bank for small-scale businesses is its merchant service seamlessly integrating with checking accounts. Wells Fargo will set you up with a system that will keep track of your cash flow and also provide accessibility to Clover to accept debit and credit cards. In addition, it can be linked to your business checking account, so you can quickly track the inflow and outflow of cash.

Best Bank for Students: Synchrony

Savings Account

3.75% APYMinimum Deposit: $0 Pros

  • High interest-bearing capacity
  • Simple features to manage your account
  • No minimums or monthly costs


  • An institution that only operates online

Best For

  • Students seeking a charge that is the sole high yield

According to our ranking, Synchrony Bank is the best institution for students within the U.S. Synchrony provides a High Yield Savings Account, which offers a fantastic savings rate for students since it has a 3.75 percent annual percentage yield on all balances and no minimum requirement. In addition, Synchrony offers three deposit levels ranging from $0 to $4,999, $4,999.01 to $24,999, and $24,999.01 and above and over, all earning a 3.75 percent annual percentage yield. Students can enjoy a high APY and conserve additional money in their accounts without worrying about it.

Synchrony does not require ATM withdrawal fees; it’s a good advantage for students in a hurry who need cash when in a pinch. But, Synchrony will provide up to $5 fees for ATMs.

If you have your Synchrony High Yield Savings accounts, customers can access your account online. The bank has no branch, meaning customers can reach representatives online or on the phone for assistance.

Best Bank for ATMs: Fidelity

Checking Account

2.34% APYMinimum Deposit: $0 Pros

  • Unlimited U.S. ATM fee reimbursements
  • Connect seamlessly to your Fidelity brokerage account.


  • 1% foreign transaction fee

Best For

  • Anyone trying to cut down on the costs associated with ATMs

Fidelity isn’t the standard bank as it is involved in numerous areas of finance, including investing and budgeting, savings for college, and others. However, Fidelity’s Cash Management Account is an excellent choice for those looking for genuinely affordable accessibility to ATMs. If you make use of a credit card with your Fidelity debit card in any ATM that has one of the Visa(r), Plus(r), or Star(r) logos in the U.S., Fidelity will pay for any charges you pay to an ATM operator. Remember that there is a one percent foreign transaction fee for debit transactions outside the country. The same applies to ATM withdrawals, but Fidelity will not be able to reimburse any charges you pay.

The benefits of the Fidelity account don’t end there. You’ll earn 2.34 percent APY, the standard for most interest-based checking accounts. Opening an account with no minimum balance is possible, and you don’t have to pay monthly maintenance charges. Additionally, there are no overdraft charges.

Fidelity is a company that operates primarily online, so make sure you’re confident about it before creating an account. However, the mobile and online user experiences are highly rated; therefore, you shouldn’t face any issues navigating your account after opening.

How to Find the Best Bank for You

Finding the right bank is a matter of personal situation, your knowledge of savings, and geography. If none of the banks mentioned above are suitable for you, then we recommend that you consider these:

  • How do I achieve my goals in the financial world?
  • Do I prefer to bank either online or in person?
  • Which banks are located in my region?

You must be truthful regarding your financial status. Do you possess a significant amount of money you wish to save and earn interest, or are you just beginning to become wealthy? If you’re in the first category, consider the bank offering a higher interest rate. If you’re in one of the two, you might be interested in an institution that provides tools for education and planning to track your money.

Deciding to either bank in person or online is another decision you must consider. Online banks provide advantages that brick-and-mortar banks do not offer, including high rates of interest and no charges. Being uneasy about storing your money at a bank you can’t physically visit is normal. However, the banks listed above have a track record of excellent customer service and are FDIC-insured, meaning the risk is low should you choose any.

Ultimately, the location may dictate your decision. Bank branches and in-network ATMs could be more convenient and help avoid costly charges. Be sure to check your local credit unions or the big national banks with units in your region.