Best Banks and Credit Unions of 2022

Check out our quick lists of the best banks, credit unions and neobanks that can help you manage and grow your money.
Jan 26, 2022

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The best bank, credit union or neobanks for you depends on what you’re in the market for: a savings account, a checking account, or both.

NerdWallet spent more than 200 hours comparing and rating over 80 financial institutions, including banks, neobanks and credit unions, to identify those with the best deposit accounts. (Neobanks provide many of the same services that traditional institutions offer, but are not technically banks themselves. Learn more about neobanks and what they offer.)

Top Overall: Seven financial service providers earned excellent marks in both our checking and savings categories. If you want to keep your checking and savings accounts at the same institution, go with one of these options. Or if you want specific recommendations, take our quiz.

Our list includes a few credit unions. Generally speaking, credit unions emphasize customer service more than banks do and pay higher interest rates — although online accounts, like the ones on this list, tend to pay great rates, too. Read our article for more on credit unions vs. banks.

Top Savings Accounts: If you’d like to split your accounts between different providers, consider one of these savings accounts. They have annual percentage yields that are much higher than the national average of 0.06%. This is important because people typically use savings accounts to set money aside for goals, such as a trip or a down payment on a house. Your savings will grow faster with one of these accounts. Read more in our article about savings accounts.

Top Checking Accounts: If you’re more interested in checking accounts, these providers offer perks, such as interest or ATM fee reimbursements. And, crucially, they have large ATM networks and don’t charge monthly fees. Since checking accounts hold most people’s daily spending money, they should be easy to access and cheap to maintain. Read more in our article about checking accounts.

+ See a summary of NerdWallet's best banks, credit unions and neobanks of 2022

Best banks, credit unions and neobanks:

  • Best overall, best for customer service: U.S. Bank

  • Best overall, best for cash-back rewards: Upgrade

  • Best overall, best for ATM availability: Charles Schwab

  • Best overall, best for overdraft options: Ally Bank

  • Best overall, best for rates: Alliant Credit Union

  • Best overall, best for tools: Capital One

  • Best overall, best for interest checking: Lake Michigan Credit Union

  • Best for savings, 0.70% APY (annual percentage yield) as of 05/18/2022 APY: Marcus by Goldman Sachs

  • Best for savings, 0.50% APY: Chime

  • Best for savings under $5,000, 1.00% APY: One

  • Best for savings over $5,000, 0.60% APY: Monifi

  • Best for checking, no monthly fees: Ally Bank

  • Best for checking, cash back: Discover Bank

  • Best for checking, up to 1.25% APY: Axos Bank

Some of our top overall institutions

U.S. Bank

3.5

NerdWallet rating 
  • Over 37,000 free ATMs; strong customer service.

  • Premium bank accounts, student checking available.

  • Read more in our U.S. Bank review.

Upgrade

4.0

NerdWallet rating 
  • 2% cash back on common daily expenses; 1% cash back on everything else.

  • Qualifying account holders get up to five ATM fee rebates monthly.

  • Read more in our Upgrade review.

Charles Schwab

4.0

NerdWallet rating 

Ally Bank

4.5

NerdWallet rating 
  • No overdraft fees; strong customer service.

  • 0.60% APY on savings.

  • Read more in our Ally Bank review.

Alliant Credit Union

4.5

NerdWallet rating 

Capital One 360

4.5

NerdWallet rating 
  • Over 70,000 free ATMs; offers tools such as virtual assistance and virtual card numbers.

  • 0.60% savings APY.

  • Read more in our Capital One review.

Lake Michigan Credit Union

4.0

NerdWallet rating 

Some of our top savings accounts

Marcus by Goldman Sachs

5.0

NerdWallet rating 

Chime

4.0

NerdWallet rating 
More info from Chime

The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of November 1, 2021. No minimum balance required. Must have $0.01 in savings to earn interest.

One

5.0

NerdWallet rating 

Monifi

5.0

NerdWallet rating 

Other accounts

First Foundation Bank logo
Learn More

Member FDIC

First Foundation Bank Online Savings Account

First Foundation Bank logo
APY

1.00%

Min. balance for APY

$0.01

LendingClub Bank logo
Learn More

Member FDIC

LendingClub High-Yield Savings

LendingClub Bank logo
APY

0.85%

Min. balance for APY

$0.01

Synchrony Bank logo
Learn More

Member FDIC

Synchrony Bank High Yield Savings

Synchrony Bank logo
APY

0.85%

Min. balance for APY

$0

Capital One logo
Learn More

Member FDIC

Capital One 360 Performance Savings™

Capital One logo
APY

0.60%

Min. balance for APY

$0

» Looking for more excellent savings options? Browse our best savings accounts

Some of our top checking accounts

Ally Bank

4.5

NerdWallet rating 

Axos Bank

5.0

NerdWallet rating 

Discover

5.0

NerdWallet rating 
  • 1.00% cash back on up to $3,000 in debit card purchases each month.

  • Read more in our Discover Bank review.

Lake Michigan Credit Union

5.0

NerdWallet rating 

» For more checking options, take a look at our best checking accounts

Did you have something more specific in mind? If so, check out these articles:

Savings and money market accounts

CD accounts

Checking accounts

Banks, credit unions and cash management accounts

Best banks, credit unions and neobanks

Financial institution

Best for ...

U.S. Bank

Overall, customer service.

Upgrade

Overall, cash-back rewards.

Charles Schwab

Overall, ATM availability.

Ally Bank

Overall, flexible overdraft options.

Alliant Credit Union

Overall, high rates.

Capital One

Overall, tools.

Lake Michigan Credit Union

Overall, interest for checking.

Marcus by Goldman Sachs

Savings, 0.70% APY (annual percentage yield) as of 05/18/2022.

Chime

Savings, 0.50% APY.

One

Savings, under $5,000, 1.00% APY.

Monifi

Savings, over $5,000, 0.60% APY.

Ally Bank

Checking, no monthly fees.

Discover Bank

Checking, 1.00% cash back on up to $3,000 in debit card purchases each month.

Axos Bank

Checking, up to 1.25% APY.

» Looking for the biggest banks in the country? See the list of largest banks in the U.S.

Understand how APY works
Find out how compounding interest works in this quick and complete guide to annual percentage yield.
See more information from Chime

Chime says: “Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.”

We took a close look at over 80 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.

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