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The best bank, credit union or nonbank 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 dozens of financial institutions, including banks, nonbanks and credit unions, to identify those with the best deposit accounts. (Nonbanks provide many of the same services that traditional institutions offer, but are not technically banks themselves.)
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.
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 0.05%. 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.
Best banks and credit unions:
Best overall, best for customer service: Ally Bank
Best overall, best for cash-back rewards: Discover Bank
Best overall, best for ATM availability: Alliant Credit Union
Best overall, best for overdraft options: One
Best overall, best for rates: Varo Bank
Best overall, best for tools: Chime
Best overall, best for interest checking: Connexus Credit Union
Best for savings, 0.50% APY (annual percentage yield) as of 11/17/2020: Marcus by Goldman Sachs
Best for savings, 0.40% APY: Barclays
Best for checking, 0.15% APY: FNBO Direct
Best for checking, 0.15% APY: NBKC Bank
Best for checking, up to 1.00% APY: Axos Bank
Some of our top overall institutions
One
4.5
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
Over 55,000 free ATMs; rewards for using auto-save feature.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
Over 38,000 free ATMs; up to $100 in no-fee overdrafts.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
Over 55,000 free ATMS, no foreign transaction fees.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
Over 80,000 free ATMs, interest checking available.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
Over 54,000 free ATMs; interest checking available.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
0.50% APY (annual percentage yield) as of 11/17/2020.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
0.25%To earn 1.00% APY interest on Aspiration Save Account balances up to and including $10,000.00 in any calendar month, customer must be enrolled in Aspiration Plus and spend $1,000 or more, monthly, with their Aspiration debit card. Balances over $10,000.00 will earn 0.10% APY. If the requirements are not met each month, the APY will be 0.25% on Save Account balances up to and including $10,000.00. Balances over $10,000.00 will earn 0.10% APY.
CDs (certificate of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificate of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
