2020's Banking
Winners

Looking for more bank for your buck? This year's best banks and credit unions have you covered whether you want to earn more interest or ditch ATM fees. And while many of the winners are our partners, this did not influence our decisions or opinions.

Best-Of Awards > Banking

Best Bank or Credit Union for Online Experience

APY

1.65%

With $100 minimum balance

APY

1.65%

With $100 minimum balance

Why this CREDIT UNION made the list

It’s easy to find information on rates, fees, ATMs and branches on Alliant's website. Plus, its mobile app gets high ratings on both iOS and Android.

Read our methodology

Best Checking Account for High Interest

Axos Bank™ Rewards Checking

at Axos Bank™,

Member, FDIC

at Axos Bank™,

Member, FDIC

Monthly Fee

$0

APY

1.25%

With $0 minimum balance

Monthly Fee

$0

APY

1.25%

With $0 minimum balance

Why this ACCOUNT made the list

Axos offers an unusually high APY for a checking account (if certain reasonable criteria are met), and it charges no fees for online transactions.

Read our methodology

Best Savings Account

Discover Bank Online Savings

at Discover Bank,

Member, FDIC

at Discover Bank,

Member, FDIC

APY

1.70%

With $0 minimum balance

APY

1.70%

With $0 minimum balance

Why this ACCOUNT made the list

Discover’s online savings account has it all — a high interest rate, no fees and a nice sign-up bonus for new customers.

Read our methodology

Best Checking Account Overall

Discover Bank Cashback Debit

at Discover Bank,

Member, FDIC

at Discover Bank,

Member, FDIC

Monthly Fee

$0

Monthly Fee

$0

Why this ACCOUNT made the list

Discover checks all the boxes for a great checking account: no monthly fees, a large ATM network, cash back on purchases and no overdraft fees.

Read our methodology

Best Bank for Sign-Up Bonuses

Chase Premier Plus Checking℠

at Chase,

Member, FDIC

Monthly Fee

$25

Waived with $15000 minimum balance

APY

0.01%

With $0 minimum balance

Bonus

$300

Requirements to qualify

Monthly Fee

$25

Waived with $15000 minimum balance

APY

0.01%

With $0 minimum balance

Bonus

$300

Requirements to qualify

Why this BANK made the list

Chase's sign-up bonuses offer a very solid return without a minimum deposit, making it a nice incentive for new customers.

Read our methodology

Best Checking Account With No Monthly Fee

Discover Bank Cashback Debit

at Discover Bank,

Member, FDIC

at Discover Bank,

Member, FDIC

Monthly Fee

$0

Monthly Fee

$0

Why this ACCOUNT made the list

No fees and a strong checking product that includes cash-back rewards and a great overdraft policy make Discover a clear winner.

Read our methodology

Best Bank for Overdraft Fee Avoidance

Discover Bank Cashback Debit

at Discover Bank,

Member, FDIC

at Discover Bank,

Member, FDIC

Monthly Fee

$0

Monthly Fee

$0

Why this BANK made the list

Discover’s policy is stellar — it doesn’t charge a fee for overdrafts and provides free linking of a savings account to cover shortfalls and complete purchases.

Read our methodology

Best Money Market Account

CIT Bank Money Market Account

at CIT Bank,

Member, FDIC

APY

1.85%

With $100 minimum balance

APY

1.85%

With $100 minimum balance

Why this ACCOUNT made the list

CIT Bank tops the field of money market accounts with its high interest rate, no monthly fee and low minimum deposit requirement.

Read our methodology

Best Free Business Checking Account

Monthly Fee

$0

Monthly Fee

$0

Why this ACCOUNT made the list

Axos is a great choice for business owners: This account features no monthly fee, no minimum balance, unlimited ATM reimbursements and up to 200 free transactions per month.

Read our methodology

Best 1-Year CD

APY

2.00%

Minimum Deposit

$0

APY

2.00%

Minimum Deposit

$0

Why this CD made the list

Ally is a big winner in the CD category, boasting a very competitive one-year APY, zero minimum opening deposit and an overall high-quality banking experience.

Read our methodology

Best 3-Year CD

APY

1.95%

Minimum Deposit

$0

APY

1.95%

Minimum Deposit

$0

Why this CD made the list

Ally comes close to matching the top three-year interest rates and beats the competition with its zero minimum opening deposit.

Read our methodology

Best 5-Year CD

APY

2.15%

Minimum Deposit

$0

APY

2.15%

Minimum Deposit

$0

Why this CD made the list

If long-range savings is your focus, Ally’s five-year APY is competitive with the best, and no minimum deposit makes it the winner.

Read our methodology

Best Bank for Branch Access

APY

0.01%

With $1 minimum balance

APY

0.01%

With $1 minimum balance

Why this BANK made the list

Wells Fargo boasts 5,400 bank-owned branches. That access can't be beat, if you can overlook the bank's past consumer scandals and regulatory penalties.

Read our methodology

Best Bank for ATM Access

Monthly Fee

$0

APY

0.15%

With $0 minimum balance

Monthly Fee

$0

APY

0.15%

With $0 minimum balance

Why this BANK made the list

Schwab reimburses all ATM fees worldwide, making it a great option for both international travel and daily use. Plus, its checking account has no fees.

Read our methodology

Want a bank recommended just for you?

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Frequently Asked Questions

NerdWallet's award winners are chosen through a rigorous evaluation process involving more than three dozen of our writers and editors. For each financial product, we assess the features that we believe are most important to consumers. NerdWallet's ratings formulas for credit cards, for example, consider the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features. For mortgages, our evaluation includes loan types, loan products, online capabilities, online rate information, customer service and complaints filed with the Consumer Financial Protection Bureau. For more info, see our methodologies.

Our team of Nerdy experts is composed of writers and editors – based all across the country – who have years of experience reviewing and writing about personal finance products for consumers.

Writers and editors use comprehensive scoring formulas that assess each financial product’s key features, weighting them according to their importance to consumers.

Nope. Editorial team members are solely responsible for creating all product reviews and ratings, and these assessments reflect their opinions alone. Only products that meet the editorial team’s standards appear in our Best-Of Awards lists, meaning no company can “buy” an award.

NerdWallet’s awards are given annually to the best of the best. Our other lists of top financial products throughout the year may be longer than the list of award winners, offer additional consumer choices and get updated as products change, products are discontinued and new products emerge. The dates that this year's winners were selected: Auto Insurance, Nov. 1, 2019; Banking, Oct. 1, 2019; Credit Cards, Oct. 1, 2019; Investing, Oct. 17, 2019; Mortgages, Oct. 18, 2019; Personal Loans, Oct. 1, 2019; Student Loans, Sept. 1, 2019; Travel Rewards, Sept. 1, 2019; Taxes, Jan. 9, 2020.

Our 2019 Best-Of Award winners are still live and we encourage companies to continue to celebrate their wins from this year and past years.