For the 2023 edition of Best Banks, Money evaluated 293 financial institutions, including national banks, direct or online banks, and credit unions. We looked at hundreds of data points covering minimum deposits, rates, fees, and other features like customer service and convenience.
Of those 293 institutions, we established Money's top picks in the following categories: best national banks, best online banks, best credit unions, best banks for students, best banks for seniors, and best military banks and credit unions.
We also looked at four regions: Northeast, Southeast, Midwest and West. Finally, we examined California, Texas, Florida and New York in this year's edition.
Data analyzed was provided by Curinos in summer 2023.
Money's Best Banks is one of the publication's oldest franchises, providing readers an annual analysis of the institutions best for everyday banking needs.
By Leslie Cook, Adam Hardy, Brenden Rearick, Bryant Guardado, Mary Ellen Cagnassola and Jill Cornfield
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* APY for deposit accounts varies depending on balance, type of account and/or area
# Membership in a credit union is obtained by opening a savings account with a $5 deposit in many cases. However, some credit unions may have higher or lower opening deposit requirements. The minimums quoted here are to become a member of the credit union.
^ Monthly fee can be waived
Note: APYs are valid as of 9/26/2023
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1. JPMorgan Chase – $3.5 trillion. Columbus, Ohio-based JPMorgan Chase is the largest US bank with total assets of $3.503 trillion. Some $2.684 trillion are domestic assets, accounting for 77% of its total assets.
Capital One 360 Checking ranks as one of our best checking accounts. It doesn't charge any overdraft, foreign transaction, or monthly service fees, and Capital One doesn't require any minimum opening deposits. The bank ranks No. 1 on J.D. Power's U.S. National Banking Satisfaction Study.
Overall, if you're choosing between Chase and Bank of America, the better option for you will really depend on your personal banking needs and preferences. Both are big banks with thousands of branches and tens of thousands of ATMs. Chase offers a wider variety of accounts, though it is lacking in IRA options.
U.S. government securities—such as Treasury notes, bills, and bonds—have historically been considered extremely safe because the U.S. government has never defaulted on its debt. Treasury bonds also pay the highest interest rates. They are offered to investors for a term of 20 or 30 years to maturity.
If you're looking for better rates and lower fees, Wells Fargo will likely be your best bet. Wells Fargo also has a wider variety of bank accounts to choose from. However, whether you choose Chase or Wells Fargo, you can rest easy knowing you'll always have quick and easy access to your accounts.
Introduction: My name is Pres. Lawanda Wiegand, I am a inquisitive, helpful, glamorous, cheerful, open, clever, innocent person who loves writing and wants to share my knowledge and understanding with you.
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