Best Banks and Credit Unions
The right bank or credit union for your finances is more than just a holding spot for your money; it is a tool for simplifying your money management. You can have multiple accounts, take out loans, plan for retirement and more, all with the same institution.
The best banks and credit unions offer low fees and competitive rates and have easy-to-use interfaces. Banks with a wide variety of savings vehicles, such as high-yield savings accounts, certificates of deposit (CDs) and financing options like personal loans, credit cards and mortgages, will give you the most flexibility to reach your financial goals.
To narrow down our top three picks, we looked for banks and credit unions that would benefit the average person the most. We also considered which financial institutions have excellent online banking and mobile app options. Finally, we only considered banks or credit unions that are financially stable and backed by either the Federal Deposit Insurance Corporation or the National Credit Union Administration.
- Our pick for building credit: Merrick Bank
- Our pick for small businesses: Wells Fargo
- Our pick for no fees: Ally Bank
- Our recommendations are based on what reviewers say.
- 4,242,460 reviews on ConsumerAffairs are verified.
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Rating | 3.8 | 3.8 | 3.6 |
# of reviews | 2,122 | 3,309 | 1,417 |
Our pick for | Building credit | Small businesses | No fees |
Minimum deposit | $25,000 for CDs | $25 for savings | $0 for savings |
Annual percentage yield | 3.20%-4.60% for CDs only; no saving accounts | 0.15%-2% for savings | 3.30% for savings |
Accounts offered | CDs, secured credit cards and recreational and personal loans | Checking, savings, CDs, credit cards and personal, home and auto loans | Checking, savings, CDs, credit cards, retirement and investment accounts and personal, home and auto loans |
Read Reviews | Read Reviews | Read Reviews |
Compare our top 3 choices for banks and credit unions
The right bank or credit union makes it easier to stay on top of your money without weighing you down with monthly fees and account minimums.
- Minimum deposit: $25,000
- APY: 3.20%-4.60%
- Accounts offered: CDs, secured credit cards and recreational and personal loans
For those looking to build or rebuild their credit, Merrick Bank is the best choice. While you will not find savings or checking accounts offered, you can get a low-annual percentage rate (APR) secured credit card through Merrick Bank. Select secured cards come with $0 fraud liability protection and the option to double your credit line after the first seven months.
Online tools such as goScore are free for Merrick Bank customers and will help you track your FICO score without impacting your credit. Customers are also able to manage their accounts at any time of the day.
Merrick Bank also offers certificates of deposit with decent interest rates but requires a high minimum deposit of $25,000. Terms range from three to 60 months. If you want to apply for a loan, you can do that as well. However, unlike other banks that allow you to apply for a loan online, Merrick Bank offers its recreational and personal loans through its dealer partners or by calling customer service.
- What we like
- Secured credit cards with low APRs
- Free FICO score monitoring
- Extensive financial education resources
- What to consider
- No physical branches
- No savings or checking accounts
- $25,000 CD minimum
- What reviewers say
- Many customers have had success with improving their credit scores after signing up for Merrick Bank’s secured cards. Customers also praised the bank for its personal and friendly customer service. “Overall I enjoy the card and use it over most of my other cards,” said one reviewer from Texas. “They always followed through with increases as mentioned when signing up or applying for (the) card."
Some customers had issues with the credit card, stating they didn’t like the yearly fee or that their request for a lower interest rate was never honored.
- Minimum deposit: $25
- APY: 0.15%-2%
- Accounts offered: Checking, savings, CDs, credit cards and personal, home and auto loans
Founded in 1852, Wells Fargo is a well-recognized name in the baking industry. It offers an extensive selection of financial products, from savings accounts to mortgage refinancing. Along with personal finance options, Wells Fargo has several accounts and tools just for small business owners.
Small business owners can finance their needs with the help of cash-back business cards or lines of credit. They can use Wells Fargo’s point of sale (POS) system to accept payments anywhere, with a connection right to a business checking account. Automatic payroll services are also available for businesses that want a faster way to pay their employees.
Finding a Wells Fargo bank or in-network ATM is easy, even when you travel. Personal savings account APYs are low, but fees can be waived if you meet flexible account requirements.
- What we like
- No monthly fees for customers ages 17 to 24
- Thousands of ATM and branch locations
- Online app and digital wallet
- What to consider
- Low savings APY
- Special rate CD requires $5,000 minimum deposit
- Overdraft fees up to three times per day
- What reviewers say
- Customers choose Wells Fargo because of the number of services available and for how easy it is to find a local branch or in-network ATM. “I have done business with Wells Fargo for many years, and most of the services they offer are done in a professional manner,” said one Florida customer. “Their rates are competitive and offer services for whatever stage of life you're in.”
Many complaints revolve around Wells Fargo’s fraud department. Some said that certain transactions were marked fraudulent due to a user error, and it affected the customer’s account. Others said that the bank wasn’t proactive in taking the customer’s side when the customer reported fraudulent activity.
- Minimum deposit: $0
- APY: 3.30%
- Accounts offered: Checking, savings, CDs, credit cards, retirement and investment accounts and personal, home and auto loans
Ally Bank has come a long way since it first started offering high-yield online savings accounts in 2009. Now the bank offers a wide range of financial products, including CDs and money market accounts, retirement and investment accounts, and loans to purchase or refinance a home.
There are no minimum deposit requirements for an Ally Bank online savings account and no monthly maintenance or overdraft fees. Its credit cards come with no over-the-limit fees or returned payment fees. If you want a No Penalty CD, you don’t need a minimum deposit and you won’t pay an early withdrawal fee once your account is a week old.
The online savings account comes with features to help you save even more, such as “surprise savings,” which analyzes your linked checking account for safe-to-save money to transfer. You can also have multiple buckets for savings, helping you save money toward specific goals.
While the online tools and customer service are beneficial, Ally Bank is a 100% online bank, which means you can’t deposit cash or visit an in-person branch.
- What we like
- No fees on several products
- Higher-than-average APY
- 24/7 customer support
- What to consider
- No cash deposits
- No physical branches
- Six account withdrawals and transfers per statement cycle
- What reviewers say
- Many reviewers are happy with Ally’s competitive rates and easy-to-access customer service. “Ally Bank is perfect for anyone who doesn't require a physical bank to satisfy their banking needs,” said a customer from California. “Their customer service is very good, and the web interface is easy to understand and fast. …They have plenty of ATM locations.”
Several of the negative reviews are about Ally’s auto loan financing. Individuals struggled to get in contact with Ally’s auto division for customer assistance and even had payments rejected through the app.
Compare Top Banks and Credit Unions | ||||||
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| Specializes in credit building programs and loans. Invite-only credit card provider. Members receive complimentary FICO scores every month. Credit rehabilitation services for those with low credit scores. | ![]() | ||||
Line of credit provider that offers unsecured and secured credit cards. Works with less-than-perfect credit. Credit scores as low as 300 accepted. Cashback benefits available. Annual fees go up to $99. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Chase Bank offers a variety of financial services, including specialized business and personal credit cards. Their Slate card includes a free monthly FICO score, and the Freedom card earns one percent cash-back on all purchases. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Full-service global bank in nearly 160 countries. Checking and savings accounts, credit cards, loans and wealth management services available. Robust credit card rewards. No overdraft fees. Ability to waive other monthly fees. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers online banking, robo-advisor trading, portfolio management and various loans. Stocks, ETFs, bonds, mutual funds, margin accounts and securities lending available. No commission or advisory fees. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
One of the largest banks in the U.S. Offers checking, savings, credit cards, loans, mortgages, investment services and tools for tracking spending and bill payments. Branches in 29 states. Options and rates vary by location. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers traditional and online banking options. Special $0-fee student checking accounts available. Operates over 3,900 locations and 16,000 ATMs nationwide. AI virtual assistant enabled on all accounts. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Formerly known as Comenity. Specializes in co-branded credit cards and loyalty programs with retailers. Also offers high-yield savings accounts, certificates of deposit and loans. No checking accounts. Online only. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Large bank in 14 states and D.C. Offers checking and savings, credit cards, loans, mortgages and wealth management services. Monthly fees are easy to waive. High overdraft fees. Below-average interest rates on savings accounts. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Located in New Hampshire and Vermont. Offers online and mobile app banking. Checking accounts, savings accounts and lending available. Accounts are FDIC-insured. Helps with financial planning and wealth management too. | ![]() | Chat with a ConsumerAffairs decision guide Live agent |
How to choose a bank
There are many banks and credit union options available, but not all of them will fit your financial goals. Before deciding on a bank or credit union, consider the following questions:
- What type of financial services do you want?
- In addition to opening a savings account or checking account, decide whether you are also interested in products like loans, mortgages or credit cards. Most banks offer a range of card options, from debit to secured credit and everything in between.
- Which tools will most benefit your financial goals?
- If savings is your primary focus, look for banks that offer automatic roundups or scheduled transfers from your checking to your savings account. If you struggle with budgeting, you might want to look for ones that offer budgeting advice or offer a budget tracker.
- How tech-savvy do you want your online banking experience to be?
- Most banks and credit unions offer some level of online and mobile banking, but more traditional banks can use technology that feels more cumbersome than helpful. See if the bank has its own app, and get a feel for how innovative its online banking features are from the bank’s website.
- How convenient are the ATM and branch locations?
- Even if you are using an online-only bank, you should choose one that has several in-network ATMs near you. You should also consider the out-of-network ATM fees and if there are any reimbursements or waivers offered for using out-of-network ATMs.
- What are the fees?
- Hidden bank fees can make for nasty surprises on a monthly statement. Some accounts require customers to maintain a minimum balance at all times to avoid a monthly surcharge. Others waive these fees for those with direct deposit or student accounts. Withdrawal fees can be another issue. Some types of accounts limit the number of free withdrawals. Once you meet that minimum, future transactions can carry a small fee.
- What is the interest rate?
- Bank interest rates vary widely. When opening a savings account, customers should review the interest rate structure in detail. Credit unions sometimes offer higher savings and lower lending rates.
What’s the difference between a credit union and a bank?
While credit unions and banks are similar in many aspects, there are a few key differences.
Credit unions are member-owned cooperatives. Credit unions typically have higher interest rates on savings accounts and lower interest rates on loans. Due to their local nature, they are also known for emphasizing customer service. For this reason, a credit union is an attractive option for many consumers.
Traditional banks are for-profit institutions and often have more branches throughout a region or an entire country, so they are easier to access. They can offer a more extensive array of financial services than credit unions do.
FAQ
Is it safer to use a bank or a credit union?
Federally insured banks and credit unions both offer protection of deposits up to $250,000 and are equally safe. Banks are insured by the FDIC, while credit unions have the backing of the NCUA.
Should I use a bank or a credit union?
The choice is up to you. Banks offer convenient locations and can sometimes have tech-savvy apps or websites to make managing your finances easier. Credit unions also come with unique perks. Each credit union is not-for-profit, returning profits to members via lower loan rates, higher savings rates and lower fees.
Do banks charge more fees than credit unions?
Some banks do charge more fees than credit unions, while others have no-fee services. Similarly, credit unions can range in how they charge fees. Most will not charge a monthly account maintenance fee, but you may incur fees for overdrafts.
Is it easier to get an account with a bank or a credit union?
Credit unions require all the members to be connected in some way. This might be having a certain employer, living in a certain area or being related to a member. Many credit unions make it possible for almost anyone to join. Banks do not have these types of membership requirements, and opening up a bank account is easy if you meet the minimum deposit requirements.
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Compare Top Banks and Credit Unions | ||||||
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Bank of America gift cards come in the form of prepaid Visa cards that customers can register online or by calling a toll-free number. Customers can use the cards at gas stations, restaurants and at other merchants. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Full-service bank offering personal and business banking. Operates in Arizona, California, Florida, Michigan and Texas. Low opening deposit requirements but also low interest rates on deposits. High monthly fees. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Credit union offering checking and savings accounts, credit cards, loans and investment services. Anyone can join by opening a savings account. Low fees and competitive interest rates. Some minimums required to avoid fees. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Merged with SunTrust Banks in 2019 to form Truist. Truist has branches in 15 states and Washington, D.C., and offers banking, insurance, investment services, credit cards, personal loans and mortgage products. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Credit union serving areas of California, Arizona and Nevada. Offers a range of checking and savings accounts, loans, credit cards, investment products and retirement planning. Competitive rates and personalized service. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Large bank available in 26 states. Offers checking and savings accounts, credit cards, loans, mortgages, insurance and wealth management. Large ATM network. High fees and below-average interest rates on some savings accounts. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
California-based regional bank. Offers checking and savings accounts, wealth management and mortgage lending. Free account options. High overdraft fees. Acquired by U.S. Bank in December 2022. Transition to complete by mid-2023. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Global bank with international services. Offers checking and savings, credit cards, loans, mortgages and wealth management. Exclusive perks for high-net-worth customers. Premier Checking required to access other HSBC accounts. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
One of largest residential mortgage originators in the U.S. Also offers checking and savings accounts, loans, credit cards and investment services. Banking only available in California, Indiana, Michigan, Ohio and Wisconsin. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Bank serving 16 states in the South and Midwest. Offers checking, savings, mortgages, loans, credit cards and investments. Competitive rates on promotional CDs. Low interest rates and strict withdrawals on savings accounts. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
New Orleans-based financial institution. Offers checking and savings accounts, as well as auto loans. High APYs but high opening deposits. Accounts must be opened in person at a local branch but CDs can be opened online. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Provides FDIC insured checking and savings accounts, credit cards, wealth management and other financial services for individuals and businesses. Award-winning mobile app. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Financial institution in 15 states. Offers checking, savings, CDs, credit cards, loans, investments and insurance. Lenient overdraft protection. Low interest rates on deposit accounts. Commitment to corporate responsibility. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Online financial institution. Offers checking and savings accounts, CDs and credit cards through U.S. Bank. Offers personal loans through LightStream and mortgages through Rocket Mortgage. Free and low-fee account options. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Financial services provider for U.S. military and their immediate families. Offers banking, insurance, investments and retirement planning. Low fees. No minimum balance requirements on many accounts. Competitie APYs. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Largest family-controlled bank in U.S. Offers personal and business banking, including loans, mortgages, credit cards and insurance. Over 500 branches in 21 states. Fee-free account options. Low interest rates on savings accounts. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Wells Fargo offers many financial services that help make banking easier. Wells Fargo Conversations magazine helps users learn about investing and other financial topics. The company's credit cards include a variety of perks. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers online and in-person banking, loans, credit cards and retirement accounts. Easy to waive checking and savings account fees. Increased benefits as your account balance grows. Cash-back and airline mile credit cards. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Midwest-based regional bank. Branches in Wisconsin, Illinois and Minnesota. Offers checking, savings, loans, mortgages and investments. Large ATM network. Monthly fees for most accounts, but can be waived with minimum balance. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Full-service regional bank in 11 states. Offers checking and savings accounts, CDs, credit cards, loans and mortgages, insurance and investment services. HSAs, ABLE accounts and 529 savings accounts are also available. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Multinational bank based in Canada. More than 1,100 branches across the Eastern U.S. Offers checking and savings accounts, credit cards, personal loans and mortgages. Numerous sign-up bonuses and relationship banking perks. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Personal checking, savings and business banking accounts. Investing and wealth management services available. Branch locations in 19 states. Over 40,000 ATMs nationwide. Became part of BMO in February 2023. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Multinational bank based in Canada. Branches in 22 states. Offers bank accounts, credit cards, mortgages, loans and investments. Kid-friendly accounts available. Fees on all checking accounts. CDIC-insured. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Not-for-profit credit union serving military, veterans and their families. Offers savings and checking accounts, credit cards and loans. Low fees. Competitive interest rates. Large ATM network across the U.S. and Canada. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Regional bank in Mid-Atlantic states. Offers checking and savings accounts, loans, credit cards, investments and business banking. High rates on promotional CDs. No annual fees on credit cards. Monthly fees on most accounts. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Full-service bank tailored to active and retired military personnel but open to anyone in the U.S. Offers checking and savings, money market accounts, CDs, credit cards, loans and mortgages. Branches are on military bases. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Regional bank located in 11 states. Offers checking and savings accounts, credit cards, loans, investments and insurance. A 24-hour grace period protects from overdraft fees. Below-average interest rates on most savings accounts. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
First National Bank of Omaha is the largest privately held bank in the U.S. The company offers a range of financial services, such as checking and mobile banking. In addition, they have lending services and wealth management. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Canadian bank, only available in Canada. Offers one bank account and several credit cards. No annual or monthly fees. Products earn PC Optimum points for groceries and other rewards. No savings or other interest-bearing accounts. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Provider of retirement, investment and insurance products nationwide. Primarily serves businesses and institutions. IRAs available for individuals. Doesn’t offer checking or savings accounts, loans or credit cards. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Regional bank in Arkansas, Kansas, Missouri and Oklahoma. Offers checking, savings, certificates of deposit, loans and mortgages, credit cards and investment services. Some competitive rates. Monthly fees on deposit accounts. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Checking and savings accounts. No minimum balance, account fees or overdraft charges. Get paycheck up to two days early. Up to $300 cash bonus with direct deposit. Cashback on local purchases. Earn 1.25% APY. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Provides online savings and checking accounts, CDs, and MMAs with high APY. No account maintenance or overdraft fees. Online services only; no physical branch locations. Over 60,000 no-fee ATMs available. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers personal loans for $500 to $50,000, with repayment terms of 24 to 84 months. APRs range from 6.70% to 18.00% at publishing. No origination fees. Check your loan options without affecting your credit. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
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| Online subsidiary of First Citizens Bank. Offers high-yield savings accounts, CDs and an eChecking account. No monthly fees and low minimum opening deposits. Home loans available. No physical branches and few account options. | ![]() | Get Started | |||
Not-for-profit financial institution. Checking and savings accounts, credit cards, certificates, loans and investment services. Competitive interest rates. Fee-free accounts. Large ATM network. No physical branch locations. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Full-service credit union headquartered in New York but available in all states. Offers savings and checking accounts and loans. Children and teen accounts available. Can make video appointments. Anyone can become a member. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Not-for-profit financial institution. Fee-free checking and savings accounts. ATM rebates. Competitive rates on certificates. Also offers personal loans, mortgages and credit cards. Frequent promotional offers. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Comparison site owned by LendingTree. Database of deposit products and rates from banks and credit unions across the U.S. Offers news and analysis on banking and personal finance topics, as well as tools and calculators. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Headquartered in Massachusetts but available for members in all states. Full-service credit union. Offers savings, checking and loans. Mobile and online banking options. Loan discounts for select members. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Full-service financial institution for members. Available in all 50 states. Branch locations in Indiana, Kentucky and Tennessee. Auto loans and home loans available. Mobile banking and mobile pay features. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Not-for-profit financial institution. Checking and savings accounts, loans, credit cards and investment services. Specialized offerings for military members. Free checking accounts but some monthly fees on other accounts. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Headquartered in New York but available in all states. Full-service credit union. Offers savings, checking and loans. Online and mobile banking. Youth savings and student credit cards available. 55,000+ ATMs worldwide. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
FDIC-insured bank and financial institution. Checking and savings accounts. Lines of credit and loans. Investment portfolio management. Retirement IRA accounts and planning. Online/mobile banking. In-person branches. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
TCF Bank was acquired by Huntington Bank in 2021 and is no longer in business. Out Of Business | ![]() | Chat with a ConsumerAffairs decision guide Live agent |
Information in this guide is general in nature and is intended for informational purposes only; it is not legal, health, investment or tax advice. ConsumerAffairs.com makes no representation as to the accuracy of the information provided and assumes no liability for any damages or loss arising from its use.
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