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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Slide Table to Compare
| Bank | Category | Best For | Minimum Opening Deposit | Annual Percentage Yield | Monthly Service Fees |
| | Credit Union | Membership Fees | Yes | 0.25%-3.1%* | $0 |
| | Online Bank | Customer Service | Yes | 4.25% | $0 |
| | Online Bank | Relationship Rewards, Seniors | Yes | 0.1%-3.3% | $0 |
| | National Bank | Mobile Banking, Seniors, Students | Yes | 0.01%-0.04%* | $8-$12^ |
| | Online Bank | High Yield Checking | Yes | 2.7% | $0 |
| | Online Bank | Low Fees | Yes | 4.35% | $0 |
| | Credit Union | Mobile Banking, Students | Yes | 0.1%-0.4%* | $0 |
| | Online Bank | High Yield Savings | Yes | 5% | $0 |
| | National Bank | Overall, Students, Military | Yes | 4.3%-4.85%* | $0 |
| | National Bank | Customer service, Students, Seniors | Yes | 0% | $12^ |
| | National Bank | Relationship Rewards | Yes | 0%-4.35%* | $12^ |
| | National Bank | Low Fees | Yes | 0% | $0 |
| | National Bank | Checking/savings Combo | Yes | 0% | $13 |
| | Credit Union | High Yield Savings Account | Yes | 3.56% | $0 |
| | Online Bank | Overall | Yes | 0%-4.3%* | $0 |
| | Online Bank | Best Interest Rates | Yes | 0.25%-5% | $0 |
| | National Bank | Best Rate (Savings) | Yes | 0.3% | $5^ (quarterly) |
| | Credit Union | Best Checking/Savings Combo | Yes | 0.1%-4%* | $0 |
| | Credit Union | Rates | Yes | 0.05%-3.5% | $0 |
| | Credit Union | Rewards Checking | Yes | 2% (5% introductory rate for first 6 months) | $0 |
| | National Bank | Customer Satisfaction | Yes | 0%-0.01%* | $5-$12^ |
| | National Bank | Promoted Savings | Yes | 0% | $0 |
| | Credit Union | High Yield Checking Account, Seniors | Yes | 3% | $0 |
| | Credit Union | High Yield Money Market Account, Seniors | Yes | 0.50%-4.25%* | $0-$7 |
| | Credit Union | Overall | Yes | 0.05% | $0 |
| | Credit Union | Overall, Military | Yes | 0.15%-4.90%* | $0-$10^ |
| | National Bank | Checking/Savings Account, Students | Yes | 0.01%-03% | $7-$25^ |
| | Online Bank | Most Innovative | Yes | 1.1%-4.5%* | $0 |
| | National Bank | Checking Perks, Students, Seniors | Yes | 0% | $8^ |
| | Credit Union | Perks, Military | Yes | 0.05%-2.5%* | $0-$9 |
| | Online Bank | Combo Checking/Savings Account | Yes | 0.5% checking, 4.6% savings | $0 |
| | National Bank | Conventional Checking | Yes | 0.01% | $10^ |
| | National Bank | Low Fees, Military | Yes | 0.01%-0.05% | $4-$6.95^ |
| | National Bank | Sign-up Bonus | Yes | 0.01% | $0 |
| | Online Bank | Money Market Account | Yes | 5.25% | $0 |
| | National Bank | Best Rate (Checking) | Yes | 0.05%-0.10%* | $5-$10^ |
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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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