2023’s Top 9 Banks

2023's Top 9 Banks

The Best Banks of 2023: A Comprehensive Guide

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Choosing a bank to entrust your money with is a significant decision. Whether you’re looking for a checking account, a savings account, or a certificate of deposit (CD), finding the right bank involves considering a multitude of factors. Maybe you prioritize an excellent mobile banking app, an extensive ATM network, or getting the best interest rate. To help you navigate the banking landscape, our experts have compiled a list of the best banks for 2023.

The Best Banks of 2023

TD Bank: Best for customer service – Branch and ATM locations: TD Bank has over 1,100 branch locations across 16 states, with about 2,600 ATMs. – Why it stands out: TD Bank’s many branch locations, including those open seven days a week, provide convenience for customers. It also ranked third in JD Power’s 2022 US National Banking Satisfaction Study.

Regions Bank: Best for avoiding monthly fees – Branch and ATM locations: Regions has around 1,500 branch locations in 15 states, and about 2,200 ATMs. – Why it stands out: Regions offers a range of bank accounts without monthly fees. Its LifeGreen® Savings Account, a unique option, stands out as it doesn’t charge monthly fees.

U.S. Bank: Best in-person bank for CDs – Branch and ATM locations: U.S. Bank has around 2,000 branch locations in 26 states, and roughly 37,000 ATMs through the MoneyPass network. – Why it stands out: U.S. Bank offers various types of CDs, including Step Up CDs and Trade Up CDs, providing flexibility and competitive interest rates. It also has CD specials with high interest rates.

Chase Bank: Best for a large branch network – Branch and ATM locations: Chase has over 4,700 branches throughout the continental US, and around 16,000 ATMs. – Why it stands out: With more branches in more states than Bank of America or Wells Fargo, Chase provides accessibility and a wide range of bank account options. It also offers relationship rates for customers with multiple accounts.

Axos Bank: Best for online account options – Branch and ATM locations: As an online-only bank, Axos doesn’t have physical branches. Customers have free access to around 91,000 ATMs. – Why it stands out: Axos offers five different checking accounts tailored to specific needs. Each account has unique features, such as getting paid two days early or earning cash back on purchases.

Capital One 360 Checking®: Best online checking account – Branch and ATM locations: Although considered an online bank, Capital One 360 has over 280 branches in seven US states. Customers can use over 70,000 ATMs for free. – Why it stands out: Capital One 360 Checking® stands out for its lack of fees, including no overdraft or foreign transaction fees. It also ranks No. 1 on J.D. Power’s US National Banking Satisfaction Study.

Synchrony High-Yield Savings Account: Best high-yield savings account – Branch and ATM locations: Synchrony is an online-only bank with no physical branches. Customers can use ATMs in the Plus, STAR, or NYCE networks for free. – Why it stands out: Synchrony pays a competitive 4.50% APY on its high-yield savings account, which is considerably higher than rates offered by other well-known banks. It also comes with an ATM card for easy access to savings.

Discover Bank: Best for doing all of your banking at one place – Branch and ATM locations: Discover has one physical branch in Delaware and provides access to over 60,000 ATMs in the Allpoint and MoneyPass networks. – Why it stands out: Discover offers a wide range of products, including credit cards, making it a suitable option for customers who prefer consolidating their banking activities. It also provides a cashback debit card.

Alliant Credit Union: Best accounts for minors – Branch and ATM locations: As an online-only credit union, Alliant doesn’t have physical branches but offers access to 80,000 free ATMs nationwide. – Why it stands out: Alliant provides separate checking and savings accounts for minors with high-interest rates. Parents can have joint ownership, balancing independence and parental control.

There’s no definitive “best bank” that suits everyone. The choice ultimately depends on your specific needs, goals, and perhaps even where you live. Some banks excel in customer service, others in avoiding fees, and some provide excellent online account options.

How to Choose the Right Bank for You

When determining the right bank for you, financial experts offer valuable insights. We consulted with four experts to provide guidance on selecting the best bank fit. Here’s what they had to say:

Tania Brown, certified financial planner at SaverLife: “It’s important to ensure the bank is FDIC insured. Consider your banking experience—do you prefer walking into a branch or are you comfortable with online-only? Do you write checks or not? Understanding how you will interact with the bank can guide your decision-making process.”

Sophia Acevedo, certified educator in personal finance, banking reporter at Personal Finance Insider: “It’s essential to prioritize your needs and preferences when choosing a bank account. Evaluate if a bank account charges monthly service fees and the requirements to waive them. If you seek an interest-earning account, compare the interest rates offered by different banks. Look for rates higher than the national average.”

Mykail James, MBA, certified financial education instructor at BoujieBudgets.com: “Accessibility is crucial when selecting a brick-and-mortar bank. Consider branch locations and the accessibility of your funds while traveling. With online banks, scrutinize interest rates compared to national averages. Additionally, ensure online banks have robust security measures like two-factor authentication.”

Roger Ma, certified financial planner at lifelaidout® and author of “Work Your Money, Not Your Life”: “When evaluating online banks, pay attention to the ease of transferring money in and out of the account. Check if the transfer process is same day or next day. Also, consider how seamlessly the online bank can be linked to a brick-and-mortar checking account for convenient management.”

These insights from financial experts emphasize the importance of examining the features and services offered by banks. Consider your preferred banking experience, accessibility, interest rates, and security measures when making your decision.

What Makes These Banks Stand Out

Our selection of the best banks incorporates various factors that make a bank useful and beneficial for customers. Our methodology focuses on accessibility, affordability, and customer experience. Here are some key considerations:

  • Access to Money: Brick-and-mortar banks were evaluated for their extensive branch and ATM networks. Online banks were considered based on their access to ATMs and the availability of fee reimbursement.
  • Affordability: Banks that pay high rates and charge low fees, or no fees at all, were favored. We also examined other charges such as fees for overdrafts, out-of-network ATM usage, and foreign transactions.
  • Customer Service: Satisfaction ratings, such as JD Power’s US National Banking Satisfaction Study, played a role in evaluating customer service.
  • Security and Trustworthiness: While a bank’s BBB rating is a useful indicator, it’s important to assess a bank’s reputation beyond that. We considered public controversies and customer complaints to provide a comprehensive picture.

It’s important to note that this list doesn’t encompass all banks available, but it highlights the ones that stood out based on our rigorous evaluation.

Frequently Asked Questions

What are the best banks for customer service?

TD Bank stands out for its excellent customer service. With over 1,100 branch locations across 16 states, TD Bank provides convenience and ranked third in JD Power’s US National Banking Satisfaction Study.

Which bank offers the best rates for savings accounts?

Synchrony’s High-Yield Savings Account pays a competitive 4.50% APY, considerably higher than rates at most other banks.

Where can I find a bank with a large branch network?

Chase Bank has over 4,700 branches throughout the continental US, making it one of the banks with the largest branch networks.

Can I find a bank that offers online account options?

Axos Bank is the best choice for online account options. With five different checking accounts tailored to specific needs, Axos Bank provides a range of choices for online banking customers.

What is the best online checking account?

Capital One 360 Checking® is widely regarded as the best online checking account due to its lack of fees, including overdraft and foreign transaction fees.

Which bank offers the best accounts for minors?

Alliant Credit Union provides separate checking and savings accounts for minors, with high-interest rates and joint ownership options for parents.

Other Considerations

Although the banks mentioned above are our top picks for 2023, we carefully evaluated numerous banks during our research. Some banks that almost made the list include Marcus by Goldman Sachs, Wells Fargo, Bank of America, and Citizens Bank, among others. Each bank offers unique features and benefits, so it’s worth exploring them based on your requirements.

We also assessed the trustworthiness of the banks. While BBB ratings offer a good starting point, several banks have experienced public controversies or high customer complaint volumes. For instance, Regions Bank and TD Bank have been involved in settlements regarding their business practices. It’s prudent to conduct additional research and read reviews before making a final decision.

In conclusion, determining the right bank involves considering your specific needs, preferences, and personal circumstances. Explore the wide range of options available and consult with financial experts to make an informed choice. Remember, the best bank for you may differ from someone else’s, but with careful consideration, you can find a bank that suits your requirements.

Please note that the details provided here are subject to change, so it’s advisable to check with the respective banks for the most up-to-date information.