The Top Best Banks and Credit Unions of 2020
The best bank or credit union for you depends on what you’re in the market for a savings account, a checking account, or both.
Nerd Wallet spent more than 200 hours comparing and rating dozens of financial institutions to identify those with the best deposit accounts.
Top Overall Banks: Seven financial institutions earned excellent marks in both our checking and savings categories. If you want to keep your checking and savings accounts at the same bank, go with one of these options. (This year, Discover earned our nod for having the best overall checking and savings accounts.)
Our list includes a credit union. Generally speaking, credit unions emphasize customer service more than banks do and pay higher interest rates — although online accounts, like the ones on this list, tend to pay great rates, too. Read our article for more on credit unions vs. banks.
Top Savings Accounts: If you’d like to split your accounts between different banks, consider one of these savings accounts. They have annual percentage yields above 1.50% — much higher than the national average of 0.05%. This is important because people typically use savings accounts to set money aside for goals, such as a trip or a down payment on a house. Your savings will grow faster with one of these accounts. Read more in our article about savings accounts.
Top Checking Accounts: If you’re more interested in checking accounts, these banks offer perks, such as interest or ATM fee reimbursements. And, crucially, they have large ATM networks and don’t charge monthly fees. Since checking accounts hold most people’s daily spending money, they should be easy to access and cheap to maintain. Read more in our article about checking accounts.
Here are Some of The Top Overall Banks
Some of Our Top Savings Accounts
» Looking for more excellent savings options? Browse our best savings accounts
Some of Our Top Checking Accounts
» For more checking options, take a look at our best checking accounts
Best banks and credit unions of 2020
What there Best for
Overall, customer service
Overall, cash-back rewards
Alliant Credit Union
Overall, ATM availability
Capital One 360
Overall, flexible overdraft options
Overall, high rates
Overall, budgeting tools
Overall, interest in checking
Savings, 0.50% APY
Marcus by Goldman Sachs
Savings, 0.60% APY (annual percentage yield) as of 9/9/2020
Savings, 0.60% APY
Charles Schwab Bank
Checking, worldwide ATM reimbursements, 0.03% APY
Connexus Credit Union
Checking, excellent APY
Checking, 24/7 phone support