The Top Best Banks and Credit Unions of 2020

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




at Varo,

Deposits are FDIC Insured



4.5 Nerd Wallet rating


    • 55,000 ATMs, no foreign transaction fees
    • Up to 2.80% APY on savings


at Simple,

Deposits are FDIC Insured



4.5 Nerd Wallet rating


    • 40,000 ATMs, saving and budgeting tools
    • Up to 0.80% APY on Protected Goals


4.5 Nerd Wallet rating


    • Over 80,000 free ATMs, interest checking available
    • 0.65% savings APY


5.0NerdWallet rating


    • 39,000 ATMs, flexible overdraft options
    • 0.65% savings APY



4.5NerdWallet rating


    • Over 43,000 ATMs, strong customer service
    • 0.60% savings APY
    • Read more in our Ally



4.5NerdWallet rating


    • Thousands of ATMs and ATM fee reimbursements, 0.25% checking APY
    • 0.80% savings APY
    • Read more in our Bank5 Connect



4.5NerdWallet rating


    • Over 60,000 free ATMs, cash-back rewards
    • 0.60% savings APY

Some of Our Top Savings Accounts




4.0NerdWallet rating


    • 0.60% APY (annual percentage yield) as of 9/9/2020
    •  Marcus by Goldman Sachs



3.5 NerdWallet rating


    • 0.60% APY
    • Read more in our Barclays



3.0 NerdWallet rating


    • 0.50% APY
    • Read more in our HSBC

» Looking for more excellent savings options? Browse our best savings accounts

Some of Our Top Checking Accounts


Axos Bank™

at Axos Bank™,

Member, FDIC



4.0NerdWallet rating


    • 24/7 customer service, up to 1.25% APY
    • Read more in our Axos Bank



4.5NerdWallet rating


    • 1.75% APY; 54,000 ATMs
    • Read more in our Connexus Credit Union



4.5NerdWallet rating


    • Unlimited ATM reimbursements worldwide, 0.03% APY
    • Read more in our Charles Schwab

» For more checking options, take a look at our best checking accounts

 Did you have something more specific in mind? If so, check out these articles:


Best banks and credit unions of 2020

Financial institution

What there Best for 

Ally Bank

Overall, customer service

Discover Bank

Overall, cash-back rewards

Alliant Credit Union

Overall, ATM availability

Capital One 360

Overall, flexible overdraft options

Varo Bank

Overall, high rates


Overall, budgeting tools

Bank5 Connect

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

Axos Bank

Checking, 24/7 phone support