10 Best Banks of 2022 (Ranked & Reviewed)

Written by Justin EstesUpdated: 30th Dec 2021
Share this article

Disclaimer: This post contains references to products from one or more of our advertisers. We may receive compensation (at no cost to you) when you click on links to those products. Read our Disclaimer Policy for more information.

Our team took a detailed look into the best banks around the country. Backed by hours of research, these best banks stood out from the rest due to their low fees, financial products, customer service, and educational resources.

Whether you are on the market for a new saving account, checking account, or both, these top financial institutions are ready and eager to serve you.

Better yet, our list features banks that offer more than the two financial products we listed above.

In fact, majority of the best banks offer investing services, checking accounts, credit cards, personal loans, mortgages, and everything between.

Without further ado, here is our list of the best banks for 2022.

10 Best Banks: Reviews, Offers, & Promotions 

1. CIT Bank

CIT Bank is second to none when it comes to their Certificate of Deposits. Ranging from no – penalty CDs to jumbo CDs, CIT Bank has exactly what you are looking for.

Apart from this financial product, CIT Bank has an award-winning high yield saving account, offers both home loans and mortgages, a top-notch money market account, and an interest-bearing eChecking account.

CIT is one of the Best Banks for Consumers.


  • Best Selection for CDs
  • Top Money Market Account
  • Interest Bearing Checking Account
  • Award Winning Money Market Account
  • Easy-to-use Mobile & Desktop Applications, so you can monitor your account with ease
  • No Monthly Fees
  • Free Resources & Financial Tools to Help You Manage your money


  • No Physical Locations
  • $1,000 Minimum Balance
  • Does not Offer Credit Cards
  • Minimum Deposit is High for their eChecking Account
  • ATM Network is not Free

Click Here to sign-up with an Award Winning Bank.

>> More: CIT Bank Review

2. Capital One

For years, Capital One has served as an award-winning financial institution and made our list as one of the best bank accounts.

With a $0 minimum opening balance for most products, this online bank is well positioned to serve the financial needs of students, young adults, and seasoned professionals.

Offering loans, credit cards, checking accounts, and everything in between, Capital One is a one stop shop for all individuals.

Capital One is an Award Winning Banking Experience.

Fortunately, both their online website and mobile application make it wildly easy for you to monitor and track your account.

Whether you are in the need for an investment account or a new credit card, Capital One is ready and eager to serve you.

To assist you, this best bank offers both online and phone support to answer all your financial questions.


  • Offers Checking Accounts, Saving Accounts, CDs, & Credit Cards
  • High Interest-Bearing Saving Account (Up to 1.70% – Competitive 360 Performance Savings)
  • Large 39,000+ ATM Network
  • Resources to help you learn, grow, and save money.
  • Will Assist you with Real Estate & Commercial Transactions.


  • Limited Physical Locations: Only Eight States & the District of Columbia
  • Large Account Balances tend to earn a higher interest rate

>> More: Capital One Bank Review 

3. Varo

With a savings account that boasts a 2.80% APY and an 55,000+ ATM network that spans across the country, Varo is redefining the way we – as consumers – bank.

As they state, “online banking without fees,” Varo offers a competitive banking experience without the hassle. Gone are the days where you must worry about overdraft, monthly, transfer, or foreign transaction fees.

Varo is a Top Rated Bank

This best bank allows you to automate your savings strategy and utilize robust budgeting tools. The only downfall is that Varo is a digital only bank; however, their free checking and high yield saving accounts cannot be beat.


  • Little to no fees
  • Saving Account: 2.80% APY
  • 55,000+ ATM Network
  • Free Checking Account
  • No Minimum Balance Required to Open an Account
  • Generous No Penalty CD: Up to 1.70%


  • No Physical Locations
  • Limited Amount of Financial Products

4. Discover

With a checking account that earns 1.0% cash back, Discover offers you a unique banking experience. With this financial institution, you can take advantage of their IRA certificates and CDs.

Better yet, you can sign up for their online savings account which touts a 1.60% APY and is accompanied with a $150 – $200 sign up bonus if you are eligible.

Over the years, Discover has helped millions of American's with their banking needs.


  • Earn Cash Back Rewards (Up to 1.0% for their Checking Account)
  • Saving Account: Enjoy a 1.60% APY
  • Easy-to-use Digital Platform
  • Diverse Selection of CD Rates
  • Access to Over 60,000+ Free ATMs
  • Personal, Student, and Home Equity Loans
  • No monthly Fees
  • 24/7 Customer Service


  • Physical Locations are Limited
  • Does not Offer Loans or Mortgages

>> More:Discover Bank Review

5. Chase

As one of the largest financial institutions in the world, JPMorgan Chase offers a stellar banking experience for both young adults and seniors.

Whether you are on the market for a new credit card, a loan, mortgage, or want to start investing, Chase Bank has the right tools and products to jump start your financial journey.

Do not wait, if you sign up for a Checking or Saving account then you can earn up to $350.

Chase Bank is one of the Largest and Best Banks in the United States.


  • Over 16,000+ ATMs & 4,900 Branch Locations
  • $350 Promotion Sign up Bonus
  • $0 Minimum Balance for Saving Account
  • Offers Multiple Credit Cards with Great Rewards
  • No monthly Fees
  • 24/7 Customer Service
  • Free Credit Score
  • Offers Loans and Mortgages


  • Monthly Fees
  • A low $2.50 fee for ATMs outside of the Chase Network
  • Low interest rate on Saving & Checking Account

>> More: Chase Bank Review 

6. Ally Bank

If you prefer an online bank, then look no further. Ally Bank has emerged into a leader in this category due to their high interest rates, CDs, and robust investing platform.

Even with no physical locations, Ally Bank has the tools and products you need to succeed.

With Ally, you can apply for loans, opening a high yield saving account, invest, and automate nearly every aspect, so you never miss a payment.

Ally is the Best Online Bank


  • Over 43,000+ ATMs for you to use
  • No Monthly Fees
  • No Maintenance Fees
  • Saving Account: 1.60% APY
  • Great Customer Service
  • Roth IRA, CDs, Money Market Accounts
  • Online Savings Account boasts a 1.60% APY
  • Automated Financial Tools to help you budget, save, prepare for retirement, and buy a home.


  • No Physical Branches
  • Only a One, Three, & Five-Year CD
  • $10 Outbound transfer fee for the Saving Account. Only applies for the sixth one in a one-month period.

>>More:Ally Bank Review

7. Marcus By Goldman Sachs

Acquired by Goldman Sachs, Marcus has emerged into a phenomenal bank. With a no-fee personal loan and a saving account that boasts a 1.70% APY, this bank has attracted a legion of fans.

To bolster your personal banking experience, Marcus has a sweet mobile application that is easy-to-use and incredibly fast, so you never miss a beat when it comes to your personal finances.

Marcus is a Consumer Friendly Bank


  • $0 Minimum Deposit
  • No Maintenance or Transaction Fees
  • Saving Account: 1.70% APY
  • Credit & Debt Consolidation
  • Owner of Claritymoney
  • Monitor Credit Score
  • No-Free Personal Loans ($3,500 – $40,000)
  • CDs, Loans, Money Market Accounts
  • Intuitive Mobile App


  • Hard to move your money around between accounts
  • No Products or Features to help you Invest

>> More:Marcus by Goldman Sachs Review

8. Barclays U.S. 

Servicing over 48 million people, Barclays is a bank that reaches far and wide. Headquartered in London, this bank lacks physical locations in the United States, but provides the digital infrastructure for you to bank online.

Barclays offers a Saving account which yields a 1.70% APY and quite a few competitive interest-bearing certificates of deposits.

Barclay's provides a robust Banking Experience to its Customers.


  • Great selection of CDs
  • Saving Account: 1.70% APY
  • Easy-to-use digital platform
  • Low non-sufficient funds fee
  • No Minimum Opening Deposit
  • No Monthly Fees


  • No Checking Account
  • No Physical Locations in United States
  • Online Only for U.S. consumers

>> More: Barclays Bank Review

10. American Express 

Known for their award-winning credit cards, American Express offers both certificate of deposits and a saving account with a 1.70% APY.

Sadly, this bank does not offer a checking account, so you will need to look elsewhere for that specific banking feature.

However, American Express will not charge you any monthly fees, and they have a relatively low minimum opening balance requirement.

Banking with American Express.


  • No Monthly Fees
  • Best Credit Cards – Sweet Perks & Rewards
  • Saving Account: 1.70% APY
  • Easy-to-use Mobile Application
  • Lucrative Membership Rewards
  • Free Credit Score
  • Travel rewards & Perks


  • No Checking Account
  • Hard to Deposit Cash into your Saving Account. Mail Checks in.

>> More: American Express National Bank Review

11. USAA

Whether you are a veteran, reservist, or currently serving on active duty, then you know the advantages of being a USAA member.

Founded in 1922, USAA continues to serve our men and women in the armed forces and is currently the best bank for military personnel.

Regardless if you are transitioning to your next duty location or separating from the military, USAA will be by your side providing you the financial assistance and guidance you need to start the next chapter in your life.

USAA is the Best Military Bank


  • Phenomenal Insurance Rates
  • Cash Rewards Credit Card
  • Saving Account: 1.70% APY
  • Easy-to-use Mobile Application
  • CDs, Loans, Mortgages, Investment Accounts, Retirement Accounts


  • Only military members can join
  • Saving Account APY is only 0.15%

>> More: USAA Bank Review

Best Banks FAQs

What is the Best Bank for consumers?

The Best Bank is one that allows you to meet your financial goals, provides top notch services, and is easy to access. Today, consumers ought to consider an online bank. This will allow you to bank from your phone or computer with ease. Online banking makes managing your account painless and enjoyable. 

If you prefer an online banking service, then any of the above are excellent choices; however, if you are a bit more old school, and would like to physically access your bank then Chase is your best bet.

Is My Money Safe in a Bank?

The financial institutions listed above are all FDIC insured, which means your money is safe and protected.

What are Some Common Bank Fees?

The most common bank fees are maintenance, overdraft, and monthly fees. However, with the rise of online banking, most of these fees can easily be avoided.

Bottom Line: Best Banks in America

Choosing the best bank may seem like a complex and dreadful task; however, there area few things to consider.

First, you want to select a bank that offers low fees. Next, you want a financial institution that has strong customer service, diverse financial products, and an easy-to-use mobile platform so you can bank on the move. Finally, you want to consider your financial goals.

Undeniably, the best banks we outlined are well suited to assist you in meeting your goals as they all offer educational resources and financial tools to help you save, invest, and manage your hard-earned money.

Keep Reading:

Justin Estes
Justin Estes

Justin Estes is a Senior Personal Finance Writer who is a recognized small business accountant, consultant, and credit card expert. His background in accounting and finance led to a passion for helping people make the most of their money and matching them with financial products that enhance their lifestyle. Justin attended Charleston Southern University where he double-majored in Finance and Accounting. Justin’s areas of expertise are credit cards, small business finance, accounting, and taxes.