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The Best Banks Of 2025

Updated: Mar 4, 2025, 11:11am
Kevin Payne
Kevin Payne
Kevin PayneBanking Writer
Kevin has been writing and creating personal finance and travel content for over six years. He is the founder of the award-winning blog, Family Money Adventure, and host of the Family Money Adventure Show podcast. He has been quoted by publications l...
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Written By
Kevin Payne
Kevin Payne
Kevin PayneBanking Writer
Kevin has been writing and creating personal finance and travel content for over six years. He is the founder of the award-winning blog, Family Money Adventure, and host of the Family Money Adventure Show podcast. He has been quoted by publications l...
Read Full BioSee Full Bio
Banking Writer
Elizabeth Aldrich
Elizabeth Aldrich
Fact Checked by
Elizabeth AldrichFormer Banking Writer
With eight years of experience as a financial journalist and editor and a degree in economics, Elizabeth Aldrich has worked on thousands of articles within the realm of banking, economics, credit cards, investing, loans, personal finance and travel....
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Fact Checked
Elizabeth Aldrich
Elizabeth Aldrich
Fact Checked by
Elizabeth AldrichFormer Banking Writer
With eight years of experience as a financial journalist and editor and a degree in economics, Elizabeth Aldrich has worked on thousands of articles within the realm of banking, economics, credit cards, investing, loans, personal finance and travel....
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Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

Choosing a bank can be daunting, given that there are more than 4,500 federally insured banks in the U.S. to choose from. The best banks provide accounts and services to meet your needs, have low or no fees, pay good returns on savings and offer modern tools and customer support to help you manage your money.

Why you can trust Forbes Advisor

Our editors are committed to bringing you independent ratings and information. Advertisers do not and cannot influence our ratings. We use data-driven methodologies to evaluate financial products and companies, so all are measured equally. You can read more about our editorial guidelines and the banking methodology for the ratings below.

  • 80 of the top nationally available banks analyzed
  • 33 of the highest scoring banks scrutinized
  • Unbiased editorial team
  • No AI writing

Read More
Show Summary
Find The Best Accounts
FEATURED PARTNER OFFER

Chase Private Client Checking℠

Chase Private Client Checking℠

Offer

Expires July 16, 2025

Earn up to $3,000*

Annual Percentage Yield

The Annual Percentage Yield (APY), for Chase Private Client CheckingSMeffective as of 03/21/2025 is 0.01% for all balances in all states. Interest rates are variable and subject to change. Additionally, fees may reduce earnings on the account.

0.01%

Monthly Maintenance Fee

$35

Chase Private Client Checking℠
Learn More Arrow

Via Chase.com

Expires July 16, 2025

Earn up to $3,000*

The Annual Percentage Yield (APY), for Chase Private Client CheckingSMeffective as of 03/21/2025 is 0.01% for all balances in all states. Interest rates are variable and subject to change. Additionally, fees may reduce earnings on the account.

0.01%

$35

Offer Details

Enjoy up to a $3,000 bonus when you open a new Chase Private Client CheckingSM account with qualifying activities. After offer enrollment, you have 45 days to transfer qualifying new money or securities to a combination of eligible personal checking, savings and/or personal J.P. Morgan Wealth Management non-retirement accounts (excludes Chase Personal and Business CDs, Chase business checking and savings accounts, J.P. Morgan Self-Directed Investing accounts, J.P. Morgan Wealth Management Personal Advisors accounts, and J.P. Morgan Wealth Management retirement accounts). Your bonus will be determined on day 45. Maintain your new money for 90 days from offer enrollment and we’ll add the bonus into your account within 40 days.

*Details
  • You’re eligible for up to a $3,000 bonus when you open a new Chase Private Client CheckingSM account with qualifying activities.
  • Speak with a Private Client Banker to open your Chase Private Client CheckingSM account today. Schedule your meeting at your nearest branch to get started.
  • Priority service for everyday banking. Receive personalized attention from a dedicated Chase Private Client Banker and 24/7 access to a U.S. based banking service line.
  • *Earn $1,000 when you deposit $150,000 or earn $2,000 when you deposit $250,000 or earn $3,000 when you deposit $500,000.
  • No fees at Chase and non-Chase ATMs worldwide.
  • No Chase fee on incoming or outgoing wire transfers.
  • Enjoy higher limits on Chase Private Client debit card purchases and ATM withdrawals, as well as higher Zelle® and Chase QuickDepositSM limits.
  • Relationship rates which may make you eligible for a 0.25% auto loan rate discount, and invitation-only events.
  • Enhance your relationship with access to a J.P. Morgan Private Client Advisor who can help create a personalized investment strategy.
  • Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC. Deposit products are FDIC insured up to the maximum amount allowed by law.
Disclosures

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC(JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

INVESTMENT AND INSURANCE PRODUCTS: • NOT A DEPOSIT • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNEMENT AGENCY • NO BANK GUARANTEE • MAY LOSE VALUE

Best Banks 2025

We’ve compared 80 nationally available banks—both traditional brick-and-mortar institutions and online-only banks—to find the best options available. Read on to learn more about why we picked these banks, to see the pros and cons of each and to access individual bank reviews.

Interest rates and other account details are accurate as of March 4, 2025.

Best Bank for Savings

Varo Bank

Varo Bank
4.7
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.

Products

Savings, Checking

Fees

No monthly, overdraft or ATM

ATM Network

40,000+ (US Only)

Varo Bank
Learn More Arrow
On Varo Bank's Website
Member FDIC

Savings, Checking

No monthly, overdraft or ATM

40,000+ (US Only)

Editor's Take

Varo comes out on top thanks to its attractive interest rates, lack of bank fees and handy automated savings tools.

The Varo Savings Account—our top pick among the best online savings accounts—earns an annual percentage yield (APY) of 2.50% APY without charging a monthly fee and 5.00% APY by meeting specific requirements each month.

The account’s “Save Your Pay” feature lets you steer a percentage of your paycheck or other direct deposits automatically to savings, and “Save Your Change” rounds up debit card purchases to the nearest dollar and transfers the difference to savings.

Varo’s checking account (the “Varo Bank Account”) has no monthly maintenance fees and no overdraft fees or other common bank charges. Customers have access to more than 40,000+(US Only) fee-free Allpoint ATMs.

Read our full Varo Bank Review.

Pros & Cons
  • Competitive APY on savings account
  • No minimum balance required to open an account
  • No monthly fees
  • Access to Allpoint ATM network
  • Limited account options
  • No paper checkbook
  • Cash deposits available only through third-party retailers (fees apply)
Details

Varo accounts come with no monthly maintenance fees, overdraft fees, in-network ATM fees or card replacement fees. But the bank does charge $3.50 per transaction for out-of-network ATM use.

There are no minimum deposit requirements to open a Varo Savings Account, but you must meet minimum balance requirements to earn interest. And, to qualify for the higher APY, customers must satisfy the following monthly requirements:

  • Receive direct deposits of $1,000 or more within each qualifying period
  • Maintain a daily savings balance of $5,000 or less for the entire calendar month
  • Maintain balances above or equal to $0 in both savings and checking accounts for the entire calendar month (in other words, no overdrafts)
Expert's Take

Like many online financial institutions, Varo Bank offers a high interest rate compared to many local, regional and national banks. Varo boasts a large ATM network for easy access to funds across the country. One of the main advantages of Varo is its tech-savvy features, which include an automatic round-up program to help you boost your savings.

—Jason Anderson, CPA and CFP(r)

Best Bank for No Fees

Discover® Bank

Discover® Bank
4.6
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.

Products

Savings, Checking, MMAs, CDs

Fees

No monthly, overdraft or ATM

ATM Network

60,000+ ATMs nationwide

Discover® Bank
Learn More Arrow
On Discover's Website

Savings, Checking, MMAs, CDs

No monthly, overdraft or ATM

60,000+ ATMs nationwide

Editor's Take

Discover® Bank is a high scorer in multiple Forbes Advisor best lists, including our ranking of the best banks for digital banking. The online bank is known for charging virtually no fees and for its popular account options.

Its Discover® Cashback Debit Checking account earns cash-back rewards and offers perks like early direct deposit and access to more than 60,000 fee-free Allpoint and MoneyPass ATMs across the U.S. Customers can earn 1% cash back on up to $3,000 in debit card purchases each month. See website for details.

Discover also offers several competitive interest-bearing accounts, including its online savings account, money market account and certificates of deposit (CDs). Discover® CD terms range from three months to 10 years.

Discover® Online Savings Account earns 3.70% APY on all balances. Money market accounts earn 3.60% APY for balances under $100,000 and 3.65% APY for balances $100,000 and over. There is a no minimum deposit requirement to open a CD through Discover.

Read our full Discover Bank review.

Pros & Cons
  • Charges very few fees
  • Competitive APYs and cash back earnings
  • Highly rated mobile app
  • Extensive ATM network
  • 24/7 customer service
  • Higher rates are available from other banks and credit unions
  • Doesn’t pay interest on checking account
Details

Discover Bank offers a cash back checking account, a high-yield savings account, a money market account and CDs with terms from three months to 10 years. The mobile app is highly rated on the App Store and Google Play.

Best Online Bank

Quontic Bank

Quontic Bank
4.4
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.

Products

Savings, Checking, MMAs, CDs

Fees

No monthly, overdraft or ATM

ATM Network

90,000+ ATMs nationwide

Quontic Bank
Learn More Arrow
On Quontic Bank's Website

Savings, Checking, MMAs, CDs

No monthly, overdraft or ATM

90,000+ ATMs nationwide

Editor's Take

Quontic offers competitive APYs, low minimum deposit requirements, low fees and access to 90,000+ surcharge-free ATMs throughout the U.S. As a Quontic customer, you get all the features you may expect from a digital bank, including 24/7 access to online banking and a mobile app.

In addition to its traditional banking products—High Interest Checking, High Yield Savings, money market accounts and CDs—Quontic offers a couple of other innovative accounts. The bank has a Cash Rewards Checking account that pays up to 1.00% cash back on qualifying debit card transactions each statement cycle.

Customer service is available via live chat, email and phone.

Read our full Quontic Bank Review.

Pros & Cons
  • Offers cash-back checking, interest checking and bitcoin checking
  • Mobile and online banking
  • Access to more than 90,000 surcharge-free ATMs
  • Designated as a CDFI
  • Full-service bank
  • May find higher rates are available from some banks and credit unions
  • Customer service isn’t available 24/7
Details

Quontic Bank offers one savings account, two checking accounts, a money market account and five CDs with terms ranging from six months to 60 months.

Best Bank for Checking

Axos Bank

Axos Bank
4.3
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.

Products

Savings, Checking, MMAs, CDs

Fees

Monthly maintenance, wire transfer and stop payment fees; no overdraft or out-of-network ATM fees

ATM Network

91,000+ ATMs nationwide

Axos Bank
Learn More Arrow
On Axos Bank's Website

Savings, Checking, MMAs, CDs

Monthly maintenance, wire transfer and stop payment fees; no overdraft or out-of-network ATM fees

91,000+ ATMs nationwide

Editor's Take

Axos is a full-service online bank, but its checking accounts are what make it a popular choice among consumers. The online bank offers several attractive no-fee checking accounts that earned it the top spot in our best checking accounts ranking.

Axos Bank Essential Checking is a basic checking account with access to early direct deposit; Axos Bank Rewards Checking earns up to 3.30% APY, and Axos Bank CashBack Checking earns 1% cash back on transactions that require a signature. All three accounts come with unlimited domestic ATM fee reimbursements, so there’s no need to worry about whether an ATM is in-network or not.

The bank also offers high-yield savings and money market accounts and CDs, but the interest on its savings products tends to be meager. The APY on Axos’ five-year CD is 0.20%, while competitors are paying 3.00% or more.

Read our full Axos Bank review.

Pros & Cons
  • Unlimited ATM reimbursements
  • Free checking and high-yield checking
  • Sometimes offers sign-up bonuses for new customers
  • Cash sweep program expands FDIC insurance to $200 million
  • Optional payroll, merchant and treasury management services
  • No physical branch locations
  • Savings and CD rates not competitive with top online banks and credit unions
Details

In addition to the Non-Profit Money Market account, Axos Bank offers personal and business checking, savings, CD and money market accounts.

Axos is an online-only bank, and all accounts can be opened online. Customer service is available 24/7 via phone and live chat.

Best Large Bank

Capital One 360

Capital One 360
4.3
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.

Products

Savings, Checking, CDs

Fees

No monthly, overdraft or ATM fees

ATM Network

70,000+ ATMs nationwide

Capital One 360
Learn More Arrow
On Capital One's Website

Savings, Checking, CDs

No monthly, overdraft or ATM fees

70,000+ ATMs nationwide

Editor's Take

Capital One—America’s 10th-largest bank by assets, according to the Federal Reserve—is a hybrid bank, offering in-person and online banking. However, its local branches are spread out, so you may not live near a location. But you will enjoy free transactions at more than 70,000 Capital One, MoneyPass and Allpoint ATMs.

The bank is a top choice for teen checking accounts. Capital One MONEY Teen Checking has no fees or minimum deposit requirements and comes with a free debit card. The account also provides a unique mobile app experience, allowing teens to manage some aspects of their accounts while parents have access to activity tracking, automatic allowance payments and security features.

Capital One customers can earn high APYs with a 360 Performance Savings Account (3.70% APY) and 360 CD accounts (3.50% to 4.00% APY). Capital One’s kids’ savings account isn’t too shabby either, earning 2.50% APY on all balances.

Read our full Capital One 360 banking review.

Pros & Cons
  • Capital One Cafés, with in-person banking support
  • No overdraft fees
  • Customer service available seven days a week
  • Large ATM network
  • No minimum deposit or balance requirements
  • No money market account
  • Capital One Cafés and branches only in select states
Details

Capital One 360 offers a savings account (360 Performance Savings), checking account (360 Checking) and CDs (360 CDs). It also offers a Kids Savings Account and MONEY Teen Checking.

Summary of Best Banks 2025

Methodology

To create this list, Forbes Advisor averaged the star ratings of banks that were the top finishers across more than 20 of our “best of” banking studies, such as our lists of the best high-yield savings accounts, best free checking accounts and best CD rates. Those studies were based on analyses of 60 online banks and 20 traditional brick-and-mortar financial institutions that were reviewed for a variety of data points, including fees, APYs, ATM and/or branch access, customer experience, digital experience and account minimums. Banks that made only one of our best lists were excluded from this ranking.

To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.

Table Of Contents

Navigating the world of banking can be overwhelming, especially if you’re new to it. Familiarizing yourself with the banking landscape can help you make the most informed decisions when choosing banking products.

Types of Banks

Several types of banks and financial institutions are out there to meet a variety of needs for individuals, families, businesses and more. These are some of the more common types of banks for consumers.

  • Retail banks: Also known as consumer banks. Retail banks offer personal banking products and services, including savings accounts, checking accounts and other financial products.
  • National banks: A commercial bank regulated by the federal Office of the Comptroller of the Currency (OCC).
  • Brick-and-mortar banks: Traditional banks with physical branches. Many brick-and-mortar banks offer online banking services too.
  • Online banks: Digital banks that operate entirely online or through mobile services.
  • Neobanks: Nonbank financial technology companies that offer accounts and services similar to banks. Typically neobanks partner with banks to provide bank accounts and services.
  • Private banks: Banks that provide one-on-one concierge-style services, including wealth management, estate planning and more, typically for wealthier clientele.

Services Offered by Banks

Banking products and services vary depending on the bank or financial institution. Full-service banks tend to offer a wider variety of products and services than other banks. Here are some of the products and services you may find at a bank.

Savings Accounts

Checking Accounts

CD Rates

Credit Cards

Other Products and Services

How To Choose a Bank

You have several factors to keep in mind when choosing the right bank.

Fees

Accounts and Services

Interest Rates

Account Minimums

Customer Service

Convenience

How To Open a Bank Account

To open a bank account, you’ll first need to select a bank and account type. Once you’ve done that, you can decide whether you want to open a bank account online or in person.

In either case, you’ll need a few pieces of information to get your new account started:

  • Your name, date of birth and Social Security number
  • A government-issued ID
  • Minimum deposit

If you’re opening a bank account online, you’ll also need some information to link an external account so you can make your opening deposit electronically. These details include your bank account number and routing number.

You could write a check or deposit cash if you’re opening a bank account at a branch. Keep in mind that online banks might have lower minimum deposit requirements than brick-and-mortar banks when opening a new account.

Once your new account is open, there may be a few additional steps to take. If you’re linking an external account for your initial deposit, you might need to verify one or two small trial deposits before you can add funds. You may also need to enroll in online and mobile banking before you can access those services.

Pro Tip
Some financial institutions offer generous bank account bonuses to lure new customers. While bonus promotions shouldn’t be the only thing you consider, it’s worth looking for welcome offers before opening any new bank account. When applying for an account with a bonus offer, enter the promo code if needed, and follow the instructions to qualify for the bonus.

How Long Does It Take To Open a Bank Account?

Opening a bank account online can take 10 minutes or less if you’re organized and have everything ready beforehand. Opening a bank account in person at a branch could take a little longer if your banker needs to make copies of your ID or you need to go to a teller to make your initial deposit. How quickly you’re able to access your new account depends on the bank and may range from a few minutes to several days.

Recap: Best Banks of 2025

Varo Bank: Best for Savings

Discover® Bank: Best for No Fees

Quontic Bank: Best Online Bank

Axos Bank: Best for Checking

Capital One 360: Best Large Bank

Find The Best Online Banks Of 2025

Learn More

Credit Union vs. Bank

While credit unions and banks may seem interchangeable, they’re not. Here are some differences between credit unions and banks.

Credit Union Bank
Not-for-profit organization
For-profit institution
Deposits insured by the National Credit Union Administration (NCUA)
Deposits insured by the Federal Deposit Corporation (FDIC)
Must qualify for membership to join
Anyone can be a customer
May have limited product offerings
Diverse range of product offerings
Tends to charge lower fees and offer more competitive rates
Tends to charge higher fees and pay lower returns

A bank is a for-profit institution, either privately held or publicly traded. Banks are focused on making profits and pleasing their owners or shareholders—not necessarily on the needs of their customers.

Some banks charge fees for accounts and services, pay lower returns or charge more interest on loans than other financial institutions. Deposits kept in banks are FDIC-insured up to $250,000 per depositor for each account ownership category.

Credit unions are cooperative, not-for-profit organizations owned by their members. Membership typically revolves around individuals with a common interest or bond, such as an employer, industry, place of residence, faith or affiliation with other organizations. Because their focus isn’t on making a profit, credit unions tend to charge fewer fees than many banks and offer more competitive rates on deposit accounts.

How To Change Banks

Changing banks may sound like a hassle, but it’s relatively straightforward. Here’s a quick step-by-step guide on how to switch banks.

  1. Shop around for a new financial institution by comparing fees, interest rates, product offerings, etc., to ensure they align with your financial needs and goals.
  2. Next, open an account at your new bank and transfer any automatic or recurring payments and direct deposits from your old bank to your new one.
  3. Then, close your old bank account. Depending on your financial institution, you may be able to do this online, over the phone, or in person.
  4. After closing your previous account, remember to ask for written verification from your financial institution to ensure it’s closed.

Banks We Monitor

Frequently Asked Questions (FAQs)

What are the best banks to bank with in 2025?

The best banks are those that offer a wide range of features, benefits and account types while charging minimal fees. A good bank also offers convenience when it comes to accessing your money. Searching for “best banks near me” can help you locate banks in your area that have a good reputation and offer superior customer service.

Is my money safe in the bank during a depression?

The FDIC insures funds held in member banks up to $250,000 per depositor, per account ownership type, per financial institution. This means that even if a depression hits, your money is safe up to the covered limits. The FDIC was established to protect depositors against bank failures, including those associated with severe economic downturns.

Is my money safe in the bank?

Banks are a safe place to keep money, as there’s virtually zero exposure to market risk. When you deposit money in a checking, savings or CD account at an FDIC-member bank, your funds are protected up to the coverage limits. Even in the rare event that your bank fails, your money would still be covered.

Next Up In Banking

Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.

Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
Kevin Payne
Kevin Payne
Banking Writer

Kevin has been writing and creating personal finance and travel content for over six years. He is the founder of the award-winning blog, Family Money Adventure, and host of the Family Money Adventure Show podcast. He has been quoted by publications like Readers Digest and The Wall Street Journal. Kevin's work has been featured in Bankrate, Credible, CreditCards.com, Fox Money, LendingTree, MarketWatch, Newsweek, New York Post, Time, ValuePenguin and USA Today.

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