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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.
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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 September 3, 2025.
Best Bank for Savings
Varo Bank
Products
Savings, Checking
Fees
No monthly, overdraft or ATM
ATM Network
40,000+ (US Only)
Learn More
On Varo Bank's Website
Member FDIC
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
Products
Savings, Checking, CDs
Fees
No monthly, overdraft or ATM
ATM Network
60,000+ ATMs nationwide
Learn More
On Discover's Website
Savings, Checking, 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 and certificates of deposit (CDs). Discover® CD terms range from three months to 10 years.
Discover® Online Savings Account earns 3.50% APY on all balances. 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, 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
Products
Savings, Checking, MMAs, CDs
Fees
No monthly, overdraft or ATM
ATM Network
90,000+ ATMs nationwide
Learn More
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 six CDs with terms ranging from three months to 60 months.
Best Bank for Checking
Axos Bank
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
Learn More
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 1.00% 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
Products
Savings, Checking, CDs
Fees
No monthly, overdraft or ATM fees
ATM Network
70,000+ ATMs nationwide
Learn More
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 (3.50% 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
Products
Savings, Checking
Fees
No monthly, overdraft or ATM
Atm Network
40,000+(US Only) Allpoint ATMs
Products
Savings, Checking, CDs
Fees
No monthly, overdraft or ATM
Atm Network
60,000+
Products
Savings, Checking, MMAs, CDs
Fees
No monthly, overdraft or ATM
Atm Network
90,000+
Products
Savings, Checking, MMAs, CDs
Fees
No monthly, overdraft or ATM
Atm Network
91,000+
Products
Savings, Checking, CDs
Fees
No monthly, overdraft or ATM
Atm Network
70,000+ fee-free Capital One, MoneyPass and Allpoint ATMs
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
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.
- 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.
- 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.
- 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.
- After closing your previous account, remember to ask for written verification from your financial institution to ensure it’s closed.
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.
