The Ascent's 2024 Bank and Bank Account Awards
Our best picks for savings, checking, money market, and more
To determine the Best Bank and Bank Accounts awards for 2024, The Ascent’s experts evaluated accounts focusing on industry factors and user benefits, including:
- Competitive APYs and rewards
- Account minimums and fees
- Brand reputation and customer satisfaction
- Features like ATM access, linked accounts, and branch access
![CIT Savings Connect](https://m.foolcdn.com/media/affiliates/bank-account-art/CIT.png?width=280)
Best Online Savings Account
CIT Savings Connect
CIT Savings Connect has among the highest APYs we've seen for an account with no account fees or minimum balance requirement (though a $100 initial deposit is required to open it). It's a great fit for those who want a top-notch APY and a flexible online banking experience.
![CIT Platinum Savings](https://m.foolcdn.com/media/affiliates/bank-account-art/CIT_jsxsHbI.png?width=280)
Best High-Yield Savings Account
CIT Platinum Savings
CIT Platinum Savings is a no-frills high-interest savings account that offers one of the highest APY’s on the market today — as long as you can maintain a $5,000 minimum balance. Plus, customers can make an unlimited number of transfers and withdrawals each month (many savings accounts have a monthly limit).
![SoFi Checking and Savings](https://m.foolcdn.com/media/affiliates/bank-account-art/SoFi_Logo.png?width=280)
Best Checking Account
SoFi Checking and Savings
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (member FDIC) is hard to beat. This combo account offers a strong annual percentage yield on both checking and savings — which is a rare perk.
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Direct Deposit can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.50% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
² SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
³ Our account fee policy is subject to change at any time.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional
FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms
See list of participating banks at SoFi.com/banking/fdic/receivingbanks
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
![Schwab Bank Investor Checking™](https://m.foolcdn.com/media/affiliates/bank-account-art/Schwab_Bank.png?width=280)
Best Checking Account for ATMs
Schwab Bank Investor Checking™
This free checking account is available to Schwab brokerage customers. Schwab offers unlimited domestic and international ATM reimbursements. Schwab also doesn't charge a foreign transaction fee (which can be 1% to 3% of the transaction cost). In addition, there is no minimum deposit requirement and no minimum balance requirements.
![Ally Money Market Account](https://m.foolcdn.com/media/affiliates/bank-account-art/Ally_Logo.png?width=280)
Best Money Market Account
Ally Money Market Account
Ally's banking approach carries over to its money market account with a high APY and a focus on cutting routine account fees to $0, including monthly maintenance. What's more, there are no minimum balance requirements.
![](https://m.foolcdn.com/media/affiliates/original_images/Barclays_Eagle-Wordmark_RGB_Cyan_Medium.png?width=280)
Best CD Account
Barclays
Barclays offers competitive rates on most common CD terms with no minimum balance requirements. There are no monthly fees, so you likely won't lose money unless you try to withdraw your funds early.
![](https://m.foolcdn.com/media/affiliates/bank-account-art/Ally_logo1.jpg?width=280)
Best Bank for CD Laddering
Ally
Ally High Yield CDs offer a variety of term lengths from three months to five years. We like Ally's saver-friendly features like no minimum deposits and lower-than-average withdrawal penalties.
![](https://m.foolcdn.com/media/affiliates/bank-account-art/chase-bank-logo.png?width=280)
Best Bank for Branch Access
Chase
Chase offers one of the largest branch networks in the nation, without neglecting the online experience, offering simple online and mobile tools to manage your funds. If you have one account with Chase, there's a good incentive to open up one or two more, with the bank's relationship benefits. What's more, the bank shines with its overall customer service.
![Discover® Cashback Debit](https://m.foolcdn.com/media/affiliates/bank-account-art/Discover_Bank_gYct20O_rCjxmQM.png?width=280)
Best Bank App
Discover® Cashback Debit
The Discover mobile app consistently receives some of the highest customer ratings in app stores. You can view your account activity and make payments, but the standout feature here is Discover's Spend Analyzer, which can help with budgeting and savings goals.
![Capital One MONEY Teen Checking Account](https://m.foolcdn.com/media/affiliates/bank-account-art/capital-one-logo-transparent_aLwepFF.png?width=280)
Best Bank Account for Students
Capital One MONEY Teen Checking Account
Parents and teens have their own mobile app logins for the Capital One MONEY Teen Checking Account. Teens can manage their money, while parents have visibility and control, including the ability to lock the debit card. Capital One also has over 280 branches and over 50 Capital One Cafes, where account holders can bank, get a cup of coffee, and find advice from a certified money coach. In addition, the Capital One MONEY Teen Checking Account comes with no minimum deposit/balance requirements, no foreign transaction or overdraft fees, and early direct deposit availability.
![](https://m.foolcdn.com/media/affiliates/original_images/Navy_Federal_Credit_Union_Logo_2023.jpg?width=280)
Best Bank for Veterans
Navy Federal Credit Union
Navy Federal Credit Union offers competitive rates on CDs for military members and their families, and ensures more money stays in your pocket by minimizing fees on all its accounts. Rates on checking and savings accounts aren't quite as high. But the other perks of Navy Federal Credit Union membership, including discounts on popular products and great customer service, could make up for this.
![SoFi Checking and Savings](https://m.foolcdn.com/media/affiliates/bank-account-art/SoFi_Logo.png?width=280)
Best Digital-Only Bank
SoFi Checking and Savings
SoFi® Bank offers a dual banking approach by pairing its checking and savings accounts, which both earn competitive rates. Along with scoring high APYs, customers gain access to several relationship benefits as SoFi® members, like earning rewards redeemable for cash, fractional investment shares, statement credits, and loan payments. With no account fees or minimum balance requirement, SoFi® is a great option for individuals looking for both a checking and savings account.
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Direct Deposit can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.50% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
² SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
³ Our account fee policy is subject to change at any time.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional
FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms
See list of participating banks at SoFi.com/banking/fdic/receivingbanks
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
![](https://m.foolcdn.com/media/affiliates/bank-account-art/Bank-of-America-Logo-1.png?width=280)
Best Customer Loyalty Program
Bank of America
Bank of America's Preferred Rewards program offers top-notch perks to many of the financial products that Bank of America offers like credit card rewards and lower loan fees. However, there is a minimum balance requirement in order to become eligible, and there are five tiers in the program with their own qualifying balances.
![The Ascent's 2024 Bank and Bank Account Awards award banner](https://m.foolcdn.com/media/affiliates/original_images/Ascent-bestOfBanks.png)
About the Author
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.