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Live Richer by Banking Better: GOBankingRates’ Best Banks of 2022

GOBankingRates 1/19/2022 Gabrielle Olya

The financial institutions you bank with may have more of an impact on your finances than you think. If your bank or credit union offers lower interest rates than are available elsewhere, you’re missing out on having your money grow to its full potential. Or if your bank charges monthly or annual fees, that’s also taking a bite out of your funds. You may also be looking for a financial institution that offers a wide array of products and services, strong customer service offerings or convenient digital banking options. But with so many banks and credit unions out there, it can be hard to figure out the best place to put your money.

See: GOBankingRates’ Best Banks Lists and More

Check Out: Best Online Banks 2022

To help you Live Richer, GOBankingRates has conducted extensive research to determine the best banks, credit unions and bank accounts that are currently available.

“Our Best Banks research supports so many different needs and wants,” said Andrew Murray, content data researcher at GOBankingRates. “We looked at 179 financial institutions across nine categories, with 6,996 individual data points across 65 scoring factors. So it is safe to say that no matter who you are, we can find you a bank that fits your current banking priorities.”

Whether you’re looking to switch banks, open a new account or just want to see if your current financial institution is one of the best, check out GOBankingRates’ definitive rankings of the Best Banks of 2022.

Helpful: 50 Easy Things You Should Do To Save Money

The Best of the Best

Our research-based rankings can help you find the best institution or account for your needs.

Top 100 Best Banks of 2022

The winner: JPMorgan Chase Bank

Why it stands out: JPMorgan Chase Bank has nearly 5,000 locations and a Bauer Rating of 5.

Pros:

Nearly 5,000 locations
Wide range of products offered

Cons:

$12 checking fee

What to look for:

Branch locations: 4,960
Checking fee: $12
Savings APY: 0.01%
12-month CD APY: 0.02%
Other products: Auto Loans, Mortgage Loans, Credit Cards, Investment Services, Insurance

See the rest of the Top 100.

Best National Banks of 2022

The winner: U.S. Bank

Why it stands out: Among national banks on our list, U.S. Bank has the lowest checking fee and the best annual percentage yield on a 12-month CD.

Pros:

Low checking fee
Wide range of products offered
0.05% APY for 12-month CD

Cons:

Not as many locations as other national banks

What to look for:

Branch locations: 2,319
Checking fee: $6.95
Savings APY: 0.01%
12-month CD APY: 0.05%
Other products: Auto Loans, Mortgage Loans, Credit Cards, Investment Services, Insurance

Check out the other Best National Banks of 2022.

Best Regional Banks of 2022

The winner: KeyBank

Why it stands out: KeyBank has no monthly checking fees, an excellent Bauer Rating, and a wide range of services offered.

Pros:

No checking fee
Wide range of products offered
0.05% APY for 12-month CD

Cons:

Savings APY isn’t the best in the category

What to look for:

Branch locations: 1,046
Checking fee: $0
Savings APY: 0.01%
12-month CD APY: 0.05%
Other products: Auto Loans, Mortgage Loans, Credit Cards, Investment Services, Insurance

See more of the Best Regional Banks of 2022.

Best Online Banks of 2022

The winner: Ally Bank

Why it stands out: Ally Bank offers competitive rates on its products, and it also provides a slew of other products for your financial needs.

Pros:

Competitve rates on savings and CD
No monthly checking fee

Cons:

Video: I think it's natural to have four rate hikes, says Goldman's Hatzius (CNBC)

I think it's natural to have four rate hikes, says Goldman's Hatzius

CNBC See more videos

What to watch next

UP NEXT

Can find higher rates at a few other online banks

What to look for:

Checking account fee: $0
Savings account APY: 0.50%
1-year CD APY: 0.55%

See GOBankingRates’ other picks for Best Online Banks of 2022.

Best Credit Unions of 2022

The winner: Navy Federal Credit Union

Why it stands out: Navy Federal Credit Union has all the standard accounts, including CDs with competitive rates. Its savings account APY is also higher than the average account.

Pros:

Competitive APY on savings account
Competitive APY on 1-year CD
No checking account fee

Cons:

$1,000 minimum to open 1-year CD

What to look for:

Checking account APY: 0.01%
Savings account APY: 0.25%
CD APYs: 0.55% for 1-year, 0.90% for 5-year
Loans: Auto, mortgage
Credit card: Yes

Check out the other winners for Best Credit Unions of 2022.

Best Savings Accounts of 2022

The winner: Sallie Mae Bank’s SmartyPig Account

Why it stands out: Its SmartyPig Account offers a nice annual percentage yield of 0.70%. On top of that, it comes with no minimum balance and no monthly fee.

Pros:

No minimum balance to avoid fees
No monthly fee
0.70% APY
Earn a $10 reward for every friend you refer who opens a SmartyPig account, sets a goal, and contributes to it.

Cons:

Online only

What to look for:

Minimum deposit: $0
Monthly fee: $0
Minimum balance to avoid fee: $0
Minimum to earn interest: $0.01
APY: 0.70%

See the rest of the Best Savings Accounts of 2022.

Best Checking Accounts of 2022

The winner: Wells Fargo Bank’s Wells Fargo Everyday Checking

Why it stands out: The Wells Fargo Everyday Checking account comes with online banking and a contactless debit card.

Pros:

Online banking
Over 5,000 branch locations
Multiple ways to waive the monthly service fee

Cons:

Monthly service fee
Higher minimum balance requirement

What to look for:

Minimum deposit: $25
Monthly fee: $10
Minimum balance: $500
APY: 0%
Overdraft/NSF fee: $35

Find out which other accounts were named the Best Checking Accounts of 2022.

Best CD Accounts of 2022

The winner: Quontic Bank

Why it stands out: The Quontic Bank CD Account offers a great annual percentage yield of 1.11% for a 60-month CD, plus a solid annual yield percentage of 0.60% for a 12-month CD.

Pros:

1.11% 60-month APY
0.60% 12-month APY

Cons:

Online-only bank

What to look for:

Minimum deposit: $500
12-month APY: 0.60%
60-month APY: 1.11%

See more of the Best CD Accounts of 2022.

Best Money Market Accounts of 2022

The winner: Ally Bank’s Money Market Account

Why it stands out: The Ally Bank Money Market Account has a $0 minimum deposit, no monthly fees, and 0.50% annual percentage yield. That APY is tied for the best in the category. Plus, the minimum balance to earn that APY is only $0.01.

Pros:

No minimum deposit
Minimum balance to earn APY is only $0.01
No monthly fee
0.50% APY

Cons:

Online only

What to look for:

Minimum deposit: $0
Monthly fee: $0
Minimum balance to avoid fee: $0
Minimum to earn interest: $0.01
APY: 0.50%

See the rest of the Best Money Market Accounts of 2022.

More From GOBankingRates

Top 100 Best Banks methodology: To discover the Top 100 Best Banks, GOBankingRates looked at all institutions with available published data (national, regional, local and online) from the 2022 Best Banks categories as well as all credit unions with over $1 billion in total assets and accessible to a wide audience. GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC and NCUA; (2) number of branch locations as sourced from the FDIC and NCUA; (3) checking account annual fee; (4) savings account APY rate; (5) 12-month CD APY rate; (6) customer service products offered (24/7 customer service and live chat with a human); (7) Bauer rating (out of 5 stars); (8) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (9) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factors (1) and (4) were weighted 1.5 times in final scoring, factor (2) was weighted 2 times, factor (6) was weighted 0.5 times and factor (8) was weighted 2.5 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed. All data is up to date as of Nov. 8, 2021. Rates and fees are subject to change.

Best National Banks methodology: To discover the Best National Banks, GOBankingRates looked at the top national institutions (located in 20 or more states). To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) checking account annual fee; (4) savings account APY rate; (5) 12-month CD APY rate; (6) customer service products offered (24/7 customer service and live chat with a human); (7) Bauer rating (out of 5 stars); (8) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (9) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factors (1) and (4) were weighted 1.5 times, factors (2) and (8) were weighted 2 times, and factor (6) was weighted 0.5 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed. All data is up to date as of Oct. 11, 2021. Rates and fees are subject to change.

Best Regional Banks methodology: To discover the Best Regional Banks, GOBankingRates looked at the top regional institutions (located in 5 or more states but in less than 20). To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) checking account annual fee; (4) savings account APY rate; (5) 12-month CD APY rate; (6) customer service products offered (24/7 customer service and live chat with a human); (7) Bauer rating (out of 5 stars); (8) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (9) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factors (5) and (9) were weighted 1.5 times, factors (1), (2) and (8) were weighted 2 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed. All data is up to date as of Nov. 11, 2021. Rates and fees are subject to change.

Best Online Banks methodology: To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking account annual fee; (3) savings account APY rate; (4) 12-month CD APY rate; (5) customer service products offered (24/7 customer service and live chat with a human); (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services, and insurance); and (8) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factor (1) was weighted 1.5 times, factor (2) was weighted 0.5 times, and factors (3), (4), and (7) were weighted 2 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed. All data is up to date as of Nov. 8, 2021. Rates and fees are subject to change.

Best Credit Unions methodology: To discover the Best Credit Unions, GOBankingRates looked at the top credit unions in terms of total assets size based on available published data. GOBankingRates looked at the following factors: (1) total assets as sourced from the NCUA; (2) number of branch locations as sourced from the NCUA; (3) minimum deposit to open a checking account; (4) checking account fee; (5) minimum balance needed in checking account to avoid fee; (6) minimum deposit to open a savings account; (7) minimum balance needed to achieve savings APY; (8) savings APY; (9) minimum to open a 12-month CD account; (10) 12-month CD APY; (11) 60-month CD APY; (12) customer service products offered (24/7 customer service and live chat with a human); (13) Bauer rating (out of 5 stars); (14) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (15) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factor (1) was weighted 1.5 times, factor (2) and (14) were weighted 2 times, and factor (12) was weighted 0.5 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed. All data is up to date as of Oct. 28, 2021. Rates and fees are subject to change.

Best Savings Accounts methodology: To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly fees associated with the account; (5) minimum balance needed to avoid the fee; (6) minimum balance needed in account to earn APY; (7) savings APY; and (8) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factors (1), (4), (5) and (6) were weighed 1.5 times, factor (2) was weighted 2 times, and factor (7) was weighted 4 times. All data is up to date as of Jan. 3, 2022. Rates and fees are subject to change.

Best Checking Accounts methodology: To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly fees associated with the account; (5) minimum balance needed to avoid the fee; (6) APY on the checking account; (6) overdraft fee amount; (7) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factors (1), (4), and (5) were weighted 1.5 times, factor (2) was weighted 2 times, and factor (6) was weighted 0.5 times. All data is up to date as of Nov. 8, 2021. Rates and fees are subject to change.

Best CD Accounts methodology: To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) 12-month CD APY rate; (5) 60-month CD APY rate; and (5) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factor (1) was weighted 1.5 times, factor (2) was weighted 2 times, and factors (4) and (5) were weighted 4 times. All data is up to date as of Oct. 11, 2021. Rates and fees are subject to change.

Best Money Market Accounts methodology: To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) money market APY rate (5) minimum balance needed in account to earn APY, (6) monthly fees associated with the account; (7) minimum balance needed to avoid the fee; and (8) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factor (1) was weighted 1.5 times and factor (2) was weighted 2 times and factor (4) was weighted 4 times. All data is up to date as of Oct. 11, 2021. Rates and fees are subject to change.

This article originally appeared on GOBankingRates.com: Live Richer by Banking Better: GOBankingRates’ Best Banks of 2022

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