In lots of states, local banks are popular options for his or her tendency to supply higher rates of interest, more flexible terms and lower fees in comparison with larger national institutions. Bank officials often live inside the communities they serve, giving them specific knowledge and understanding of their customers’ needs.
The Golden State is not any exception. Listed here are our picks for the very best banks and credit unions in California for 2023-2024:
California-headquartered Axos Bank wins best overall for its digital-first approach to banking. Axos offers a competitive APY on its high yield savings account, and customers enjoy convenient access and free domestic ATM fee reimbursements to multiple checking accounts without monthly maintenance fees.
- 0.61% APY on high-yield savings
- 91,000-ATM network
- Unlimited ATM fee reimbursement
- No APY on Essential Checking account
- Limited brick-and-mortar branches
- Low APY on Money Market and CDS accounts in comparison with other banks
For 3 consecutive years, U.S. Bank has received the very best rating for Customer Satisfaction in California by J.D. Power. Its monthly fee is the bottom of any national bank and might easily be waived. The bank’s digital banking tools offer customers a convenient banking experience — in reality, industry benchmarking firm Keynova Group previously top-ranked U.S. Bank for its mobile app three years in a row.
- As much as .05% APY on checking account
- No non-sufficient-funds fee
- Low wire transfer fees
- Small ATM network in comparison with competitors
Stanford Credit Union’s high yield checking account pays one in all the very best APYs, at 3.56% on balances as much as $25,000 with additional requirements. What’s more, Stanford Credit Union has no foreign transaction fees with its Visa-protected debit card, which is compatible with Apple, Samsung and Google Pay.
- Debit card comes with ID Navigator with ID theft protection
- Free first box of checks
- Rewards may be used for global no-fee ATM use
- Smaller ATM network
- Conditions for prime yield checking account may be steep
First Foundation Bank charges no monthly fees on accounts we considered, and it offers lower-than-usual incoming and outgoing wire transfer fees. Customers can stand up to a $20 ATM surcharge rebate per transaction and make the most of convenient mobile banking solutions.
- 4.75% APY on 1-year CD
- Broad ATM access
- No proprietary ATMs (though many fee rebates available)
- APYs on savings and checking accounts are low in comparison with other credit unions
Valley Strong Credit Union’s Makes Cents Checking Account not only earns reward points and an annual bonus, but customers may also get discounts on prescriptions. Valley Strong’s checking account also earns money back through its e-shopping mall, which features over 10,000 online stores and 700,000 hotels. Overdraft protection on this account is provided through Courtesy Pay, a discretionary service with limits as much as $500 that covers transactions when there aren’t any funds within the account.
- $25 opening deposit for Make Cents Checking Account
- A reward point earned for each $4 spent
- As much as 85% savings on prescriptions through mySimpleRx
- 30,000-ATM network
- No APY
- $5 monthly service fee
- $3,000 day by day average balance requirement (or make 12 non-ATM card transactions, or have an energetic mortgage, personal loan, bank card or HELOC with Valley Strong)
How we selected the Best Banks of 2023-2024
To find out our list of Best Banks for 2023-2024, Money staff evaluated 273 of the biggest retail banks, credit unions, regional and state banks, ranked by assets, and 20 of the most well-liked online banks. We then compared opening balance requirements, interest paid, fees and features to find out our top picks. You may read our full methodology here.
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