Best Banks for October 2022

Today, we ask a lot of our banks. We want convenience and simplicity. We want security, but we also want freedom. While there are many quality banks that can deliver these needs, the best banks go above and beyond.

So, let’s talk about some of my favorite banking options right now. The banks on this list offer convenient mobile and online banking, plus help you save money through higher interest rates and lower fees.

All of these banks are insured by the FDIC, the federal government’s insurance company that guarantees your deposits will be safe (up to $250,000).

If you’re considering another bank or credit union, make sure it’s an FDIC member.

9 Best Banks in 2022

Here are the best banks you can open an account with today:

1. CIT Bank

🏆 Best Overall

CIT Bank, now a division of First Citizens bank, is an online bank that offers good rates with no monthly service fees – and with that alone, it definitely ticks a lot of the boxes for millennials.

The competitive rates CIT bank offers make it a top choice for anyone looking to earn interest on their savings.

CIT Bank operates as an online-only bank offering:

  • Money Market Accounts (MMAs)
  • Certificates of Deposit (CDs)
  • High Yield Savings Accounts
  • Checking Accounts



  • Online Access
  • No Monthly Fees
  • Competitive Interest Rates
  • ATM Fee Reimbursement


  • No physical branches


2. Chime

🏆 Best Bank for Millennials

Chime offers another streamlined banking option for millennials looking for convenience and flexibility.

Chime encourages saving money by rounding up checking transactions and depositing the difference in savings. You can also easily program your account to save a percentage of your deposits.

They recently promoted a significant increase in their high-yield savings account and it’s definitely competitive with other banks.

Chime does not charge overdrafts, in fact, the bank doesn’t allow overdrafts, if the money isn’t in your account, Chime will decline the transaction.


  • Competitive high-yield savings interest rate
  • Solid app and text alerts
  • No fees of any kind
  • More open to applicants with lower credit


  • Cash and check deposits can be difficult


3. Discover Bank

🏆 Best for Cash Back

Discover Bank uses Ally Bank’s low-fee, high-interest approach, and I like Discover’s 1-percent cash back option when you use your checking account.

You could get up to $30 a month cash back just by using the debit card associated with your checking account. If you’re spending the money anyway, you may as well claim this automatic reward which also has no service fees.

Here’s an idea: Direct that 1 percent cash back into savings. Discover Bank has solid savings rates. If you max out the reward, you can save an extra $360, plus interest, a year while doing nothing out of the ordinary.

Discover Bank lets account holders use Allpoint and MoneyPass fee-free ATMs. The bank, of course, has an app and mobile deposit options like every bank on this list.


  • Simple account options
  • 1-percent cash back on debit card transactions
  • 24/7 customer service even on social media


  • $30 overdraft fee
  • Can’t deposit cash


4. Betterment

🏆 Best Bank for Robo-Investors

I’ve been excited about this for a while. Betterment, the innovative robo-advisor, has now officially launched Betterment Checking.

Now you can move money back and forth in and out of your robo-advisor seamlessly. No more waiting a couple of days or more for money to transfer to or from checking.

And Betterment Bank stands alone as a solid choice even if you don’t use Betterment for robo-advising.


  • No monthly fees
  • Mobile-first design
  • ATM fees reimbursed worldwide
  • No minimum balance required
  • No overdraft fees


  • No branches
  • No cash deposits
  • Bank can pull from your investment account if you overdraw checking


5. Aspiration

🏆 Best for Rewards Checking

Aspiration offers a lot: an interest-earning checking account with no fees and a cashback rewards program attached to your checking account. They even reimburse all ATM fees charged by other banks, and donate 10 percent of their profits to charities!

So why didn’t Aspiration appear higher on this list? Customer service has been an issue as the company has grown quickly over the past few years.

This makes it more difficult to give them an unqualified recommendation. Still, if you don’t anticipate needing to call for help very often, Aspiration will be worth a close look.


  • 0.5% cashback on debit card transactions
  • 1% cashback when you shop at socially conscious retailers
  • No fees
  • Solid mobile app
  • Great savings rate (for customers who deposit every month)


  • Potential for customer service delays
  • Does not offer CDs
  • No cash deposits
  • The debit card doesn’t always work internationally



6. Ally Bank

🏆 Best Bank for Customer Service

I like online banks because they can pay higher-than-average interest rates on your savings account and sometimes even on your checking.

Ally Bank sets a high standard for online banks. Ally can deliver great savings rates, low fees, and a broad variety of account options.

You can find higher interest rates at other online-only banks, but it’s harder to beat Ally’s convenience.

You can access your accounts using the bank’s app or you can use an Allpoint ATM fee-free. If you use another bank’s ATM, Ally will reimburse up to $10 in that bank’s fees each month.


  • Variety of accounts
  • Low fees on standard checking
  • 24/7 customer service


  • No physical branches
  • Can’t deposit cash

7. CapitalOne Bank

🏆 Best Online Bank

CapitalOne Bank offers a hybrid approach: It’s an online bank with a brick-and-mortar presence in the New York City and Washington, D.C, areas, along with parts of Texas and Louisiana.

If you don’t live near a branch, that’s OK: You’ll still get one of the best online banking experiences out there, including customer service via chat or Twitter and nice budgeting tools.

You won’t get as much out-of-network ATM support from CapitalOne but the bank is betting you won’t need to use an ATM since its online tools perform so well.

Like all the banks on this list so far, CapitalOne’s interest rates exceed the national average. But the bank’s typical savings rates can be beaten. If you’re looking into certificates of deposit, though, CapitalOne can outperform most other banks.


  • Both online and in-person banking in NYC, D.C., Texas, Louisiana
  • Great CD rates
  • A great option for small businesses
  • Occasional bonuses for opening money market savings accounts


  • A steep overdraft fee of $35, though you can opt into overdraft protection
  • Online-only banks can offer better savings rates

8. PNC Bank

🏆 Best East Coast Bank

PNC Bank is a large East Coast institution with a traditional approach to banking. The bank also pioneered online banking in the early years of this century with Virtual Wallet.

The Virtual Wallet app gives real-time, visual analysis of your accounts while also giving customers access to some nice budgeting tools.

As a traditional bank, PNC has branded ATMs and branches throughout its East Coast market.

Also like a traditional bank, you’ll notice monthly fees, though these can be avoided by maintaining a combined $500 balance in all your PNC accounts.

Though it does have the convenience of an online bank, PNC Bank does not compete with online-only banks’ high-yield savings rates.


  • Virtual Wallet a pioneer in online and mobile banking
  • Wide network of branded ATMs and branches
  • Wide variety of banking products and loans


  • High overdraft fees of $38 up to four times a day
  • Monthly fees can not be easily waived

9. Huntington Bank

🏆 Best Bank for the Midwest Region

Huntington Bank has a growing presence in the Midwest, especially among younger customers looking for higher interest on savings.

For a brick-and-mortar bank, Huntington pays out a healthy interest rate in its Money Market accounts, rivaling some online banks’ high-yield accounts. Of course, along with better-than-average interest on savings, the bank also offers a full online experience and an impressive array of loans, checking accounts, and budgeting tools.

You won’t find a Huntington Bank branch outside of its eight-state territory (Ohio, Pennsylvania, West Virginia, Illinois, Wisconsin, Indiana, Kentucky, and Michigan). But within that region, you’ll have access to about 1,800 ATMs, and you’ll have a checking account without hefty fees or unreasonable overdraft policies.

Huntington offers a 24-hour grace period for most overdraft charges, giving you time to make a deposit before facing a cascade of insufficient funds fees.

However, if you do incur overdraft fees, you’ll pay $37.50 per overdraft item, up to four times per day. This is several dollars higher than many other banks’ charges.


  • Competitive savings rate on Money Market accounts
  • Strong presence within its 8-state region
  • Low/no fees on basic checking accounts


  • Physical branches in only 8 states
  • High overdraft fees ($37.50 per transaction)
  • Extended overdraft fees ($25 every 5 days account is overdrawn)

Other Top Financial Institutions to Bank With

The following national banks did not make our list of the best banks but still have some great features worth checking out.

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  • Comment Author image blank
    Matt Reif
    This blog is really cool! I love everything you post but this one in particular stuck out to me. Fees suck! I am always looking for ways to save some money as well as make money on the money that is in my savings account. Thank you so much for sharing!
  • Comment Author image blank
    These are all good options, but I'm surprised to not see Schwab on the list. The ATM fees are reimbursed, the interest rates are often competitive, there's no minimum balance, and the overdraft terms are positive. You even have some options to consolidate accounts for investing and checking/savings.