The best banks in America-Susie Poppick and Taylor Tepper with Kara Brandeisky

Illustration: Ryan Snook

Why are you settling when it comes to your bank? You probably don’t have any plans to leave your financial institution. Only 5% of Americans have changed banks in the past 12 months, according to a recent J.D. Power & Associates poll, and a mere 3% said they’d definitely move in the next year. Plus, consumers now have a positive view of the industry for the first time since 2007, Gallup found—a result pegged partly to improvements in customer service.

That’s all well and good, but research from our fourth annual effort to identify the best banks in America suggests that more folks ought to pack up their deposits and go.
In analyzing checking, savings, and CD terms from 70 of the nation’s largest banks, MONEY found a lot not to like. For example, 80% of checking accounts now have monthly maintenance fees. And the average is $15, so you could pay $180 a year if you can’t overcome the hurdles to avoid the charge. (Minimum-balance requirements now commonly top $2,500, by the way.) Use an out-of-network ATM twice a month, and you’ll foot $55 more a year, before surcharges levied by the banks that own the ATMs. All told, you’re out hundreds of dollars.
And for what reward? The average interest on $10,000 in savings is 0.10% at brick-and-mortar banks, so that’s all of 10 bucks you’re getting back.
While banks’ new attention to customer service is terrific, a great handshake shouldn’t keep you in a bad relationship. Fees and interest are still paramount in deciding where to stash your hard-earned cash. The winners here will give you back more than they take from you.
THE BEST BIG BANK
Best for you if ... You want to be able to find a branch anywhere you go. For this category, MONEY evaluated the top banks by retail deposit size that had more than 1,000 branches (12 in­sti­­tu­tions in total). The advantage of these mega­banks is that you’ll be able to access tellers and ATMs across the U.S.  Be prepared to make costly sacrifices for convenience, though: The average yield on a $10,000 savings balance at these large institutions is 0.04% a year ($4), vs. 0.47% ($47) at online banks. And only two megabanks offer free checking.
Winner: TD Bank
Branches: 1,300 in 15 states and D.C.
Why it’s a winner: The best interest rates on a checking and savings package among megabanks for those with high balances (see “Standout Accounts”). Plus, Premier Checking has no out-of-network ATM fee and reimburses surcharges from other-bank ATMs—together, unusual for a bank of this size.
And if you can’t keep more than $12,500 in the bank? While TD has no free accounts, its Convenience Checking and Simple Savings allow you to skirt maintenance fees with low $100 and $300 minimums, respectively.
Finally, as TD is open Saturday, Sunday, and late on weekdays, it had the second-longest hours of banks surveyed.
Caveats: While TD had the best package of accounts among big banks, you’ll do better at the midsize or online winners. Also, rates at right are available only if you have both accounts and link them.
Standout Accounts:
Premier Checking—Maintenance fee: $25
—Minimum balance to waive fee: $2,500
—ATM fee: $0, plus reimburses unlimited surcharges with $2,500 balance
—Interest on $2,500: 0.05%
Relationship Savings
—Maintenance fee: $14–$15
—Minimum balance to waive fee: $10,000
—Interest on ...

• $2,500: 0.10%
• $10,000: 0.35%
• $25,000: 0.45%

THE BEST ONLINE BANK
Best for you if ... You want to keep your checking and savings at one institution but care more about ATM freedom and better-than-average terms than being able to visit branches. For this category, MONEY looked at the 12 biggest online banks that offer both checking and savings accounts. On average, these online banks offered better deals than brick-and-­mortar ones of all sizes.
Winner: Ally
Branches: None
Why it’s a winner: Offers the best package of checking and savings available—with comparatively high interest rates on both accounts, no maintenance fees, and the freedom to use any ATM without cost. While the yield on checking dropped in the past year from a minimum of 0.40% to 0.10%, that’s still (depressingly) three times the average for online banks. And on any balance over $15,000, you get 0.60%, the highest rate for that amount across all checking accounts surveyed. More important, the rate on savings—which barely budged—is the highest offered by an online bank with both checking and savings accounts.
Another feature we liked: 24/7 customer service by phone or IM.
Caveat: A few online banks, including Barclays, pay slightly higher rates on savings, but those banks do not also offer checking.
Standout Accounts:
Ally Interest Checking
—Maintenance fee: $0
—ATM fee: $0, plus reimburses unlimited surcharges
—Interest on $2,500: 0.10%
Ally Online Savings
—Maintenance fee: $0
—Interest on all bal­ances: 0.90%
THE BEST MIDSIZE BANKS
Best for you if ... You want more personal relationships and better terms than you get at megabanks, without sacrificing branch accessibility. For this category, MONEY evaluated brick-and-mortar banks on our list with fewer than 1,000 branches. Compared with megabanks, these midsize banks had marginally higher savings yields (average 0.12% on $10,000) and fewer fees (almost half have a no-fee checking account).
East Winner: Capital One
Branches: 900 in Connecticut, D.C., Delaware, Louisiana, Maryland, New Jersey, New York, Texas, and Virginia
Why it’s a winner: Comparatively high yields on no-fee accounts. The first year is especially profitable, thanks to hearty intro rates—on savings, you’re kicked up to 0.75% once your balance tops $10,000. High-Yield Checking also has a generous ATM policy.
Caveats: You need a $5,000 balance across accounts or a mortgage in good standing to keep High-Yield Checking. A bank rep wouldn’t commit to post-intro rates—but said older High-Yield Checking accounts now pay 0.20% and newer Essential Savings will reset to a “competitive rate.”
Standout Accounts:
High-Yield Checking  
—Maintenance fee: $0
—ATM fee: $0, and re­imburses up to $15 in surcharges a month
—Interest on $2,500: 0.40% for a year, then …?
Essential Savings
—Maintenance fee: $0
—Interest on ...

• $2,500: 0.10%
• $10,000: 0.10%
• $25,000: 0.75% for six months, then …?

South Winner: BBVA Compass
Branches: 673 in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas
Why it’s a winner: Higher-than-average yields on premium savings and checking, with easy-to-waive fees and decent outside ATM policies. For low ­balance holders, BBVA Compass offers free checking, and a savings account that lets you skirt fees with a $500 balance or $25 monthly transfer.
Caveats: You can do the same or better on yields with our best big bank.
Standout Accounts:
ClearChoice Premium
—Maintenance fee: $15
—Minimum balance to waive fee: $5,000 across checking and money-market accounts
—ATM fee: $0, and two surcharge reimbursements per month
—Interest on $2,500: 0.05%
ClearChoice MoneyMarket
—Maintenance fee: $15
—Waived with: $25+ fund transfer per month
—Interest on …

• $2,500: 0.10%
• $10,000: 0.15%
• $25,000: 0.20%

Coasts Winner: Popular Community Bank
Branches: 68 in California, Florida, New Jersey, and New York
Why it’s a winner: Above-average yields on both checking and savings, with low fees that are relatively easy to waive. Also, while the bank has few branches, you can access cash free via the 38,000 ATMs in the Allpoint network.
Caveats: You need to maintain a checking account with a $250 balance to get the savings rates below.
Standout Accounts
Investor Checking—Maintenance fee: $10
—Minimum balance to waive fee: $1,000
—ATM fee: $2
—Interest on $2,500: 0.10%
Relationship Savings
—Maintenance fee: $4
—Minimum balance: $250
—Interest on ...

• $2,500: 0.26%
• $10,000: 0.26%
• $25,000: 0.30%

West/Midwest Winner: TCF
Branches: 381 in Arizona, Colorado, Illinois, Indiana, Michigan, Minnesota, South Dakota, and Wisconsin
Why it’s a winner: The rate on higher savings balances bested all banks surveyed. Meanwhile, Premier Checking pays a little interest, with a lower-than-average minimum; and TCF has no-minimum, no-fee checking as well. TCF also had the longest hours of all banks surveyed—73 per week and 18 on the weekend (vs. averages of 50 and 6, respectively).
Caveat: Competitor FirstMerit, which operates in some of the same states, has checking with better perks: $0 ATM fee and 0.10% yield on up to $10,000. But that account has a much higher $5,000 minimum.
Standout Accounts:
TCF Premier Checking—Maintenance fee: $15
—Minimum balance to waive fee: $2,500
—ATM fee: two free per statement cycle, then $3
—Interest on $2,500: 0.03%
TCF Premier Money Market
—Maintenance fee: $10
—Minimum balance to waive fee: $1,000
—Interest on …

• $2,500: 0.10%
• $10,000: 1.09%
• $25,000: 1.09%

Culled from Yahoo finance