Safest Banks in the U.S. to Trust With Your Money | The Motley Fool (2024)

American Express® National Bank

Bottom Line

American Express doesn't offer a checking account, but it does offer above-average rates for savings accounts. Plus, there are no monthly fees and a minimum of just $1 to earn the full APY. It's a good choice for funds you won't touch, like emergency savings or college funds.

Open Account for American Express® High Yield Savings

Open Account for American Express® High Yield Savings

Capital One

Bottom Line

Capital One Bank offers all of the key features you'd expect to find with an online bank -- high APYs, no maintenance fees, and no minimum deposit requirements -- as well as some you don't. The bank has a reputation for great customer service, its mobile app consistently receives high marks from users, and its CD products are top notch.

Open Account for Capital One 360 Performance Savings

Open Account for Capital One 360 Performance Savings

SoFi

Bottom Line

Savers who want a high APY

Open Account for SoFi Checking and Savings

Open Account for SoFi Checking and Savings

For those who plan to set up direct deposit with their new account, we thinkSoFi Checking and Savingsis hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns above-average, too — which is a rare perk. Plus, there’s the opportunity for an up to $300 bonus and a long list of extra account features. Frankly, it’s the kind of combo that could make it worthwhile to switch banking relationships.

You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.

Axos Bank

Bottom Line

Axos Bank does its best to make managing your money flexible and easy, and its Rewards Checking product is a stand out option. It does this by offering fee-free accounts and a variety of checking account options. Additionally, Axos provides domestic ATM fee reimbursem*nts (so you're not tied to a single ATM network). It's also one of the few banks to offer a free ATM card for its savings account.

Open Account for Axos Bank Rewards Checking

Open Account for Axos Bank Rewards Checking

A solid checking account with an APY that far outpaces the competition. The fact that it also has no maintenance fees and no overdraft or NSF fees are the cherries on top.

To be eligible to earn all or a portion of the cash incentive as part of the "AXOS300" $300 promotion, an Axos Bank Rewards Checking account that includes the promotional code "AXOS300" must be opened between November 1, 2023, at 12:00 am PST and June 30, 2024, at 11:59 pm PST. Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year, and customers who have held primary ownership of an Axos Bank or Axos Bank for Nationwide checking account at any time in the past 12 months may be disqualified from the "AXOS300" offer. Promotional terms and conditions are subject to change or removal without notice. Bonus cash may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After meeting the initial requirements mentioned above, the amount of cash bonus earned will depend on meeting the additional requirements outlined below:

To earn up to a $300 bonus, you must be approved for your new Axos Bank Rewards Checking account, fund it within 30 days of account opening, and have qualifying direct deposits that total at least $5,000.00 each calendar month during the first seven (7) calendar months your account is open as well as maintain a minimum average daily balance of $7,000. The minimum balance must be achieved and maintained through the first seven (7) calendar months your account is open including the month in which your account was opened. A cash bonus of up to $300 can be earned in the following manner during the first seven (7) statement cycles. A statement cycle is a calendar month consisting of the days your account was open during that month. A maximum of six (6) payouts of $50 for each calendar month that the Rewards Checking account is receiving the direct deposit and maintain a minimum average daily balance of $7,000 can be earned during the seven (7) statement cycles, and the bonus will be deposited into your Axos Bank Rewards Checking account within 10 business days following the end of the statement cycle in which the direct deposit requirement was met. Your Axos Bank Rewards Checking account must be open and in good standing at the time the bonus is paid to be eligible to receive the bonus, and your Axos Bank Rewards Checking account must remain open for 210 days, or an early closure fee of up to $300 may apply, equal to the amount of the total bonus earned up to $300.

A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit.

A statement cycle is defined as a period of time that starts on the first day of the calendar month and ends on the last day of the calendar month.

Quontic

Bottom Line

Quontic Bank offers high CD rates with low minimums and a variety of terms. While the bank doesn't offer 4-year CD terms, you can still build a CD ladder with shorter lengths, such as 6- and 12-month terms.

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Western Alliance Bank

Bottom Line

While rates are higher than most, Western Alliance Bank does not operate like your traditional bank. All deposits are managed through a secure digital platform called Raisin. Raisin accounts are fairly bare-bones, without the features offered by other banks.

Chase

Bottom Line

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.

Open Account for Chase Total Checking®

Open Account for Chase Total Checking®

• New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
• Access to more than 15,000 Chase ATMs and more than 4,700 branches
• Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
• JPMorgan Chase Bank, N.A. Member FDIC
• Open your account online now
• Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
• Chase Overdraft Assist℠ – no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*

Wells Fargo

Bottom Line

Wells Fargo offers a variety of banking accounts and relationship benefits, including rare perks like loan discounts to those with multiple accounts. It's also one of the few banks to offer a debit card to savings account customers, and its branch network shines with a large national footprint.

U.S. Bank

Bottom Line

U.S. Bank offers strong relationship rewards to customers who open multiple accounts. It also offers a variety of checking accounts and some rare CD and loan options. Those interested in money market accounts will also appreciate that U.S. Bank has several to choose from.

PNC Bank

Bottom Line

PNC Bank seems to go the extra mile to ensure its customers have a good experience. It offers relationship benefits that reward customers for opening multiple accounts and keeping large sums in the bank, and it's also earned a lot of praise from third parties for its excellent customer service. PNC's APY is competitive and the bank offers some impressive banking options for students.

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