Best Banks in California

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Bank accounts with high interest rates offer strong growth potential over the long-term. So if saving money is your main desire, the 4.00% APY of the Ally Online Savings Account likely looks rather appealing. By the same token, Ally provides solid interest rates to checking customers. The bank’s Spending Account has a variable interest rate that depends on whether or not your minimum daily balance is over $15,000 or not. Accounts above and beneath that marker receive a 0.25% and 0.10% APY, respectively. There are no fees or minimums incorporated with either of these accounts.

The quality of a bank like Ally is anchored in its mobile services. In turn, Ally has included an ATM locator, digital account statements, mobile check deposit, automatic bill pay and more within the confines its app. You can even send and receive money from friends and family through Zelle®, a peer-to-peer money transfer program that’s partnered with Ally. Both Apple and Android devices are eligible to download Ally’s mobile app. Between these two competing stores, the app has garnered an average rating of 4.35 stars out of 5.

The ease and availability of cash withdrawals is a major question that often follows online banks. To avoid concerns regarding this, Ally has joined the Allpoint ATM network that’s 55,000 machines strong. There is absolutely no charge associated with the use of these ATMs for Ally customers. As a backup plan, Ally provides up to $10 in out-of-network ATM fee reimbursements per statement cycle.

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Wells Fargo has more than 1,000 branch locations in California. That’s about 60 more branches than the bank with the second-most locations, Chase. However, the advantage of working with a national bank is that it also has branches across the country. Frequent travelers will find locations in 40 states (plus Washington, D.C.).

No matter what kind of kind of account you’re looking for, Wells Fargo likely has it. There are multiple savings and checking accounts, some of which are specialized for specific customers. For example, there is a checking account that is only available to teens. You can also find retirement accounts and certificates of deposit (CDs) from Wells Fargo.

Beyond bank accounts, there are also services like credit cards and auto loans. If you need more comprehensive help with your finances, Wells Fargo offers the ability to talk with a financial advisor.

Wells Fargo’s mobile and online services are also robust. Whether you want to open an account, find a loan, search mortgages or learn more about wealth management services, you can find it online.

Runner-up: Chase Bank

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Requirement-based savings rates can often be hard to reach, but CIT has broken that mold, to a certain degree. All you need to do to earn the bank’s 1.00% APY is maintain a minimum balance of $25,000 or more or ensure that you deposit at least $100 into your Savings Builder account each month. Those who fail to meet these specifications will see their rate shrink to 0.40%. Additionally, the account calls for an $100 initial deposit.

CIT is an online- and mobile-only bank, which is a fairly new phenomenon, but the financial institution appears to handle this set-up well. The bank’s mobile app is available for both Apple and Android devices, and it has an average rating of 3.85 stars out of 5 between the two stores. The app features all of the standards, including digital account statements and transaction histories and inter-account transfers. CIT will allow you to remotely deposit checks through the app as well.

Outside of CIT’s Savings Builder, customers can open a number of different accounts. The bank has the Premier High-Yield Savings account, a money market account and a selection of term CDs, jumbo CDs, no-penalty CDs and more.

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With about 650 branches in California, U.S. Bank has a large presence in the state. You can also feel confident that you will receive good customer service.

According to J.D. Power’s U.S. Retail Banking Satisfaction Study in 2017, U.S. Bank ranked second. This study takes a number of factors into account, including a bank's ability to handle customer issues, the frequency of its branches, its fee schedules and its product offerings. The rating provides good insight into how a bank deals with customers.

You can also feel confident banking with U.S. Bank because it has a wide range of financial products. In addition to standard savings and checking accounts, you can open money market accounts, credit cards and a number of loans.

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New college students can get off on the right foot financially by working with East West Bank. With just a $100 minimum deposit, you can open a Student Plus Savings account that earns interest at 0.01%. There is a $3 monthly fee, but East West Bank will waive the fee if you have at least one direct deposit sent into the account each month.

The Student Plus Checking account also has features that help make it easier to handle your money. For example, it has no monthly maintenance fee. When you open an account you will also get a Visa® debit card. As long as you use that debit card for ATM withdrawals, East West Bank will reimburse you each month for all out-of-network ATM fees. The downside with the Student Plus Checking account is that it doesn’t earn interest. That means it may be a good idea to couple it with the savings account to better meet your banking needs.