Best Banks in Sacramento

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Ally offers a 4.00% APY with its Online Savings Account, which is one of the top interest rates on the market. To put this into context, a $10,000 balance would earn more than $1,698.59 in interest over a four-year span. There are no monthly fees associated with maintaining ownership of this account. Ally also doesn’t institute a minimum deposit requirement.

Are you on the lookout for a new checking account too? If so, the Spending Account from Ally is an equally compelling offer. For starters, money you deposit here will continue to earn interest at up to a 0.25% APY. Beyond this, you will also be able to use any of the Allpoint ATM network’s 55,000 machines around the world. Should you encounter an out-of-network ATM charge, Ally reimburses up to $10 per statement cycle.

The popularity of mobile banking is at an all-time high, and Ally is at the forefront of this market. Its mobile app has plenty of features, such as an in-network ATM locator, digital accounts statements, up-to-date transaction histories, mobile check deposit and a peer-to-peer money transfer service called Zelle®. Current users have reviewed the app more than 22,000 times to the tune of a 4.35-star rating out of 5.

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With more than 70 branches in the Sacramento area, Wells Fargo maintains a noteworthy physical presence both in California and the 38 other states in which it offers banking. In addition to physical branches, Wells Fargo also provides an extensive range of ATMs in Sacramento and nationally. It outnumbered its closest national competitor’s, U.S. Bank branch count by 20.

Some of the bank's basic products include checking and savings accounts, certificate of deposit (CD) accounts and IRAs. When it comes to rates, however, the bank doesn't offer competitive APYs for its savings accounts. Its CDs, on the other hand, generate higher rates with higher account balances.

Wells Fargo also provides more convenient banking through its online and mobile features. The mobile app gives users secure and easy access to its accounts. In addition, it enables users to make deposits and transfers, pay bills and monitor transactions. Furthermore, Wells Fargo's online banking also allows you to fulfill many of the same banking actions its mobile app does. No matter where you are, you'll have direct acccesss to all of your accounts

Runner up: U.S. Bank

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Founded in 1958, El Dorado Savings Bank currently operates around 19 branches in the Sacramento area. In addition, their branches also accompany their far-reaching ATM services. However, while the bank primarily functions in California, it also has a physical presence in Nevada.

The primary account options El Dorado offers include checking and savings accounts, money market accounts, CDs and IRAs. It also offers five different checking accounts that come with nonexistent or waivable monthly fees.

As with most financial institutions, El Dorado also provides mobile and online banking options. Therefore, if you don't feel like leaving your cozy living room, you can still directly access and manage your finances.

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Adding a strong savings account to your financial portfolio can be beneficial, especially if you’re looking at the CIT Savings Builder account. To earn its 1.00% APY, you must either deposit $100 a month or maintain a $25,000 balance. Considering the high-end nature of this rate, these requirements are fairly lax. All other accounts receive a 0.40% APY.

It’s not uncommon for responsible banking customers to own more than one type of savings account. If this describes you, here’s what else CIT can offer:

• Premier High-Yield Savings account
• Money market account
• 6-month to 5-year term CDs
• 2-year to 5-year jumbo CDs
• 1-year to 4-year “RampUp” CDs
• No-Penalty/11-Month CD

There are a number of features you can utilize through CIT’s mobile banking suite. Apple and Android users alike will be able to deposit checks remotely, transfer funds between their CIT accounts, take a look through their current and past account statements and more. As of right now, the app has an average rating of 3.85 stars out of 5 between the two competing app stores.

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Headquartered in Washington, Banner Bank offers a variety of banking services in several states, including California. For its most basic savings account, Banner Bank only offers a single APY for its low minimum deposit requirement. This account, called Connected Savings, allows you to earn at 0.02% APY for any deposits of at least $25. However, if you’re looking to open a money market account, you’ll be able to earn at greater rates. For instance, you’ll earn at a 0.10% APY with a minimum deposit of $100. In addition, higher deposits will earn you greater rates. Banner Bank’s highest money market rate, for example, grows your money at a 1.01% APY.

In addition to its Connected Savings and Money Market accounts, Banner also offers users its Best Savings account. The account also requires a $100 minimum deposit, but it allows you to earn at higher rates. Furthermore, its retirement accounts allow you to choose among traditional, Roth or Education IRAs.

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Farmers & Merchants Bank’s most basic checking account, Bronze Checking, requires a $100 minimum deposit to open. But it also offers five other checking accounts for the same minimum deposit requirement. However, the rates at which you can earn vary for each. For starters, you’ll be responsible for an $8 monthly charge for the bank’s Bronze account. But don’t worry. You can knock off the monthly fee in two different ways. You must either maintain a $500 minimum or $1,000 average daily balance to waive the monthly costs.

While you'll likely save the most when it comes to Bronze Checking, you'll earn higher APYs by opening a Platinum Checking account. This account similarly calls for a $100 minimum deposit, but it also requires a service fee of $50, though this is waivable. For instance, the balances below secure the following APYs:

Farmers and Merchants users will also be able to select among its Silver, Gold, College and Senior checking accounts. The Silver, Gold and Senior accounts, like the Bronze and Platinum accounts, also require a $100 minimum deposit. The College account, on the other hand, only requires $25. However, the monthly fees for each account vary.