Finding the Best Banks in San Diego
As the second-largest city in California, San Diego boasts hundreds of bank locations where you can open an account. Whatever kind of bank account you want, you will have many options. That’s why SmartAsset put in the work to create this list of the best banks in the city. Keep reading to find the banks with the top savings and checking accounts, as well as the most accessible banks in San Diego.
|Ally Bank Read More||1.50%||$0|| |
|Wells Fargo Read More||0.01%||$25|| |
|Comerica Bank Read More||0.01%||$50|| |
|CIT Bank Read More||1.75%||$100|| |
|First Republic Bank Read More||0.15%||$25|| |
|U.S. Bank Read More||0.01%||$25|| |
|Zions Bank Read More||0.02%||$50|| |
|Bank of America Read More||0.03%||$25|| |
How We Determine the Best Banks in San Diego
SmartAsset’s banking experts found the 15 most popular banks in San Diego by number of branches available in the city. Among those, we then selected the best national and regional banks and chose the best savings and checking accounts based on their minimum balance requirements, annual percentage yields (APYs), fee structures and overall ease of accessibility.
Ally Bank: The Top Savings Account
Saving money for the long haul becomes significantly easier when you have a strong savings rate to help out. Ally’s Online Savings Account comes with a 1.50% APY that compounds on a daily basis, so your account will receive interest each and every day. Minimums and fees are completely nonexistent with this account, meaning every dollar you earn stays in your pocket.
The Ally Interest Checking Account can help you extend your savings potential, while having all the perks of a checking account. Your interest rate will be variable, as accounts with a minimum daily balance above $15,000 receive a solid 0.50% APY. Should your minimum daily balance fall short of that benchmark, a 0.10% APY is applied to your balance. Withdrawing money from your account is as easy as visiting any one of the Allpoint network’s 55,000 fee-free ATMs. Ally offers reimbursements for out-of-network ATM charges, up to $10 per statement cycle.
Ally is a branchless bank, so its mobile banking app is where a large percentage of your account management will occur. Through this platform, you can view digital versions of your account statements, deposit checks remotely, find fee-free ATMs and transfer money to friends and family. Across 22,000 customer reviews on the Apple and Android app stores, the Ally app holds an average rating of 4.35 stars out of 5.
Best National Bank With Branches in San Diego: Wells Fargo
Wells Fargo has more than 100 branch locations in San Diego (and more than 1,000 in the state of California). That’s 10 more than Chase, the bank with the second-most locations. Wells Fargo is a large, national brand, so you also have the ability to visit branches outside of the city and even outside of California if you travel. The bank actually has locations in 40 states plus Washington, D.C.
Another advantage of working with such a large bank is that Wells Fargo offers basically any financial service you may want. You can get simple savings and checking accounts. There are retirement accounts and CDs from Wells Fargo. You can get credit cards, loans and more comprehensive help from a financial advisor.
The bank also offers robust mobile and online services. So if 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
Best Regional Bank: Comerica Bank
Comerica Bank has a variety of bank accounts and financial services. If you are looking for a savings or checking account, Comerica Bank has multiple options to choose from. The interest rates aren’t very high though, so if you’re looking for a savings account, consider a money market account (MMA) instead. You can also earn a higher interest rate by opting for a certificate of deposit (CD).
One thing to note is that you will have to pay monthly fees on most account types unless you maintain a certain balance. Certain high-level accounts require you to have a large amount in deposit across all your Comerica Bank accounts. For example, a Comerica Platinum Circle Checking® account requires you to have at least $50,000 on deposit across your accounts. However, some accounts of these higher-level accounts also come with additional benefits, such as discounts on loans through the bank.
Best Savings Account Rate: CIT Bank Savings Builder Account
The main purpose of any savings account is to stockpile cash and have it grow. The Savings Builder account from CIT has a fantastic 1.75% APY, though there are some conditions for this. To be specific, only customers that either deposit $100 a month or maintain a balance of $25,000 receive this rate. A 1.15% APY is attributed to all other accounts. All you need is $100 to become an account holder.
Although the Savings Builder account might seem like a perfect fit, CIT has a wide range of other savings products as well. Here they are:
- Premier High-Yield Savings account
- Money market account (MMA)
- 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
If you’re a fan of mobile banking, CIT’s mobile app holds a solid rating of 3.85 stars out of 5 between the Apple and Android app stores. The app features digital account statements and transaction histories, account-to-account transfers and mobile check deposit. Those who own a CIT MMA have a distinct advantage, though, as they’ll gain access to “People Pay,” which allows you to send money directly to friends and family.
Runner-up for Best Savings Account Rate: First Republic Bank
In general, the interest rates from First Republic Bank are high. The caveat is that the deposit minimums are higher than at other banks. For example, a Passbook Savings account has a rate of 0.15% (higher if you have at least $20,000) but the minimum deposit if $500 to open an account. If you can afford that minimum, an account is definitely a good option.
Another type of savings account to consider is a CD. The short-term CD rates from First Republic Bank aren’t always the most competitive (make sure to compare CD rates) but the long-term rates are more in line with some of the best on the market. Again, the CDs come with a higher-than-average deposit minimum of $10,000.
Best Customer Service: U.S. Bank
There are just under 80 U.S. Bank branch locations in San Diego. If you work with any of those branches, you can feel pretty confident that you will get good customer service. According to J.D. Power’s U.S. Retail Banking Satisfaction Study in 2017, U.S. Bank ranked second in California. This study considers multiple factors, 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.
U.S. Bank also has a wide range of financial products in addition to its standard savings and checking accounts. For example, you can open money market accounts, credit cards and you can get multiple types of loans.
Best Low-Cost & High-Yield Checking Accounts: Zions Bank
Zions Bank doesn’t have a lot of locations outside of the Western U.S. but does have two dozen branch locations in San Diego. This could make it a good banking choice if you want a regional bank instead of a larger, national bank.
In general, the interest rates with savings and checking accounts are higher at Zions Bank than with other large banks. The lowest rate for an interest-bearing checking account is 0.02% (for the Anytime Interest Checking account). You can also get slightly higher rates if you qualify for a higher level checking account. National banks generally have an interest rate around 0.01% on similar checking accounts. The minimum to open these accounts with Zions Bank is also just $50. There is a monthly fee but you can waive it if you maintain a certain balance (such as $1,500 in the Anytime Interest Checking account).
If you are opening a checking account with Zions Bank, you may also want to consider a savings account as the rates are also higher than at other large banks. Customers who don’t need to visit a branch should also consider the high rates of online accounts.
Best for Students: Bank of America
High school and college students may find it difficult to choose a bank with so many options available. The advantage of working with a big bank like Bank of America is that it offers the accounts and products you need now in addition to those that you may need in the future.
Through Bank of America® Student Banking you can waive monthly fees so that you aren’t losing money just as you start to build your savings. The mobile app also allows you to handle your money and accounts no matter where you are. Need to send money to someone? The bank’s app has a product to help you with that.
As you move beyond school, Bank of America can also help you with credit cards, auto loans, home loans and investing.
Additional SmartAsset Bank Reviews in California
Didn't find the best bank for you? Consider the following banks in your area.