Best Banks in California – October 2024

When it comes to managing your finances, having the right banking partner can make a big difference. With the variety of options throughout the state, identifying the best banks in California requires understanding your priorities.

This article will explore the top banking choices in California for different types of customers. We’ll look at the best banks for individuals, families, small businesses and more. You’ll learn about key factors to consider like fees, services, digital access and reputation.

Learning about the top California banks for various customer profiles will help you choose the best financial partner for your needs. Let’s get started.

Key Takeaways

• Low fees and high interest rates make Ally Bank and Marcus by Goldman Sachs top picks for savings accounts.
• U.S. Bank and Bank of America provide checking accounts and loans geared towards small businesses.
• Chase and Wells Fargo offer student perks like fee waivers and college education resources.
• SoFi and LightStream praised for personal loans with transparent terms and fast funding.
• National banks have extensive branches but local banks provide personalized community service.
• Golden 1 Credit Union and First Citizens Bank receive high marks for attentive customer support.
• Banks like Chase and Bank of America offer sign up bonuses up to $300 for new checking customers.

Overview of Banking Options in California 

Whether you’re just starting out or have been banking here for years, it helps to know your options. California residents can choose from a variety of financial institutions, including the top banks in California, to fit their needs.

• National banks: They have a large presence with branches around the state. Big names like Bank of America, Wells Fargo and Chase offer standard checking and savings accounts plus loans and credit cards. Their broad networks are great for those who travel frequently.
• Local banks: They take a personalized approach while providing full-service banking products. Community-focused banks like First Citizens strive to give excellent hometown service.
• Credit unions: They are nonprofit cooperatives owned by their members. At Golden 1 Credit Union, customers benefit from statewide access and competitive rates not found at traditional banks.
• Online banking: There  is another popular choice for its convenience and potential financial benefits. Digital-only banks provide everything you need from your device without ever visiting a branch. Ally Bank stands out for high-yield accounts, low fees and stellar customer service.

Criteria for Evaluating the Best Banks

When picking a financial institution, it’s important to weigh several important criteria. Carefully considering fees, interest rates, available services, accessibility options and more will help you select the best bank to suit your needs.

Fees

Bank fees can really add up if you’re not careful. Taking the time to understand common charges like monthly maintenance, overdraft and transaction fees is an important first step toward avoiding excess costs.

• Most banks charge monthly maintenance or service fees to maintain accounts. Waive these by keeping a minimum balance.
• Evaluate direct deposit requirements, overdraft fees and how many transactions are “free” per month. Exceeding limits can result in charges.
• ATM access is also key – check if your bank reimburses other banks’ ATM fees so you’re not paying extra to access your cash.

Interest Rates

How a bank pays interest on your savings can significantly impact your long-term financial growth. It’s wise to compare interest rates on deposit accounts to maximize returns over time.

• How a bank pays interest on your savings can significantly impact your long-term financial growth. It’s wise to compare interest rates on deposit accounts to maximize returns over time.
• Banks like Ally Bank and Marcus by Goldman Sachs are known for offering some of the best interest rates for savings accounts in California, allowing for faster growth over time. Be sure to compare APY (Annual Percentage Yield) rates when selecting the best option.
• Other accounts like CDs (certificates of deposit) and money market accounts should offer competitive returns too.
• If applying for loans, research and compare interest charges to minimize financing costs.

Customer Service

Dealing with customer service issues is an inevitable part of banking. Choosing an institution with a strong reputation for responsive, helpful assistance sets the stage for smooth sailing when challenges arise.

• Support should be accessible via multiple convenient methods like phone, email, online chat, text, and in-person.
• Get a feel for typical customer service wait times through things like phone hold periods.
• Read online reviews from third-party sites and the bank’s own customers to assess typical service quality.

Accessibility

Your preference for interacting with a bank face-to-face or digitally makes accessibility a key consideration. Evaluating branch locations and the usability of online/mobile options ensures easy access.

• Consider branch locations if you need in-person assistance or prefer depositing checks via tellers.
• Evaluate ATM access – some banks reimburse charges at other ATMs while others have extensive free networks.
• Online and mobile banking usability is also key. Easy website and app navigation is a must.

Products Offered

Beyond basic checking and savings, look for a bank with a variety of specialized accounts plus added perks like loans, investment tools and insurance to simplify your financial life.

• Research account options like checking, savings, money markets, CDs and more.
• Explore additional services like financial planning tools, loans, credit cards and investment products.
• Ensure your bank meets personal or business needs, like merchant card services for vendors.

Special Factors

One size does not fit all. Tailoring your search based on individual needs, like raising a family or running a business, leads to a best-fit banking partner customized for your lifestyle.

• Individual priorities may differ from families, small businesses and other customer profiles.
• Digital-first options can offer perks for technologically-savvy customers.
• Consider proximity to your zip code for maximum accessibility and service.

Top Banks in California for 2024 

With so many excellent options throughout the state, choosing the right banking partner can seem overwhelming. 

This section highlights some of the top-rated banks in California based on reviews, features and reputation. Knowing the industry leaders is a great starting point for selecting the best fit.

Chase

Chase is one of the largest national banks with extensive access across California. In addition to standard checking and savings accounts, Chase offers rewards credit cards, auto loans, mortgages and investment services through its more than 900 branches. 

Customers particularly like the mobile app convenience and free access to over 16,000 Chase ATMs nationwide.

Bank of America  

Bank of America maintains more than 1,100 branches to serve customers across California. Personal and business accounts come with tools like online bill pay and budgeting features. 

Bank of America earns praise for competitive interest rates on savings and solid online and mobile banking platforms.

Wells Fargo

Wells Fargo operates around 867 branches across California providing a full suite of consumer and commercial banking solutions. Its strong mobile app allows easy check deposit and money management on the go. 

While some like Wells Fargo for investment services, others report inconsistent customer service experiences.

U.S. Bank  

U.S. Bank strives to meet varied customer needs through numerous branches offering comprehensive checking, savings and loan options. 

Fees are minimal thanks to flexible options to waive monthly costs with direct deposit or balance requirements. Online services function seamlessly according to satisfied U.S. Bank users.

First Citizens Bank

Southern California-based First Citizens Bank focuses on local communities through personalized banking services. Its free-to-use mobile app makes account access easy whether on the go or at home. 

Money market customers receive unlimited monthly transactions with no fees. First Citizens earn cheers for competitive CD and savings rates.

Poppy Bank

Primarily serving Northern California regions, Poppy Bank contributes to communities through business and personal accounts tailored locally. 

Seniors over 55 have fee-free access while CD returns remain highly competitive year after year. Poppy shines through relationship-oriented customer care. 

SchoolsFirst Federal Credit Union  

SchoolsFirst Federal Credit Union stands out for its superb rates benefitting teachers, students and school employees across the state. 

Accounts feature no monthly charges and a full-service website delivers account maintenance on any device. Members applaud SchoolsFirst’s involvement in improving education.

Logix Federal Credit Union

Logix Federal Credit Union membership is open to all California residents seeking great banking value. Excellent interest on savings pairs with very low costs. Logix wins over tech-savvy users through robust digital services and proactive support whenever needed.

These leaders maintain top ratings thanks to their steadfast commitment to service, member value and transparency. All aim to sincerely meet Californians’ diverse financial needs now and into the future.

Best Banks for Specific Needs

When selecting a bank, it’s important to find one that matches your unique needs. Here’s a closer look at top options customized for certain customer profiles.

Best Savings Accounts in California

Look for high interest rates without fees draining your balance. Ally Bank and Marcus by Goldman Sachs earn praise as online banks offering some of the best savings accounts in California, paying around 4% Annual Percentage Yield (APY) on savings with no monthly costs or minimums. Their user-friendly platforms and customer service get high marks too.

Best Banks in California for Small Business

U.S. Bank and Bank of America support businesses of all sizes. U.S. Bank is considered one of the best banks in California for small business as it waives monthly charges on its Silver checking for small firms, while reputable customer assistance aids cash flow management. 

Bank of America offers easy cash deposit services plus rewards for merchant services through its multiple California offices. 

Best Banks in California for Students

Chase and Wells Fargo waive monthly charges on student checking when enrolled full-time, making them some of the best banks in California for students seeking to manage expenses. 

Chase allows access to over 16,000 ATMs for convenience while studying across locations. Wells Fargo offers educational webinars teaching budgeting skills to set students up for future success.

Best Banks in California for Personal Loans

SoFi and LightStream (part of SunTrust Bank) are considered among the best banks in California for personal loans. SoFi offers transparent terms without fees and funds quickly for college costs or debt consolidation. 

LightStream offers low interest over flexible terms while protecting applicants if unemployment occurs. Both are known for simple online applications and fast processing.

Comparing National Banks vs. Local Banks

When picking a bank in California, people often weigh the pros of big national banks against smaller local banks. Here’s a look at the key differences between the two types so you can find the best fit.

Services

Best National Banks in California like Chase and Bank of America offer a huge variety of accounts, loans, cards, and investments. These institutions are among the best national banks in California due to their extensive networks across the country, providing nationwide ATMs and specialty services like wealth management.

Local banks focus more on community needs. Places like Bank of Marin or Tri Counties Bank are among the best local banks in California, providing checking, savings, and loans for homeowners and small businesses. They make personalized service a priority.

Customer Support

Big banks have many customer service options but experiences vary. Some report feeling like just a number in busy branches.

Local banks are known for excellent support. As a familiar face, staff understand your situation and goals. Building relationships allows for tailored help.

Costs

National bank fees on accounts and transactions are often higher unless you meet balance requirements for waivers.

Local institutions typically charge less overall. This is great for small companies on a budget who value reduced costs.

Access

National banks win for accessibility with branches everywhere and transfers between locations. Good for frequent travelers or those who move a lot.

While local banks have fewer offices, their community focus means convenient service within the areas they serve best through in-person or online banking.

Who’s the Best Fit?

National banks suit people who want lots of convenient services everywhere, especially if traveling regularly.

Local banks provide top-notch personal care that makes them a smart pick for owning a small company where networking matters most.

Customer Service and User Experience 

Customer service is hugely important when banking – it impacts how easy or frustrating it is to manage your finances. When evaluating banks, it’s key to consider how they treat customers.

Why Customer Service Matters

Good customer support builds trust through being responsive, reliable and caring. Banks that prioritize customer service tend to get higher satisfaction ratings, making them more appealing choices.

Top-Rated Banks for Customer Care in CA

Based on reviews, these banks stand out for great service:

• Golden 1 Credit Union is known for friendly staff and personalized help. It consistently gets high marks and has an A+ rating from the Better Business Bureau (BBB).
• First Citizens Bank, based in Southern California, is often cited as one of the best banks in Southern California due to its attentive service and community ties. Customers say they receive warm, tailored attention that enhances banking.
• Chase has improved customer service through its mobile app and online support. Many praise their representatives as helpful.
• Checking Customer Service Quality

When choosing a bank, consider:

User reviews on sites like Yelp or Google to see customer experiences.

• BBB ratings to understand how well the bank resolves complaints.
• Available support channels like phone, chat or in-person help.
• Response times – how quickly do they answer questions or fix issues?

Focusing on these factors helps you find a California bank that offers great products and top-notch customer support for a positive banking experience.

Promotions and Special Offers

Many California banks offer enticing deals to attract new customers and reward existing ones. These promotions can significantly impact your choice of financial institution.

Offers to Check Out

Many top banks in California are currently rolling out enticing promotions and perks to attract new customers. Several stands outs offers worth considering include:

• SoFi Bank is giving up to $300 for opening a Checking and Savings account with direct deposits. A great way to earn money by simply switching banks.
• Chase Bank will deposit $300 in your new checking account after you set up direct deposits. Or earn up to $3,000 moving qualifying funds to their Private Client Checking.
• Bank of America provides $200 when you open an eligible personal account and receive $2,000 or more in direct deposits within 90 days.
• Wells Fargo offers $300 for opening an Everyday Checking with at least $1,000 in qualifying direct deposits in the first 90 days.

Benefits to Consider

These deals not only reward you financially up front but also encourage exploring all the bank’s services once you’re a customer. When choosing, weigh any promotions together with account features, costs, and customer service quality. Special perks can definitely impact your decision – especially if maximizing banking rewards is important.

So check for any current offers that could work for you from California’s financial heavy hitters. Taking advantage of special banking deals has its privileges!

Choosing the Right Bank for You

This concludes our overview of some of the top banks serving customers in California. Whether you value high interest returns, strong online tools, personalized attention or community involvement, choosing a bank aligned with your priorities will help you reach your financial goals. 

Each individual’s needs are unique – take time to research account options, fees, customer service reputation and available promotions from various institutions. 

Comparing multiple banks will help you identify the best fit depending on your unique banking, budgeting and lifestyle. Selecting a provider with the features that support what matters most in your situation sets the foundation for a positive relationship.

FAQs about best banks in California

When selecting a bank, it helps to understand your options. Here are answers to frequently asked questions about best banks in California: