Motley Fool Money's 2023 Bank and Bank Account Awards award banner Motley Fool Money's 2023 Bank and Bank Account Awards

Author: Jake FitzGerald | Updated

How we chose the winners

To determine the Best Bank and Bank Accounts awards for 2023, Motley Fool Money’s experts evaluated accounts focusing on industry factors and user benefits, including:

  • Competitive APYs
  • Account fees
  • Minimum balance requirements
  • Minimum opening deposit

Top-rated offerings were selected that we think represent the top pick for most people. Our final awards winners were determined by vote to ensure objectivity, with a final Golden Rule check: Would we recommend them to a family or friend? Special attention was also paid to:

  • Tiered APY qualifications
  • Introductory APYs
  • App performance
  • Funding and withdrawal options

We’ve also included some Editors’ Choice awards. These awards are favorites from our team, tailored to unique consumer needs, allowing us to explore a more diverse range of offerings and user experiences.

Best Online Savings Account

Marcus by Goldman Sachs Online Savings Account

Marcus by Goldman Sachs Online Savings Account
Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Marcus by Goldman Sachs shines with its high APY, no minimum balance requirement, absence of monthly fees, and fantastic customer service. Its consumer-centric approach distinguishes it from the rest.

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Best High-Yield Savings Account

UFB Portfolio Savings Account

UFB Portfolio Savings Account
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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UFB has one of the highest APYs offered for any savings account right now along with no balance requirements. Although it’s a savings account, the easy ATM access is a nice benefit.

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Best Checking Account

Axos Bank Rewards Checking

Axos Bank Rewards Checking
Rating image, 4.25 out of 5 stars.
4.25/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.25 out of 5 stars.
4.25/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Axos makes it easy to earn a high APY on your checking account balance. With zero to small fees and minimums, you can get started with not much in your account. And don’t worry about using ATMs where you need to!

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Rewards Checking disclosure:

To be eligible to earn all or a portion of the cash incentive as part of the promotional offer "RC500," an application for a Rewards Checking account must be submitted between 06/20/2024 at 12:00 am PT and 07/31/24 at 11:59 pm PT.

Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After initial requirements above are met, the amount of incentive earned will depend on meeting the additional requirements outlined below:

Rewards Checking bonus up to $500: You must be approved for your new Rewards Checking account and fund it within 60 days of account opening. An incentive of up to $500 can be earned during the first six (6) statement cycles, starting in the statement cycle thirty (30) days after the account is opened. A statement cycle is a calendar month consisting of at least one day your account was open during that month. You can earn a maximum of five (5) payouts during the six (6) statement cycles, and the incentive will be deposited into the qualifying account within 15 business days following the end of the statement cycle in which the requirements were met.

$100 will be earned for each statement cycle, up to $500, when you meet two requirements during that statement cycle: 1) your Rewards Checking account receives qualifying direct deposits at least $1,500.00 in total, and 2) the average daily balance in your Rewards Checking account is at least $3,000.

Your Rewards Checking account must remain open and in good standing at the time the incentive is paid to be eligible.

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. Account transactions may take one or more business days from the transaction date to post to the account.

Best Money Market Account

Ally Money Market Account

Ally Money Market Account
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Ally is a pretty clear winner here. It maintains a competitive APY along with being at the top of the industry when it comes to fees and balance requirements. And with ATM access and benefits of more traditional accounts, it reigns supreme.

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Best CD Account

Barclays

Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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With competitive rates, the ability to ladder, and either no or low fees and deposit minimums, Barclays can take care of all of your CD needs in one place.

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Best Checking Account for ATMs

Schwab Bank Investor Checking™

Schwab Bank Investor Checking™
Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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With unlimited free ATM reimbursements worldwide, Schwab takes the cake here. Schwab is a great option domestic or abroad, comes with plenty of perks, and an APY that consistently beats the competition.

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Best Bank for Branch Access

Chase

Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Chase doesn’t top the list with most locations nationwide, but it comes in second place and is in more states than any other challenger, giving it the edge here. Most people live close to a location and its ATM network spans the country as well.

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Best Bank for Travelers

Charles Schwab Bank

Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Schwab is just the king here. With little to no fees and minimum balance, the terms don’t change when abroad. Feel free and confident to use any ATM you encounter and your debit card wherever you find yourself.

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Best Bank App

Ally

Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Ally is extremely user friendly, has built-in payment options, bill pay tools, visual data and more. Whether you want to budget, save, invest, set goals or anything else, the Ally app is there to help!

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Best Bank for Students

Chime®

Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Chime offers a great variety for students. It can be easily managed on a phone on-the-go, allows access to fee-free ATMs, and has built in savings systems. Chime is convenient while helping establish great foundational financial habits.

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Best Bank for Veterans

Navy Federal Credit Union

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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There are a handful of great options for Veterans, but Navy Federal stood out in a couple of areas. With a small minimum deposit requirement and an extremely competitive APY, you can’t go wrong with Navy Federal.

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Best Digital-Only Bank

SoFi®

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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SoFi offers so many solutions in one that it can be some people’s digital one stop shop for everything personal finance. From bank accounts, to investing, to credit cards, and more it stays competitive in every area. Get the best of every world with SoFi.

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Editors' Choice: Best Customer Loyalty Program

Bank of America

Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Bank of America’s Preferred Rewards program is the top of the line. It allows users access to banking discounts, rewards and perks like bonuses on Bank of America credit cards, fee-free ATMs, and the ability to eliminate fees.

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Editors' Choice: CD Laddering

Synchrony Bank

Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Synchrony is a great spot for so many people to take advantage of CD laddering. With high, steady rates across the board, a variety of term lengths, and other top-tier banking offers, you can’t go wrong here. Be sure to check out Synchrony to see if it’s right for you.

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About the Author

Jake FitzGerald
Jake FitzGerald

Jake is a full-time Editorial Strategist for Motley Fool Money, focusing primarily on our content production and distribution channels. He specializes in all thing credit cards and wants to make sure each person has the best card for them. While spending the last decade editing financial content, he has the ability to spend an entire day tailgating, the inability to take himself too seriously, and lives with a putter he’s not currently speaking to.