The Ascent's 2024 Bank and Bank Account Awards

CIT Savings Connect has among the highest APYs we've seen for an account with no account fees or minimum balance requirement (though a $100 initial deposit is required to open it). It's a great fit for those who want a top-notch APY and a flexible online banking experience.

CIT Platinum Savings is a no-frills high-interest savings account that offers one of the highest APY’s on the market today — as long as you can maintain a $5,000 minimum balance. Plus, customers can make an unlimited number of transfers and withdrawals each month (many savings accounts have a monthly limit).

For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings is hard to beat. This combo account offers a strong APY on both checking and savings — which is a rare perk.

This free checking account is available to Schwab brokerage customers. Schwab offers unlimited domestic and international ATM reimbursements. Schwab also doesn't charge a foreign transaction fee (which can be 1% to 3% of the transaction cost). In addition, there is no minimum deposit requirement and no minimum balance requirements.

Ally's banking approach carries over to its money market account with a high APY and a focus on cutting routine account fees to $0, including monthly maintenance. What's more, there are no minimum balance requirements.

Barclays offers competitive rates on most common CD terms with no minimum balance requirements. There are no monthly fees, so you likely won't lose money unless you try to withdraw your funds early.

Ally High Yield CDs offer a variety of term lengths from three months to five years. We like Ally's saver-friendly features like no minimum deposits and lower-than-average withdrawal penalties.

Chase offers one of the largest branch networks in the nation, without neglecting the online experience, offering simple online and mobile tools to manage your funds. If you have one account with Chase, there's a good incentive to open up one or two more, with the bank's relationship benefits. What's more, the bank shines with its overall customer service.

The Discover mobile app consistently receives some of the highest customer ratings in app stores. You can view your account activity and make payments, but the standout feature here is Discover's Spend Analyzer, which can help with budgeting and savings goals.

Parents and teens have their own mobile app logins for the Capital One MONEY Teen Checking Account. Teens can manage their money, while parents have visibility and control, including the ability to lock the debit card. Capital One also has over 280 branches and over 50 Capital One Cafes, where account holders can bank, get a cup of coffee, and find advice from a certified money coach. In addition, the Capital One MONEY Teen Checking Account comes with no minimum deposit/balance requirements, no foreign transaction or overdraft fees, and early direct deposit availability.

Navy Federal Credit Union offers competitive rates on CDs for military members and their families, and ensures more money stays in your pocket by minimizing fees on all its accounts. Rates on checking and savings accounts aren't quite as high. But the other perks of Navy Federal Credit Union membership, including discounts on popular products and great customer service, could make up for this.

SoFi Bank offers a dual banking approach by pairing its checking and savings accounts, which both earn competitive rates. Along with scoring high APYs, customers gain access to several relationship benefits as SoFi members, like earning rewards redeemable for cash, fractional investment shares, statement credits, and loan payments. With no account fees or minimum balance requirement, SoFi is a great option for individuals looking for both a checking and savings account.

Bank of America's Preferred Rewards program offers top-notch perks to many of the financial products that Bank of America offers like credit card rewards and lower loan fees. However, there is a minimum balance requirement in order to become eligible, and there are five tiers in the program with their own qualifying balances.