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Choosing a bank can feel overwhelming. They all kind of blend together, right? But the truth is, it's less about the brand name and more about what fits your life. Picking the right bank is about knowing what matters most to you -- whether that's low fees, easy access, or better interest rates.
I've been through a few types myself. Growing up, I banked with a local credit union -- loved the personal touch and low fees. Then I switched to Chase because of convenience and all the branch locations. Now, I mostly use LendingClub, an online-only bank, because of the higher savings rates and fewer fees. Different stages, different needs.
Below, I'll walk you through how to find a bank that fits your needs.
Banks come in all shapes and sizes. Here are the main types, each with their own vibe:
Pick the type that fits how you like to bank. If you're comfortable doing everything on your phone and want high interest, online banks usually win. If you want in-person help and easy ATM access, regional banks or credit unions might be better.
Keep reading: A Beginner's Guide to Opening and Managing Your Account
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
Account | APY | Promotion | Next Steps |
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
4.50/5
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.
|
up to 3.80%
Rate info
Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 7/10/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by
8/12/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation
Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated
interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates
are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see
3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi
Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
|
Earn up to $300 bonus with direct deposit. Plus, new customers earn an extra 0.20% APY on savings for up to 6 months with direct deposit (terms apply) -- that equals up to 4.00% APY!
Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 7/10/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 8/12/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
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Open Account for American Express® High Yield Savings Account
On American Express's Secure Website.
4.00/5
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.
|
3.50%
Rate info
3.50% annual percentage yield as of July 29, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings Account
On American Express's Secure Website. |
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Open Account for Barclays Tiered Savings
On Barclays' Secure Website.
5.00/5
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.
|
3.90%
Rate info
Balances less than $250,000 earn 3.90%, and balances greater than $250,000 earn 4.10%.
Min. to earn: $0
|
N/A
|
Open Account for Barclays Tiered Savings
On Barclays' Secure Website. |
Ask yourself: What will I do most with this bank? Are you:
Knowing what you need helps you zero in on accounts designed for your habits. For example, some banks waive fees if you have direct deposit, and others refund ATM fees when you travel.
Not all checking or savings accounts are created equal. Look for:
Compare the fine print. The best accounts fit your goals and save you money.
This one's non-negotiable: The safest banks are FDIC insured (or NCUA insured if it's a credit union). This insurance protects your deposits up to $250,000 if the bank fails.
It's easy to check for FDIC insurance on the official FDIC website. Credit unions have similar protections via the NCUA.
If you're banking digitally (and most of us are), a slick app can make a big difference. Can you:
Read reviews on the App Store or Google Play to get a feel for real user experiences. A frustrating app can make banking annoying, so this is worth a few minutes of research.
Once you've done your homework, pick the bank and account that match your priorities. Most banks let you apply online and fund your account with a transfer or deposit.
Decide if you want a personal account, joint account, or a business account, then follow their instructions. From there, set up direct deposit, link any apps you use, and start managing your money.
Choosing a bank isn't a forever commitment. If your bank doesn't work out, you can switch. But starting with a clear idea of what you want -- and doing a little research -- makes a huge difference.
You don't have to chase the flashiest perks or the biggest bank. Pick the one that fits your money habits and makes banking feel easy. Then, keep an eye on your account and fees, and you're good.
Our favorite banks offer some of the highest savings rates out there. Check out our best high-yield savings accounts for the top picks that help your money grow faster -- without the hassle.
Check that the bank is FDIC insured (or NCUA insured for credit unions). This protects your deposits up to $250,000 if the bank fails.
It depends on your needs. Local banks and credit unions offer personal service and easy ATM access, while online banks usually offer better rates and lower fees.
Look for monthly maintenance fees, overdraft fees, ATM fees, and paper statement fees. Many banks waive fees if you meet certain requirements.
Absolutely! You can open different accounts for different purposes, like a high-yield savings account at one bank and a checking account at another.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.