California has the largest economy in the US, and is home to the biggest banks in the world. The state of California is home to 240 banks, that have over 7,200 branches in the state right now.
The banks offer a variety of financial services that set them apart from each other. Which is also why it is very hard for people to find a bank that is best for them. When people look for banks, they don’t just look at its rates, they look at the quality of service and reliability of banks.
Not only does California have the largest banks in the world, it also has the most reliable and well-maintained banks in the world. The best banks in California are listed below.
1. Ally Bank
With an APY of 0.50%, Ally offers one of the highest APY rates in California. Along with that, Ally Bank doesn’t charge any monthly maintenance fees. This bank is renowned for its high-yield savings account, and is one of the best choices on this list in terms of creating a savings account.
Ally Bank is a full-service online bank, so it’s a very convenient choice for those who prefer online or mobile banking. Ally is FDIC insured and has over 40,000 ATM locations all across the US. Ally’s helps save for different goals with its savings buckets, making it one of the best banks in California.
2. Bank of America
In terms of branch access, Bank of America is one of the largest banks in California and has around 4,600 physical locations and 16,000 ATM locations all across the US. Bank of America has a minimum deposit rate of $25 and requires no overdraft fees.
Furthermore, if its requirements are met, then no monthly maintenance fees will need to be paid. Moreover, Bank of America’s customers can receive up to $100 sign-in bonus for opening a checking account. Bank of America is one of the most reliable banks in California.
Check out the list of the richest people in California who keep most of the money on these large banks.
3. Citi Bank
Citi Bank has one of the best checking accounts on this list. Citi Bank also has no minimum deposit fees either. When the savings account is linked to the checking account, customers can earn interest as well.
Moreover, Citi bank has thousands of branches all across California, in fact, it is one of California’s largest banks in terms of branch access.
Those who open savings account and checking account, and meet Citi Bank’s Account Package requirements will get a bonus of $300. Citi Bank’s Priority Package customers can also receive bonuses up to $700.
4. Wells Fargo
With over 1,000 branches in California, Wells Fargo has the most branches in California. Along with the incredible branch access, Wells Fargo also offers a wide range of savings account. Wells Fargo’s savings account has a minimum deposit requirement of $25, although its APY is quite low at 0.01%.
Along with providing all sorts of banking options, Wells Fargo also provides financial advisors to its customers. Furthermore, Wells Fargo had specified accounts for different categories. Additionally, Wells Fargo provides credit cards and auto loans. All these wide range of options make Well Fargo one of the best banks in California.
5. Bank of the West
Bank of the West is the best regional banking option on our list. Founded in 1874, in the state of California, Bank of the West has well over 100 years of history in this state. This offers a range of accounts that include savings, checking and CD accounts.
Furthermore, Bank of the West provides credit cards, cash back, rewards, as well as, various kinds of loans including home loans and car loans. The savings account of Bank of the West has a minimum deposit fee of $25, and can be reduced to as low as $5 if requirements are met.
6. CIT Bank
CIT Bank offers the second best APY on this list with 0.40% for those who maintain a balance of at least 25,000. Along with offering one of the best savings rates in California, CIT also requires no monthly maintenance fees for those. CIT still offers an APY of 0.28% to those who can’t maintain its requirements.
CIT Bank is the best option for those who want to maintain large amounts or frequently invest in their accounts. CIT also has a renowned mobile app that is very user-friendly.
7. US Bank
US Bank is renowned all across the US for its customer service. US Bank has around 650 branches in California. In terms of handling customer complaints or giving financial advice, US Bank is simply one of California’s best.
Moreover, US Bank offers an array of banking products and different sorts of loans. Its savings account has a minimum deposit rate of $25, but offers a very low APY.
8. Union Bank
Union Bank has one of the best high-yielding checking accounts in California. For those who maintain a balance of $2,500, they will earn interest at rates of 0.05%. Additionally, Union Bank’s checking account gives it customer ATM access not just in California, but all across the world.
Union Bank has a monthly maintenance fee of $25 and its checking account has a minimum deposit fee of $50. Service charges for two accounts will be omitted for those who have a priority account.
9. East West Bank
East West bank is the best in California for students. Firstly, East West Bank’s savings account has a very low monthly maintenance fee of $3, but this can be waived by maintaining at least one monthly deposit per month for students.
Furthermore, East West Bank has a specialized account for students called the Student Plus Checking Account, which helps students to save their money in an easier way. East West Bank also has amazing customer service that proficiently handles complaints and gives suggestions.
10. Bank of Hope
Bank of Hope’s reserve account offers a staggering APY of 0.75% for those who maintain a balance of at least 5,000. This reserve account is provided as a part of its Checking Plus Package.
Also, those who can maintain a daily balance of at least $500 can enjoy fee-free banking services. But those can’t maintain this requirement but opt for paperless statements, have to pay a monthly maintenance fee of just $4.
Bank of Hope is one of the best options for people who live in the city of Los Angeles, as most of its branches are based in Los Angeles.
Banking options vary requirements of banks and the preferences of customers. So, it’s almost impossible to say which is the best bank in California, because people’s preferences vary. But no matter what your preference may be, the banks listed above should match them. These are the best banks in California in terms of reliability and quality of service.