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California, one of the largest states in the U.S., offers residents a wide range of personal banking options. From competitive interest rates on savings accounts to low fees and modern conveniences, there are numerous banks to choose from to suit different needs.
To help you decide, I’ve compiled a list of the best banks in California. Read on to discover which banks offer the top savings and checking accounts and the most accessible options.
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Best Personal Banks in California
- Axos – Best Personal California Banks Overall
- Chime – Best User-Friendly Interface
- SoFi – Best for Saving Accounts
- Bank of America – Best for Opening a Checking Account
- Upgrade – Best for Personal Loans
- U.S. Bank – Best Customer Service
- Discover – Best CD Rates
Axos – Best Personal California Banks Overall
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Axos Bank takes the top spot for its digital-first approach to banking. It provides a competitive APY on its high-yield savings accounts and multiple checking account options with no monthly maintenance fees, convenient access, and free reimbursements for domestic ATM fees.
Axos is also one of the few online banks that simplify cash deposits for business owners. Account holders can make deposits at any compatible Allpoint or MoneyPass ATM without incurring additional fees. Plus, if you’re charged an ATM fee within the U.S., Axos will automatically refund it.
- Automatic reimbursement of all domestic ATM fees
- No monthly fees or minimum deposit required to open an account
- Unlimited free transactions and no charges for incoming wire transfers
- Few physical branch locations
- No interest (APY) is offered on the Essential Checking account
- Lower interest rates on Money Market and CD accounts
>> Axos – Top Personal Bank California >>
Chime – Best User-Friendly Interface
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Chime Bank is an attractive choice for California residents looking for personal banking solutions, thanks to its user-friendly interface, wide ATM network, and innovative financial tools. As a leading online bank, Chime appeals to tech-savvy customers and those who prefer to avoid traditional banking fees.
One of Chime’s standout features is its early direct deposit option. This allows users to access their paychecks up to two days sooner than traditional banks, offering more immediate financial flexibility.
Additionally, Chime provides access to over 60,000 fee-free ATMs through the Allpoint and MoneyPass networks, ensuring convenient cash withdrawals without extra charges for California residents.
- No fees for monthly maintenance, overdrafts, or foreign transactions
- Get access to your paycheck up to two days earlier
- Offers a competitive APY for quicker savings growth
- Fully online banking, which may not be ideal for everyone
- Cash deposits must be made at Green Dot locations and may incur fees
>> Apply for a Chime Bank Account Today! >>
SoFi – Best for Saving Accounts
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SoFi stands out for its high-interest savings accounts, offering rates far superior to many traditional banks. This makes SoFi an excellent choice for those looking to maximize their savings potential, allowing Californians to grow their savings more quickly and reach their financial goals efficiently.
Beyond traditional banking services, SoFi provides various member benefits to improve customers’ overall financial health.
These perks include access to career coaching, financial planning, and exclusive events. By becoming a SoFi member, customers gain valuable resources and support to help them achieve both personal and professional objectives.
- Competitive interest rates on savings accounts to help your money grow faster
- No monthly maintenance fees, overdraft fees, or minimum balance requirements
- Offers financial products, including student loan refinancing, personal loans, mortgages, and investments
- Less convenient for cash deposits compared to traditional banks
- Primarily operates online, which may not appeal to in-person banking
>> Apply for a SoFi Bank Account Today! >>
Bank of America – Best for Opening a Checking Account
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Bank of America (BofA) is a solid choice for personal banking in California for several reasons. As one of the largest and most established banks in the U.S., BofA provides various benefits to meet diverse banking needs.
If you prefer in-person banking over online options, Bank of America has much to offer. With nearly 450 branches across California, finding an ATM or receiving in-person assistance is easy.
While their savings APY may not be as competitive as some online banks, BofA offers various other financial products, including credit cards, home and auto loans, and investment services through Merrill.
- Easy access to a wide network of branches and ATMs throughout the state
- Extensive products, including checking and savings accounts, credit cards, loans, mortgages, and investment options
- Intuitive online and mobile banking platforms with advanced security features
- Monthly maintenance fees for certain accounts if minimum balance or activity requirements aren’t met
- Lower interest rates on savings accounts and CDs compared to many online banks
- Numerous fees for different services can be confusing and add up if not carefully monitored
>> Apply for a Bank of America Account Today! >>
Upgrade – Best for Personal Loans
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Upgrade has become a compelling choice for personal banking in California. It combines modern digital banking services with features designed to meet the needs of today’s consumers. One of Upgrade’s key advantages is its high-yield savings account, which offers interest rates significantly higher than those at most traditional banks. This makes it ideal for individuals looking to grow their savings effectively.
Upgrade’s strong focus on customer service adds to its appeal, offering support through multiple channels to ensure help is always available. Additionally, the bank’s clear and transparent approach to financial products helps users avoid hidden fees and complicated agreements.
With its combination of high returns on savings, accessible credit options, and outstanding customer support, Upgrade provides a modern banking solution that meets current financial needs.
- Competitive interest rates on savings accounts for faster growth
- No monthly fees or minimum balance requirements
- Offers diverse financial products, including personal loans and the versatile Upgrade Card
- No physical branches for in-person banking
- Cash deposits can be inconvenient due to a lack of ATMs
>> Apply for an Upgrade Bank Account Today! >>
U.S. Bank – Best Customer Service
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For three consecutive years, J.D. Power has ranked the U.S. Bank highest for Customer Satisfaction in California. It offers the lowest monthly fees among national banks, which can be easily waived. The bank’s digital tools provide a seamless banking experience, and its mobile app has been ranked number one by industry benchmarking firm Keynova Group for three consecutive years.
In J.D. Power’s 2017 U.S. Retail Banking Satisfaction Study, U.S. Bank secured the second spot, factoring in customer issue resolution, branch availability, fee structures, and product offerings. This ranking reflects how well the bank manages customer relationships.
U.S. Bank also offers diverse financial products, including standard savings and checking accounts, money market accounts, credit cards, and various loan options, providing customers with confidence and flexibility.
- No overdraft fees for amounts of $50 or less
- No monthly service fee for the Silver Business Checking account
- Welcome bonus available for new customers (terms apply)
- Free use of 4,700 U.S. Bank ATMs and access to 2,900 branches
- Low limits on cash deposits
- Only 125 free transactions per month
- Terms and fees aren’t clearly listed on the website
>> Apply for a U.S. Bank Account Today! >>
Discover – Best CD Rates
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Discover Bank is an excellent choice for personal banking in California, especially for those who value the convenience of online banking and competitive interest rates. A key highlight is its high-yield savings account, which offers interest rates well above the national average, making it appealing for individuals aiming to grow their savings.
Additionally, Discover’s Certificates of Deposit (CDs) come with competitive rates, enabling customers to secure higher returns over fixed terms. This blend of attractive rates on savings products distinguishes Discover from many traditional banks.
- Competitive interest rates on savings accounts above the national average
- No monthly fees, overdraft fees, or minimum balance requirements
- High returns on Certificates of Deposit (CDs) for long-term savings
- Primarily online, lacking in-person banking services
- Cash deposits are inconvenient due to the ATM network
>> Apply for a Discover Bank Account Today! >>
Best Personal Banks in California – Buyers Guide
Tips on Banking in California
Choosing a bank is a personal decision, and what suits someone else may not be your best option. Consider what matters most to you in a bank, and compare different options to find the right fit.
If you value in-person support, look for brick-and-mortar banks in your area of California that align with your needs.
While many traditional banks now offer digital banking, they often need more competitive APYs from the best online banks. If you’re comfortable with online-only banking, you could benefit from lower fees and higher interest rates. The same applies to credit unions, provided you meet their membership criteria.
Remember, you don’t have to keep all your banking in one place. Using multiple banks can be a great choice if you want to take advantage of each one’s different features.
How To Choose the Right Bank in California
Selecting the right bank depends on your unique financial situation, preferences, and needs. Keep these factors in mind when choosing a financial institution for your banking.
Accounts and Services
Ensure the banks you’re considering offer the accounts and services you need. Common types include checking accounts, savings accounts, Certificates of Deposit (CDs), and money market accounts. Full-service banks may also provide additional offerings like credit cards, loans, and investment services.
Using multiple banks can allow you to benefit from their various strengths. One bank might offer the best CD rates in California, while another could have more convenient branch access.
Fees
Many banks charge fees, such as monthly service fees, for not maintaining a minimum balance or fees for overdrafts, non-sufficient funds (NSF), excessive withdrawals, ATM usage, late payments, and wire transfers. High bank fees can eat into your savings, so it’s important to compare these costs.
Interest Rates
Online banks and credit unions typically provide higher interest rates on deposit accounts than traditional banks. Securing a competitive Annual Percentage Yield (APY) can help you grow your savings more effectively toward your financial goals.
Convenience
Accessibility is key when choosing where to keep your money. Look for a bank that makes managing your accounts easy.
If you frequently need cash, choose a bank that offers fee-free ATM access. A top-rated mobile banking app can help you manage your finances anytime, anywhere, and often includes features like online bill pay and mobile check deposits.
Customer Service
If personalized assistance is important to you, consider a bank with local branches or one that offers customer support by phone. Some banks also provide digital support options like chat, virtual assistants, and other online services. Choose a bank with support channels that suit your communication style.
Best Personal Banks in California – FAQs
Bottom Line
California residents have many choices when selecting a new bank or credit union. Axos, Bank of America, Chime, and SoFi are strong options for those seeking extensive access and nationwide coverage.
Your ideal bank will ultimately depend on your financial goals and lifestyle. Whether you prioritize high interest rates, clear fee structures, digital convenience, or vital customer service, there are plenty of excellent options in California to suit your needs.
>> Axos – Top Personal Banking Services in California >>
Best Business Bank Accounts by State
Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.
Larry is a finance graduate and entrepreneur who loves educating others on various business software through his own experiences. Larry loves to write about all topics, from fashion editorials to tax advice. On his days off, you can find him at a basketball court or gym working up a sweat.
