Best Banks and Credit Unions in California
If you’re looking for a new bank, it may seem like you’ll never come to a decision. We’re here to help you narrow down this daunting task with our list of the best banks in California.
Find the best CD rates in California.
1. Chase Bank
Savings APY: 0.01% to 0.05%
CD APY: 1-year – 0.01%, 3-year – 0.01%, and 5-year – 0.01% with a minimum deposit of $1,000.
Monthly Fees: $12 for a checking account, which can be waived with a direct deposit of $1500. $5 for a savings account which can be waived by keeping a balance of $300 daily or transferring $25 from a linked Chase checking account.
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are there in California? Chase bank has around 900 branches in California and about 16,000 ATMs. if you don’t want to go for banking transactions, you can also use its mobile app to do the banking.
Featured Product Offerings: It offers very single service a big bank would offer its member. However, the featured product of Chase bank is definitely the Chase Total Checking, it is a full-featured account and you can get the monthly fee waived in many different ways!
Pros:
- Waivable monthly fees
- Branches and ATMs all over the country
Cons
- Low savings and CD APY.
- $3 fee at non-Chase ATMs in the U.S for basic checking accounts.
First on our list of the best banks in California, Chase is the largest bank in the state with US $4 trillion in Assets. The bank offers a variety of banking products and services. Chase is present in around 100 countries all over the world.
Chase was founded in 1799. It is one of the oldest banks in the United States and it has been serving customers for over 223 years now. It was originally called the Manhattan Company and it was created by Aaron Burr, who served as its first president, and Samuel Tilden, who served as its first treasurer.
The company got its current name from an earlier merger with J.P Morgan & Co., which took place in 2000. It merged with Chemical Bank to form JPMorgan Chase & Co., which is still its legal name today.
It is also the largest U.S. credit card issuer by purchase volume and offers services like Amazon Prime Rewards Visa Signature Card (credit card), Chase Freedom Unlimited (credit card), etc. Chase is the best bank for the people, who can keep their account balance high, aren’t looking for high-interest rates, and are in need of a bank with more branches all over the world and the US!
2. Wells Fargo
Savings APY: 0.01%
CD APY: 1-year – 0.01% with a minimum deposit of $2,500.
Monthly Fees: $10
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are there in California? Wells Fargo has over 1,400 branches in California and thousands of ATMs for better access.
Featured Product Offerings: It offers all banking services including savings accounts, checking accounts, CDs, loans, mortgages, investments, education tools, home loans, and much more.
Pros:
- Best customer service
- Interest-bearing premium account Waivable monthly fees on savings and checking accounts
Cons
- Requires to add minimum deposit for opening an account
- Low savings interest rate (APY).
Wells Fargo is one of the largest banks in the United States and is our second pick for the best banks in California. It is headquartered in San Francisco, California. It was founded in 1852 and is the oldest and third-largest bank in America with 70 million customers globally.
The company provides a range of banking and financial services including retail banking, mortgage lending, credit cards, and auto loans. Wells Fargo also operates one of the largest retail banks in North America as well as a wholesale banking business. It has assets of US$1.955 trillion as of 2021. It provides its customer with 24/7 customer service and mobile banking app that offers person-to-person payments, check deposit, and bill payments
3. Golden 1 Credit Union
Savings APY: 0.5% with a minimum deposit of $1
CD APY: 1-year – 1.30%, 2- year – 1.70%, 3-year – 1.80%, and 5- year – 2.50% with a minimum balance of $500.
Monthly Fees: $0
Insured by: NCUA (National Credit Union Administration)
How many branches are there in California? There are around 70 branches and over 30,000 Co-op ATMs that its member can access and do banking transactions smoothly.
Featured Product Offerings: The Golden 1 credit union offers a wide range of services including savings accounts, checking accounts, home loans, online banking, and term saving certificates as well.
Pros:
- Easy to meet requirements
- No monthly fees
Cons
- Low-interest rates as compared to other credit unions
Golden 1 Credit Union is a non-profit organization headquartered in Sacramento, California. Originally it was founded in 1933 as California State Employees Credit Union #1, later it changed its name in 1977 to Golden 1 credit union.
It is serving over 1 million members and the numbers are still growing. Golden 1 is one of the strongest credit unions in California. It has assets of over US $15.0B.
4. California Coast Credit Union
Savings APY: 0.05% with a minimum balance of $2500.
CD APY: 1-year – 0.40%, 2- year – 1.00%, 3- year – 1.10%, and 5- year – 1.25% with a minimum deposit of $10,000.
Monthly Fees: $0 for a savings account and $8 for a dividend checking account which can be waived with a direct deposit of $1500.
Insured by: FDIC or NCUA Insured
How many branches are there in California? The California coast credit union has 25 branches and over 30,000 fee-free ATM networks making it easy for members to carry out banking transactions.
Featured Product Offerings: The featured product of the California coast credit union will be its Free checking account and lowest auto loan rates.
Pros:
- Offer co-op shared branches
- Large ATM network
Cons
- Low-interest rates on savings and CD
California Coast Credit Union founded in 1929 is serving its member for the past 93 years and is headquartered in San Diego, California. It has over 192,000 members and its assets are over US $ 3 billion as of 2020.
It is a non-profit organization that provides services like savings accounts, checking accounts, loans, mortgages, CDs, student loans, etc.
5. Bank of America
Savings APY: 0.01% to 0.04%
CD APY: 1-year – 0.03%, 3-year – 0.03%, and 5-year – 0.03% with a minimum deposit of $1,000.
Monthly Fees: $12
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are there in California? More than 450 branches of Bank of America are located in California and as for ATMs, you can access them nationwide easily!
Featured Product Offerings: The Bank of America offers all the services a bank offers, but the featured product would be its Advantage SafeBalance Checking account.
Pros:
- Waivable monthly fees
- Multiple branches and free ATMs.
- Convenient customer service channels
Cons
- Low-interest on savings and CDs
Bank of America is the second largest bank in the United States by assets. It is also the second-largest bank in terms of market capitalization. It is also a multinational bank and financial services company that operates as a bank holding company.
Bank of America offers a range of financial services for both large and small businesses, as well as individual customers. It provides banking, investing, and other financial services to more than 20 million customers.
It is one of the Big Four banks, along with JPMorgan Chase, Citigroup, and Wells Fargo. Bank of America offers banking, investing, credit cards, mortgages, loans, and other financial services to individuals and businesses.
6. SchoolsFirst Federal Credit Union
Savings APY: 0.05% with a minimum of $5 balance.
CD APY: 1-year – 0.95%, 3-year – 1.45%, and 5-year – 1.95% with a minimum deposit of $500.
Monthly Fees: $0
Insured by: NCUA (National Credit Union Administration)
How many branches are there in California? It has around 69 branches in California and over 300 of its own branded ATMs. It isn’t a part of a shared banking network, so members have to rely on a few dozen of branches or online banking.
Featured Product Offerings: The SchoolsFirst federal credit union offers custom savings accounts for school employees and loans too!
Pros:
- No monthly fees
- Free access to 30,000 Co-op ATMs
Cons
- Low-interest rates
- Membership is limited to school teachers in California.
SchoolsFirst Federal Credit Union is the best credit union in California. They are a non-profit organization that was established in 1934. They have over $26.9 billion in assets, and they have about 800,000 members.
SchoolsFirst Federal Credit Union is a not-for-profit, member-owned cooperative that provides financial services to its members and their families. However, school employees and their families can only join SchoolsFirst FCU as a member. It provides a wide range of banking services to the specific community and is a great competitor for one of the best banks in California.
7. US Bank
Savings APY: 0.01%
CD APY: 1-year – 0.05%, 3-year – 0.10%, and 5-year – 0.25% with a minimum deposit of $500.
Monthly Fees: $6.95 which can be waived by a direct deposit of $1000 or more!
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are there in California? The US bank has over 481 branches in California and thousands of ATMs.
Featured Product Offerings: It offers savings accounts, checking accounts, CDs, loans, and other banking services. The best thing about this bank is its mobile application. Through the app, you can allow check deposits, transfer money between accounts, and make person-to-person payments via Zelle.
Pros:
- Best customer service
- 24/7 live phone support
Cons
- Low interest rates
Next on our list of the best banks in California, US bank is one of the oldest banks in the US, having been in operation since 1863, and has been headquartered in Minneapolis. It is also regarded as the 5th largest bank in the united states. As of 2021, the total asset of the bank valued at about US$573.28 billion.
8. Bank of The West
Savings APY: 0.01%
CD APY: 1-year – 0.05%, 3-year – 0.1%, and 5-year – 0.15% with a minimum deposit of $1000.
Monthly Fees: $5 which can be waived with a minimum deposit of $500
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are there in California? There are more than 220 branches in California of Bank Of The West.
Featured Product Offerings: The bank offers regular banking services including savings accounts, checking accounts, loans, etc. However, the feature that makes them stand out is their oath to environmentally friendly banking practices.
Pros:
- Easy to waive monthly fees
- Low minimum balance for opening account
Cons
- Low interest rates
Bank of the West or BNP Paribas is another one of the best banks in California. It was founded in 1874 and is serving people in the United States, but mostly in California. Its most branches are located in California only. It offers services to individuals, and businesses.
It offers services like saving accounts, checking accounts, CDs, loans, and investments. The rates vary as per the account you choose and also whether it is for personal or business.
9. Star One Credit Union
Savings APY: 1.50%
CD APY: 6-month – 2.00%, 1-year – 2.50%, and 2-year – 2.75% with a minimum deposit of $2500
Monthly Fees: $5 which can be waived with a minimum deposit of $500
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are there in California? It has 6 branches in California and over 30,000 ATMs across the US.
Featured Product Offerings: The Star One credit union offers various products like checking accounts, savings account, IRAs, mortgages, loans, and even RV and motorhome loans.
Pros:
- High APY on savings accounts and CDs
- No monthly fees
Cons
- Limited branches in California
Star One Credit Union has history of serving people dating back to 1956, making it one of the best banks in California. For eight years in a row, it has been ranked as the number one credit union by the Credit Union National Association (CUNA).
As for its assets, it values over $10.9 billion and ranked 17th among all the Credit Unions in terms of assets. It has served more than 121,000 members worldwide till now.
10. Citi Bank
Savings APY: 0.05%
CD APY: 3-month – 3.25% and 1 year – 4.15% with no minimum balance.
Monthly Fees: $0 to $30
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are there in California? Citi Bank has 288 branches in California and thousands of ATMs for withdrawals.
Featured Product Offerings: Citi Bank offers all the services a bank offers including savings accounts, checking accounts, CDs, loans, and mortgages, and along with them it also provides you with a Robo-advisor.
Pros:
- No opening deposit
- Helps in wealth management
Cons
- High monthly fees
Citi Bank is the fourth largest bank in the United States and has over $2.29 trillion in assets. The bank was founded in 1812. The best thing about citi bank is its savings and checking account features fit everyone. Apart from that it has over 200 million customer accounts and is still growing, making it another one of the best banks in California.
11. First Tech Federal Credit Union
Savings APY: 0.05%
CD APY: 1-year – 2.15%, 3-year – 2.40%, and 5-year – 2.75% with a minimum deposit of $500.
Monthly Fees: $0 to $30
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are there in California? It only has a few dozen branches but it provides a large network for banking and ATM with shared branching without any extra fees.
Featured Product Offerings: The First Tech Federal credit union offers services like savings accounts, checking accounts, CDs, loans, Overdrafts, insurance, and investments.
Pros:
- No monthly fee
- No minimum deposit for opening a checking account
- Online appointments and in-person service at shared branches
Cons
- Get the membership saving accounts first, then only you can open any other account.
First Tech Federal Credit Union was founded on January 14, 1952, by Greg Mitchell. It is headquartered in Hillsboro, Oregon, and is insured by NCUA. As of 2020, it had 41 branches around the states. Even though it is very few, the shared branching option enables the customers to do their procedures smoothly!
Along with that, it also has mobile banking with two-factor authentication providing the utmost security to the customers’ data and bank accounts. It also has Call 24 which allows customers to check their balances through their cell phones. As of 2018, the banks had total assets of $12 billion and around 1 million customers, serving as a testament to the fact that this is one of the best banks in California.
12. Navy Federal Credit Union
Savings APY: 0.25% with a minimum deposit of $5
CD APY: 1-year – 3.00%, 3-year – 3.30%, and 5-year – 3.35% with a minimum deposit of $1,000.
Monthly Fees: $0
Insured by: NCUA (National Credit Union Administration)
How many branches are there in California? Among Navy Federal Credit Union’s 350 branches, many are located near military bases in places like Virginia, Maryland, and California. It also has 30,000+ free ATMs.
Featured Product Offerings: The Navy Federal credit union offers savings accounts, checking accounts, CDs, loans, investments, mortgages, money market accounts, and security as well.
Pros:
- Comparatively higher APYs than other banks in Colorado
- 24/7 customer service is available
- No monthly maintenance fee on savings accounts and selected checking accounts
- Lower minimum opening deposit
Cons
- Lack of branches in California
- Limited only to military personnel and their relatives
Navy Federal Credit Union was founded on March 13, 1933, as Navy Department Employees’ Credit Union. It has a total of $158.85 Billion in assets and around 11 million customers. The CO-OP Network offers free access to more than 30,000 ATMs. Its headquarter is in Vienna, Virginia, United States.
The Navy Federal Credit Union has competitive interest rates that benefit many potential customers. Even though it has a small number of branches around the USA, it helps its customers via mobile applications and provides the best customer support, easily making it one of the best banks in California.
13. Union Bank
Savings APY: 0.01%
CD APY: 1-year – 3.00%, and 2-year – 0.60% with a minimum deposit of $350.
Monthly Fees: $0 to $25
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are there in California? The Union bank has around 398 branches located in California, Washington, and Oregon.
Featured Product Offerings: In addition to its branch banking it also offers online banking and telephone banking.
Pros:
- Easily accessible
- Extended customer service
Cons
- Low interest rates
Union Bank was originally owned by Mitsubishi UFJ Financial Group (MUFG) and was founded in 1864. It is a nationally chartered bank with assets of over US$148.14 billion. Its parent company is U.S. Bancorp (announced in December, 2022) and is certainly one of the best banks in California.
14. Alliant Credit Union
Savings APY: 2.60% with a minimum balance of $100
CD APY: 1-year – 4.20%, 3-year – 4.50%, and 5-year – 4.25% with a minimum deposit of $1,000.
Monthly Fees: $0
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are there in California? It doesn’t have any physical branch in California, however, you can have free access to over 80,000 ATMs in California. You can also carry out operations via online banking and get help through email, or phone.
Featured Product Offerings: It offers Savings accounts, Checking accounts, Consumer Loans, Credit Cards, Investments, and Online Banking. Among them, there are Teen checking accounts for 13 to 17 years old teenagers and Kids’ savings accounts.
Pros:
- High APY on all accounts
- Fee transparency
- Easy to join
- Nationwide availability
- Awesome customer service
Cons
- No physical branch
- Doesn’t participate in shared banking
Alliant Credit Union is a not-for-profit financial cooperative based in Chicago, Illinois. It was founded in 1935 by a group of United Airlines employees with the idea that people who work together can create something powerful: a force for good that improves the financial lives of our members and helps make our communities stronger.
15. San Diego County Credit Union
Savings APY: 0 to 10% with a minimum balance of $25,000
CD APY: 6 months – 0.80%, 2 years – 1.35%, and 60 months – 2.05% with a minimum balance between $2000 to $10,000.
Monthly Fees: $0
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are there in California? It has around 43 branches in California. The customer can access the banking services via online applications too.
Featured Product Offerings: San Diego County Credit Union offers loans, checking and savings accounts, investment services, insurance products, and more
Pros:
- Dividend-yielding account
- Physical branches are accessible
Cons
- Doesn’t offer best rates
San Diego County Credit Union is a great financial institution and is one of the best banks in California. It has been serving the people of San Diego and Riverside counties since 1938 and it has grown to be the largest credit union in Southern California.
They also have a variety of ways for their customers to access their money including ATMs at thousands of locations as well as online banking services.
It has till now served more than 436,000. It has assets of US $10.7 Billion, which makes it the 12th largest credit union in the U.S with this many assets. As a not-for-profit financial cooperative with roots in San Diego County and the surrounding region, SDCCU has been committed to providing members with excellent service at competitive rates for over 80 years.
16. Discover Bank
Savings APY: 3% with no minimum balance.
CD APY: 1-year – 4.00%, 3-year – 4.15%, and 5-year – 4.25% with a minimum deposit of $2,500.
Monthly Fees: $0
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are there in California? There’s only one branch of the Discover bank and that is in Delaware. However, you can access over 60,000 fee-free ATMs.
Featured Product Offerings: Among all the services it offers the featured product of Discover bank would be a Cashback debit account, personal loans, student loans, home equity loans, and mortgage refinance.
Pros:
- No monthly fees
- Impressive savings APY
- Paychecks are available two days early with direct deposit
Cons
- Only one brick-and-mortar store
Another great competitor for one of the best banks in California is Discover bank, which is a leading financial institution that offers a wide range of products and services to its clients. It has been in business since 1911 and is headquartered in Wilmington, Delaware. It has total assets of US$112.89 billion as of 2020.
17. Ally Bank
Savings APY: 2.25%
CD APY: 6-month – 2.75%, 1-year – 4.00%, and 3-year or above – 4.10% with no minimum deposit.
Monthly Fees: $0
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are there in California? There are no brick-and-mortar stores of Ally bank, however, it allows you to access Allpoint ATM (50,000) and reimburses up to $10 of out-of-network ATM fee charged per statement cycle.
Featured Product Offerings: Ally bank offers online-only savings account with interest rate of 3.00%. Apart from that, it offers all the usual banking services to its customer.
Pros:
- High-yield interest rate on savings account
- Best customer service
- Convenient only banking
Cons
- No physical stores
Last up on our list of the best banks in California is Ally bank, which is an online bank with no brick-and-mortar store available. However, it has a mobile application that helps you do banking transactions easily. The interest rates of Ally bank are highest for both savings and CDs. It was founded in 2009.