7 Best Personal Banks in California Ranked & Rated for 2024
California is one of the largest states in the country, and its residents have a wealth of options when it comes to choosing a personal bank. The best banks in the Golden State offer a broad selection of products to meet various needs, competitive interest rates on savings accounts, manageable fees, and modern conveniences.
To help you make an informed decision, I have narrowed down the top banks in California. Read on to discover the banks with the best savings and checking accounts and the most accessible options for residents in the state.
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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
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Best Personal Banks in California – Buyers Guide
Tips on Banking in California
Choosing a bank is a personal decision, and the right bank for someone else may not necessarily meet your needs. Consider what’s important to you in a bank, and compare available options to find the best fit.
If you prefer the personal support of a brick-and-mortar bank, compare banks in your area of California to find one that suits your needs.
Many traditional banks now offer digital banking, but they often lack the competitive APYs found at the best online banks. If you’re comfortable with online-only banking, opening an account with an online bank can help you avoid fees while accessing higher interest rates. The same applies to credit unions if you meet their membership requirements.
Remember, you don’t have to do all your banking in one place. Using two or more banks can be a great option if you like features from different banks.
How to Choose the Right Bank in California
Selecting the right bank depends on your financial circumstances, preferences, and needs. Consider these factors when choosing a financial institution for your banking needs:
Accounts and Services
Ensure the banks you’re considering offer the accounts and services you need. Common account types include checking accounts, savings accounts, certificates of deposit (CDs), and money market accounts. Full-service banks may also provide additional products and services like credit cards, loans, and investment options.
You might prefer using multiple banks to leverage their different strengths. For instance, one bank might offer the best CD rates in California, while another provides more convenient in-person branch access.
Fees
Banks often charge one-time or ongoing fees for various services. These can include service fees for not maintaining a minimum balance, overdraft fees, non-sufficient funds (NSF) fees, excessive withdrawal fees, ATM fees, late payment fees, and wire transfer fees. High bank fees can erode your savings efforts, so it’s important to understand the fee structures.
Interest Rates
Online banks and credit unions generally offer higher interest rates on deposit accounts compared to traditional banks. Securing competitive APYs (annual percentage yields) can help maximize your savings efforts and build up funds towards your financial goals.
Convenience
Accessibility and ease of managing your funds are crucial. Look for a bank that offers convenient ways to manage your accounts, such as fee-free ATM access, a highly rated mobile banking app with 24/7 availability, online bill pay, and mobile check deposits.
Customer Service
Customer support is important for times when you need assistance with your accounts. If you prefer speaking with a real person, choose a bank with local branches or personal customer support by phone. Some banks also offer chat support, virtual assistants, and other digital support services. Select a bank with support options that align with your communication preferences.
>> Axos – Top Personal Bank California >>
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Bottom Line
Residents of California have plenty of excellent options when it comes to choosing a new bank or credit union. Axos, Bank of America, Chime, and SoFi are strong contenders for those seeking wide access and national coverage.
The best bank for you depends on your financial goals and lifestyle. Whether you value high interest rates, fee transparency, digital convenience, or robust customer service, California has excellent options to meet your needs.