Best and Worse Banks as of 2020

Kathleen Kelley
6 min readNov 24, 2020


For this I will not take into account interest banks provide because that fluctuates each year. I will mention it but it’s not going to be the deciding factor for what makes the best and worse in this list. Factors include high, or any, fees, any minimums you have to keep in the account and ATM access.

These also won’t include small banks you can only find in 5 cities in the middle of nowhere or ones where you have to be a customer (ex. TMobile)

Another note: These talk about the basic/standard savings accounts

Best bank accounts as of 2020 in my opinion:

  1. Capital One: The bank I hear a lot this year as the best bank, or one of the best in person banks, is Capital One and I have to agree. After switching from Bank of America I love it. It’s great for anyone because they don’t have a ton of fees or minimum’s you have to keep in your account. While they do have overdraft fees they will be waived if you can bring your account back up within 24 hours. You also get great customer service and physical locations which is why I chose this bank above others.
  2. Ally Bank: This bank doesn’t charge for quite a few things most other banks do such as Standard or expedited ACH transfers, Copies of online statements, Incoming wires (domestic and international), Postage-paid deposit envelopes, Official/cashier's checks. They do however charge for quite a few items and it’s best to make sure you know what they do charge for if you think this will be a problem. Such items include: Returned deposit item: $7.50, Overdraft item paid or overdraft item returned (maximum 1 fee per day): $25, Excessive transactions fee: $10
    per transaction, Expedited delivery: $15, Outgoing domestic wires: $20, Account research fee: $25
  3. American Express Savings: No minimums, no monthly fees, 24/7 superior customer service, Easy access to your money, round-the-clock, Up to 9 withdrawals/transfers per month, FDIC insured, Backed by the service & reliability of American Express. I put this next to last because they limit you on the number of transfers and withdrawals per month but so does Vio and they only give you 6 per month.

4. Vio Bank: Flexibility to grow your money and access it when needed

  • We regularly monitor the competition to ensure our rates are some of the best in the nation2
  • Interest is compounded daily, growing your money fast
  • Your money is FDIC insured up to $250,0003
  • FDIC insurance information available at
  • Only $100 minimum to open
  • 6 free withdrawals per monthly statement cycle4
  • No monthly fee5

2Competitive rate information provided by Informa Research Services. Informa Research Services,, has obtained the data from the various financial institutions that it tracks and its accuracy cannot be guaranteed.

3Vio Bank is a division of MidFirst Bank, and Vio Bank deposits are considered MidFirst Bank deposits for purposes of FDIC coverage.

4Transaction limitations apply in accordance with federal regulations. Limit 6 withdrawals per monthly statement cycle. A $10 fee will be charged for each withdrawal in excess of 6 per monthly statement cycle. Excessive withdrawals may result in account closure. See your account agreement and fee schedule for more details.

5There is a $5 monthly fee if you receive paper statements.

6. Varo Bank: No minimum balance fees, monthly maintenance fees, or foreign transaction fees. This is a digital bank so they don’t have physical banks which I don’t like but some people might. They also have a round up feature which doesn’t hurt and you get paid 2 days early for your direct deposit.

Worse banks of 2020 in my opinion:

  1. Chase Bank: Other than $12 monthly maintenance fees; which occur every month unless you keep below $1,500 in your account, or do any of the other options they have; they charge you a $2.50 ATM fee for any ATM fee that isn’t theirs, a $34 overdraft fee, a $35 wire transfer fee for money going out with a $15 wire transfer fee for money coming in and so many fees surrounding checks. Depending on the account type they will give you .01% interest or none at all.
  2. Bank of America: I had this bank for years and this bank is awful. While I got decent customer service, I kept getting hit with $8 service fees if I didn’t keep $500 in my account at all times and $30 overdraft fees. These two things caused me to get rid of my account and switch to Capital One.
  3. Wells Fargo: If you thought going to Wells Fargo, another well-known bank would save you from those pesky monthly service fees I have some bad news for you. No. They charge you $5 per month unless you do one of these things:
  • Maintain a $300 minimum daily balance
  • One or more Save As You Go transfers from your checking account into this account
  • An automatic transfer of $25 or more from your checking account into this account
  • An automatic transfer of $1 or more each business day from your checking account into this account
  • Are under the age of 18 (19 in AL) and are the primary owner of this account

This is so complicated and doesn’t allow you to use all of your money so that is why I never even considered Wells Fargo.

They also will charge you a lovely $35 fee each time you overdraft your account.

4. US Bank: Surprise surprise this bank has a monthly maintenance fee of $4. You can waive the fee by maintaining a 300 dollar minimum daily ledger balance, or $1,000 average monthly collected balance or account holder(s) under age 18. If you use this bank know that you get a smaller maintenance fee than other banks… but it is still there, waiting for you to dip below 300 dollars.
The overdraft fee is $36. US Bank will charge you a fee of $36 each item when they pay an overdraft. If the overdraft item costs less than $5.00, you don’t need to pay the overdraft fee. If the overdraft item costs more than $5.01, US bank will charge you $36.00 for each overdraft.

5. CitiBank: This bank has monthly maintenance fees on almost every savings account they have unless you keep a monthly balance somewhere in the thousands. They have an overdraft fee of $34. If you use the ATM for the most basic accounts you have a fee taken from you. This is not a bank that anyone should use, whether or not they have a ton of money.

Links I used for this article:



Kathleen Kelley

I am a college student who works at a grocery store. I am majoring in journalism. I write about personal finance, college and things I wish I knew in life.