Best Banks For Savings Accounts In California 2022

Best Banks in California The key factor was notoriety, that is, the number of accessible branches in the state. Among them, the best public and territorial banks and the best current and investment accounts were chosen based on their basic balancing needs, annual returns (APY), charge constructs, and ease of access to their branches in California.

Best Banks in California: By Savings Account

Online Savings Account

1.00% APY

Minimum deposit: $0

Pros:

-High APY

-Great customer service

-No commissions or minimums

Cons:

· No branches

Best for:

– Those who are comfortable with online and mobile banking.

Bank accounts with high interest rates offer strong long-term growth potential, so if your main goal is to save money, the 1.00% APY of the Ally Online Savings Account is probably your ideal choice.

Similarly, Ally offers strong interest rates to checking account customers. In fact, your interest-bearing checking account has a variable interest rate that depends on whether the minimum daily balance is over $15,000.

Accounts above and below that marker receive an APY of 0.50% and 0.10%, respectively. Also, neither account charges commissions or has a minimum amount requirement.

However, the quality of a bank like Ally is based on its mobile services. In fact, it is part of their business philosophy, so they have included in their mobile application an ATM locator, digital statements, mobile check deposit, automatic bill payment and much more.

Best Banks in California: Best Regional Bank

Savings account

0.01% APY

Minimum deposit: $25

Pros:

– Easy-to-use website and mobile app.

Cons:

– Low APYs

Best for:

– The customer who prefers in-person banking.

Bank of the West was founded in California in 1874. Although it now has branches in about two dozen states, most of them are in the Golden State.

The bank can be a good choice for its multiple types of accounts: savings, checking, money market or certificates of deposit.

It also offers rewards programs, such as cash back, as well as secured credit cards. If you need a loan for your car, RV, boat or house, Bank of the West can lend a hand.

Now, to open a savings account you have to make a minimum deposit of 25 dollars, and they also have a monthly fee of 5 dollars. However, it is not very difficult to give up that commission.

The downside to savings accounts is relatively low interest rates. As for checking accounts, they do not require a minimum deposit and have a $10 commission that can be avoided by simply making a deposit during a statement cycle. However, you will not earn interest.

Money market accounts will provide you with more interest than savings accounts, but they have a higher fee (which can also be avoided). The highest interest rates are obtained with CDs, which have a term of 32 days to 5 years.

Best Banks in California: By Savings Rates

Best Savings Rate: CIT Bank

Savings Builder Savings Account

0.95% APY

Minimum deposit: $100

Pros

-One of the best APY on the market

– No monthly commissions

Cons

· You must make monthly deposits of $100 or maintain a balance of at least $25,000 to get the maximum APY

Best for

– Those who already have a large savings balance or can make deposits frequently

Requirements-based savings rates can often be elusive, but the CIT has broken that mold, to some extent.

All you need to do to earn the bank’s 0.95% APY is maintain a minimum balance of $25,000 or more, or make sure you deposit at least $100 into your savings account each month.

Those who do not meet these specifications will see their rate reduce to 0.79%. Likewise, the account requires an initial deposit of $100.

CIT Bank is an online and mobile-only bank, which, to tell the truth, is a fairly new phenomenon, but the institution seems to handle this situation quite well.

In this regard, the bank’s mobile app is available for both Apple and Android, and has an average rating of 3.85 stars out of 5 between the two stores.

The app features all standard services, including digital statements and transaction histories and transfers between accounts.  CIT Bank will also allow you to deposit checks remotely through the app.

In addition to the Savings Builder, customers can open several different accounts. The bank has the Premier high-yield savings account, a money market account, and a selection of term CDs, jumbo CDs, penalty-free CDs, among many other products.

Second Best Savings Rate: Zions Bank

Savings account

0.03% APY

Minimum deposit: $50

Pros

– Low or no monthly fee

– Low minimum balances

Cons

– Low APYs on CDs

Best for

– Customers who prefer a regional bank

Overall, interest rates on savings accounts are slightly higher than those on other large California banks. The accounts require only $50 to open and have a monthly service fee of $3.

However, Zions Bank will waive that fee if you maintain a balance of $200 or if you transfer $25 (at a minimum) from a bank checking account at least once a month.

There is also a youth savings account available for teens and parents who want to start saving for their children. This account has higher interest rates than standard savings accounts for balances over $10,000. They also have a minimum to open it (5 dollars) and have no monthly fee.

Another type of Zions Bank savings account to consider is your money market account.

Money market accounts have no monthly fee and offer higher interest rates than standard savings accounts, and accounts with a minimum of $25,000 get even higher rates.

You need at least $500 to open one. It is also possible to open a money market account online. This account will have a significantly higher interest rate than standard money market accounts, but its management is limited to online and mobile banking.

How Does Wells Fargo Work?

Wells Fargo has more than 1,000 branches in California. That’s about 60 more branches than the second-largest bank, Chase. However, the advantage of working with a national bank is that it also has branches throughout the country. Frequent travelers will find branches in 40 states and the District of Columbia.

No matter what type of account you’re looking for, Wells Fargo likely has one. There are multiple savings and checking accounts, some of them specialized for specific customers. For example, there is a checking account that is only available to teenagers. You can also find retirement accounts and certificates of deposit (CDs) at this bank.

Beyond bank accounts, they also offer products like credit cards and car loans. Also, if you need more complete help with your finances, Wells Fargo offers the ability to speak with one of its financial advisors.

Wells Fargo’s online and mobile services are also robust. Whether you want to open an account, search for a loan or mortgage, or learn more about their wealth management services, you can do so on their online platform.

Customer Service of Banks in California

Savings account

0.01% APY

Minimum deposit: $25

Pros

– Hundreds of branches in California

– Wide range of banking products

Cons

– Low APYs

Best for

– Customers who prefer traditional banking

With nearly 650 branches in California, U.S. Bank has a large presence in the state. You can also feel confident that you will receive good customer service.

In fact, according to J.D. Power’s 2017 Retail Banking Satisfaction Study, U.S. Bank ranked third.

This study took into account several factors, such as a bank’s ability to manage customer problems, the frequency of its branches, its rates, and its product offering. As a result, the rating provides a good insight into how a bank treats customers.

You can also feel confident banking with U.S. Bank because it has a wide range of financial products. In addition to standard checking and savings accounts, you can open money market accounts, credit cards, as well as apply for various types of loans.

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