Kiplinger’s Reveals 2018 ‘Best Banks’ Rankings

TD Bank Named #1 Among National Banks for Second Straight Year; Best Banks Selected for Millennials, Students, Retirees, Travelers & More

Washington, D.C. (July 6, 2018)—Deciding where to keep money is serious business, but not everyone has the same financial situation. Kiplinger’s Personal Finance today unveiled its second edition of the well-received “The Best Bank for You,” which identifies top picks among national, regional and internet banks, as well as credit unions anyone in the U.S. can join. Plus, the magazine selected standout institutions in seven personalized categories.

“Fees on deposits keep rising, and many banks are dragging their feet when it comes to raising yields on savings and other accounts,” said Mark Solheim, editor, Kiplinger’s. “But we found banks and credit unions that still aim to do right by their customers.” To narrow the list, Kiplinger’s concentrated mostly on how well the banks deliver low fees and balance minimum investments and high rates but also took note of other useful features—like free identity-theft monitoring services.

In-depth profiles of the selected institutions—all of which are listed below—are now available online at

kiplinger.com/links/banks2018 and will be available in print in the August 2018 issue of the magazine, on newsstands July 17.

These are the top banks and credit unions according to Kiplinger’s:

 
BEST NATIONAL BANK

Winner: TD Bank

Runner-up: U.S. Bank

BEST CREDIT UNION
Winner: Hanscom Federal Credit Union

Runner-up: Connexus Credit Union

 

BEST INTERNET BANK

Winner: Ally Bank

Runner-up: Bank of Internet USA

 

BEST REGIONAL BANKS (online only)

Fifth Third Bank

Flagstar Bank

People’s United Bank

 

BEST BANK FOR MILITARY PERSONNEL

Winner: Navy Federal Credit Union

Runner-up: USAA


BEST BANK FOR SMALL-BUSINESS

OWNERS

Winner: TD Bank

Runner-up: Pen Air Federal Credit Union

 

BEST BANK FOR MILLENNIALS
Winner: Ally Bank
Runner-up: Discover Bank

BEST BANK FOR RETIREES
Winner:
U.S. Bank
Runner-up:
Langley Federal Credit Union

 

BEST BANK FOR FAMILIES WITH STUDENTS

Winner: Capital One 360

Runner-up: Bank of Internet USA

BEST BANK FOR HIGH-NET-WORTH FAMILIES

Winner: Citibank

Runner-up: Fifth Third Bank

 

BEST BANK FOR FREQUENT TRAVELERS

Winner: Charles Schwab

Runner-up: Capital One 360

Methodology

Using data from Informa Research Services as well as the institutions and other sources, Kiplinger selected the winners and runners-up from a field of 73 institutions consisting of 43 national and regional banks, 17 credit unions, and 13 internet banks (including online accounts offered by brokerage firms). Kiplinger evaluated checking, savings and money market deposit accounts as well as certificates of deposit. Kiplinger also looked at fees for monthly maintenance, ATM transactions, overdraft protection and money transfers; early-withdrawal penalties; yields on interest-bearing accounts; and availability of features such as peer-to-peer transfers and identity theft protection. Informa Research Services (www.informars.com) compiled the data as reported by the financial institutions that it tracks; the information is subject to change.