The Best Banks in America 2022
The way we bank in America has been completely altered by COVID during the past 18 months. And as a result, our criteria for choosing the finest institutions to work with and where to store our money have changed.
Consider saving as an example. Americans continue to save money at historically high rates: recently, nearly 10%. The personal savings percentage is down from the sky-high of 33.8 percent reported early in lockdown last year. The average savings account currently pays out just 0.06 percent, and many of the major banks pay nothing at all. However, at a time when we have never needed to make a respectable return on our assets, many banks have drastically reduced rates.
According to Ken Tumin, proprietor of the bank comparison website DepositAccounts.com, “Interest rates are even lower than in the seven years following the Great Recession when the Federal Reserve similarly reduced rates to about zero.”
That makes it even more crucial to look for organisations that pay a respectable rate while also charging the least amount of fees possible so you keep more of what you make. As banks explore for alternative strategies to attract new clients, there is some good news in the current low-rate environment. According to Tumin, “some are reducing costs, removing maintenance fees, or providing improved overdraft policies.”
Institutions that make it simple to bank remotely are also in demand these days. According to J.D. Power, 41% of Americans nationwide now only use digital banking services, up from 33% prior to COVID. According to Paul McAdam, senior director of banking intelligence at J.D. Power, about four out of ten people who switched during the pandemic say they won’t go back.
Banks are enhancing applications and adding features, like as budgeting tools, options to round up debit card transactions to the closest dollar to raise balances, and guidance to help you attain financial goals like raising your credit score, in an effort to keep online customers happy. According to McAdam, “Banks are putting more of a focus on digital solutions that assist consumers improve their financial wellness.” “A lot of this work started before the pandemic, but the industry has stepped up its efforts in the last year or so.”
Newsweek has joined with LendingTree, the online marketplace and comparison site for financial services, for our annual Best Banks rankings in an effort to assist you in navigating the new banking landscape and locating the institution that best meets your needs. In order to identify the best-in-class solutions across 26 distinct categories, we evaluated thousands of FDIC-insured banks and credit unions, as well as the savings and checking accounts they provide, using more than 50 different criteria. You might find that one or more of these successful banks are the best option.
- Best Small Banks by State 2022
| State | Bank | Branches |
|---|---|---|
| Alabama | United Bank | 18 |
| Alaska | Northrim Bank | 17 |
| Arizona | Mission Bank | 3 |
| Arkansas | First Security Bank | 78 |
| California | Farmers & Merchants Bank of Central California | 31 |
| Colorado | Bank of Colorado | 43 |
| Connecticut | Ion Bank | 20 |
| Delaware | Community Bank Delaware | 2 |
| District of Columbia | City First Bank of D.C. | 1 |
| Florida | First Federal Bank | 23 |
| Georgia | Pinnacle Bank | 24 |
| Hawaii | Central Pacific Bank | 31 |
| Idaho | First Federal Savings Bank of Twin Falls | 13 |
| Illinois | Morton Community Bank | 43 |
| Indiana | German American Bank | 50 |
| Iowa | MidWestOne Bank | 32 |
| Kansas | Emprise Bank | 33 |
| Kentucky | Republic Bank & Trust Company | 28 |
| Louisiana | First Guaranty Bank | 27 |
| Maine | Bar Harbor Bank & Trust | 22 |
| Maryland | Hebron Savings Bank | 13 |
| Massachusetts | Brookline Bank | 30 |
| Michigan | ChoiceOne Bank | 31 |
| Minnesota | Deerwood Bank | 13 |
| Mississippi | The Citizens National Bank | 24 |
| Missouri | Southern Bank | 37 |
| Montana | TrailWest Bank | 14 |
| Nebraska | Union Bank & Trust Company | 31 |
| Nevada | Valley Bank of Nevada | 2 |
| New Hampshire | Bank of New Hampshire | 22 |
| New Jersey | 1st Constitution Bank | 26 |
| New Mexico | First American Bank | 15 |
| New York | Trustco Bank | 88 |
| North Carolina | HomeTrust Bank | 20 |
| North Dakota | American Bank Center | 16 |
| Ohio | The Farmers National Bank | 36 |
| Oklahoma | Armstrong Bank | 22 |
| Oregon | Citizens Bank | 15 |
| Pennsylvania | Mid Penn Bank | 39 |
| Rhode Island | The Washington Trust Company | 22 |
| South Carolina | First Palmetto Bank | 23 |
| South Dakota | First Dakota National Bank | 18 |
| Tennessee | Reliant Bank | 27 |
| Texas | Happy State Bank | 60 |
| Utah | Cache Valley Bank | 20 |
| Vermont | Union Bank | 14 |
| Virginia | Blue Ridge Bank | 31 |
| Washington | HomeStreet Bank | 36 |
| West Virginia | Clear Mountain Bank | 10 |
| Wisconsin | North Shore Bank | 44 |
| Wyoming | Bank of Jackson Hole | 10 |
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