The Best Banks in America 2022

The Best Banks in America 2022

The Best Banks in America 2022

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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, “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
AlabamaUnited Bank18
AlaskaNorthrim Bank17
ArizonaMission Bank3
ArkansasFirst Security Bank78
CaliforniaFarmers & Merchants Bank of Central California31
ColoradoBank of Colorado43
ConnecticutIon Bank20
DelawareCommunity Bank Delaware2
District of ColumbiaCity First Bank of D.C.1
FloridaFirst Federal Bank23
GeorgiaPinnacle Bank24
HawaiiCentral Pacific Bank31
IdahoFirst Federal Savings Bank of Twin Falls13
IllinoisMorton Community Bank43
IndianaGerman American Bank50
IowaMidWestOne Bank32
KansasEmprise Bank33
KentuckyRepublic Bank & Trust Company28
LouisianaFirst Guaranty Bank27
MaineBar Harbor Bank & Trust22
MarylandHebron Savings Bank13
MassachusettsBrookline Bank30
MichiganChoiceOne Bank31
MinnesotaDeerwood Bank13
MississippiThe Citizens National Bank24
MissouriSouthern Bank37
MontanaTrailWest Bank14
NebraskaUnion Bank & Trust Company31
NevadaValley Bank of Nevada2
New HampshireBank of New Hampshire22
New Jersey1st Constitution Bank26
New MexicoFirst American Bank15
New YorkTrustco Bank88
North CarolinaHomeTrust Bank20
North DakotaAmerican Bank Center16
OhioThe Farmers National Bank36
OklahomaArmstrong Bank22
OregonCitizens Bank15
PennsylvaniaMid Penn Bank39
Rhode IslandThe Washington Trust Company22
South CarolinaFirst Palmetto Bank23
South DakotaFirst Dakota National Bank18
TennesseeReliant Bank27
TexasHappy State Bank60
UtahCache Valley Bank20
VermontUnion Bank14
VirginiaBlue Ridge Bank31
WashingtonHomeStreet Bank36
West VirginiaClear Mountain Bank10
WisconsinNorth Shore Bank44
WyomingBank of Jackson Hole10
The Best Banks in America 2022

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