15 Best Banks for Millennials


Not all banks are created equal. While some are always on top of the latest and greatest technologies, others are way behind the times. As a millennial, there’s a good chance you’re in search of tech savvy banks that prioritize ease and convenience.

After all, you lead a busy life and likely have time or desire to walk into a brick-and-mortar branch to deposit a check or transfer funds. To make your search for the right bank a bit easier, we’ve done the heavy lifting for you and created this list of best banks for millennials.

1. CIT Bank

A division of First Citizens Bank and Trust Company, CIT Bank, which was founded in 2009 offers online banking services to millennials. If you open a CIT Savings Connect account with a minimum deposit of $100, you can earn interest that’s 12x the national average. The bank’s certificates of deposit (CDs) also pay well above average.

Plus, you’ll get ATM fee reimbursements of up to $30 per statement cycle and won’t have to worry about any monthly service fees. The main downside of CIT Bank, however, is that there is no branch access. This can be an issue if you’d like the option to be able to stop into a local location for in-person service.

2. Axos Bank

Axos Bank is a full-service online bank that can be a good fit for millennials. You can choose from five checking accounts, a high yield savings account, a money market account, and CDs. Other services you might want to explore depending on your lifestyle and unique needs include mortgages, home equity loans, personal loans, and car loans.

Axos also offers a mobile app you can use to deposit checks, pay bills, check account balances, and more. While the bank’s greatest advantages are competitive rates on savings accounts and no monthly fees or account fees on deposit accounts, its CD rates are below average and there are no physical branches.

3. Discover Bank

While Discover is known for its credit cards, Discover Bank is a full-service online bank with tech savvy tools for millennials, including a highly rated mobile app. The Discover checking account is unique in that it offers cash back rewards, just like credit cards.

There’s also a savings account with a competitive annual percentage yield or APY and no account minimums. Money market accounts, CDs, IRA CDs, and personal loans are available as well. Even though there are no physical locations, you can enjoy access at 60,000+ fee-free ATMs and 24/7 customer service. Just keep in mind that if you do use an out-of-network ATM, there are no unlimited ATM fee reimbursements.

4.   Bread Savings

Formerly Comenity Direct, Bread Savings is an online millennials bank. As long as you have $100 to deposit into the high-yield savings account, you can enjoy an impressive APY, without a monthly maintenance fee. Bread Savings also offers five CDs with terms between one and five years.

Keep in mind that there are no checking or money market products and you’ll have to complete all your banking online or via the mobile app. The good news is any money you do keep with the bank will be FDIC insured for up to $250,000 per depositor for your peace of mind.

5. Current

While Current isn’t technically a bank, we had to include it on our list as it’s a unique option for millennials. This mobile-only fintech company partners with Choice Financial Group and Metropolitan Commercial Bank to provide banking services. A Current account is essentially a hybrid between a checking and savings account. It comes with a Visa debit card you can use at more than 55,000 surcharge-free ATMs through the Allpoint ATM network.

The account’s most noteworthy features include savings pods, which can help you meet various goals, budgets, round-ups, and early paydays. You should know that the only way to take advantage of Current is through its mobile app, which offers mobile check deposit, instant spending notifications, a peer-to-peer payment platform, Google and Apple Pay, and privacy controls.

6. Varo Bank

Varo Bank made its debut in 2015 with a diverse lineup of products as well as low fees and high rates you may not find at traditional banks. With Varo’s high interest checking account, there is no minimum balance requirement or monthly maintenance fee. The savings account offers competitive interest rates and two automatic savings tools that can help you reach your goals.

We can’t forget the Varo Believe program, which you can use to build credit and Varo Advance, which may come in handy if you need fast cash. If you have a question or need support at any time, you’ll be pleased to learn that Varo has a call center that’s available seven days a week. Unfortunately, however, 24/7 customer service is not an option.

7. Barclays Bank

Founded in the UK and headquartered in New York, Barclays Bank offers numerous banking products to millennials. These include savings accounts, CDs, and credit cards. With a Barclays savings account, you can expect a competitive rate and don’t have to worry about minimum balances, service fees, or monthly maintenance fees.

Plus, there’s a useful mobile app with mobile banking features, such as mobile check deposits and savings account tool you can use to help you meet your financial goals. Unfortunately, Barclays doesn’t provide checking accounts or ATM access. Hopefully, this will change for account holders in the future.

8. Aspiration

Aspiration is known as an online-only financial services firm but operates a lot like a bank and can be a solid choice for millennials. It is unique in that it has a “Pay What Is Fair” policy that lets you choose your monthly fee amount, which can be $0. The Aspiration Save Accounts also offer competitive interest rates.

In addition, you can earn cash back if you shop at ethical retailers, such as Blue Apron and TOMS. The downsides you should be aware of include no ability to deposit cash and confusing out-of-network ATM fees. If you need help, you can check out the robust FAQ page or contact phone support.

9. Chase Bank

Chase is a solid pick for millennials looking to bank with a financial institution that dates back to 1799 and like the option of in-person banking. It has over 4,700 branches and 16,000 ATMs across the country. At Chase, you can find a wide array of checking accounts, two savings accounts, certificates of deposit (CDs), loans, and wealth management solutions.

While in-person banking is available through Chase, you can also bank with the highly rated mobile app, complete with mobile deposits, electronic transferring funds, Zelle and Google Pay compatibility, account alerts, and other features. You can receive support online, via phone, or through one of Chase’s social media channels.

10. Ally Bank

Ally Bank is a popular online only bank that can meet the needs of millennials. It’s part of the Allpoint ATM network, meaning you can receive access to more than 43,000 ATMs across the country. With Ally, you may open a high APY savings account without meeting a minimum deposit requirement. You’ll also find it easy to save money for specific goals with its savings buckets.

Ally also offers a low fee checking account with an early direct deposits feature that lets you get your paycheck up to two days early. In addition, there’s the best money market account, which comes with a debit card for debit card purchases and paper checks. If you do opt for Ally, note that cash deposits aren’t available and you won’t be able to receive in-person service at a local branch.

11. Quontic Bank

Founded in 2009 and headquartered in New York, Quontic Bank is a digital bank with one brick-and-mortar location in Astoria, New York. It’s a Community Development Financial Institution (CDFI), meaning it lends to underserved individuals and communities.

If you’re a millennial, you’re bound to appreciate its streamlined digital experience that makes it a breeze to sign up for any product or service. Quontic Bank’s most unique feature, however, is the Bitcoin Rewards Checking account, which you can use to earn Bitcoin rewards on your everyday purchases.

12. Chime®

Chime is a financial technology or fintech company with banking services that may work well for millennials. The Chime checking account doesn’t have any monthly maintenance fees or minimum balance requirements.

You can also get paid up to two days early with early direct deposit2, take advantage of automated savings features, and access to 60,000+ fee-free1 ATMs nationwide. The Chime high-yield savings account comes with a competitive savings rate with no cap on the amount of interest you can earn. The downside of Chime, however, is that there are no local branches for in-person service and all deposit’s must be made through the Chime mobile banking app.

13. American Express National Bank

American Express offers more than just credit cards for millennials. In fact, American Express National Bank is a great resource for online savings accounts and CDs. If you have an American Express credit card, you can open a checking account with a great APY and Membership Rewards points on select purchases.

You can manage all your bank accounts on the American Express app, which offers easy transfers and payment options. Rest assured that American Express National Bank is FDIC insured, meaning you’ll be protected in the unlikely event of a bank failure.

14. Capital One

Based in McLean, Virginia, Capital One is a full-service bank with some branches and Capital One cafes, which are coffee shops you can go to and do online banking. Many millennials will appreciate its convenient online banking options. A Capital One 360 Checking account comes with a 360 Checking MasterCard debit card and a free checkbook.

There’s also the Capital One’s 360 Performance Savings, a high-yield savings account with no minimum opening or no minimum balance requirements. CDs, retirement accounts, and investment accounts are options as well. In addition, Capital One offers a handy mobile app and a large ATM network.

15. One Finance

One Finance is another example of a company that’s not a national bank but can be a great option for millennials. It’s essentially a digital banking platform that encourages users to build healthy money habits that improve their financial health. You can use its cash management account to save, spend, grow and transfer money. Best of all, there are no monthly fees or hidden fees.

Additionally, you can set up several savings pockets to save for emergencies and other goals, while keeping your regular savings separate. Other perks of One Finance are no overdraft fees for not having a positive balance and customer service via phone, website, and chat, 7-days per week.


What to Look for in a Bank

If you’re a millennial looking for the perfect bank, consider the following as you do your research and compare all your options.

Branch Locations

Sometimes, you may want to stop into a bank to meet with a customer representative and take care of various needs. These days, there are many online-only banks, so if this is a priority to you, you’d be better off with an older, more traditional bank that has branches near your home or workplace.

Online Tools

Do you want an online bank that lets you perform all your banking online? Or would you be better off with a brick-and-mortar bank that has online banking tools? Once you answer this question, you’ll find it easier to narrow down your options.

Products and Services

While some banks focus on savings products, others offer it all, including savings accounts, checking accounts, CDs, retirement accounts, wealth management services, and more. Jot down a list of the offerings that are most important to you. Then, find several reputable banks that can meet your needs and weigh their pros and cons.

Rates and Fees

If you’d like to grow your money, APYs are important. As you look for banks, you’ll notice that online banks tend to offer higher rates due to their lower overhead costs. They may also charge less fees, like ATM fees and foreign transaction fees, which can add up quickly and interfere with your money savings goals.

Customer Reviews

It’s all too easy to settle on the first bank that has the products and services you’re interested in. However, before you commit to any financial institution, it’s in your best interest to educate yourself on its reputation. Look at review sites and customer reviews to determine whether the bank you’re considering is reputable.

Bottom Line

Fortunately, there is no shortage of banks for millennials. Most financial institutions are designed to accommodate the millennial population, so there are plenty of choices at your disposal. To hone in on the right one, determine what’s most important to you, do your research, and compare all your options. Best of luck in your search for a millennial bank.

Best Banks For Millennials FAQs

What is the best bank for millennials?

There is not one bank that makes sense for every millennial. The best bank for you depends on your personal needs. If you’re trying to grow your savings, you may choose a different bank than someone that would like to earn perks on their everyday expenses. Do your research and compare all your options.

What are some examples of the best banks for millennials?

The list above includes a variety of banking options for millennials. These include Capital One, Chime, Ally Bank, CIT Bank, Axos Bank, and more.

Would I be better off with a credit union?

If you find a credit union or a few credit unions with all the products and services you need, they’re certainly worth exploring. Just make sure you meet the membership criteria and don’t mind joining.

Should I choose an online bank?

An online bank might make sense if you like the convenience of performing all your banking online from your desktop or mobile device. But if you like the traditional banking experience with in-person service and online access to your bank account, you should consider a bank with brick-and-mortar locations.

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.

1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

2. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

Anna Baluch
Meet the author

Anna Baluch is a freelance personal finance writer from Cleveland, OH. She enjoys helping people make smart financial decisions.