15 Best Banks for Millennials for 2024


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.

15 Best Banks for Millennials

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. SoFi

SoFi is a standout choice for millennials seeking a comprehensive digital banking experience. Unlike traditional banks, SoFi combines checking and savings into one high-yield account, making it a robust option for managing finances effortlessly.

SoFi’s account has no monthly maintenance fees, no minimum balance requirements, and offers access to over 60,000 fee-free ATMs. An attractive feature for millennials is the ability to receive their paycheck up to two days early with direct deposits, a boon for managing cash flow more effectively.

Additionally, SoFi provides the flexibility to earn competitive APY on the savings portion of the account, helping your money grow faster.

Although SoFi operates entirely online with no physical branches, it compensates with a suite of tools in its mobile app. These include integrated budgeting tools, automatic savings features, and the option to invest directly from the same platform, enhancing the financial empowerment of its users.

2. 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.

It is important to note 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.

3. 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 deposits must be made through the Chime mobile banking app.

4. GO2bank

GO2bank, launched in 2021 by Green Dot Corporation, is a mobile-first bank designed to cater to the modern banking needs of users seeking convenience and accessibility.

With a focus on providing affordable financial services, GO2bank offers various features and benefits that make managing finances easy and stress-free.

When you open a GO2bank account, you’ll have access to a high-yield savings account with a 4.5% APY, which is well above the national average. Additionally, GO2bank offers secured credit card options that help build or rebuild your credit without the need for a credit check.

One of the main benefits of GO2bank is its fee-free access to a network of over 19,000 ATMs nationwide. Moreover, GO2bank offers a paycheck direct deposit feature that allows you to access your funds up to 2 days earlier than the typical payday, giving you quicker access to your hard-earned money.

While GO2bank lacks physical branch access, the range of online services and user-friendly mobile app make it an attractive choice for those who prioritize convenience and digital-first banking solutions.

5. Upgrade

Upgrade is a prominent financial technology company known for its array of financial services. Among its offerings is a no-fee checking account that stands out for its generous cashback rewards. This account, accompanied by a Visa debit card, is accessible through both iOS and Android mobile apps.

The account has no ATM fees, monthly fees, or overdraft fees. An added incentive for users is the potential to earn up to 2% cash back on their purchases, provided they set up monthly direct deposits amounting to $1,000 or more.

The account setup is user-friendly and can be completed online in just a few minutes. In addition to this, Upgrade also offers various credit cards and personal loan options for a comprehensive financial experience.

6. 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.

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. 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.

9. 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.

10. Quontic Bank

Founded in 2009 and headquartered in New York, Quontic Bank combines the convenience of digital banking with a physical presence in Astoria, New York.

As a Community Development Financial Institution (CDFI), it focuses on extending financial services to underserved individuals and communities, which may appeal to socially conscious millennials.

Quontic stands out for its robust digital experience, making it easy for users to manage their accounts and access banking services from anywhere. This digital-first approach aligns well with the lifestyle of millennials, who value efficiency and online accessibility.

Additionally, Quontic offers a range of innovative products such as high-yield savings accounts, competitive mortgage options, and unique lending solutions that cater to the diverse needs of modern consumers.

11. 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 to 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.

12. 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.

13. 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 be beneficial 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.

14. 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 deposit 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.

15. 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.


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 fewer 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.

Frequently Asked Questions

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 various banking options for millennials. These include SoFi, Capital One, Chime, Ally Bank, CIT 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.