Whether or not you favor an intimate group banking expertise or the anytime, wherever comfort of a significant nationwide financial institution, Californians can discover one of the best match for his or her wants.
The Golden State has dozens of homegrown monetary establishments, lots of which serve solely components of this huge state. California additionally has a particular connection to a number of the greatest banks within the nation — each Wells Fargo and Financial institution of America have historic roots right here.
We evaluated greater than 100 California banks on metrics together with rates of interest, product combine, on-line and cell banking, and customer support high quality. However solely 10 earned a spot on our record of one of the best banks in California.
The Greatest Banks in California
These FDIC-insured banks are one of the best shopper and small-business monetary establishments in California. Our “finest total” choose, Wells Fargo, serves the must the widest vary of Californians in our opinions. All the opposite banks on this record do no less than one factor rather well or excel in a selected area of the state.
Greatest General: Wells Fargo
- Headquarters: San Francisco, California
- Variety of Branches in California: 904
- Areas Served: Statewide
We selected Wells Fargo as the highest financial institution in California as a result of:
- It has practically 1,000 branches within the state, overlaying all main cities and areas
- It has a complete account lineup, from low-cost private checking and financial savings accounts to private, enterprise, and business loans and features of credit score
- It’s the most effective banks for bank card customers, with a number of cash-back and low-APR bank cards
- It ranks properly on total buyer satisfaction
- It gives a wonderful digital banking expertise
Although it has deep roots within the Golden State, nobody would confuse San Francisco-based Wells Fargo with a humble California group financial institution. With 1000’s of branches throughout the nation and practically $2 trillion in complete deposits, it’s one of many greatest banks in america.
That makes it ideally suited for California natives who recognize each real-world banking comfort and on-the-go entry through on-line and cell banking. And since it serves prospects from coast to coast, Wells Fargo is a wonderful alternative each for individuals relocating to California from elsewhere and California-based customers who journey rather a lot within the U.S. for work or pleasure.
Greatest for College students: Financial institution of America
- Headquarters: Charlotte, North Carolina
- Variety of Branches in California: 791
- Areas Served: Statewide
Financial institution of America is one other large American financial institution with sturdy California roots.
A century on from its low-key origins in San Francisco, BofA has grown into the highest banking alternative for college students. That’s largely due to its revolutionary Benefit Banking product, which has no month-to-month upkeep charge for college students below 25 enrolled in class or an academic or vocational program and no month-to-month upkeep charge for anybody below 18. Learn extra about Benefit Banking in our roundup of one of the best scholar checking accounts.
As a full-service financial institution, BofA can deal with nearly your whole monetary wants. Select from a number of rewards bank cards with no annual charge, together with the Financial institution of America Custom-made Money Rewards Credit score Card and the Financial institution of America Journey Rewards Credit score Card. Purchase or faucet actual property fairness with the financial institution’s mortgage loans (buy and refinance) or residence fairness loans and features of credit score. Get pleasure from aggressive charges on auto loans (buy and refinance), beginning round 5% APR for brand new vehicles. And spend money on shares, exchange-traded funds, and extra with Merrill, a BofA subsidiary.
Greatest for Environmental Activists: Financial institution of the West
- Headquarters: San Francisco, California
- Variety of Branches in California: 230
- Areas Served: Statewide
Although it’s now a subsidiary of BNP Paribas, a world monetary conglomerate, Financial institution of the West is one other deeply rooted California financial institution that continues to be loyal to its residence state. With department and ATM protection throughout all the state, it’s accessible for many Californians too.
Financial institution of the West leans into California’s lengthy historical past of environmental activism with its 1% for the Planet Checking account. It donates 1% of internet revenues from these accounts to environmental nonprofits for gratis to you (or anybody else who does enterprise with the financial institution). You may see your debit card purchases’ estimated carbon footprint in your account dashboard too.
And Financial institution of the West pledges by no means to make use of buyer deposits to fund Arctic drilling, tar sands mining, or massive tobacco — although that leaves out loads of ethically questionable revenue facilities.
Greatest Neighborhood Financial institution: Oak Valley Neighborhood Financial institution
- Headquarters: Oakdale, California
- Variety of Branches in California: 16
- Areas Served: Central Valley, Sacramento
Oak Valley Neighborhood Financial institution is California’s premier group financial institution, which is kind of the excellence in an enormous state stuffed with small hometown banks. As a smaller group establishment, its biggest power can be its biggest weak spot: If you happen to don’t reside someplace between Sacramento and Modesto, you’re uncomfortably removed from an Oak Valley department.
However should you do reside close by, Oak Valley has every thing you can need from a small financial institution:
- Branches staffed by pleasant trade veterans
- A number of checking accounts, a few of that are high-interest accounts
- Well being financial savings accounts, that are unusual locally banking world
- Mortgage loans and residential fairness merchandise
- A powerful lineup of economic accounts and loans
And if life or enterprise takes you exterior Oak Valley Neighborhood Financial institution’s residence territory, you’ll be able to depend on its cell apps and mobile-responsive web site (one other rarity for a small financial institution) to remain linked to your cash.
Greatest in San Francisco: Union Financial institution
- Headquarters: New York, New York
- Variety of Branches in California: 282
- Areas Served: Statewide
Union Financial institution can hint its roots again to the early days of California statehood. The Financial institution of California, its oldest predecessor establishment, began in 1864 in a little-known however fast-growing frontier port known as San Francisco. Union Financial institution and Belief Firm, which might merge with The Financial institution of California in 1996, got here to life in 1918 Los Angeles. No monetary establishment is extra completely Californian nor so integral to its residence state’s prosperity.
Union Financial institution has practically 300 branches from one finish of California to the opposite, however it’s significantly fashionable within the San Francisco Bay Space, the place it might probably look like there’s a department at each main intersection. Whereas a pending merger with U.S. Financial institution brings some uncertainty, the wonderful buyer expertise for which Union Financial institution is understood appears unlikely to alter within the close to future.
Union Financial institution has a complete lineup of shopper and enterprise accounts, together with the always-free Financial institution Freely checking and financial savings accounts, 5 private bank cards (cash-back, rewards factors, journey, low APR, and secured), and specialty loans for small and midsize companies.
Greatest in Orange County: First Residents Financial institution
- Headquarters: Raleigh, North Carolina
- Variety of Branches in California: 65
- Areas Served: Los Angeles, Orange County, San Diego, Sacramento
North Carolina-based First Residents Financial institution barreled into California with the acquisition of OneWest Financial institution, a beloved southern California establishment. Its department community is especially dense in southern LA County and Orange County, making it the perfect alternative for individuals who reside and work on this space.
First Residents Financial institution gives three completely different checking accounts, together with one which’s completely free — no charges, interval — once you choose into paperless statements. Its CD and financial savings charges are nothing to put in writing residence about, however 5 completely different bank card choices (together with a uncommon secured rewards bank card) and competitively priced mortgage and auto loans make up for it.
First Residents Financial institution throws a couple of (good) curveballs. It’s one of many few regional banks that sells insurance coverage (particularly auto, property, life, and umbrella legal responsibility) and gives pet medical insurance quotes by Embrace Pet Insurance coverage. It has a deep roster of economic and small-business financing choices, together with automobile financing, debt restructuring, working capital, and gear financing. And it gives in-house monetary planning and funding administration by First Residents Wealth Administration, its full-service wealth administration arm.
Greatest in Los Angeles: Farmers & Retailers Financial institution (Southern California)
- Headquarters: Lengthy Seaside, California
- Variety of Branches: 25
- Areas Served: Lengthy Seaside/Los Angeles, Orange County
The very best financial institution within the Los Angeles space is definitely based mostly in Lengthy Seaside, however that’s shut sufficient. It’s Farmers & Retailers Financial institution — to not be confused with Lodi-based F&M Financial institution, the initials of which additionally stand for “farmers and retailers” and which occupies its personal spot on this record.
For a 25-branch financial institution, Farmers & Retailers has an unusually various private account lineup: seven checking accounts, three financial savings accounts (together with an old-school Christmas Membership vacation financial savings account), CDs with phrases starting from seven days to 5 years, and three completely different youth accounts for highschool and school college students. Enterprise homeowners can depend on 4 completely different enterprise checking accounts, a number of enterprise bank cards, and a enterprise lending arm specializing in business actual property.
Farmers & Retailers has another notable promoting factors. These embrace a seemingly everlasting $500-off-closing-costs promotion for mortgage candidates, specialty banking companies for well being care and faith-based organizations, and an extremely skilled workers that features greater than 100 staff with no less than 15 years of service (and greater than 60 with 20 years or extra).
Greatest within the Central Valley: F&M Financial institution (Central/Northern California)
- Headquarters: Lodi, California
- Variety of Branches: 30
- Areas Served: Central Valley, East Bay, Sacramento
The opposite F&M Financial institution has an identical variety of branches a pair hundred miles north of LA and Lengthy Seaside, principally within the Central Valley south of Sacramento.
True to its tagline — “the place banking is straightforward!” — F&M Financial institution has a user-friendly desktop banking interface and slick cell app that replicates the expertise on a smaller display. All of its bodily branches are full-service, that means you don’t must journey farther to talk with a mortgage mortgage officer, funding advisor, or ag mortgage specialist. And people branches are conveniently positioned, with no less than one in each massive city between Merced and Roseville.
F&M’s lending division displays its rural, closely agricultural setting, with a number of mortgage choices for farm actual property and gear, livestock, winery and winemaking gear, and different farm-y capabilities. However don’t fear: If you happen to don’t personal a farm or winery, you’ll be able to nonetheless get a regular-old mortgage mortgage right here, plus unsecured private loans with versatile phrases.
Greatest in San Diego: Financial institution of Southern California
- Headquarters: San Diego, California
- Variety of Branches: 13
- Areas Served: San Diego, Orange County, Los Angeles
Although it has operations in Orange County and southern LA County, Financial institution of Southern California focuses most of its consideration on San Diego, the place most of its branches are positioned.
On the buyer facet, the standout VIP Checking account reimburses as much as $25 in home and worldwide ATM charges per assertion cycle and pays tiered rates of interest relying in your steadiness. The patron financial savings merchandise aren’t significantly noteworthy, however there’s a pleasant CD time period unfold no less than: 90 days to 5 years, good for constructing a multi-CD ladder.
Financial institution of Southern California’s actual power is its enterprise deposit account lineup, which options 5 distinct enterprise checking accounts — from Fundamental Enterprise Checking (good for freelancers and sole proprietors) to Analyzed Enterprise Checking (ideally suited for rising companies with excessive transaction volumes). If you happen to’re coming over from one other establishment, use Financial institution of Southern California’s shopper Swap Equipment to cut back the time and trouble of adjusting banks.
Greatest in San Jose: Santa Cruz County Financial institution
- Headquarters: Santa Cruz, California
- Variety of Branches: 8
- Areas Served: Santa Cruz, San Jose
Santa Cruz County Financial institution has the fewest areas of any financial institution on this record. But it surely’s one of many few homegrown banks that operates within the San Jose space (in Cupertino, residence of Apple Inc.) That makes it a robust alternative for Silicon Valley residents in search of a neighborhood different to massive, faceless monetary establishments.
For such a small financial institution, Santa Cruz County Financial institution has a powerful lineup of deposit accounts and mortgage choices. Notably, two of its 4 checking accounts waive month-to-month service fees with recurring direct deposits. The opposite two have comparatively manageable minimal steadiness necessities to waive their month-to-month charges.
The lending facet is biased towards enterprise prospects, with only a handful of shopper bank cards. However should you do personal a enterprise in higher San Jose or Santa Cruz, Santa Cruz County Financial institution most likely has the kind of financing you want to develop it. Select from short- and long-term asset-based loans, unsecured traces of credit score, a number of Small Enterprise Administration mortgage sorts, actual property loans, and specialty loans for agricultural and winemaking companies. You may run your small-business retirement plans (together with SEP and SIMPLE IRAs) by Santa Cruz County Financial institution and/or open tax-advantaged private financial savings accounts (conventional and Roth IRAs, Coverdell schooling financial savings accounts) right here too.
Methodology: How We Choose the Greatest Banks in California
Greater than 100 homegrown and nationwide banks function in California. That offers locals a lot of alternative, however it additionally makes it robust to resolve that are really one of the best.
To slim this record, we evaluated California banks on high quality components like product combine, charges and yields, digital and real-world comfort, and customer support high quality.
Product Lineup
Whereas there’s no rule in opposition to having multiple financial institution, we perceive that many customers and small-business homeowners desire to do all their banking in the identical place.
That’s why we give choice to California banks with complete product and repair lineups, no matter measurement or department depend. You received’t discover monetary establishments that target only one or two account sorts on this record.
Charges and Yields
Few banks supply one of the best mortgage charges and account yields from high to backside. Most have some areas the place they excel and others the place they fall brief. That being the case, the entire banks on this record supply aggressive charges and phrases on no less than a few of their deposit accounts and mortgage merchandise.
On-line and Cell Banking Capabilities
Each financial institution on this record has a high-quality on-line banking interface that enables customers to do most of their each day cash administration with out strolling right into a department or sidling as much as an ATM. Most have cell banking apps as properly, and those who don’t no less than have mobile-friendly web sites.
Areas Served
The entire banks on this record meet no less than one in all two geographic standards:
- Comprehensiveness, that means they serve a number of areas of California or have statewide department protection
- Depth, that means they’ve a lot of branches and ATMs in narrower geographic areas
One isn’t essentially higher than the opposite. However should you worth in-person monetary companies, it’s good to not must drive an hour every approach to meet along with your banker.
Buyer Service Rankings
Whereas we take user-generated evaluations with a grain of salt, we give choice to banks which have clearly constructed up good will with the parents they serve. That’s true whether or not they’re thousand-branch behemoths or group establishments with only a few outposts in a single nook of California or one other.
ATM Entry
Even the smaller banks on this record belong to bigger ATM networks that supply low- or no-cost withdrawals at tens of 1000’s or extra machines nationwide. That’s vital for individuals whose work or leisure travels take them exterior their banks’ residence territories.
California Banking FAQs
Nonetheless have questions on banking in California? Want some assist selecting among the many finest banks within the Golden State? We now have (some) solutions.
How Many Banks Does California Have?
There are greater than 100 distinctive banks with branches or operations facilities in California. Dozens of those are based mostly in California, together with lots of the high banks on this record.
Others are headquartered elsewhere however began or have deep historic roots in California, together with Wells Fargo and Financial institution of America. Though it doesn’t have as many small banks per capita as another states, California does have a robust custom of group banking. A number of the state’s finest banks have simply 10 or 20 branches and serve distinct areas inside California.
What Financial institution Has the Greatest CD Charges in California?
Nothing in opposition to homegrown group banks, however should you’re trying or the perfect charges on certificates of deposit in California, you’ll have higher luck concentrating on branchless on-line banks like Ally Financial institution, Synchrony Financial institution, and Capital One Financial institution.
On-line banks have a tendency to supply higher financial savings account and CD charges as a result of they’ve decrease overhead and thus greater revenue margins.
For instance, Ally Financial institution’s five-year CD at present yields 4.10%. That’s a lot greater than you’re more likely to get along with your hometown financial institution.
What Financial institution Has the Greatest Financial savings Charges in California?
The “on-line banks are higher” rule applies on financial savings account charges as properly, although some native banks supply promotional charges on financial savings accounts to attract in new prospects.
One factor is for certain: You received’t discover aggressive financial savings accounts charges at massive banks like Financial institution of America or Wells Fargo. Nonetheless sturdy they’re on different measures, each are infamous for low account yields.
What’s the Greatest Financial institution for Mortgages in California?
Sadly, there’s no clear winner. As a common rule, on-line direct lenders have higher mortgage charges than conventional or group banks for a similar purpose on-line banks pay higher charges on CDs and financial savings accounts. They’ve much less overhead.
That stated, when you have a preexisting relationship with a California financial institution otherwise you’re prepared to start out one, ask your banker what they’ll do for you on the mortgage entrance.
Banks with formal loyalty applications, like Financial institution of America Most popular Rewards, usually give members decrease mortgage charges or credit towards closing prices. Smaller banks with out formal loyalty applications should reduce longtime prospects a break, particularly once they have lots of money on deposit or different loans excellent.
How you can Select a Financial institution in California
Nonetheless overwhelmed by the sheer variety of banks in California? Uncertain learn how to slim down your record of selections any additional? Take a step again and take into consideration what you worth most in a financial institution.
- Protection and Entry: Except you’re assured you’ll by no means have to stroll right into a department or use an ATM, you need a financial institution that’s accessible the place (and the way) you reside. Search for banks with branches and ATMs in your neighborhood or hometown — or no less than inside straightforward attain.
- Account and Service Charges: Search for banks that supply free checking accounts, no-annual-fee bank cards, and different low- or no-cost monetary merchandise in your on a regular basis wants. If you happen to should select a financial institution that fees month-to-month upkeep charges, no less than guarantee you know the way to get these charges waived. And keep away from banks with difficult charge schedules that appear designed to squeeze you for extra of your hard-earned cash.
- Private Service (or Lack Thereof): If you happen to worth personalised, one-on-one service, select your financial institution accordingly. Most banks pay lip service to the idea, however it shouldn’t take lengthy to identify those that basically simply deal with you want a quantity.
- Deposit Account Choices: Even when you have no drawback sustaining accounts at a number of establishments, it’s good to have the choice to deepen your relationship along with your hometown financial institution. So select one with all kinds of deposit account choices slightly than only one or two.
- Credit score Choices: Possibly you’re not available in the market for a mortgage or bank card proper now, however likelihood is you’ll be sooner or later. Select a financial institution that provides a spread of loans to avoid wasting your self the trouble of switching later — and make sure you qualify for existing-customer mortgage perks and charge or charge reductions once you’re prepared.
- Expertise: Regardless of how a lot you like your financial institution, you don’t have time to go to in particular person each time you want to get money or pay a invoice. Make sure that the banks in your shortlist have on-line or cell banking capabilities complete sufficient to deal with all of your each day cash administration wants.