Millennials Savings Starts With Selecting The Right Bank

Choosing the best bank for millennials is a real dilemma for those who might feel that not all banks have successfully transitioned to the 21st century. Choosing a bank is a big step, one that you should approach with caution. After all, a lousy banking experience can leave more than a sour taste. In this review, we will be going through some of the best banks for millennials out there. We will be looking at what each bank has to offer and the things you should be on the lookout for when choosing a bank to make your experience as smooth as possible.


Here are the best banks for millennials:

  • Ally
  • Aspiration
  • Capital One
  • Chase
  • Chime CIT Bank
  • Current
  • Discover Bank
  • One Finance
  • Oxygen
  • Varo Bank
  • US Bank


While technically speaking, Chime is not a bank, its banking products and services are worthy of consideration. They work with two large banks- the Bancorp Bank and Stride Bank, so your money is still FDIC-insured. They offer three different accounts, including Spending Account, Savings Account, and Credit Builder.

All three accounts come with no monthly maintenance fees or minimum balances. The lack of fees makes them ideal if you are looking for a budget account as you build up your savings. Here, the automatic savings feature can come in handy with round-ups automatically transferred to the savings account, where they’ll earn an APY interest rate of 0.50%. Chime supports both Apple Pay and Google Pay, making it that much easier to manage your money. You also get a fee-free withdrawal from over 60,000 ATMs, including ATMs at Target, Walgreens, 7-Eleven, etc. you can get your paycheck as much as two days earlier. At the same time, Eligible customers who qualify for SpotMe also get fee-free overdrafts – particularly useful if you find yourself with your back against the wall.


Aspiration is a financial company on a mission to save the planet along with its customers. Technically speaking, Aspiration is a broker-dealer. However, it works with ten banks, so you’re FDIC-Insured up to $2.5 million – enough to cover the most aspirational of savers. They offer quite a few accounts, but we will just glance at the most common one. Their primary account is called Spend & Save, which comes in 2 plans called Aspiration and Aspiration Plus. You also get cashback on your Conscience Coalition purchases and personal impact score to help make more environmentally friendly purchases. Aspiration also offers an investment and retirement account, both of which you can open with as little as $10.00.

CIT Bank

CIT Bank is an online bank that works more like a traditional bank. Here you’ll find a wide range of accounts, products and services consummate with the more conventional banks, including CDs, MMAs (Money Market Accounts), and mortgages. Savings, Checking and Money Market Accounts have a minimum open deposit requirement of $100, with the maximum APY reaching 0.50%.

The e-Checking account comes with several features, including $30 in ATM fees reimbursements per month. You’ll also earn an APY that ranges between 0.10% and 0.25% depending on your balance. The savings account also comes without a monthly fee. The Savings Builder is specifically designed to help you reach savings goals such as buying a house or saving up for your kid’s college tuition.


It is one of the biggest banks in the US and forms part of what is known as the Big Four. They have a long rich history that goes as far back as 1799, making them over 220. over this time they have managed to build a solid product and services. At the moment, Chase is offering new customers a welcome bonus of up to $225.

While they are not an online bank, their mobile app is one of the best out there, boasting features such as My Chase Plan, allowing you to break repayments over time. Other features include Chase Credit Journey, with free credit scores, budgeting, and rewards.


Ally Bank is another online financial institution with a strong portfolio of products and services. Their savings account has no monthly service fees or balance requirements. It includes several features like Round-Ups, Surprise  Savings, and an APY of 0.50% applicable on all their tiers. Are you looking to grow your savings? Then you might want to look at their investment options, including managed portfolios, self-directed trading, and forex trading. There’s a whole list of investment options available, including stocks, ETFs (Exchange-Traded Funds), options, and many others. There are no advisory fees and you can start your investment journey with as little as $100. they’re also SEC-registered, an Equal Housing Lender, and a member of FINRA and SIPC.

One Finance

one Finance is a financial app with more than a few tricks up its sleeve that has several ethical considerations at its heart. Their banking products and services are offered through Coastal Community Bank, which the FDIC covers. As such, each depositor is insured up to $250,000. The account has no monthly fees and no minimum balance requirements, making it ideal for new savers. Account-holders get fee-free overdraft protection, which is always nice considering how expensive overdrafts can get. Deposits earn an APY that’s between 1% and 3% which rate is significantly higher than what most of the competition is offering, more so when you consider that this is a free account after all. Direct deposits will make their way into your account up to 2 days earlier. They can even help you get a credit line with payments spread overtime at an APR of 12%.

Capital One

Capital One is one of the more traditional banks on this list. However, this doesn’t mean that you get to miss out. Their Capital One 360 Performance Savings offers an APY of 0.40% and has no fees or minimum balance requirements. Capital One also offers a variety of credit cards and auto loans. Are you looking to get your financial skills to the next level? They also have a learn and Grow portal to learn about different aspects of personal finance management.

Varo Bank

Varo Bank is an online bank that promises its customers no fees. There is no credit check required to open the account, making it ideal for those who have been refused a bank account elsewhere. The account has no monthly fees and no minimum balance requirements. Furthermore, there are no overdraft fees and fee-free withdrawals from all 55,000+ Allpoint ATMs. Other features include early direct deposits, a contactless debit card, and cash deposits at Green Dot locations- something that not a lot of online banks have. You can also get an advance of up to $100, with the maximum fee being $5.00

The good news here is that the rate will go up to 3.00% if you meet three preset requirements, making the account a rather lucrative proposition. One other account that those looking to build up their credit score might appreciate is Varo Believe. This account has no security deposit required and all payments are reported to the three major credit bureaus. To qualify, you need to have at least two direct deposits over the past three months worth $100 or more and no negative balances within the past 90days, among other criteria.

Current Bank

Current bank is not a bank but works with both Choice Financial Group and Metropolitan Commercial bank to provide its customers with certain banking products and services. There are two accounts to choose from;  the basic account which is free and the premium account that costs $4.99 a month. The premium account fee is fixed and cannot be waived. The premium account adds early access to direct deposits and immediate refunds on gas station authorizations, among others. They also offer an account for teens that comes with no minimum balance requirements, no transfer fees, and no hidden fees.

There is a yearly fee of $36 and a parent or legal guardian must sign up and link their bank account.

Currently works with a lot of influencers, so there is a cool factor going on. While this might not mean better banking services, it does add to the appeal of this account.

US Bank

US Bank is one of the largest banks in the US (the Fifth largest bank to be precise) and has been operating since 1968. They have branches in more than 25 states and have been voted as one of the world’s most ethical companies in 2021. The bank offers all of the products and services that you want, including bank accounts, credit cards, loans, and investment accounts. As such, you can have a one-stop shop for all your banking and financial needs without having to look elsewhere.


oxygen is a financial app aimed at rebels, creatives, makers, and entrepreneurs looking for something different from the garden variety banking apps. Oxygen is not a bank, with the actual banking services provided by The Bancorp Bank. There are four account tiers to choose from, named after the core elements of Earth, Water, Air, and Free. Earth is free, with the rest costing between $19.99 and $199.99 per year. While paying the fee is a must for the first year, you can have the fee waived for the subsequent years by meeting the qualification criteria. Oxygen also won the best overall Fintech App Award in 2021 and is PCI DSS certified.

Discover Bank

Discover national bank also offers some excellent accounts, including a fee-free online savings account with an APY of 0.40%. Their checking account comes with no monthly fees and a 1% cashback on debit card purchases. They also offer CDs (Certificates of Deposit) with APYs that go as high as 0.60% for terms of 5 years or more. With Discover, your money is insured by FDIC. That means your money is safe here as with any other major bank in the States. They also have a handy financial literacy center to help you understand personal finance subjects a little deeper while developing good money habits.