Millennials value strong mobile and digital features, as well as an active social media presence.
Instead of banks with lots of branches, we focused on ones with no- and low-fee checking accounts, as well as savings and money market accounts that pay decent yields.
Here's a look at our top bank picks for millennials.
BEST: Ally
Ally Bank (opens in new tab), which also tops our ranking of internet banks (opens in new tab), is a stellar option for millennials. Its menu is limited to a single checking, savings and money market deposit account. There are no hidden fees, and the savings account yields 1.05% no matter what your balance. The money market deposit account yields 0.85% on all balances and comes with a debit card and free checks. Even the checking account pays 0.1% on balances under $15,000 (and 0.6% on deposits above that). Withdrawals from any ATM in the Allpoint network are free, and Ally will rebate up to $10 per month in surcharges from other ATMs. You can link your debit card to Apple Pay, Android Pay or Samsung Pay. Ally also offers Popmoney (opens in new tab) (the service that allows you to send or receive money using someone's mobile number or e-mail address).
You can link your checking account to a savings or money market account to cover shortfalls. If you don't set up an overdraft-transfer service, your transaction may be declined if you overdraw your account, and you may be penalized $25. Live customer service is available by phone or online chat 24/7. Ally is responsive on social media as well; you can expect an answer to most Facebook messages (opens in new tab) within a few hours.
Sponsored Content
(opens in new tab)
RUNNER-UP: Langley Federal Credit Union
Even if you don't live or work in the Hampton Roads area of Virginia, where Langley Federal Credit Union (opens in new tab) is based, you can still become a member by joining one of several local associations. Langley offers a varied menu of no-fee checking accounts and savings accounts. On the checking side, if you want to earn interest on your money, the free LangleyPays checking account (opens in new tab) yields 1.61% on the first $1,000 in deposits and pays 10 cents every time you swipe your debit card. On the savings side, the Langley Saves account (opens in new tab) earns 1.61% on the first $1,000 but only 0.05% on higher balances. If you'd like a stricter way to keep track of your spending, you can use Langley's Spend Card (opens in new tab), a prepaid card that is completely fee-free.
With the mobile app (opens in new tab), you can deposit checks remotely, pay bills and even check your FICO score. Or enroll in "text banking" to check your balance or review transactions by sending simple text commands. Langley debit cards are compatible with Apple Pay, Android Pay and Samsung Pay.
Sponsored Content
(opens in new tab)
The Best Banks and Credit Unions for You, 2017
.kip-slideshow ul.kip-list-nobullet li {font-size: 14px;margin-bottom: 0;line-height: 1.5;}
These stellar banks and credit unions are making all the right moves to win satisfied customers:
Sponsored Content
(opens in new tab)
-
-
Kiplinger's Weekly Earnings Calendar
stocks Check out our earnings calendar for the upcoming week, as well as our previews of the more noteworthy reports.
-
Can the Earned Income Tax Credit Help You? (Or Someone You Know)?
The IRS and community partners want to improve earned income tax credit awareness.
-
The 25 Cheapest Places to Live: U.S. Cities Edition
places to live Take a look at our list of the cheapest places to live in America for city dwellers. Is one of the cheapest places to live in the U.S. right for you?
-
Should I Cancel Amazon Prime? Here Are 12 Good Reasons
Amazon Prime The giant retailer had a year of ups and downs, leaving many wondering: Do I need Amazon Prime?
-
10 Things to Know About Hurricane Insurance Claims
Becoming a Homeowner Hurricane damage? Know what’s covered, what isn’t, and how to make the most of your policy if you need to file a claim.
-
The Most Expensive Natural Disasters in U.S. History
Economic Forecasts Wind, water, fire and drought have all wreaked havoc on the United States. What’s been the worst?
-
Amazon Prime Day 2022: Some of the Best Deals from Kiplinger Editors
Amazon Prime Amazon Prime Day is here. We’ve identified some great values on products and services, a number of which we’ve used ourselves.
-
10 Tax Deadlines for April 18 (Today is Not Just the Due Date for Your Tax Return)
tax deadline Between requesting a tax extension, making IRA or HSA contributions, and meeting other tax deadlines, there's more to do today than just filing your federal income tax return.
-
Alternatives to Amazon Prime for Free Shipping and More
Amazon Prime You don’t need to pay Amazon Prime’s juiced $139 annual fee to find a wide swath of products online at different retailers.
-
40 Ways to Earn Extra Cash in 2022
business We flag a wide variety of cool side hustles to earn bonus bucks for expenses both expected and unexpected as we begin to emerge from the pandemic.
