Best Banks in San Diego in 2022 | Rates, Account Types, Min. Deposit

San Diego is the second-largest city after Los Angeles in California with so many great options available for everyone interesting in going for banking services.

In the banking system, San Diego boasts of over 400 bank locations with different bank accounts spread across the city. This makes it difficult for individuals or businesses who want to get banking services to make their choices easily.

With this in mind, we put in the work to create a list of 10 best Banks in San Diego after considering some basic factors.

This comprehensive list would serve as a guide for anyone including you who wants to make a decision today on the right San Diego bank to bank with this year.

And even if you have made a wrong choice before now,  there are easy steps on how to change Banks without stress.

The table of contents below gives a rundown of these banks.

What are the Best Banks in San Diego?

Below is a list of 10 best banks in San Diego arranged in no particular order:

  • Ally Bank
  • California Bank & Trust
  • First Republic Bank
  • Comerica Bank
  • U.S. Bank
  • Pacific Western Bank
  • Chase Bank
  • Citi Bank
  • Wells Fargo
  • Bank of America

Note, some of these banks won’t only help you save, they would also offer you platforms to make money with your Bank Account easily.

What we Considered We Determine the Best Banks in San Diego?

We made this list by considering factors such as:

  • The number of branches available in the city
  • Minimum deposits
  • The annual percentage yields (APYs)
  • The type of accounts they operate.

#1. Pacific Western Bank

Rate: 0.01% APY

Account Types: ( Savings, Certificates of Deposit Checking, and Money Market Accounts)

Minimum Deposit: $300

Pacific Western Bank is another of the top best in San Diego founded in 1980. It offers different banking services to individuals and businesses (small and medium businesses).

However, Pacific Western Bank has a varied choice of banking products, which include savings accounts, checking accounts, money market accounts, and CDs.

It has a fair savings rate; you can find higher rates with other banks.

Currently, the bank operates over 70 retail branch and ATM locations across the Central Coast, the San Francisco Bay Area, and the San Joaquin Valley.

Note, they own $25 billion in assets as well as deposits totaling $19 billion, making it a very large bank.

#2. Bank of America

Rate: 0.01% APY

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Account Types: Checking accounts, CD and Savings accounts

Minimum Deposit: $25

High school and college students can find it difficult to select a bank with so many choices.

The benefit of dealing with a major bank like Bank of America is that it provides the accounts and goods that you need today, in addition to those that you will need in the future.

Bank of America® Student Banking helps you to waive monthly payments so that you don’t waste money right before you start building your savings.

The mobile app also helps you monitor your money and accounts everywhere you are.

#3. California Bank & Trust

Rate: 0.01% APY

Account Types: Different options

Minimum Deposit: $25

If you’re looking for an award-winning local San Diego bank, California Bank & Trust might be one you’re going to want to check out.

The readers of The Orange County Register voted Best Bank in Orange County” for the fourth straight year.

This is one of the banks in San Diego, California that has served the city for over 60 years.

And if you’re passing across California, you’ll be glad to hear that there are almost 100 branch offices throughout the county.

#4. Ally Bank

Rate: 0.60% APY

Account Types: Check Account

Minimum Deposit: $0

If you’re more comfortable with online mobile banking then Ally bank is perfect for you.

This bank will also make saving money for the long term interesting for you because it gives a high saving rate.

With Ally’s Online Savings Account, you will have a 0.60 percent APY that is compounded on a daily basis, meaning the account can earn interest on a daily basis.

In this bank, minimums and penalties are absolutely non-existent. So, any dollar you receive remains in your wallet.

However, your interest rate will be flexible, as accounts with a minimum regular balance of more than $15,000 will earn a solid 0.25 per cent APY.

If the minimum daily balance falls below the benchmark, a 0.10 per cent APY would be added to the balance.

Withdrawing money from your account is as simple as accessing any of the 55,000 free ATMs on the Allpoint network.

The only downside of this San Diego bank is that it is a branchless bank, which means it has n no branches.

#5. Comerica Bank

Rate: 0.01% APY

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Account Types: Different Options

Minimum Deposit: $50

Comerica Bank is the largest and oldest U.S. commerical bank established in 1849. It is one of the San Diego banks that focuses on establishing partnerships with personal and business banking clients.

They began as the Detroit Savings Fund and expanded to represent clients throughout the U.S., Canada and Mexico.

Currently, it operates retail banking operations in 10 U.S states which Texas, Michigan, Arizona, California and Florida are included.

One factor to remember is that you will have to pay recurring payments on most account forms until you keep a certain balance.

Any high-level accounts need you to have a significant amount of deposit in all of your Comerica bank accounts.

#6. Chase Bank

Rate: 0.01%

Account Types: Savings, Checking, and Money Market Accounts)

Minimum Deposit: $0

Chase Bank offers easy connectivity for most San Diego university students, with multiple ATMs across the San Diego University of California and over 60 branches across San Diego.

The Chase College Checking Account is limited to students aged 17 to 24 years which allows for an annual fee waiver for five years while attending college.

What makes this account stand out is the smaller monthly charge, which can also be forgiven entirely after you graduate from college.

This account provides services such as 24/7 customer support, online and mobile banking, and account warnings to help prevent overdraft and track fraudulent behavior.

These features provide protection and comfort to students who do not have the time to transfer to a physical branch. The Chase College Checking account takes just $25 to access.

#7. Citi Bank

Rate: 0.45%

Account Types: CIT Bank Savings Builder Account

Minimum Deposit: $100

Citi Bank is also among the best banks in San Diego. Just like the main aim of every savings account is to store and expand cash, Citi Bank does the same.

The CIT Savings Builder account has a great 0.45 percent APY, but there are certain requirements for this. Specifically, only consumers who either deposit $100 a month or retain a balance of $25,000 can earn this rate.

A 0.29% APY is attributed to the other accounts. What you need is $100 to become a holder of an account.

#8. U.S. Bank

Rate: 0.01%

Account Types: Saving Account

Minimum Deposit: $25

U.S. Bank is an American bank established in 1863. This San Diego Bank offers various account options that meets the need of any business structure. They also provides financial products and services that make banking safe, simple and convenient.

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Currently, U.S. Bank is the fifth-largest bank in the country, with more than 70,000 employees, 3,000 branches, 4,800 ATMs, and $495 billion in assets as of December 31, 2019.

#9. First Republic Bank

Rate: 0.05%

Account Types: Checking and Savings Accounts.

Minimum Deposit: $500

First Republic Bank is an American bank and wealth management company located in San Diego.

The bank provides personal and business banking service including trust and wealth management services.

Generally, First Republic Bank interest rates are high. The caveat is that deposit minimums are larger than in most banks. For eg, a Passbook Savings account has a rate of 0.05 percent (higher if you have at least $20,000) but a minimum deposit if you have $500 to open an account.

A CD is another form of savings account to remember. First Republic Bank’s short-term CD rates are not necessarily the most favorable, but long-term CD rates are more in line with some of the highest on the market.

Again the CDs come with a minimum investment of $10,000 more than the norm.

Note, as of 2019, the total assets of First Republic Bank were US$111.0 billion.

#10. Wells Fargo

Rate: 0.01% APY

Account Types: Savings Account

Minimum Deposit: $25

Wells Fargo is one of the best banks in San Diego worth banking with. The bank was established in 1852 with its Headquarters in San Francisco, Calfornia.

Currently, it operates more than 100 branch offices in 13 locations in San Diego and branches in 40 states and Washington, D.C. That’s 10 more than Chase, the second-most-location bank.

This makes it a big nationwide brand. It runs a savings account, 0.01% APY and accepts minimum deposit of $25.

Furthermore, it has a monthly fee of $100 which you can waive if only you have deposited over $500 or used your debit card at least 10 times that month.

In Summary

The best banks in San Diego, California are summarized in the table below. It captures their minimum deposit, the type of accounts they offer and the interest rate.

 Name of BankSavings APY RateMinimum DepositeAccount Types
Pacific Western Bank0.01%$300Savings, Certificates of Deposit Checking, and Money Market Accounts
Bank of America0.01%$25Checking accounts, CD and Savings accounts
California Bank & Trust0.01%$25Savings accounts and checking accounts
Ally Bank0.60%$0Checking Account
Comerica Bank0.01%$25Saving, checking and CD accounts
Citibank0.45% #100CIT Bank Savings Builder Account
Chase Bank0.01%$0Savings, Checking, and Money Market Accounts)
U.S. Bank0.01% $25Saving Account
First Republic Bank0.05% $500Checking and Savings Accounts.
Wells Fargo0.01%$25Saving Account


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