Best Banks in Los Angeles in 2022 | Rates, Account Types, Minimum Deposit

When choosing a place to bank, you need to find the best combination of low account fees, convenience and features, and hard-to-measure factors like customer service. You can find such banks in Los Angeles because there is no shortage of alternatives in Los Angeles.

Los Angeles is one of the largest cities in America, and residents have a wide variety of banking options to consider. Some of the best banks in Los Angeles have the best saving and checking accounts with great offers you can’t resist.

They are also very accessible as they have numerous ATMs and branches scattered around the city.

With that in mind, while reading this writing, you will be furnished with valuable information on some of the best banks in Los Angeles.

Can I do all of my banking online in Los Angeles?

Today, the geographic location of banks is less important than it used to be, as it is entirely possible to do all of your banking online. But many of us still want to have a local office nearby for personal customer service.

If you live in Los Angeles you will be happy to know that there are many reputable banks with competitive prices and fees and good customer service.

In many cases, Western savers are offered a compromise. Banks with numerous ATMs and branches often offer the lowest interest rates on savings and checking accounts.

However, the banks with higher interest rates have fewer physical branches. It all depends on what is most important to you.

What do I consider when choosing a bank in Los Angeles?

It is difficult for entrepreneurs to know where to start when it comes to finding the banks in Los Angeles and almost anywhere in the US. There are tons of banking options to choose from, with most accounts offering similar features and requirements.

Most give you a range of basic features such as online banking, mobile deposits, a set amount of free cash deposits per month, and a monthly fee waiver in return for meeting a minimum monthly balance requirement.

When all things are the same, these characteristics usually vary slightly between different banking institutions, which makes small details all the more important.

Find a branch near you

The first thing to consider is the location. The best Los Angeles banks have branches near you – be it in your shop, office or home.

If you have to stop at a branch frequently (e.g., to deposit or withdraw cash), be sure to choose a bank that doesn’t require too much travel. The last thing you want to do is get tangled up on the 5 during rush hour while trying to make a transaction at the end of the day.

Know your needs

Refine your search to banks in Los Angeles that offer tiered business accounts. Oftentimes, as your business grows, you need to deposit more cash, make more transfers, or even do international business every month.

These aren’t cheap and the fees can add up quickly if you don’t get some of these items for free as part of your account.

You want to find a bank that is willing to offer more perks and features in exchange for a larger account balance. Most small business banks offer at least a few different accounts to help you do business without having to go dark.

Plan big

Lastly, consider setting up a small business bank account with a bank that you already use for your personal verification, savings, or credit card needs.

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Some banks will reward you for keeping all of your personal and business banking needs in their family of accounts, which may give you more perks and free items for your business account.

Best Banks in Los Angeles

Let’s take a look at some of the Best Banks in Los Angeles; their APY Rates, Account Types, and minimum deposit required to have an account with the bank.

Most of these banks have similar features and offers; so, you can check them out and know the one that best suits you.

Ally Bank: The Top Savings Account

As a fully online and mobile bank, Ally can offer customers some of the best savings rates in the industry. The company offers a wide variety of financial products, from credit cards to mortgages.

When you join Ally, you can choose from standard savings accounts, certificates of deposit (CDs), money market accounts (MMAs), current accounts with interest income, and much more.

However, the Ally Online Savings Account includes an APY of 0.60% which is calculated daily. In addition, the online savings account does not contain any fees or minimum fees. That makes the benefits package as strong as any other you will come across.

Ally Bank works to provide the customer with the best experience with competitive offers an extremely responsive customer service agents.

Ally has no branches, so all account management is done online or via the Apple and Android mobile apps. These platforms allow you to view your transaction history and account balances, remotely deposit checks, find a toll-free ATM near you, and more.

Account Type: Online savings account
Rate: 0.60% APY
Minimum deposit: $ 0

Chase Bank

With nearly 500 offices in and around LA, Chase has a strong presence in the City of Angels. In fact, its displaced Wells Fargo, the second-largest bank in the region, by more than 40 locations.

Chase Bank is a division of banking giant JP Morgan Chase and offers interest-bearing checking accounts with no fee if you have an account balance of $1,500 or more.

Chase Total Checking is the simplest, full-featured account with a monthly fee that you can waive in a number of ways, such as: through direct deposits.

Chase’s savings accounts and certificates of deposit have low annual percentage returns. So, if you’re looking for maximum growth, you might be better off elsewhere, such as an online bank or credit union.

Mobile and online banking are one of Chase’s strengths, as the mobile offering is the fifth most popular app in the Apple Store. It features Touch ID® login, mobile check deposit, an ATM, and online bill payment.

There are also plenty of ATMs in town, with more than 480 toll-free Chase ATMs. For those who travel the country a lot, there are branches in 26 states and 16,000 free ATMs across the country. This makes it a convenient banking option when you are on the go.

Account Type: saving account
Rate: 0.01% APY
Minimum deposit: $25

Bank of the West

In the LA alone, Bank of the West has 65 branches. Although the bank has offices in 20 other states, more than 40% of them are in the Golden State.

After all, the bank was founded in California in 1874 and has therefore been part of the West Coast’s financial fabric for some time.

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Bank of the West offers four main account options: check, savings, CDs, and IRA CDs. There are only four checking and savings accounts available, although these options should meet the needs of most potential customers.

With nearly 70 toll-free ATMs in the area, LA has ample access to cash. However, for the Premier checking account, you will be reimbursed for any ATM fees incurred at ATMs outside of Bank of the West.

Bank of the West’s mobile app currently has an average rating of 4.05 stars between Apple and Android app stores, making it one of the top-rated apps for a regional bank on the market.

Account Type: Saving, Checking CDs and IRA CDs Accounts
Rate: 0.01% APY
Minimum deposit: $25

CIT Bank Savings Builder Account

The CIT Bank Savings Builder account is a great place to deposit when there is $100 lying around as clients can earn up to 0.45% APY, one of the best percentages in the banking industry.

CIT is an online-only bank that offers money market audits and high-yield savings accounts as well as a wide range of CD products with terms between six months and five years.

CIT Bank is completely branchless, so you cannot visit any physical branches. Because of this, the calibre of its online and mobile banking programs is critical.

Customers can use all standard functions, e.g., Online bank statements, updated transaction histories, internal money transfers and mobile check deposits.

In the end, the CIT mobile app seems to have held up well in thousands of customer reviews, with a rating of 3.85 out of 5 stars between the Apple and Android app stores.

Account Type: Savings Builder Account
Rate: 0.45% APY
Minimum deposit: $ 100

Opus Bank

For everyone who wants to earn interest at a strong interest rate with a money market account (MMA) in the LA region, the Opus Bank Crescendo Personal MMA is an attractive option.

You need $100 for an initial deposit at the time of account opening to qualify for an APY of 0.15%.

The more you deposit into the MMA, the better your rate will be. However, unlike many MMAs on the market today, you can make unlimited withdrawals from this account as long as they are completed at a branch. This provides better access to your money.

Customers can also open targeted savings accounts through Opus Bank.

Opus Bank is headquartered in California and has 24 branches in the LA area. In addition, there are more than 500 toll-free ATMs in the city as Opus customers have access to popular MoneyPass ATMs.

Account Type: Saving Account
Rate: 0.25% APY
Minimum deposit: $ 0

California Bank & Trust

California Bank & Trust is available in almost as many parts of Los Angeles as Bank of the West, but the best part is their accessible customer service.

Rooted in the SoCal region, and headquartered in San Diego, this bank focuses on providing a level of customer service

A bank’s ability to handle customer problems, the frequency of its branches, its fee plans, and its product offering are some of the main factors considered in this extensive study.

With only five branches near LA, the lack of California Bank & Trust locations is its biggest weakness. However, because of its solid online and mobile experience, you shouldn’t have any problems managing your money remotely.

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There is a customer service hotline Monday through Saturday, available almost 12 hours a day, as well as a real-time online chat service.

California Bank & Trust has many checking and savings accounts available to customers. The accounts typically come with low opening balances, average APYs, and easy-to-meet monthly fee waiver requirements.

Account Type: Checking and Saving Account
Rate: 0.01% APY
Minimum deposit: $50

Bank of Hope

The Bank of Hope Basic Checking Account is one that does not require much to open. All you need is an initial deposit of $25 and the option to pay a monthly fee of $3.

However, you can get rid of this monthly fee by making five monthly purchases using your debit card or choosing to receive electronic bank statements.

If you’re more concerned about getting interest on the money in your checking account, the Bank of Hope Interest Verification Account may be a better choice.

Although you need at least $1,000 as an opening balance, the bank starts with an APY of 0.01%.

Customers receive toll-free access to ATMs at the Bank of Hope brand locations and do not have to pay any additional fees at Allpoint and MoneyPass ATMs.

This wide variety of acceptable ATMs should increase the likelihood that a free ATM will be available no matter where you are in the city. You can log into the mobile app to find these ATMs.

Account Type: Checking Account
Rate: 0.01% APY
Minimum deposit: $1,000

East-West Bank

East-West, one of the largest banks in Southern California, was founded in the 1970s as a bank for Chinese resident in the state. It now has 130 offices, including many in China.

The bank has three different main review options, two of which are interest-bearing for account holders. There are also checking accounts for students and seniors.

With a balance of $2,500, there is no charge of $3 for savings accounts.

East-West currently offers an APY of 0.1 percent on savings accounts with a balance of $25,000. Smaller balances offer rates of 0.05 percent APY.

The East-West Bank Student Plus checking account has a few features designed to make day-to-day financial management easier for students.

The Student Plus Savings Account is designed for the money you want to keep for a while. Your child can open one with an initial deposit of $100 and will receive 0.05% interest.

Account Type: Savings Account, Students Checking Account
Rate: 0.01% APY
Minimum deposit: $ 100

Conclusion

Whether you’re just getting started or looking to take your business to the next level, it’s important to have the right support system in place.

An essential part of this is finding a bank for your business that is not only accessible but also suitable for your daily and long-term needs.

When you are in Los Angeles, where a trip to the bank can take anywhere from 15 to 50 minutes depending on the time of day, finding the right bank is crucial.

References

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