Best Banks in San Francisco

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Bank of America holds the strongest market share out of the best banks in San Francisco that we’ve examined. And it's no surprise. The city currently houses more than 100 branches. So you’d likely find a fee-free ATM or customer service representative no matter where San Francisco takes you. 

And its offerings are just as vast as its geographical footprint. The bank offers checking, savings and certificate of deposit (CD) accounts. You can also apply for a home or auto loan. And those planning for their golden years can open an individual retirement account (IRA). 

Plus, each product is geared toward a different type of customer. The bank's Advantage Checking account comes with three settings. SafeBalance is the most basic, Plus is more sophisticated and Relationship is for higher balances. If you have a more complex financial life, you can purchase a variety of investment products through the bank’s partnership with financial services giant Merrill Edge. 

And if you value the online and mobile experience, Bank of America offers a mobile banking app certified by J.D. Power. The firm lauded it for its user friendliness and access to vital information. It offers all the basic mobile features such mobile deposit and bill pay. In addition, you get access to Zelle. This app functions similarly to popular services like Venmo. All you need is a phone number and email to transfer money. No exchange of account information is required.

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Bank of the West runs more than 50 branches throughout its home city of San Francisco. It also extends its reach to more than 600 locations in the Midwest. But despite its regional commitment, the bank offers a versatile suite of products that can compete with similar options at some of the major players in the banking game.  

For starters, Bank of the West offers one of the most affordable checking accounts we’ve examined. You can open an Any Deposit Checking account with as little or as much as you’d like. And the bank will waive the $10 monthly service fee if you make at least one deposit per statement cycle. That deposit can drop in the form of a paycheck, an ATM deposit, a mobile deposit and more. Account holders who are younger than 25-years-old face no monthly service fee at all. This is a great option for those opening their first checking account or customers who just like to keep it simple. 

However, the more affluent client may be interested in the Premier Checking account. The bank will waive the $25 monthly service fee as long as you keep a minimum balance of $25,000 across your Bank of the West deposit products including checking, savings, CD and IRA options. In addition, account holders have fee-free access to ATMs worldwide. The bank will also reimburse domestic ATM surcharges levied by other banks or machine owners. 

Furthermore, Bank of the West offers money market accounts (MMAs) and various CD options. A 60-month Premium Money Market CD currently generates an APY of 0.35%, which ranks above the national average for savings accounts today. 

In addition, the bank’s mobile app goes a step beyond the basic digital features flooding the market today. For instance, you can pay a bill by snapping a photo of it and then selecting a recipient through your phone. You can also review your account balance with the swipe of a finger instead of logging in.

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According to a 2018 U.S. Retail Banking Satisfaction Study conducted by J.D. Power, U.S. Bank topped the ranks for banks in California. The study analyzed customer responses about communication, problem resolution, products and fees. And among the hundreds of banks scattered across the state, U.S. Bank scored big on all of these criteria and more.  

U.S. Bank runs more than 80 branches in the San Francisco region alone. But its reach goes beyond thousands of locations. 

The bank also offers several personal banking products with distinct features. For example, its checking and savings accounts come in packages that offer different perks. For instance, the Package Money Market Savings account chagres no monthly service fee and you can open an account with $25 if you have a Gold or Silver package checking account. The bank will waive the latter’s monthly service fee if you set up direct deposit of at least $1,000 or maintain a combined minimum balance of $1,500 across your checking and money market account.

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Wells Fargo stands as the largest bank in the San Francisco area with more than 150 offices. In addition to an array of savings products and credit cards, the bank offers four distinct checking options for different types of users. 

If you’re looking for a basic and affordable checking account, look no farther than the Wells Fargo Everyday Checking option. You can avoid the $10 service fee if you engage in any one of the following during each statement period.  

• Set up direct deposit of at least $500
• Keep a $500 minimum daily balance
• Primary account owner is 17-24 years old
• Linked to a Wells Fargo Campus ATM Card or Campus Debit Card 

Everyday checking offers all the features you’d expect from a standard checking account issued by a major bank such as mobile banking with check deposit. However, the bank also extends its own digital budgeting and spending-monitoring tools. 

If writing a check isn't important, their Clear Access Banking offers you checkless banking with digital and debt card payments. This account does not charge overdraft fees. It does charge a $5 monthly fee unless the account holder is between ages 13 and 24.

For those looking for interest rate discounts on new select loans, however, Prime Checking could be of interest. You will get charged a monthly fee of $25, but you can avoid it with a minimum balance of $20,000. 

And for those interested in investment services discounts and fee wavers, Premier Checking offers 24/7 support from its Premier service team. You can avoid the monthly fee of $35 with a minimum balance of $250,000.

All four accounts require a minimum opening deposit of $25.

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With dozens of colleges sprinkled across San Francisco and surrounding areas, many students could be opening their first checking accounts soon. One of their best choices would be the Chase College Checking account. As long as you’re younger than 24-years old and can prove enrollment in a college, the bank charges no monthly service fees. This means you could potentially save hundreds over the course of up to five years. 

And to keep it simple, you don’t have to close the account when you turn 25. Chase would let you keep it, but will also start charging a $6 monthly fee. However, the bank will waive this fee if you set up direct deposit or if you keep an average balance of least $5,000.

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You won’t find a physical Synchrony Bank branch in San Francisco. But you can always stick to your local bank and open a high-yield savings account with Synchrony online. It currently generates an APY of 4.75%, which decimates the national average for savings accounts. 

Plus, the bank gives you easy access to your money by providing you with a debit card. You can use this card free of charge to make transactions at any ATM that has a Plus or ACCEL logo. However, the bank also gives you several other options to access your money. Below are the different ways you can move money around in your high-yield savings account. 

• External electronic funds transfer
• Transfer from another Synchrony Bank account 
• Mobile check deposit
• Wire transfers from a different bank