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Compared to the major bank failures that occurred throughout 2023, the United States banking sector this year has been relatively stable. Still, the financial services industry continues to face headwinds. According to a recent report from tax and audit advisory firm KPMG, these obstacles include: high interest rates, wide-reaching regulatory changes, increasing pressure to invest in new digital capabilities including generative AI, and market disruption caused by geopolitical conflicts.
Fortunately, many banks and credit unions are rising to these challenges—providing security, high-quality customer service and a place that consumers can trust with their financial wellbeing. To help individuals and businesses identify the best financial fit for their needs—and to give banks and credit unions a peek at their peers—Forbes has evaluated and ranked America’s Best Banks and Credit Unions In Each State 2024. The two lists—Best-In-State Banks and Best-In-State Credit Unions—will be unveiled on June 18.
To create these state-by-state rankings, Forbes partnered with market research firm Statista to survey approximately 26,000 U.S. residents. Similar to last year’s process, participants were asked to name all the banks and credit unions where they currently have a checking or savings account and to share their level of satisfaction with the financial institution and their willingness to recommend it to others. Respondents were also asked to evaluate the banks and credit unions based on criteria including customer service, the quality of financial advice offered by representatives, whether fees are transparent and reasonable, the ease of navigating digital services and accessing help at branch locations, and the degree of trust the organizations inspired.
Participants could then rate banks and credit unions where they had previously held a checking or savings account, and could evaluate financial institutions they knew through friends or family. These responses were weighted lower than those from current customers. For the overall analysis, survey responses from the past three years were considered, with the more recent data weighted more heavily.
Lastly, for each bank and credit union, Statista collected online text reviews and ratings written between February 2021 and March 2024. This data accounted for 20% of the scoring, while the surveys accounted for 80%. The financial institutions with the highest scores landed on our lists.
All told, 185 banks and 207 credit unions were ranked in one or more states. Check back on June 18 to see the results.
As with all Forbes lists, companies pay no fee to participate or be selected. To read more about how we make these lists, click here. For questions about this list, please email listdesk [at] forbes.com.
Forbes
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