The best banks in the US for your money

Personal finance forecaster Kiplinger has released its first-ever ranking of the best banks in the US, because where you store your money matters, especially if you're aiming to build wealth.

Kiplinger enlisted the help of Moebs Services, an Illinois-based economic research firm, to filter the 11,831 banks and credit unions in the US by asset size, excess fees, high expenses, and sufficient capital.

Kiplinger then evaluated the "soundest financial institutions" on customer service, fees, perks, and digital offerings.

Their final list includes No. 1 picks for the best national bank, best credit union, best internet bank, and best regional banks, plus the best banks for millennials, retirees, students, high-net-worth families, travelers, and military service members.

Read on to find out the best banks, and runners-up, across 11 categories.

Check out for more information about each category and bank.

Best national bank (tie): TD Bank

Perks of banking with Canadian-owned TD Bank include "a basic checking account that requires a minimum of just $100 to avoid a monthly fee, a basic savings account with a $300 minimum, and certificates of deposit with a minimum of $250," according to Kiplinger.

Customers with a net worth of at least $3 million or $750,000 in investable assets have access to personalized wealth management and financial planning.

Best national bank (tie): U.S. Bank

Silver package allows you to open a checking account and money market account.Start Smart program

Best credit union: Langley Federal Credit Union

Three of Langley's four checking accounts charge no monthly fee. "

Runner-up:

Best internet bank and best bank for millennials: Ally Bank

Ally Bank offers one checking account, one savings account, and one money market account, none of which charge a fee or require a minimum deposit amount.

Best internet bank runner-up: Bank of Internet

Best bank for retirees: U.S. Bank

There's no monthly fee on U.S. Bank's premium checking account for those 65 and older. "

Runner-up:

Best bank for students: Bank of Internet USA

"Free, no-frills Essential Checking is a good choice for students and parents who want to bank together. There is no fee to open the account, no monthly maintenance fees, and no fee for withdrawals at any ATM in the U.S. or to transfer funds from a linked account or line of credit to cover overdrafts," a

Runner-up:

Best bank for high-net-worth families: Citibank

Runner-up:

Best bank for frequent travelers: Charles Schwab Bank

If you open Charles Schwab's High Yield Investor Checking account alongside aSchwab One brokerage account — both free to open and maintain — "you'll get refunds of all ATM fees worldwide, including fees levied by the ATM owner, and you won't pay foreign-transaction fees when you use the debit card," according to Kiplinger.

Plus, the bank's extensive mobile app helps travelers stay on top of bill pay, transactions, and mobile check deposit.

Runner-up:

Best bank for military personnel: Navy Federal Credit Union

Open to current and former members of all military branches, all Navy Federal Credit Union's "

Runner-up:

Best regional bank (East): People's United Bank

The bank operates nearly 400 brick-and-mortars in six Northeastern states and notably has "some handy features on its mobile app" including the ability to "switch your debit card on and off," and it's compatible with Apple Pay and Samsung Pay, according to Kiplinger.

Best regional bank (Midwest): Flagstar Bank

This Michigan-based bank offers special perks to local customers, including "

Best regional bank (South): Trustmark National Bank

offers six checking accounts

Best regional bank (West): Bank of the West

The best banks in the US for your money

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