RANKING & REVIEWS
TOP RANKING CREDIT UNIONS & BANKS IN LOS ANGELES
Ranking: Top 5 Options for Best Banks & Best Credit Unions in Los Angeles (& 1 to Avoid)
Los Angeles, California has a lot more going for it than just being the entertainment capital of the world. It also has more than twice the small businesses than any other area in the U.S. The best banks in Los Angeles have definitely helped keep those businesses growing.
The “City of Angels” is also known for being the second largest city in the country, just behind New York City, with a population of about 4 million. With so many people to serve, a lot of banks in LA have opened, but not all are equal in services and reputation.
Award Emblem: Best 5 Banks & Credit Union in Los Angeles, CA
So, who should you trust with your hard earned money when you’ve got multiple choices? There are tons of banks in Los Angeles and credit unions in Los Angeles to pick from, not to mention banks in Santa Monica, Beverly Hills, and other nearby LA suburbs.
The choice is just a little easier because our team has done a research on credit unions and banks in LA for you.
We’ve analyzed and ranked the best banks and credit unions in Los Angeles to give you our list of the top 5 banks in Los Angeles and the surrounding areas to take into consideration.
There is a mixture of both larger institutions, like Bank of America Los Angeles, and smaller home-grown ones, like Los Angeles Federal Credit Union and City National Bank Beverly Hills & LA. We’ve also included one bank in Los Angeles to avoid.
First, we’ll cover the ratings each LA credit union and bank has earned. Then, we’ll tell you why each Los Angeles credit union and bank was chosen for our top 5 list.
Top 5 Best Banks & Credit Unions in Los Angeles (+ 1 to Avoid) | Brief Comparison & Ranking
Best Banks & Credit Unions in LA
|Bank of America|
|California Credit Union|
|City National Bank|
|Los Angeles Federal Credit Union|
|Bank of Hope|
Table: Top 5 Best Banks & Credit Unions in Los Angeles (+ 1 to Avoid) | Above list is sorted by rating
Credit Unions & Banks in Los Angeles FAQ | What Are Shared Branches for Credit Unions in Los Angeles?
When you’re looking up the best credit unions in Los Angeles you may wonder why they mention having more branch locations than you see listed under their name. In order to expand their reach, they often share branch locations, known as “Shared Branching”.
Shared Branching is a large U.S. network of credit unions, including some of the credit unions in Los Angeles, that shares facilities to provide credit union members with more banking location options.
At a Shared Branch You Can:
- Make deposits
- Withdraw money
- Pay on a loan
- Transfer money
- Get an account history
- Bank at up to 5,000 locations around the U.S.
AdvisoryHQ’s Selection Methodology
What methodology does AdvisoryHQ use in selecting and finalizing the credit cards, financial products, firms, services, and products that are ranked on its various top-rated lists?
Please click here “AdvisoryHQ’s Ranking Methodologies” for a detailed review of AdvisoryHQ’s selection methodologies for ranking top-rated credit cards, financial accounts, firms, products, and services.
Detailed Review – Top Ranking Best Credit Unions & Banks in Los Angeles
Below, please find a detailed review of each firm on our list of top credit unions and banks in LA. We have highlighted some of the factors that allowed each Los Angeles credit union or bank to score so highly in our selection ranking.
Click on any of the names below to go directly to the review section for that firm.
- Bank of America
- Bank of Hope
- California Credit Union
- City National Bank
- Los Angeles Federal Credit Union
Bank of America Review
The first bank in LA on our list is one of the largest ones, Bank of America in Los Angeles. They have 35 branches in LA and the surrounding area, and are a great choice if you travel and like to have a branch available just about anywhere you go.
Their roots trace way back to 1784, and they’re considered the 2nd largest bank by assets in the United States. If you’re looking for a national and global footprint where you bank, then Bank of America may be the best bank in Los Angeles for you.
Best Bank of America Services at a Glance:
- 35 branch locations in Los Angeles & surrounding areas
- Personal & Small Business checking and savings options
- Multiple rewards and cash back credit cards
- Home & auto loans
- Investment & wealth management tools
- Better Business Bureau A- rating
Highlights That Make Bank of America Los Angeles Stand Out on Our List of the Best Banks and Best Credit Unions in Los Angeles
Financial & Wealth Management Help
A benefit of banking with a large national bank is that they often have more financial planning tools to help plot your path to financial success than others. Bank of America in Los Angeles offers these through their Better Money Habits® program.
The information you can take advantage of includes:
- Tips for boosting retirement savings
- Analyzing spending habits
- Taxes & income information
- Key financial tips for planning for a new baby
- Managing credit & loans
They Just About Invented Credit Cards
Credit cards available today can give you back more cash or rewards than ever before, and Bank of America was one of the pioneers of the credit card system. They created the first nationally licensed credit card program, called BankAmericard, which expanded around the world, and was renamed Visa®.
If you enjoy multiple credit card rewards program choices, you’re definitely going to get them with Bank of America in Los Angeles.
We rated this one of the best banks in Los Angeles with a perfect 5. This is due to the impressive reach and amount of loan, credit card, and other banking options that Bank of America gives its LA customers.
Bank of Hope Review
The next best bank in our Los Angeles list is a rather unique one. It is the only super regional Korean-American bank in the United States. Bank of Hope is headquartered in Los Angeles, CA and has served the community for over 36 years.
The Bank of Hope emcompases several other banks Los Angeles and other cities have had, which include:
- BBCN Bank
- Center Bank
- Nara Bank
- Wilshire Bank
This is now one of the best banks in Los Angeles and across the country that service the top geographical markets with the largest Asian-American populations.
Best Bank of Hope Services at a Glance:
- 15 branch locations in Los Angeles & surrounding areas
- Easy account access anytime, anywhere
- Personal checking & savings accounts
- Treasury management solutions
- Commercial & mortgage warehouse lending
- Better Business Bureau no to A- rating (depending upon the subsidiary bank)
Highlights That Make Bank of Hope Stand Out on Our List of Best Banks and Best Credit Unions in Los Angeles
In Touch with a Growing Population
Korean Americans make up about 9% of the U.S. population, an increase of 41% since the turn of the century in 2000. Bank of Hope is the best bank in Los Angeles to work with if you are looking for an organization that has a cultural connecton to the Korean American community.
They even plan to make their website available in Korean language in the coming months.
High Marks & Good Reviews
Bank of Hope was listed on the Forbes Best Banks in America list, and they get consistently positive customer reviews on rating and review websites for being one of the best banks in Los Angeles (and other cities). Examples of some of their ratings include:
- DepositAccounts – A+ health rating
- Indeed – 4 stars out of 5 from employees
- Yelp – 4.5 stars out of 5
We ranked Bank of Hope a very high 3, only because we feel they could further expand their reach by more efficiently marketing their services to a larger consumer market, which will lead to getting more great reviews. Also, once all the mergers settle, it will definitely help with name recognition.
Related: Forcht Bank Ranking & Review
California Credit Union Review
Now, let’s jump over to the best credit unions in Los Angeles and take a look at California Credit Union. CCU has been serving the Southern California market for over 85 years.
This is a Los Angeles credit union that was first started to offer banking services to teachers and other professionals in the education community. They joined forces with North Island Credit Union in order to serve a larger market.
You only need to live or work in San Diego, Riverside, or Orange County, CA, have a family member that is a CCU member, or have a connection with a Los Angeles County or Unified school district in order to qualify for membership.
Best California Credit Union Services at a Glance:
- 13 branch locations in Los Angeles & surrounding areas
- Rewards credit card offers
- Home equity loans
- Member discounts & specials
- Digital banking & online bill pay
- Better Business Bureau A- rating
Highlights That Make California Credit Union Stand Out on Our List of Best Credit Unions & Banks in Los Angeles
Educator Summer Savings
If you’re a teacher or school administrator, you know that it can be tough to stretch 10 months of salary into 12. California Credit Union understands this and has a special summer savings program that offers 3.00% APY with a balance disbursement in July.
You’re Connected to the CO-OP Network
Remember when we talked about “Shared Branching” in our FAQ section? You’ve got multiple locations and convenient ATMs you can use when you bank here.
This is one of the credit unions in Los Angeles that’s part of that CO-OP network, offering 9,000 deposit-taking locations and 5,500 participating 7-Eleven stores in San Diego, Los Angeles, and Riverside counties.
We rated California Credit Union a 5 because they’re one of the best credit unions in Los Angeles for excellent savings and loan rates, that’s also constantly working on making banking more convenient for their members.
Popular Article: Great Western Bank Ranking & Review
CBB, aka Commonwealth Business Bank, is the one bank in Los Angeles on our list that you may want to avoid. The main reason is that company is a bit of a mystery when you try to look up ratings or even visit their stock quotes page (there are none).
This fairly young Los Angeles bank has been first opened in 2005. While they do have several branches in LA, and one in nearby Irvine, CA, they have no banks in Santa Monica or Beverly Hills.
Commonwealth Business Bank Services at a Glance:
- 7 branch locations in Los Angeles & surrounding areas
- EZ Personal checking account
- Business lines of credit
- Commercial real estate & trade finance services
- Business savings & CDs
- Better Business Bureau (not found)
What CBB Can Do to Improve their Standing as a Best Bank in Los Angeles
Take Away Some Mystery
When you go to their Investor Relations page and can’t find any stock information, it’s a bit puzzling. Many banks in Los Angeles are public companies so, if CBB made their ticker symbol easier to find that would help. Additionally, becoming an accredited business with the Better Business Bureau could also shed some light and allow us to revisit their rating.
Read More: Heritage Bank Ranking & Review
City National Bank Review
If you’re looking for one of the best banks in Los Angeles that is home-grown, but has expanded to service multiple other regions, then City National Bank may be one you want to take a look at.
City National Bank was started in 1954 by a small group of entrepreneurs, and since then has expanded to offer banking services in New York City, Atlanta, Nashville, and other key metropolitan cities around the country.
Best City National Bank Services at a Glance:
- 28 branch locations in Los Angeles & surrounding areas
- Automated cash management tools
- Winner of 16 awards for business banking
- International banking services
- Real estate & equipment financing
- Better Business Bureau A- rating
Highlights That Make City National Bank Stand Out on Our List of Best Credit Unions & Banks in Los Angeles
Robust Business Banking Services
If you’re a business owner looking for the best bank in Los Angeles for growing your business both nationally and internationally, then City National Bank has a lot to offer.
In addition to the usual business banks accounts, they offer financing for equipment, international services, and ways to borrow for working capital. Combined with their 16 business banking awards, City National Bank Beverly Hills or Los Angeles is definitely geared to serve the needs of its business clients.
Built By and For Entrepreneurs
If you’re banking with City National Bank in LA, you know you’ve got someone on your side that understands innovation in business. Their goal is to help people and companies build their financial future using sophisticated finance products that provide tailored client solutions.
City National Bank scored a 5 in our best banks in Los Angeles ranking because of their LA roots that keep their feet on the ground, yet still reaching for the stars, for themselves and their clients.
Related: Howard Bank Ranking & Review
Los Angeles Federal Credit Union Review
The final financial institution on our list of the top 5 best banks and best credit unions in Los Angeles is Los Angeles Federal Credit Union (LACFU). They began in 1936, during the midst of the Great Depression, when 13 LA City employees pooled their $65 as a way to give fellow employees a safe, low-cost way to save and borrow money.
Today, Los Angeles Federal Credit Union serves the financial needs of multiple members. Basically, anyone living in most Southern California counties can be eligible to join this Los Angeles credit union.
Best Los Angeles Federal Credit Union Services at a Glance:
- 7 branch locations in Los Angeles & surrounding areas
- Vehicle, homeowners, life, & accident insurance
- Retirement savings & investment options
- Student & youth loans and scholarships
- Business banking & loans
- No rating on Better Business Bureau
Highlights That Make Los Angeles Federal Credit Union (LAFCU) Stand Out on Our List of Best Credit Unions & Banks in Los Angeles
LACFU is a few and far between best credit union Los Angeles has that offers insurance services. Many credit unions or banks in LA don’t. The insurance products that Los Angeles Federal Credit Union offers include:
- Vehicle insurance
- Homeowners/renters insurance
- Health insurance
- Accidental dealth & dismemberment insurance
- Life insurance
- Long-term care insurance
- Pet health insurance
Low Loan and Credit Card Rates
One reason people join credit unions in Los Angeles instead of using banks is because credit unions are known for having really great interest rates, and LAFCU is no exception.
They offer vehicle loans with an APR as low as 1.49% and Visa® credit cards with interest rate as low as a 7.99%, which makes them a great choice for one of the best credit unions in Los Angeles if you’re looking to borrow some money.
Los Angeles Federal Credit Union ekes out a 5 in our ranking. Although they have a smaller number of locations than another credit unions in Los Angeles that we ranked, they’ve got great reviews on multiple sites like WalletHub and Yelp.
Conclusion –Top 5 Best Banks & Best Credit Unions Los Angeles, CA
A few of the great things about Los Angeles are the diversity of the population and the great entrepreneurial energy that vibrates throughout the city. The credit unions and banks in Los Angeles are an excellent reflection of that.
Whether you’re starting your own business and want the international banking options and financing to help your company grow fast, or you are just looking for the best banks in Santa Monica, Los Angeles, Beverly Hills, and surrounding areas that give you the convenience you need, banks in LA have it all.
As with any other type relationship, you want to make sure you’re banking with someone you trust. We recommend you to always do a thorough research, of any credit unions or banks in Los Angeles you’re considering, before you sign the dotted line.
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