– Best Banks in the USA –
The best bank will vary by individual. The one that works for you and your lifestyle and that doesn’t charge outrageous fees, maybe better than those listed here. Below is a list of the 6 best banks in the USA.
The biggest banks have a lot more to offer: sign-up bonuses for new account holders, dozens of products and services, high-tech features, and extensive access to branches and ATMs. The downside?
They also tend to charge higher fees than credit unions and many of their smaller competitors.
Moreover, big banks’ yields are usually less competitive than the savings account and CD rates offered by online banks.
Consider if any of the listed institutions might be a good match for you, depending on your lifestyle and financial needs.
Best Banks in the USA
Its headquarters in Charlotte, North Carolina, singlehandedly makes that city one of the biggest financial centers in the country.
Though it is not the largest bank, this company is in fact the world’s largest wealth management firm, because it owns Merrill Lynch, a giant in that field.
Bank of America has 4,265 branches in the country, only about 700 fewer than Chase. It started as a small institution serving immigrants in San Francisco at the beginning of the 1900s, which was, oddly enough, called the Bank of Italy.
Bank of America briefly ventured into finance in China with the acquisition of a stake in Chinese Construction Bank, which it later sold off.
Bank of America Pros & Cons
- Over 4,900 branch locations
- Wide range of products and services, including Merrill Lynch wealth management services
- Extensive ATM Network
- Does not have physical branches in all regions
- Savings accounts do not pay high interest rates (recommend pairing this with online savings account for better interest rates)
2. Ally Bank
Ally Bank is an online-only bank that offers some of the highest interest rates around (compare interest rates here).
This Bank was formerly the banking arm of GMAC Financial, but they were spun off during the Great Recession and re-branded as Ally Bank.
With that came innovation, including higher interest rates for their checking, savings, and CDs. Yes, you read that right, Ally Bank offers excellent interest rates on their checking accounts (in fact, their checking account interest rate is significantly higher than the interest rates for most savings accounts).
An advantage they have is not having a bunch of buildings, employees, and other brick and mortar expenses some big banks do have. Banks have to make money, too, but Ally can pass those savings along to you.
Ally Bank Pros & Cons
- Some of the highest interest rates in the U.S.
- Interest paying checking account that beats the interest rate offered by many brick and mortar banks
- Mortgages and credit cards
- Investing through Ally Invest, one of the best discount brokerages.
- No physical locations
- Fewer banking products and services compared to many large banks with physical branch locations
- Ally Bank: Can You Deposit Cash to Your Account?
- CIT Bank Reviewed: Good Echecking Account and Saving Options
3. Chase Bank
At the top of the list, JPMorgan-Chase holds almost $2.4 trillion in worldwide assets. This makes it the largest bank in the country – and the sixth-largest in the world.
The company is the result of the 2000 merger of J.P. Morgan and Company and Chase Manhattan Corporation.
While the J.P. Morgan name is used for investment banking and private wealth management, the bank provides retail and commercial bank services as Chase.
Financial titan of the 19th century, John Pierpont Morgan is the namesake of the company and founder of the original J.P. Morgan Bank. Early American politician and notorious duelist Aaron Burr were one of the creators of Chase Manhattan.
Today, CEO Jamie Dimon leads the bank. Its fourth-quarter profit for 2019 rose 21% to $8.52 billion, thanks in large part to its investment bank division.
America’s third-largest bank, Citibank, is part of a global corporation servicing roughly 200 million customer accounts.
Banking, investing, lending and credit card accounts are available and exclusive services are provided to wealth management clients looking for a more personalized approach.
In 2019, Citibank launched Citi Accelerate, high-yield savings account that’s accessible in most states. Retail bank accounts are offered within five tiers of packages that vary in terms of their fees and features, like access to rewards and unlimited ATM fee refunds.
Monthly service charges can generally be avoided by maintaining a certain average monthly balance.
For a couple of the lower-tier accounts, you can also dodge fees with direct deposit or qualifying bill payment.
Citibank is headquartered in Sioux Falls, South Dakota. The bank owns nearly 700 branches in the U.S. and has more than 1,800 locations abroad.
5. Capital One
Capital One ranks as America’s best big bank for the third year in a row. Products and accounts offered include credit cards, checking and savings accounts, and options for consumers in search of a new car or mortgage.
All of the bank’s deposit products are fee-free, Capital One 360-branded online accounts. There are no minimum balance or deposit requirements and checking account customers can earn some interest. CD and savings account yields are consistently higher than what other big banks offer.
Customers have access to more than 39,000 ATMs through the Allpoint network and more than 700 branches, most of which are located in Mid-Atlantic states, Texas and Louisiana.
Residents of select cities can also visit a Capital One Cafe to open a new account, grab a cup of coffee or meet with a money coach.
Capital One consistently earns recognition as one of the best banks in the USA, for its banking app, which ranks high in J.D. Power’s 2019 assessment of U.S. customer satisfaction with mobile banking apps.
Last on our list of best banks in the USA is Pittsburgh-based PNC is a regional financial institution operating mostly on the East Coast. With 2,380 branches in 19 states and Washington, DC, the bank has nearly $397 billion in total assets.
An acronym for two different banks, PNC stands for both Pittsburgh National Corporation and Providence National Corporation.
When the two Pennsylvania banks merged to form the beginnings of the current company, they decided to use just the acronym because of the coincidence of their acronyms.
PNC was an early adopter of “virtual wallet” services among traditional banks, and is known for its yearly index of the prices of items from the Christmas carol, “The Twelve Days of Christmas.”
Each individual has no one-size-fits-all bank. but a lot of banks do come close. Take some time to consider your banking needs before you open your next bank account.
Doing a little planning upfront will help you avoid costly fees, and hopefully make for a better long-term banking solution.
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