Unearth Your Fortune

By Maddy Scheckel

May 30, 2023

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94% of Americans have a traditional bank account. 

But maybe you don’t have an account yourself, or you’re simply looking to change banks. 

In either case, it’s time to review your options. 

The banking landscape includes:

  1. Smaller regional banks
  2. Larger national banks 

Both have their advantages. But if you want easy access to your funds and cutting-edge online tools, the bigger banks are often better. 

Below, I’ll highlight the best banks in America and give you the facts you need to choose between them. 

10 Best Banks in America

Looking at all those banks with similar, fancy-sounding names – sometimes, it can be tough to keep them straight!

Once you know what each of them offers, you can decide which of the national banks is right for you.

1 – Chase Bank

Best for: Checking accounts

Chase Bank is part of JPMorgan Chase, and some folks consider it the best bank in the U.S. 

But why?

First of all, it’s got over 15,000 ATMs and 4,700 branches. So if you have a checking account with Chase, you’ll be able to access your money from almost anywhere.

Chase is also a massive institution that offers a wide variety of services, including:

  • Checking accounts
  • Savings accounts
  • Credit cards
  • Investment services
  • Travel rewards
  • Cash-back systems

Another perk: generous sign-up bonuses. If you open a new checking account and set it up with direct deposit, you can earn a sign-up bonus. That’s the type of “free money” that makes customers seriously happy!

Sign-up bonus for opening an account with direct deposit Low interest rates on savings accounts (listed as 0.01% APY at the time of this publication)
Lots of ATMs and branches all around the countryMonthly service fee (usually around $5-$15; can be waived if criteria are met)
Wide variety of services

2 – U.S. Bank

Best for: Investing in CDs

With $390 billion in assets, U.S. Bank is one of the biggest national banks, even though it’s primarily concentrated in the Midwest and on the West Coast.

Luckily, U.S. Bank offers a highly-rated app for mobile banking, so you might be able to manage an account from afar. 

U.S. Bank offers a simple-yet-comprehensive variety of financial services:

  • Checking accounts
  • Saving accounts
  • Debit accounts
  • Money market accounts
  • Certificate of deposits (CDs)

And if you’re trying to maximize your earnings, those CDs are especially intriguing. CDs from U.S. Bank can pay up to 4.40% APY. This is way higher than the current national average of 2.81%.

Many of the best banks in America feature a large ATM network.<br>
Source: Unsplash

3 – Discover Bank

Best for: Earning interest on savings

Discover Bank is consistently ranked among the best banks in America, and for a good reason. 

One great perk is the 3.90% APY on savings accounts, which is currently among the highest you can earn from even the best national banks. 

With Discover Bank, there are absolutely no fees for checking and savings accounts. That means no stressing about fees when your balance runs low. 

One thing to consider: Discover Bank is entirely online. 

But when it seems like everything is moving online, that’s not necessarily a bad thing. The accounts are still FDIC-insured, and you can access your funds from a massive network of associated ATMs. 

The only real downside is that you can’t make cash deposits.

3.90% APY on savings accounts (at the time of this publication)No physical branches
No fees on checking accounts and savings accountsNo direct cash deposits (will have to deposit cash into a different bank account, then transfer online)
Strong network of associated ATMs

4 – Citibank

Best for: International travel

Based in New York City, Citibank has national (and even global) reach. There are over 600 branches across the country and more than 60,000 fee-free ATMs to choose from. 

And there are also ATMs available in 20 different countries, which makes Citibank a great choice for international travelers.

As one of the best banks in America, it’s no surprise that Citibank offers a wide variety of services, including:

  • Checking accounts
  • Saving accounts
  • CDs
  • Banking individual retirement accounts (IRAs)
  • Credit cards
  • Investing 
  • Wealth management

And Citibank’s high-yield savings account earns 3.85% APY, which is higher than many national banks. 

ATMs in 20 countriesExpensive monthly service fees (Around $10; waived if criteria are met)
High APY on savings accounts (3.85% at the time of this publication)Citi Accelerate Savings account not available everywhere
Wide range of services

5 – TD Bank

Best for: Convenience

The good news: TD Bank is one of the best banks in America.

The bad news: It currently only has locations in 15 eastern states. 

So if you happen to live on the East Coast, TD Bank is seriously worth considering.

TD Bank calls itself “America’s most convenient bank,” and they live up to the moniker by offering live customer support and user-friendly online banking.

Another amazing perk: TD Bank offers hefty bonuses. You can receive a generous sign-up bonus just for opening a checking account and receiving direct deposits.

Generous bonus with some new checking accounts ($300 at the time of this publication)Only available on the East Coast (Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, Washington D.C.)
Monthly fee waived for young (age 17-23) account holdersHigh monthly maintenance fee (Around $25; waived if criteria are met)
24/7 customer support

6 – Bank of America

Best for: Online banking

Bank of America lives up to its name, serving as one of the country’s best national banks. Created through a merger in 1998, it’s now the second-biggest bank in America with $2.4 trillion in assets.

Bank of America’s services are truly comprehensive:

  • Personal banking (checking and savings accounts)
  • Commercial banking
  • Credit cards
  • Home loans
  • Auto loans

And Bank of America’s online banking system is super user-friendly. That makes it easy to manage different cards and accounts all within a single portal.

With locations in 37 states, Bank of America is accessible to most Americans. And if you ever move to a place without a local branch, the stellar online service means your accounts could still be useful.

Excellent online bankingOnly 0.01% APY on standard savings accounts (at the time of this publication)
Wide variety of servicesMonthly fee (Typically around $5; waived if criteria are met)
Up to 4.50% APY on CDs (at the time of this publication) 

7 – Capital One

Best for: Customer experience

Capital One is a unique, modern bank – and maybe the very best bank in the U.S.! 

Let me explain.

Capital One has relatively few branches (only 281), and they’re concentrated in just 6 states and Washington, D.C.  

And yet, Capital One is consistently praised for its customer satisfaction. It even placed first in J.D. Power’s 2022 U.S. National Banking Satisfaction study.

That’s because many people today don’t need face-to-face interactions; they just want reliable services that work! And that’s exactly what Capital One provides.

Capital One offers:

  • Over 70,000 ATMs nationwide
  • Credit cards with cash-back rewards
  • Savings accounts, checking accounts, and CDs
  • A highly-rated mobile banking app (4.9 stars in the Apple store!)
  • Branded cafes with workspace, free wifi, and discounts for account-holders

All of this combines to produce a delightful banking experience. 

Highly-rated mobile appOnly 281 branches nationwide
Large ATM network (70,000 ATMs)Physical branches in only 6 states and Washington D.C. (Louisiana, Maryland, New Jersey, New York, Texas, and Virginia) 
Credit cards with cash-back rewards

8 – Ally

Best for: Maximizing yields with an online bank

Some of the best banks in America are now online banks, and Ally is definitely one of them. 

With no branches to maintain, Ally has less overhead. That means they can pay more in yields to people like you!

Ally claims to be the best online bank in the country – and for a good reason. Their accounts have no monthly fees, they currently offer up to 3.85% APY on savings accounts, and they provide a wide variety of services from banking to auto insurance. 

And don’t worry; putting your money in an “online bank” isn’t especially risky. Accounts up to $250,000 are still insured by the FDIC, so your savings are as safe with Ally as they’d be with a “traditional” bank.

High APY on savings accounts (3.85% at the time of this publication)No cash deposits (will have to deposit cash into a different bank account, then transfer funds online)
No monthly feesNo physical branches
Free use of 43,000 Allpoint ATMs

Some of the best national banks operate primarily online.
Source: Unsplash

9 – Truist

Best for: Socially conscious banking

Truist is the newest name on this list, formed in 2019 through the merger of BB&T and SunTrust. Now, it’s the 7th-largest national bank, and yet it maintains a true community focus.

Here’s how Truist supports community development: 

  • A $60 billion plan to support homeownership 
  • A foundation that promotes economic mobility
  • An emphasis on corporate responsibility

But don’t get me wrong. Banking with Truist isn’t just an altruistic act. The bank also provides a wide variety of services that many consumers love.

Truist offers five levels of checking accounts, with each level bringing additional benefits in exchange for larger average monthly balances.

And Truist’s credit cards can offer generous rewards. One even provides 3% back on gas purchases – perfect for daily commuters or regular road trippers!

A genuine community focusMonthly fee (Around $5; waived if criteria are met)
Five categories of checking accountsJust 0.01% APY on savings accounts (at the time of this publication)
Credit cards with generous rewards

10 – PNC Bank

Best for: All-in-one banking (checking and savings)

Founded in Pittsburgh, PNC Bank has grown into America’s 6th-largest bank with 2,600 branches and 60,000 fee-free ATMs. 

PNC’s Virtual Wallet includes three different accounts, all packaged together:

  • A checking account
  • A short-term savings account
  • A long-term savings account

Not a bad way to simplify your banking, right? And like the word “virtual” suggests, you’ll be able to manage it all online. 

PNC is also known for its generous sign-up bonuses. In fact, you can earn up to $200 just for using new Virtual Wallet products (at the time of this publication).

Convenient platform with checking and savingsSome services unavailable in certain locations
Sign-up bonuses up to $200 (at the time of this publication)Monthly fee (Around $7; waived if criteria are met)
60,000 fee-free ATMs

Commonly Asked Questions About Best Banks in America

What is the #1 Bank in America?

Many reviewers consider Chase Bank to be the best bank in the U.S. It’s available across the country, and you can receive a generous sign-up bonus when you open a new account. 

What Bank is the Best Bank in the US? 

Some people say Chase Bank is the best bank in the U.S. for its wide availability and sign-up bonuses. But also, Capital One is rated highest for its customer experience – so it could be a better choice if you want to minimize stress and maximize satisfaction!

What are the Top 5 Banking in the USA?

The top 5 banks in the USA are:

  1. Chase Bank
  2. Capital One
  3. Discover Bank
  4. U.S. Bank
  5. Bank of America

What is the Safest Bank in the US? 

Chase Bank is considered the safest bank in the U.S. because it has the most assets ($3.2 trillion at the time of this publication). But remember: Balances up to $250,000 are FDIC insured with almost all major banks. That means your money should be safe with any of them. 

Best Banks in America for Checking Accounts?

Chase Bank is the best bank for checking accounts because it has over 15,000 branded ATMs, which makes it easier to manage your account wherever you are. 

Worst Banks in America?

With an F rating from the Better Business Bureau, Wells Fargo is one of the worst banks in America. Fifth Third Bank has also earned a bad reputation – mainly for opening accounts without customers’ permission. Yikes!

Best Banks for Young Adults?

TD Bank is the best bank for young adults because it waives the monthly fee for account holders aged 17-23. Unfortunately, TD Bank only has branches in 15 eastern states. Chase Bank is another option, and it offers a generous sign-up bonus. Get your free money, kids!

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