Banks are commonly found in every country, and they are known to be a busy place where so many activities take place, it’s a place where anyone can go, you can save, invest, buy shares and so many more. The best banks in the USA are greatly recognized in every state.
The United States of America is a country that has so many banks than any other country. Local banks and credit unions have their own benefits, but most Americans choose to go with a bank due to convenience, extensive customer service, and peace of mind. For most Americans, their bank lies at the heart of their personal finances. Their checking account is the place money comes in and goes out,
However, with so many options available, it can be overwhelming to figure out which of these is the best bank in the USA. If you want to know the best banks in the USA, I urge you to keep on reading this article because there are interesting things that will be uncovered.
Best Banks in USA
If you are searching for the best banks in the USA to open an account with and to earn an interest rate on. We have selected the best bank for you based on their important features, this will help you to select the best bank for your specific situation. All the banks listed are insured by the Federal Deposit Insurance Corporation.
However here are the best bank in the USA listed below:
1. Chase Bank
Chase is one of the best and largest banks in the USA, it was founded in 1799, and they are known for having the best customer services, they have almost 5000 branches and 15000 ATMs nationwide, and they also have sign-up bonuses for checking and savings accounts.
It is one of a few financial institutions that really let you do all of your banking under one roof, which helps simplify your banking experience (a plus for many banking customers).
The biggest downside of Chase is that, like most large brick-and-mortar banks, it charges a lot of fees and offers pitifully low-interest rates on savings accounts. But if you keep a certain minimum balance or meet activity requirements, you can avoid most fees. Chase offers the most convenient online banking services including, Chase Quick Pay with Zelle and mobile check deposits, all through the Chase app. Chase offers solid checking and savings accounts and generous sign-up bonuses, though its service fees can sneak up on you if you’re not careful.
It is also known for its credit card sign-up bonuses, the annual percentage yield(APY) for chase bank is 0.01% APY.
2. Ally Bank
Ally Bank is an online bank, it was founded in 2009, and it has been attracting so much attention from people who are unable to go to the bank, it is a leading checking and savings account option. They have good customer service, low fees, and high-interest rates.
The lack of physical locations is more than balanced out by its secure and seamless online platform, not to mention its network of 40,000-plus ATMs across the country that members can use for free. Ally Bank is a rare find that pays interest on your checking account balance with an APY of between 0.1% and 0.6%.
Its savings account offers a high rate of 1.25% APY, although this rate is variable, and the one-year certificate of deposit(CD) carries rates of 1.75% with no minimum deposit. Also, there are no monthly fees on checking and savings accounts, and their customer services are available 24/7.
3. Capital One
Capital One is a retail banking operation, which provides credit cards, auto loans, home loans, checking, and savings services, kt was founded in 1994. It is mainly an online bank but it has a few branches located in the Northeast and part of the South.
But they are known for having one of the best banking apps, Their mobile app is rated 4.9 stars (out of 5) in the App Store and 4.6 stars (out of 5) in the Google Play store.
They are one of the top checking accounts, It doesn’t charge any overdraft, foreign transaction, or monthly service fees, and They don’t require any minimum opening deposits. They give 1.20% (APY) interest rates on checking and savings accounts. The bank also offers free ATM use at Allpoint and Capital One ATMs.
4. Wells Fargo
Wells Fargo is one of the largest banks in the USA, it was founded in 1852. They have almost 5000 branches and 12000 ATMs. Their offer is comprehensive and covers everything from bank accounts, credit cards, loans, retirement planning, and wealth management services.
Although their account options are pretty standard for a big bank and don’t stand out one way or the other, the bank has recently made strides to improve its customer experience with enhanced tech and new consumer-friendly policies.
Wells Fargo cancels the variable monthly fee for customers who make ten debit card purchases each month, it is advisable for one to beware of overdraft and other fees after opening an account with them.
5. Citi Bank
Citi Bank is a consumer division of financial service multinational Citigroup, it was founded in 1812 as the Citi Bank of New York.
They have more than 100 million customers throughout the world, Citibank is a megabank that has a large network of branches and ATMs, solid interest and CD rates, and a rich slate of account options and financial services. Citibank is known for helping customers deal with identity theft or fraud.
Moreover, they give a dedicated Citi Identity Theft Solutions Specialist to help with your case, monitor your credit report, and update you about any changes until the case is closed. Citibank was also the first U.S. bank to open a banking office in a foreign country. They offer a high rate of 1.00% APY.
6. Bank of America
Bank of America is an American multinational investment bank, found in 1998. It has almost 5000 branches and over 17000 ATMs. it is known to be the second-largest bank in the country, serving more than 10% of all American deposits.
However, the Better Business Bureau gives BOA a much better score than Wells Fargo, the banks have scores of an A+ and F, respectively. A strong score helped BOA beat Wells Fargo for a spot on our list.
BOA checking accounts can be opened with a little amount of $25 opening deposit with zero overdraft fees and offers options to waive monthly fees if you sign up for its Preferred Rewards program. BOA also has a secure mobile app that allows you to manage your accounts, transfer money, and pay bills safely while on the go.
They also have a secure mobile app that allows you to manage your accounts, transfer money, and pay bills safely. Their customer services are always opened 24/7 a week for their customers. BOA gives 0.01%-0.05% APY.
7. PNC Bank
PNC Bank is an American bank hold company and financial services corporation, based in Pittsburgh, Pennslyvania, it was founded in 1983, and it has, 2300 branches and 9000 ATMs.
The Bank offers a wide range of personal banking services, including checking and savings account, mortgage loan, credit cards, and auto loans. Their checking account has no monthly fees or minimum deposit requirements.
However, PNC stands out with its virtual wallet, which allows you to divide your money into three categories which are: Spend, Reserve, and Grow and they manage them all online and from your phone. It helps you to create budgets, use a bill payments calendar, and keep track of your money. PNC rate is 0.01-0.03 APY.
8. TD Bank
TD Bank is a combination of several banks. Over the years, it has gone by the name Portland Savings Bank, Banknorth, and now TD Bank. It was founded in 1852. It has over 1300 branches located across 16 states and 1900 ATMs. Their branches are always open every day of the week to their customers.
Also, their customer service is open 24/7 and their online banking is satisfying. TD Bank’s ATM fees aren’t necessarily higher than other banks’ fees, but its fine print may affect which checking account you choose to open.
TD Bank checking account doesn’t charge a fee, as long as you maintain a balance of $1500-$2500, the rate of TD Bank is 0.05%APY.
9. CIT Bank
CIT Bank is an online bank, which is also among the best banks in the USA, it was founded in 2000. This Bank offers your standard checking accounts and savings accounts. The bank really shines when it comes to money market accounts and certificates of deposits (CDs).
But you’ll need between $100 and $1,000 to open bank accounts, and it doesn’t provide 24/7 live customer service over the phone, if you have a CIT Money Market account, you’ll have access to one of the best interest rates available.
Also, you can open a checking account with CIT for as little as $100. This account will earn you up to 0.25% APY.
10. Truist Bank
This bank is a merged bank that was formerly known as SunTrust and BB&T, they merged in 2019 to form Truist Bank, and they became the sixth-largest bank in the U.S. with more than 10 million customers.
The products and services include 5 checking accounts, a standard savings account, money market and CDs, 5 credit cards, home, auto, and personal loans, and a suite for small business products.
Actually most interesting product from Truist is their Premium Rewards, an interest-bearing checking account. The bank’s holdings are quite wide-ranging, as it holds various arms that cover insurance, investing, wealth management, and more.
What Are the Different Types of Banks?
The most popular types of banks which are well known are:
1. Central Bank
Central Bank is an independent national authority that conducts monetary policy, it regulates banks, and provides financial services, including economic research. They stabilize the nation’s currency and prevent inflation in the country.
2. Commercial Bank
Commercial Bank is a financial institution that carries out all the deposits and withdrawals of money for the public, provides loans for investment, and offers basic financial products like the certificate of deposit and savings accounts to individuals and small businesses.
3. Private Bank
Private Bank is a personalized financial service and product offered to the high-net-worth individual client of a retail bank or other financial institution.
4. Retail Bank
Retail Bank is the provision of services such as checking and savings account, mortgages, personal loans, and debit and credit cards sold to the general public, rather than to companies, corporations, or other banks.
5. Investment Bank
Investment Bank serves as middlemen for certain activities of a financial services company that consist of advisory-based financial transactions on behalf of an individual, corporations, and government.
6. Online Bank
Online Bank is an electronic payment system that enables customers of a bank or financial institution to carry out a range of transactions through the financial institution’s website.
How to Choose The Best Bank
Choosing the best bank in the USA can be challenging but one needs to look at records of the best banks nationwide and narrowed the list down to the best ten based on several factors and services. The factors that helped can help you decide on the best included the experience of the bank, the services each offers, how much their fees are, what the APY (Annual Percentage Yield) is on a standard checking and savings account, and the account minimums to earn interest.
The best banks in the USA are banks that are outstanding. To determine the best bank, you need to check the banks based on assets, debit card volume, internet search traffic, and other factors, including their credit unions, based on deposits as well as broad-based membership requirements.
Furthermore, if you are able to pick one of these best banks, and you can be able to maintain a good credit score, you will have swift banking services.
Ally Bank is known to be an online bank.
Bank of America was founded in 1998.
Chase bank has almost 5000 branches and 15000 ATMs nationwide.
Yes, it is a merged bank that was formerly known as SunTrust and BB&T, in 2019 they became Truist Bank.
The APY for PNC is 0.01-0.03 APY.
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