Top 10 Best Banks in America 2023
You need to keep your money somewhere that’s secure, accessible, and has good customer service. The best banks do all that and pay you interest too.
Traditional banks have been a reliable choice for customers for centuries, offering physical services through physical branches and automated teller machines. With established trust and a wider range of financial services such as loans, credit cards and investment opportunities, traditional banks are known for personalized attention and face-to-face support.
However, traditional banks typically have higher fees and lower interest rates than online banks. They may also have stricter requirements for opening and maintaining an account, such as minimum balance requirements and credit checks. Additionally, traditional banks may not offer the same level of convenience as online banks, have limited hours of operation, and require a physical visit to a branch for certain transactions. Ultimately, the choice between traditional and online banking comes down to an individual’s specific financial needs and preferences, as both options have their own advantages and disadvantages.
Join the Bank of America that's right for you
Ultimately, you are the only one who can decide which bank in the US is the best for your needs. You may place more value on a bank with branches near you, prefer online banking, want the lowest fees, or be willing to pay more (if that also means higher interest rates). No matter your preference, you’ll find the one that’s right for you with one of the 10 Best Banks in America.
How to Choose the Best Bank in America
We’ve picked out the top things to consider when choosing the best banks in the US so you can choose the one that best suits your needs.
Since putting money under your mattress isn’t the safest (or most profitable) option, it’s nearly impossible to avoid using a bank. But with hundreds of online, traditional, and new brick-and-mortar banks in the U.S., it can be difficult to know which one to choose. We review the best banks in the U.S., considering factors such as interest rates, monthly fees, and available banking tools. Learn how to choose the best U.S. bank for your needs.
Choose the bank that suits you
Your instinct may be to choose the bank closest to your home or work. While proximity is important, there are other factors to consider when deciding where to store your money. Fees, rates, accessibility, customer service and online services can all greatly affect your banking experience and your money. Here are some factors to consider:
Bank Account Monthly Fee
Free banking is always attractive, so one of the first things to check is the monthly fees for checking and savings accounts, although this is more common for checking accounts.
Many banks waive or repay the monthly fee if you maintain a certain minimum balance. To get a completely free checking account, you usually have to go to one of the many online banks.
High interest rates
Besides low fees, the most popular request from banks is the highest possible interest rate. Although interest rates are generally quite low, you’ll still find a wide range of interest rates. Most checking accounts don’t pay any interest, and some savings accounts only start paying interest when the balance exceeds a few thousand dollars, which is very impractical for savers with low balances.
After considering the fees and interest rates offered by different banks, consider how easy it is for you to manage your money. The best interest rate may not be as important as being able to visit a nearby branch during your lunch break or quickly process your account online.
When looking at traditional banks, it’s a good idea to check the number of branches across the country and in your area. Online banking has the advantage of being always open and always close at hand, but small banks have very limited free ATM networks. If it’s not available in your area, you may find yourself paying substantial ATM fees.
Useful banking tools
Some banks offer financial tools that are very useful and can tip the balance if you are trying to choose between two banks.
Many banks have useful mobile apps for everyday banking tasks like depositing checks, paying bills, and transferring money, while others up the ante with intuitive mobile check deposits, text message alerts, and ATM finders. Some of the banks on our list offer customers budgeting tools for managing cash flow and tracking spending as well as mobile check deposits and money transfers, and even stand out with virtual wallet services that allow you to organize your money into three categories: spend, keep, grow, and pass Mobile manages them online. These tools can help you create a budget, use a bill payment calendar, and keep track of your money.
Online banking has changed the way we manage money. Today, most large banks offer online platforms, dedicated mobile apps, and at least some innovative tools that let you manage your money, deposit remotely, transfer money, and pay bills.
Today, some banks operate entirely online, forgoing the fees of brick-and-mortar operations to offer lower fees, greater accessibility, and better customer support. Whether you choose a financial institution that offers mobile banking options or a fully online bank, it’s important to make sure
That’s great if you think you’ll never need to use your bank’s customer support, but there’s a good chance you will at some point. If you have questions about your account, notice unusual charges, suspect identity theft, or need to replace a lost debit card, it’s good to know you have a bank that can help you with these issues.
Top US Online Banks Compared
1. Bank of America
- 4,500 branches and more than 15,000 ATMs in 37 states
- Avoid account fees with daily or monthly minimums
- Customers can choose from a full range of services, including checking accounts, savings accounts, and CDs.
With a nearly 250-year history and 66 million customers in the United States and 35 countries around the world, Bank of America has proven itself to be an established financial institution with many attractive features. It has one of the largest number of ATMs in the country and offers a wide range of account services.
The checking account requires only a $25 opening deposit, zero overdraft fees, and the option to waive the monthly fee if you sign up for its Preferred Rewards program.
BoA also has a secure mobile app that allows you to manage accounts, transfer funds and pay bills securely while on the go.
- Free access to over 65,000 ATMs
- Excellent Security and Identity Theft Service
- It offers high interest rates on various certificates of deposit
Founded in 1812 and today with more than 100 million customers worldwide, Citibank is a major bank with all the perks you’d expect: an extensive branch and ATM network, stable and time deposit rates, and a wealth of account options and financial Serve.
Citibank is particularly good at helping clients deal with identity theft or fraud. They will provide you with a dedicated Citi Identity Theft Solutions Specialist to help you with your case, monitor your credit report and keep you informed of any changes until the case is closed.
3. Capital One
- 0 monthly fee
- 0.2%-0.75% for checking and savings accounts
- The company received the highest customer satisfaction rating (629 out of 1,000) in JD Power’s 2022 U.S. Direct Bank Satisfaction Study.
Capital One is the only large national brick-and-mortar bank that charges no monthly fees for its checking accounts. Among traditional large banks, Capital One has the best interest rate. The annual interest rate of 360 checking account balance is 0.2%, and the annual interest rate of 360 savings account balance is 0.75%, without any fees.
In addition to a high customer service rating, Capital One offers more than 70,000 ATMs, but few bank branches, so while it’s a national bank, it functions more like an online bank
4. Wells Fargo
- 5,300 physical locations and 1,300 ATMs across the U.S.
- No monthly fee with a debit card
- Wells Fargo has thousands of branches across the United States: approximately 4,700 locations in 36 states and Washington, D.C. Its savings accounts offer higher APRs than similar accounts at other large banks.
Wells Fargo has the largest banking network in the United States, with nearly 5,500 physical branches in all but a few states in the Midwest and Northeast corner of the United States.
This behemoth offers all the financial services you could possibly want, with some enticing perks. Wells Fargo, for example, eliminated its variable monthly fee for customers who make 10 monthly debit card purchases and have a minimum daily balance of $1,500 or direct deposits of $500 or more per month.
Account holders can access human assistance by phone anytime – 24/7
- Nearly 5,000 branches and more than 15,000 ATMs across the country
- Sign-up bonuses for checking and savings accounts
- Chase’s checking bonus sets it apart from other big banks, and it has branches and ATMs across the United States. The monthly fee for the account is fairly easy to avoid.
No matter where you are in the country, chances are you’ll find a local Chase branch or ATM nearby. Chase is one of the fastest growing national banks with more than 4,500 branches and 16,000 ATMs.
But despite its extensive physical reach, Chase also offers some of the most convenient online banking, including Chase Zelle Express Pay and mobile check deposit, all through the Chase app.
Chase offers solid checking and savings accounts and generous sign-up bonuses, but its service fees can creep up if you’re not careful.
Frequently Asked Questions
What are the best banks in the US?
Some of the best banks in America include Chase, Bank of America, Wells Fargo, Capital One, and Ally Bank.
What Makes a Bank the “Best”?
A bank may be considered the “best” bank based on various factors such as customer service, account options, fees, interest rates, online banking features and accessibility.
What should I consider when choosing a bank?
When choosing a bank, consider factors such as account fees, interest rates, available services, customer service options, and branch and ATM locations.
Is online banking as reliable as traditional banking?
Yes, online banking can be as reliable as traditional banking. However, it is important to make sure that the online bank is FDIC insured and has a strong reputation for security measures.
What are the advantages of online banking compared to traditional banks?
Advantages of online banking over traditional banks include lower fees, higher interest rates, 24/7 account access, and more advanced online banking features.
Can I access my online banking account through the mobile banking app?
Yes, most online banks offer mobile banking apps that allow customers to access their accounts, deposit checks and make transfers.
Are Credit Unions Better Than Traditional or Online Banks?
Credit unions aren’t necessarily “better” than traditional or online banks. They may offer unique benefits such as lower fees and higher interest rates, but they may be more limited in service and accessibility than traditional or online banks. Ultimately it comes down to personal preference and needs.