Review of Best Banks for Checking Accounts 2019

National banks offering the security of a brand proper name along with the convenience of hundreds -- and often thousands -- of bank branches, where you tin can discover a real person to help with complicated financial needs like taking out a loan or opening an private retirement business relationship.

And, although y'all will typically yet find the highest possible interest rates at online banks or through credit unions, big banking company brands accept been working hard to meliorate their online and mobile tools, so, at to the lowest degree when it comes to convenience, yous can take the best of both worlds.

Our superlative picks for best national banks of 2021-2022

• Capital Ane - Best Overall
• Bank of America - Best Client Service
• Wells Fargo - Best Mobile App
• Charles Schwab - Best for Low Fees
• Citibank - Best for High Yield Savings Account

Best national banks reviews

To find the best national banking company, Money looked for low fees and a summit-notch branch feel at xx of the largest retail banks by assets. (You can read in-depth most our methodology below.)

Here are our favorites:

Capital One is our summit pick because of its higher-than-usual interest rates, low opening residual requirement and nix fees.

Pros:

• Highest interest rates in category
• No account fees (other than a $35 overdraft fee)
• No ATM fees
• Earn upwards to 5% cash back on rewards credit cards.

Cons:

• Few concrete branches
• No ATM carte du jour with savings accounts

With Uppercase One, y'all tin earn a higher interest rate on both checking and savings accounts than at other national banks we considered. That includes 0.40% interest on the banking concern's flagship 360 Savings Account, compared to 0.01% to 0.05% at well-nigh other banks. And, while 0.ten% offered by the 360 Checking Business relationship might not sound similar much, about other big banks don't offer any interest at all on this type of account. In that location are no maintenance fees for either business relationship.

With one of Capital I's many Rewards credit cards, you can earn between 1% and 5% cash dorsum on purchases at select stores. You'll too accept admission to over lxx,000 ATMs nationwide, including Uppercase One-branded ATMs and the Allpoint and MoneyPass ATM networks. Best of all, Capital 1's 360 checking accounts don't charge any fees for using out-of-network ATMs. (Although the ATM owner may charge one).

Make sure y'all open a Capital Ane checking account though, equally the bank's savings accounts don't provide an ATM carte. Capital letter One has only about 400 branches in nine states, including New York, Louisiana and Texas. That does include Capital One Cafes — coffee shops where y'all tin can sip your latte while bank "ambassadors" provide assistance. Still, compared to larger banks like Wells Fargo, which has shut to five,000 branches, Upper-case letter One is limited in terms of physical locations.

Bank of America — All-time Client Service

Depository financial institution of America offers a high level of customer service across both its online platform and its brick-and-mortar branches.

Pros:

• Highest ranked national bank past JD Power for its online presence
• Non-BoA ATM fees waived for the first six months
• Monthly maintenance fees can be easily waived
• Thousands of branches and ATMs

Cons:

• Opening account balance requirements are higher compared to other big banks.
• Account maintenance fees are college than other banks.

Bank of America is the highest-rated national banking concern on this year's JD Ability Online Banking Satisfaction Study, obtaining a score of 871 on a ane,000 point scale. And BofA'southward online banking is backed upward by a network of over 4,100 brick-and-mortar locations across the land, making it easy to find one if you need to make a big cash withdrawal or take out a cashier's check.

With Bank of America, you lot'll also have access to over 17,000 ATMs nationwide. While using a BoA ATM won't cost you lot anything, there is a $ii.50 accuse for using a not-BoA ATM in the US, although that is slightly lower than the $three fee charged by many banks. Best of all, not-BoA ATM fees are waived for the beginning vi months after opening an account.

The Wells Fargo mobile app provides 24/7 access to all its banking products, takes reward of biometrics for quick, secure logins, and enjoys the highest user rating among all national banking company apps we looked at, with many users praising its ease of use.

Pros:

• Highest user-rated mobile app of all national banks we considered
• Admission to all Wells Fargo cyberbanking products
• Mobile check deposits
• Allows for automobile neb pay and mobile payment

Cons:

• The app tin can exist glitchy after updates.
• Wells Fargo has been fined several times by the Consumer Financial Protection Bureau.

When we looked at the mobile apps for the top 25 national banks, the Wells Fargo mobile app was the highest rated by users, garnering a 4.8 star rating on Google Play. Most users praised the app'southward ease of employ and the power to conduct all their cyberbanking transactions without ever having to step into a banking concern branch as their favorite features.

The Wells Fargo app lets you manage your accounts from anywhere and at whatsoever time. Y'all tin rapidly meet account transactions such as recent deposits, payments and purchases made on your credit or debit carte. The app allows you to check your account balances, transfer funds or link your business relationship to Zelle, a person-to-person payment app that allows you to send or receive money. Yous can besides set account alerts and automatic bill payments on your phone.

Security is also a meridian priority with the Wells Fargo app. Instead of using a countersign, yous tin can set up a secure biometric login using either your fingerprint or facial recognition to access your accounts. While biometrics is condign much more common, it's still not universally available. If mobile banking isn't enough, Wells Fargo has close to 5,000 bank branches beyond the country, the largest number of brick-and-mortar locations of whatever of the national banks we reviewed.

As with any app, updates can cause glitches. About of the negative customer reviews of the app mention problems making direct deposits, failure to recognize fingerprints or passwords, or getting logged out without find. Well-nigh glitches seem to occur afterwards an app update has been installed or when downloaded onto a new phone.

Charles Schwab is our top pick for its depression fees beyond a number of different accounts and services also as its depression opening balance requirements.

Pros:

• No monthly maintenance fees
• Unlimited rebates of not-Schwab ATM fees for cash withdrawals
• Checking and savings accounts can earn interest.
• No minimum opening balances

Cons:

• Simply one checking and i savings account selection

Although it'southward better known as a place to trade stocks, Schwab'due south Loftier Yield Investor Checking and Savings accounts offer a solid pick for anyone interested in combining their investment accounts with regular banking accounts within the same financial establishment. Schwab's bank doesn't charge any fees for a slew of services, including incoming wire transfers and foreign transaction fees on purchases with your Schwab debit card, which is unusual for many banks.

At that place are no fees at ATMs where Schwab'south debit card is accustomed and you can become an unlimited number of ATM fee rebates when withdrawing money from whatsoever ATM worldwide. The opening balance for either the checking or savings accounts is $0, and while the High Yield Checking business relationship can but exist opened when linked to Schwab One investment account, at that place's no minimum balance requirement.

Y'all can earn interest on both the checking and savings business relationship, but it'south on the lower finish of the spectrum. The High Yield Checking account pays 0.03% involvement, which is high compared to most traditional bank offerings simply lower than the rates you can find online and at credit unions. The involvement rate is a little ameliorate on the High Yield Savings account, where you lot can earn 0.05%, although you can find higher rates elsewhere.

Citibank'due south Advance Savings account offers one of the highest interest rates of any national bank, making Citibank our choice for the best bank for high yields.

Pros:

• Savings account pays 0.l%, one of the highest rates amid the national banks we looked at.
• No minimum opening residuum
• Relatively low non-Citibank ATM fee
• Low maintenance fee

Cons:

• Must be opened in conjunction with a cyberbanking package that links the savings accounts with other Citi accounts such as a checking account
• ATM fee reimbursements non bachelor in all packages
• Some banking packages are not available in all states.

Citibank's Advance Savings account caught our eye because y'all tin can earn 0.v% involvement, which is much college than the typical rate offered by national banks, where 0.01% to 0.05% is mutual, and, in fact, comparable to rates offered by many online banks.

The Accelerate packages are combinations of dissimilar checking and savings accounts that have different benefits and account fees, depending on your cyberbanking needs. We focused on the Accelerate Admission Business relationship package, which has no opening balance requirement and a monthly fee of $four.l for a savings-only account or $10 if you have a checking business relationship linked to a savings account. The monthly service fee tin be waived by maintaining an boilerplate monthly residue of $500. There are no fees for using Citibank-branded ATMs, but at that place is a $2.50 fee for using a non-Citi ATM. At that place are no ATM fee reimbursements with this package.

The Access package is currently but available in 41 states and viii territories and War machine theaters of operation, so you'll want to check with Citibank about accessibility (this account is not available in Arkansas, California, Connecticut, Maryland, Nevada, New Bailiwick of jersey, New York, and Virginia, and is available in limited areas of Florida and Illinois). There are 5 boosted banking packages bachelor besides the Access business relationship packet, each with unlike fee ranges and benefits that may be bachelor in your area.

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How we chose the all-time national banks of 2021-2022:

In selecting our winners for Best National Banking concern, Money started with the xx largest retail-focused banks in the state, measured past assets. Money then partnered with data provider Curinos to review account minimums and qualifications, interest rates, monthly service fees, ATM fees, overdraft fees, overdraft protection fees, insufficient funds fees, debit card replacement fees, domestic wire transfer fees, and online banking capabilities.

When selecting finalists, priority was given to checking and savings accounts with no or easily waived monthly fees, free ATM withdrawals, and higher involvement rates. In naming free accounts, nosotros assumed customers would exist okay with receiving e-statements to avoid a monthly fee.

When available, we weighed customer service ratings from J.D. Power'due south 2020 U.S. Retail Cyberbanking Satisfaction Report, 2021 Online Cyberbanking Satisfaction Survey, and 2021 Mobile Banking Satisfaction Survey. Coin's edit team independently fact-checked information in September and October.

The interest rates quoted were checked on October 25, 2021.

More from Coin:

How to Save Money

How to Choose a Financial Advisor

How to Buy Gold

(An earlier version of this story mistakenly stated Capital Ane reimbursed strange ATM fees and did non note out-of-network ATM owners may charge withdrawal fees.)

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Source: https://money.com/best-banks/

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