Here is an article that discusses the best national banks in America and more.
The United States is home to thousands of financial institutions including local and national banks. They are spread across towns and cities in the country and offer a variety of accounts.
In this guide, we are looking at the fifteen best national banks in the United States. The best national banks in the country are also among the largest in the U.S.
When you look at the asset of some of these banks, they are over trillions of dollars. Take Bank of America for example, it has an asset of over $2 trillion.
Many Americans have trusted these national banks over the years to safeguard their funds. Some of the banks on our list offer high-interest rates and outstanding customer service.
Some of the banks we have listed here are exclusively online and they are the best options for small businesses.
There are several reasons you may want to pen a checking account or a savings account with a national bank. If you are someone who travels often, banking with a national bank can be handy, as you will likely find a branch.
What Is a National Bank?
Generally, a national bank is considered a commercial bank in the United States. Both national banks and federal savings associations are chartered and regulated by the Office of the Comptroller of the Currency of the U.S. Treasury.
It’s essential that national banks are among the members of the Federal Deposit Insurance Corporation (FDIC). They may also facilitate the auction process of the U.S Treasury bonds as well as function as a member bank of the Federal Reserve Bank.
Also Read: 10 Best Banks in Tennessee in 2023
How National Banks Works
National banks have a similar meaning to central banks, internationally. They are also synonymous with banks that are controlled by the federal government of a country.
Both in the United States and other countries around the world, national banks have important roles in organizing the financial system of a country.
It’s always important to have an efficient banking system. Whether it’s through the U.S. Federal Reserve or a central bank, it’s important to maintain financial stability, especially during a recession.
These banks may also facilitate daily transactions with their local Federal Reserve Bank as well as generate call reports to the Fed. They must do this in each quarter and make sure the public is aware of the reports.
15 Best National Banks in America
National banks in the United States are also commercial banks. Some of these banks are the best and largest in the U.S.
To find out the best national banks in America, check out our list.
#1. Chase Bank –Best for New Customers
First on our list of best national banks in America is JPMorgan Chase Bank. This is one of the largest banks in the country with an asset of over $3 trillion.
According to the Financial Deposit Insurance Corporation (FDIC), Chase Banks has over 4,000 domestic locations in 49 states. Chase Bank is also the largest bank in America in terms of assets and market capitalization.
Chase Bank provides interesting bonuses for savings and new checking accounts. Millions of Americans have trusted Chase Bank over the years in safeguarding their funds.
Chase offers a total checking account to its customers. Once you set up a recurring direct deposit of $500 or more each month, the bank will waive the $12 monthly fee on its total checking account.
Besides offering a total checking account, Chase Bank is also the best option for students. It offers a unique checking account for students between the ages of six and twenty-four.
If you are a college student below the age of 24, you can walk into any branch to open a checking account today. Chase Bank can be located in 49 states across the U.S.
If you travel often across the United States, you will likely find a Chase Bank branch.
Chase Bank is just one of the largest banks in the United States, it’s also one of the best national banks in the country.
#2. Discover Bank- Best for Cash Back
Discover Bank is a renowned financial institution that offers an online checking account. This bank has two branch locations according to the Federal Deposit Insurance Corporation (FDIC).
However, only one of the bank branches in Sussex, Delaware is a full-service branch.
Discover Bank offers an online checking account and you can benefit as an account holder once you make purchases of up to $3,000 each month. You will earn a 1% cash back on debit card purchases close to $3,000.
With the Discover checking account, you don’t have to worry about paying anything for standard checks, cashier’s checks or insufficient funds fees.
The bank’s savings account offers a 3.00% APY, the best you can find in the banking industry.
#3. Bank of America –Best for College Students
Next on our list of best national banks in the United States is Bank of America.
Headquartered in Charlotte, North Carolina, Bank of America is one of the largest banks in the country. A branch of this bank can be found in 38 states according to the Federal Deposit Insurance Corporation (FDIC).
The number of domestic locations in these 38 states is over 3,500. Bank of America also has thousands of ATMs scattered across the country.
Bank of America offers a variety of savings accounts as well as checking accounts. Whatever amount you intend to save with Bank of America, here are the main options for you;
Bank of America Advantage SafeBalnce Banking: You can open this account with a minimum of $25 and if you are a student below the age of 25, Bank of America will waive the $4.95 monthly fee.
Bank of America Advantage Plus Banking: For this account, you will need a minimum deposit of $100. If you meet certain requirements with your account, the $12 monthly fee will be waived.
Bank of America Advantage Relationship Banking: Here, you also need a minimum deposit of $100. Meeting certain requirements with your account can waive a $25 monthly fee.
#4. CIT Bank- Best for Good Rates
CIT Bank is one of the best national banks in America. The bank merged with First Citizens Bank & Trust Company in early 2022 and now operates under the First Citizen Bank & Trust Company’s charter.
Across the United States, you will not find any branch of CIT Bank. The bank also doesn’t have an ATM network anywhere in America.
CIT Bank and First Citizens Bank are two different financial institutions. For instance, if you walk into a First Citizens branch, you will be unable to access your CIT Bank.
#5. Ally Bank- Best Online Bank
Just like CIT Bank, Ally Bank has no branch anywhere across the United States. It’s an online bank that offers unique services through its mobile app.
Ally’s mobile app comes with an outstanding feature. The mobile app comes with a program known as Zelle, which allows you to send and receive payments.
Ally partnered with the Allpoint ATM network and currently, you can access over 40,000 ATMs across the United States.
Ally also offers a savings account, checking account, and money market account (MMA), with no monthly fees and no minimum balance requirement. Every account holder enjoys an interest on all accounts, irrespective of their account balance.
#6. Truist Bank- Best for Basic Accounts
Truist Bank came into existence after the merger between BB&T and SunTrust Bank in 2019. According to the Federal Deposit Insurance Corporation (FDIC), Truist Bank currently operates over 2,000 branches across the United States.
The regions where Truist has a huge presence are the Mid-Atlantic and Southeast. Truist also has a huge presence in Texas.
Truist Bank offers a checking account which requires a minimum deposit of $50 to open the account. Another name for the Truist checking account is Truist One Checking.
Truist also provides the One Savings account. To open the Truist One Savings account, you need a minimum deposit of $50.
Truist Bank remains one of the largest and best national banks in America.
#7. Barclays- Best for Savings
Barclays is one of the best national banks in America. It’s a high-yield online savings account with a branch in Delaware, which is a full-service branch.
Since Barclays is only a savings account and CDs, there are no ATMs to access. In order to use Barclays, you need to link up various accounts to transfer funds in and out easily.
Barclays is among the top 30 banks in terms of total assets.
#8. CitiBank – Best for Large Balance Transfers
CitiBank is one of the renowned financial institutions in the United States. You can find a branch in states like New York, Florida, California, and Illinois.
According to the Federal Deposit Insurance Corporation (FDIC), CitiBank has over 600 branches across the country. The bank provides four unique banking packages which can accommodate just any financial situation.
CitiBank’s checking accounts offer a free partner savings account once you meet the checking account requirements.
For instance, the bank’s Access checking account is free once you make either one bill-pay transaction each period or one qualifying Direct Deposit.
#9. PNC Bank- Best Checking/Savings Package
According to the Federal Deposit Insurance Corporation (FDIC), PNC Bank has over 2,000 branches across 29 states in the country. The bank’s Virtual Wallet is a combination of checking and savings products.
To open a checking account with PNC Bank, there is no minimum deposit required. However, the account has a $7 monthly fee and the only way to avoid paying this fee is by maintaining a $500 or more direct deposit.
With an asset of over $500 billion, PNC Bank is one of the largest banks in the United States.
#10. TD Bank- Best Checking Benefits
A branch of TD Bank can be found in about 16 states across the United States. Currently, there are over 1,100 branches in 16 states according to the Federal Deposit Insurance Corporation (FDIC).
TD Bank offers the TD Convenience Checking account and the TD Beyond Checking account.
For the TD Convenience Checking account, you need a minimum of $100 to avoid a fee, while for the TD Beyond Checking account, you need a minimum of $2,500 to also avoid a fee.
#11. U.S Bank- Best Low Fees
U.S. Bank is one of the best national banks in America. Across 28 states in the U.S., you will likely find a branch of U.S Bank.
With a minimum of $25, you can open a checking account with U.S Bank. To avoid paying the $6.95 maintenance fee, you must meet the minimum account balance requirement of $1,500.
U.S. Bank also offers three types of savings accounts which include the Standard Savings account, Elite Money Market account, and Retirement Money Market account.
#12. Wells Fargo- Best In-Person Banking
Wells Fargo is one of the largest banks in the United States, with over 4,500 branches across the country. It remains one of the best national banks in America operating in 40b states.
Wells Fargo offers different types of checking accounts and savings accounts. Besides this, Wells Fargo also offers a teen checking account for kids as young as 13.
#13. BBVA- Best Money Market Rates
BBVA makes it to our list of best national banks in America. it offers a checking account, which requires a minimum deposit of $25 to open the account.
The bank has a unique wallet which enables customers to track their purchases, activate new cards, make payments, report stolen cards, and so much more.
#14. TIAA Bank- Best Investment Bank
If you want to invest some of your funds, TIAA Bank is the best option to consider. TIAA have some of the best CD rates you can find in the market. They also offer three different CDs, a Bump Rate CD, a Basic CD, and their Yield Pledge CD.
With a minimum of $1,000, you can open the Basic CD. The minimum deposit to open the premier Yield Pledge CD is $5,000.
#15. SunTrust- Best Bank for Students
SunTrust completes our list of best national banks in the United States.
This bank is the perfect option for high school students, as it offers one of the best accounts. High schoolers are not required to pay any monthly fees while banking with SunTrust.
SunTrust account also offers online banking with bill pay, account balance alerts, mobile banking, and so much more.
With Ally’s mobile app, you can send and receive payments through a program known as Zelle. The mobile app also comes with an ATM locator, digital account statements, and lots more.
We have explained how national banks operate and what each bank is known for. Now you know the best national banks in America and what they can offer.
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