10 Best National Banks for Checking and Savings Accounts
- Overview of the 10 best national banks for checking and savings accounts
- Capital One
- Wells Fargo
- Ally Bank
- Bank of America
- Chase Bank
- Schwab Bank
- U.S. Bank
- Synchrony Bank
- Online national banks summary
- Pros and cons of national banks
- The bottom line
Overview of the 10 best national banks for checking and savings accounts
|Bank Name||Best for|
|Capital One||Traditional bank with mobile banking interest rates and features|
|Wells Fargo||Most branch locations in the country|
|Ally Bank||Online bank with high-interest rates|
|Bank of America||Traditional banking and overdraft protection|
|Allpoint||Network of no-charge ATMs in the country|
|Discover||cash-back checking services|
|Schwab||No-fee foreign transactions and want free, interest-earning checking and savings|
|U.S. Bank||Low-cost traditional banking|
|Synchrony Bank||Combine checking and savings accounts|
Capital One Checking and Savings Accounts
Capital One Additional Services
Wells Fargo Checking and Savings Accounts
Wells Fargo Additional Services
Ally Bank Checking and Savings Accounts
Ally Bank Additional Services
Bank of America
Bank of America Checking and Savings Accounts
Bank of America Additional Services
Chase Checking and Savings Accounts
Chase Bank Additional Services
Allpoint Checking and Savings Accounts
Discover Checking and Savings Accounts
Discover Additional Services
Schwab Bank Checking and Savings Accounts
Schwab Bank Additional Services
U.S. Bank Checking and Savings Accounts
U.S. Bank Additional Services
Synchrony Bank Checking and Savings Accounts
Synchrony Bank Additional Services
Online national banks summary
|Bank||Type||Minimum Deposit||Monthly Fee||APY%||Sign Up Bonus|
|Capital One||In-branch and online||$0||$0||0.10% checking; 0.50% savings||No|
|Wells Fargo||In-branch with online services||$25||$10||N/A checking; 0.01% savings||No|
|Ally||Online only||$0||$0||0.10% - 0.25% checking; 0.60% savings||No|
|Bank of America||In-branch with online services||$100||$4.95||N/A checking; 0.01% - 0.05% APY savings||Up to $100|
|Chase||In-branch with online services||$0||$4.95||N/A checking; 0.01% savings||Up to $500|
|Discover||Online only||$0||$0||1% cash back on up to $3,000 in debit card purchases every month checking; 0.60% APY savings||No|
|Schwab Bank||Online only||$0||$0||0.03% APY checking; 0.05% APY savings||No|
|U.S. Bank||In-branch with online services||$25||$4.95||0.01% APY Platinum checking; 0.01% APY savings||Sometimes|
|Synchrony Bank||Online only||$0||$0||0.60% APY savings (no checking options)||No|
Pros and cons of national banks
- Easy access nationwide. One of the main benefits of banking with a big bank is the easy access you’ll have to branches throughout the country. While not all national banks have branches in all 50 states, most offer ATMs in all states and provide accessibility online to those without in-state branches.
- All services in one place. National banks really shine when it comes to service offerings. Many national banks offer additional services like mortgages, credit cards, auto loans, personal loans, home equity services, investment options, and more. Often, national banks will offer discounts and benefits to customers who sign up for more than one service, so if you stick with the same provider, you might receive additional perks.
- Customer service. National banks have one thing going for them that online banks can’t quite meet — customer service. With a national bank, you have options to speak to a customer service representative in-person, over the phone, via live chat, through email, and more. If you’re having an issue or need to talk through banking options, many customers prefer talking to a person face-to-face.
- Lower interest rates. Traditional national banks with branches in the U.S. typically have lower interest rates than online banks. You’ll find banks like Chase, U.S. Bank, Bank of America, and Wells Fargo offer well below the national average when it comes to savings APY. Most national banks also do not offer interest on checking accounts. National online banks, however, typically have higher interest rates.
- Monthly account fees. One of the main drawbacks to banking at a national bank is that you’ll often have to pay a monthly account fee. While this fee can often be waived if you meet certain criteria, it’s disappointing that these banks do not provide a basic checking or savings option free of charge. Online banks, on the other hand, have less overhead expenses and as a result, are able to pass these savings along to customers in terms of higher interest rates and no or low fees.
- Hidden fees. When banking with a national bank, you’ll want to be on the lookout for hidden fees. Many national banks have high overdraft fees that can be charged multiple times a day and may even add additional fees if your account is overdrafted for a certain period of time. Other fees to look out for are foreign transaction fees, transfer fees, and out-of-network ATM fees which can add up.
The bottom line
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