Living in the U.S. and confused about selecting some financial institution to help you manage your finances and make savings for future investments.
#1 Winner of Best Bank to have an account in the US “Bank of America”
This article will provide you with a review of the best banks in America selected based on their customer satisfaction score. Let’s dive in.
Summary
- Best for online banking – Bank of America
- Best for sign-up bonuses – Chase bank
- Best for cashback – Discover Bank
- Best for ATMs – Alliant Credit Union
- Best for customer service – Ally Bank
- Best for a range of coverage – Huntington Bank
- Best financial health – Tri-City National bank
- Best bank in Arizona – National bank of Arizona
- Best rating – Conway National Bank
- Best small bank – Woodforest national bank
What is a Checking Account?
Checking accounts provides easy access to its consumers and helps them make daily transactions by easing the depositing and withdrawing process.
You can deposit a check, withdraw cash through your debit card or help you set direct deposits in case of paychecks.
These are the most liquid financial management accounts that provide easy access to funds.
Although they allow unlimited deposits and withdrawals, there is a daily limit that varies with the bank.
Checking accounts secure your money for a short period, and you can withdraw your amount whenever you need to pay for your bills and other expenses.
You can directly deposit your paychecks, and by linking your checking account with saving accounts, you can move a portion of your pay to savings accounts for investment purposes.
You should not consider checking accounts to save money for long-term goals like a house as checking accounts don’t offer much good interest rate.
So, for long-term goals, you should save money in a savings account.
1. Bank of America – Best for online banking
Rating out of 5
Description
The Bank of America comprises almost 4300 branches in 35 states in America, including Washington, D.C.
Its calling hours during the weekdays are from 8:00 am to 11 pm, and on weekends, its call center hours are 8:00 am to 8:00 pm.
Features
- Bank of America, like other brick and mortar banks, provides easy access to funds and easy communication and also provides a wide network of ATM branches for a better experience.
- It also provides virtual assistance to its customers through its mobile application. Moreover, it also provides customer service through the Twitter handle @BofA_Help.
- The interest rates on its accounts, including saving accounts, checking accounts, and certificates of deposits, are minimal.
- On meeting the minimum balance requirement and through direct deposits, its consumers can qualify to avoid the monthly fee.
Interest and minimum deposit
The minimum account opening balance is $100, and its interest rate is 0.01%.
Pros and Cons
Pros
- It has 4,300 branches in 35 states with 17,000 ATMs.
- Strong virtual assistance.
Cons
- Low-interest rates on savings and CD accounts.
- Overdraft fees might be charged up to 4 times a day.
- Its transfer limits are small.
2. Chase bank – Best for sign-up bonuses
Rating out of 5
Description
Chase bank is a large bank that offers several products and services, including auto loans, mortgages, and several credit cards.
It has 4700 branches across 45 states and more than 16,000 ATMs. With a fair basic checking account and provides amazing sign-up bonuses.
However, its saving rates are not good, and monthly account maintenance fees are also high and difficult to avoid.
Features
- It offers a website experience of quality that competes with online-only banks.
- It has ATMs and bank branches across the U.S. to ease their customers in accessing their funds.
- It offers bonuses and promotions for its new customers.
- The monthly account maintenance fee can be avoided through direct deposits and maintaining a minimum daily balance or by linking to different Chasing accounts.
- Its APY rates for saving accounts are minimal.
Interest and minimum deposit
The minimum account opening balance is $0, and its interest rate is 0.01%.
Pros and Cons
Pros
- Ease of access through 4,700 branches and more than 16000 ATMs.
- Waivable monthly fee.
- Provides sign-up bonuses on checking accounts.
Cons
- Low interest rate
- $2.5 on using non-Chase ATMs
- Low CD rates
3. Discover Bank – Best for cashback
Rating out of 5
Description
Discover bank helps you earn cashback on debit cash purchases and provides access to a large ATM network.
However, it has only one physical branch, so the people who like brick-and-mortar services may not like it.
Hence, it operates online largely and provides high-yielding savings accounts.
Features
This is an online bank with only one physical branch and comes with savings, Certificates of deposits, and checking accounts with competitive yields.
Making purchases of up to $3000 from a debit card provides a 1% cashback reward.
It provides its consumers with access to a network of more than 60,000 ATMs.
It does not charge a monthly account fee or minimum account opening deposit.
Interest and minimum deposit
It provides interest at the rate of 0.40%, and the minimum account opening balance is $0.
Pros and Cons
Pros
- 1% cashback reward on shopping of $3000 or more.
- Extensive ATM network.
- No monthly fee
Cons
- It has only one physical branch
- Cash deposits are not accepted here.
4. Alliant Credit Union – Best for ATMs
Rating out of 5
Description
Alliant credit union serves to provide its customers with good interest rates, broad membership criteria, and good technology to operate online and improve the customer experience by enhancing their access.
Features
- Alliant credit union is easy to join and provides competitive interest rates.
- It provides easy nationwide accessibility through a network of ATMs having more than 80,000 free ATMs.
- It does not ask for monthly charges across deposit accounts.
- It does not require a minimum balance to deposit for signing up a checking account.
Interest and minimum deposit
The minimum account opening balance at the Alliant credit union is $5, and its interest rate is 0.55%.
Pros and Cons
Pros
- It is insured by FCUA.
- Competitive APY rates.
- An extensive network of ATMs.
- Broad membership experience with better technology.
- Do not charge an overdraft fee.
Cons
- No brick and mortar branches.
5. Ally Bank – Best for customer service
Rating out of 5
Description
Ally bank is an amazing way to manage your finances if you seek online-only access with an extensive network of ATM branches.
With a high-interest rate and minimal to no account maintenance fees, it provides good customer service.
Features
- The Ally bank is only available online with an amazing 24/7 service that charges a very low fee and provides a high-interest rate.
- It provides wide access to funds through a network of nationwide 43,000 ATMs
- Competitive interest rates across savings accounts and certificates of deposits.
- It does not charge any monthly account maintenance fee on savings and checking accounts.
Interest and minimum deposit
The minimum account opening balance at Ally bank is $0, and its interest rate is 0.50%.
Pros and Cons
Pros
- An extensive network of ATMs
- It offers a high-interest rate
- No overdraft fee
- 24/7 online service.
Cons
- No physical branches are available.
- Cash can not be deposited.
6. Huntington Bank – Best for a range of coverage
Rating out of 5
Description
What makes it stand out because it provides customizable services to its clients and caters to their banking requirements through face-to-face customer service.
Moreover, with more than 1000 branches and 1800 ATMs, it ensures easy access to its customers.
Features
- It offers you an opportunity to waive off the monthly and other charges by maintaining a certain balance or linking with other accounts.
- Huntington National bank provides you the facility to access your deposits through its website, mobile banking application, SMS, and email alerts.
- You can set the alerts on your mobile applications and receive notifications or messages about your transactions, balance, and bill payment.
Interest and minimum deposit
Its APY is 0.02%, and the minimum deposit amount is $50.
Pros and Cons
Pros
- Top-notch banking services
- Low account maintenance fees.
- Amazing customer service.
- Rewarding Certificate of deposits.
- Many business and commercial options.
Cons
- Its Asterisk-free checking account does not accrue interest.
- The APY for saving accounts is high.
7. Tri-City National bank – Best financial health
Rating out of 5
Description
It comes with fair saving rates, and also its basic checking doesn’t charge a monthly account fee.
Hence, this can be an ideal selection for a savings and checking account at the same bank that provides easy access to funds.
Features
- It provides brick and mortar services in 34 different locations within Wisconsin.
- You can go to the bank at any time from 9:00 am to 6:00 pm from Monday to Friday.
- Its mobile application allows the customers to manage their finances, send and receive transactions, check their statements and access their support representatives.
- The service charges of Tri-City National bank are lower than the charges of average U.S. banks.
- It does not charge any monthly fee to the people who consume basic checking accounts.
- It is also FDIC insured, which means that in case of bank failure, there is insurance of up to $250,000.
Interest and minimum deposit
Its APY is 0.02%, and the minimum deposit amount is $50.
Pros and Cons
Pros
- Flexible customer service.
- Easy access to the funds
- No monthly fee for basic checking accounts.
- FDIC insured.
- Less overdraft fee.
- Unlimited ATM withdrawals.
Cons
- It charges $2 ATM fee.
- It does not provide an all-day call service with representatives.
8. National bank of Arizona – Best bank in Arizona
Rating out of 5
Description
National bank of Arizona offers basic banking services and also offers debit cards, and online banking services.
However, it doesn’t come with interest or any reward on debit card spending.
Features
- National bank of Arizona offers basic banking services and also offers debit cards, and online banking services.
- It doesn’t come with interest or any reward on debit card spending.
- The monthly maintenance fee can be waived off if you make ten purchases on your debit or credit card, get direct deposits of at least $250, or are younger than 25 years.
- On withdrawing money from its CD accounts before the maturity date, the bank will charge you a penalty for the interest you could have earned on the amount withdrawn.
Interest and minimum deposit
The interest rates offered by the National bank of Arizona are quite low, which is 0.02% but is also tiered in some of its accounts. Its account opening minimum deposit is $50.
Pros and Cons
Pros
- National bank of Arizona has more than 60 branches across Arizona.
- Provides online banking services and a debit card.
- Waivable monthly account maintenance fee.
- Free withdrawals across the ATMs of Zions Bancorporation network.
Cons
- Low-interest rate.
- No reward on debit card spending.
9. Conway National Bank – Best rating
Rating out of 5
Description
You do not have to pay a monthly maintenance fee if you wish to use hassle-free online banking.
With a higher interest rate and a free basic checking, it allows you to have a maximum value out of your deposits while having easy access to your money at the same time.
Features
- The overdraft fee of the Conway National Bank is $35, and this is also not hefty compared to other U.S. banks, which is lower than the national average overdraft fee.
- With 16 branches in South Carolina, The Conway National Bank provides easy access to financial management to its customers.
- Online banking and mobile banking also help the customers enjoy their banking experience by providing easy access to their accounts.
- Through the android or iOS Conway National bank app, you can check your monthly statements, transfer funds, and pay your bills.
Interest and minimum deposit
Its interest rate is 0.2%. Its minimum account opening fee varies with the type of account and is usually high.
Pros and Cons
Pros
- FDIC insured
- Good financial health
- Free basic checking
- At least other networks ATM charges.
- Higher interest rate.
- No monthly maintenance fee
- Easy access to your funds.
Cons
- High personal checking account opening fee.
10. Woodforest national bank – Best small bank
Rating out of 5
Description
With more than 788 branches across the 17 states, Wood forest National bank is the full-service and the largest “small bank” in the U.S.
It provides many checking accounts, saving accounts, Certificates of deposit, sole money market accounts, and IRAs.
Features
- The theme of the bank is to provide an opportunity to the consumers with the least monthly deposit and monthly service fee.
- A Woodforest National Bank savings account provides you an opportunity to access your account through online banking, mobile banking, and physical banking.
- Its platinum plus checking account is considered the best option if you have quite a good investment as it allows you to earn at the rate of 0.10 APY.
Interest and minimum deposit
The interest rates offered by the Woodforest national bank are quite low, which is 0.03%. The minimum account opening deposit is $25.
Pros and Cons
Pros
- FDIC insured
- Waivable monthly account maintenance fee.
- It helps consumers avoid overdraft fees.
Cons
- Its downside is that it does not deliver the best APYs.
- Not good interest rates.
Conclusion
Listed above are some of the best banks in the United States of America that you can open an account with.
These are FDIC-insured banks with high customer satisfaction and good ratings.
Based on the type of service you need, you can choose the appropriate bank to help you manage your finances. So, which bank account are you going for?
Frequently Asked Questions
Which Is The Best Bank In America?
Chase and the Bank of America are considered to be the best banks in America.
Which Is The Largest Small Bank In The U.S.?
With more than 788 branches across the 17 states, Wood forest National bank is the full-service and the largest “small bank” in the U.S.
Which Is The Best Online Bank To Have An Account In The U.S.?
The Bank of America provides virtual assistance to its customers through its mobile application. Moreover, it also provides customer service through the Twitter handle @BofA_Help.
Amit Gupta is the founder of National Planning Cycles, a company that helps startups, individuals, and small businesses with their financial planning. He has a vast amount of experience in the finance sector, having managed Google Play accounts for some of the world’s most successful unicorns. Amit is an expert in his field, and he uses his knowledge to help others achieve their individual goals.