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In the fast-paced world where money is the most important thing to an individual, it becomes highly important to know where to keep your money safe. One must look for a place that is secure, efficiently accessible, and offers unbeatable customer service. America’s banking system is considered to be one of the safest in the world and comes with a lot of options. There are online banks, traditional or federal ones, and many other brick-and-mortar banks that are keeping American finances safe and reliable. For the same reason, we have picked out some of the best banks in America that serve you right and detailed them for you to make a smart decision.
Top 6 Big Banks in America
There are over four thousand banks in America as of 2023, as reported by the Federal Deposit Insurance Corporation (FDIC). And these numbers aren’t the most attractive ones you’d find. The number of banks is less but they prove to be highly lucrative for consumers as they charge very low fees.
Bank of America
Bank of America ranks second on the list, with combined assets of around $2.45 trillion. Its headquarters in Charlotte, North Carolina, alone makes the city one of the largest financial hubs in the country.
Though not the largest bank, this corporation is the world’s largest wealth management organization since it owns Merrill Lynch, a market leader. Bank of America has 3,803 locations around the country.
It began as a modest organization servicing immigrants in San Francisco at the turn of the century, which was bizarrely named the Bank of Italy. Bank of America temporarily entered the Chinese financial market by acquiring a share in a Chinese construction bank, which it eventually sold.
Features:
- 4,500 branches in 37 states and more than 15,000 ATMs.
- Avoid account fees for daily or monthly minimums.
- Customers can select from a wide range of services, such as checking, savings, and deposit accounts, as well as CDs.
Visit Site: Bank of America
Chase | Best Banks in America
JPMorgan Chase leads the list with almost $3.38 trillion in assets. This makes it not only the largest bank in the country but also one of the biggest on the globe. It was formed after the 2000 merger of J.P. Morgan & corporation and Chase Manhattan Corporation.
While the J.P. Morgan brand is associated with investment banking and private wealth management, the bank also offers retail and commercial banking services, such as Chase. It runs 4,883 domestic branches.
The corporation is named after John Pierpont Morgan, a financial giant of the nineteenth century and the founder of the original J.P. Morgan Bank. Aaron Burr, an early American statesman and legendary duelist, was one of the founders of Chase Manhattan. Today, the bank is led by CEO Jamie Dimon.
Features:
- Nearly 5,000 branches and more than 15,000 ATMs countrywide.
- Provides sign-up bonuses for checking and savings accounts.
- Useful mobile banking application
- Low fees ranging from $0-$12.
- Hassle-free banking with a focus on customer benefits.
Visit Site: Chase
Wells Fargo
Wells Fargo is the fourth-largest bank in the US, with roughly $1.67 trillion in assets, after merging with Norwest Corporation in 1998 and acquiring Wachovia National Bank in 2008. In the United States, it runs 4,528 branches. The financial services firm is headquartered in San Francisco.
Wells Fargo has the longest continually operating bank charter in the United States. It was initially handed to the First National Bank of Philadelphia when Wachovia acquired ownership.
In 2016, the bank acquired prominence after revelations broke regarding a company culture in which workers felt driven to open 2 million bank accounts without clients’ permission. CEO Tim Sloan resigned in 2019 after facing allegations of unlawful house foreclosures and breaches of consumer protection legislation.
Features:
- Biggest network of branches and ATMs.
- Monthly fees range from $0- $10, offering accessibility and tradition in one package.
- 1,300 ATMs and 5,300 physical sites nationwide.
- Use your debit card to waive monthly fees.
Visit Site: Wells Fargo
Ally Bank
Ally is an online bank that has gained popularity as more people turn to online banking. The dearth of physical storefronts is more than compensated for by its safe and smooth online platform, not to mention its network of over 40,000 ATMs around the nation, which members may use for free.
Ally Bank is a rare find that pays interest on your checking account balance, with an APY ranging from 0.1% to 0.6%. Its savings account has a high APY of 1.25%, however, this rate is changeable, while the one-year CD has a rate of 1.75% with no minimum deposit.
Ally Bank, a new internet bank, offers good rates, low fees, and easy accessibility. With an online-only presence, it’s a modern choice for those seeking convenience and competitive terms.
Features:
- Entirely Digital
- Free usage of more than 40,000 ATMs around the United States
- Offers 24/7 customer care via phone and chat
- High-interest rates
- No fees.
Visit Site: Ally Bank
Citibank | Best Banks in America
Citibank, established in 1812 and now serving over 100 million clients worldwide, is a megabank with all of the benefits you’d expect: a big network of branches and ATMs, competitive interest and CD rates, and a diverse range of account options and financial services.
Being one of the best banks in America, this one excels in assisting clients who have experienced identity theft or fraud. They’ll assign you a dedicated Citi Identity Theft Solutions Specialist to assist with your case, manage your credit report, and keep you updated on any changes until the case is completed.
Features:
- Use over 65,000 ATMs without fees.
- Excellent services for preventing identity theft and security
- High rates for a wide selection of certificates of deposit.
- A range of accounts, rewards points, and dedicated support.
- Monthly fees vary from $0 – $12
Visit Site: Citibank
Capital One
Capital One is the only large national brick-and-mortar bank that does not impose a monthly fee for its checking accounts. It has the greatest interest rates among conventional large banks, with 0.2% APY on balances in its 360 Checking account and 0.75% APY for its 360 Savings account, both of which are fee-free.
In addition to an excellent customer service rating, Capital One provides access to over 70,000 ATMs but very few bank locations, thus while it is a national bank, it operates more like an internet bank.
Features:
- No monthly charges
- 0.2%-0.75% interest rates on checking and savings accounts
- Highest customer satisfaction rating—629 out of 1,000—in JD Power’s 2022 U.S. Direct Banking Contentment Study.
Visit Site: Capital One
How to Choose the best banks in America?
While there is no one-size-fits-all bank account, understanding your financial requirements, goals, and preferences may help you choose the ideal one for you. Here’s a step-by-step instructions for selecting a bank account:
Review the Types of Bank Accounts
There are several distinct sorts of bank accounts, each with its unique set of features and purposes. It’s a good idea to determine which form of account will best meet your demands.
- Checking Account: A checking account is intended for day-to-day financial management, such as deposits, withdrawals, and bill payments.
- Savings Account: Savings accounts are typically used to store cash for later use. For short-term savings needs, a savings account is typically the best option, whether it is for an emergency fund, a down payment fund, a vacation fund, or something else entirely.
- High-Yield Savings Account: High-yield savings accounts, which offer substantially higher interest rates than typical savings accounts, are provided by certain banks and credit unions.
- Money Market Account: In comparison to checking accounts, money market accounts usually provide higher interest rates and monthly withdrawal limits.
- Certificate of Deposit: When you tie up your money for a predetermined period of time, ranging from a few months to several years, certificate of deposit (CD) offers usually yield higher interest rates than even high-yield and money market accounts.
Select a Bank (Online, Credit Union, or brick-and-mortar)
The only options available in the past were credit unions and physical banks. However, online banks have grown in popularity over the last 20 years. And these have been offering a great many advantages over traditional banking systems such as brick-and-mortar ones. Choose the one that makes the most sense to you – compare, analyze, and then decide.
Beware of the Charges
Few, if any, bank accounts are genuinely fee-free. Even if the major fees are removed, you may still be charged if you send a wire transfer, seek a stop payment on a check, or use your debit card overseas. Some banks and credit unions, including some traditional banks, no longer levy certain fees that were once typical.
Make sure you are aware of your preferences and needs to decide which account will provide you with the greatest overall value.
Bottom Line
In today’s fast-paced world, where financial security is key, choosing the right bank is crucial. With so many options in America’s banking landscape, we’ve narrowed down the top six contenders. Whether it’s Bank of America’s widespread branches, Chase’s comprehensive services, or Ally Bank’s digital convenience, each has its own strengths. Remember to consider your financial goals and needs before deciding, ensuring your banking experience matches your lifestyle.
