America’s 5 Best National Banks 2020: How to make an easy choice? 

The Best National Banks are available all over the USA and offer a huge network of ATM services. Additionally, they also offer features like Sign-Up bonuses and high-interest rates. Some banks have a huge physical presence across locations and others may be available online exclusively. These banks are one-stop shops for many of its customers. Particularly, those with high financial planning needs and large wealth management system requirements.

Choosing a right bank for you could be a big decision- Millions of Americans choose a bank depending on their, specific needs. You can choose between factors like, Branch availability, bonus offered, monthly fees, minimum balance, minimum transaction requirements, overdraft fees. Some customers may also require a one stop shop of other financial services too. Like various loans, credit cards, insurances, investment planning.

Top 5 Best National Banks of America.

Thus, selecting a good bank can be a big issue. We are selecting the TOP 5 National Banks for you depending on various factors. Here is a summary of the Banks with their unique specialities offered. For this list, we’re rounding up the best national banks by focusing on their checking and savings account offerings. But these institutions provide many other products and services including credit cards, mortgage loans, investment accounts, business banking, and other lending services. If you’re interested in finding a bank that allows you to do all your banking under the same roof (or online login), be sure to explore each bank’s additional offerings. 

Bank NameUSPDetails
Chase BankBest for Branch Network and Bonus and clubbed service offerings.Has nearly 4900 branches, best bonus offer and varied financial services clubbed under one bank.
Best for ATM network and Customer Service.Ally has a network of more than 43000 ATM’s. Interests rates nearly 2.10%. No other charges for any accounts.
Discover BankBest Rewards offers and large ATM network.Chase has a ATM network of more than 60000 all across the country. It has the best rewards and cash back offers.
Bank of AmericaBest for Branch Network, multi channel support and Overall service.Large Branch Coverage around 4300 in over 40 States. Low rates and fees can be avoided with minimum balance.
CIT LogoBest for Savings Account only.Best Saving builder, low charges and high APY’s. Good products for CD and Money market accounts as well.

Best National Banks of America.

Best National Banks, Chase Bank

CHASE: Best Branch, Bonus and overall services under one banner.

  • Branch Network: Chase has one of the largest branch and ATM network in the USA. Has around 4900 branches and 16000 ATM’s all across the country.
  • Sign Up Bonus: It offers the best sign up bonus compared to all banks for its checking account.
  • Monthly Fees Average: The monthly fee is quite comfortable to manage. It can be avoided if you maintain a certain monthly balance.
  • Low-Interest Rates: But the bank has a very low-interest rate for its Checking and Saving accounts offerings.
  • Overall Services in Bank: Chase bank offers a wide range of financial services under its single banner. It has a wide range from Credit Cards, Insurances, loans and other wide arrays of services.

Ally Bank: Online Only, Awesome Customer Service, Huge ATM network, Low Charges and High-Interest rates.

  • Online Only & Best Customer Service: Ally has no physical branches, it is an online-only bank. but fees are low and interest rates are high.
  • ATM Network: Ally has an ATM network of over 43000 locations. You can easily find one closest to you manage your basic cash facilities.
  • No Monthly Fees: Ally does not have any charges for neither its saving nor its checking account.
  • High-Interest Rates: It has a high-interest rate for its accounts. You can get an APY of up to 2.10% on all balance combined, which is much higher than a traditional bank offers.
Discover Bank

Discover Bank: Online Only, Awesome Customer Service, Large ATM network, Low Charges and High-Interest rates and Best rewards.

  • Online Only & Best Rewards: Discover has no physical branches, it is an online-only bank. but fees are low and interest rates are high. It has the best Rewards offers. Cashback offers are one of the best in the country.
  • ATM Network: Discover has an ATM network of over 60000 locations. You can easily find one closest to you manage your basic cash facilities.
  • No Monthly Fees: Discover does not have any charges for neither its saving nor its checking account.
  • High-Interest Rates: It has a high-interest rate for its accounts. You can get an APY of up to 2.0% on all balance combined, which is much higher than a traditional bank offers.
Bank of America, Best National Banks

Bank Of America: Has the largest State coverage. Round the clock multi-channel customer support.

  • Branch Network: BOA has one of the largest branch networks. The bank has more than 4300 branches in about 40 states.
  • Easily Available Customer Support: Bank of America has a call centre available 8:00 am to 11:00 pm EST on weekdays and 8:00 am to 8:00 pm on Weekends. They have a 24*7 chat available for logged in customers. As well a dedicated active Twitter handle to support its customers.
  • Fees: Fees can be avoided if you maintain a basic minimum balance for its Savings and Checking account.
  • Low-Interest Rates: Bank of America has very low-interest rates for its accounts and deposits. It boasts more for its service, support and branch availability.
  • Overall Services in Bank: Chase bank offers a wide range of financial services under its single banner. It has a wide range from Credit Cards, Insurances, loans and other wide arrays of services.
CIT Logo

CIT Bank: Best savings account builder. High-interest rates, low minimum balance. Overall good collective products to offer.

  • Best Savings Account: CIT bank offers the best savings account. You can’t go wrong if your goal is to have a savings builder.
  • Bonus Offer: CIT offers an awesome bonus program. For a limited time, customers get a $150 Cash bonus for a deposit of $25K.
  • Low Monthly Fees: CIT bank has low monthly maintenance fee, which can be avoided if there is a minimum balance.
  • High-Interest Rates: It has a high-interest rate for its accounts. You can get a high 1.75% APY with all your savings.

How to choose the Best National Bank?

Once you have decided that you want to Bank with a National Bank, you will have to decide which one is the best of you. Here are some guidelines which will help you select your best bank as per your comfort and convenience.

How to decide between National Banks and any other smaller Banks?

A standard measure for a National Bank is its presence in various States and a minimum number of branches. We chose banks having a presence in more than 15 States and having at-least more than 1000 locations. Not necessary branch locations as a lot of Best National Banks are now online-only as well. A National Bank will serve al over the country, whereas a smaller bank or a community bank may be able to serve just in a limited region. A National Bank will have more products as compared to any smaller bank and also avail you with the best technological features to ease your banking needs. You have a complete choice of choosing as per your liking.

How to choose between a standard Brick and Mortar Bank and an Online Bank?

You first need to decide if you would like to bank with a classic Brick and Mortar bank or you are alright with an Online bank with a huge network of ATM’s. A classic National bank will have a huge Branch network, chances of you finding the bank in your close-by neighbourhood are very high. These banks will offer you a great bonus on big deposits and you will have an in-person experience with them. An Online bank would usually offer you low maintenance fees and a higher rate on your deposit and savings. Usually, they offer APY’s of more than 2%. Also, please do keep in mind both types of banks are considered to be National banks.

Is my money safe with Best National Banks?

The Federal Deposit Insurance Corporations (FDIC) offers the same protection to all licensed banks. Let it be a National Bank or maybe Smaller/Community bank. You are insured up to an amount of 250,000 per person, per owner category, per bank basis. So it really does not matter on those fronts for your choice.

Here are some Important points which you can consider:

  • Check the Fees details.
  • Check the Interest Rates offered. (APY)
  • Look for your branch convenience and financial product needs.
  • The technology offered from the banks.
  • Fine Tuned details for each bank.

Summary: Finally, it usually is a personal choice to choose a bank as per your custom requirement. Hopefully, the above information will help you choose the Best National Bank for America. On a lighter note, planning for your savings is always a good idea whenever you decide. You can start making your smart Financial choice right away.