National banks are the mainstay for most people who want a safe place to keep their hard-earned money. Although they increasingly face challenges from online banks, credit unions and community banks, retail banks still play an important role in most Americans’ financial plans. From personal service at thousands of branches nationwide to 24/7 online access, national banks are here to stay.
Money evaluated the accounts, fees, interest rates and features of 30 of the largest national banks in the U.S. Here are our picks for the best banks of 2023-2024.
*Rates and APYS are subject to change. All information provided here is accurate as of Sept. 26, 2023.
Capital One is our choice for the best overall national bank because it offers the highest interest rates compared to other banks we considered. You’ll earn 4.30% on the 360 Savings Account and 5% on a one-year certificate of deposit.
Besides high rates, there are other benefits to banking with Capital One. You won’t pay lots of fees or have to maintain a minimum balance. Plus, you’ll get access to a large ATM network when you open a 360 Checking account.
Pros
- High APYs
- Access to 70,000 ATMs nationwide
- Very few fees
- Highly rated customer service
Cons
- Limited number of bank branches
- Savings account doesn’t come with an ATM card
We chose First Horizon Bank’s Traditional Savings Account as offering the best interest rate because of its higher than usual APY of 0.30%, the second-highest after Capital One. You can also earn up to 2.27% APY on the bank’s Money Market Savings Account
Other benefits of banking with First Horizon include a low opening balance of $50, a $5 service fee that can be waived by maintaining a minimum balance of $250 and the ability to enroll in the bank’s Automates Savings Service when you link your savings to other First Horizon accounts.
Pros
- High APYs
- Automated savings
- Low fees
Cons
- ATM card only available with linked checking account
PNC is our choice for the best checking/savings combo thanks to its Virtual Wallet account, which combines a checking account with up to two separate savings accounts to meet all your banking needs.
As a Virtual Wallet client, you’ll have access to over 60,000 ATMs and 2,600 branches nationwide. Plus, new customers can earn up to $400 in sign-up bonuses, depending on the number of accounts you open. The checking account doesn’t earn interest but the savings accounts do.
Pros
- 60,000-ATM network
- Automated savings
- Sign-up bonus
Cons
- APY is low compared to other accounts
- Branches only available in 16 states
Regions Bank’s LifeGreen Checking account is our pick for best perks because it offers the most additional benefits of all the accounts we considered. Account holders can get discounts on installment loan payments and a 40% discount on safe deposit boxes when signing up for autopay. Other perks include no monthly fee when you open a savings account and the opportunity to earn cash back or reward points on purchases made with a Regions Visa card at Regions Offers retailers. Plus, you can earn an annual savings bonus.
Pros
- Low opening balance
- Low monthly fee that can be easily waived
- Unlimited check writing
- $0 monthly service fee with $500 in direct deposits
Bank of America ranked the highest in J.D. Power’s 2023 Mobile Banking App Satisfaction Survey, scoring 710 out of 1,000 points and making it our top pick for mobile banking. User reviews cite the easy navigation and ability to monitor all accounts as the best features.
In addition to mobile banking, you’ll have access to almost 4,000 branches and 15,000 ATMs throughout the country. Bank of America’s checking and savings accounts have low opening balances and don’t charge many fees. Plus, you can earn over 4% on the bank’s certificates of deposit, depending on the term.
Pros
- Top-rated mobile app
- Low opening balances
- Low fee
Cons
- Low APY on savings account
Among the banks that still charge monthly service fees, U.S. Bank has the lowest on its checking and savings accounts. Plus, they’re easy to waive. Other bank fees, such as wire transfer fees, are lower than other banks we looked at.
U.S. Bank’s Bank Smartly checking account pays interest, which is unusual for a national bank, making it an attractive option for anyone looking to add a little to their bank account. Their 11-month CD offers a very competitive 4.95% APY.
Pros
- Low service fees
- Low opening balances
- High APY on 11-month CD
- Checking pays interest
Cons
- Limited number of branches
Citibank offers a tiered rewards program that progressively adds benefits based on your deposit account balance, making it our pick for best relationship rewards.
Among the benefits you can obtain are waived account fees, fee-free out-of-network ATM use, waived investing fees and a 0.25% rate discount on personal loans. Plus, you can earn a higher-than-normal 0.12% APY on a savings account. Meet the required account activity and you can earn a cash bonus of up to $2,000.
Pros
- Relationship rewards
- High APY on savings
- Access to 65,000 ATMs
- Opportunity to earn cash bonus
Cons
- Limited number of branches
- No APY on checking
Our pick for best in customer satisfaction is Chase because it’s the top-rated bank in several regions as ranked by the J.D. Power 2023 U.S. Retail Banking Satisfaction Study and the third- highest-rated mobile app in customer satisfaction.
Besides providing great customer service, Chase offers a full slate of deposit accounts, loans and investment products. New customers opening a Chase Total Checking Account can earn a $200 sign-up bonus. You’ll also have access to a 15,000+ network of ATMs nationwide.
Pros
- Sign-up bonus
- Great customer service
- Large ATM network
Cons
- Low APYs on savings
- Limited number of branches
Most checking accounts don’t pay interest, which means when you find one that does, it stands out. Our pick for the best interest rate on a checking account is Wells Fargo’s Prime Checking Account. Depending on the balance, you can earn between 0.10% and 0.5% APY.
Other account benefits include out-of-network ATM fee reimbursements, waived service fees on linked accounts, free checks and interest rate discounts on new loans. You’ll also have access to a network of 11,000 ATMs.
Pros
- Low opening balance
- APY on checking
- Interest rate discounts
Cons
- Monthly $25 service fee
- Limited number of branches
How we chose the Best Banks of 2023-2024
To determine our list of Best Banks for 2023-2024, Money staff evaluated 273 of the largest retail banks, credit unions, regional and state banks, ranked by assets, and 20 of the most popular online banks. We then compared opening balance requirements, interest paid, fees and features to determine our top picks. You can read our full methodology here.
More from Money
Back to Best Banks of 2023-2024
