The Best 5 Banks In America

Amanda Smith / July 13, 2024

When it comes to choosing a bank, you need to put your best foot forward. Banks are the heart and soul of the American finance market. You need a savings account to stash an emergency fund or to stack up for your future goals. Checking accounts, on the other hand, help you to pay your bills and make regular transactions. Choosing a bank might be a tedious task. The one which suits you best might not be an excellent option for someone else.

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How Should You Choose Your Bank?

According to your lifestyle and travel habits, you should choose a bank that offers your needs. If you are a frequent traveler, a bank that reimburses ATM transactions done from other banks would be a great option. If your job makes you deal with a lot of cash, banks with easy deposit systems would be ideal. In this modern age of digital development, various banks are without any physical existence that operates entirely online. For people with an occupied routine, their primary way of managing those accounts is with online banks’ help. An online bank offers swift transaction processes like bill pay, cheque deposits, and other self-services with your mobile app or computer. It offers instant transfer services, a fantastic facility when you want a cashless way of sending money to friends, buying a product online, and paying monthly bills. All these facilities are made available without even having to pay any additional charges. Considering similar charges, one must find a bank with low monthly maintenance fees without a minimum balance requirement. Being aware of such charges will save you from any uncalled-for pinch to your pocket. Whether your first account is a teenager or looking to save some money for a personal goal, we bring you a list of banks to choose from according to your preference and potential needs. All these banks are insured by the federal deposit insurance corporation or the National Credit Union Administration.

1. Ally: The Top Choice

Ally is the best pick of the market, having only online services with the best savings and checking account options. It has low fees and excellent customer service, and high-interest rates, making it an absolute winner. Its online checking account has no additional charges and consists of great features and interest. Ally offers the highest rate of interest for a savings account in the industry. It has incredible features like mobile check deposits and online banking, with an additional $10 per month refund against ATM transactions done at other banks. It has a quick money transfer program with round-the-clock customer service.

2. Chase: Best Customer Service

Chase Bank is one of the most trusted banks in the United States. They have been a pioneer in the industry for 200 years, and they continue to impress clients with their efficiency and unique business strategies. Chase is also known to offer one of the best customer experiences of the top major banks in the U.S. The bank has also started offering online banking services to manage your account and transactions on the go. Yes, the bank is one of the only two banks to receive a perfect score in J.D.’s Power Circle Ratings. Having branches that operate in parts all across the country, Chase is renowned for its top-notch customer service. Chase has one of the biggest networks for branches all across the United States, having more than 5000 locations. Due to its diversity, they offer everybody with facilities like saving, checking, credit card, mortgage, and investment accounts. All his banking facilities brought to you under one roof, simplifying the banking experience for all its customers.

The only disadvantages that Chase brings to its customers are its low-interest rates and additional charges owing to its multiple physical branches. All these can also be avoided by keeping a minimum balance in your account every month and meeting specific requirements.

3. Wells Fargo: The Best For The Young

Reliability is one of the most important factors to consider when you are choosing a bank. The banking giant, Wells Fargo, has built a stellar reputation internationally. They will be excellent financial advisors no matter what situation you are facing. The bank tries to balance mainstream financial services with innovative approaches. Their professionalism and efficiency are unmatched.

And the bank is ideal for teenagers who are looking to learn about financial independence and long-term growth by knowing how to use their bank accounts responsibly.
Wells Fargo offers easy access to ATMs and branches to be able to keep money from their part-time jobs. It is known to be among the best banks for teenagers – with over 13,000 ATMs and 6,000 branches. The checking account needs an opening deposit of $25 but does not consist of any monthly fees. Since it’s a physical bank with multiple clauses, do be aware of overdrafts and other similar fees.

4. Simple: The Best Bank For College Students

College students might fall under the burden of a huge student loan or credit card debt without adequately grasping the situation and its consequences. They must understand their financial conditions and choose a bank that supports them. Simple has excellent facilities like online and mobile banking apps that are great for college students without charging any additional fee.

5. Capital One: The Best Bank For Millennials

You can rely on Capital One to keep your money and assets safe. The bank offers a variety of financial services and advanced features that will make banking smoother for you. The reason why this bank is so popular is that it focuses on giving customers as many opportunities as possible. The checking and savings account of this bank is the best of its kind. The high interest rates, no minimum deposit policy, and guaranteed rewards will make it worth your while. This does not include multiple charges and offers no minimum balance, making it a secure bank that will work just as you want.