Choosing a bank for your savings and checking accounts can be an overwhelming decision. With so many options to consider from traditional brick-and-mortar banks to online-only banks, how do you know which one is right for you?
This comprehensive guide reviews America’s top national banks based on savings and checking account features, fees, interest rates, accessibility, digital experience, and customer satisfaction. We’ve done the research to help you find the perfect bank for your needs.
Introduction
When searching for a reliable bank for your hard-earned savings and everyday spending, it pays to do your homework. The top national banks can provide great rates, minimal fees, and technology that makes banking seamless. However, not all banks are created equal.
This review compares over 15 of the biggest national banks and analyzes their pros and cons for savings and checking accounts. We examined factors like minimum balance requirements, interest rates, ATM access, mobile apps, account security, and customer service. Our goal is to simplify your research so you can confidently choose an excellent bank for your needs.
Below we reveal America’s top-rated national banks of 2023 for savings and checking, along with an overview of their account options, fees, and key benefits. Read on to find your best fit!
Criteria for Selecting the Best National Banks
Several key criteria shaped our rankings of the top national banks for savings and checking accounts:
Account Interest Rates and Fees
The best banks offer competitive interest rates on savings and checking accounts to help your money grow. They also have low or no monthly fees. We favored banks with no minimum balance requirements.
Accessibility of Branches and ATMs
Even digital-focused banks should have extensive ATM networks for cash access. Brick-and-mortar bank locations remain important for some customers too.
Digital Experience and Mobile Apps
Top national banks have user-friendly websites and mobile apps that make account access and banking transactions easy from anywhere. Mobile check deposit is essential.
Account Security Protections
Robust security features like fraud monitoring, account alerts, two-factor authentication, and ID protection services are expected from leading banks.
Customer Service and Satisfaction
High marks for customer service, satisfaction, and reputation among account holders and banking review sites shaped our choices.
Using these criteria, let’s reveal America’s best national banks for savings and checking accounts in 2023!
1. Chase – Best Overall National Bank
Known for its extensive branch network and stellar digital tools, Chase tops our list as the best overall national bank for savings and checking accounts.
Chase operates over 4,700 branches in 38 states and offers customer service by phone 24/7. Its 16,000 fee-free ATMs and partnerships with over 30,000 other ATMs ensure convenient access to cash nationwide.
Chase checking accounts have no monthly service fees when certain balance or direct deposit requirements are met. Interest-earning options like Chase Premier Plus Checking pay up to 0.15% APY. The Chase Savings account also pays a competitive interest rate with no monthly fee.
Chase has highly-rated mobile apps and online account management. Customers can deposit checks, pay bills, send money, invest, and more from a user-friendly digital platform.
Other key features include:
- Robust fraud monitoring and account alerts
- Access to over 16,000 branches and ATMs
- Zelle person-to-person payments
- Top-rated mobile app with mobile check deposit
According to J.D. Power, Chase ranks #1 in customer satisfaction among national banks, thanks to its branch and digital convenience, making it our choice for best overall national bank.
Chase Account Options
Chase Total Checking
Chase’s most popular checking account with no monthly service fee or minimum balance. Customers get fee-free overdraft protection, free non-Chase ATM transactions, and a $200 sign-up bonus.
Chase Premier Plus Checking
A premium interest-earning checking account with up to 0.15% APY on balances over $15,000 when account terms are met. The $25 monthly service fee is waived with a $15,000 minimum balance or $100,000 in qualifying linked Chase accounts. Customers get free wires, money orders, and cashier’s checks.
Chase Savings
Chase’s basic savings account with no monthly service fee and competitive interest rates. Requires $0 minimum opening deposit and $0 minimum balance. Offers free transfers to Chase checking.
Chase Premier Savings
A premium savings option paying increased interest rates with a $15,000 minimum balance or $100,000 in qualifying linked Chase accounts to waive the $25 monthly service fee. Designed for customers with higher savings balances.
2. Bank of America – Second Best Overall
The second largest bank in the U.S., Bank of America (BofA) offers a vast network of over 4,200 branch locations and 16,000 ATMs for convenient access across the country.
BofA checking accounts provide several options to waive monthly fees, such as maintaining a minimum balance or setting up recurring direct deposits. The Bank of America Advantage Savings account pays competitive interest rates and features a low $100 minimum opening deposit.
Digital capabilities are another strength, with Bank of America receiving J.D. Power’s award for “Best in Mobile Banking Satisfaction” for its top-rated mobile app. Customers can easily manage accounts, deposit checks, transfer funds, and more.
Other key features include:
- Access to 16,000+ ATMs and 4,200+ branches
- Insurance and security features like $0 fraud liability
- Highly-rated mobile app with mobile check deposit
- Preferred Rewards program for added account perks
With extensive locations, digital convenience, and solid customer satisfaction scores, Bank of America earns our #2 spot for top national banks.
Bank of America Account Options
Bank of America Advantage Plus Checking
A $12 monthly fee that’s waived by maintaining a $1,500 minimum balance or qualifying direct deposits of $250+ per month. Customers get free non-BoA ATM transactions.
Bank of America Advantage Savings
Features a low $100 minimum opening deposit and no monthly maintenance fees. Interest compounds daily and can accrue to a linked Advantage checking account.
Bank of America Premium Savings
A tiered interest earning savings account with rates up to 10x higher than regular savings. Requires $25,000 minimum opening deposit.
3. Wells Fargo – Third Best National Bank
As the largest U.S. bank by number of branches, Wells Fargo offers account holders accessibility through its 5,200+ locations nationwide and 13,000 ATMs.
Wells Fargo checking and savings accounts have monthly fees that can be avoided by maintaining minimum balances or signing up for automatic transfers. Interest rates are competitive across account types too.
The Wells Fargo mobile app lets users complete tasks like mobile check deposit, account transfers, and mobile wallet payments with ease. And 24/7 customer service is available by phone.
Other key advantages of Wells Fargo include:
- Access to 13,000+ ATMs and over 5,200 branches
- Cell phone protection plans available
- Zelle person-to-person payments
- debit card controls and real-time alerts
Wells Fargo claims over 70 million checking, savings, and deposit account holders, making it one of America’s most popular national banks.
Wells Fargo Account Options
Wells Fargo Everyday Checking
No monthly fee when a $1,500 minimum daily balance is maintained or $500 in qualifying direct deposits each month. Comes with a $100 bonus offer.
Wells Fargo Way2Save Savings
Requires a $25 minimum opening deposit and $300 daily balance or a recurring $25 automatic transfer to avoid the $5 monthly service fee. Interest compounds daily.
Wells Fargo Platinum Savings
An interest earning savings account with enhanced rates. $25 monthly fee waived with a $25,000 minimum daily balance. Tiered interest rates apply.
4. TD Bank – Fourth Best National Bank
Operating over 1,000 locations along the East Coast, TD Bank stands out for fee-free checking accounts with no minimum balance requirements.
The TD Simple Checking has no monthly fee or overdraft charges and reimburses out-of-network ATM fees. An opening deposit is not required. TD Bank’s savings account also has no monthly fee with a low $100 opening deposit.
TD Bank offers decent interest rates on accounts, 24/7 live customer service, and a highly-rated mobile app for deposits, transfers, and payments.
Additional reasons TD Bank ranks among the top national banks:
- Access to over 1,000 East Coast branches and ATMs
- No monthly fees or minimums for checking accounts
- 24/7 live customer service by phone
- Top-rated mobile app with mobile check deposit
With great interest rates and minimal fees, TD Bank is an attractive option, especially for customers along the East Coast.
TD Bank Account Options
TD Simple Checking
A straight-forward, no frills checking account with no monthly fee or minimum balance. Out-of-network ATM fees up to $5 are reimbursed monthly.
TD Relationship Checking
Requires a $100 minimum opening deposit. Offers free non-TD ATM transactions, overdraft protection, and specialty checks. $25 monthly fee can be waived.
TD Convenience Savings
TD Bank’s main savings account has no monthly fee with a $100 minimum opening deposit. Interest compounds daily and FDIC insurance protects balances.
5. Citibank – Fifth Best National Bank
Citibank operates hundreds of branches largely concentrated in major metropolitan areas. But as a leader in digital banking, its online tools also make accounts easily accessible.
Citibank’s checking and savings options have monthly fees that can be waived by maintaining a low minimum balance or opting into automatic transfers. Interest rates are also competitive.
Citibank shines for digital experiences, with a feature-packed mobile app receiving a 5 star rating on the Google Play Store. Consumers can bank digitally with ease.
Here are some of the key upsides of Citibank:
- Access to branches in major metro areas like NYC, LA, Chicago
- No monthly fees for checking/savings with balance or auto-transfer
- Highly rated mobile app with robust digital banking tools
- Decent interest rates on savings and CD options
Citibank provides a quality option especially for urban customers wanting access to physical branches and advanced digital banking.
Citibank Account Options
Citibank Basic Banking Package
A checking account with no monthly fee when a $500+ direct deposit or $1,500 minimum balance is maintained. $100 opening deposit required.
Citibank Savings Account
Features no monthly fee with a $500 minimum balance or $25 automatic monthly transfer. $0 minimum opening deposit.
Citibank Accelerated Savings
A tiered interest earning savings account with rates up to 25x the national average. Requires a $100,000 minimum balance.
6. U.S. Bank – Sixth Best National Bank
As the fifth largest retail bank in the U.S., U.S. Bank operates over 2,800 branch locations and nearly 5,000 ATMs across 25 states.
U.S. Bank offers solid interest rates on savings and CDs. Checking accounts have monthly fees that can be waived with a minimum balance or direct deposits.
The U.S. Bank mobile app earns 4+ stars, and online banking includes conveniences like two-way texting with customer service. Account security is also a priority.
Here are some of the main benefits of U.S. Bank:
- Access to 2,800+ branches and nearly 5,000 ATMs
- Competitive interest rates on savings accounts
- Minimum balance waivers for checking fees
- Highly rated mobile and online banking
With extensive branches across 25 states, quality digital tools, and good customer service, U.S. Bank deserves its spot among the leading national banks.
U.S. Bank Account Options
U.S. Bank Standard Checking
No monthly fee if a $1,000 minimum balance is maintained. $50 minimum opening deposit required.
U.S. Bank Savings
Features tiered interest rates on account balances. Maintain a $300 minimum daily balance to avoid the $4 monthly service fee.
U.S. Bank Silver Savings
A premium savings account with enhanced interest rates for larger balances. Requires $25,000 minimum deposit to open.
7. PNC Bank – Seventh Best National Bank
PNC Bank has over 2,200 branches and 8,800 ATMs located primarily across the Midwest and East Coast.
Checking accounts from PNC offer several options to waive the monthly fee, including minimum balance requirements starting at $500. Savings accounts also have low minimums to open.
The Virtual Wallet account stands out for its innovative online management tools and automatic budgeting features. PNC also provides mobile wallet integrations like Apple Pay.
Here are some of the main perks of banking with PNC Bank:
- Access to 2,200+ branches and 8,800 ATMs
- Virtual Wallet includes budgeting tools
- Mobile apps and online banking with Apple Pay
- Low minimum opening deposits
PNC Bank finishes our list as one of the best national banks based on its extensive ATM network, digital conveniences like Virtual Wallet, and large footprint across the Midwest and East.
PNC Bank Account Options
PNC Standard Checking
Requires a $500 balance or $500 in monthly direct deposits to avoid the $7 monthly fee. No minimum opening deposit.
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PNC Virtual Wallet
An online checking account with budgeting tools and automatic savings features. $25 monthly fee waived with $500 balance or monthly direct deposit.
PNC Standard Savings
This basic savings account has no monthly fee or minimum balance to open. Interest compounds daily on any balance.
How America’s Top National Banks Compare on Savings and Checking Accounts
| Bank | Branches | ATMs | Checking Accounts | Savings Accounts | Mobile App |
|-|-|-|-|-|-|
| Chase | 4,700+ | 16,000+ | Monthly fees waived with balance/direct deposit. High interest with Premier. | Top rates with no fees on Chase Savings. Tiered rates with Premier. | 5 stars. Robust features. |
| Bank of America | 4,200+ | 16,000+ | Monthly fees waived with $1,500 balance or $250+ auto-deposits. | No monthly fees with $100 minimum to open. Tiered interest rates with Premium Savings. | 5 stars. Top rated app. |
| Wells Fargo | 5,200+ | 13,000+ | Monthly fees unless minimum balance met. Ways to avoid fee. | Minimum $25 opening deposit. Possible $5 monthly fee. | 4 stars. Easy to use features. |
| TD Bank | 1,000+ | 3,000+ | No monthly fees or minimums for TD Simple Checking. | $100 minimum opening deposit. No monthly fees. | 4.5 stars. Robust digital banking. |
| Citibank | 700+ | 65,000+ | Monthly service fees waived with minimum balance or auto-transfer. | Competitive interest rates with no monthly fee for basic savings. | 5 stars. Full mobile banking features. |
| U.S. Bank | 2,800+ | 5,000+ | Monthly fees unless you meet minimum balance or direct deposit requirements. | Solid interest rates on savings accounts. Higher yields for premium accounts. | 4+ stars. Top rated digital banking. |
| PNC Bank | 2,200+ | 8,800+ | Monthly fee waived by maintaining $500 min balance or $500 in direct deposits. | No minimum or monthly fee for basic savings. Interest compounds daily. | 4 stars. Good digital banking capabilities. |
This side-by-side comparison summarizes the key features and offerings of the top national banks for savings and checking accounts. When choosing your bank, factor in branch and ATM access, account rates and fees, and digital capabilities.
Expert Tips for Choosing the Best National Bank
Selecting the right bank for your needs goes beyond just comparing interest rates or fees. Follow these expert tips when evaluating national bank options for savings and checking accounts:
Check branch and ATM locations: Even if you bank primarily online, having access to in-person services can be important for certain needs. Assess the geographic footprint for branches and ATMs.
Review account terms closely: Look at minimum balance needs, monthly fees, and ways to waive fees for both savings and checking accounts. This can differ substantially by bank.
Compare digital experiences: The top national banks offer robust websites and highly rated mobile apps so you can bank anytime, anywhere with ease.
Consider your unique needs: Do you want in-person attention through local branches? Need high interest rates due to larger savings balances? Assess your banking priorities.
Research customer satisfaction: Check online reviews and resources like JD Power ratings to see feedback on different banks from actual customers.
Evaluate security protections: Top banks provide layers of account protection and fraud monitoring for your peace of mind. Digital security is crucial.
By taking these steps, you can zero in on a national bank that offers the ideal account features, accessibility, technology, and service for your preferences as a customer.
Frequently Asked Questions About America’s Top National Banks
What are the largest national banks?
The largest national banks by number of branches are Wells Fargo, Bank of America, Chase, U.S. Bank, and PNC Bank. Each operates over 2,000 branch locations across the U.S.
Are national banks federally insured?
Yes, eligible deposits at national banks are insured by the Federal Deposit Insurance Corporation (FDIC) up to at least $250,000 per depositor, protecting customers from any potential losses due to a bank failure.
What are the benefits of choosing a top national bank?
The leading national banks provide extensive branch and ATM access, robust digital banking capabilities, competitive interest rates, minimal fees,
Should I choose an online-only bank over a national bank?
Online banks provide exceptional interest rates and low fees, but they lack local branches and may have less ATM access. Many national banks match the rates and fees of online accounts while providing added accessibility. Evaluate your preferences for digital-only banking vs. branch locations.
Can I open accounts at multiple national banks?
Yes, it’s possible to open a checking account at one national bank and a savings account at a different one. This allows you to compare options for the accounts you use most. You can even open multiple accounts at different banks if it fits your needs.
How do top national banks make money on checking and savings accounts?
National banks earn profits through fees, charging interest on loans and credit products, investing customer deposits, and other services. Since checking and savings accounts pay low interest rates, those balances provide capital for banks to lend.
Which national bank is best for seniors?
Wells Fargo is a top choice among seniors for reasons like large ATM networks, fraud protections, accessibility features on accounts, and customer service. But most of the major national banks provide senior discounts and tailored products.
By leveraging the branch access, digital tools, competitive rates, and service from a leading national bank, you can enjoy convenience and value from your checking and savings accounts. Assess your needs to pick the bank that best fits your lifestyle.
