Best Banks in America • Benzinga

The best bank in the U.S. is Chase, for a national bank, and Ally, for an online bank. 

America has 4,500 banks, more than any other country in the world. So if you’re feeling overwhelmed selecting the best bank, there is a good reason for it. You have many outstanding, stable options where your money will be relatively safe. But you also want a broad range of products, the best interest rates and expertise to help you grow your wealth. Benzinga has you covered with a listing of the best banks in America. 

Quick Look: The Best Banks in the U.S.

• Best for Online Bank: Ally
• Best for National Bank: Chase
• Best for Banking and Credit Card: Discover Bank
• Best for High-yield Money Market: Vio Bank
• Best for Solid Interest Rates on Checking Accounts: Axos Bank
• Best for ATM Availability: Capital One
• Best for Personal and Business Banking in One: Wells Fargo

The 7 Best Banks in America

Find the best bank in America based on your financial goals and lifestyle habits.

1. Best for Online Bank: Ally

Ally offers good interest rates and makes it simple to manage your finances with many customer service options. Your account comes with no monthly or overdraft fees. It is also part of a large network of 43,000 ATMs, offering fee-free deposits and withdrawals. If you do get charged fees at an ATM, Ally reimburses up to $10 per month. For the wealthy, you can deposit up to $50,000 per day or $250,000 per month using a mobile deposit. 

Savings accounts currently earn 4.2% APY. The online bank offers access to checking, savings, CD, and money market accounts, all with competitive interest rates. 

One area where Ally really shines is customer service. You can reach the bank’s team via email, phone, mail, chat, or social media messaging. It also has an extensive knowledge base with answers to common questions.

Why We Love It: No monthly, overdraft, or ATM fees help you keep the money you work hard for. Combine that with the competitive interest rates on your accounts, and you get a solid banking option.

2. Best for National Bank: Chase

When you want a national bank, Chase is a smart choice. It offers a wide range of banking products, including some of the nation’s leading credit cards. Although Chase has invested in physical branch locations, it still has leading technology that can easily compete with online-only banks.

The largest setback to banking with Chase is that the savings interest rates don’t come close to those of online banks. You’ll earn approximately 0.01% on a Chase Savings account based on your ZIP code. The largest reason to bank with Chase is to gain access to a bank with some of the most branches in the country.

Watch out for minimum balance requirements and overdraft fees. So long as you pay attention to these numbers, you shouldn’t have a problem achieving your goals.

Why We Love It: With the largest branch network in the country and a generous network of fee-free ATMs, Chase is a widely available bank to accomplish your financial goals. 

3. Best for Banking and Credit Card: Discover Bank

When you want to combine your banking and credit card into one manageable account login, Discover Bank can meet those needs. Plus, if you prefer to use a debit card for your purchases instead of a credit card, Discover Bank still allows you to earn cash back on qualifying purchases with your debit card. 

With no monthly or overdraft fees, Discover helps you protect your hard-earned money. You’ll also find a large network of fee-free ATMs. Since there is no minimum opening deposit, you don’t need much money to start. 

Pair your checking account with a high-yield savings account, with current rates at 4.25%. Set up your account entirely online by providing your personal details. 

Why We Love It: No fees are the most attractive feature Discover Bank offers. Pair that with its well-known customer service and you have an outstanding banking experience with solid interest rates on your accounts.

4. Best for High-yield Money Market: Vio Bank

Vio Bank offers a leading high-yield money market. But it’s challenging to rely on the bank for all your financial needs because it doesn’t have branches, ATMs or a checking account option. 

You might consider an account with Vio as an accompanying account to your local credit union or local bank with physical locations. Vio is a smart place to put money to help it grow because it has a competitive money market and CD account interest rates. Most savings accounts also don’t have monthly fees and the CD accounts require a minimal investment to get started.

Current interest rates are 5.3% for money market and 5.25% for CDs. It is transparent about its rates and makes it easy to get in contact if you have questions. 

Why We Love It: It has some of the highest money market and CD interest rates. The bank is transparent about interest rates and makes it easy to pair with a local bank or credit union account near you.

5. Best for Solid Interest Rates on Checking Accounts: Axos Bank

Axos is an online-only bank that offers ATM fee reimbursements to compete with larger banks. It charges no monthly fees and has 24/7 customer service to make it easy to find answers to questions or support for your financial needs.

One of its best features is the rewards checking account, where you can earn 3.3% APY. You do need to meet a variety of criteria that cross into other account types, such as a Managed Portfolio, self-directed trading investment account, and consumer loan. But each criterion you meet increases your total rewards checking interest rate.

If the rewards checking isn’t right for you, consider a checking account that offers cash back on your debit card transactions. 

A major setback of using Axos for all your banking needs is its very low CD rates. Current rates are 0.20% for 3-60 month CDs, which is far below the standard. 

Why We Love It: The option to earn a nice percentage on your checking account is unique and makes Axos Bank stand out. It also features great customer service ratings.

5. Best for ATM Availability: Capital One

Capital One has one of the most widely available ATM networks, landing it a spot in the best banks in the USA. That wide network is fee-free with 70,000 locations. And the locations are incredibly convenient because they are within major retailers, such as Target and Walgreens.

If you use an ATM outside the network, Capital One does not charge a fee, though the ATM operator might.

In addition to easy ATM access, the bank offers 300 branch locations. But if you don’t need one more errand to run to manage your finances, the online tools are very good.

As of 2022, the bank no longer charges overdrafts or insufficient fund fees. If you need a place to put your money to let it grow, Capital One CD accounts offer a solid option. 

Why We Love It: ATM and branch access alongside quality digital tools make Capital One a powerhouse for banking. The elimination of overdraft and nonsufficient funds fees also make this an attractive bank.

7. Best for Personal and Business Banking in One: Wells Fargo

According to the Federal Financial Institutions Examination Council, Wells Fargo is one of the largest banks in the nation, sitting at the number four spot behind JPMorgan Chase, Bank of America, and Citigroup. 

One of the greatest assets of working with Wells Fargo is access to a large network of branches and ATMs. You’ll also have a broad range of bank products, including the leading small business accounts and loans to help you get started.

You should have separate personal and business bank accounts for better financial management, but housing them in one place can simplify management overall. 

Although Wells Fargo’s interest rates are not as competitive as those of some of the online banks on the list, you get a long-term institution with access to just about any banking tool or account you need.

Why We Love It: 24/7 customer service and a broad range of products make Wells Fargo an attractive option for your banking needs. Combine that with its business tools and it’s an ideal place for business owners to bank.

How to Find the Best Bank for You 

As you shop for the best bank, consider these factors that can impact your experience, financial growth and more.

• Bank account types offered: Look into the accounts available with the bank. You certainly want to see the two staples of a checking and savings account but having access to a certificate of deposit or money market account can offer your money growth opportunities.
• Accounts with multiple owners: Business bank accounts and joint accounts are a little more complex because they have multiple parties involved. Consider how easy it will be for all account holders to manage the funds.
• Evaluate the experience different bank types provide: Choose from big banks, regional banks, community banks, online-only banks and credit unions. Each has different benefits, such as leading technology or simpler branch and ATM access. Decide what matters most to you and the experience you want with your bank. 
• Fees: Many banks charge overdraft fees and have minimum account balance requirements. Evaluate whether you might be at risk of these fees to determine whether this account will cost you over the years.
• Savings rates: Online banks tend to boast the best savings rates since they have less overhead they need to cover. Evaluate whether you’ll be using your bank to hold large sums and want to see that money earn returns or keep pace with inflation. 
• Branch and ATM availability: Some people’s finances lend themselves to completing all transactions online, while others need access to branches and ATMs. If you fall into the latter category, go with a bank that has a large network of ATMs and many branch locations in your area.
• Mobile app: Most banks have a mobile app now, but the quality of the app varies from one bank to another. Look for a bank with the best mobile app available that allows you to manage your accounts digitally. 

Bank with the Best

While you have thousands of options for where to bank, banking with the best institutions in the country will help you take advantage of leading products, higher interest rates and customer service that makes banking simple. Consider evaluating the bank’s technology before opening an account so your day-to-day management is simple and seamless.

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