Best national banks of July 2024
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
BLUEPRINT
Updated 12:41 p.m. UTC May 6, 2024
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The best national banks combine low fees, high yields and good customer service, making it easy for you to complete your banking needs with as little fuss as possible.
Account details and annual percentage yields (APYs) are accurate as of May 6, 2024.
Best national banks
Why trust our banking experts
Our team of experts evaluates hundreds of banking products and analyzes thousands of data points to help you find the best product for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- More than 170 financial institutions reviewed.
- 4 levels of fact checking.
- 70+ data points per institution analyzed.
Boeing Employees’ Credit Union
TAB Bank
Compare the winners
| Bank | Fees | Products | APY for High-yield savings |
|---|---|---|---|
EverBank
| Stop payment fee
| Checking, Savings, MMAs, CDs
| 5.05%
|
Ally Bank
| Outgoing wires, stop payment
| Checking, Savings, MMAs, CDs, Credit Cards, IRAs, Home Loans, Auto Loans, Personal Loans
| 4.20%
|
nbkc Bank
| Outgoing wires, overdraft
| Checking, MMAs, CDs, Home Loans, Auto Loans, Personal Loans
| 1.75%
|
CIT Bank
| Stop payment, some outgoing wire transfer fees
| Checking, Savings, MMAs, CDs, Home Loans
| Up to 5.00%
|
Quontic Bank
| Stop payment
| Checking, Savings, MMAs, CDs, Home Loans
| 4.50%
|
BECU
| Outgoing wire transfers, NSF fees, stop payment
| Checking, Savings, CDs, IRAs, MMAs, Credit Cards, Auto Loans, Home Loans, Personal Loans
| 6.17% APY on balances up to $500, then 0.50% APY on greater balances
|
TAB Bank
| Wire transfers, stop payment, monthly service fee for checking (waivable)
| Checking, Savings, MMAs, CDs
| 5.27%
|
Methodology
When judging the best national banks, we wanted to reward those financial institutions that offer a broad range of fundamental services, charge little in the way of fees, deliver high yields and make banking easier.
To that end, we assigned the following weights to each category:
- Product available: 40%.
- We assigned separate 10% weights if a bank offered a checking account, savings account, CD and money market account. This rewards institutions that deliver a wide range of products, rather than focusing on just one area.
- Yields: 30%.
- At the same time, we want you to get the best return on your cash, especially in a high-rate environment.
- Fees: 15%.
- This includes 10% on fees overall, which includes items like a monthly maintenance fee, as well as 5% on the availability of a fee-free ATM network.
- Customer service: 12%.
- We assigned a 3% weight each on a bank’s Better Business Bureau and Trustpilot rates, as well as 2% a piece for its App score on both the Apple and Android stores. Another 2% was assigned to its live chat capabilities.
- Minimums: 3%.
- We gave a slight nod to banks that made its products more accessible to those who don’t have a lot of capital already in tow.
What is a national bank?
A national bank is a financial institution that is chartered and regulated by the Office of the Comptroller of the Currency, vs a state banking agency. It is required to be FDIC-insured and belong to the Federal Reserve.
Most national banks are banks that are available to consumers nationwide. However, some banks are only available in a particular state or within a local community. Many of our best bank picks are online-only institutions.
“National banks primarily center their operations around Wall Street and tend to have a broader geographic reach, catering to a national scale,” said Javier Palomarez , the President and chief executive of the United States Hispanic Business Council (USHBC). “On the other hand, regional, local or community banks place a greater emphasis on Main Street, focusing on specific regions or communities.”
Jacqueline White, the President of i2c Inc., says because of the different communities they serve, the type of bank you choose matters.
“National banks have a widespread presence, operating across the country with a comprehensive network of branches and ATMs,” White said. “Local community banks concentrate on meeting the needs of local communities [and] having a deep understanding of local market conditions.”
Pros and cons of national banks
National banks come with a range of upsides and downsides. And what you’re looking for in a bank can influence how good or bad they are.
Pros
- Accessibility. Having access to your account no matter where you are is a huge draw for national banks. “[A] wide reach makes [national banks] accessible across various regions, which is particularly convenient for individuals who travel or relocate often,” White said.
- Money is protected no matter what. Because national banks are holding onto a lot of cash, the government tends to favor them in case of something drastic. “They often have a higher likelihood of receiving government bailouts in times of financial crisis,” Palomarez said.
- Diverse products. Many national banks want to be your one-stop banking shop, whether it’s for personal, business or both. “They offer a diverse range of financial products, encompassing international banking options, and are typically equipped with more sophisticated online and mobile banking technologies,” White said.
Cons
- General, not personalized service. Most times, national banks tend to have answering services that hold you back from talking to a real, live person. “National banks may provide less personalized service compared to community banks, often lacking that individual touch,” White said. National banks have a lot of customers and are holding onto a lot of money. This impacts how they treat those who bank there.
- More (and maybe higher) fees. While fees vary from bank to bank, White says you’re more likely to face higher fees when banking with a national institution compared to a local one. They also have less flexibility compared to a community bank and if you ever run into an issue or concern, it’s local banks and credit unions that might be more willing to work with you.
Frequently asked questions (FAQs)
Most national banks are available online with well-functioning websites and free apps to download and manage your money.
National banks are available in most states around the country, but not necessarily in all states. For instance, PNC Bank is the sixth-largest national bank but is only available in 28 states and the District of Columbia.
The bank that’s better is the one that meets your needs. There are plenty of online-only banks that have superior customer service and offer easy user-friendly experiences. While brick-and-mortar locations give you the chance to talk to someone in person to meet your specific needs.
However, online-only banks typically have fewer fees due to their lower overhead costs. So if you don’t need in-person banking, you might be better off with an online-only bank.
Also, note that you don’t have to do all your banking in one place. For example, you could have your checking account at your local bank and your savings at an online bank.
Both national banks and regional banks are safe. You can check to see if your money is safe by making sure it’s FDIC-insured. Both types of banks offer this coverage, and if you don’t see that it’s available, you could risk losing your money in case the bank goes under.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
