Best National Banks of 2024
Updated March 19, 2024 at 4:14 pm
The best national banks may not be the ones whose branches you see as you’re driving to and from work or the grocery store. In fact, three of the five national banks on our list lack brick-and-mortar locations. In other words, some of the best nationwide banks—those with a significant U.S. presence—are ones you find only on your computer, smartphone or tablet.
As you’re deciding where to open a bank account, keep an open mind about whether a traditional bank or online bank would best meet your needs. You may be surprised to find that a bank you hadn’t considered lands in your “yes” column.
Our Methodology Newsweek Vault’s banking experts have done hundreds of hours of research to present you with all the latest information about your banking options. Whether you’re interested in opening a new checking account or savings account, our research spans all the top online banks, credit unions and brick-and-mortar branches.
We assessed the following five key factors to help you choose the best account for your personal finance needs.
•Associated fees
•ATM access
•Balance requirements
•Customer service
•Interest-earning potential
Our Picks - Best National Brick-and-Mortar Bank: Capital One
- Best National Online Bank: Discover Bank
- Best National Bank for Mobile Experience: Bank of America
- Best National Bank for Personal Loans: SoFi
- Best National Bank for High-Yield Savings: UFB Direct
5 Best National Banks of 2024
Best National Brick-and-Mortar Bank
Capital One
Why We Chose It
Capital One may be best known as a credit card issuer, but it holds its own against its banking rivals. The bank ranks first in the most recent J.D. Power 2023 U.S. National Banking Satisfaction Study, ahead of Chase and TD Bank.
Pros
- Fee-free access to more than 70,000 ATMs
- Competitive interest rate for high-yield savings
- No monthly fees
Cons
- Fewer than 300 branches in nine states
- $30 fee for domestic wire transfer
- Low interest rate for checking vs. some competitors
Best National Online Bank
Discover Bank
Why We Chose It
Discover Bank stands out in the increasingly crowded field of online banking. In the J.D. Power 2023 U.S. Direct Banking Satisfaction Study, it ranks first among savings providers and second among checking providers.
Pros
- Cash back debit card with no-fee checking account
- Fee-free access to more than 60,000 ATMs
- Competitive interest rate for high-yield savings
Cons
- No branches
- No ATM card for online savings account
- $30 fee for outgoing wire transfer
Best National Bank for Mobile Experience
Bank of America
Why We Chose It
Among national banks, Bank of America earns high marks for its mobile banking app. The app has 4.8 out of 5 stars on the App Store and 4.6 out of 5 stars on Google Play.
Pros
- Projected $3.8 billion investment in tech in 2024
- About 3,800 branches
- More than 15,000 bank-branded ATMs
Cons
- Low interest rates for savings
- Monthly checking fees unless certain requirements met
- $2.50 out-of-network ATM fee
Best National Bank for Personal Loans
SoFi
Why We Chose It
Customers praise the personal loan experience at SoFi, and it’s easy to see why. The online bank offers personal loans up to $100,000 with potentially low interest rates. Plus, you can check your interest rate without an impact on your credit score.
Pros
- Maximum loan amount of $100,000
- No origination fees, prepayment penalties or late fees
- Payments paused after job loss via employment protection
Cons
- No branches
- Minimum loan amount of $5,000
- Bottom APR (8.99%) higher than some competitors
Best National Bank for High-Yield Savings
UFB Direct
Why We Chose It
UFB Direct, a brand of Axos Bank, pays an APY up to 5.25% on all high-yield savings balances. This differs from some other banks, which offer tiers of APYs depending on your savings balance.
Pros
- Up to 5.25% APY on all balances
- No monthly maintenance fee
- Up to $10 a month in ATM fee reimbursements
Cons
- No branches
- $2 monthly maintenance fee without $100 average daily balance
- No checking accounts or CDs
What Is a National Bank?
The federal Office of the Comptroller of the Currency (OCC), rather than a state government agency, charters and regulates national banks. A national bank must be a member of the Federal Reserve System, the country’s central bank and the Federal Deposit Insurance Corporation (FDIC), which protects deposits at insured banks.
National banks serve individual and business customers, and their stock typically trades on a public stock exchange like the New York Stock Exchange. Among the country’s national banks are familiar names like Bank of America, Chase Bank, Citibank and Wells Fargo Bank.
For the purpose of this review, though, we’re defining a national bank as any bank with a significant national presence. This means our list goes beyond megabanks like Bank of America and Chase.
For its part, J.D. Power defines a national bank as one with U.S. deposits surpassing $300 billion and at least 200 branches.
How Are National Banks and Small Banks Different?
One of the key differences between national banks and small banks is that while national banks may be enormous, collectively holding billions of dollars in assets, small banks are much more common. As of January 1, 2024, the OCC defines a small bank as one with assets under $1.564 billion.
In addition:
- National banks do business across much or all of the country.
- National banks generally offer a wider selection of financial products and services.
- National banks tend to operate more branches and ATMs.
- Small banks may be more flexible, quicker and smoother when it comes to making lending decisions.
- Small banks may foster closer relationships between customers and banking professionals.
- Small banks usually focus less on the needs of their investors.
Types of National Banks
National banks—those with a significant national presence—come in two varieties: brick-and-mortar banks and online banks. Each type has its pros and cons.
Brick-and-Mortar National Banks
A brick-and-mortar bank operates physical locations where you can do your banking business. You might, for instance, make a deposit at a teller window, withdraw money from an ATM, purchase a money order or rent a safe deposit box. Also, brick-and-mortar banks generally provide online and mobile banking services.
Online National Banks
An online bank normally doesn’t operate brick-and-mortar locations. As a result, you typically do business with an online bank through its website or mobile app. Online banks offer many of the same products and services as traditional banks do, though. Recognizable names among national online banks include Charles Schwab and Discover.
How to Choose a National Bank
Choosing a national bank goes beyond the advertising you see and hear.
“While no bank is perfect, I can honestly say that my experience with three of the national banks on this list—Capital One, Discover Bank and Bank of America—have largely been pleasant.”
— John Egan
When you’re checking out how one national bank stacks up against another, weigh these three factors:
- Branches and ATMs: When choosing a national bank, one of the major factors to consider is whether you’ll have easy access to branches and ATMs. This could tip the balance between picking one bank over another.
- Fees: Banking fees can eat up some of your hard-earned money. To avoid this, look for a national bank with low or no fees, particularly monthly maintenance fees.
- Digital banking: More and more of us are relying on digital banking capabilities, such as mobile apps. As you’re comparing national banks, explore how well they deliver when it comes to digital banking.
Frequently Asked Questions
What Is the Best National Bank in the U.S.?
What you view as the best national bank in the U.S. may differ from what someone else thinks. However, you can get a sense of which one is the best by reviewing the J.D. Power 2023 U.S. National Banking Satisfaction Study. The study, released in December 2023, ranked Capital One first for overall satisfaction, followed by Chase and TD Bank.
Which Bank Is the Most Reliable?
Americans are pretty evenly split on whether U.S. banks are honest and ethical. That being said, some banks rise to the occasion regarding reliability.
In Newsweek’s 2023 ranking of banks among the World’s Most Trustworthy Companies, United Bank came out on top, followed by United Community Bank, Axos Bank, Bank of Hawaii and Trustmark. Of those, online-only Axos Bank is the only one that qualifies as a national bank under our definition.
Which U.S. Bank Is the Largest?
As measured by total assets, Chase Bank is the country’s largest bank. As of September 30, 2023, Chase had nearly $3.39 trillion in assets, according to the Federal Reserve.
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
