If you’re looking for a bank that has a commanding presence throughout the United States, one of the best national banks could be a solid pick. Institutions that fall into this category tend to have more physical branches or ATMs nationwide, thus they make it easier to manage your money at home or away. Large national banks also offer enhanced technology and more financial products overall, especially when compared to smaller regional banks.
Which of the national banks should you consider? While some options have thousands of physical locations nationwide, there are also popular online banks that service all states and come with huge ATM networks.
We compared the best national banks across the United States to find options that have no fees (or low fees), excellent ratings and highly competitive financial products. If you’re looking for a checking account, savings account or certificate of deposit (CD), read on to discover our top picks and why we chose them.
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Methodology
Our team of experts analyzed hundreds of data points and then used data-driven methodology and thorough fact-checking to determine the best national banks. We considered a range of factors including product offerings, annual percentage yield (APY), fees and access. You can read more about our methodology below.
Show summary
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Capital One
: Best for lack of fees
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Ally Bank
: Best for no-penalty CDs
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SoFi
: Best for Trustpilot ratings
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Quontic Bank
: Best for CD APY across terms
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Discover Bank
: Best for CD term options
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American Express National Bank
: Best for no minimum opening deposits
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EverBank
: Best for ATM locations
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UFB Direct
: Best for high-yield savings APY
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PNC
: Best for app ratings
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Chase
: Best for branch locations
Capital One
Best for lack of fees
Average monthly fees
$0
ATM locations
70,000
App ratings
4.9 on App Store, 4.5 on Google Play
5.0/5
Why we picked it
Capital One checking accounts, savings accounts and certificates of deposit (CDs) come with no monthly fees and no hidden fees. Accounts also come with no minimum deposit requirements, and users can access their funds at more than 70,000 fee-free ATMs around the country. This national bank also boasts a highly-rated mobile app that lets customers track their spending, deposit checks and pay bills on the go.
Pros
- No monthly fees
- No account minimums
- 70,000 fee-free ATMs
Cons
- Physical locations only in select states
Who should use it
Capital One is a solid choice for consumers who don’t want to deal with minimum deposit requirements or keep a certain amount of money in their accounts. This national bank is ideal for anyone who wants banking services without any hidden fees.
Ally Bank
Best for no-penalty CDs
Average monthly fees
$0
ATM locations
75,000
App ratings
4.7 on App Store, 2.3 on Google Play
4.6/5
Why we picked it
Ally Bank offers a range of popular banking products, including checking accounts, savings accounts, certificates of deposit (CDs) and more. The bank offers competitive rates and most accounts have no fees. Another reason we chose Ally is its no-penalty CD options, which not all national banks offer. These CDs offer a competitive fixed rate but don’t charge penalties if you need to access your funds before your CD matures.
Pros
- No monthly fees on most accounts
- 75,000+ fee-free ATMs
- Offers no-penalty CDs
Cons
- No physical locations
- Few options for cash deposits
Who should use it
While Ally Bank doesn’t have any physical locations, this bank works well for consumers who want to bank via a mobile app and access funds at one of the institution’s 75,000+ fee-free ATMs. Ally’s no-penalty CDs are a good choice for consumers who want to lock in a fixed rate on their savings with the option to cash out if they need to.
SoFi
Best for Trustpilot ratings
Average monthly fees
$0
ATM locations
55,000
App ratings
4.8 on App Store, 3.8 on Google Play
4.6/5
Why we picked it
SoFi offers a highly-rated bank account that includes both checking and savings account components. This account comes with no monthly fees, competitive rates and an average star rating of 4.5 out of 5 stars across more than 8,700 reviews on Trustpilot. Other notable features of the SoFi account include 55,000+ fee-free ATMs and a rewards bonus for setting up direct deposit.
Pros
- 55,000+ fee-free ATMs
- No monthly fees or hidden fees
- No minimum deposit requirement
Cons
- Must open a checking and savings account
- No physical branches
Who should use it
The SoFi checking and savings account works best for individuals who want to bank using a mobile app and a broad network of ATMs. This account also works well for consumers who want perks like early direct deposit and no-fee overdraft coverage.
Quontic Bank
Best for CD APY across terms
Average monthly fees
$0
ATM locations
90,000
App ratings
4.8 on App Store, 4.7 on Google Play
Why we picked it
We chose Quontic Bank for its competitive rates across a variety of financial products, as well as its digital banking tools and features. This national bank offers unique account types as well, including high-interest checking accounts and “wearable” checking that comes with a free pay ring. We recommend the bank’s broad selection of certificates of deposit (CDs), all of which offer some of the best rates available today. Its CDs also require a minimum opening deposit of just $500, which is a lower threshold than most banks require.
Pros
- 90,000 fee-free ATMs
- Highly competitive rates
- $500 minimum to open a CD
Cons
- No physical branches
- No options for cash deposits
Who should use it
With no physical locations to access, Quontic Bank is best for individuals who want to bank using a mobile app or online dashboard. This bank is also ideal for consumers who want to get the highest rates possible.
Discover Bank
Best for CD term options
Average monthly fees
$0
ATM locations
60,000
App ratings
4.9 on App Store, 4.5 on Google Play
Why we picked it
Discover is another national bank that offers competitive rates and products, including its rewards checking account that offers 1% cash back on up to $3,000 in debit card purchases each month. Discover accounts also come with no monthly fees or hidden fees, and money can be accessed at more than 60,000 fee-free ATMs around the U.S. The bank’s CDs are also notable since they come in so many different terms from three months all the way up to 10 years.
Pros
- Competitive interest rates
- CDs range from three months to 10 years
- 60,000+ fee-free ATMs
Cons
- No physical branches
- $2,500 minimum required for certificates of deposit
Who should use it
Discover’s banking products offer competitive rates and low fees, and its CDs in particular come in more terms than most national banks offer. However, Discover CDs have a minimum opening balance requirement of $2,500, so they won’t work for everyone.
American Express National Bank
Best for no minimum opening deposits
Average monthly fees
$0
ATM locations
70,000
App ratings
4.9 on App Store, 3.9 on Google Play
4.3/5
Why we picked it
We picked American Express for its lack of minimum opening deposit requirements, meaning you can open an account with $0 if you prefer. American Express checking also has no monthly fees, and it earns interest and rewards on debit card purchases. This national bank also has highly competitive savings accounts and certificates of deposit to choose from.
Pros
- No minimum opening deposits for checking or savings
- 70,000+ fee-free ATMs
- Earn Amex Membership Rewards for debit card spending
Cons
- Fewer account types than some other banks
- No physical locations
Who should use it
American Express checking and savings works well for consumers who want to start banking with a small account balance, even as low as $0. The checking account is also ideal for consumers who want to earn interest on deposits and American Express Membership Rewards points on debit card purchases.
EverBank
Best for ATM locations
Average monthly fees
$0
ATM locations
100,000
App ratings
2.6 on App Store, 2.6 on Google Play
4.2/5
Why we picked it
EverBank offers popular checking and savings account products and incredible access to cash at nearly 100,000 fee-free ATMs nationwide. Accounts with a minimum balance of at least $5,000 also get unlimited ATM fee reimbursements for out-of-network ATMs. Accounts with lower balances can also get up to $15 in ATM fees reimbursed each month.
Pros
- Checking and savings with no monthly fees
- Large ATM network and ATM fee reimbursements
- Competitive interest rates
Cons
- Limited physical locations (mainly in Florida)
- $100 required to open a checking account
- $5,000 balance required for unlimited ATM reimbursements
Who should use it
EverBank works for consumers who want to access their money with a huge network of included ATMs, or even at out-of-network ATMs without any fees. With limited physical locations, this bank is best for consumers who want to bank online or with a mobile app.
UFB Direct
Best for high-yield savings APY
Average monthly fees
$0
ATM locations
91,000
App ratings
4.8 on App Store, 4.8 on Google Play
4.2/5
Why we picked it
We picked UFB Direct for its competitive savings account that offers one of the highest rates available nationwide. No minimum deposit is required to open this account, and it has no monthly maintenance fees.
Pros
- Competitive interest rates
- No monthly fees on most accounts
- 90,000+ fee-free ATMs
Cons
- Fewer account types than some national banks
- No physical locations
Who should use it
Without any physical locations to visit, UFB Direct is best for people who want to bank online and with a mobile app. This bank makes sense for people who want access to checking, savings and money market accounts with no hidden fees.
PNC
Best for app ratings
Average monthly fees
$3.50
ATM locations
60,000
App ratings
4.8 on App Store, 4.5 on Google Play
4.1/5
Why we picked it
PNC Bank has some of the best ratings possible for its mobile app, including a rating of 4.5 out of 5 stars on Google Play and 4.8 out of 5 stars in the App Store. This means customers can expect seamless services and features when they bank using their mobile device. Also note that PNC Bank offers more than 2,200 branches nationwide.
Pros
- Highly-rated mobile app
- 2,200 bank branches and 60,000 fee-free ATMs
- Checking bonuses available
Cons
- Monthly fees for checking (can be waived)
- Overdraft fees can apply
- Low rates on savings
Who should use it
Because PNC Bank offers physical branches and a highly-rated mobile app, it’s best for consumers who want to do some of their banking in person and the rest on the go. Note that this bank offers checking and savings accounts, credit cards and a variety of loan products for consumers.
Chase
Best for branch locations
Average monthly fees
$4.98
ATM locations
15,000
App ratings
4.8 on App Store, 4.4 on Google Play
3.9/5
Why we picked it
Chase Bank offers more than 4,700 physical locations nationwide, making it a good choice if you want to visit your bank in person. The bank also offers an incredible selection of banking products, including checking and savings accounts, certificates of deposit (CDs), money market accounts and more.
Pros
- Large network of physical bank branches
- Highly rated mobile app
- Large selection of account types to choose from
Cons
- Smaller ATM network than many other banks
- Doesn’t offer competitive rates on savings
- Fees can apply for checking accounts (can be waived)
Who should use it
Chase is best for consumers who live near a branch and want a personalized banking experience. However, its lack of competitive rates on savings make it a poor option for storing funds in the long term.
Our picks at a glance
Average monthly fees | ATM locations | App ratings | |
---|---|---|---|
Capital One | $0 | 70,000 | 4.9 on App Store, 4.5 on Google Play |
Ally Bank | $0 | 75,000 | 4.7 on App Store, 2.3 on Google Play |
SoFi | $0 | 55,000 | 4.8 on App Store, 3.8 on Google Play |
Quontic Bank | $0 | 90,000 | 4.8 on App Store, 4.7 on Google Play |
Discover Bank | $0 | 60,000 | 4.9 on App Store, 4.5 on Google Play |
American Express National Bank | $0 | 70,000 | 4.9 on App Store, 3.9 on Google Play |
EverBank | $0 | 100,000 | 2.6 on App Store, 2.6 on Google Play |
UFB Direct | $0 | 91,000 | 4.8 on App Store, 4.8 on Google Play |
PNC | $3.50 | 60,000 | 4.8 on App Store, 4.5 on Google Play |
Chase | $4.98 | 15,000 | 4.8 on App Store, 4.4 on Google Play |
What is a national bank?
While the term “national bank” once described banks that have a physical presence throughout the United States, the definition has shifted somewhat over the years. This is due to the emergence of large online banks and fintech companies that offer digital-first accounts in all 50 states. These days, large national banks can offer either physical locations or huge ATM networks for consumers to access along with highly-rated mobile apps that allow mobile check deposit and online bill pay.
According to Cetin Duransoy, who serves as CEO of the savings marketplace Raisin, national banks are all about scope.
“National banks have a presence across the country,” he said, adding that larger banks tend to have more resources as well.
“This may affect your experience as a customer in terms of convenience,” he said. “With larger banks, they have more resources to pour into things like longer customer service hours or a more sophisticated online banking experience.”
Pros and cons of national banks
The pros and cons of national banks depend widely on the bank in question. After all, national banks with thousands of physical branches have different features and offerings than the best online banks. Here’s an overview of potential advantages and disadvantages to consider:
Pros:
- More access nationwide: Large national banks tend to have a broad network of physical branches, ATMs or both.
- Enhanced tools and offerings: Larger banks often invest in new technologies, including mobile apps that let consumers do most of their banking on the go.
- More products: Larger banks tend to offer more types of products overall, including checking accounts, savings accounts, money market accounts, CDs and more.
Cons:
- Lack of competitive rates: Duransoy points out that some of the larger bank chains are slower when it comes to raising interest rates. “Since smaller banks have fewer resources, they often will offer more enticing rates as a way to get and retain customers,” he said.
- Impersonal experience: Larger bank chains may not offer the personalized aspect of local banking some consumers crave. This is especially true of online banks that don’t offer physical locations.
- Lack of focus on community: According to Duransoy, smaller regional and local banks are also more likely to be engaged with their local communities. This means they may prioritize things like supporting first-time home buyers, small business owners and local causes.
Factors to look for in the best national bank
The factors you’ll want to look for in a large national bank depend on the type of account you want to open and the features you want the most. Here are some perks and services you may want to look for as you choose the best national bank.
- ATM network: The best banks in America tend to have large ATM networks that make it easy to access your money wherever you are.
- Competitive rates: Look for the best national bank that offers competitive rates for the accounts you want to open. Also look for accounts that offer rewards or banking bonuses.
- Lack of fees: Make sure accounts you’re considering don’t charge any fees you can’t easily avoid.
- Physical branches: Not all banks that are nationwide offer physical branches, but you should look out for this feature if you want the option to bank in person.
- Products and services: The best banks in America offer a robust selection of account types to choose from, including checking accounts, high-yield savings accounts, money market accounts, certificates of deposit (CDs) and more.
Methodology
CNN Underscored Money analyzed more than 30 financial institutions to develop the rankings for the best national banks. We ranked each bank on 13 data points across seven categories.
Here are the categories we analyzed and how we weighted each:
Product offerings (20%)
Many customers deciding on a bank will want an institution that offers a full range of financial products.
APY (20%)
APY is a critical factor for banks because this determines how quickly your deposit will grow. Accounts with higher APYs scored better.
Fees (15%)
Fees are a critical factor to consider because they can eat away at any interest earnings, especially if an account has a high monthly maintenance fee.
Access (15%)
Many customers want to be able to make transactions at branches or ATMs easily, so banks with a wider network of locations scored higher.
Customer experience (10%)
It’s important to have a bank that’s trustworthy and easy to reach when you need help. We considered customer service availability and Trustpilot ratings in this category.
Digital experience (10%)
You’ll want a bank with a usable app and plenty of online features so that it’s easy to bank from anywhere. We analyzed app reviews and the ability to bank online.
Minimums (10%)
Deposit and balance requirements can be an obstacle for some customers when it comes to opening an account. Banks with low or no minimums scored higher.
Frequently asked questions (FAQs)
As you compare the best banks in America, you should consider their ATM networks, whether they have physical locations, the fees on their banking products and the interest rates they offer.
Interest rates offered by banks that are nationwide vary widely, so you’ll want to compare them before you open an account. Some larger banks like Chase don’t have competitive interest rates on savings, whereas large online banks with a national presence offer some of the best rates available today.
Some of the best national banks offer brick and mortar locations, whereas others have a large national presence but only operate online.
Safety comes with FDIC insurance, which is offered in amounts up to $250,000 per depositor, per insured bank and for each account ownership category. Make sure any bank you’re considering offers FDIC insurance regardless of whether you go with a national bank or a regional bank.