You don’t have to accept paltry savings rates to keep your money at a large bank. Big banks with competitive deposit account rates may not be the norm, but they do exist. We’ve rounded up a list of standout banks that combine the convenience of a national brand with annual percentage yields, or APYs, on checking and savings accounts that rival smaller online competitors.Â
Read on to learn more about the best big banks that offer outstanding products and services.
Why trust CNET: Our list of the best big banks includes some of the most popular banks nationwide. Our editorial team provides an unbiased analysis of top banks and credit unions. Keep in mind that product offerings may vary by geographic location. The banks included in this list are insured by the Federal Deposit Insurance Corporation, or FDIC, for up to $250,000 per individual, per institution.
Best big banks of 2024
Capital One
Products offered: Capital One offers one checking account, one savings account and one type of CD account with terms ranging from six months to five years. It also has a checking and savings account option for young people.Â
Details: Capital One, the ninth largest bank in the US, combines the best of physical locations with digital features. The competitive yields offered on deposit accounts consistently rival online banks. Capital One doesn’t charge any fees to open or maintain accounts and there are no minimum balances to maintain. The competitive yields apply to the entire balance. Customers have access to 70,000 surcharge-free ATMs nationwide.
Why we picked it: Capital One is a hybrid bank that provides the high APYs of an online bank with the benefits and services of a large bank. Plus, there are no monthly fees or minimum balance requirements to worry about. Its Capital One Cafés, large network of ATMs and $250 new checking account bonus are additional perks that make this big bank worth considering. The bank also ranked highest in overall customer satisfaction in J.D. Power’s recent banking satisfaction study.
Pros:
- Fee-free network of 70,000 ATMs
- Competitive APYs on savings account, checking account, and CDs
- No monthly maintenance fees or minimum balance requirements on savings or checking accounts
Cons:
- Physical branches only available in seven states
- No money market accounts
Chase Bank
Products offered: Chase offers eight types of checking accounts including three youth accounts, two savings accounts and certificate of deposit accounts with terms ranging from one month to 10 years.Â
Details: Chase is the largest US bank with the most physical branches. There are branches or ATMs in every state except Alaska and Hawaii. Chase offers a full suite of deposit accounts, digital banking service with a mobile app and online banking tools. However, account fees can be excessive if your minimum balance drops below a certain threshold, and the APY on savings accounts and most CDs are below national averages.Â
Why we picked it: Chase offers more branch locations than any other bank in the US and an ATM network with more than 15,000 kiosks. Its new account bonus has minimal requirements, and the expiration date is continually extended. The bank also finished just behind Capital One in J.D. Power’s customer satisfaction study.
Pros:
- More than 15,000 ATMs and 4,800 branches nationwide
- Wide variety of account types and financial products
- Well-designed and user-friendly online and mobile banking platforms
Cons:
- Low rates on savings accounts
- High fees with high minimum balance requirements to waive fees
Ally Bank
Products offered: Ally offers interest-bearing checking, savings and money market accounts, as well as three types of CD accounts.Â
Details: Ally technically fits in the online bank category, but it’s also the 23rd largest bank in the country, with a solid set of financial products that help it earn a spot on this list. Customers interested in mortgages, loans and investing have access to those services. Savers looking for high rates, low fees and no minimum deposit requirements will appreciate the variety of options available.
The bank’s CD accounts are especially attractive, with no-penalty and raise-your-rate options that offer increased flexibility. Its mobile app and online banking technology allow you to accomplish all your banking needs without visiting a physical location. There are no minimum balances to maintain. The competitive yields apply to the entire balance. And customers have access to 75,000 surcharge-free ATMs through the Allpoint network.
Why we picked it: Ally is a full-featured online bank with consistently high yields on deposit accounts.Â
Pros:
- Access to fee-free network of 75,000 Allpoint and MoneyPass ATMs
- No monthly maintenance fees or minimum balance requirements on deposit accounts
- Competitive rates on savings accounts, checking accounts and CDs
- 24/7 customer service
Cons:
- No physical branches
- No cash deposits accepted
U.S. Bank
Products offered: Two checking accounts, standard savings account, money market account and CDs.
Details: U.S. Bank, the fifth largest bank in the country, offers a few promotional rates on CDs that outshine most big banks. The bank currently pays a promotional APY from 3.2% to 4% on certain term lengths, and there is a minimum deposit requirement of just $1,000. Plus, step-up and trade-up CD options are worth considering.Â
When it comes to checking and savings accounts, the bank’s maintenance fees never exceed $10, and they’re relatively easy to avoid, with the exception of the $10,000 balance requirement for elite money market account holders.
Why we picked it: U.S. Bank offers competitive CD rates and a customer satisfaction rating above the industry average.
Pros:
- Competitive APYs on some CD terms
- More than 2,000 branches in 26 states
- Alternative CD types for extra flexibility
Cons:
- Monthly account fees
- Low APYs for standard savings accounts
Citibank
Products offered: Citibank offers several checking and savings accounts. The Relationship tier is reserved for customers who have sizable account balances. The bank also offers competitive CD accounts.
Details: Citibank, the fourth largest bank based on consolidated assets, offers two checking accounts that require a relationship tier or at least $250 per month in direct deposits to avoid monthly fees. However, the bank’s featured CD offerings are competitive, including five-, six- and seven-month CD terms.Â
There are a large number of physical branches available nationwide, with 65,000 surcharge-free ATMs that make banking access convenient. Plus, if you travel overseas, Citi’s international presence will make accessing your accounts convenient. And no matter where you are, the mobile app also brings innovative technology to your fingertips.
Why we picked it: Citibank offers a competitive yield on its savings account (available in select locations) and select CDs. Its wide network of branches and ATMs, both in the US and abroad, make it a good option for avid travelers.
Pros:
- Competitive CD rates on certain terms
- Competitive APY on high-yield savings account (limited availability)
- Large number of ATMs and branches abroad
- Fee-free network of more than 65,000 ATMs
Cons:
- High fees on checking and high minimum balances required to waive fees
- High-yield savings account is only available in certain ZIP codes
Rates mentioned above are accurate as of Nov. 15, 2024.
Big banks vs. online banks
As you compare big banks and online banks, keep in mind that each institution has its own fees, rates and other nuances. In general, big banks offer the upsides of more locations and more potential for an upfront new account bonus, but their main drawbacks are higher fees and lower interest-earning potential.
Online banks, on the other hand, offer the attractiveness of lower fees and higher APYs -- but the drawback of having to do all your money management without a chance to talk to anyone face to face or access banking services at a physical branch.
Big banks
Pros
- Massive network of physical locations and ATMs
- Wide range of financial products
- Access to in-person customer service
Cons
- Higher fees
- Lower APYs
- Maze of requirements to avoid fees
Online banks
Pros
- Higher APYs
- Fewer fees
- Robust digital banking platform
Cons
- No physical locations
- Limited product offerings
- May not offer paper checks, cash deposits and other features
How to choose a bank
As you search for an FDIC-insured bank that can meet your needs, it’s important to think about how each stacks up in these categories.
- Fees: Monthly maintenance fees can sometimes be avoided if you can meet certain account balance or activity requirements, but you should make sure you can consistently meet the requirements before opening an account.Â
- APY: Some of the best high-yield savings accounts are paying upwards of 5.00% APY, which could earn you $500 on a $10,000 deposit over the course of a year.
- Bonus opportunities: Banks want your business, and a lot of them are willing to give you a cash bonus if you sign up for a new account. But you should think carefully about signing up for the sake of a bonus if you don’t plan to keep the account open for the long run. Often, banks will charge early termination fees or claw back a bonus if you close your account too quickly.
- Locations and physical branch access: Big banks tout their huge networks of locations, which can be convenient. However, confirm that a bank’s locations are convenient for your needs.
- Customer service availability: It’s important to know that if you encounter an emergency -- like having your debit card stolen -- you will be able to get someone who can help you find a solution.
- Reputation: Check out reviews on TrustPilot and complaints submitted to the Better Business Bureau to get a sense of how the bank does business.
- Other product offerings: While you may just be opening your first checking or savings account, you’ll likely need more personal finance products down the road. Take a look at whether the bank offers discounts for existing customers on mortgages or loans.Â
- Extra perks: Consider whether the bank offers features such as free checkbooks, out-of-network ATM fee rebates or extra discounts with certain retailers when comparing your options. While these features and conveniences shouldn’t be the sole reason for choosing one bank over another, they are important to think about as you shop.
Who should use a big bank?
Bigger isn’t necessarily better when it comes to choosing a bank. There are plenty of reasons, however, why a big bank might be a great option. If you regularly deal with cash -- collecting tips at a restaurant, for example -- a network of free ATMs and branch locations is essential for depositing those dollars and keeping them safe.Â
If you prefer to keep all your finances under one roof, big banks can offer the convenience of a one-stop shop for deposit accounts, loans, credit cards and investing services. Some smaller banks might not be able to offer everything you need as you grow. If you don’t want a maze of accounts and passwords, you can just stick with one large operation.
On the other hand, you’ll likely find better savings rates and fewer fees with online banks, as long as you’re willing to sacrifice access to in-person branches. Think about your regular money management habits. How often do you really need to talk to someone in person? Have you shifted to a mostly cashless lifestyle? If you’re comfortable doing just about everything from a screen, an online bank can provide almost everything you need.
FAQs
If banks don’t need to attract new customers, they may not raise interest rates on savings accounts to bring in new business. Other banks may offer incentives such as new account bonuses to attract new customers instead of raising interest rates. Online banks, on the other hand, have less overhead and pass on their savings to customers in the form of elevated savings rates.
Chase leads the way with more than 4,800 branches in 48 states. Wells Fargo trails just behind with 4,200 branches in 37 states.
JPMorgan Chase is the biggest bank in the country with more than $3.5 trillion worth of consolidated assets. In addition to the most assets, the bank has the most branches of any bank.
Methodology
To determine the best big banks, we took a look at the largest financial institutions by assets, according to the Federal Reserve's annual list. For this selection, we considered brick-and-mortar, hybrid and online banks with at least one deposit account (including checking accounts, savings accounts, money market accounts or CDs) offering an annual percentage yield above the national average.
