Key Insights to Keep in Mind
- Leading big banks tend to shine with seamless digital banking experiences, especially via their mobile platforms.
- Contrary to expectations, the absolute giants by branch count—such as Chase Bank and Bank of America—didn’t make Bankrate’s top contenders.
When it comes to handling finances effortlessly, the nation’s top-tier banks arm their customers with everything they could need—whether navigating in-branch, lounging at home, or hustling on the go. This includes hassle-free ATM access, flexible customer support hours, top-notch mobile applications, and a trove of resources that cover nearly every banking scenario imaginable.
Bankrate’s selection for the best large banks springs from a meticulous review of various benchmarks: minimum deposit bars, monthly maintenance fees, overdraft penalties, certificate of deposit (CD) options, savings interest rates, ATM availability, among others.
Though hefty banks might dazzle with attractive sign-up bonuses, they often fall short on delivering the juicy interest rates that specialized account providers and online-only banks tend to flaunt.
Capital One: Crowned Champion for Eight Years Running
Dominating Bankrate’s leaderboard for the eighth consecutive cycle, Capital One stands out with yields that compete toe-to-toe against those from online banks’ savings accounts and CDs. Its flagship 360 Checking Account boasts multiple perks that tick all the boxes Bankrate covets: zero minimum funds required to open, no pesky monthly fees, interest rates surpassing the typical big bank’s offerings, and extensive ATM access.
With over 250 branch locations paired with more than 50 cozy cafes, Capital One blends traditional banking with a modern twist.
Another feather in their cap: customers can enjoy direct deposits hitting their accounts up to two days early, and the bank has ditched overdraft fees altogether.
Accessible Accounts for All
Capital One’s checking, savings, and CD products feature no minimum opening deposits, welcoming savers from all walks of life. Monthly fees? Forget about those—the accounts keep things fee-free, encouraging accessibility and convenience.
Mobile App That Gets It Right
Users on both iOS and Android platforms consistently rate Capital One’s mobile application as among the best, reinforcing the bank’s digital prowess.
ATM Network at Your Fingertips
Capital One clients can tap into tens of thousands of ATMs across the Allpoint, MoneyPass, and Capital One networks without worrying about withdrawal fees.
Citi Bank: Digital Savvy with Solid Branch Reach
Citi puts forward a competitive savings yield via its Citi Accelerate High Yield Savings account, notable for not imposing any minimum deposit to get started. While the account is available in most but not all U.S. states, it remains a contender for those who crave strong mobile functionality and ample physical presence.
Cutting-Edge Digital Features
The Citibank app scores high among users on both major platforms, offering tools like peer-to-peer payments through Zelle and handy card control options such as locking and unlocking instantly.
Robust Branch Coverage
As of December 2023, Citibank operates 666 U.S. locations, according to Federal Deposit Insurance Corporation (FDIC) data, supporting customers with a strong brick-and-mortar footprint.
Morgan Stanley Private Bank: Wealth Management Meets Personal Banking
Best known for its wealth services, Morgan Stanley delivers personal banking through E*TRADE. While it lacks physical branches, savvy customers nationwide can open accounts easily online—embracing a digital-first model.
High-Yield Account Highlights
E*TRADE presents a handful of accounts with eye-catching returns, including a checking account whose APY is nearly unrivaled in today’s market.
Wide Array of Certificates of Deposit
The bank offers diverse CD term lengths, all with competitive APYs and, importantly, no minimum deposit hurdle to clear.
Highly Rated Mobile Experience
Customer feedback reflects satisfaction on both iOS and Android, with an app that not only manages banking but also integrates investment and trading features.
M&T Bank: Regional Heavyweight with Mixed Signals
Covering personal and business banking needs extensively, M&T Bank provides several accounts with reasonable interest rates, though some—like the Relationship Savings account—leave something to be desired.
Branch and ATM Availability
With more than 1,000 branches and 1,800 ATMs spread across 14 Eastern states and the District of Columbia, M&T’s footprint is substantial. Established in 1856 as Manufacturers and Traders Trust Co., it’s headquartered in Buffalo, New York.
Mobile App: A Tale of Two Platforms
The bank’s app scores well on Apple’s App Store, making it a solid pick for iPhone users. Yet, on Google Play, it underperforms noticeably, hinting at a less consistent Android experience.
Account Accessibility
M&T offers a checking account free from monthly fees and minimum balance demands. However, many other offerings, including various savings accounts, come saddled with steep monthly fees that aren’t easily waived.
Huntington Bank: Focused Footprint, Comprehensive Services
Though Huntington Bank’s physical reach spans just a dozen states—primarily in the Midwest—it provides a robust lineup of account options accessible online. Whether it’s certificates of deposit or money market accounts, Huntington covers the spectrum for those aiming to streamline financial management under one institution’s umbrella.
Branch Network and ATM Access
- Nearly 1,000 branches across 12 states, mostly Midwestern.
- Roughly 1,600 fee-free ATMs available to customers.
Diverse Product Suite
From deposit accounts for personal and business needs to a variety of credit and loan products, Huntington also extends mortgage and wealth management services, making it a one-stop financial hub.
Top-Tier Mobile App
Across Apple App and Google Play stores, Huntington’s mobile platform enjoys strong user ratings, signaling a smooth digital experience.
Quick Facts: Big Bank Footprints and Features (Mid-2024 Data)
According to the FDIC, the top five largest U.S. banks by assets collectively operate roughly 20,000 branches nationwide, with branch counts ranging from around 2,000 to over 4,500 per bank. Mobile banking adoption among customers at these institutions exceeds 75%, reflecting the critical role of digital tools in modern banking. Overdraft fees average near $35 but are increasingly waived or reduced by forward-thinking banks.
Advantages of Choosing Large National Banks
- Proximity: Chances are you’ve got one of the banking giants nearby, thanks to their expansive networks.
- Comprehensive Offerings: Expect the full gamut—checking, savings, mortgages, safety deposit boxes, and more—commonly found at major banks.
- Security Assurance: Many online-only FDIC-insured banks don’t extend checking accounts, whereas big banks typically do.
Drawbacks to Consider
- Interest Rates: Mega banks often lag behind online-only competitors in terms of deposit yields.
- Fee Requirements: To dodge monthly fees, direct deposits or maintaining minimum balances are often mandatory.
- ATM Networks: Surprisingly, some online banks boast wider ATM accessibility than physical branch banks.