Best National Banks for 2020

A national bank is a commercial bank that is a member of the Federal Reserve System. Good national banks typically offer a broader range of financial services than local or regional banks. On top of quality customer service, the top national banks also offer lower fees and access to physical branches across the country. National banks are one-stop shops for many customers, particularly for those with higher-level financial planning needs, such as estate planning and wealth management.

As part of GOBankingRates’ Best Banks annual ranking, the Best National Banks of 2020 have been determined. To do so, GOBankingRates evaluated national banks using a methodology focused on the following criteria:

• Checking account fee
• Savings account annual percentage yield
• 12-month CD APY
• BauerFinancial Star Rating for overall financial strength

Further consideration was given as to whether or not banks offered the following services:

• Auto loans
• Mortgage loans
• Credit cards
• Investment services
• Insurance services

Accessibility also was considered, including customer service and live chat capability. To qualify for the list, a national bank had to have a presence in at least 20 states. Find out which banks came out on top.

Last updated: March 11, 2020

PNC Bank

Where It’s Located: Alabama, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, West Virginia, Wisconsin

Why We Like It: PNC Bank has a broad product line and a decent CD APY for national banks.

Products Offered: Checking, savings, CDs, investment accounts, IRAs, managed accounts, auto loans, mortgage loans, credit cards, insurance

PNC Bank: Benefits and Drawbacks

Consider these benefits, drawbacks and rates:

Benefits:

• Broad product line
• One of the higher CD APYs for national banks

Drawbacks:

• High ATM fees
• Low checking APY
• Potentially high fees

Rates (APY):

• Checking: 0.01%
• Savings: 0.02%–2.00%
• CD: 0.04%-0.85%  

PNC Bank: Other Features

Here are some other features of PNC Bank that might help you make your decision.

Checking Fees: $7-$25

Minimum Deposit: 

• Checking: $25 
• Savings: $0
• CD: $1,000-$5,000 

Minimum Balance:

• Checking: $25 
• Savings: $0 
• CD: $1,000-$5,000 

Access (ATM): No charge at PNC Bank ATMs; $3 charge at non-PNC Bank ATMs within the United States, Canada, Puerto Rico and the U.S. Virgin Islands; $5 charge at non-PNC Bank ATMs in all other countries 

How To Open: You can open an account online with PNC Bank in minutes. You’ll need your Social Security number and a government-issued ID. You can also visit a branch location.

US Bank

Where It’s Located: Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, Wyoming

Why We Like It: U.S. Bank offers the solid financial banking of a well-known name coupled with geographic exposure over more than half of America; the bank also has a broad and deep product line, including money market accounts.

Products Offered: Checking, savings, CDs, money market accounts, investment accounts, IRAs, managed accounts, auto loans, mortgage loans, credit cards, insurance

US Bank: Benefits and Drawbacks

Take a look at the benefits and drawbacks, along with the rates at U.S. Bank.

Benefits: 

• Numerous account types, including money market accounts

Drawbacks

• Low checking and savings APYs

Rates (APY):

• Checking: 0.01%
• Savings: 0.01%
• 17-month CD: 0.70% 

US Bank: Other Features

Here are U.S. Bank’s other features:

Checking Fees: $6.95-$24.95

Minimum Deposit:

• Checking: $25 
• Savings: $25 
• CD: $500 

Minimum Balance:

• Checking: $0; may need an open U.S. Bank loan or a minimum balance to avoid fees 
• Savings: $0; may need a relationship package or a minimum balance to avoid fees 
• CD: $500 

Access (ATM): No fees at U.S. Bank ATMs; $2.50 at non-U.S. Bank ATMs; higher-level checking packages may waive certain fees 

How To Open: You can open a U.S. Bank account online in about five minutes if you’re a legal resident of the United States, ages 18 and older. You’ll need your Social Security number or tax ID number along with a valid driver’s license, state ID or military ID. You’ll also need to provide banking information to fund your minimum deposit of $25.

Find Out: Best Online Banks of 2020

Wells Fargo Bank

Where It’s Located: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Iowa, Kansas, Maryland, Minnesota, Mississippi, Montana, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, North Dakota, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming 

Why We Like It: Among the major national banks, Wells Fargo offers the best rates for savings accounts and CDs; coupled with 24/7 customer service, Wells Fargo ranks among the Best National Banks of 2020.

Products Offered: Checking, savings, CDs, investment accounts, IRAs, managed accounts, auto loans, mortgage loans, credit cards, insurance

Wells Fargo Bank: Benefits and Drawbacks

Check out the benefits, drawbacks and rates offered at Wells Fargo Bank.

Benefits:

• Broad range of banking products
• For a national bank, relatively high rates for savings accounts and CDs

Drawbacks

• Checking fees are some of the highest among national banks

Rates (APY):

• Checking: 0.00%–0.01%
• Savings: 0.01%–0.02%
• CD: 0.05%-0.15%

Wells Fargo Bank: Other Features

Before picking a bank, check out these other features.

Checking Fees: $10-$30

Minimum Deposit:

• Checking: $25  
• Savings: $25 
• CD: $2,500 

Access (ATM): No charge for Wells Fargo ATMs; $2.50 for domestic non-Wells Fargo ATMs and $5 for international non-Wells Fargo ATMs, plus any third-party fees.

How To Open: You can open a Wells Fargo account online or in a branch. You’ll need your Social Security number, valid ID and your current checking account information to fund the required opening deposit.

Bank of America

Where It’s Located: Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington

Why We Like It: Bank of America has the greatest geographical reach of all the major banks on the list; it also boasts a highly rated mobile app and a broad product line, including investments offered through its subsidiary Merrill Lynch.

Products Offered: Checking, savings, CDs, investment accounts, IRAs, managed accounts, auto loans, mortgage loans, credit cards, insurance

Bank of America: Benefits and Drawbacks

These features might help you determine if Bank of America is right for you.

Benefits:

• Branches in 37 states
• Broad product line
• Strong investment partner in Merrill Lynch
• Some checking account fees are low for the category

Drawbacks

• Low APYs
• High non-Bank of America ATM fees

Rates (APY):

• Checking: 0.01%-0.02%
• Savings: 0.01%
• CD: 0.05% 

Bank of America: Other Features

Here is some more info on what Bank of America offers.

Checking Fees: $4.95-$25 

Minimum Deposit:

• Checking: $25-$100 
• Savings: $100 
• CD: $1,000 

Minimum Balance:

• Checking: $0; $1,500 or more to avoid fees
• Savings: $0; $300 or more to avoid fees
• CD: $1,000 

Access (ATM): No fees at Bank of America ATMs; for non-Bank of America ATMs, $2.50 for domestic withdrawals and $5 for international withdrawals, plus any third-party fees.

How To Open: You can open a Bank of America account online in about 10 minutes, or you can visit a branch. You’ll need your Social Security number, date of birth, phone number, email address, physical U.S. address, and debit card or account information of your current bank so you can fund your new account.

Chase Bank

Where It’s Located: Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin

Why We Like It: Chase offers a wide range of popular credit cards and has a broad product line beyond that, in addition to a wide geographic presence that reaches 34 states. It’s also one of the few banks that offers 24/7 customer service, including live chat with a human. Current sign-up promotions are also enticing.

Products Offered: Checking, savings, CDs, investment accounts, IRAs, managed accounts, auto loans, mortgage loans, credit cards, insurance

Chase Bank: Benefits and Drawbacks

Take a look at the benefits, drawbacks and rates at Chase.

Benefits:

• Broad product line and geographic presence
• Well-known line of credit cards
• 24/7 customer service with a live person
• $200 checking and $150 sign-up promotion

Drawbacks

• Very low APYs
• High non-Chase ATM fees

Rates (APY):

• Checking: 0%-0.01%  
• Savings: 0.01%-0.09% 
• 12-month CD: 0.02%-0.05% 

Chase Bank: Other Features

Here are some other features at Chase that you should know about.

Checking Fees: $0-$25 

Minimum Deposit:

• Checking: $0 
• Savings: $0
• CD: $1,000 

Minimum Balance:

• Checking: $0 if certain requirements are met, such as having a $1,500 minimum balance at the beginning of each day 
• Savings: $0 if certain requirements are met, such as having a $300 minimum balance at the beginning of each day  
• CD: $1,000

Access (ATM): No fee for Chase ATMs; $2.50 for non-Chase ATMs in the U.S., Puerto Rico or U.S. Virgin Islands; $5 for non-Chase ATMs in all other countries; may be waived with certain account types 

How To Open: You can open a Chase account online in a few minutes, or you can visit a branch. You’ll need your Social Security number and driver’s license or state ID. You’ll also be asked personal verifying information such as your name, address, date of birth and other information.

How To Choose a National Bank

Once you’ve decided that you want to bank with one of the major institutions, you’ll need to determine which one is best for you. Here are some of the factors you might want to consider.

Options To Check Out: Best New Bank Promotions and Bonuses

Check the Fees

Fees can vary greatly from bank to bank and from account to account. National banks often lower fees for customers with larger deposits, so if you fall into this category, make sure to see if you can qualify for lower fees and/or higher interest rates. Look beyond the obvious expenses such as monthly maintenance fees and into fees that the banks charge for other services or events. For example, you might not send wire transfers or overdraw your account often, but most national banks charge for these services and you should be aware of them ahead of time. In many cases, overdraft fees are quite high.

Read the Fine Print

For some customers, the APY a bank pays on its accounts can be one of its most important features. While some banks proudly advertise their high APYs, many of those that pay low rates tuck them away in a footnote or on a back page on their website. Since national banks, in general, are not known for high APYs on their checking and savings accounts, you might have to dig a little to find out exactly how much you’ll be earning on your accounts.

Check Out the Website and App

A bank’s digital presence, such as their website or app, might not be as important to you as a bank’s APYs and fees, but they’re still something to consider. If you intend to do most of your banking online or on your smartphone, your experience as a user can go a long way toward your long-term happiness with a bank. Imagine that you’re using a smartphone to transfer funds or make a time-sensitive stock trade; if your bank’s app is slow or cumbersome to use, you probably will get frustrated with the whole experience.

FDIC Insurance

All national banks carry at least the standard Federal Deposit Insurance Corp. insurance, which covers depositors for $250,000 per eligible account type. However, many national banks also supplement this insurance with additional private insurance, oftentimes running into the millions of dollars. If having a large level of supplemental account insurance is important to you, be sure to compare the policies of the banks you are considering.

What Makes Big Banks Different From Smaller Banks?

Big banks primarily differ from small banks in terms of their services. Larger banks typically offer a wide variety of accounts, from checking and savings options to loans, mortgages, credit cards and investment services, among others. Smaller banks might only offer basic checking and savings accounts and perhaps some CDs.

Do National Banks Pay Higher Interest?

If you’re like one-third of Americans in a recent GOBankingRates survey, you may not be sure which types of accounts pay the highest interest. Larger banks typically pay lower interest rates than other types of banks, especially online banks. This is because large banks have extensive branch networks and a large number of employees, resulting in higher expenses. Coupled with the additional services many national banks offer, there’s not as much room to pay out the highest interest rates.

Are National Banks Better Than Other Kinds of Banks?

National banks aren’t inherently better or worse than other kinds of banks. What matters is what you need out of a bank. If you need a bank branch on every corner and someone to talk to in person about credit cards, mortgages and investments, you might find that a national bank is better than an online or regional bank. However, some states are still dominated by regional banks, in which case you might prefer the local flair of a regional bank. Do-it-yourselfers who just want a no-fee, high-APY checking or savings account might find an online bank to be a better option.

Is My Money Safer in a National Bank?

National banks share the same FDIC insurance as regional and licensed online banks. In that sense, your money isn’t any more or less safe at a national bank. However, national banks might be stronger financially than online or smaller institutions, making it less likely that they could fail. Although FDIC insurance will protect you up to federally mandated limits, it’s always a good idea to check out the financials of a bank before you decide to commit money to it.

More From GOBankingRates

• Best CD Rates and Accounts of 2020
• Best Money Market Accounts of 2020
• Best Regional Banks of 2020
• Best Checking Accounts of 2020

Methodology: GOBankingRates identified the Best National Banks of 2020 based on the following factors: (1) average monthly fee across all checking account offerings, (2) average APY across all savings accounts, (3) the APY for 12-month certificates of deposit and (4) BauerFinancial Star Rating for overall financial strength. Banks were also scored according to whether they offered each of the following services: (5) auto loans, (6) mortgage loans, (7) credit cards, (8) investment services and (9) insurance services. Next, banks were scored on their accessibility, including (10) 24/7 customer service with a live person and (11) live chat availability. Banks were then ranked according to their total score. To be considered a Best National Bank of 2020, all banks had to have a physical branch presence in at least 20 states. GOBankingRates’ rankings for the Best Banks of 2020 were based on rates and other information compiled from individual institutions’ websites and/or conversations with representatives from the financial institutions throughout September 2019 and October 2019. All rates and other information pertaining to each account listed in the article were last verified in March 2020. All costs, terms and conditions are subject to change at the discretion of each financial institution. For more information, see the complete methodology for the rankings.

About the Author

John Csiszar

After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.

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