The Best National Banks of 2022

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There are a number of reasons you may want to open an account with a national bank. Perhaps you travel a lot, are planning to relocate soon or just prefer a bank that offers a wide range of financial services.

GOBankingRates’ Top Picks: Best Savings Accounts of 2022
And More: Best Checking Accounts of 2022

The five main national banks — those located in 20 or more states — are Bank of America, Chase, PNC, U.S. Bank and Wells Fargo. To find the Best National Bank of the year, GOBankingRates ranked these reputable institutions based on factors that include the number of locations, fees, APYs, customer service and more.

See where all of these major players rank.

Best National Banks of 2022

All of these banks provide a variety of financial services, but some provide better interest rates and lower fees than others.

U.S. Bank: Best National Bank

Why it stands out: Among national banks on our list, U.S. Bank has the lowest checking fee and the best annual percentage yield on a 12-month CD.

Pros:

  • Low checking fee
  • Wide range of products offered
  • 0.05% APY for 12-month CD
A Better Way to Bank

Cons:

  • Not as many locations as other national banks

What to look for: U.S. Bank’s 0.05% APY for a 12-month CD is great for a national bank. There are also a wide variety of products offered like auto loans, mortgage loans, credit cards, investment services, and insurance, all available at more than 2,300 branches. U.S. Bank’s checking account fee is only $6.95 per month, which can be waived by meeting different requirements. APYs offered depend on your ZIP code.

Read our full review on this national bank.

JPMorgan Chase Bank

Why it stands out: JPMorgan Chase Bank has nearly 5,000 locations and a Bauer Rating of 5. This could be a good option if you have financial needs that require in-person banking.

Pros:

  • Nearly 5,000 locations
  • Wide range of products offered

Cons:

  • $12 checking fee

What to look for: JPMorgan Chase Bank ranks highly on the national banks list because of nearly 5,000 locations and a wide variety of products offered like auto loans, mortgage loans, credit cards, investment services, and insurance. Its checking account does come with a $12 fee. And this bank doesn’t have the strongest rates at 0.01% and 0.02% for its savings account and 12-month CD, respectively.

A Better Way to Bank

Read our full review on this national bank.

Wells Fargo Bank

Why it stands out: Wells Fargo Bank has the most locations of the national banks on our list and excellent mobile app reviews.

Pros:

  • More than 5,000 locations
  • Wide range of products offered
  • Excellent mobile app reviews

Cons:

  • Low 12-month CD APY

What to look for: Wells Fargo Bank has more than 5,000 locations and excellent mobile app reviews. Plus, the bank offers a lot of services, like auto loans, mortgage loans, credit cards, investment services, and insurance. There is a $10 monthly checking fee. The Wells Fargo savings and 12-month CD APY are both 0.01%.

Read our full review on this national bank.

Bank of America

Why it stands out: Bank of America has great mobile app reviews, a Bauer Rating of 5, and offers a wide range of services for those who want to keep a lot of their banking in one place.

Pros:

  • Great mobile app reviews
  • Wide range of products offered

Cons:

  • $12 checking fee

What to look for: Bank of America has a 0.03% APY for a 12-month CD, which is solid for a national bank. There are also a wide variety of products offered like auto loans, mortgage loans, credit cards, investment services, and insurance. There are more than 4,000 locations nationwide. The checking fee is $12 and the savings APY is 0.01%, but the mobile app is highly rated.

A Better Way to Bank

Read our full review on this national bank.

PNC Bank

Why it stands out: PNC Bank has a low checking fee and offers a wide range of services, including auto loans, mortgage loans, credit cards, investment services, and insurance.

Pros:

  • Low checking fee
  • Wide range of products offered
  • 0.02% APY for 12-month CD

Cons:

  • Not as many locations as other national banks

What to look for: PNC Bank’s checking fee of $7 is one of the lowest among national banks. There are also a wide variety of products offered like auto loans, mortgage loans, credit cards, investment services, and insurance, all available at more than 2,100 branches. The bank offers a 0.01% APY on savings accounts and 0.02% APY on 12-month CD accounts.

Read our full review on this national bank.

More From GOBankingRates

Methodology: To discover the Best National Banks, GOBankingRates looked at the top national institutions (located in 20 or more states). To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) checking account annual fee; (4) savings account APY rate; (5) 12-month CD APY rate; (6) customer service products offered (24/7 customer service and live chat with a human); (7) Bauer rating (out of 5 stars); (8) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (9) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factors (1) and (4) were weighted 1.5 times, factors (2) and (8) were weighted 2 times, and factor (6) was weighted 0.5 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed. All data is up to date as of Oct. 11, 2021. Rates and fees are subject to change.

About the Author

Gabrielle joined GOBankingRates in 2017 and brings with her a decade of experience in the journalism industry. Before joining the team, she was a staff writer-reporter for People Magazine and People.com. Her work has also appeared on E! Online, Us Weekly, Patch, Sweety High and Discover Los Angeles, and she has been featured on “Good Morning America” as a celebrity news expert. 

Best Bank Accounts of May 2022

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