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 “Top 10 Banks in America for 2024: Comprehensive Comparison of Services and Fees”

Top 10 Banks in America for 2024

Are you on the hunt for the best banks in America that balance excellent services with minimal fees? With so many choices, finding the right bank can seem overwhelming. This guide will examine the leading US banks that are expected to be in the year 2024 looking at what they offer, the interest rates they charge and the requirements that come with the accounts. This will assist you in decision making process.

Forbes Advisor conducted a thorough review of 80 nationally accessible banks. They compared fees as well as annual percentage yields, customers’ loyalty, and account conditions. Over 20 banking studies prove this analysis and determined the list of the ten best banks for the following year. The choices made above will allow our readers see what option is better for him: a typical bank, an online bank or a credit union.

Key Takeaways:

• Forbes Advisor analyzed 80 banks to determine the top 10 for 2024, based on fees, APYs, customer experience, and account minimums.
• Ally Bank was named the top online bank, offering a 4.20% APY with no minimum deposit.
• Chase Bank was recognized as the best major bank, despite its low 0.01% APY.
• Digital Federal Credit Union took the lead among credit unions, providing a 6.17% APY with a $5 minimum deposit.
• Wells Fargo was named the top small business bank, offering a 0.05% APY and a $25 minimum deposit.

Introduction to the Top Banks in America

In the United States, banking options abound, each with distinct services, fees, and benefits. As we anticipate the us bank rating 2024, grasping the landscape of the top banks in America for 2024 is crucial. The Federal Reserve updates on the largest U.S. banks by asset size, offering insights into market leaders.

Top 10 Banks in America for 2024

The 15 largest U.S. banks hold around $12.95 trillion in assets as of December 31, 2023. JPMorgan Chase leads with $3.40 trillion in assets, followed by Bank of America with $2.54 trillion. Wells Fargo and Citigroup rank third and fourth, respectively, with assets of $1.73 trillion and $1.68 trillion. U.S. Bancorp completes the top five with $650.7 billion in assets.

These leading banks offer extensive branch and ATM networks, catering to diverse customer needs. JPMorgan Chase, the largest, has branches in nearly all states and about 16,000 ATMs. Bank of America and Wells Fargo also provide broad banking solutions nationwide.

Bank	Total Assets (in trillions)
JPMorgan Chase	$3.40
Bank of America	$2.54
Wells Fargo	$1.73
Citigroup	$1.68
U.S. Bancorp	$0.65

Mergers, acquisitions, and bank failures also shape the us bank rating 2024. Truist Financial, a merger product of BB&T and SunTrust, now holds 7.5 billion in assets. Citizens Financial has grown through HSBC branch acquisitions, while First Citizens Bank merged with CIT Bank, boosting its assets to 3.8 billion. First Republic Bank's failure has reshaped the ranking, affecting the top banks in America for 2024.

Thus, to analyze the major American banks it is necessary to look at its financial services, branches, online products, and customer satisfaction. It benefits individuals and businesses to know each bank’s strength so that one can choose the right bank to transact its business in the future.

Factors to Consider When Choosing a Bank

Choosing the right bank is crucial for your financial health. When comparing US banks, consider several key factors to ensure you find the best fit. We'll delve into account types, interest rates, and branch networks to guide your decision.

Factors to Consider When Choosing a Bank

Account Types and Features

Different banks offer various account types tailored to diverse financial needs. Consider these when comparing US banks:

• Checking accounts are perfect for daily transactions like paychecks, bills, and purchases. Look for banks with low or no fees and free checks.
• Savings accounts earn interest and help your money grow. Compare APYs to maximize your earnings. Online banks often have higher APYs than traditional banks.
• Money market accounts blend checking and savings features, offering higher interest rates but fewer transactions.
• Certificates of deposit (CDs) are time-based accounts that provide higher interest rates for a fixed term. Compare rates and terms across banks to find the best option.

Interest Rates and Fees

Interest rates and fees are crucial when evaluating US bank services. Here are some key points to consider:

Factor	Description
Annual Percentage Yield (APY)	The average savings account APY is about 0.60%, with some banks offering up to 5% or more. Online banks usually have higher APYs, with some offering up to 4.50% on cash balances.
Overdraft Fees	Overdraft fees average around $35, which can add up quickly. The average fee is $26.61, according to Bankrate's 2023 survey.
ATM Fees	ATM fees can be low or high, affecting your savings. Look for banks that offer free ATM access or reimburse out-of-network fees.
Minimum Balance Requirements	Some traditional banks require a minimum deposit and balance, often $100 or more. Seek banks with low or no minimums to avoid extra fees.

Accessibility and Branch Network

Consider the accessibility and branch network of US banks. Online banks offer 24/7 access and lower fees, while brick-and-mortar banks provide in-person help and a physical presence. A J.D. Power study found 38% of consumers see branches as essential, with 72% planning to use them as much in 2023.

Think about your banking needs to decide on the importance of a strong branch network. If you prefer face-to-face interactions and personalized service, choose a bank with a local presence. However, if you value convenience and are okay with digital banking, consider an online bank or one with a wide ATM network.

See also→ What are the best banks in America? Advantages and disadvantages of each

JPMorgan Chase: The Largest Bank in the U.S.

Chase Bank is also referred to as JPMorgan Chase which is the largest bank in the United States of America. It currently operates in excess of 4,800 branches and in access of 15,000 ATM’s across the country. Thus, with the total amounts of deposits which was $2,061,107,000 by the end of the year of March 31, 2024, it remains the leader among the American banks. The large span of coverage and an elaborate list of service delivery make it a consumer favorite across the country.

Chase Bank does not only focus on the provision of consumer financial services, but it also provides services to business, investments and assets. In this broad portfolio, it caters for individual clients, small business as well as large companies. In essence due to its large market base and access to enormous resources, Chase Bank offers appropriate solutions to its clients.

Overview of Services and Products

Chase Bank provides a comprehensive suite of services and products for its customers' diverse financial needs. Key offerings include:

• Checking and savings accounts
• Credit cards with rewards and cashback programs
• Personal loans and lines of credit
• Mortgages and home equity loans
• Auto loans and financing
• Investment and retirement planning services
• Business banking solutions for small and large enterprises

Chase Bank attracts new customers and retains existing ones with generous bonuses and promotions on its products. These incentives, along with its extensive services, contribute to its popularity and growth in the competitive banking landscape.

Fees and Interest Rates

When evaluating a bank, it's crucial to look at its fees and interest rates. Chase Bank's fees and rates vary by product and service. Here's a general overview:

Product	Fees	Interest Rates (APY)
Checking Accounts	$12-$25 monthly fee (waivable)	0.01%-0.02%
Savings Accounts	$5-$25 monthly fee (waivable)	0.01%-0.05%
Certificates of Deposit (CDs)	No monthly fee	0.02%-0.05% (varies by term)
Credit Cards	Annual fees vary by card ($0-$550)	N/A

Chase often waives monthly fees on checking and savings accounts under certain conditions. These include maintaining a minimum balance or setting up direct deposit. Interest rates can also vary based on market conditions and account terms.

They established that Chase Bank is well capable of competing in the banking industry because of its large branch network, extensive products range and promotional giveaway. But it is recommended to go through the fees, interest and other terms applicable to the products and services intended to be availed.

Bank of America: Comprehensive Banking Solutions

Bank of America stands out as one of the largest banks in the U.S., offering a broad spectrum of services to individuals and businesses alike. Its vast network of over 3,700 branches across the nation ensures easy access to its extensive financial products and services. The bank also extends its offerings through Merrill Lynch, a subsidiary, providing investment and wealth management solutions.

Account Options and Perks

Bank of America addresses varied banking needs with a variety of account types, each tailored to meet specific financial goals and preferences. Key account options include:

• Advantage Relationship Banking: This account offers a $0 monthly maintenance fee on up to 7 eligible accounts when linked to the primary Relationship Banking account.
• SafeBalance Banking for Family Banking: Designed for families, this account provides a no monthly fee until the child reaches the age of 25.
• Advantage Plus Banking: With multiple ways to waive the monthly maintenance fee, including through direct deposit, this account offers flexibility and value.

Bank of America ensures customer protection with a $0 Liability Guarantee on select banking services across various account types. The Advantage Relationship Banking account features parental control over withdrawals and deposits, an optional child debit card, and Online Banking access.

Fees and Charges

Bank of America's competitive banking solutions come with associated fees and charges. Key fees to consider include:

Service	Fee
Monthly Maintenance Fee (Advantage Plus)	$12 (waivable)
Overdraft Fee	$35 per item
Non-Bank of America ATM Fee	$2.50 per transaction
Wire Transfer Fee (Domestic)	$30 per transfer

Fees may vary by account type and can be waived by meeting certain requirements, such as maintaining a minimum balance or setting up direct deposit. Bank of America also offers online and mobile banking services, including the AI-powered virtual assistant, Erica, available on select iOS and Android devices. These services may incur message and data rates.

In conclusion, a thorough Bank of America review highlights its extensive range of banking services, account options, and perks for customers. While fees and charges are important considerations, the bank's extensive branch network and commitment to security make it a strong choice for those seeking a reliable and comprehensive banking solution.

 See also→ Best interest rates on US bank savings accounts for 2024

Wells Fargo: Extensive Branch Network

Wells Fargo stands as a leading, full-service banking institution. It offers a broad spectrum of financial products and services. These include consumer and commercial banking, mortgage and home equity lending, credit cards, investment banking, and wealth management. With approximately $1.7 trillion in total assets, it ranks as the third-largest bank in the United States.

Wells Fargo is renowned for its extensive branch network. The bank operates around 4,400 branches and 12,000 ATMs across the country. This extensive network ensures customers have easy access to in-person banking services. It makes Wells Fargo an excellent choice for those who value face-to-face interactions and local branch access.

Bank	Number of Branches	Number of ATMs
Wells Fargo	4,400	12,000
JPMorgan Chase	4,800	16,000
Bank of America	3,700	15,000

Wells Fargo also offers competitive interest rates on savings accounts. As of February 10, 2023, the bank provides a savings APY of 4.50% with direct deposit and 1.20% without. These rates are attractive for customers who prefer the convenience and security of banking with a well-established, brick-and-mortar institution.

When considering a Wells Fargo bank review, it's crucial to note its comprehensive suite of financial services. It serves as a one-stop-shop for all your banking needs. From everyday checking and savings accounts to complex investment and wealth management solutions, Wells Fargo has you covered.

Citibank: Global Banking Presence

Citibank, a key player in the global banking sector, operates under Citigroup's umbrella. It boasts a vast network across nearly 160 countries, offering a broad spectrum of financial services. These include consumer and commercial banking, investment services, and wealth management. As of December 31, 2023, it stands fourth in the US, with assets valued at $1.68 trillion.

Unique Services and Benefits

Citibank's extensive global reach enables it to provide unique services and benefits. Its Global Corporate Banking division has been a cornerstone in Pakistan since 1960, serving sectors like Aviation, Auto, and Energy. The bank has pioneered several financial innovations in Pakistan, including the Euro-convertible Offering and funding for Microfinance Institutions.

Beyond corporate banking, Citibank caters to high-net-worth individuals and family offices. Its family office services are tailored for single family offices managing over $100 million in assets. Citibank's private banking division has garnered accolades, winning awards for excellence in serving UHNW clients and women.

Fees and Interest Rates

Examining fees and interest rates is crucial when choosing a bank. Citibank offers competitive rates and fees, varying by product or service. For instance, its wealth management requires a minimum investment of $5 million, making Citigold suitable for certain clients.

Not all products are available everywhere, so consulting a Private Banker is advised for details. Reviewing Citibank's fees and rates helps clients determine if the bank meets their financial objectives.

Bank	Assets (in trillions)	Rank
JPMorgan Chase	$3.40	1
Bank of America	$2.54	2
Wells Fargo	$1.73	3
Citigroup	$1.68	4
U.S. Bancorp	$0.65	5

U.S. Bank: Reliable Banking Services

U.S. Bank, a leading financial institution, is headquartered in Minneapolis and operates under U.S. Bancorp. It boasts an impressive $650 billion in assets. Over time, it has expanded through strategic acquisitions, enhancing its industry presence. Currently, it stands as the fifth-largest bank in the U.S. by assets, significantly smaller than the top four banks, each with over $1 trillion in assets.

With a strong national footprint, U.S. Bank has over 2,200 branches in 26 states and a network of more than 4,500 ATMs. This extensive network ensures customers can easily access banking services wherever they are. The bank's ATM network spans 27 states, providing customers with convenient access to cash and banking services.

U.S. Bank offers a wide range of banking products and services to meet customer needs. Customers can choose from checking accounts, savings accounts, CDs, and money market accounts. This variety allows customers to select the account that aligns with their financial goals and preferences.

For those looking to grow their savings, U.S. Bank provides competitive interest rates. Savings accounts offer a 0.01% APY, while CDs range from 0.10% to 4.75%. Money market accounts provide an attractive 4.25% APY for balances over $25,000, offering a lucrative option for higher balances.

Account Type	APY
Savings Account	0.01%
Certificates of Deposit (CDs)	0.10% - 4.75%
Money Market Account (Balances of $25,000+)	4.25%

U.S. Bank also offers a variety of products beyond traditional banking services. These include credit cards, investment accounts, retirement accounts, and various loan options. This comprehensive suite aims to fulfill all customers' banking and financial needs in one place.

Customer satisfaction is a key focus for U.S. Bank, with mixed reviews across different regions. While some areas rate the bank highly for reputation and customer service, others report below-average experiences. However, the bank's mobile banking app consistently receives high ratings on the App Store and Google Play, indicating a positive user experience for mobile banking users.

As a FDIC-insured institution, U.S. Bank ensures customer deposits up to $250,000 per person, per account category are insured. This federal backing provides customers with peace of mind, knowing their funds are secure and protected.

U.S. Bank offers a blend of benefits and drawbacks, catering to the diverse needs and preferences of its customers. With its extensive branch network, competitive interest rates, comprehensive product offerings, and focus on mobile banking, U.S. Bank aims to provide reliable and accessible banking services nationwide.

See also→ The Role of Banks in the Economy

Best Banks in America for Online and Mobile Banking

In today's digital world, online and mobile banking are crucial for financial services in the U.S. Banks are enhancing their electronic banking to meet customer demands for convenience and accessibility. A detailed analysis of 60 online banks in September 2024 identified the top performers in the U.S. for these services.

The ranking focused on 12 key areas, including product variety, interest rates, fees, ATM access, customer satisfaction, and digital ease. Banks with the highest interest rates and lowest fees were prioritized. Eligibility required national availability of online banking services.

Top Online Banks and Their Features

Online-only banks often outshine traditional banks and credit unions due to lower costs. This advantage allows them to charge fewer fees, including monthly and ATM fees. They also offer higher interest rates on various financial products compared to traditional banks.

Bank	APY	Minimum Deposit	Notable Features
Capital One	0.10%	$0	No minimum deposit required
Discover	N/A	$0	1% cash back on up to $3,000 in debit card purchases each month
Alliant Credit Union	0.25%	N/A	Requires opt-in to paperless statements and recurring monthly electronic deposit
Cash App	4.50%	N/A	High-yield savings account requiring a monthly direct deposit of at least $300

However, online banks may not have physical branches, which could be a drawback for those who prefer face-to-face banking. Some offer ATM fee reimbursements but with monthly limits. Additionally, some do not accept cash deposits, which could be inconvenient for those who often receive cash payments.

Comparison of Mobile Banking Apps

Mobile banking apps are now essential, with nearly two-thirds of consumers in January 2023 saying they can't do without them. When evaluating these apps, consider user experience, features, security, and support. A 2023 study by the American Bankers Association found that about 48 percent of customers preferred mobile apps for managing their finances in the past year.

Some leading mobile banking apps include:

• Chase Total Checking®, which provides free credit monitoring
• Huntington Bank, which topped J.D. Power's 2023 ranking of U.S. regional banking mobile apps for overall customer satisfaction
• Chime, the most downloaded digital banking app in 2021, according to a study by digital research company Apptopia
• Varo, which made fintech history in 2020 by becoming a bank

When choosing an online bank, ensure your money is safe by checking for FDIC insurance. This protection is similar to that of banks with physical branches. Online banks are ideal for those comfortable with digital banking and seeking higher interest rates and fewer fees.

Regional Banks with Exceptional Services

Regional banks are crucial in the banking sector, offering personalized services and solutions within specific geographic areas. PNC Bank and TD Bank are two regional banks that excel in this field. They provide exceptional services to their customers.

PNC Bank: East Coast and Midwest Presence

PNC Bank is a leading regional bank with a significant presence on the East Coast and in the Midwest. It boasts approximately $553 billion in assets and around 2,400 branches. PNC Bank offers a broad range of financial services and solutions for individuals and businesses. Its commitment to community involvement is clear, with over $65 million in annual grants to charitable trusts and foundations.

PNC Bank stands out with its diverse selection of certificates of deposit (CDs) featuring promotional above-average rates. Customers can select from various term lengths and enjoy competitive interest rates on their savings. Additionally, PNC Bank provides a comprehensive suite of banking products, including checking and savings accounts, credit cards, mortgages, and investment services.

TD Bank: Personalized Banking in the Northeast

TD Bank, with over $366 billion in assets and more than 1,100 branches, is a prominent regional bank focusing on delivering personalized banking experiences in the Northeast and along the East Coast. It is known for its exceptional customer service. TD Bank offers a wide array of banking products and services tailored to meet the unique needs of its clients.

TD Bank's commitment to convenience and accessibility is a key strength. The bank operates extended hours, including weekends, to ensure customers can access banking services at their convenience. TD Bank also provides a robust online and mobile banking platform. This platform enables customers to manage their accounts, pay bills, and transfer funds seamlessly.

Bank	Assets	Branches	Key Features
PNC Bank	$553 billion	2,400	Promotional above-average CD rates Comprehensive banking products Strong community involvement
TD Bank	$366 billion	1,100	Personalized banking experiences Extended hours and weekend operations Robust online and mobile banking platform

When evaluating regional banks, it's crucial to consider factors such as branch locations, account options, fees, and customer service. Both PNC Bank and TD Bank have established themselves as reliable and customer-centric financial institutions. They offer a range of services to meet the diverse needs of their clients. Choosing a regional bank with a strong presence in your area allows you to benefit from personalized attention, local expertise, and tailored banking solutions.

Safeguarding Your Money: FDIC and NCUA Insurance

When selecting a financial institution, ensuring your money's safety is paramount. In the U.S., both banks and credit unions offer insurance to protect your deposits. FDIC insured banks and NCUA insured credit unions provide assurance that your funds are secure up to specific limits.

The Federal Deposit Insurance Corporation (FDIC) insures deposits at over 4,500 banks and savings associations nationwide. FDIC insurance covers up to $250,000 per depositor, per insured bank, across various account types. This means if you have multiple accounts at one bank, like savings, checking, and a CD, each is insured up to $250,000.

Similarly, the National Credit Union Administration (NCUA) insures deposits at federally insured credit unions through the National Credit Union Share Insurance Fund (NCUSIF). NCUA insured credit unions offer the same protection as FDIC insured banks, with coverage up to $250,000 per depositor, per insured credit union, for each account type.

Insurance Provider	Coverage Limit	Insured Institutions
FDIC	$250,000 per depositor, per insured bank, per account ownership category	Banks and savings associations
NCUA	$250,000 per depositor, per insured credit union, per account ownership category	Federally insured credit unions

FDIC and NCUA insurance is automatic, so you don't need to apply for it. Your deposits are protected up to the limits if your bank or credit union is insured by these agencies. You can increase your coverage by:

• Opening accounts at different FDIC insured banks or NCUA insured credit unions
• Utilizing different account ownership categories (e.g., individual, joint, trust accounts)
• Using services like the Certificate of Deposit Account Registry Service (CDARS) for CDs

While the FDIC and NCUA offer strong protection for deposits, not all financial products are insured. For instance, mutual funds, stocks, bonds, life insurance policies, and annuities are not covered by FDIC or NCUA insurance.

When choosing a bank or credit union, ensure it's insured by the FDIC or NCUA. Look for the official FDIC or NCUA logo, or use their online tools to find insured institutions. By picking an FDIC insured bank or NCUA insured credit union, you can rest assured your money is safe, allowing you to focus on your financial goals.

Conclusion

Choosing the best banks in America for 2024 requires a focus on your financial needs and priorities. Top US banks offer various account types, competitive rates, and perks for different customer preferences. Some banks stand out for their extensive branch networks and personalized services. Others excel in online and mobile banking experiences.

Leading banks like JPMorgan Chase, Bank of America, Wells Fargo, Citibank, and U.S. Bank are known for their reliability and comprehensive services. They cater to individuals, families, and businesses with a wide range of products. Yet, smaller regional banks and credit unions also offer quality services and competitive rates. They are great for those seeking a more personalized banking experience.

Finding the best bank for you means evaluating your financial goals and priorities. Compare account features, interest rates, fees, and accessibility across banks. This way, you can make an informed choice that maximizes your savings and minimizes costs. As we move into 2024, the top US banks will continue to innovate and adapt. They ensure you have the tools and resources to meet your financial goals.

FAQ

What are the top banks in America for 2024?

The top banks in America for 2024 include JPMorgan Chase, Bank of America, Wells Fargo, Citibank, and U.S. Bank. These institutions are renowned for their extensive services, large branch networks, and significant assets. They dominate the U.S. banking sector.

How do I choose the best bank for my needs?

Selecting a bank involves assessing various factors. Consider the types of accounts available, interest rates, fees, and branch accessibility. It's crucial to align these with your financial priorities and needs.

What sets JPMorgan Chase apart as the largest bank in the U.S.?

JPMorgan Chase stands out as the largest U.S. bank, boasting nearly $3.4 trillion in assets and over 4,800 branches. It offers a broad spectrum of services, including consumer and business banking, investments, and asset management. The bank is also known for its attractive bonuses and promotions.