When choosing the best national banks for your money, there are many things to consider. Interest rates and fees are important factors to look at, but you should also consider your account options and the features of online banking. Customer service ratings can be helpful, too, especially if you plan on doing most of your banking online. So, which bank is right for you? Keep reading for five tips that will help you make your decision.
1. Compare interest rates and fees
The first thing you’ll want to do when choosing a bank is compared interest rates and fees. This includes the interest rate on savings accounts and the fees associated with checking accounts. You’ll also want to look at minimum balance requirements and monthly maintenance fees. By doing some research ahead of time, you can be sure to find the best deal for your needs.
Interest rates vary significantly from bank to bank, so shopping around is essential. The same is valid for fees. Many banks charge monthly maintenance fees, but some will waive these fees if you maintain a certain balance. It’s also worth noting that some banks offer higher interest rates on savings accounts if you also have a checking account. So, if you’re looking for the best overall deal, it’s essential to compare these factors.
Overdraft fees are another critical consideration. These can be very costly, so you’ll want to ensure that your chosen bank doesn’t charge them. Additionally, some banks offer overdraft protection plans for an additional fee. If you think you might need this feature, it’s worth looking into.
When choosing what bank is best for you, monthly fees, minimum balance, and overdraft fees are essential. Research can ensure you’re getting the best deal possible for your needs.
Foreign transaction fees and early account closing fees are a few more things to consider when picking a bank. These fees can add up quickly, so you’ll want to ensure that your chosen bank doesn’t charge them.
2. Consider your account options
You’ll also want to consider your account options when choosing a bank. This includes both savings and checking accounts. Many banks offer different types of accounts, so it’s essential to find one that fits your needs. For example, if you’re looking for a high-yield savings account, you’ll want to find a bank that offers that. On the other hand, if you’re someone who tends to overdraft your account, you’ll want to find a bank that has low or no fees for overdrafts.
Bank account options are essential to consider because they can significantly impact your overall experience with a bank. You’ll want to find an account that fits your needs and gives you the best possible experience.
Checking account options
* No monthly maintenance fees
* Free online and mobile banking
* Unlimited check writing privileges
* Overdraft protection available
Savings account options
* Tiered interest rates based on account balance
* Free online and mobile banking
* Deposit checks from your mobile device
* Access to over 55,000 ATMs nationwide
Based on the options above, you can see some key differences between savings and checking accounts. It’s important to consider all of your options before deciding on a bank.
Money market account
* Earn tiered interest rates on your account balance
* Access to your funds with a debit card
* Check-writing privileges up to six times per month
* Free online and mobile banking
Certificates of deposit (CDs)
* Guaranteed fixed interest rate for the term of the CD
* Terms ranging from three months to five years
* Minimum deposit required
* FDIC insured
When considering your account options, you’ll also want to look at the available types of accounts. Money market accounts and certificates of deposit (CDs) are two popular options. Each has its benefits and drawbacks, so it’s essential to find the right fit for your needs.
Marcus by Goldman Sachs is an online savings account that offers the following features:
* High yield interest rates
* No monthly fees
* No minimum balance requirements
* Free withdrawals at any ATM nationwide
* 24/seven customer service
Some banks also offer special accounts, such as student accounts or retirement accounts. If you’re looking for a specific type of account, find a bank that offers it.
For example, Wells Fargo offers a Student Checking account which has the following features:
* No monthly maintenance fees
* Free online and mobile banking
* A debit card with no annual fee
* Up to $600 protection on your Wells Fargo accounts if your card is lost or stolen
* Online and mobile bill pay
* Mobile deposit
* 24/seven customer service
Ally Bank
Ally Bank offers a High Yield Savings account that has the following features:
* High yield interest rates
* No monthly fees
* No minimum balance requirements
* Free withdrawals at any ATM nationwide
* 24/seven customer service
Discover Bank
Discover Bank offers a CD account that has the following features:
* Fixed interest rates
* Terms ranging from three months to ten years
* No minimum deposit required
* FDIC insured
National Bank of America
National Bank of America offers a Retirement Savings account that has the following features:
* Earn interest on your balance
* No monthly maintenance fees
* Free online and mobile banking
* A debit card with no annual fee
* Up to $600 protection on your National Bank of America accounts if your card is lost or stolen
* Online and mobile bill pay
* Mobile deposit
* 24/seven customer service
3. Look for online banking features
In today’s world, online banking is a must. When choosing a bank, you’ll want to ensure they offer all the features you need. This includes online bill pay, mobile deposit, and 24/seven customer service.
Many banks also offer bonuses for signing up for an account online. For example, Chase offers $150 when you open a new checking account and set up a direct deposit. So, if you like to do their online banking, take advantage of these offers.
Online banking features to look for:
* Online bill pay
* Mobile deposit
* 24/seven customer service
* Online bonuses and offers
Online only bank
If you’re looking for the convenience of online banking but don’t want to sacrifice features or customer service, an online-only bank is a good option. These banks offer all of the features of a traditional bank but without any branch locations. Some examples of online-only banks include Ally Bank and Capital One 360. These banks offer great interest rates, no monthly fees, and all of the features of online banking.
Everyday debit card purchases, no matter how small, add up. When choosing an online-only bank, you can get the same great interest rates without worrying about fees eating into your savings.
ATM access
One thing to remember with an online-only bank is that you won’t have access to a physical ATM. So, if you need cash, you’ll either have to transfer it to another account or use a mobile app like Chime, which offers fee-free ATM access.
4. Check customer service ratings
As we mentioned before, customer service is essential. You’ll want to find a bank that has good customer service ratings. This way, if you ever have an issue with your account, you know that you’ll be able to get it resolved quickly and easily.
You can find bank customer service ratings on J.D. Power and Consumer Reports sites. These sites will give you an unbiased look at how each bank’s customer service stacks up.
When you’re checking customer service ratings, look for things like:
* How easy it is to get in touch with a customer service representative
* How quickly issues are resolved
* The overall satisfaction rating
By checking customer service ratings, you can be sure that you’re choosing a bank that will provide you with the level of service you need.
5. Decide which bank is right for you!
Now that you know what to look for, it’s time to decide which bank is right for you. Take the time to compare interest rates, fees, account options, and customer service ratings. This way, you can be sure that you’re choosing the best possible option for your needs.
Don’t forget to consider online-only banks as well. These banks can offer great rates and all of the features of online banking without any monthly fees.
Brick and Mortar bank
Many people still prefer the traditional banking experience of going into a branch. If this is important to you, be sure to find a bank that has branches near you.
For example, Chase Bank has over 16,000 ATMs and nearly 5000 branches nationwide. So, if you’re looking for a bank with a significant national presence, Chase is a good option.
On the other hand, if you’re looking for a smaller bank with more personal service, you may want to consider a local or regional bank. These banks often have fewer branches and ATMs but can offer more personalized service.
Local or Regional Bank
Some examples of regional banks include BB&T and PNC Bank. These banks have a smaller national presence but offer more personal service.
* Earn interest on your balance
* No monthly maintenance fees
* Free online and mobile banking
* A debit card with no annual fee
* Up to $600 protection on your TD Bank accounts if your card is lost or stolen
* Online and mobile bill pay
* Mobile deposit
* 24/seven customer service
Wealth management services
For those with a high net worth, you may want to consider a bank that offers wealth management services. These banks can advise you on investing, estate planning, and tax preparation. They can also offer other services such as private banking and trust services. Banks offering wealth management services include Bank of America Merrill Lynch and JP Morgan.
CIT Bank
CIT Bank offers a great in-person experience with online tools. They have over 80 branches across the country, and their mobile app makes it easy to access your money when you’re on the go! They also have a great interest rate on their savings account and offer 24/seven customer service.
Bank of America Merrill Lynch
Bank of America Merrill Lynch is an excellent option for those with a high net worth. They offer wealth management services, private banking, and trust services. They also have over 4000 branches across the country.
National banks tend to have more account options and features than smaller banks. When choosing a bank, you must consider your options and find the right fit for your needs.
Chase Premier Plus
To avoid the $12 monthly service fee, do any ONE of the following each statement period:
* Maintain a minimum daily balance of $1500 or more in your checking account; OR
* Link your Chase Premier Plus Checking(SM) to your Chase Premier Savings(SM) and maintain a combined balance of $25,000 or more in eligible checking, savings, and invested assets; OR
* Have an automatic payment to your qualifying linked Chase mortgage from your Chase account; OR
* Be 62 years or older.
National Banks FAQs:
When choosing a national bank, you’ll want to consider the following factors:
* The type of accounts offered
* Interest rates and fees
* Customer service ratings
* Online banking features
* ATM access and locations
What are the benefits of a national bank?
* A wide variety of account options
* Competitive interest rates
* Convenient locations and ATM access
* Online and mobile banking features
* Excellent customer service ratings
What are the disadvantages of a national bank?
• Few personalization and customization options
• More stringent account requirements
• Less flexible customer service hours
When considering a national bank, it’s essential to weigh the pros and cons to find the right fit for your needs.
Bottom Line:
When choosing a bank, it’s essential to consider your needs and find the right fit. National banks tend to have more account options and features than smaller banks. However, they may also have more stringent requirements and less flexible customer service hours. If you’re looking for a more personalized experience, you may want to consider a local or community bank. Whichever type of bank you choose, be sure to compare interest rates, fees, and customer service ratings to find the best fit for you.
