The best big banks of 2024
The nation’s best big banks typically provide customers with everything they need to manage their finances, whether in a branch, at home or on the road. Those features include easy access to ATMs, flexible customer-service hours, highly ranked mobile apps and other resources to help customers handle nearly every banking situation.
Key takeaways
- The best big banks all had an iOS mobile app rating of at least 4.8.
- The absolute largest banks – based on branch locations – didn’t make Bankrate’s best bank list. Bank of America, the third largest bank based on branches, was the only bank in the top three in total U.S. locations on the list.
To determine the best big banks, Bankrate analyzed minimum deposit requirements, monthly service fees, overdraft fees, CD offerings, savings yields, ATM access and other criteria.
Big banks are sometimes known for offering bank account bonuses, which are useful if you’re trying to build an emergency fund. But they generally don’t offer the absolute highest savings rates and CD yields.
The banks that make Bankate’s Best Big Banks of 2024 all have a mobile app rating of 4.8 or higher on iOS devices, an increasingly important factor as online-only banks and mobile apps become an integral part of consumers’ daily banking habits.
Capital One
Capital One is Bankrate’s best big bank for the seventh straight year. Capital One’s competitive yields rival savings accounts and CDs offered by online banks. For a big bank, its 360 Checking Account has many features that Bankrate looks for: It doesn’t require a minimum to open the account; doesn’t charge a maintenance fee; pays a higher yield than the typical big bank on savings, checking and some CD terms; and offers customers ample ATM access.
Capital One operates more than 300 branches and cafés.
Capital One also offers customers access to direct deposits up to two days early and has eliminated overdraft fees.
- Accessible accounts
- Capital One checking and savings accounts and CDs have no minimum opening deposit requirement, making them accessible to a range of savers. The checking and savings accounts don’t charge a monthly service fee either.
- Highly-rated app
- Capital One’s mobile app receives high ratings from users of iOS and Android devices.
- ATM access
- Customers have free access to tens of thousands of Allpoint, MoneyPass and Capital One ATMs.
Citibank
Citibank, the banking arm of Citigroup, the fourth-largest bank in the U.S. based on assets, offers a competitive yield on its Citi Accelerate High Yield Savings account and no minimum deposit is required to open it. The account is available in most, but not all, U.S. states. Other standout features include a highly-rated mobile app and ample branch access.
- Digital leader
- Citi’s mobile app receives high ratings from users of both iOS and Android devices. Customers can also use the app to pay friends with Zelle and even lock or unlock a card.
- Branch access
- Citibank has 666 locations in the U.S., as of late December 2023, according to data from the Federal Deposit Insurance Corp., or FDIC.
- Competitive savings yields
- Citibank offers a competitive yield on its savings account online, but it’s not available in all areas.
PNC Bank
PNC closed on its purchase of BBVA in June 2021, giving PNC about 600 additional branches in seven states. It now has around 2,400 branches. PNC earned Bankrate’s third-highest score for big banks, standing out for its digital tools, high-yield savings account and avoidable fees. PNC also recently earned the title of Most Trusted Bank in the 2023 Bankrate Awards.
- Digital tools
- PNC’s Virtual Wallet offers a number of financial health features, including warnings about “danger day,” which alerts you to the potential for overdrawing your account so that you can adjust spending or transfer funds from savings. With its highly-rated app, PNC customers can use Zelle for peer-to-peer payments and find nearby ATMs.
- High-yield savings account
- PNC’s high-yield savings account, available only in certain states, offers a competitive APY and has no minimum deposit requirement. PNC’s Virtual Wallet checking and savings also doesn’t have a monthly service fee or minimum opening deposit requirement.
- Low fees
- The high-yield savings account doesn’t charge a monthly service fee. The Virtual Wallet checking account at PNC also doesn’t charge a monthly maintenance fee as long as you have a $500 qualifying direct deposit each month or are older than 61 years old. Its money market account also has a fee that can be waived if the minimum balance requirement is met. Account availability varies by region.
Bank of America
Bank of America has nearly 3,800 locations in 38 states and Washington, D.C. That gives Bank of America the third most number of branches in the U.S. Around 68 million consumers and small business customers bank at Bank of America.
- Digital tools
- Bank of America has Erica, a virtual financial assistant. Erica has had more than 1.5 billion customer interactions since it made its debut more than five years ago. Bank of America also has an app that’s highly-rated on both iOS and Android.
- Branch locations throughout the U.S.
- Bank of America branches can be found in 38 states throughout the country, which means there might be a BofA branch near you. And if you move, there’s a good chance you’ll find a branch in your new neighborhood.
- Competitive CD yields for a brick-and-mortar bank
- During our review in late 2023, Bank of America offered a competitive yield in New York state on some of its CD terms. You can still earn a higher yield at a competitive FDIC-insured online bank as some banks offer CDs at rates well above the national average.
TD Bank
TD Bank offers helpful digital tools and a large branch footprint along the East Coast. Its Convenience Checking account requires that you keep only $100 in the account. The low minimum balance requirement gives consumers without direct deposit access to an account at a big bank without paying a monthly service fee.
- Customer service
- At some locations, TD Bank offers Saturday and/or Sunday hours.
- Digital tools
- Through the TD Bank app, customers can access digital banking features, including Zelle, remote check deposit and bill pay.
- Branch access
- TD Bank has about 1,181 locations in 15 states throughout the East Coast and Washington, D.C.
Pros and cons of large national banks
Pros
- Most people might have one of the largest banks in America near them.
- These banks might have convenient locations near you.
- Large national banks generally have most of the traditional products and services that you’d expect a bank to offer. These include checking and savings accounts, safe deposit boxes, mortgages and other banking products and services. Some online FDIC-insured banks don’t offer checking accounts, for instance.
Cons
- The largest banks usually don’t offer the highest yielding rates available. These are typically offered by online-only FDIC-insured banks.
- Big banks typically require a direct deposit to avoid a monthly service fee. Or they might have higher minimum balance requirements than FDIC-insured online banks.
- Sometimes online banks might actually have more ATMs in their network than a brick-and-mortar bank. (Capital One and PNC Bank are two exceptions to this.)
