Mortgage Q&A: “How to pay the mortgage with a credit card.”
First things first; banks and mortgage lenders don’t accept credit cards as a form of payment when attempting to repay your home loan. Options for paying are typically limited to ACH or check.
However, back during the housing boom aka meltdown there were various third-party services that allowed homeowners to make their mortgage payments with a credit card.
Paying the mortgage with a credit card topics:
– Why pay the mortgage with a credit card? – Using Plastiq to pay the mortgage – Using Tio to pay the mortgage (no longer an option) – Using American Express Serve to pay the mortgage – Warnings and drawbacks to paying the mortgage with a credit card
These services charged fees for the convenience, and looking back, they were probably only offered because people couldn’t keep up with their mortgage payments, and eventually their credit card payments either.
Chances are these same people had to execute a balance transfer shortly after…
Unsurprisingly, these services seemed to disappear as quickly as they surfaced, but there are still options to pay the mortgage with a credit card each month free of charge, even if mortgage lenders won’t let you do it directly.
Reasons to Pay the Mortgage with a Credit Card
To meet a minimum spending requirement and earn bonus credit card points
To increase everyday spending and earn cash back, points, etc.
To defer payments for a period of time to give yourself some breathing room
This last one isn’t a good idea!
The difference today is that this method/idea is more about earning credit card points (or cash back) for paying your mortgage, and not so much about simply paying it.
Let me preface this by saying it makes no sense to pay your mortgage with a credit card if you can’t afford to pay it otherwise.
The only purpose of this method is to earn bonus points and/or cash back as you would on other purchases made with a rewards credit card.
Using Plastiq to Pay the Mortgage with a Credit Card
Plastiq allows mortgage payments via credit card
But only with a MasterCard or Discover card
They no longer accept Visa or American Express cards
You must also pay a transaction fee of 2.5% or less
There are some companies that allow you to pay rent or the mortgage with a credit card in exchange for a small transaction fee.
By small fee, I mean something in the range of 2-3%. Recently, a company called Plastiq had a special where they charged just 1.75% ($17.50 per $1,000 in payment). They normally charge 2.5%.
Unfortunately, most credit cards don’t earn cash back or points at levels this high unless it’s in a bonus category. And these companies often aren’t in any bonus category whatsoever.
The one exception is the old AT&T Access More credit card, which earns 3X per dollar on all online purchases. That seems to include services like Plastiq. This allows you to come out ahead.
Even if you can’t come out ahead dollar for dollar, it might be worth it for some people looking to meet a minimum spending requirement to earn an opening bonus, or just to buy some time on that monthly payment (not recommended).
For example, if you need to spend $5,000 in the first three months to earn a signup bonus, paying the mortgage can probably put a big dent in that requirement. And it’s only $125 in fees if you use Plastiq for the entire amount. If the reward points eclipse the cost, you win.
Some other cash back credit cards do earn 2%+ on all spending, either initially as a bonus or all the time, so it’s possible to come out slightly ahead or just slightly behind. Aside from making money doing this, some folks are happy just to earn lots of credit card points and miles by charging the pricey mortgage.
Important note: Plastiq currently only accepts MasterCard and Discover. They recently stopped allowing mortgage payments to be paid with a Visa card and American Express cards. That means you’re limited to the other two major issuers, which still isn’t bad.
Apparently Visa told Plastiq they had to comply with a new directive that banned mortgage payments via Visa credit cards. They’re basically closing a loophole because otherwise Visa would just allow it themselves and you wouldn’t need to use a third-party payment service.
It’s unclear if the others will follow, but it’s always a risk. For some reason, the ability to pay the mortgage with a credit card never seems to stick long-term, and perhaps for good reason.
If you do use Plastiq to pay the mortgage, you’ll need to enter the business name as it appears on your mortgage statement, along with the mailing address they list for mailed payments.
Assuming they have an electronic option (ACH) available in their system, payment will be sent electronically. If not, they’ll send a paper check on your behalf. If that’s the case, be sure to give it a week or two to arrive.
In terms of limits, the only payment limits are those associated with the credit card you use for payment. So if your card has a $5,000 credit limit, you won’t be able to send a mortgage payment for any more than that. This means even those with a jumbo mortgage will likely be able to use this service, assuming they have decent credit limits.
I’ve yet to use Plastiq, but I may in the future if I need to meet a spending requirement quickly to earn a signup bonus. I’ve heard of people successfully paying a Wells Fargo mortgage and a Chase mortgage with this service.
Use Tio to Pay the Mortgage with Discover, MasterCard, or Visa
Tio used to allow homeowners to make mortgage payments with any credit card
Other than American Express
With virtually every bank, lender, or loan servicer for a variable fee
But then they got bought out by PayPal and were promptly shut down
There’s a similar service called Tio (formerly ChargeSmart) now owned by PayPal that lets you pay a mortgage with a credit card in a matter of seconds. You don’t even need to sign up.
All you have to do is select a mortgage company from the handy list on their website (pictured above), then enter your loan number and payment amount.
From there, simply click on the credit card icons and enter your credit card information. It will then display the fee, which tends to range between 2.5% and 3%.
Interestingly, they seem to charge varying fees based on payment amount and based on the mortgage company you select. It appears to be more expensive for smaller payments, such as 3% for $1,000 payments, and a bit cheaper as your payments rise.
If you’re okay with everything, you simply hit “pay this bill” and Tio will deliver your payment within 2-3 business days they say.
The upside is that Tio is super fast, the downside is it can be more expensive than Plastiq, and they don’t accept American Express for mortgage payments. However, they seem to still accept Visa cards.
At first glance, I like Tio more than Plastiq, at least when it comes to paying the mortgage, because they have tons of mortgage companies already listed and ready to go. I don’t like the idea of manually entering the wrong company or address when sending a very important payment.
Plus, they list tons of major mortgage companies like Chase, Citi, Ditech, Nationstar, Ocwen, PNC, Quicken, Wells Fargo, and many more.
Update: Tio has also suspended service while its parent company PayPal investigates some so-called security vulnerabilities. So this method may or may not be available in the future once they sort it out.
You Might Be Able to Pay Your Mortgage with American Express Serve
American Express Serve used to work like a charm
Homeowners could load the prepaid card account with a rewards credit card
Then use the bill pay service to make monthly mortgage payments
But most customers’ accounts were shut down
Perhaps the easiest method that used to work involved American Express Serve, which is referred to as a reloadable prepaid account.
In reality, it basically works like an online bank account in that you can transfer/load money to it and then pay everyday bills or make purchases with the associated prepaid card.
Let’s focus on that paying bills part. Your mortgage is a bill and it must be paid each month until maturity, just like other recurring bills.
But loan servicers don’t give homeowners the option to pay with a credit card (for good reason!) unlike most other bills.
The Serve method entails loading the account with a credit card or gift cards (like pin-enabled gift cards), and then using the funds to pay your mortgage via their bill pay service. I suppose you can use a debit card as well if it earns rewards.
The purpose of this is to get credit card rewards on that large amount of money spent, so if the credit/debit card doesn’t earn rewards, there’s no point in doing this.
Of course, most folks would buy Visa gift cards using a different travel rewards card, hotel credit card, or airline credit cards to hit the minimum spending requirement and earn lots of miles.
Then they would turn around pay off their credit card in full each month to avoid any interest or fees to offset the benefit of doing it to begin with.
A couple warnings/issues with this method:
– You need to make sure your credit card issuer doesn’t charge fees to load Serve (American Express warns of this possibility on the website – They can be treated as cash advances – The max you can load with a credit or debit card each month is $1,000 ($200 per day) – The limit increases to $1,500 a month ($500 daily) if you get Serve with Softcard – You actually need to pay off the credit card charges to avoid interest/fees – Your credit score can go down if you keep racking up large balances, even if they’re paid off – You could get on the bad side of credit card companies and miss out on future rewards – If you have bad credit none of these methods will probably work very well
As noted above, you can load your Serve account with a credit card, but even American Express warns that you could be charged fees by your card issuer for doing so.
I’ve used a Chase credit card and there was no fee or issue. It just showed up as a standard purchase.
But to avoid any mishaps, testing with a small amount or asking your credit card issuer to lower your cash advance limit to zero (or as low as possible) might be a good idea before giving it a whirl.
Once the necessary funds are in the Serve account, you’ll be able to see your available balance. Assuming it’s sufficient to cover your full mortgage payment, you simply select “Pay Bills” from the dropdown menu then add a payee.
While certain payees are already in Serve’s system, you’ll likely need to add your loan servicer manually, including their address and your loan number.
It should be the address where you would send a paper check because Serve is basically cutting a physical check on your behalf. It’s essentially a bill pay service. This is exactly why it works.
You’re not actually paying your mortgage with a credit card – rather, you’re funding an account with a credit card then sending those funds to your servicer via check, a much more accepted form of payment.
Once you save the payee information, you can make your mortgage payment via Serve each month. There’s even a memo section where you can write your loan number and any other details to ensure the payment is processed properly.
Note that payments can take several business days to process, so it’s not as quick as making a payment online. Fortunately, mortgage due dates are fairly flexible. But you’ll want to give yourself a cushion to avoid paying late if anything goes wrong.
Update: Serve doesn’t work for many people anymore, so take note that the above method properly won’t be an option going forward. In fact, they went as far as to just close a lot of people’s accounts.
The Downside to These (or Any) Methods
The first thing you have to look at it is the associated fee for using a credit card
You also have to make sure you aren’t charged cash advance fees for doing it
Also consider the work involved if employing a creative method
And the potential to accidentally miss a mortgage payment along the way
It may also complicate a future refinance if payment history is shown via credit card
In the end it might not be worth it
While it’s kind of cool to pay your mortgage with a credit card, it does require some work, as noted above. And if you have a jumbo mortgage payment, these methods may not work very well if your credit limits are low.
You certainly won’t want to send partial payments and find out that your loan servicer paid down your principal or simply returned your check.
It can also get murky if you use different methods to pay the mortgage, and then decide to apply for a refinance because mortgage rates went down. If the new lender asks for mortgage payment history and sees some of the payments made via credit card, they may question your solvency. Even if you do explain yourself, they probably won’t be thrilled about it.
At the end of the day, you’ll have to ask yourself how much you’ll really “earn” by using a credit card once factoring in your time (opportunity cost) going to the store to buy gift cards, not to mention the transaction fees and credit card annual fees.
If your monthly mortgage payment is $1,000 a month, it equates to just 12,000 points or miles annually, which is worth maybe $120 or slightly more if redeemed for travel or something more lucrative.
Those earnings could be used to pay down your mortgage a little bit faster if you put it toward the principal balance. In that sense, it could be worth it as the points would go a lot further via saved interest and faster home equity accrual over time.
Just be careful not to miss a payment or make life harder in the process. Plenty can go wrong here, and at the end of the day, you might be better off just using your bank account to pay the mortgage. Or simply keeping an eye on mortgage rates and refinancing to a lower rate to save potentially hundreds a month.
Opening a bank account for your teen is a great way to begin teaching financial responsibility and money management. If your teen’s account is linked to yours, it’s also a convenient way to pay them an allowance, reward them for good grades, or even transfer money for pizza when your teen is out with friends.
It’s no wonder a recent Fidelity study reported that 49% of teens in the U.S. have opened bank accounts. But which checking account is best? And what should you look for in checking accounts for teens?
10 Best Teen Checking Accounts
While there are many options available for teen checking accounts, parents frequently choose to establish accounts for their teens at their own primary banking institutions. This list includes many top national banks.
Their inclusion isn’t necessarily due to their teen checking accounts offering the highest interest rates or the most features. Instead, their comprehensive services for adults and strong reputations make them a viable consideration.
1. Copper Card
Copper Bank, Member FDIC, is a federally insured online bank dedicated to helping kids and teens learn how to manage money. Copper Bank has invested more than $1 million in high school financial literacy and the app helps teach kids the basics of investing.
Copper accounts are available to kids ages 6 and up, as long as they have their own mobile phone number separate from the adult account holder. Children and teens receive a Copper Spending Account debit card that is compatible with Google Pay and Apple Pay. Users can also use the debit card for fee-free transactions at 55,000+ ATMs nationwide.
Copper offers a ton of enticing features parents and teens will love. First, there are no overdraft fees, no minimum balance, or maintenance fees. Parents will pay a small fee of 2.5% + 30 cents of the total transaction for an “instant transfer” from a linked debit card. Otherwise, it can take 3 to 5 business days for funds to arrive in the Copper account.
Copper makes banking convenient for parents and rewarding for kids. Parents can set up automatic transfers for allowance, or can even transfer money automatically when the Copper account drops below a specific number.
Copper lets kids round-up their debit card transactions to be automatically transferred into their linked savings account. Users can set specific savings goals and earn interest with up to 5% annual percentage yield. This can motivate kids to save as they watch their money grow.
Copper also allows kids and teens to invest, starting with as little as $1. Investing is automated based on your child’s risk profile, and Copper even reinvests dividends and uses dollar-cost averaging to set your child up for investment success and good habits for life.
2. USAA Youth Spending Account
USAA offers a joint account that a parent or legal guardian can open with a child of any age. The USAA Youth Spending Account includes a debit card that allows the adult account holder to increase or decrease daily spending limits. Children can use their card at point-of-sale transactions and without fees at any of 100,000 preferred ATMs in the USAA network.
Once the child turns 13, you can use the mobile app to give them the ability to transfer money, make remote deposits, and more.
When your child turns 18, the USAA Youth Spending Account will be converted automatically to a USAA Classic Checking account. You can choose to stay on as a joint account holder to help your teen manage their money while they are away at college or in the military.
The USAA Classic Checking account has no monthly fee for college students or members of the military.
There are a few things to be aware of before you open the banking account:
USAA is available only to veterans, active duty military, national guard, reservists, military spouses and others who meet a few criteria related to the U.S. Armed Forces
The USAA Youth Spending Account requires a $25 minimum opening deposit
Your child will earn .01% annual percentage yield if they maintain a daily balance of $1,000 or more
3. PNC Bank Student Banking
PNC Bank offers a VirtualWallet student account for teens and young adults ages 16 and up. Teens under 18 will need to open a joint account with a parent or legal guardian. College students may have to show proof of enrollment. After six years, the student account becomes a regular PNC Bank Virtual Wallet account, with all the same features and benefits.
The Virtual Wallet account includes a “Spend” primary checking account, a “Reserve” savings for short-term savings and a “Growth” account for long-term savings for big ticket items or to build up emergency cash reserves.
The Virtual Wallet has no monthly service fees for students and includes fee-free ATM withdrawals at PNC Bank ATMs. Teens and adults, alike, receive ATM rebates for the first two non-PNC bank ATM withdrawals and up to $5 in ATM fee reimbursements per statement period for ATM surcharges collected by other financial institutions.
Unlike some student bank accounts, which decline transactions that would put your account in the negative, the PNC Bank Virtual Wallet offers one automatic courtesy refund of Overdraft item fees per month. However, the Virtual Wallet’s Low Cash Mode makes it easy to avoid overdrafts with alerts that tell you when your spending balance drops below a certain point.
You can also use Payment Control to choose to pay or return certain ACH transactions if your account balance is negative.
4. Wells Fargo Clear Access
Wells Fargo Clear Access is designed for teens ages 13 and up, as well as previously underbanked or unbanked customers. It’s considered a “second chance” bank account, but the lack of overdraft charges and no monthly fees also makes it great for teens just learning financial responsibility.
Be aware that children under 18 cannot open an account online. They must open the bank account at one of the 4,800 Wells Fargo branch locations nationwide.
Clear Access has no monthly fee for account holders ages 13 to 24. Teens 16 and under will need a joint account holder who is over the age of 18.
Wells Fargo Clear Access was certified by the Bank on National Account Standards as meeting the requirements for safe and affordable bank accounts with no overdraft fees. A straightforward account with few bells and whistles, the account includes access to the user-friendly Wells Fargo mobile banking app and mobile check deposits. You also get Zelle person-to-person payments and a debit card compatible with digital wallets like Google Pay.
There are no overdraft fees with Clear Access, but transactions that would bring your account into the negative are likely to be declined. There is no minimum balance requirement, but you’ll need a $25 minimum opening deposit.
5. Chase First Banking Account
The Chase First Checking Account is available to kids ages 6 to 17 and has no monthly fees. To open an account for your teen or tween, you must have a qualifying Chase checking account, such as Chase Total Checking.
It’s easy to open an account online and make transfers from your account to the Chase First Banking account in the mobile app. You can set up automatic recurring transfers for allowance or approve requests from your child for money.
Set a spending limit for general spending or for specific purposes. You can even create a list of approved stores where your child can shop with their debit card. For existing Chase customers, Chase First is one of the smartest choices for a teen checking account due to the convenience and easy parental controls.
6. Capital One MONEY Teen Checking Account
The Capital One MONEY Teen checking account is one of the most popular checking accounts for kids. You don’t need a Capital One account to open a MONEY account with your kids, as the account can accept external transfers.
The account is available for kids ages 8 and up. Once the teen turns 18, they can convert it to a Capital One 360 Checking Account of their own with no monthly fee.
Unlike Chase, Capital One MONEY Teen pays interest on checking account balances. It’s only 0.10% annual percentage yield, but it is enough to begin teaching kids the value of compounding interest. Capital One’s teen product has no monthly service fee, no minimum balance requirement, and no minimum opening deposit.
Through the mobile app, kids and teens can set savings goals, designate funds in “savings buckets” or for spending with their Capital One Mastercard debit card, and make withdrawals at any Capital One or AllPoint ATMs with no fees.
Parents can make automatic transfers for allowance, set up one-time transfers, and even pay kids rewards if they meet specific savings goals. You can track spending and view transactions in the mobile app or set up text alerts.
7. Bank of America Advantage SafeBalance
Unlike the other three largest national banks in the U.S., Bank of America does not have a dedicated teen checking account. However, Bank of America customers can open a joint account with their child who is age 13 or older and give them access to their own debit card.
Bank of America recommends the Advantage SafeBalance bank account for teens and college students under 25. There is no monthly fee on the account if one of the account holders is under 18, or under the age of 25 and a student, or if any of the account holders are members of Bank of America Preferred Rewards.
A straightforward, checkless account, BofA calls SafeBalance “a smart start for students.” Kids ages 16 and up can be sole owners of the account, but you might choose to be a joint account holder for convenience.
The SafeBalance account doesn’t have a lot of bells and whistles, but it is a great way to get your child set for the future with an account at a nationwide, reputable bank with 4,000 branch locations nationwide.
8. Axos Bank First Checking
Axos Bank First Checking offers a checking account where you can earn interest. It pays a 0.10% annual percentage yield on all balances. It is available for teens ages 13 to 17, with an adult account holder.
Axos First Checking boasts no monthly maintenance fee, no overdraft fee, and reimburses up to $12 per month in out-of-network ATM surcharges.
Be aware that your child can only make $500 in debit card purchases per day and can only withdraw up to $100 per day at ATMs.
Axos Bank is consistently rated one of the best for online banking by top personal finance websites. The First Checking account is a straightforward way to teach teens financial independence and the ease of online banking.
9. Connexus Credit Union Teen Checking Account
Connexus is a top-rated credit union that’s easy to join with a one-time donation to become a member of the Connexus Association. The Connexus Credit Union Teen Checking account offers up to 2.0% annual percentage yield with zero monthly service fees, free ATM transactions within the Co-Op or MoneyPass networks, and overdraft protection with linked accounts.
Kids ages 10 to 17 can open a teen checking account to earn a high APY. When they turn 18, the credit union will transition their teen account into a Connexus Innovative Checking account with no monthly fees.
Young adults can choose to convert the account into an Xtraordinary checking account through the credit union to earn interest. The Xtraordinary account offers up to 1.75% APY when you make 15 debit card purchases or spend $400 with your debit card.
10. Alliant Credit Union Teen Checking
Alliant Credit Union has won awards from top personal finance sites as one of the best credit unions in the country. With no monthly service fees and no overdraft fee, it’s a straightforward account that will introduce teens to the personalized service of credit unions.
Teens can earn interest with a rate of 0.25% APY on their checking account balance. Keep in mind, to earn that high yield, they will need to opt in to receive eStatements and make at least one electronic deposit per month.
As with a regular Alliant credit union account, your teen will receive up to $20 in ATM fee reimbursements per month, and pay no fees at 80,000+ ATMs nationwide.
Alliant Credit Union Teen Checking is one of the few teen checking accounts that provides overdraft protection. If you sign up with a linked savings account, Alliant Credit Union Teen checking will automatically transfer funds from savings to cover debit card purchases.
You will need a $25 minimum deposit to open an account with your teen, ages 13 to 17.
Prepaid Debit Cards for Kids
If you feel your child or teen isn’t ready for a checking account, you might consider a prepaid debit card for kids, instead. Products like Greenlight, Cash App, Revolut<18 are not your typical banking account, but are prepaid debit cards that provide kids with easy access to money.
1. Greenlight
Greenlight is one of the original names in pre-paid debit cards for kids and teens. Greenlight offers three different plans with the following monthly service fees.
Greenlight Core: $4.99/month
Greenlight Max: $9.98/month
Greenlight Infinity/$14.98/month
Each plan includes debit cards for up to five children or teens, access to the app, and parental controls. After that, these plans vary somewhat in their offerings.
The Core plan pays 1% interest. Greenlight Max pays 1% cash back on your child’s debit card purchases, deposited automatically into their savings account to earn 2% interest.
Greenlight Infinity also pays 1% cash back on purchases. It pays 5% APY on savings. But Greenlight Infinity is much more than just a debit card or money account. It’s also a family safety and protection app that provides the ability to send and receive SOS alerts, crash detection that automatically alerts 911 in the event of a car crash, and family location sharing.
Greenlight has vast capabilities for money management, including the ability to set limits on spending, reward kids with deposits for chores or accomplishments such as high grades, and pay a monthly allowance.
Kids can create a customized card, as well, which often appeals to teens.
2. Cash Card
Cash App is the popular person to person payment app that comes with a debit card you can use for online or in-store purchases. Now, everyone age 13 and up can gain access to a customized Cash Card of their own.
Cash Card is an easy-to-use card that allows you to send and receive money from external accounts or from friends and family who also use Cash App. You can use Boosts in Cash app to find savings on everyday items from popular stores. Boosts are a great way to teach kids how to save money while shopping.
There is no minimum deposit to open a Cash App account.
3. Revolut
Revolut has no monthly service fee and links to an external account or your Revolut online bank account. You can set spending limits and receive alerts when your child uses their debit card.
You can also assign “tasks” to your kids and set up instant transfers from your account when the task is complete. You can also set up automatically allowance payments, or create a list of chores and put money directly on your teen’s debit card when that chore is done.
Features to Consider for Opening a Teen Checking Account
The features you’ll find in the best free checking accounts for adults should also apply to teen checking accounts. Most of the best teen checking accounts on our list meet the following requirements.
No Monthly Maintenance Fees
You don’t want to pay money so your teen can learn about managing money. Teach your teen early on that some of the best things in life – including their checking account – can be free.
Low Minimum Balance Requirements
Look for an account with no minimum opening deposit and no minimum balance requirements. Fortunately, even banks that have minimum balance requirements to waive fees for other checking accounts typically have no requirements for free checking for teens.
Low or No Fees
Make sure there are no ATM fees, no overdraft fees, and no hidden fees for any reason. Most teen checking accounts will decline a purchase rather than put the account into overdraft, which can help teens build financial responsibility and learn money management.
Linked Savings Accounts
When you’re evaluating a teen checking account, you may also want to look for a linked savings account with savings buckets, so your teen can set goals and plan for future purchases. Compare interest rates on teen accounts, discuss the other features and benefits, and enroll your teen in making the choice with you.
Parental Controls
You should be able to lock and unlock your teen’s checking account within the mobile app, set spending limits, and even designate certain funds to be used only for specific purposes.
Online Banking Through a Desktop Portal or Mobile App
Teens today are tech savvy. Fortunately, most teen bank accounts – even those from brick and mortar banks and credit unions – include an easy to use mobile app with separate logins for teens and their parents.
Direct Deposit
Features like direct deposit may not be as important, unless your teen is working and wants their paychecks deposited into their account. Most of the bank accounts on this list, however, do offer the service. Some even deposit funds up to two days earlier than usual.
It’s a nice bonus when teen checking accounts can be converted into a regular checking account once your child reaches adulthood.
Pros and Cons of Bank Accounts for Teens
As you evaluate the features of these teen checking accounts, you might wonder if it’s even worthwhile to open a checking account for your teen. Opening a bank account for your teen can help them develop good personal finance habits early on.
Let’s consider other benefits and drawbacks of checking accounts for teens.
Pros
Conveniently transfer money from your linked account, wherever you are
Teach children and teens about saving and investing
Teach the basics of using a mobile banking app
Build financial responsibility
Money is protected by the Federal Deposit Insurance Corporation up to $500,000 for joint accounts
Cons
Teens unfamiliar with budgeting may spend more with a debit card handy
Some financial institutions charge fees
Your teen may lose their debit card, creating a security risk
You may need to make a minimum deposit to open the account
When all is said and done, the benefits of teen checking accounts far outweigh any inconveniences. Just make sure to choose a banking account with no minimum deposit requirements or monthly service fee at a bank or credit union that offers responsive customer service.
Also, make sure you can keep tabs on your teen’s spending through alerts or a mobile app.
How to Choose a Teen Checking Account
Now that we’ve explored some of the best checking accounts for teens, you may have already made your choice. If not, here are some aspects to think about when choosing the best checking account or prepaid spending account for your tween, teen, or college student.
Choose the Type of Teen Account You Want (Checking Account vs. Savings Account)
First, think about whether you want a prepaid debit card, a checking account, a savings account, or both. Do you want to choose a money account from a bank or credit union? Would you prefer to open the account at a brick and mortar bank or are you and your teens comfortable banking online only?
The answers to these questions should give you a good place to start.
Consider the fee menu (monthly service fees, recurring transactions, ATM withdrawals, card reload, etc.)
It shouldn’t cost money to teach your teen money management. Consider any fees related to the account. Similarly, you might prefer a bank or credit union with no minimum deposit to open an account.
Some of the best teen checking accounts pay interest, which is a great incentive to help your teen start saving money and to put a little extra money in their pocket.
Consider the Age and Responsibility Level of your Teen
Most of the best teen checking accounts feature alerts for parents through text or an app, capabilities to freeze spending or set limits, and turn off the debit card in the app in case it’s lost or stolen. These are good capabilities as your teen learns how to manage money.
Because you can’t spend every minute tracking your teen’s finance, however, you also want an account that will either decline transactions that would put the account into the negative, offer overdraft protection, or waive overdraft fee.
How to Open a Teen Checking Account
When you’re ready to open a checking account for your teen, you’ll want to make sure you have their date-of-birth and Social Security number handy, as well as your own. Make note of any minimum deposit requirements, as well, and have a plan in place to fund the account.
Fund the Teen Checking Account and Activate the Debit Card
Most teen checking accounts will allow you to make a deposit from an external account or make a mobile check deposit in the app. If your teen works, you can have them request a form to have their paycheck deposited automatically via ACH transfer.
If you open a teen account with Chase, Bank of America, or other big banks, you can easily transfer funds from your linked internal account in minutes.
Once your teen receives their debit card, you will want to show them how to activate it by calling the number on the card or setting up their PIN at an ATM within the network. Let them know that their PIN should be easy for them to remember, but hard for anyone else to guess. They shouldn’t use their birthday or the last four digits of their phone number, for instance.
Frequently Asked Questions
Do teen checking accounts have monthly fees?
Most of the best checking accounts on our list do not have maintenance fees, service fees, or ATM fees.
Can a minor have a checking account?
Yes, a minor can open a checking account jointly with a parent or guardian.
What happens to a teen checking account when I turn 18?
Some of the best teen checking accounts automatically convert to regular checking accounts when the child turns 18.
Can I open a teenage bank account online?
You can open many of the checking accounts on this list online. However, to open a Wells Fargo Clear Access account for a person under the age of 18, you’ll need to visit a brick and mortar branch.
What is the minimum age to open a teen checking account?
Some teen checking accounts are available to children as young as six years or eight years old, as long as they are opened jointly with a parent or guardian. Teens 18 and older can open an account on their own. Many student checking accounts designed for young adults ages 18 to 25 have no fees for college students.
How much money should you keep in your teenager’s checking account?
How much money you keep in your teen’s checking account will depend on a variety of factors. How much can you afford to pay in allowance or fees for chores per month? Is your child earning any money of their own they can deposit? Do they typically receive cash gifts for birthdays or holidays?
Keep in mind, funds in teen checking accounts are FDIC insured up to the federal limit of $250,000 per account holder, per account type. In the case of jointly held accounts with a parent and a minor account holder, these accounts are insured for $500,000 in total, or up to $1 million if you have linked checking and savings.
When you choose a bank for your daily checking and savings needs, you can choose between a national bank, a smaller regional bank, credit unions of varying sizes, and even online banks and financial technology companies.
Since early 2023, when Signature Bank and Silicon Valley Bank both experienced failures after customers pulled out large amounts of money during bank runs, banking customers may feel more comfortable choosing a national bank.
Although the U.S. government took extraordinary measures to protect the assets of SVB and Signature Bank customers, and deposits held in the accounts were FDIC insured, many customers were still rightfully concerned about gaining access to their money in a timely manner.
After the banking crisis of 2008, the Federal government declared banks like JPMorgan Chase, Bank of America, Citibank, and Wells Fargo as “too big to fail.” But these aren’t the only national banks or credit unions available.
You might think that smaller online banks may have lower fees, while small local banks are known for friendly and responsive customer service. But the national banks on this list blend the best of all worlds: low fees, high marks for customer satisfaction, ways to avoid overdraft fees, convenient ATM networks, and a variety of banking products.
16 Best National Banks
Here are the 16 best national banks that offer exceptional services, excellent customer support, and innovative banking solutions to meet all of your financial needs.
1. SoFi – Best for Digital Banking & High Yields
SoFi became a nationally chartered online bank in 2022, after acquiring Golden Pacific Bancorp, Member FDIC. Originally known for its vast array of loan products, including private student loans, today SoFi has a combination checking and savings account, or a cash management account, with no monthly service fee.
SoFi also has no minimum balance requirements, no overdraft fee, and overdraft protection up to $50 with qualifying direct deposits each month. You can bank for free at any of 55,000+ fee free Allpoint ATMs nationwide.
As an online bank, SoFi offers higher interest rates than you may find at brick and mortar banks. Earn up to 4.20% APY on your savings account balance and 1.20% on money in your checking account. When you use your SoFi debit card at select local businesses, you can earn up to 15% cash back.
SoFi offers two tiers of accounts: SoFi and SoFi Plus. To qualify for the “freemium” SoFi Plus membership, bank customers must have qualifying direct deposits. Plus, when you sign up before December 31, 2023, you can earn a cash bonus of $250 when you set up direct deposits of $5,000 or $50 with a direct deposit as low as $1,000.
SoFi Plus members receive loan rate discounts, bonus rewards, access to special entertainment events and more, making SoFi a unique company when it comes to online banks.
2. Discover Bank – Best for Cash Back
Discover may be best known for cashback and rewards credit cards. But its online banking products are some of the best you’ll find among national banks.
With no monthly fees and no minimum balance, your Discover Cashback checking account pays 1% cashback on up to $3,000 worth of debit card purchases monthly. You’ll never pay overdraft charges, and you can withdraw cash at a network of 60,000+ fee free ATMs.
You can qualify for overdraft protection by linking your Discover Bank savings account. Discover Savings pays a high 3.90% APY with no minimum deposit required.
Other Discover Bank deposit accounts include CDs with terms from 3 months to 10 years, and a money market account that pays 3.80% APY for balances under $100,000 and 3.85% on balances $100,000 and up.
For questions or help with your account, you can reach a U.S.-based customer service representative for Discover Bank by phone, 24/7/365.
3. Chase Bank – Best for Credit Card Rewards & Referral Bonuses
As the world’s largest national bank, JPMorgan Chase Bank doesn’t need to do much to entice customers. People will choose Chase based on its name, reputation, and more than 4,700 convenient branch locations across the U.S.
However, Chase happens to have one of the best bonuses for new customers and a generous referral bonus program when existing customers refer their friends. This, coupled with a robust and easy-to-use mobile app and a variety of checking, savings and investment services, puts Chase on our list of top national banks in the U.S.
Chase is currently offering new Chase Total Checking customers a $200 bonus when they open a new account and set up direct deposit within the first 90 days.
New or upgrading Chase Private Client customers can earn a $3,000 bonus with a deposit of $500,000 or more within the first 45 days of account opening. Deposits of $150,000 to $249,999 earn $1,000 and cash deposits of $250,000 to $499,999 earn $2,000. You must keep the money in your J.P. Morgan Wealth Management or JPMorgan Chase deposit accounts for 90 days to qualify.
In addition to Chase Total Checking, the bank’s most popular checking account, and Private Client services, Chase also offers other checking and savings accounts.
Chase Secure Banking has a $4.95 monthly fee and no overdraft fees. Chase Premier Plus Checking offers a few added benefits beyond Chase Total Checking, including ATM fee rebates up to four times per statement cycle, a linked personal checking account with no monthly fees, and a 0.01% interest rate on balances.
Chase also offers bank accounts for kids, teens, and college students, as well as CDs, savings and money market accounts, mortgages, loan products, and a full array of top-rated rewards credit cards.
If you have multiple Chase accounts, it’s easy to manage them all within the mobile app.
4. Chime – Best for Building Credit
Chime is a financial technology company backed by Stride Bank, Member FDIC, and Bancorp Bank, Member FDIC. It is not a bank, itself, but offers some of the same features, including online banking, a debit card, and direct deposit up to two days earlier than some other banks.
Chime has no monthly service fee, no overdraft fee, and no minimum balance requirements. For customers who need a little boost to make it from paycheck to paycheck, Chime offers fee-free overdraft up to $200 through the SpotMe5 program and a credit builder secured Visa credit card with no annual fees, interest or minimum security deposit.
Use your Chime debit card at any of 60,000+ fee free1 ATMs in the Allpoint, MoneyPass or Visa Plus Alliance ATM networks. Out of network ATM fees may apply, otherwise.
You can qualify for Chime’s SpotMe program with a single direct deposit of $200 or more during any monthly statement period. If you process a transaction that would put you into overdraft, Chime will accept the transaction even if it puts your balance into the negative by up to $200.
The Credit Builder Secured Visa card carries the same requirements of a $200 monthly minimum direct deposit. You can build your credit and raise your credit score with responsible use of the card.
5. Citi® – Best for Large Cash Deposits
The third of the four largest national banks in the U.S. based on assets, Citi, owned by Citigroup, is best for high net worth customers or those with large cash deposits divided among Citi checking, savings, and other accounts.
Currently, you can earn a generous cash bonus of $200 to $2,000 when you open a qualifying Citi checking account and meet specific minimum opening deposit requirements. Your bonus will be determined by your account balance on the 20th day after opening the account. Funds must remain in the account for an additional 60 days after the 21st day.
Citi offers multiple checking accounts to meet various customers’ financial needs, all with monthly fees that are easy to waive if you hold the required minimum balance. The bank accounts include:
Citibank
Citi Priority, which includes travel perks and access Citi Personal Wealth Management advisors
Citigold, relationship banking and investment services
Basic Banking and ATM access
Access Account, a debit account with no paper checks
For the Basic Checking account, you’ll need to maintain a $1,500 minimum balance to waive the fees. The other accounts have larger minimum balance requirements to avoid monthly maintenance fees and take advantage of other perks, up to $200,000 for a Citigold account.
All accounts provide access to personal banking at Citi branches and access to more than 65,000 fee free ATMs across the U.S. All accounts except for Basic and Access accounts also have no fees at ATMs outside the Citi network.
Like all the larger national banks on this list, Citi has a full gamut of rewards credit cards, savings and money market accounts, and high-yield CDs.
6. CIT Bank – Best for High Interest Rates
CIT Bank, a division of First Citizens Bank, has earned awards and accolades for customer satisfaction, rated by American Banker as #1 for “delivering the most humanized experience in banking.”
You should be aware that deposits in First Citizens Bank & Trust Company, Member FDIC, are not separately insured. This only matters if you hold more than $250,000 in any single account type, such as checking or savings, in both First Citizens Bank and in CIT Bank.
CIT is the online only banking arm of First Citizens Bank, with high-yield savings accounts, CDs, money markets, and eChecking, all with no monthly fees and no overdraft fees. You won’t pay any ATM fees at CIT Bank machines, and CIT Bank reimburses up to $30 per month when you use out-of-network ATMs.
CIT offers 0.25% APY on checking when you hold more than $25,000 in your account, and 0.10% APY on balances under $25,000. The bank has high interest rates for savings, offering customers a 4.85% APY on balances of $5,000 or more with the Platinum Savings account.
CIT Bank has two other savings accounts as well:
Savings Connect, with a 4.60% APY
Savings Builder, which requires a minimum balance of $25,000 or a $100 monthly deposit to earn 1.00% APY
You’ll need a $100 minimum deposit to open a checking or savings account at CIT Bank.
7. Bank of America – Best for College Students
As the second largest of the best national banks, behind Chase, Bank of America has the full gamut of banking products, with three checking accounts plus a student account, savings, CDs, and investment products.
It’s easy to waive monthly maintenance fees on a checking account with a minimum daily balance, direct deposits, combined balances across eligible linked Bank of America accounts, or by enrolling in their Preferred Rewards programs.
We like the Advantage SafeBalance banking for kids, teens, and college students under 25 years old. They have no monthly fee and no overdraft fees. Teens ages 16+ can have sole ownership of the account.
For everyone else, the bank offers Advantage Plus and Advantage Relationship checking accounts with easy ways to waive the monthly fees with direct deposit or a minimum daily balance.
When you open a new checking account, you can qualify for a $100 bonus when you receive qualifying direct deposits of at least $1,000 within 90 days of opening the account.
Of course, Bank of America also has CDs, and a savings and money market account. Plus you can invest with Merrill. All of these deposit accounts count toward your Preferred Rewards membership.
When you have a combined average daily balance of at least $20,000 for three months, you’ll qualify for the rewards program.
8. U.S. Bank – Best for Military Members & High Balance Savings
U.S. Bank offers the Bank Smartly checking account so you can earn interest on your money. The current interest rate is just 0.01% APY on all checking balances. You’ll pay a $6.95 maintenance fee, but this is waived if you meet minimum deposit requirements or if you are a member of the U.S. military.
You can link your Bank Smartly checking account to a standard savings account or Elite Money Market to earn even more. To avoid fees on your savings account, you’ll want to keep a $300 minimum daily balance or a $1,000 average monthly collected balance. If you are already a Bank Smartly customer, you can enroll in Smart Rewards to waive savings account fees.
The Elite account is better for those with high balances. You can earn up to 4% APY on balances from $25,000 up to just under $500,000.
The appeal of U.S. Bank is in its high ratings for banking satisfaction across the board from customers. U.S. Bank earned accolades for having the best mobile app, the best digital mortgage tools, the best customer service features, and best mobile check deposit capabilities. These factors all contribute to its ranking as a best national bank.
9. Axos Bank – Best Online Bank
Axos is an online only bank with a rewards checking account that delivers up to 3.30% APY, with no fees and unlimited ATM fee rebates for out-of-network ATMs.
To earn the maximum APY, you’ll need to set up direct deposit and Axos Bank’s free Personal Finance Manager for 0.70% interest. Then, open an investment account and take out an Axos personal loan or auto loan and earn another 2.60% annual percentage yield on your checking account balance.
Axos also offers an Essential Checking account with early direct deposit and no fees, and a Cashback Checking account, which gives you 1% cash back on debit card purchases, along with no maintenance fees and unlimited domestic ATM fee reimbursements.
Voted the best online bank by many top personal finance sites, Axos Bank offers more than just high interest, no fee checking.
Axos Bank offers CDs with terms between 3 and 60 months and a savings account with 0.61% annual percentage yield, with interest compounded daily. You can also find personal loans, car loans, mortgages, and investment products.
Like other national banks, Axos Bank provides FDIC insurance up to $250,000 or $500,000 for joint account holders. But you can expand your coverage up to $150 million with Axos Bank InsureGuard+ Savings from IntraFi Network Deposits.
Axos splits up your large deposit into multiple accounts across several banks, each covered up to $250,000. If you are dealing with a substantial amount of cash and want your savings protected at a single bank, Axos may be a good choice for you.
New customers can earn a $100 welcome bonus by opening an account with just a $50 minimum opening deposit.
10. Truist Bank – Best for Relationship Banking & Innovative Savings Perks
Truist Bank is one of the top 10 largest national banks, formed as a merger between BB&T and SunTrust in 2019. Called “the biggest bank you’ve never heard of” by CNN Business, Truist holds assets of $574 billion and has been growing steadily since the merger.
Truist offers checking and savings accounts, CDs, and credit cards. Truist checking and savings customers can earn perks and benefits. This includes access to Long Game, a savings game app that lets you earn cash when depositing into your Truist savings account. It also includes bonus rewards on your Truist credit cards.
Truist has four levels of relationship banking in its Truist One checking account. This means the more you deposit, the more perks you will receive, up to a 50% loyalty bonus on Truist credit cards, and a discounted annual fee for a Delta SkyMiles debit card. Benefits for relationship banking begin at $10,000 in combined average monthly balances for Truist deposit accounts.
Your Truist checking account has a $12 monthly fee, which is easy to waive with $500 or more in direct deposits each month or a $500 minimum balance across all Truist deposit accounts. Truist personal loan, mortgage or credit card customers also pay no fees on their Truist checking account.
You can also waive the monthly fee with a linked Small Business checking account or if you are a student under the age of 25. You’ll need a $25 minimum opening deposit for a Truist One checking.
Customers with lower income or just getting started establishing their finances can benefit from Truist Confidence checking and savings accounts. The account has just a $5 monthly maintenance fee, which is easily waived.
11. Capital One – Best for High Interest Rates at a Brick and Mortar Bank
Like Chase Bank, Capital One is well known for its top-rated rewards credit cards. The company is also one of the best national banks with a savings account and CDs offering interest rates higher than the national average.
Capital One Performance 360 savings has a 3.90% APY, no monthly maintenance fees, and no minimum deposit to open your account. A Capital One 360 Performance checking account, similarly, has no monthly maintenance fee, overdraft protection through your linked savings account, and early direct deposit.
You can bank with no fees at a network of 70,000+ ATMs nationwide, and can deposit cash easily at CVS retail locations. Although you must open your Capital One Performance account online, you can receive personalized service and deposit cash at any Capital One bank branches or Capital One Cafes.
12. PNC Bank – Best in East and Southwest
PNC Bank is a large, national bank with branch locations across 29 states. Most branches are in the east, south, and southwest, although you will also find branch locations in some Midwest states.
PNC Bank’s online checking account is called Spend and it links to the PNC VirtualWallet. You can add a savings account, called Reserve, or upgrade to the Performance Select product with two tiers of savings and double layer overdraft protection.
When you set up your VirtualWallet with PNC Bank and open your Spend account, you can earn a $50 bonus.
Combining your Spend account with a PNC Bank Reserve account yields even more benefits. Earn a $200 bonus when you qualify. Finally, if you open a Performance Select VirtualWallet, you could earn $400.
Each account comes with a low monthly fee that is easily waived through qualifying monthly direct deposits or by meeting minimum balance requirements.
13. Wells Fargo – Best for Checking Account Options
Wells Fargo, one of the “big four,” is the fourth largest of the best national banks in the U.S. It is known for having many convenient bank locations, with 4,700 branch locations.
The vast number of branches across the country puts it top on our list for in-person banking and customer satisfaction.
Plus, we also rated it best for various checking account choices for everyone from children to retail investors.
Like the other national banks on this list, Wells Fargo has checking, savings, and CD accounts. The bank has four checking account options for consumers at various stages of their financial lives:
Clear Access Banking, with no overdraft fee and a low $5 monthly fee, waived for teens and young adults ages 13 to 24
Everyday Checking, the most popular bank account, with optional overdraft protection
Prime Checking, offering discounted interest rates for loans and higher interest rates for linked CDs and savings accounts
Premier Checking, a relationship banking service with 24/7 support and discounts on investing services
It’s easy to waive the $10 fee on Everyday Checking with a $500 minimum daily balance or $500 in monthly direct deposits. Waive the $25 fee on your Prime checking with $20,000 in linked balances. Similarly, your Premier Checking account will be free with $250,000 in linked balances, including investments with the bank’s Advisors.
You’ll need a $25 minimum opening deposit to open your account.
14. Ally Bank – Best Online Only Bank for Savings
Ally Bank is widely recognized as one of the best national online banks. It has very few fees, including no maintenance fee, no overdraft fee, and no ACH fee (even on expedited transfers). Plus, you’ll earn interest of 0.25% in your checking account and 3.85% APY on savings, including money you have allocated into various buckets.
We rated Ally Bank as the best online only bank for savings, not just because of the high interest rate, but because it offers so many ways to manage your money and ramp up your savings efforts.
You can set up recurring transfers into your savings account for specific goals or just to build up your emergency coffers. You can choose to round up transactions made with your Ally Bank debit card, or even electronic payments and checks. When Ally Bank finds at least $5 in “round-up” savings, it will be transferred automatically to your checking account.
Finally, Ally Bank analyzes your checking account periodically to reveal extra funds that are “safe to save.” Ally Bank automatically transfers that money for you. But you can transfer it back whenever you’d like.
In addition to these savings benefits, Ally Bank lets you access your money with your debit card with no fees at any of 43,000+ Allpoint ATMs. The online bank also refunds up to $10 in fees charged by out-of-network ATMs.
You can avoid stress and overspending with the Overdraft Transfer Service, which automatically transfers money from your Ally Bank savings account into checking. If you exceed six transfers or six savings withdrawals per month, Ally Bank will reimburse those fees, too.
You can also apply for CoverDraft℠ Coverage, which will cover up to $250 in charges that would put your account in the negative. You’ll qualify 30 days after you deposit at least $100 into your checking account. If you receive qualifying direct deposits of at least $250 two months in a row, you can increase your coverage to $250.
15. TD Bank – Best for Overall Banking Satisfaction
TD Bank, deemed America’s most convenient bank for its number of branches, branch hours and excellent customer service, blends the best of brick and mortar banks with easy online banking.
Most TD Bank locations are open seven days a week, including Sundays, with extended hours beyond what most brick and mortar banks provide. Most TD Bank branches are located across the East Coast, with locations in 15 different states and Washington, D.C.
TD Bank is the 7th largest bank in the U.S. based on deposits, with 1,668 branch locations nationwide. You can also reach customer service by phone, 24/7/365, which earns TD Bank high marks for banking satisfaction.
TD Bank offers six checking accounts for customers in various life stages:
TD Essential Banking
TD Convenience Checking
TD Beyond Checking
TD Simple Checking
TD 60 Plus Checking
TD Student Checking (for ages 17 to 23)
Currently, TD Bank is offering sign-on bonuses for new customers who open a TD Beyond or TD Convenience bank account. You’ll need a qualifying direct deposit (or more than one) totaling $2,500 within the first 60 days to earn $300 with TD Beyond, and a direct deposit of just $500 within the first 60 days to earn $200 with TD Convenience.
16. Schwab Bank – Best for Investors
Schwab may be best known as an investment service, but the bank was rated highest in banking satisfaction with checking accounts from J.D. Power & Associates four years running.
If you have a Schwab investment account, or are considering opening one, Schwab could be the best choice in banking for you.
The Schwab Bank Investor checking account has no foreign transaction fees, no minimums, and unlimited ATM fee rebates. Plus, earn 0.45% annual percentage yield on checking. Schwab’s savings account offers 0.48% APY.
Schwab also offers exceptionally high interest rates for CDs, with up to 5.40% APY and terms as short as 30 days. You’ll receive FDIC protection exceeding the federal maximum because you can purchase CDs from multiple banks, all through Schwab investment.
Methodology: How We Chose the Best National Banks
We evaluated a variety of banks and credit cards, taking into consideration the:
Variety of products
Interest rates
Monthly fees
ATM fees and ATM fee reimbursement
Branch locations and number of branches
Minimum deposit requirements
Fraud protection and security
We also looked at consumer reviews, and drew on the general reputation of each bank to find the best national bank.
Finding the Best National Bank
Now that we’ve explored the specifics of the best online banks and brick and mortar banks nationwide, you probably still have questions about which one is really the best national bank.
Let’s compare the three largest in the U.S. based on number of branches, interest rates, and overall banking satisfaction.
Chase vs. Wells Fargo
For the largest nationwide bank, Chase offers excellent banking satisfaction with an A+ rating from the Better Business Bureau, 4,800 branch locations, and an easy and intuitive mobile app. If you are shopping for a bank credit card, Chase also offers some of the best rewards cards available today.
Wells Fargo rivals Chase when it comes to number of branches, with roughly 4,700 locations across the U.S. It’s somewhat easier to waive the checking account fees at Wells Fargo. Wells Fargo offers higher interest rates for savings, with a 0.15% APY compared to Chase’s 0.01%.
Both banks have lower interest rates than you might find at online banks. However, if you are looking for national banks with a solid reputation, many branches, and high marks in banking satisfaction, either Chase or Wells Fargo would be a good choice.
Wells Fargo vs. Bank of America
Bank of America and Wells Fargo are the second and third-largest banks in the U.S. based on assets. BofA only has 4,000 branches compared to Fargo’s 4,700, but BofA boasts more ATMs nationwide.
BofA stands out when you join the Preferred Rewards program because you can waive the fees on your bank account and enjoy perks, bonus rewards on BofA credit cards, and rate discounts on loans.
If you have a large balance or are looking for an investing platform through your bank, BofA may be your best choice. On the other hand, Wells Fargo offers high interest rates on savings and convenient branch locations nationwide.
Common Questions
People have many questions related to whether an online bank is better than a traditional bank or whether a local bank is better than one of the largest national banks. We break it all down here.
Which is better, an online bank or a brick-and-mortar bank?
If you are looking for the highest interest rates and generous rewards programs, you are highly likely to find them at online banks. However, there are some advantages to a brick and mortar bank, including in-person service at local branches, the availability of paper checks, and easy ways to deposit cash in person or at branch ATMs.
You should expect the best national online banks and the best brick and mortar banks to have robust mobile apps, easy-to-waive fees, and fraud protection.
Make sure whatever bank you choose is “Member FDIC,” which means your deposits are insured up to $250,000 per account holder, per account type. That means joint accounts have $500,000 worth of FDIC insurance protection.
Is my money safer in a national bank vs. a regional bank (or a national credit union vs. a regional credit union)?
All banks on this list are Member FDIC, which means they are insured to the maximum allowable limit of $250,000 per account holder, per account type. Credit unions are covered up to the same limits by the National Credit Union Administration.
Many online banks are insured up to $2 million or more. These financial institutions divide cash deposits among multiple partner banks. Each bank insures deposits up to the maximum limit allowed by the Federal Deposit Insurance Corp. Read the fine print to determine your coverage limits when you choose a bank.
Beyond that, your money should be equally safe in a national bank, a smaller bank, or a credit union of any size. Also look for features such as fraud protection, fraud alerts via text, email or in the mobile app, and enhanced website security measures. You should also be able to lock and unlock your debit card in the mobile app if you misplace it or believe it may have been stolen.
What makes big banks different from smaller banks?
By definition, big banks will have larger market capitalization, which represents the total value of a bank’s stocks. Big banks will also hold more assets. For instance, Chase, which is the world’s largest financial institution, holds $3.2 trillion in assets. The second-largest national bank, Bank of America, possesses $2.41 trillion in assets. Larger financial institutions may also have more bank branches.
In many other ways, big national banks and smaller banks are similar, especially today. Customers want specific features and are unwilling to compromise on things like fee-free ATMs, no monthly fees, early direct deposit, and an intuitive mobile app.
How much interest do the best big banks pay?
In general, some of the largest national banks do not have the highest interest rates for savings and very few offer interest earning checking accounts.
Capital One 360 and Discover are two of the best national banks that offer interest on checking. To earn a higher APY with one of the largest national banks, you might want to consider CDs.
Are national banks better than other kinds of banks?
National banks aren’t necessarily better or worse than other kinds of banks. They may have more convenient branch locations, a higher number of branches, and a greater variety of products, but they might also have higher fees. Decide what’s most important to you when you choose a bank.
If you’d prefer to trust your money with one of the largest national banks, with a large market capitalization, high value, and branches nationwide, consider opening your checking and savings accounts with one of the best national banks on this list.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
The Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.
1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
The Sunshine State is a great place to call home. Whether you’re an individual or small business owner, rest assured there are many banks available to help you meet your financial goals.
While some banks have brick-and-mortar locations in Miami, Tampa, Jacksonville, Orlando, and other parts of the state, others are online-only, meaning you’ll need to use an online portal or mobile banking app to manage your accounts.
15 Best Banks in Florida
We’ve done all the research and compiled this list of the best banks in Florida so you can make the most informed decision for your unique situation.
1. Huntington Bank
Huntington Bank has been around since 1866 and primarily services Southwest Florida. Its solo Florida branch can be found in Naples but you can bank from anywhere, thanks to a robust digital banking program.
Huntington’s checking accounts come with many benefits, such as 24-hour grace overdraft fee relief, platinum debit cards, mobile pay, and early pay. You can make deposits to them directly or through an ATM or mobile device.
If you’re looking for the ideal savings account, you may choose from several money market accounts, IRAs and other retirement accounts, and certificates of deposit. Huntington serves small business owners in Florida as well through business checking accounts, business credit cards, business loans, insurance products, and more.
2. Chime
Chime isn’t a traditional bank or credit union. However, it’s a mobile banking app you can take advantage of in Florida. It made its debut in 2013 and offers online banking services through Bancorp Bank, N.A. and Stride Bank.
With the Chime Checking account, you can enjoy early direct deposit, automated savings tools, free debit card replacement, and access to over 60,000 fee free ATMs across the county. If you opt for the Chime High-Yield Savings account, you’ll lock in a competitive interest rate and won’t have to pay monthly fees or meet a minimum balance requirement. Plus, there is no cap on how much interest you may earn.
3. Revolut
Revolut is another non-traditional banking opinion that serves Floridians from the U.K. With Revolut, you can access your paycheck up to two days early and won’t be charged fees for withdrawals at 55,000 ATMs across the nation.
If you consider yourself an avid traveler, you’re sure to appreciate its travel perks, such as currency exchange, overseas health insurance, delayed baggage and flight insurance, and the ability to make purchases in numerous currencies.
With the Smart Delay feature, you’ll get to hang out in airport lounges if your flight is delayed. Additionally, Revolut offers budgeting and analytics tools so you can keep your finances in check as well as cash back when you make purchases at select retailers.
4. Ally Bank
Ally Bank is an online bank with rates that are about 10 times the national average. Even though there are no Ally branches in Florida, it’s a solid pick if you’d like your money to grow quickly. Unlike most brick-and-mortar financial institutions in the Sunshine State, Ally doesn’t charge monthly fees or impose minimum balance requirements.
You can open an Ally account with any deposit amount. In addition to a savings account, you may take advantage of an interest bearing checking account and credit cards with rewards like cash back and travel points. We can’t forget Ally’s retirement and investment services, which include self-directed trading, robo portfolios, IRAs, stocks, commission-free ETFs, and even cryptocurrency.
5. Regions Bank
Regions Bank is a regional bank with more than 300 branches and 500 ATMs in Florida. If you’re an avid traveler, rest accrued the bank also has many locations in the Midwest, South, and Texas. Regions stands out from other, larger financial institutions for its checking account rewards program and LifeGreen Savings account, which is free of monthly maintenance fees and service fees.
In addition to the LifeGreen Savings account, you may opt for a Regions Savings account. This account offers a discount on a safe deposit box, a minor account for children under 18, and the Now Savings account, which is specifically for those with a Regions prepaid Visa card.
Furthermore, Regions offers CDs with terms that range from seven days and 72 months. Other perks include a robust mobile app and 24/7 customer service through an online secure messaging system.
6. Bank of America
Bank of America is a large bank with nearly 500 branches throughout the Sunshine State and no shortage of ATMs across the country. Thanks to its handy mobile app, you can cash checks, pay bills, and manage your accounts while you’re on the go. Speaking of accounts, there’s something for everyone at Bank of America.
The Bank of America Advantage Banking account is a checking account with three features: SafeBalance, Advantage Plus, and Advantage Relationship. With SafeBalance, which is ideal for students, you don’t have to worry about overdraft fees.
Advantage Plus offers several ways to waive monthly fees and Advantage Relationship rewards you with interest and other perks for higher balances. In addition, Bank of America boasts credit cards with generous sign on bonuses for new checking account customers, a variety of mortgages, and investment management services.
7. Chase Bank
Chase Bank is a part of JPMorgan Chase and has more than 400 branches in Florida. With Chase, you can expect a large ATM network of over 16,000 ATMs across the country and a number of online and mobile banking tools. If you decide to become a Chase customer, you’ll have access to two savings accounts: the Chase Savings account and the Chase Premier Savings account.
While Chase Savings comes with a low monthly fee, the Chase Premier Savings is a solid pick if you’re looking for a competitive interest rate on a large balance. When it comes to checking accounts, Chase offers several options, like the Chase Total Checking account and the Chase Sapphire Checking account with perks like attractive interest rates and no ATM fees.
Note that the Chase Sapphire Checking account is only available for Sapphire members with an average balance of $75,000 average balance.
8. Fifth Third Bank
Fifth Third Bank is a national bank that was recognized by J.D. Power for the great banking experience it provides in Florida. It has numerous branches in Bradenton, Lakeland, Apopka, Orlando, and other cities throughout the state.
You can open a checking or online savings account without having to worry about an opening deposit requirement and won’t be charged a monthly fee for any checking account.
If you do face a fee for a savings account, there are several ways to get it waived. Fifth Third also offers an extensive ATM network, which will give you access to more than 50,000 ATMs across the country.
Additionally, if you get paid via direct deposit in a Fifth Third account, you may access your paycheck up to two days early. For questions and concerns, you can reach out to Fifth Third’s customer service team 6-days a week.
9. TIAA Bank
TIAA Bank is the largest regional bank in the Sunshine State. You can find its financial centers in Jacksonville, Clearwater, Boca Raton, Coral Gables, Fort Lauderdale, Naples, and Fort Myers.
In addition to a personalized banking experience, this Florida bank provides a checking account featuring low fees and no transaction limits, a savings account with no monthly account fees and competitive rates, and three different types of CDs.
Plus, the bank is digitally savvy and provides online banking tools so you can keep tabs on your accounts, set a budget and savings goals, make transfers, pay bills, and send money with Zelle. If you’re interested in investing, TIAA Bank will give you the opportunity to invest in precious metals and foreign currencies.
10. Capital One
Capital One is a national bank that’s known for its flagship 360 Checking account. With a 360 Checking account, you can enjoy an attractive interest rate, access to more than 70,000 fee-free ATMs across the U.S., and 24/7 mobile banking.
You also won’t be on the hook for any monthly fees and Capital One will automatically decline any transitions that overdraw your balance for no extra charge.
Even though Capital One does not have any physical branches in Florida, you can apply for and manage your accounts online. Other benefits of Capital One include early paycheck, which can allow you to receive your incoming funds up to two days early, free financial coaching sessions, and a well-designed mobile app.
11. Raymond James Bank
Raymond James Bank is based in Florida. It’s an affiliate of Raymond James, which is a financial company with headquarters and one branch location in St. Petersburg. Through its Enhanced Savings Program, you’ll be able to earn interest on certain cash if you link your brokerage account to a high-yield Raymond James bank account.
You can also receive yields that are higher than traditional checking or savings accounts without bank fees or holding periods. Raymond James also offers a plethora of mortgage products, such as fixed rate and adjustable rate mortgages, interest-only mortgages, jumbo mortgages, pledged securities mortgages, construction mortgages, and home equity lines.
12. PNC Bank
PNC Bank is one of the largest traditional banks in the U.S. with nearly 200 branches in Florida. It offers the PNC Standard Savings account, a children’s savings account, and Virtual Wallet, which pairs a traditional checking and savings account. If you decide on the Virtual Wallet, you can enjoy a generous sign-up bonus and no fees.
When it comes to CDs, you can choose from a plethora of options including fixed rate CDs, ready access CDs, fixed rate IRA CDs, callable CDs, variable CDs, and stepped rate CDs. Additionally, the bank goes the extra mile with free budgeting tools and competitive interest rates for account holders that meet certain criteria. As an added bonus, PNC has a reputation for stellar customer service.
13. Discover Bank
Discover Bank is known for its credit cards. However, it’s an online bank with other banking products for Florida residents. Not only does Discover offer cash back on debit card purchases, it doesn’t charge monthly maintenance fees, insufficient funds fees, or overdraft fees.
While there are no branch locations in Florida, Discover has an intuitive mobile banking app and is part of a large ATM network of more than 60,000 fee free ATMs. In addition to checking accounts and savings accounts, you can turn to Discover for credit cards with various rewards and loans, like personal loans, student loans, home equity loans, and mortgage refinancing.
14. Wells Fargo
Wells Fargo is a major financial institution with more than 600 branches and thousands of ATMs throughout Florida. At Wells, you’ll find a full suite of banking products and services, such as checking accounts, savings accounts, certificates of deposit (CDs), credit cards, personal loans, and home loans.
You can choose from a basic, no-frills free checking account or opt for an interest checking account or a checking account for a teen or young adult. There are also a few saving account options, like a goal-based savings account and a high-interest savings account.
While you can visit a local branch if you prefer an in-person banking experience, you may also take advantage of online and mobile banking. In addition, Wells offers other conveniences like Zelle money transfers and online bill pay.
15. My eBanc
My eBanc is an online savings bank that serves customers in Florida and other parts of the U.S. It’s part of Banco Bradesco, a large bank in Latin America, which is an FDIC insured institution chartered in Florida. As a My eBanc customer, you’ll have access to several products that can help you save money and achieve various financial goals.
The SuperSaver Money Market account requires a $5,000 minimum deposit but offers perks such as a competitive interest rate, unlimited deposits, money management tools, and mobile check deposit. Other popular accounts you might consider include the eRelationship Savings account and Advantage Checking account. My eBanc also offers online time deposits with terms between 6 months and 36 months.
Types of Banks in Florida
The ideal bank depends on your particular banking preferences. In the Sunshine State, most banks are either national banks, regional banks, community banks, or online banks. Let’s take a closer look at how each banking option works.
National Banks
National banks are common in larger cities throughout Florida. If you’re looking for a wide range of banking products, you’re sure to find them at national banks, such as Wells Fargo, PNC Bank, and Wells Fargo.
Regional Banks
Regional banks have branches in certain regions of the U.S. In most cases, these banks are mid sized and offer a good mix of personal banking and business banking products. A few examples of regional banks in Florida include Regions Bank and TIAA Bank.
Community Banks
Community banks serve customers in specific geographic areas. Also known as local banks, community banks are similar to credit unions in that they focus on personal customer service and community outreach. Community Bank of the South and Mainstreet Community Bank of Florida are two community banks in Florida.
Online Banks
Online banks don’t have physical locations in Florida but serve individuals and businesses with online banking services. Since they have less overhead costs than banks with brick-and-mortar locations, online banks tend to offer more competitive interest rates and minimal to no fees.
Bottom Line
If you live or work in Florida, there are many reputable banking options available to you. As you explore various banks and credit unions, consider their accounts and services, fees, interest rates, customer service, and perks. Good luck in your search for the best bank in Florida.
Frequently Asked Questions
What are the largest banks in Florida?
The largest banks in the Sunshine State include Bank of America, Wells Fargo, and Fifth Third Bank. These banks have many branches throughout the state.
Should I choose an online bank?
If you’re comfortable with the internet or mobile apps, online banking from a place like Ally Bank and CIT Bank can be a smart choice. This is particularly if you can find the products you need with competitive interest rates and low fees.
What is the best bank for in person service?
Florida offers many great options if you prefer an in-person banking experience. You might want to consider Regions Bank, TIAA Bank, or Raymond James Bank.
How do I open a bank account in Florida?
Most banks allow you to open a deposit account online, from the comfort of your own home or office. Be prepared to make a minimum opening deposit and provide basic personal information, like your name and Social Security number.
Do Florida banks charge fees?
In most cases, larger brick and mortar banks require customers to pay fees like monthly service fees, wire transfer fees, overdraft fees, excessive withdrawal fees, ATM fees, and late payment fees. You might be able to get them waived, depending on the bank and the type of account you open.
What is the best local bank in Florida?
There are many local banks in the Sunshine State that each come with their own benefits and drawbacks. Several options you might want to explore include Florida Shores Bank, Seaside Bank and Trust, and One Florida Bank.
What is the difference between a bank and a credit union?
Anyone can become a customer at a bank. If you want to take advantage of the products and services at a credit union, you’ll need to meet certain criteria and join it.
If you live or work in Delaware, it’s important to find the right bank for your unique goals. Fortunately, there are plenty of options at your disposal.
In addition to its beautiful beaches, affordable housing, and historical landmarks, the First State is home to many reputable banks that are member FDIC for your peace of mind and ideal for your personal or business finances.
13 Best Banks in Delaware
While some have local branches throughout the state, others are online only. To make your search for the ideal financial institution a bit easier, we’ve done the heavy lifting for you and listed the best banks in Delaware below.
1. The Bank of Delmarva
The Bank of Delmarva is a small community bank with branches in Ocean City, Salisbury, and Sussex County. Its lineup of personal banking accounts and services includes the best checking accounts, savings accounts, money market accounts, CDs, and IRAs.
If you’re a small business owner, rest assured that it offers business loans, commercial products, and merchant services. Compared to other banks in the state, it offers low fees and competitive interest rates. Plus, it’s earned stellar reviews for its customer service. We can’t forget the intuitive mobile app you can use to manage your banking while you’re out and about.
2. Chime
Chime is a digital bank redefining traditional banking norms. With no physical branches, Chime stands out by providing a simple yet intuitive suite of financial products, all managed from their highly rated mobile app. The bank offers a fee-free1 checking account, a savings account, and a secured credit card.
The checking account, with no minimum balance and no overdraft fees, is particularly impressive. Its standout feature, SpotMe5, allows qualifying users to overdraw by up to $200 without fees. Meanwhile, the savings account is made appealing with an automatic savings feature, making it simple to save without thinking.
Notably, Chime gives the benefit of receiving paychecks up to two days early2 with direct deposit setup, a major plus for budgeting and financial planning. Its secured credit card is also a boon, helping users build credit over time through responsible usage and consistent payments.
3. TD Bank
TD Bank is a solid pick for a national bank with a handful of locations in the First State. With TD Bank, you can expect a plethora of products and services, no fees on international transactions, and a highly rated mobile banking app.
From personal and business checking accounts and savings accounts to personal loans, IRAs, and mortgages, TD Bank truly offers it all. If you open an account, you might qualify for a generous bonus. Also, if you’re a student or young adult, you won’t have to worry about monthly maintenance fees or service fees. You might also be able to waive these fees if you maintain a high balance in your accounts.
4. M&T Bank
M&T Bank has many locations in Delaware in cities like Wilmington and New Castle. Even if you don’t live in an area with a physical M&T location, you can enjoy digital banking and conveniences like Zelle transfers and mobile deposits. When it comes to checking accounts, M&T Bank offers four options.
The EZ Choice Checking is your best bet for a basic, free checking account while MyWay Banking is a checkless account that doesn’t charge overdraft fees. MyChoice Plus is an interest-bearing account, just like MyChoice Premium, which offers competitive rates on loans and other products.
In addition to these noteworthy checking accounts, you’re sure to appreciate M&T’s large ATM network and no monthly fees.
5. Artisans’ Bank
Artisans’ Bank has served Delaware since 1861. Today, it has 12 branch locations in the First State as well as two commercial lending offices. Artisans’ list of personal banking products includes checking accounts, savings accounts, money market accounts, debit cards, and branded credit cards with cash back rewards.
The bank also serves small businesses in Delaware with small business banking products such as business bank accounts, business credit cards, and business loans. Even though Artisans’ is a local bank with a physical presence, it offers online banking services so you can manage your accounts online.
6. Capital One
Capital One is a large bank with a reputation for no minimum deposit requirements or monthly maintenance fees. While there are no Capital One branches in Delaware, the bank is worth considering if you prefer online banking. You can apply for and manage personal and business accounts online.
Speaking of accounts, its flagship account is the 360 Performance Savings that makes it a breeze to earn interest on your hard earned money. In addition to an impressive interest rate, there is no minimum balance required so you can open an account with any amount. Other perks there is a highly rated mobile app and free credit card monitoring.
7. Axos Bank
Axos Bank is a digital bank with competitive interest rates on checking and savings accounts, which are free of monthly fees and ATM fees. Even if you live in Delaware, you can perform your banking through Axos online or via the intuitive mobile app, which comes with mobile check deposits, fund transfers, and mobile bill pay.
The bank’s checking accounts offer rewards while the savings accounts stand out for their ATM cards. Speaking of ATMs, Axos Bank will reimburse you for ATM fees on many of its accounts. In addition to its personal banking products, Axos specializes in new mortgages, mortgage refinancing, HELOCs and home equity loans, car loans, personal loans, and managed investment portfolios.
8. Barclays Bank
Barclays Bank operates in Wilmington. It’s a global bank that serves all U.S. states with several banking products. Even though there is only one branch in Delaware, it offers an online portal and a highly rated mobile app so you can bank from anywhere.
As a customer, you’ll enjoy benefits like a high interest rate on high-yield savings accounts and CDs. If you do open a CD with Barclays, you’ll also reap the benefits of low withdrawal penalties. In addition, the bank’s customer service line is available seven days a week to answer any questions or concerns you might have.
9. Community Bank Delaware
Community Bank Delaware is exactly what it sounds like: a community bank based in Delaware. Since it’s locally owned and managed, it focuses on personalized customer service and community support.
At this bank, you’ll find checking accounts, personal savings accounts, time deposits, personal loans, personal credit cards, mortgages, and home equity loans. Community Bank also serves local small business owners with products to support their business operations, such as checking accounts, business savings accounts, business credit cards, and merchant services.
Additional banking solutions include online banking, wire transfers, cashiers checks, night depositary services, direct deposit, and safe deposit boxes.
10. PNC Bank
PNC Bank is a national bank with over 30 branches in cities such as Dover, Bear, Wilmington, and Newark. Its deposit accounts and other products are designed to meet all your banking needs. Virtual Wallet Spend is a combination checking and a long term savings account with a generous sign-up bonus and features like online bill pay, free mobile banking, and a debit card.
While there is a monthly maintenance fee, you can avoid this monthly fee if you maintain a direct deposit balance. PNC also offers loans, such as mortgages, home equity lines of credit, auto loans, personal loans, student loans, and refinancing products. With the PNC mobile app, you’ll be able to manage your accounts while you’re on the go.
11. Ally Bank
Ally Bank is an online bank with competitive rates on savings accounts, money market accounts, and CDs. Thanks to its low overhead costs, Ally doesn’t charge monthly maintenance fees or impose minimum balance requirements.
You can access your money and make cash transactions at more than 43,000 ATMs through the Allpoint network, which Ally has joined. If you have certain savings goals, you’ll love Ally’s “buckets” feature. With the buckets, you’ll be able to organize your funds and receive personalized recommendations that allow you to save.
12. Wells Fargo
Wells Fargo is one of the largest banks in the U.S. with no shortage of physical branches and ATMs throughout Delaware so you can easily deposit cash. Just like most large banks, Wells Fargo offers a full suite of banking products, such as checking accounts, savings accounts, credit cards, home loans, personal loans, and auto loans.
Investment and retirement accounts as well as wealth management services are available too. You can invest on your own or take advantage of a financial advisor that will help you come with a personalized financial plan. Whether you’re an individual or a small business owner, you’re bound to find what you’re looking for at Wells. If you open an account, you may be eligible for a cash sign on bonus.
13. WSFS Bank
WSFS Bank is a regional bank and a subsidiary of a financial services company called WSFS Financial Corporation. Based in Delaware and Greater Philadelphia, WSFS Bank is known as one of the oldest banks in the country.
It offers a wide range of personal banking services, like checking accounts, savings accounts, credit cards, loans, and wealth management. Its certificates of deposit (CDs) feature competitive interest rates you might not be able to find elsewhere and the WSFS Bank Philadelphia Union Visa® Debit Card comes with contactless pay and access to more than 670 ATMs in Delaware and Philadelphia.
At WSFS Bank, you can also take advantage of business banking services, like SVP management, cash management, and merchant services.
Delaware Banking Options
There are three main types of banks in Delaware, including national banks, community banks, and online banks. Here’s a brief overview of each one.
National Banks
National banks are large banks that can be seen throughout Delaware and other states. These banks typically offer a long list of products for individuals and business owners, such as checking accounts, savings accounts, retirement accounts, credit cards, and mortgages. Some examples include TD Bank, Wells Fargo, and PNC Bank.
Community Banks
Community banks are designed to serve local communities in Delaware. You’ll find that these banks prioritize personal customer service. Community Bank Delaware and the Bank of Delmarva are two community banks in the First State.
Online Banks
Online banks operate online and don’t have physical locations in Delaware. Since their overhead costs are lower than banks with brick-and-mortar branches, online banks usually provide lower fees and higher interest rates. Chime, Axos Bank, Ally, and UK-based Barclays Bank are great online banking options in Delaware.
Bottom Line
Delaware has plenty of banks and other financial institutions to help you meet your financial goals. Before you choose one, consider your priorities and weigh the pros and cons of all your options.
If you like an in-person banking experience, a community bank might make sense. On the flip side, if you prefer online and mobile banking, an online bank is likely the way to go. Good luck with your search for the best bank in Delaware.
Frequently Asked Questions
How do Delaware banks keep my money safe?
Most banks insure your deposits up to 250,000 with the FDIC or Federal Deposit Insurance Corporation. Other services like fraud protection can also give you some peace of mind for your linked accounts.
What are the most popular banks in Delaware?
The banks with the most branches in Delaware include PNC Bank, M&T Bank, and WSFS Bank. If in-person banking is important to you, these banks should definitely be on your radar.
Can I open a bank account in Delaware as a non-resident?
Yes. In most cases, you can open an interest earning account or business savings account even if you don’t live in Delaware. You’ll likely need an Individual Taxpayer Identification Number (ITIN).
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
2. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
Digital nomads enjoy the freedom and flexibility of being able to work from anywhere with an internet connection, allowing them to balance work and leisure in a way that suits their lifestyle. They travel frequently, often staying in one place for a few weeks or months before moving on to the next destination.
However, expats and digital nomads face unique challenges when it comes to managing their finances. They need a bank that understands their lifestyle and offers services that cater to their needs.
For example, digital nomads require a bank that offers low fees and transaction charges since they frequently move money across borders. They also need a bank that provides easy access to their accounts from anywhere in the world, with mobile banking features that allow them to make transactions on the go.
10 Best Banks for Digital Nomads
Without further ado, here’s our lineup of the best bank accounts for digital nomads.
1. Revolut
Revolut is a digital bank that’s headquartered in London. While it doesn’t offer a traditional bank account, its money management app can be a great option. Once you download it, you can make global exchanges with more than 30 currencies and transfer money abroad instantly. Revolut will give you 10 free international transfers per month plus a debit card with cash back rewards.
Also, if you invest in a Premium or Metal plan, you can enjoy additional perks, like travel insurance and access to airport lounges while you wait for your flights. In addition, you’ll get to use 55,000 fee-free ATMs and be able to withdraw up to $1,200 from out-of-network ATMs each month. If you’re interested in a Revolut account, you’ll need to provide a name, address, and ID. The bank does not require a credit check or proof of address.
2. Chime
When most people think of international financial accounts, Chime doesn’t typically come to mind first as it’s a financial technology or fintech company in the U.S. Even though it doesn’t provide a multi-currency account, its cards don’t charge foreign transaction fees and offers free cash withdrawals at ATMs across the globe.
This is great news if you’re looking for an affordable way to cover your international purchases. Chime’s main offerings you might want to consider include the Chime Checking Account, the Chime High Yield Savings Account, and the Secured Chime Credit Builder Visa® Credit Card.
It’s important to note that Chime is designed to be used as a mobile app so it could be a solid pick if you like the idea of mobile banking. The app will send you daily notifications on your account balance and international transactions. Rest assured you can disable them at any time.
3. Capital One
Capital One is one of the largest banks in the U.S. but we had to include it in this list because of its primary checking account, the Capital One 360 Checking. If you consider yourself an expat, often make online purchases from different countries, and would like to avoid a monthly fee or foreign transaction fee, this account can make sense.
You won’t have to pay any transaction fees if you use your card overseas, plus you may open the account without a minimum opening deposit requirement or monthly fees. To reap the benefits of the Capital One 360 Checking, you must be a U.S. resident with a U.S. mailing address and Social Security number.
4. Wise
Wise, which was formerly known as Transferwise, should be on your radar if you do business abroad. The UK-based fintech company will let you create a local bank account that accepts multiple currencies, making it a breeze to meet your digital nomad banking needs. Wise also integrates with popular payment platforms, such as Amazon Payments and Stripe for easy direct deposits.
We can’t forget to mention the Wise borderless account that may be worthwhile whether you’re studying abroad, an expat, or a freelancer with international clients. It comes with low fees and can be accessed by just about anyone. However, Wise is not an actual bank account so you may have trouble receiving direct deposit payments. For this reason, it might be a good supplement to an existing bank account.
To take advantage of Wise, you’ll need a bank or credit card statement, tax bill, proof of address, driver’s license, or government document.
5. Chase
Chase is an excellent choice for digital nomads and expats living abroad due to its global presence and user-friendly digital banking platform. Chase’s online banking system is user-friendly and provides a range of features, including bill pay, mobile check deposit, and international money transfers.
For those living abroad, Chase’s credit and debit cards also offer no foreign transaction fees, making it an affordable option for international travelers. In particular, the Chase Sapphire Preferred and Chase Sapphire Reserve are widely considered to be among the best credit cards available.
Furthermore, Chase Bank provides 24/7 customer service support, ensuring that its customers can get assistance with any issues they may encounter, regardless of their time zone.
6. HSBC
HSBC serves about 40 million customers across 63 countries in Europe, Asia, the Middle East and Africa, North America and Latin America. If you’re an international traveler, you can’t go wrong with the HSBC Everyday Global Account, which makes it easy to make purchases in 10 different foreign currencies with no transaction fees or monthly service fees. It truly offers a fee-free banking experience.
In addition, there are no ATM fees so you can enjoy fee free ATM withdrawals and many promotions throughout the year. HSBC also offers Visa Zero Liability, which can protect you from fraud and give you some much-needed peace of mind. We can’t forget that HSBC offers over 55,000 ATMs, many of which are in the Allpoint network, as well as 24/7 customer support via phone and Twitter.
7. Citibank
There’s a good chance you’ve heard of Citibank as it’s a well-known bank in the U.S. It has a presence in 97 markets and supports clients in more than 160 countries. With the Citibank Plus account, you can manage your money in up to 21 different currencies.
Citibank will waive your maintenance fee as long as you maintain a certain balance and reimburse you for foreign ATM withdrawals when you use ATMs outside its network. Additionally, you may send money abroad quickly and won’t have to pay a penny if you’re sending the funds to another Citibank account. Another great perk is the handy mobile app that offers convenient banking while on the go.
8. Monzo
Monzo is a challenger bank in the UK that’s recently increased in popularity. You can open an account for free, divide it into “pots” to better manage and save your money, and get a free debit card, which can be sent to any address in the UK. You can use it for a variety of debit card transactions and ATM withdrawals abroad.
You won’t pay any fees when you make purchases on your card and can receive a limited amount of free ATM withdrawals every month. Monzo is also compatible with Apple Pay and Google Pay. Plus, there’s a convenient mobile app with useful budgeting tools that may help you take control of your spending. Note that Monzo is fully digital so you can’t count on it for in-person support or local branches.
9. Charles Schwab Bank
You can open a U.S. bank account through Charles Schwab and won’t have to worry about foreign transaction fees or opening fees. Plus, you can enjoy unlimited rebates on international withdrawals.
In the event you move to a different country, you can open another Charles Schwab account but you may have to meet a high minimum deposit threshold. If you need assistance while you’re traveling, you’ll be thrilled to know you can receive it via phone or email.
10. Bank of America
Despite the word America in its name, Bank of America can be a smart option if you’re looking for a digital nomad bank account. In fact, it attracts many frequent travelers.
It serves more than 35 countries and has locations throughout Europe, Asia, and the Middle Each so you shouldn’t have an issue finding a branch near you. Bank of America offers a variety of bank accounts you may find appealing as well as a well-designed mobile app.
Features to Consider When Choosing the Best Bank for Digital Nomads
When exploring different digital nomad banks, consider these features.
Banking Experience
Every financial institution provides its own unique experience. First, think about whether you’d like an online-only bank or one with branches you can visit. Then, think about the size of the bank that would be best for you.
A smaller bank might be a better fit if you prefer personal service as well as better rates and lower fees. A larger bank, however, might make more sense if you’d like access to a wider range of products and resources.
Account Types
Some banks offer a few accounts and banking services while others pride themselves on a long list of offerings, like checking accounts, savings accounts, investment accounts, and many others. To determine the account types you need, think about your goals.
Are you looking for someone to park your cash so you can access it while you’re abroad? If so, you might be in the market for a basic checking account or high yield investor checking account with no foreign transaction fees and ATM fee reimbursement.
If you’re a business owner, you may require additional services like international wire transfers between accounts and countries without paying costly fees.
ATMs and Debit Cards
Chances are you can benefit from a digital nomad bank account with ATM access. If you need to make purchases abroad frequently or every once in a while, you should opt for an account with debit cards that are compatible everywhere. This usually means you’re in the market for a Visa, Mastercard, Discover, or American Express debit card.
Keep in mind that many countries don’t accept cards with magnetic strips so you will need a card with an EMV chip. Ideally, it would also allow for contactless payments, which are quite popular abroad.
Note that while debit card purchases may make sense in some situations, credit cards come with greater protections, which can be helpful if your card gets lost or stolen. If possible, use your debit card at ATMs and credit card every time you make a purchase.
Fees
At the end of the day, you don’t want to be stuck with sky-high fees that deter you from your financial goals. Here are some fees to be aware of as you search for the best banks for digital nomads.
Foreign transaction fees: These fees can kick in whenever you make a withdrawal or purchase in a foreign currency. Your bank might charge them all the time, in certain situations, or not at all.
ATM fees: If you need to withdraw money from an ATM, you may be on the hook for ATM fees. The chances of this are higher if you opt for an out-of-network ATM. The good news is some banks offer free withdrawals or will reimburse you for ATM fees while you’re abroad.
Monthly maintenance fees: You may face a monthly maintenance fee or service fee to keep your account open. Typically, the more features your account has, the more expensive this fee will be. Fortunately, some banks pride themselves on low banking costs and zero monthly fees.
Interest Rates
Depending on what you plan to do with the bank account you open, interest rates may or may not be important. If your sole purpose is to get easy access to cash while you’re traveling to a different country, interest rates probably aren’t a big deal. But if you’d like to use your account for saving or investment purposes, a higher rate is ideal. The higher the rate, the easier it will be for you to meet your goals.
Security
Security should be a top priority when you explore digital nomad bank accounts. Reputable banks have certain account holders protections in place for if your debit or credit card gets lost or stolen, for example. They also make it a breeze to report fraudulent activity from anywhere.
Some banks also have a security feature known as two-factor authentication. This requires you to use your password and a special code you receive via call or text every time you log in. It provides extra security in the event your device gets lost or stolen.
Customer Service
In a perfect world, you’d never have any questions or issues with your bank account. Since this is unlikely, you shouldn’t overlook the importance of customer service. The bank you choose will determine how easy or difficult it is to receive assistance.
If you can, opt for a digital bank with 24/7 customer service. Otherwise, you may get stuck if you have an urgent need and customer service is only available during select business hours.
Reviews
If you visit a bank’s website, you’ll find no shortage of information on its benefits and why you should become a customer. However, one of the best ways to determine whether a bank account is worth it is through customer reviews. Do your due diligence and read real reviews on reputable, third-party websites.
Also, look at ratings on websites like the Better Business Bureau (BBB) to get a better idea of a bank’s reputation. If you notice a lot of negative reviews and poor ratings, you may want to look elsewhere.
Online Banking Features
As a digital nomad, you’ll likely be doing a lot of your banking online. Look for a bank that offers robust online banking features, such as the ability to view account balances and transaction histories, transfer funds, and pay bills online.
Bottom Line
Choosing a good bank is essential for digital nomads who need access to their money while traveling the world. With the right bank, you can manage your finances easily and efficiently while enjoying the freedom of a location-independent lifestyle.
Frequently Asked Questions
What is a digital nomad?
A digital nomad is someone who works remotely and has the ability to work from anywhere in the world as long as they have an internet connection. They often travel frequently and have a location-independent lifestyle.
Why do digital nomads need a specific bank?
As a digital nomad, you’ll need to find a bank that caters to your specific financial needs; one that offers easy online access, enables low-fee transactions, and facilitates international transfers without hefty costs. Traditional banks may not be able to provide you with these services, which is why it’s important to investigate other options.
What is the best bank for digital nomads and expats?
There is not one bank that checks off everyone’s boxes. The right option for you depends on your goals. You may choose an account that allows for easy money transfer abroad. Or you may prefer one that eliminates foreign transaction fees. It’s up to you and what you hope to accomplish.
How can I avoid transaction fees when banking as a digital nomad?
To avoid transaction fees when banking as a digital nomad, you should look for a bank that offers fee-free ATM withdrawals and has low foreign transaction fees. You may also want to consider using a debit or credit card that doesn’t charge foreign transaction fees.
Do I need to have a permanent address to open a bank account as a digital nomad?
You do not necessarily need a permanent address to open a bank account as a digital nomad. Some banks allow you to use a post office box or a friend’s address as your mailing address. You may also be able to use a virtual mailbox service.
Can I open a bank account in a foreign country as a digital nomad?
Most countries prohibit non-residents from opening bank accounts. You’ll find that you’ll likely need a local mailing address. Unfortunately, financial institutions don’t typically accept hotel or short-term rental addresses.
Can I use my digital nomad bank account for personal transactions?
Yes, you can use your digital nomad bank account for personal transactions. However, it’s best to keep your business and personal finances separate to make accounting and tax reporting easier.
Will my digital nomad bank account have all the features of a traditional bank account?
Your digital nomad bank account may not have all the features of a traditional bank account, but it should have the features that are most important for your lifestyle, such as online banking and low transaction fees. Be sure to research the banks you’re considering to ensure they offer the services you need.
What should I do if I lose my debit card while traveling?
If you lose your debit card while traveling, you should contact your bank immediately to report the loss and request a replacement card. You should also carry a backup debit card or credit card in case of emergencies.
What are the best banks for international wire transfers?
If you’d like to make many international wire transfers, there are certain banks with solid bank transfer rules you should explore. Several examples are Bank of America, Chase, Citibank, Wells Fargo, Citibank, PNC, and U.S. Bank.
In spite of bank failures over the past three decades, most banks and credit unions in the U.S. remain secure places to store your money. One of the benefits credit unions and banks offer is easy access to your money.
Account holders can withdraw money quickly from a checking account at a bank branch or with a debit card, often with no fees. They can also find easy access and higher interest rates with a savings or money market account.
Keeping your money in a bank or credit union is considered safe because your money is insured up by the FDIC or NCUA, respectively.
In the event of a bank failure, which occurred more than 100 times during the financial crisis that spanned 2008 to 2012, some of your money is still protected by the federal government. Money in all U.S. banks, including the nation’s five biggest banks, is FDIC insured up to $250,000, per person, per account.
Fortunately, bank failures are less common today. The FDIC reported that the last time an FDIC insured bank failure occurred was October 2020. The FDIC paid out an estimated $18.3 million to account holders.
Credit unions carry similar protection in the form of insurance through the National Credit Union Administration.
How to Choose a Safe Bank Account
You already know that if a bank fails, the federal government will protect a large portion of your funds through FDIC insurance. You can spread your money between multiple checking and savings accounts so that no account holds more than the maximum $250,000 that is FDIC insured.
When you’re looking for the safest bank to open a new bank account, you want to compare other factors, including the bank’s total assets, security measures, fraud liability policies, history, and more.
What We Mean By a Safe Bank
You can see from this list of safest banks in the U.S. that bank security doesn’t always depend on the bank’s size. You’ll find financial institutions ranging from smaller banks to the largest banks on this list.
Bank safety means that the bank uses state-of-the-art security measures to protect your money, including:
Data encryption for their own systems and for online banking
Secure online bill pay
Two-factor authentication
Alerts for unauthorized transactions
Guarantee against unauthorized access
Card locking by app or phone
Direct deposit
We’ll look at these and other safety measures. Then, we’ll explore what makes some of the biggest banks in the U.S. some of the most secure banks and which other banks are keeping pace. Read on to find out: What is the safest bank in the U.S.?
Safety Measures Banks Use
Banks use a combination of training and state-of-the-art technology to keep account holder’s money secure. This includes training bank employees in security best practices and how to respond promptly to fraud alerts. It also includes bank policies, such as $0 fraud liability.
Finally, technology that includes SSL encryption and two-factor authentication can also help to keep your bank account safe during online banking.
12 Safest Banks in the U.S.
The Global Finance “World’s Safest Banks” list highlighted 50 safe banks. Of those, only a handful were based in the U.S. Here are 12 of the safest banks for U.S. customers, based on the Global Finance list.
1. JPMorgan Chase
With a market capitalization of $413.7 billion and a balance sheet total of $3.31 trillion, JPMorgan Chase is the largest bank in the U.S. based on assets, according to InsiderIntelligence.com.
During the financial crisis of 2008, Chase was one of the banks deemed “too big to fail.” Certainly, an account holder can feel secure that their most is protected even if the bank faces financial hardship.
But is Chase also ahead of the curve when it comes to security? Chase uses multiple authentication checks when you try to sign in to your online account.
The bank monitors for unusual activity and may send a text message or email for you to authorize a transaction outside your home state or for an exceptionally high amount.
The bank’s website uses 128-bit data encryption to secure your personal information. Finally, bank employees are trained in fraud prevention, fraud detection, and ethics.
Everyday security features
128-bit encryption
Multifactor authentication
Guarantee against unauthorized access
EMV chip cards
Card locking through the app or automated phone system
24/7 fraud protection by phone
2. U.S. Bank
With assets totaling nearly $675 billion, U.S. Bancorp, parent company of U.S. Bank, is the fifth-largest bank in the U.S. The bank website and mobile app offer SSL encryption, one-time card numbers for online purchases, and enhanced security features for commercial banking customers.
The Bank Smartly checking account for consumers allow you to set up account alerts and reminders through the mobile app. You can make contactless payments through the app, which gives you added protection against point-of-sale fraud and debit card skimmers, which can steal your account information if you pay using the magnetic stripe on your card.
U.S. Bank also offers a “Safe Debit Card,” designed for consumers ages 14+ who want the convenience of a checking account and debit card without the ability to write checks. The Safe Debit Card provides free access to the user’s VantageScore 3.0 credit score through TransUnion, a credit score simulator, online bill pay, mobile banking, and no overdraft fees.
Everyday security features
$0 liability fraud protection
Multifactor authentication
Virtual card numbers
SSL encryption
EMV chip cards
3. TD Bank
TD Bank, or Toronto-Dominion, is not just one of the largest banks in the U.S. with a worldwide presence, it is also one of the safest. Its branches are known for personalized customer service. But the bank is also known for its online presence. TD Bank recently partnered with Amount, a fintech provider, to enhance security with a suite of state-of-the-art fraud detection and account verification services.
The bank has 24/7 fraud monitoring and text alerts for activity. Plus, if you lose your debit card, you can replace it immediately at a nearby branch. TD Bank also offers features that enhance your security, including Bill Pay and Mobile Deposit, which reduces the handling of paper checks that create a risk of theft and fraud.
Everyday security
Card locking
24/7 fraud monitoring
Personalized service
Mobile deposits
Enhanced security and fraud detection
4. Citibank
Citigroup, which owns Citibank and other Citi properties, is the third-largest bank in the U.S. right now behind Chase and Bank of America. Like Chase, Citi is considered one of the financial institutions deemed “too big to fail.” The bank’s market cap is $97.06 billion.
Citi is considered one of the safest banks due to its enhanced security features for its bank accounts and credit cards.
Citi was one of the first banks to offer a virtual credit card number. This one-time use card number allows cardholders to shop safely online without having to give out your bank account information or card number.
You can sign on to the Citi mobile using a QR code and Face ID®, Touch ID®, Biometrics or 6-Digit PIN, which is more secure than using a username and password. As with Chase, you will receive text alerts for suspicious or unusual activity.
Do not confuse Citi with CIT Bank. In spite of the similarity in their names, CIT is a division of First Citizens Bank and not affiliated in any way with Citigroup.
Everyday security features
EMV chip cards
$0 liability fraud protection
Biometric security
256-bit SSL encryption
Multifactor authentication
Remote debit card locking by phone or through the app
5. Charles Schwab Bank
Charles Schwab Bank is known primarily for its investment divisions. But the bank achieved the highest ratings for customer satisfaction with checking accounts by J.D. Power. Most of the world’s safe banks offer a high level of customer service, which can put a customer’s mind at ease.
Schwab Bank has many of the features high earners look for in a bank, including the ability to easily transfer money from your Schwab One brokerage account to your fee-free checking account.
Schwab’s Mobile app and banking systems use the highest levels of data encryption, as you might expect. Set notifications regarding transactions and fraud alerts through the mobile app. Lock and unlock your debit card at will. You can also set travel notices so that you don’t get a fraud alert in error if you’re making large purchases off your usual beaten path. The bank’s personalized service stands out, with 24/7 service via phone or chat, and branches nationwide.
Everyday security
Card locking through the app
Travel notices
Contactless payments
EMV chip card
Data encryption
6. M&T Bank Corporation
With assets totaling more than $200 billion, M&T Bank may not be as large as Citi or Chase, but its high level of customer service and security puts it on the list of safest banks. M&T Bank has earned multiple awards for small business excellence, along with the highest ratings issued by the Federal Reserve Bank of NY for Community Reinvestment Act performance.
M&T’s mobile app allows you to receive instant alerts about purchases via email, text, or in the app. This way, you can keep track of fraud along with your own spending habits. The app offers fingerprint or facial recognition on supported devices for enhanced security. You can easily report a lost or stolen card in the app or lock your card if you’ve misplaced it.
M&T delivers the same security larger banks offer, with the personalized service of a community bank. With 700 branches across 15 states nationwide plus a network of 1,800 ATMs, M&T Bank might be a convenient and safe choice for your money.
Everyday security features
SSL encryption
Debit card locking
Multifactor authentication
Identity protection services available
24/7 fraud protection
7. Wells Fargo
With $1.71 trillion in assets, Wells Fargo is currently the fourth-largest bank in the U.S. It offers savings and checking accounts, credit cards, loans, and more to personal and business customers.
The bank has more than 4,700 locations plus 12,000 ATMs in its network, making it convenient for customers across the U.S. The Wells Fargo mobile app makes online banking easy and secure, with access to your FICO score, fraud alerts, and multifactor authentication.
The website and app operate with SSL encryption. You can log in via face or fingerprint ID if you prefer. You can set alerts any time someone signs onto your account or whenever a purchase is made.
Furthermore, you can also connect a digital wallet to your account, which may be safer than using debit cards. If you think you lost your card, you can turn it off and turn it on again through the app if you find it.
Wells Fargo makes it easy to report fraud, unauthorized activity, or suspicious activity quickly and easily through the bank’s helpline, even if you are traveling outside the U.S.
Everyday security features
$0 fraud liability
·Guarantee against unauthorized activity
SSL encryption
Low balance alerts
Card locking
8. PNC Bank
PNC Financial Services, owner of PNC Bank, has assets of $557 billion as of December 2022, making it one of the largest banks in the U.S. Like the other big banks, PNC is on the cutting edge of security and fraud protection for its customers.
The bank offers a Virtual Wallet that provides three accounts for checking and savings, along with direct deposit capabilities, overdraft protection, and a “Low Cash Mode,” that alerts you when your balance drops below a specific amount.
PNC also offers traditional banking solutions at its 2,629 branches worldwide. Through the bank’s growing number of Solution Centers, as well as mobile branches in underserved communities, PNC combines the security and convenience of an online bank with a traditional bank.
Everyday Security
Virtual wallet
Debit card blocking
SSL encryption
Fraud alerts
$0 fraud liability
9. Capital One
Capital One sits in the country’s list of top 10 banks and, thanks to enhanced security measures, is considered one of the safest banks in the U.S., too. Capital One holds assets worth $391.81 billion.
Capital One’s credit cards are consistently ranked on top list for rewards credit cards for travelers, and their security measures and easy to use app works for both credit and bank account customers.
You can set alerts by text or email each time you use your card. The app uses multifactor authentication and Capital One has $0 fraud liability for its accounts. You will not be held responsible for unauthorized activity. The bank issues EMV chip cards for added security at point-of-sale transactions.
Everyday Security
Card locking through the app or by phone
Account monitoring
SSL encryption
Multifactor authentication
Activity alerts
Credit monitoring
10. AgriBank
AgriBank made the Global Finance list of world’s safest banks, coming in at number 34. Part of the Farm Credit System, the bank has a net income of $576.1 million and $142.1 billion in total assets.
AgriBank has delivered reliable and consistent service to the agricultural industry for more than 100 years. As an agricultural credit bank, AgriBank is a wholesale only lender to farmers, ranchers, and rural businesses and homeowners. It pays dividends to its members.
It’s important to note that AgriBank services only agricultural customers in 15 states in the southern and Midwest U.S., from Arkansas to Minnesota. AgriBank is not FDIC insured. But, it is backed by the Farm Credit System Insurance Corporation to protect its members.
Everyday security features
Ethics hotline through EthicsPoint
SSL secured website
Two-factor authentication
Data encryption
Backed by the FCSIC
11. CoBank
CoBank is the second FCS member on our list of safest banks. Like AgriBank, it is protected by the FCSIC and offers wholesale loans to rural customers in the agricultural, power, water, and telecommunications industries.
Serving customers in all 50 states, it is one of the largest private providers of credit to the U.S. rural economy, according to its website. Dedicated to preventing fraud, the financial institution has a podcast, Fraud Wise, that provides tips to help its rural customer prevent and detect fraud.
Customers can report fraud easily through phone or email. Because of its size and personalized service, CoBank is rated by Global Finance as one of the safe banks in the U.S.
Everyday security features
Code of ethics
Fraud prevention
SSL data encryption
Guarantee for unauthorized transactions
12. AgFirst
AgFirst Farm Credit Bank is another member of the Farm Credit System that runs as a cooperative, where an account holder is considered a partner. AgFirst takes steps to maintain the safety and security of its members financial data and money. The organization operates in alignment with national cybersecurity standards and applies industry best practices to keep its systems and customers secure.
AgFirst offers loan servicing, loan origination, and many other services to the agricultural community. Headquartered in Columbia, SC, AgFirst has locations across the south and Midwest U.S.
Everyday security features
SSL encryption
Adheres to national cybersecurity standards
Personalized customer service
Backed by FCSIC
Bank vs. Credit Union
In your search for the best bank, you might also consider a credit union. They often offer lower fees, higher interest rates, and more personalized service. The ability to build relationships with employees at your local branch might make them feel like a safer choice.
See also: Best Credit Unions Anyone Can Join
What makes credit unions safe?
The money in a credit union is insured by the National Credit Union Administration. Just as with FDIC insured bank accounts, funds in credit unions are insured for up to $250,000 per person, per account if the credit union fails.
Credit unions often offer local, more personalized service than a national bank, which makes them a desirable financial institution for some people. You may find zero fee checking accounts more frequently at credit unions, higher interest rates, and better loan terms.
The same technology and customer service used in the safest banks also keeps your money safe in a credit union. Look for SSL encryption and two-factor authentication, easy ways to report fraud, and a guarantee against unauthorized access to your account.
What makes the safest banks in the U.S. secure?
A variety of security measures, along with FDIC insurance, keeps the money in your bank secure against fraud and bank failures. Some of the factors that can enhance a bank’s security include its online banking security, the availability of EMV chip cards, $0 fraud liability,
What happens if a bank fails?
Bank failures happened with alarming frequency during the recession of 2008. Experian reports that there were 561 bank failures between 2001 and 2022, when the U.S. faced more than one financial crisis.
Fortunately, these banks were FDIC insured. When a bank fails, the FDIC sells the remainder of the bank’s assets to a more stable bank. Sometimes, the FDIC will cover the bank deposits itself.
Are online banks safe?
Online banks today use the same security measures as a brick-and-mortar financial institution. Often, an online bank offers a fee-free checking account and higher interest rates for an online savings account. If you choose an online bank, make sure it is FDIC insured.
What appears to be an online bank may not be a national FDIC insured bank, but another type of financial institution. If that’s the case, make sure it is backed by an FDIC insured national bank.
Some of the largest banks call America home. These banks are backed by the Federal Deposit Insurance Corporation (FDIC) and offer a variety of products and services. If you prefer a big bank over regional banks or a smaller, community bank, you’ve come to the right place.
Below we’ve compiled a list of the largest banks in the U.S. Once you read through it and perform some of your own research, you should be able to choose a bank or two that meets your needs.
How to Measure Bank Size
First, let’s discuss how to measure the size of a bank. We can do so by looking at the number of customers, number of branches, and number of employees.
But perhaps the best way to measure bank size is by focusing on the total assets under management. This figure shows the actual size of a bank, regardless of how many employees, branches, or ATMs it has.
In our list of the largest banks in the U.S. below, you’ll find that we include each bank’s total assets so you can get a better idea of just how large it is.
Bank Services
We also thought it would be a great idea to briefly discuss how banks work and what they can do for you as a customer. Banks have been around since at least the 14th century. They offer a safe place for individuals and business owners to park their cash and work on various financial goals.
While every bank has their own unique lineup of services, most of them provide checking accounts, savings accounts, and loan services. Some go the extra mile with credit cards, wealth management services, and other conveniences.
Types of Banks
In addition, it’s wise to go over the types of banks at your disposal. The most common types of banks you’ll find include:
Retail banks: Retail banks serve the public and typically have branches and main offices. They provide a wide range of services, like checking and savings accounts, mortgage and loan services, auto financing, CDs, and individual retirement accounts (IRAs). Retail banks may be regional banks operating in various states.
Commercial banks: Also known as corporate banks, commercial banks gear their offerings to small business owners and larger corporate entities. In addition to the usual banking services, they may offer cash management, employer services, and commercial real estate services.
Investment banks: Investment banks are designed for corporate clients with complex needs, like mergers and acquisitions. These clients are large corporations, governments, and hedge funds.
Central banks: Central banks are not available to the public. Instead, they’re an independent institution that oversees the money supply and monetary policy in the country. The Federal Reserve Bank is the central bank in the U.S.
Banks vs. Credit Unions
While banks are quite popular, some customers use credit unions instead. While credit unions also offer banking services, like checking and savings accounts, they’re not for profit institutions that are managed by their customers or members.
Compared to banks, credit unions tend to deliver more personalized service. But they also provide fewer services and have fewer branches and ATMs. A credit union can make sense, depending on your unique goals.
20 Biggest Banks In The U.S.
Here’s an overview of the largest banks in the U.S.
1. JPMorgan Chase & Co.
Total Assets: $3.381 Trillion
Headquarters: New York City, New York
If you focus on consolidated assets, JPMorgan Chase earns the spot as the largest bank in the U.S. This investment bank is also a holding company for subsidiaries, including Chase Bank. Chase, which is J.P. Morgan’s consumer banking division, has more than 4,700 branches in the U.S. plus more than 30 branch locations abroad.
According to Chase, almost half of the households in the U.S. are Chase customers. It attracts digital savvy customers that value online banking and products with artificial intelligence (AI). In addition to consumer banking, JPMorgan Chase is a combined bank that offers commercial banking, asset and wealth management, and investment banking.
Chase offers some of the most popular cash back and travel credit cards that can earn you valuable rewards through their program, Chase Ultimate Rewards. Using these credit cards for everyday purchases can earn you travel points, cash back, and other benefits.
2. Bank of America Corp.
Total Assets: $2.440 Trillion
Headquarters: Charlotte, North Carolina
Bank of America is a multinational bank with nearly 66 million customers and small business clients across the globe. It has a few divisions, including Merrill, Bank of America Securities, and Bank of America Private Bank.
As a Bank of America customer, you can enjoy access to a wide variety of products and services as well as access to more than 4,000 branches and more than 17,000 ATMs.
Just like most big banks, Bank of America prides itself on a robust mobile app, the Zelle payment solution, and other intuitive digital tools. Its various service lines include consumer banking, corporate banking, credit cards, insurance, investment banking services, institutional banking, mortgage loans, private banking, private equity, and wealth management.
3. Citigroup
Total Assets: $1.720 Trillion
Headquarters: New York City, New York
Citigroup, which is widely known as Citi, is an investment bank and financial services firm. When Citigroup merged with Travelers Group in 1998, it became a major player in the financial space. Citibank, Citigroup’s retail banking division has more than 700 branches in the U.S. and over 1,800 branches outside the U.S.
Most of the U.S. bank branches are in Florida, California, New York, and Washington DC. Citibank manages over 138 million bank accounts and has 65,000 fee-free ATMs across the country. Over the years, it has earned high rankings for its digital money management tools, including one that shows customers a financial wellness score.
4. U.S. Bancorp
Total Assets: $582.25 Billion
Headquarters: Minneapolis, Minnesota
The parent company of U.S. Bank, Bancorp’s locations are mainly in the Midwest. It offers personal and business banking with more than 3,000 branches and 5,000 ATMs. Over the years, Bancorp has worked to become a responsible financial provider and earn a spot on the Ethisphere Institute’s World’s Most Ethical Companies list.
As a Bancorp customer, you can access information about your accounts through Google Home and Amazon Alexa. You may also download the handy mobile app to make mobile deposits and perform other services, like transactions via Zelle.
5. PNC Financial Services Group
Total Assets: $534.35 Billion
Headquarters: Pittsburgh, Pennsylvania
PNC is short for Pittsburgh National Corporation. PNC Financial Services is the bank holding company of PNC Bank, which has more than 2,000 branches across 21 states. It stands out among other large banks for its unique customer perks and products for individuals and business owners. The Virtual Wallet tool, for example, lets you manage your money online or on your mobile device.
You can keep your checking and savings accounts together or just stick to one type of account, depending on your particular needs. In addition to traditional banking services, PNC offers mortgages, home equity lines of credit, auto loans, personal loans and personal lines of credit, student loans, and student loan refinancing.
6. Wells Fargo
Total Assets: $1.71 Trillion
Headquarters: San Francisco, California
Wells Fargo made its debut in 1852 when it was first opened by investing partners, Henry Wells and William Fargo. It was initially designed as a bank and express delivery service for gold. Eventually, Wells Fargo expanded as a consumer bank to serve all types of customers with various banking needs. It is admired for its long list of offerings and the Wells Fargo mobile app that helps customers track their spending and simplify their bills.
While Wells Fargo has focused on consolidating and prioritizing digital banking services in recent years, it still has about 4,700 locations and more than 12,000 ATMs around the U.S.
In addition to personal and small business banking, Wells Fargo supports commercial banking, investing and wealth management, and investment banking.
7. Truist Financial Corporation
Total Assets: $532.08 Billion
Headquarters: Charlotte, North Carolina
Compared to the other large commercial banks on this list, Truist is fairly new. It was formed in 2019 as the result of one of the largest bank merger between BB&T and SunTrust.
Truist is made up of three major divisions, including Truist Bank, Truist Securities, and Truist Insurance Holdings. These divisions employ over 37,000 people that work in consumer and commercial banking, investment banking, mortgages, and insurance.
It offers a variety of noteworthy perks, such as no overdraft fees, a $100 negative balance buffer, and automatic upgrades. The bank also places a lot of emphasis on community involvement and giving back.
8. Goldman Sachs Group, Inc.
Total Assets: $501.91 Billion
Headquarters: New York City, New York
Goldman Sachs was founded in 1869 by Marcus Goldman, a German American shopkeeper. Its original purpose was to help merchants and small businesses with short-term funding. Eventually, Samuel Sachs joined Goldman in 1882. Today, Goldman Sachs has a reputation as a leading global investment banking, management, and securities firm.
In the fall of 2016, Marcus by Goldman Sachs, its online banking division made its debut and began to offer numerous financial products, like savings accounts, certificates of deposit, credit cards, and loans.
In addition to these offerings, Goldman Sachs provides asset management services, mutual funds, investment banking and management, prime brokerage, commodities, and commercial banking.
9. Charles Schwab Corporation
Total Assets: $407.90 Billion
Headquarters: San Francisco, California
Charles Schwab is a multinational financial services firm with a focus on investment accounts, such as individual retirement accounts (IRAs) and brokerage accounts.
You’ll find an extensive selection of funds with low expense ratios as well as commission-free stock and ETF trades. While there are over 360 Charles Schwab branches with financial consultants, you can take advantage of its services online.
Schwab also offers a high-yield checking account. Whether you’re new to investing or consider yourself a veteran, you can benefit from Charles Schwab.
10. TD Group U.S. Holdings
Total Assets: $405.22 Billion
Headquarters: Wilmington, Delaware
While TD Bank has roots in Canada, it’s been in the U.S. market since 2007 when it acquired Commerce Bancorp. There are more than 1,100 branches and 700 ATMs across fifteen U.S. states and Washington D.C.
TD Bank offers the typical lineup of banking products and services but is known for its branch convenience. Most branches have long hours, are open on the weekends, and provide curbside pickup for new debit cards.
If you prefer in-person banking, TD Bank is certainly worth exploring. Many of its accounts come with generous sign up bonuses and access to comprehensive online banking features, such as online bill pay, Zelle, and remote check deposit.
11. Capital One Financial
Total Assets: $388.44 Billion
Headquarters: McLean, Virginia
Since it was established in 1988, Capital One bank is one of the newer large banks on our list. In only a few decades, the bank has grown significantly, thanks to its credit card offerings in the early 90s.
Once 2016 came around, Capital One was named the third-largest credit card issuer in the U.S. These days, Capital One continues to offer credit cards as well as digital services through Capital One 360.
Capital One 360 stands out for its Capital One’s 360 Performance Savings account, which comes with no minimum opening deposit and no minimum balance requirements.
It also has a mobile banking app with mobile check deposit, customized alerts and notifications, Zelle, free credit score monitoring via CreditWise, and more. There are about 775 branches, 2,000 ATMs, and nearly 30 Capital One cafes.
12. Bank of New York Mellon
Total Assets: $365.10 Billion
Headquarters: New York City, New York
Bank of New York Mellon came about after a 2006 merger between Mellon Financial Corporation and The Bank of New York. The Bank of New York was originally founded in 1784 by Alexander Hamilton, the first Secretary of the Treasury of the U.S. Bank of New York Mellon is now one of the largest securities firms in the word.
It specializes in a number of solutions and services for corporations, insurance companies, banks, brokers, dealers, and other reputable clients in the financial industry. In addition, the bank offers private investment and wealth management services for wealthy clients.
13. State Street Corporation
Total Assets: $296.43 Billion
Headquarters: Boston, Massachusetts
State Street Corporation was founded in 1792 as a financial services and asset management company. It has more than 40,000 employees and a global presence in over 100 markets.
Its offerings include investment research and trading, investment management, and securities lending for clients, such as insurance companies, pension funds, and asset owners.
14. Citizens Financial Group
Total Assets: $226.53 Billion
Headquarters: Providence, Rhode Island
Citizens Financial Group, Inc. has been around since 1828. It owns Citizens Bank, its retail division and offers credit cards, deposit accounts, personal loans, student loans, refinancing, and a number of other financial services. Citizen Bank mainly operates in the Northeast and Midwest.
In addition to more than 2,700 ATMs, there are over 1,100 branches in New England states as well as Delaware, Michigan, Ohio, Pennsylvania, New York, and New Jersey. The bank provides extended call center hours, a streamlined online experience, and a highly rated mobile app.
15. Silicon Valley Bank
Total Assets: $211.82 Billion
Headquarters: Santa Clara, California
Silicon Valley Bank made its debut in 1983. Today, it serves as a full-service commercial bank for technology and life sciences companies. Aside from traditional banking services, Silicon Valley Bank offers foreign exchange, venture capital, and treasury management services.
It has supported innovation for several well-known tech companies, including Google and Facebook. Many people give it credit for establishing Silicon Valley.
16. Fifth Third Bank
Total Assets: $205.55 Billion
Headquarters: Cincinnati, Ohio
Fifth Third Bank is a subsidiary of Fifth Third Bancorp and known as one of the largest banks in the Midwest. It has approximately 1,100 branches that span across Ohio, Florida, Georgia, Kentucky, Illinois, Indiana, Michigan, North Carolina, Tennessee, and West Virginia.
As a customer, you can enjoy access to more than 50,000 ATMs across the country and no opening deposit requirements for checking and savings accounts.
In addition to deposit accounts, Fifth Third Bank financial institutions offer mortgages, auto financing, personal loans, insurance, and investing products. Products and services are available to business customers as well.
17. First Republic Bank
Total Assets: $197.91 Billion
Headquarters: San Francisco, California
First Republic Bank is a premier private bank with more than 80 branches across the country. Its vast lineup of products and services includes checking accounts, savings accounts, money market accounts, IRAs, CDs, and wealth management.
Business customers can take advantage of business loans, business lines of credit, commercial real estate loans, and small business loans. The bank focuses on philanthropy and constantly supports programs related to art and education.
18. Morgan Stanley
Total Assets: $191.35 Billion
Headquarters: New York City, New York
Morgan Stanley’s roots date back to 1935. Today, the bank is a reputable, multinational investment management and financial services company. It has over 700 locations in every state as well as Washington D.C.
Its investing division includes three portfolios, including the impact portfolio, market-tracking portfolio, and performance-seeking portfolio. Whether you’re a beginner investor or wealthy client, Morgan Stanley may be a solid pick.
19. KeyBank
Total Assets: $184.67 Billion
Headquarters: Cleveland, Ohio
KeyBank was founded in 1825 and is now considered a community bank with a presence in 15 states. It has more than 40,000 ATMs in its network and 1,000 full-service branches. The bank also partners with the AllPoint Network of over 40,000 ATMs nationwide.
Its standard services include checking accounts, savings accounts, home loans and mortgages, lines of credit, credit cards, investing, insurance, and debt consolidation. In 2021, KeyBank acquired several digital businesses including digital platform XUP Payments and GradFin, a student loan counseling fintech.
20. Ally Bank
Total Assets: $182.2 Billion
Headquarters: Sandy, UT
While it’s based in Utah, Ally Bank is an online only bank with a long list of digital banking solutions. Its deposit accounts come with no monthly maintenance fees or minimum balance requirements.
The bank also pays high yields on CDs and savings accounts than traditional banks with brick-and-mortar banks. As a customer, you can enjoy 24/7 customer services and access to more than 43,000 ATMs through the Allpoint network.
Bottom Line
As you can see, there are many large banks in the United States. Each one has its own unique perks and priorities. To choose the right bank, consider your location, needs, and preferences.
If you’re looking for personal banking services and prefer a digital platform, Goldman Sachs and its Marcus division may be the way to go. But if private wealth management is your top priority, you may be better off with Bank of New York Mellon. Best of luck in your search for the perfect large bank.
Largest Banks in the U.S. FAQs
What is a bank?
Put simply, a bank is a financial institution that can legally accept checking and savings deposits and distribute loans. Some banks also offer additional services like certificates of deposit (CDs), individual retirement accounts (IRAs) and wealth management.
What is the largest bank in the world?
The Industrial and Commercial Bank of China is the largest bank in the world. The bank’s assets add up to $4.324 Trillion.
What are the ten largest banks in the U.S.?
Ranked in total asset value, the ten largest banks in the U.S. include JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, U.S. Bancorp, PNC, Truist Bank, Goldman Sachs, Charles Schwab, and TD Group.
How do I choose a bank?
To choose the right bank, focus on what you’re looking for. For more personalized service, you might want to explore a community bank. But if you prefer branch locations across the country and a long list of offerings, one of the large banks on this list might be a better fit.
Is my money safe in a bank?
Your money is safe as long as the bank is insured by the Federal Deposit Insurance Corporation (FDIC). An FDIC-insured bank typically insures up to $250,000 per depositor. Note that you don’t have to purchase FDIC insurance. As long as you’re a customer at a bank that offers it, you’ll receive it automatically.
How does a commercial bank differ from a retail bank?
A commercial bank offers a variety of products and services to both individuals and businesses. Retail banks, on the other hand, focus their offerings to individual customers. If you own a business, you’d be better off with a commercial bank that can serve the financial needs of your organization.
Do online banks exist?
Absolutely! In today’s day and age, online banking is more popular than ever before, among larger banks and smaller banks. While some banks offer in-person and online services, other banks, like Ally Bank, solely operate online with no branch locations.
What are some other large banks not on this list?
Other big banks you might want to consider include First National Bank, Huntington Bank, Provident National Corporation, America Bank, and HSBC Bank USA.
From the Kansas City Chiefs to St. Louis’s Gateway Arch, Missouri has plenty to offer both residents and visitors. As a result, there are plenty of Missouri banks. In fact, it can be tough to narrow down the options.
17 Best Banks in Missouri
From online banking apps to small community banks and large financial institutions, Missouri has a little of everything. Here are some of the best Missouri banks to kick off your search.
1. First Midwest Bank
Founded in Poplar Bluff, First Midwest Bank has branches and ATMs in Poplar Bluff, Columbia, Greenville, Piedmont, Puxico, Van Buren, and Williamsville. Currently, First Midwest is offering $.10 cash back per swipe of your First Midwest Dime-a-Time debit card.
Recently, First Midwest merged with Old National Bank to expand its service area and offerings to Indiana, Illinois, and Kentucky.
Pros:
Cash back with each debit card purchase
No monthly maintenance fees with most checking accounts
Wide variety of account options
Cons:
2. U.S. Bank
Missouri residents looking for a national bank with branches in Missouri might like U.S. Bank. You’ll find branches and ATMs in 25 different states, along with a mobile app that allows you to transfer funds, pay bills with bill pay, and split a check with Zelle.
U.S. Bank’s current special on CDs means you can earn up to 4.75% APY. Small business owners should consider U.S. Bank’s current checking bonus, which offers $500 if you open a new account and deposit $5,000. Deposit $15,000 and earn a $750 bonus.
Pros:
Robust mobile banking features
Up to $750 bonus for business checking account
Wide range of banking services
Cons:
3. Chime
Chime is a mobile banking solution with competitive interest rates on savings accounts. You’ll get fee-free1 ATM access nationwide at any MoneyPass, Allpoint, and VisaPlus Alliance ATM, as well as access to your direct deposit up to two days early2. Electronic deposit customers also qualify for up to $200 in overdraft protection through SpotMe5, although Chime charges no fees for overdrafts.
Pros:
No fees on checking account
Up to 2.00% APY3 on savings accounts
No overdraft fees
Cons:
No physical branches
No cash deposit options
4. GO2bank
GO2bank is an online banking solution with a full-featured mobile app and access to free ATM withdrawals and deposits through partners. Your account with GO2bank will include a checking account with no maintenance fees and a high-yield savings account.
If you’re interested in building credit, you can qualify for a GO2bank Secured Visa Credit Card, which reports your on-time payments to credit bureaus and requires no credit check.
Pros:
Fee-free checking account with direct deposit
Up to 4.50% APY on savings accounts
Cash deposits at 90,000+ retail locations nationwide
Cons:
No physical branches
Direct deposit necessary for free checking
5. Commerce Bank
Kansas City residents should consider Commerce Bank, a community bank with locations throughout the area. You’ll also find ATMs and branches throughout Missouri, as well as in 10 other states. You’ll find a wide variety of checking account and loan options, as well as savings accounts and CDs.
Not only will you get in-person customer service at a branch, but you can chat with a live banker at any time in the Commerce Bank CONNECT app. You’ll choose the banker and connect with the same representative every time.
Pros:
Branches and ATMs in 11 states
Free account includes full mobile banking services
Competitive rates on loans
Cons:
No fee-free ATMs outside the service area
Low interest rates on savings accounts and CDs
6. Regions Bank
With branches in Missouri, Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, and Texas, Regions Bank is a great option if you travel within the Midwest and Southeast.
Regions Bank offers a variety of banking services, including wealth management services and support for small business owners. With DepositSmart ATMs, you can skip the branch and deposit your funds at an ATM.
Pros:
DepositSmart ATMs let you deposit cash and checks without visiting a branch
Flexible requirements to waive checking account fees
Checking accounts for students and seniors
Cons:
Low rates on savings accounts
No branches or ATMs outside the Midwest and South
7. Axos Bank
If you don’t need a local branch, online banking might be an option. Axos Bank offers online services through its website and mobile banking app. There are multiple checking account options, including accounts with no monthly maintenance fees and rewards.
Axos offers unlimited ATM fee reimbursements, so you can use your debit card anywhere in the U.S. Currently, Axos has a $100 bonus for new checking account holders who open an account and have at least $1,500 in electronic deposits within the first 30 days.
Pros:
$100 bonus for new rewards checking account
Up to 3.30% APY on checking accounts
Unlimited reimbursements for out-of-network ATM fees
Cons:
No physical branches
Low interest rates on savings accounts
8. Central Bank
Central Bank is a regional bank with more than 130 locations in Missouri, Kansas, Illinois, and Oklahoma. You’ll find multiple checking account options, including a fee-free account with all the basic features.
You’ll enjoy free ATM transactions at any Central Bank ATM, as well as more than 37,000 ATMs nationwide. Central Bank also has robust business banking options, including loans and multiple checking options.
Pros:
Fee-free ATM withdrawals at 37,000+ MoneyPass locations nationwide
Personalized customer service at branches
Wide range of loan options available
Cons:
$50 minimum deposit to open
Branches in Missouri are mainly in the southwest and central part of the state
9. Bank of America
There are benefits to going with a national bank, including access to banking services while traveling and a broad range of features. As one of the largest national banks, Bank of America has competitive offerings, including a variety of checking account options and wealth management services.
Business customers can earn a $200 bonus for opening a new account and depositing $5,000 in the first 30 days. Individual banking customers should check out the $200 rewards bonuses on new credit cards.
Pros:
3,900 branches and 15,000 ATMs nationwide
Robust free mobile banking features
Wide range of personal and business credit cards
Cons:
Low interest rates on savings accounts
Long waits for customer service
10. Great Southern Bank
Great Southern is headquartered in Springfield, with branches in Missouri, Arkansas, Iowa, Kansas, Minnesota, and Nebraska. You’ll find multiple checking account options, with a free basic checking account.
Although Great Southern’s checking accounts require minimum deposits, there are three options with only a $25 minimum opening deposit required. That includes a second chance account designed to help those who struggle to establish an account due to their banking history.
Pros:
Fee-free ATM transactions at Allpoint ATMs nationwide
Branches across six states
Competitive rates on personal loans
Cons:
Checking accounts require a minimum deposit to open
Limited customer service hours
11. Belgrade State Bank
Belgrade State Bank is a local bank with checking and savings accounts. While there are limited ATMs and branches, Belgrade’s out-of-network ATM fee is only $1. This is in addition to the fees that will be charged by the third-party bank.
Belgrade has robust business banking options, including a fee-free checking account that includes 1,000 items per month, with a $0.25 charge per transaction after.
Pros:
Free checking with enrollment in e-statements
No minimum balance requirement for checking accounts
Competitive rates of personal loans
Cons:
Limited branch and ATM footprint
$50 minimum deposit to open
12. PNC
PNC is one of the biggest national banks with 26 branches in Missouri. Although PNC only has branches in 29 states, you’ll enjoy fee-free access to your cash at more than 60,000 ATMs nationwide, thanks to PNC’s partner network.
Pros:
Access to more than 60,000 ATMs nationwide
Branches in 29 states
Competitive mobile banking features
Cons:
Low interest rates on savings account
Accessible banking services, including support for non-English-speaking customers
13. Mid-Missouri Bank
Mid-Missouri Bank is one of the best banks for both the small business owner and the consumer. You’ll find 14 branches across Missouri, as well as ATMs within the coverage area. There are two checking accounts.
One issues an annual percentage yield on your balance, while the other offers cash back on debit card purchases. Mid-Missouri offers competitive rates on personal loans, including auto, home, and home equity lines of credit.
Pros:
14 branches across Missouri
Basic account earns cash back or APY
Up to $25 in ATM fees refunded each month
Cons:
Lower APY on savings account than competitors
Limited number of branches and ATMs
14. Bank of Missouri
Bank of Missouri is one of the best banks in Missouri for its checking account perks. You’ll have three options: a bank account that earns 3.05% APY, an account that earns cash back on debit transactions, and an account that offers iTunes, Amazon, or Google Play refunds each month.
This bank’s checking accounts come with no monthly maintenance fees and refunds on up to $25 monthly in out-of-network ATM withdrawals.
Pros:
Rewards and interest-bearing checking accounts
No monthly fee on checking and savings accounts
Competitive rates on CDs
Cons:
Low rates on savings account
Limited number of branches and ATMs
15. UMB Bank
UMB Bank is one of the longest-running Missouri banks, having been in existence for more than a century. You’ll find branches throughout Missouri, as well as in Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona, and Texas.
UMB also offers online banking options that make it easy to transfer funds and deposit checks. One downside to UMB is its ATM footprint. You’ll pay $2 if you can’t find a UMB ATM, and those are limited to its service area.
Pros:
Robust mobile banking options
Fee-free checking account available
Competitive rates on CDs
Cons:
Minimum deposits required for all checking accounts
Low interest rates on savings account
16. Simmons Bank
If you’re looking for the best checking account among banks in Missouri, consider Simmons Bank, which offers impressive checking and savings accounts with plenty of branches throughout Missouri.
You’ll get fee-free cash withdrawals nationwide at MoneyPass ATMs, along with fee-free checking that requires no minimum balance or opening deposit.
Pros:
Fee-free checking options
Multiple checking and savings accounts
Fee-free cash access at MoneyPass ATMs nationwide
Cons:
Competitive rates on CDs
Minimum deposit on savings account
17. First State Community Bank
First State Community Bank has more than 50 branches throughout Missouri for that in-person customer service. You’ll also get free access to ATMs in the MoneyPass network for cash withdrawals while you’re traveling.
The basic account, Free eChecking, offers all the features you’ll likely need with no monthly fee as long as you sign up for electronic statements.
Pros:
Fee-free cash access at MoneyPass ATMs nationwide
Fee-free checking option when you sign up for electronic statements
Round up debit transactions to boost your savings
Cons:
Opening deposit required for checking
Limited branch locations
Frequently Asked Questions
What is the most popular bank in Missouri?
Like most states, Missouri has plenty of large corporate banks with branches in the area. Some consumers will always prefer that option due to the wealth of banking services and access to ATMs nationwide. Bank of America has a strong presence in Missouri, as does U.S. Bank.
But when it comes to popularity, locals tend to cite smaller banks. Central Bank is often mentioned as a favorite, in part due to its heavy presence throughout Missouri. Commerce Bank also often tops lists of the best banks in Missouri.
If you go with a local bank, look for one that’s covered by the Federal Deposit Insurance Corporation and pay close attention to whether you’ll have access to cash withdrawals at ATMs while traveling.
What is the best bank for small businesses in Missouri?
Those looking for business accounts typically have different criteria than those searching for personal accounts. You might be more interested in being able to invoice customers, for instance, or track spending for tax purposes.
If you’re a freelancer in Missouri, take a look at Axos for your small business banking. U.S. Bank has great money management features, so if that’s a priority, take a look at its small business banking services.
Which Missouri bank has the best customer service?
As valuable as it can be to have a bank account with no monthly maintenance fees or plenty of ATMs, sometimes it’s all about getting help when you need it. If you like in-person service, go with a small brick-and-mortar option with branches that are convenient to you. First State and Bank of Missouri are both great traditional banking options.
For some people, though, the best banks are those that offer easy-to-use remote customer service. Whether that means getting help via a chatbot or connecting with a representative by phone, narrow the options to something that works for you. Ally Bank has been recognized for its 24/7 customer support, primarily because you’ll get an estimate of how long you’ll have to wait on hold before you launch the call.
Which Missouri bank is the most reliable?
As long as you go with an FDIC-insured bank, your funds will be protected up to $250,000. Still, nobody wants to stress over a bank eventually going under. Large corporate banks like Bank of America and U.S. Bank have a long history and an impressive asset value that protects them from default.
But there are plenty of reliable local banks in Missouri as well. First State has been in business for 150 years, and Central Bank was founded in 1902. Both are unlikely to go anywhere and if they did, it would be to merge with another bank or join a parent company.
The best banks are the ones that fill your needs while also keeping fees at a minimum. It’s important to compare at least a few options to make sure you’re getting the best deal for your Missouri banking needs.
1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
2. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
3. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of May, 22, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
Today we’ll take a look at the top mortgage lenders in Ohio.
Last year, nearly 1,000 mortgage companies originated about $113 billion in home loans there.
But one company dominated the rest by a fairly large margin.
Surprisingly, it wasn’t the nation’s top mortgage lender, but rather a depository bank.
Read on to see who took the top spot and what other companies did a lot of business in The Buckeye State.
Top Mortgage Lenders in Ohio (Overall)
Ranking
Company Name
2021 Loan Volume
1.
Huntington Bank
$7.8 billion
2.
Rocket Mortgage
$6.4 billion
3.
Union Savings Bank
$4.1 billion
4.
Fifth Third Bank
$3.9 billion
5.
Chase
$3.2 billion
6.
U.S. Bank
$3.0 billion
7.
Wells Fargo
$2.4 billion
8.
Third Federal
$2.3 billion
9.
Freedom Mortgage
$2.1 billion
10.
Union Home Mortgage
$2.1 billion
The top mortgage lender in Ohio last year was Huntington Bank, a company founded all the way back in 1866.
In 2021, the Columbus, Ohio-based company funded $7.8 billion in home loans, per HMDA data from Richey May.
That was more than enough to hold off Rocket Mortgage’s $6.4 billion, the nation’s top overall mortgage lender.
In third was Cincinnati, Ohio-based Union Savings Bank with $4.1 billion funded, followed by fellow Cincinnati-based bank Fifth Third with $3.9 billion in loan volume.
Rounding out the top five was JPMorgan Chase with $3.2 billion funded. Chase was the only entry not located in the Midwest.
The rest of the top 10 consisted of U.S. Bank, Wells Fargo, Third Federal Mortgage (Cleveland, OH), Freedom Mortgage, and Union Home Mortgage (Strongsville, OH).
So it seems Ohioans like to keep it local when obtaining a home loan.
Top Ohio Mortgage Lenders (for Home Buyers)
Ranking
Company Name
2021 Loan Volume
1.
Huntington Bank
$2.8 billion
2.
U.S. Bank
$1.6 billion
3.
CrossCountry Mortgage
$1.5 billion
4.
Rocket Mortgage
$1.3 billion
5.
Union Home Mortgage
$1.3 billion
6.
Chase
$1.2 billion
7.
Fairway Independent
$1.2 billion
8.
Fifth Third
$1.1 billion
9.
Wells Fargo
$1.1 billion
10.
Pennymac
$979 million
When it came to home purchase lending, Huntington Bank once again led the charge with $2.8 billion funded.
They were followed by Minneapolis, Minnesota-based U.S. Bank with $1.6 billion and CrossCountry Mortgage (Brecksville, OH) with $1.5 billion funded.
The nation’s top lender, Rocket Mortgage, took fourth with $1.3 billion in purchase loan origination volume, trailed by Union Home Mortgage with a similar $1.3 billion.
Places six through 10 went to Chase, Fairway Independent Mortgage, Fifth Third Bank, Wells Fargo, and Pennymac.
No big surprises here, with more local companies and big household names making the list.
Top Refinance Lenders in Ohio (for Existing Homeowners)
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$4.9 billion
2.
Huntington Bank
$4.6 billion
3.
Union Savings Bank
$3.1 billion
4.
Fifth Third Bank
$2.6 billion
5.
Chase
$1.9 billion
6.
Freedom Mortgage
$1.8 billion
7.
PNC Bank
$1.4 billion
8.
Wells Fargo
$1.2 billion
9.
U.S. Bank
$1.2 billion
10.
Third Federal
$1.2 billion
When we shift focus to mortgage refinance loans, Rocket Mortgage is king with $4.9 billion funded.
Per usual, homeowners are happy to look at non-local options as they go for the lowest rate, as opposed to a familiar face.
In second was Huntington Bank with a close $4.6 billion funded, followed by Union Savings Bank with $3.1 billion.
Fifth Third took fourth (confusing) with $2.6 billion in refinance volume, followed by Chase with $1.9 billion.
The remaining companies in the top 10 included Freedom Mortgage, PNC Bank, Wells Fargo, U.S. Bank, and Third Federal.
All in all, more of the same, Ohio-based mortgage companies and big national brands/banks.
Top Mortgage Lenders in Cincinnati
Ranking
Company Name
2021 Loan Volume
1.
Union Savings Bank
$2.0 billion
2.
Huntington Bank
$1.4 billion
3.
Fifth Third Bank
$1.4 billion
4.
Rocket Mortgage
$1.2 billion
5.
Guardian Savings Bank
$1.1 billion
6.
U.S. Bank
$1.1 billion
7.
Guaranteed Rate
$645 million
8.
Wells Fargo
$639 million
9.
Freedom Mortgage
$597 million
10.
PNC Bank
$539 million
Top Mortgage Lenders in Cleveland
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$1.6 billion
2.
Huntington Bank
$1.5 billion
3.
Third Federal
$1.1 billion
4.
CrossCountry Mortgage
$1.0 billion
5.
Fifth Third Bank
$780 million
6.
KeyBank
$714 million
7.
First Federal Savings
$569 million
8.
Chase
$566 million
9.
Wells Fargo
$550 million
10.
Citizens Bank
$518 million
Top Mortgage Lenders in Columbus (OH)
Ranking
Company Name
2021 Loan Volume
1.
Huntington Bank
$2.4 billion
2.
Chase
$1.4 billion
3.
Union Savings Bank
$1.4 billion
4.
Rocket Mortgage
$1.3 billion
5.
Fifth Third Bank
$945 million
6.
U.S. Bank
$898 million
7.
Union Home Mortgage
$722 million
8.
Wells Fargo
$637 million
9.
Mr. Cooper
$535 million
10.
Freedom Mortgage
$535 million
Who Are the Best Ohio Mortgage Lenders?
While the Huntington Bank was Ohio’s largest mortgage lender, its reviews are pretty mixed, with a lot of 3-star ratings across different review websites.
It’s difficult to determine if that’s due to mortgage lending or other bank services offered by the company.
Regardless, there are other mortgage companies in Ohio with far superior ratings, even if they aren’t as large.
For example, CrossCountry Mortgage has an excellent 4.97-star rating on Zillow from a staggering 18,000 customer reviews.
Meanwhile, Revolution Mortgage has a 4.96 rating, Lower.com has a 4.92-rating, Union Home Mortgage has a 4.89-rating, and Nations Lending has a 4.81 score.
The highest rated Ohio-based mortgage company on Zillow is a tie between American Mortgage Service Company and Equity Resources, Inc., both with a 4.98 score.
So it’s clear there are plenty of highly-rated Ohio mortgage companies that aren’t necessarily the biggest of the bunch.
At the same time, you may also find that working with a mortgage broker or local credit union is the way to go.
Regardless of what option you choose, do your research and take your time to ensure you obtain quality service at a competitive price.