Best National Banks

Whether you're looking for a high-yield savings account or a checking account with lower fees, national banks are appealing for those who want the security and features that large institutions provide. Although they face competition from digital banks and credit unions that may offer higher annual percentage yields (APYs), national banks often provide more products and services, making them a good choice for those who want to handle the majority of their financial needs in one place.

To help you find the right bank, we researched dozens of the largest banks in the country based on their assets. Based on their APYs, fees and customer service, here are our choices for the best national banks of 2024-2025:

• BMO – Best overall
• Flagstar Bank – Best for savings accounts
• Ally – Best for money market accounts
• PNC – Best for perks
• Citibank – Best for innovation
• Discover – Best for low fees
• American Express – Best for high-yield checking
• Capital One – Best customer satisfaction
• Everbank – Best for overall rates

*Rates and APYS are subject to change. All information provided here is accurate as of Oct. 8, 2024.

BMO is our choice for the best overall national bank. It offers checking accounts, savings accounts, money market accounts and certificates of deposit (CDs) to customers in all 50 states. BMO is the 13th-largest bank in the nation based on its consolidated assets. With its BMO Smart Advantage Checking account with no monthly fees (without having to meet any balance or deposit requirements) and a large network of 40,000 fee-free ATMs. You can take advantage of the bank's CDs to earn a substantially higher-than-average APY, and BMO customers can also benefit from the bank's rewards savings account. With a BMO Savings Builder Account, the bank will reward you with $5 for every month you save $200 or more during your first year.

BMO's savings accounts have lower-than-average rates, and the bank has a limited network of branches. Although the bank offers accounts in all 50 states through digital banking, it only operates 1,000 branches in approximately 24 states.

While the average APY for savings accounts as of September 2024 was under 0.5%, Flagstar Bank offers substantially higher rates. With the bank's Performance Savings Accounts, you can earn an APY that is more than 10 times higher than the national average if you have a balance of $25,000 or more, and you can open an account with just $1. The APY on the Performance Savings Accounts is one of the highest available, and the bank has other savings account options, too. FlagStar has a special account for kids without a monthly fee, and a health savings account you can use to complement your high-deductible health plan to pay for eligible medical expenses.

That said, there are some drawbacks. If you don't have an existing Flagstar checking account, a $15 monthly fee will apply. And, if you close your account within six months of account opening, you'll have to pay a $30 early closure fee. Flagstar operates just 400 branches in about 12 states, so those who prefer to visit a bank in person may be frustrated. However, Flagstar allows residents of all states to open digital accounts online.

For those who enjoy the benefits of a money market account, Ally offers high APYs. Though other banks often have large minimum deposit requirements of $1,000 or more for their money market accounts, Ally has no account minimum or monthly fee. Despite operating no physical branches, Ally is one of the largest banks in the country. It's easy to understand its popularity; it boasts accounts with higher-than-average APYs and no monthly service fees.

However, those who prefer a more traditional banking experience with physical branches and bank tellers may not be a good fit for the online-only bank. While most money market accounts limit how many withdrawals you can make in a billing cycle, Ally doesn't charge an excess withdrawal fee. However, the bank will close your account if you frequently make more than 10 withdrawals per month.

PNC's Virtual Wallet is a comprehensive banking solution that combines a checking account, reserve checking account and savings account. With these accounts, you can earn interest and potentially qualify for substantial cash rewards — up to $400 — for opening a new account. PNC is a large bank that operates branches in 29 states. It has a large variety of banking products, including checking accounts, savings accounts, money market accounts and CDs. Its Virtual Wallet combines three accounts with some added perks and features, such as a low cash alert, budgeting tools to manage your spending and calendars to track and plan for upcoming bills.

PNC's rates tend to be lower than you'll find with other banks, so those looking for a high-yield account may be better off with another financial institution. But for those looking for one bank to handle most of their financial needs, PNC could be a good fit.

Citibank is a top bank for innovation, offering its customers a powerful mobile app. It's also at the forefront of technology, being one of the few banks that accepts Zelle or Venmo payments as qualifying deposits for account fee waivers. Additionally, it allows customers to link their accounts with family members to take advantage of relationship rewards, such as interest rate bonuses. Citi makes it easy to manage your bank accounts from your phone, and you can link your account to your other Citi accounts, such as your investment accounts, to qualify for relationship tier rewards. Citi also introduced a new browser you can use when shopping online to secure the best deals and coupons.

Citi's accounts usually have monthly fees, but you may be eligible for fee waivers based on your balance or deposits. However, not all of Citi's accounts are available nationwide; only residents of eligible states can open an account.

None of Discover's bank accounts charge monthly fees, so you can open a savings account, checking account or CD without worrying about maintenance fees or maintaining a balance to qualify for a fee waiver. Discover's accounts offer fee-free overdraft protection — typically an added charge with other banks — and it has a large fee-free ATM network. Additionally, its savings accounts and CDs boast substantially higher-than-average APYs, helping your money grow faster.

However, Discover doesn't offer money market accounts, and its CDs require a minimum deposit of $2,500, which is a higher threshold than most.

Although several banks offer interest-bearing checking accounts, the average APY is usually quite low at less than 0.1%. American Express has a significantly higher rate, boasting an APY that is about 10 times the national average. With such a high APY, the money you stash in a checking account to cover your bills and other expenses can help you earn interest.

While American Express is primarily known for its charge cards and credit cards, it also has several banking products, including checking accounts, savings accounts and CDs. It tends to offer substantially higher-than-usual APYs, with low fees and account minimums. Its checking account stands out not just for its APY, but because of its rewards. You can earn Amex Membership Rewards points on every debit card purchase you make, and you can redeem those points for gift cards or travel.

However, American Express doesn't operate physical branches, and it doesn't have a money market account option.

Capital One regularly leads the pack in terms of customer satisfaction. J.D. Power gave Capital One the top spot in its 2023 U.S. National Banking Satisfaction Study, and Capital One has several user-friendly features like a powerful mobile app, free credit monitoring and online tools to help you find the best deals when shopping. Besides its digital banking platform and powerful mobile tools, Capital One has high-yield savings accounts, including specialty accounts for kids and teens, and none of its deposit accounts charge monthly fees.

The longest term Capital One offers for CDs is 60 months, which is shorter than you'll find from other banks. Additionally, it doesn't offer money market accounts, so you'll have to look elsewhere for those options.

If you're looking for one bank that offers high APYs, Everbank is hard to beat. Its rates on savings accounts, money market accounts and CDs are significantly higher than the national average, and it even has an interest-bearing checking account. Although there are some banks with higher rates for one type of account, all of Everbank's deposit accounts have APYs several times higher than the norm. None of its accounts charge monthly fees, and its accounts have low minimum deposits; for checking, savings and money market accounts, there's no minimum deposit requirement. With CDs, you can open an account with just $1,000.

Everbank is primarily a digital bank; it only operates a few financial centers in Florida, so those who prefer in-person banking will have to look elsewhere. Additionally, though its CDs have higher-than-average APYs, Everbank offers limited CD term options, with the maximum term being just 60 months.

How we chose the Best Banks of 2024-2025

To determine our list of Best Banks for 2024-2025, Money staff evaluated hundreds of the largest retail banks, credit unions, regional and state banks, ranked by assets, and 20 of the most popular online banks. We then compared bank account options, rates, deposit minimums, fees and added benefits and features to select our top choices. Particular emphasis was given to banks that offered higher-than-average rates on core deposit accounts, meaning savings accounts and CDs. We also prioritized banks with broad ATM networks and low fees. You can read our full methodology here.

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