Best National Banks for 2024

Do you like having the ability to visit a banking branch or find an ATM to use wherever you travel? Will you be moving in the near future and don't want the hassle of switching banks when you do?

If so, you're probably a great candidate for an account at a national bank. Below is our list of the best national banks to consider.

How to choose the best national banks

Shopping for a big American bank offering the best perks? Here's what to look for:

• High APY: Shop around for the best interest rates big banks offer.
• Investment accounts: Banks let you invest your money in different ways. They may offer savings accounts, certificates of deposit (CDs), and more. What's your priority?
• Easy access: Some banks offer mobile apps for on-the-go travelers. Others have bank branches nationwide. Choose a bank that meets your needs wherever.
• Low fees: The top national banks don't slap you with big monthly fees.
• Perks: Look for sign-up bonuses that you actually qualify for. Read the fine print!

What does it mean to be a national bank?

The biggest difference between a national bank and any of the other types is that it has a national banking charter and is a member of the Federal Reserve System.

Here a few things that define a national bank:

• It's a commercial bank (offers banking products to individuals and businesses)
• It has a national banking charter and is a member bank of the Federal Reserve
• A national bank usually does its transactions with local Federal Reserve banks
• It's always a member of the Federal Deposit Insurance Corporation (FDIC)

National banks typically have a broad geographic presence. They do not have to maintain a set number of branches or have a physical presence throughout the United States. In fact, many have a very localized presence.

Other types of banks include:

• Trusts
• Federal savings associations
• State banks
• Credit unions

Are national banks more secure?

To be sure, most U.S. banks are very secure, regardless of the type of banking charter they hold. All chartered banks offer FDIC insurance (or equivalent such as National Credit Union Administration protection), and all provide some protection against theft. And all banks are required to maintain adequate capital levels at all times to prevent them from running out of money in tough times.

That said, there's a solid case to be made that the largest banks are the most secure. For starters, they have more resources to invest in things like cybersecurity protection than smaller banks do. And they tend to offer additional protections if your money is stolen, even if it wasn't the bank's fault. For example, large banks typically guarantee your money in the event someone hacks into your account, and some even take it a step further to reimburse your stolen cash the next day while investigations are ongoing.

Should I choose an online or brick-and-mortar national bank?

Here are some things to consider when deciding between an online bank and a brick-and-mortar bank:

• Customer service: Support is typically superior at brick-and-mortar banks. Many offer specialized, in-person services at branches, such as mortgage application assistance and investment services.
• Technology: It's a common assumption that online banks have superior technology (such as mobile banking portals), but that isn't always the case. In fact, Bank of America has won numerous awards for its technology, as have other brick-and-mortar national banks.
• Interest rates: Online banks tend to offer far better interest rates on deposits than brick-and-mortar banks.
• Convenience: Brick-and-mortar banks have a convenience factor, especially if you deal with cash often. It can be difficult to deposit cash into an online bank account, and while many have ATM networks, they're not all as convenient as the major national banks.

Tips for finding the best national bank for you

Make sure the bank offers features that matter most to you. Here are some things to keep in mind when looking for the right fit.

Interest rates

You're not likely to find the highest interest rates on deposit accounts at national banks. If this is your top priority, check out our favorite high-yield savings accounts. But if a national bank is the best bank type for you, it's still a good idea to shop around for the highest interest rate as part of your research.

Investment services

If you want investment help, for example, choose a national bank that focuses on that. The same can be said with competitive deposit interest rates. If you plan to keep significant amounts of money in your savings account or CDs, you should prioritize this in your search.

Bank locations

If you choose a branch-based national bank, make sure it has a physical presence not just near where you live, but in other areas you frequently visit. Even some of the largest national banks don't have branches in certain large markets. Branch locations also are the places where you can typically withdraw cash without an ATM fee.

Online capabilities

Technology is a key factor these days, especially if you plan to do most of your banking through online and mobile channels. And it isn't just online banks that do this well -- some branch-based banks offer excellent mobile and online platforms. So if this is a priority, be sure to read some app reviews before deciding.

Read more: Best Banking Apps

Fees

Try to keep fees as low as possible. Online banks typically have minimal fees, while branch-based banks often have higher ones. However, you can generally avoid fees on checking accounts by meeting certain requirements (such as setting up direct deposit), so be sure to read the fine print when it comes to fees.

Learn more: Checking Account Fees and How to Avoid Them

Other perks

As you'll see in our list of picks, some national banks offer excellent sign-up bonuses for new accounts. That said, the most important thing is making sure a bank is a good fit for you. But all other things being equal, it's worth paying attention to bonus offers.

Our bank and credit union methodology

Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

Learn more about how The Motley Fool Ascent rates bank accounts.

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