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Most people choose their first bank without much thought. Whether it is the bank your parents use, the one that is closest to your school, or just the one that has the best commercials, there usually isn’t much thought in your first banking decision.

It’s your second bank where you usually do your research and find one that meets your needs. This list of top rated national banks should help in that search.

Top 10 National Banks

We broke these top ten national banks down into what bank we think meets your needs best. There is typically more than one bank that is a great choice so we did more in-depth articles about choices for each category.

CIT Bank (Best for Savings Accounts)

High-Interest online savings account changed the way we do banking. CIT Bank has been a consistent performer for its high-interest savings and CD accounts. The 11-Month CD account allows you to get great interest and you are only required to leave funds in the account for one week.

• Most Flexible Options
• High interest rates

Discover (Best for Checking Accounts)

Most people only consider Discover for their branded credit cards. However, they are also a well-respected banking option inside the industry.

Currently, they do not offer interest on their checking, but they do give you 1% cashback on your purchases up to $3,000 a month.

• Rewards – 1% back
• ATM Network – 60,000

Capital One (Best for Money Market Accounts)

Capital One bought out ING from your U.S. holding and took over as one of the top online banks. The interest rates on their top-rated money market accounts are consistently competitive.

• Fees – None
• Online Bill Pay – Yes
• ATM Network – 39,000
• Capital One Review

BBVA (Best for CDs)

You may not have heard about BBVA, but they have built a healthy online customer base. They are always near the top of the best high-interest CD accounts.

• Fees – None for CDs
• Minimum Deposit – $500
• BBVA Review

Alliant (Best National Credit Union)

Credit unions are great for anyone looking for a more personal approach to banking. Alliant has maintained a great reputation as one of the top credit unions and has great interest rates on their savings accounts.

• Fees – None
• Online Bill Pay – Yes
• ATM Network – 80,000+

USAA (Best for Military)

USAA is a top provider for anyone in the military and their family members. They offer zero fees across all banking products and their loans come with the lowest fees you can find. They are also a top provider of VA Loans.

• Fees – None
• Online Bill Pay – Yes
• ATM Network – Reimburses $15 in ATM fees each month
• USAA Review

Ally (Best Bank Brokerage Combo)

Ally has been expanding across the banking industry. They also purchased Trade King and converted it to the brand Ally Invest, Making them the top bank that can also offer a full-service brokerage account.

• Stock Trading Fees – $4.95
• ETFs and Mutual Funds Available
• Retirement accounts – Roth, IRA, SEP IRA

J.G. Wentworth (Best for Mortgages)

J.G. Wentworth is a massive bank with many different departments. They have made mortgage applications much easier and are willing to work with people who have less than perfect credit.

• Fully digital applications
• Works specifically with mortgages
• VA Loan approved

SOFI (Best for Personal Loans)

SOFI started as only offering personal and student loans. They have since expanded into many other financial services, but have maintained their name as a top online lender.

• Easy loan process
• Fully online application
• Quick decisions

Bank of America (Best ATM Network)

Bank of America is a top name across the country in banking. What makes their network unique is that they more than 600 bricks and mortar locations compare to other ATM network providers. While their ATM network may seem smaller than some of the others on this list, it is the only network that large that is wholely owned by the bank.

• Fees – None
• Online Bill Pay – Yes
• ATMs -16,000

Other Bank Review

At SavingFreak.com we strive to give you as many options as possible to meet your banking needs. These reviews are mostly national but could include some that fall into the regional category.

Other banks you may want to consider include:

• American Express
• AXOS
• Digit
• NBKC
• TIAA Bank
• VARO

Choosing a Bank

Choosing a bank for your personal needs is going to require that you think of many different questions. One of the worst feelings is finally getting an account set up and then realizing that the bank isn’t working for you.

These are a few of the questions you should ask:

Can I get to an ATM?

Most banks have pretty large ATM networks, but they don’t always extend everywhere. One of the reasons I use USAA is that I can accrue up to $15 in fees a month and they pay me back for it.

If you are not in the military or directly related to someone who was, this isn’t an option. So make sure you have easy access to free ATMs or you will be switching banks after one month of nasty fees.

Are Interest Rates Important?

Many people end up keeping their checking and savings accounts at different banks to take advantage of better interest rates.

I even know a few people that keep multiple savings accounts at different banks so they can transfer their money to the bank with the best interest rate each month.

What are the fees?

Fees can eat away at any bank balance. Make sure you are in a “fee-free” environment and save yourself a load of cash.

If you are a person that tends to overdraft, try to find an account that will automatically tap into a savings account and keep a few hundred dollars there just to prevent the overdraft fees.

National Bank FAQs

What makes a bank a “national” bank?

For this evaluation of banks, we only included bricks and mortar options that service at least 20 states. Most online banks are nationwide so that was not a consideration.

Some bricks and mortar banks we included, like BBVA, also have a heavy online presence and are available nationwide through the online portion of their services.

Are national banks better than regional banks?

Smaller banks tend to have better service, but lack in the number of branches. So the advantage of national banks is going to be the availability of in-person service.

If you aren’t worried about nationwide access, then a smaller bank will probably be a good choice. Those who travel or want the highest interest rates will want a national bank.

Which is Better Bricks and Mortar vs Online?

Bricks and mortar banks tend to have a lot of bank bonuses for joining and they offer the ability to meet in person.

Online banks usually win with their interest rates. Many times offering up to 20x the national average. Since they don’t have branches, they tend to tap into a large network of ATMs and pay the fees for their clients.

Is my money safer in a big bank?

As long as a ban is a part of the FDIC (Federal Deposit Insurance Corporation) they will be as safe as any other bank. The FDIC provides insurance up to $250,000 per type of account (savings, checking, CD, etc.).

If you are looking at going with a credit union, then make sure they are part of the NCUA (National Credit Union Administration). They have the same insurance coverage.

What are the top 10 banks in the USA?

The federal reserve releases data on banks regularly. From the standpoint of most assets, these are the top ten banks in the United States:

• Chase Bank
• Bank of America
• Wells Fargo
• Citibank
• U.S. Bank
• PNC Bank
• Capital One
• TD Bank
• BB&T
• SunTrust

Methodology

I spent seven hours doing research on the most popular and well-known banks, both online and bricks and mortar. Before compiling our top 10 list, I read over 200 user reviews, consulted with individuals who used these banks and took into account my personal experiences. This research came together to create the list above.

Are you tired of the tricky and confusing fees and policies of traditional banks?

Varo Bank might be the right answer to your problems.

What is Varo Bank?

Varo Bank is part of a new wave of digital-only banks that operate exclusively on your mobile device. The app makes it convenient for you to do transactions, check balances, and manage finances. Each customer gets a Varo Visa debit card to make payments or withdrawals.

The Varo app also lets you link multiple bank accounts to get a better picture of your financial standing. Security-wise, it has layers built-in to protect your account. You’ll also be able to suspend your card if it gets lost.

But being a bank with no physical location, how can you withdraw your money? Varo Bank accomplishes this by partnering up with the Allpoint ATM Network, giving customers access to more than 55,000 ATMs nationwide.

For cash deposits to your account, go through third-party retailers. Note, however, that retailers typically charge additional fees, which is a significant drawback of Varo.

One of the advantages of Varo Bank is its attractive savings rates. At the time of this writing, the starting annual percentage yield (APY) of its flagship Varo Savings Account is at 2.12 percent. This can be increased to 2.80 percent if you meet some requirements.

Types of Accounts

Varo Bank has two accounts available: the Varo Bank Account and the Varo Savings Account.

Varo Savings Account

The Varo Savings Account is the flagship product of Varo Bank. It’s for the casual user who wants to maximize cash savings. Varo offers an APY of 2.12 percent, one of the highest for a mobile-only bank.

You can further access a 2.80 percent APY provided you meet these requirements:

• You deposit a monthly payroll of at least $1,000.
• You make at least five purchases per month using your Varo Visa debit card.
• You maintain a balance of $50,000 or less.

The account also has automatic saving programs you can opt to use. One notable feature is Save Your Pay, which automatically sets aside a part of your payroll as savings. Also, unlike any regular savings account, the Varo version doesn’t have any minimum required balance.

You can compare this to other high interest savings accounts available online:

Varo Bank Account

The account is Varo Bank’s version of a checking account. In Varo Bank fashion, it eschews any unnecessary charges like overdraft fees, ATM fees, and transfer fees, among others.

But the unique thing about this checking account is that are no physical checks. Instead, Varo sends checks on your behalf when you want to make checking transactions. It can be slower to process, taking an average of three to nine business days.

Features of Varo

Mobile Only

The bank doesn’t maintain any physical location at all. Instead, you do all business via a mobile app. The app does a great job of making money management and transactions easy. You can even link your other bank accounts, making the mobile app your personal savings hub.

Varo Visa Debit Card

The Varo Visa Debit Card is the main gateway to accessing your funds. You can use it to withdraw money from any of the 55,000 Allpoint ATMs nationwide. All major establishments that accept Visa card payments take the Varo card.

Automatic Saving Programs

The built-in automatic saving program is a fantastic way to help (or better yet, force) you to save more money monthly. The program automatically sets aside some of your pay every month. Most people typically forget to save.

Early Direct Deposit

You can get your paychecks faster, thanks to Varo Bank’s Early Direct Deposit feature. When your salary comes in, you can access it sooner in Varo Bank compared to traditional banks.

Connect with Most Payment Portals

You can link your Varo Bank to major payment processors like PayPal, Venmo, Google Pay, and Apple Wallet.

Company History

CEO and founder Colin Walsh established Varo Bank in 2015. It started from a growing frustration with the difficulties people have with traditional banks.

He envisioned a mobile-only bank that’s easy to use and free of unnecessary fees. Varo Bank partners with Bancorp Bank to handle daily banking operations. The FDIC insures Varo users’ funds up to $250,000.

Alternatives

• Digit – Great for automatic savings and a good return on your funds.
• BBVA – One of the top online banks, BBVA offers a full array of services.
• NetSpend – Originally a prepaid debit card, Netspend has morphed into more banking services.

Pros

• It’s convenient – All business goes through the mobile app, so all your financial information is readily available 24/7.
• No monthly fees – You don’t need to worry about any unnecessary costs chipping away at your savings.
• No minimum balance requirements – So you’re not pressured to maintain a balance that only banks benefit from anyways.
• It helps you save – Varo designed the automatic saving programs to help you improve your finances and budgeting.
• It has a sterling savings rate – At 2.12 percent APY (up to 2.80 percent APY), it brings you better mileage from your savings account.
• It’s user-friendly – Varo structures everything from the app to the services for the customer. The bank eliminates hidden fees and nasty surprises and makes managing your money fun.

Cons

• Added fees to make check payments – The added costs can be very unnecessary; plus, check transactions take a longer time to process.
• No physical location—This may seem like a “duh” point as Varo is a virtual bank, but it should be kept in mind anyway. You can’t just go down to the bank if something goes wrong. You’re stuck with phone or online support.

Overall, Varo Bank provides casual users with an easy way to manage their money. It’s one of the best banks to maximize your savings with automatic programs and great rates.