What "best" means depends on what you actually do with your money
There is no single best bank in the United States. The right bank for you depends on whether you need a physical branch nearby, how often you move money between accounts, what you pay in fees, whether you want investment services alongside checking, and how much you're willing to learn a new app. A bank that works perfectly for someone who deposits checks once a month and never visits a branch might be terrible for someone who needs to withdraw cash twice a week.
This guide describes the major banks and what each one does well and poorly. You'll find information about fees, branch networks, digital tools, and customer service models so you can match a bank to how you actually live.
Key Takeaways
- Large national banks like Chase, Bank of America, and Wells Fargo have thousands of branches and ATMs but often charge monthly fees unless you meet balance or deposit requirements.
- Online-only banks like Ally and Marcus have no monthly fees and higher savings rates but no physical locations, so you cannot deposit cash or speak to someone in person.
- Credit unions typically offer lower fees and better customer service than national banks but require membership and may have fewer ATMs outside your region.
- The "best" bank for you depends on your actual habits: how often you need cash, whether you want to invest, and whether you value convenience or low fees more.
- Switching banks takes two to four weeks if you move direct deposits and automatic payments, so test a new bank with a secondary account before closing your old one.
National banks with branch networks: Chase, Bank of America, Wells Fargo
Chase operates roughly 4,700 branches and 16,000 ATMs across the country. Its checking accounts include the Chase Total Checking (monthly fee waived if you maintain a $500 minimum balance or set up direct deposit) and the Chase Premier Plus Checking (higher balance requirement, higher fees, but includes perks like travel insurance). Chase's digital tools are solid—the mobile app handles transfers, mobile check deposit, and bill pay—but the interface is dense and can be slow to load. Customer service is available by phone, chat, and in-branch, though wait times at branches can be long during lunch and after work.
Bank of America has about 4,300 branches and 16,000 ATMs. Its Checking Account requires a $500 minimum balance to avoid a $12 monthly fee, and its Preferred Rewards program offers fee waivers and higher savings rates if you maintain higher balances or have other accounts with the bank. Bank of America's app is faster than Chase's and integrates well with its investment platform (Merrill Edge), which matters if you want to buy stocks or mutual funds without switching providers. The trade-off is that Bank of America's fees are higher than competitors' if you fall below minimums.
Wells Fargo operates roughly 4,000 branches and 13,000 ATMs. Its Everyday Checking has a $500 minimum balance requirement to avoid a $10 monthly fee. Wells Fargo's app is reliable and includes bill pay and mobile check deposit. However, Wells Fargo has faced repeated regulatory issues and customer service complaints over the past decade, and many people have left for other banks as a result. If you choose Wells Fargo, monitor your account closely and set up alerts for any unexpected activity.
Online banks with no physical locations: Ally, Marcus, Discover
Ally Bank has no branches or ATMs of its own, but it reimburses ATM fees charged by other banks, so you can withdraw cash anywhere without paying out of pocket. Ally's checking account has no monthly fee, no minimum balance, and pays interest on the balance (the rate varies with the Federal Reserve rate, but is typically 0.1% to 0.25%). Ally's savings account pays higher interest than most national banks—currently around 4% to 4.5%, though this changes monthly. The downside: you cannot deposit cash directly. You can deposit checks by photo through the app, but if you need to deposit large amounts of cash regularly, an online bank will not work for you.
Marcus by Goldman Sachs offers a high-yield savings account (currently around 4% to 4.5%) with no monthly fee and no minimum balance. Marcus does not offer checking, so it works best as a secondary savings account paired with a checking account elsewhere. You cannot deposit cash or checks at Marcus—all deposits are electronic transfers from another bank account. Marcus's customer service is available by phone and chat, and response times are generally fast.
Discover Bank offers both checking and savings accounts with no monthly fees and no minimum balance. Its checking account pays interest (currently around 0.01% to 0.1%), and its savings account pays higher rates (around 4% to 4.5%). Discover reimburses ATM fees like Ally does. Discover also has a small network of physical locations in some states, though most customers never visit them. The main limitation is that Discover cannot process certain types of transactions that some employers or government agencies use for direct deposit, so check with your employer before switching.
Credit unions: Lower fees, smaller networks, membership required
A credit union is a member-owned bank that typically charges lower fees and offers better customer service than national banks, but has fewer locations and stricter membership rules. You can only join a credit union if you meet its membership criteria—usually living or working in a specific area, working for a specific employer, or belonging to a specific organization. Once you join, you have access to that credit union's branches and ATMs, plus a nationwide network of shared branches and ATMs through CO-OP and Alliant networks.
Credit unions typically charge no monthly fee for checking, offer competitive savings rates, and have lower overdraft fees than national banks. Their customer service is often better because credit unions are smaller and have less call volume. The downside is that if you move to a different state or change jobs, you may lose membership, and you may have fewer ATMs available if you travel frequently.
To find a credit union you can join, search the CO-OP network directory or Alliant network directory by your location or employer. Many large employers have their own credit unions—check with your HR department.
Investment-focused banks: Fidelity, Charles Schwab, E*TRADE
If you want to buy stocks, bonds, or mutual funds alongside your checking and savings, some brokerages now offer checking accounts and debit cards. Fidelity, Charles Schwab, and E*TRADE all offer cash management accounts that function like checking accounts but are tied to investment accounts. These accounts typically have no monthly fees, no minimum balance, and reimburse ATM fees. They work well if you already invest or plan to start, because you can move money between your checking and investment accounts when ready without waiting for transfers.
The trade-off is that these are not traditional banks—they are brokerages that added banking features. If you need to deposit cash frequently or want to speak to someone in person, they are not a good fit. Most customer service is available by phone and chat only.
How to compare banks on the things that actually matter
Before opening an account, write down your actual banking habits: How many times per month do you withdraw cash? Do you deposit checks, and if so, how often? Do you need to speak to someone in person? Do you want to invest? How much money do you typically keep in checking versus savings? Do you travel frequently?
Then compare banks on these specific points: monthly fees and what you need to do to avoid them; ATM network size and whether fees are reimbursed; how long mobile check deposit takes to clear; whether the app works on your phone; and customer service availability (phone, chat, in-branch, or some combination). Read recent customer reviews on the bank's own website and on independent sites like Trustpilot, but focus on complaints about the specific features that matter to you—a complaint about branch hours is irrelevant if you never visit a branch.
Open a new account at your chosen bank before closing your old one. Move one or two regular payments (like a subscription or paycheck) to the new account and watch it for two to four weeks to make sure everything works. Only after you're confident should you move the rest of your direct deposits and automatic payments.
What happens if you switch banks
Switching banks does not cost money, but it takes time. Your old bank will not automatically close your account when you stop using it—you have to request closure. Before you close it, make sure no automatic payments are still drawing from it, because a payment to a closed account will bounce and may trigger overdraft fees at your new bank.
Direct deposits typically take one or two pay cycles to reroute. Automatic bill payments take longer—you need to update each one individually, which can take two to four weeks if you have many. Some people keep their old account open for three months after switching, just in case a payment tries to go through the old account. Once you're certain nothing is left, you can close it.
If you have a mortgage, auto loan, or credit card with your old bank, switching your checking account does not affect those—they stay where they are unless you actively move them.
Frequently Asked Questions
Do I need to keep money in my checking account to avoid fees?
It depends on the bank. National banks like Chase and Bank of America waive monthly fees if you maintain a minimum balance (usually $500) or set up direct deposit. Online banks like Ally and Discover have no monthly fees regardless of balance. Credit unions typically have no monthly fees. If you cannot maintain a minimum balance, an online bank or credit union is cheaper.
Can I use any ATM if I bank online?
Most online banks reimburse ATM fees charged by other banks, so you can use any ATM without paying out of pocket. However, you cannot deposit cash at an ATM if you bank online—you can only withdraw. If you need to deposit cash regularly, you need a bank with physical locations or a credit union.
What if I need to deposit a large check quickly?
National banks and credit unions let you deposit checks in person at a branch or ATM, which clears within one business day. Online banks let you deposit checks by taking a photo through the app, but the check takes two to three business days to clear. If you need when ready access to the money, use a national bank or credit union.
Is my money safe if I bank online?
Yes. Online banks are insured by the FDIC (Federal Deposit Insurance Corporation) just like national banks, which means your deposits up to $250,000 are protected if the bank fails. Check the bank's website to confirm it displays the FDIC logo and insurance information.
Can I switch banks if I have automatic payments set up?
Yes, but you need to update each automatic payment individually with your new account number and routing number. This takes two to four weeks depending on how many payments you have. Contact each company (your utility, insurance, subscription services, etc.) and ask them to update your payment method. Do not close your old account until you're certain all payments have moved.