Tuesday, February 23, 2021

Best Bank Accounts of USA

 

Choose the Best Bank Account for You

A savings account is a grown-up version of a kid's piggy bank. You're putting money away - the reasons could vary from saving up to take a vacation to having an emergency fund - that you're not planning to spend any time soon. Savings accounts pay interest on your money, and these accounts come with rules on how often you can withdraw your funds. Our savings account guide explains these rules and others, such as how maintaining a minimum balance can help you avoid fees or boost your interest rate.
LEARN MORE ABOUT SAVINGS ACCOUNTS

CD Accounts

A certificate of deposit may be your best way to get the highest interest on your savings. However, in exchange for the higher interest rate, you must agree not to touch the money in your CD account for a set period. It could be months or it could be years. If you withdraw funds from your certificate of deposit before the maturity date, you could lose some of your money. Our guide to CDs lays out the workings of these accounts and how to find the right one for you.
LEARN MORE ABOUT CD ACCOUNTS

Checking Accounts

Think of a checking account as a parking spot for your money. Then think of what you'd want in a parking spot - it's a lot like what you'd want in a checking account. You want it accessible, convenient, reasonably priced and safe. Our checking account guide gives you the basics: opening an account, depositing, withdrawing, facing fees, paying bills, plus what to look for in a checking account.
LEARN MORE ABOUT CHECKING ACCOUNTS

Money Market Accounts

A money market account is a kind of savings account that may appeal to some savers. The biggest advantage is that money market accounts generally pay higher interest. In addition, MMAs may offer the convenience of coming with checks. Along with the higher interest, though, you may need to make a higher deposit and maintain a higher minimum balance in your MMA. Our guide to money market accounts explains the ins and outs of these accounts and the features you should look for.
LEARN MORE ABOUT MONEY MARKET ACCOUNTS

Online Banks

No tellers, no branch managers, no drive-thrus - online banks exist without brick-and-mortar sites that you can visit. But with the prevalence of customers who do their banking by logging on, this may not present any issue. You may find that online banks have some advantages, such as better rates and lower fees. Our guide to online banks looks at financial institutions that offer the products and services of traditional banks while existing solely in the digital world.
LEARN MORE ABOUT ONLINE ACCOUNTS

Credit Unions

In a lot of ways, a credit union is just like a bank - credit unions offer the same kind of accounts and services. And with their networks, credit unions may have just as many ATMs and branches as regional and national banks. But a larger difference is that credit unions are not-for-profit organizations. This often translates into better rates for savers and lower interest on loans. Our guide to credit unions explains how they work, how you can join and how they might be an alternative for your banking needs.
LEARN MORE ABOUT CREDIT UNIONS

Student Accounts

Part of what you learn as a college student may be how to handle your money. And since you need a place to put your money, you may want to consider student bank accounts. Such accounts can offer features geared to college students, such as reduced fees, and financial institutions could come with the convenience of campus locations. Our guide to student accounts tells you what to look for when you choose a bank for your college years.
LEARN MORE ABOUT STUDENT ACCOUNTS

FEATURED BANKING ADVICE

  1. BANKING ADVICE

    What Is a Jumbo CD?

    A large deposit in a certificate of deposit could mean a safe return.


  2. BANKING ADVICE

    How Long Is a Check Good for?

    Different rules apply to different kinds of old checks.


  3. BANKING ADVICE

    Guide to IRA CDs

    These CDs offer security for your retirement savings.

  4. In the years since the Great Recession, the nation’s biggest banks have grown substantially. The top 15 largest banks now hold a combined total of $12.54 trillion in assets as of Dec. 31, 2020.

    Of course, every year there are changes in this exclusive club. Larger banks trade places with one another, and smaller banks drop out, replaced by faster-growing rivals.

    Right now, you need at least $183.37 billion in assets to join the club.

    Here are the 15 largest banks in the U.S. by assets, according to the latest numbers from the Federal Reserve. Deposits information is from the Federal Deposit Insurance Corp. (FDIC).

    RankBank nameTotal assets
    1JPMorgan Chase & Co.$3.03 trillion
    2Bank of America Corp.$2.26 trillion
    3Wells Fargo & Co.$1.77 trillion
    4Citigroup Inc.$1.67 trillion
    5U.S. Bancorp$544.77 billion
    6Truist Bank$498.94 billion
    7PNC Financial Services Group Inc.$463.1 billion
    8TD Group US Holdings LLC$401.51 billion
    9Bank of New York Mellon Corp.$386.52 billion
    10Capital One Financial Corp.$363.52 billion
    11State Street Corp.$311.18 billion
    12Goldman Sachs Group Inc.$271.65 billion
    13Fifth Third Bank$203.17 billion
    14HSBC$197.98 billion
    15Citizens Financial Group$183.37 billion

    1. JPMorgan Chase & Co.

    Chase Bank is the consumer banking division of JPMorgan Chase. Unlike its competitors, Chase is taking steps to expand its branch network in key markets. The bank currently has nearly 5,000 branches and 16,000 ATMs. According to the bank, nearly half of the country’s households are Chase customers. Read Bankrate’s review of Chase Bank.

    Assets: $3.03 trillion

    Headquarters: New York

    2. Bank of America Corp.

    Bank of America serves about 66 million consumers and small business clients worldwide. Like many of the biggest banks, Bank of America is known for its digital innovation. It has more than 37 million digital clients and is experiencing success after introducing its virtual assistant, Erica, that assists account holders with various tasks. Read Bankrate’s review of Bank of America.

    Assets: $2.26 trillion

    Headquarters: Charlotte, North Carolina

    3. Wells Fargo & Co.

    Wells Fargo was founded in 1852. Although the bank has focused on consolidating and eliminating branches, it still has the most branches of any bank in the country. In addition to its main app, Wells Fargo has introduced a savings app and a mobile banking app geared toward millennials. The bank has rebranded and is focusing on repairing its relationship with customers after a series of missteps. Read Bankrate’s review of Wells Fargo.

    Assets: $1.77 trillion

    Headquarters: San Francisco

    4. Citigroup Inc.

    Citigroup is a global financial services corporation. Its retail banking division, Citibank, is based in Sioux Falls, South Dakota. Citibank has approximately 700 branches in the U.S. and more than 1,800 branches outside of the country. U.S. customers can also access more than 65,000 fee-free ATMs. Read Bankrate’s review of Citibank.

    Assets: $1.67 trillion

    Headquarters: New York

    5. U.S. Bancorp

    U.S. Bancorp is the bank holding company and parent company of U.S. Bank. What we’ve come to know as the fifth-largest commercial bank by assets began in 1863 as the First National Bank of Cincinnati. Multiple mergers led to the formation of the bank known today for its extensive branch network and investment in improving its digital offerings. Read Bankrate’s review of U.S. Bank.

    Assets: $544.77 billion

    Headquarters: Minneapolis

    6. Truist Financial Corporation

    Truist is the bank formed by the merger of equals of BB&T and SunTrust. Truist provides financial services to around 10 million consumer households. The new company brings BB&T and SunTrust, which were respectively ranked 11th and 12th in bank assets as of Sept. 30, 2019, together to form the sixth-largest bank.

    Read Bankrate’s review of BB&T and SunTrust.

    Assets: $498.94 billion

    Headquarters: Charlotte, North Carolina

    7. PNC Financial Services Group Inc.

    PNC is a regional bank operating in parts of the Northeast, South and Midwest. It was founded as Pittsburgh Trust and Savings Co., and in 2008 it acquired the troubled Cleveland-based National City Corp. That transaction roughly doubled the bank’s size. Today, the bank has around 2,300 branches.

    On Nov. 16, PNC agreed to acquire BBVA USA for $11.6 billion. This acquisition is projected to make PNC Bank a top-five bank based on assets once the deal closes.

    Back in 2018, PNC started to expand outside of its traditional market of 19 states, mostly east of the Mississippi River, and Washington D.C. This deal would accelerate that expansion.

    Assets: $463.1 billion

    Headquarters: Pittsburgh

    8. TD Group US Holdings LLC

    TD Bank is the U.S. commercial banking arm of Canada’s TD Bank Group. Customers have access to mortgages, deposit accounts, credit cards and products for commercial and small business clients. The bank has about 1,300 branches along the East Coast and is known as “America’s Most Convenient Bank” for its flexible hours. Read Bankrate’s review of TD Bank.

    Assets: $401.51 billion

    Headquarters: Cherry Hill, New Jersey

    9. Bank of New York Mellon Corp.

    When the New York Stock Exchange opened in 1792, the Bank of New York was the first company traded. Today, Bank of New York Mellon is an investments company that serves different corporations and institutions as well as individual investors. Private banking services are available for its wealthy clients.

    Assets: $386.52 billion

    Headquarters: New York

    10. Capital One Financial Corp.

    Capital One is a Fortune 500 company with subsidiaries, including Capital One Bank. In addition to branches on the East Coast and in Texas and Louisiana, bank customers in select cities have access to Capital One Cafes, coffee shops with free Wi-Fi where visitors can open accounts and attend financial workshops. Read Bankrate’s review of Capital One and its online banking products.

    Assets: $363.52 billion

    Headquarters: McLean, Virginia

    11. State Street Corp.

    Founded in 1792, State Street Corp. is a financial services and asset management company with around 40,000 employees and a global presence in more than 100 markets. The services it provides include investment research and trading and investment management. Its clients include asset owners, insurance companies and pension funds, among others.

    Assets: $311.18 billion

    Headquarters: Boston

    12. Goldman Sachs Group Inc.

    Goldman Sachs is a global investment banking, management and securities firm. Its clients have access to a variety of financial services, including banking products through Marcus, its online banking arm that made its debut in fall 2016 and began offering personal loans. Read Bankrate’s review of Marcus by Goldman Sachs.

    Assets: $271.65 billion

    Headquarters: New York

    13. Fifth Third Bancorp

    Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, National Association.

    Fifth Third has around 1,100 branches in Ohio, Florida, Georgia, Kentucky, Illinois, Indiana, Michigan, North Carolina, Tennessee and West Virginia. Read Bankrate’s review of Fifth Third Bank.

    Assets: $203.17 billion

    Headquarters: Cincinnati

    14. HSBC North America Holdings Inc.

    HSBC North America Holdings Inc., is the holding company for HSBC Holdings in the U.S.

    HSBC has branches in the U.S. in cities such as New York, Los Angeles, Chicago, Atlanta, Houston, Miami, San Francisco, Seattle and Washington D.C. Read Bankrate’s review of HSBC.

    Assets: $197.98 billion

    Headquarters: New York

    15. Citizens Financial Group

    Citizens has around 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. It also has approximately 3,100 ATMs. Its headquarters is in Providence, Rhode Island. Read Bankrate’s review of Citizens Bank.

    Assets: $183.37 billion

    Headquarters: Providence, Rhode Island

    Source: All data is as of Dec. 31, 2020. Assets are from the Federal Reserve.

    Learn more:

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Best Bank Accounts of USA

  Choose the Best Bank Account for You Savings Accounts A savings account is a grown-up version of a kid's piggy bank. You're puttin...