National banks in both the U.S. and worldwide have an important role in shaping a country’s financial system. Having an efficient banking system, whether through a central bank or the U.S. Federal Reserve, is critical for financial stability especially during times of recession or weathering downturns in the economy. National banks are important because they provide specialized financial services, which reduce the cost of obtaining information about both savings and borrowing opportunities. These financial services help to make the overall economy more efficient.
Now that we have discussed why banks are important, let’s look into the best types of national banks that you can take your services to.
Discover is an online bank with high yields on savings and certificates of deposit, and a rewards checking account.
– Strong ATM network: Access to 60,000 fee-free ATMs.
– Rewards: 1% cashback on qualifying debit card purchases, up to $3,000 a month.
– High rates: APYs on Discover Savings and certificates of deposit are highly competitive.
– Fee-free: No monthly fees or minimum deposit requirements on checking and savings accounts.
Ally is an online bank with low fees and high-interest rates.
– Great ATM network: You can access your cash with a robust nationwide ATM network of over 43,000 locations.
– No monthly fees: There are no monthly fees on checking and savings accounts.
High rates: Interest rates are competitive across savings and certificates of deposit.
Its checking sign-up bonus sets Chase apart from other large banks, and it has locations and ATMs across the U.S. Accounts come with monthly fees that are fairly easy to avoid, but interest is low on checking and savings accounts.
– Bonus: The bank regularly holds promotions for new customers. A new checking account can fetch you an additional $200.
– Fees are avoidable: Sidestep monthly charges on checking by using direct deposits, maintaining minimum daily account balances, or keeping a certain amount across all Chase accounts.
– Low rates: APYs are minimal for savings products.
– Many branches and fewer ATMs: Chase has more than 4,700 branches across about 35 states, and 16,000 ATMs.
Bank of America
Bank of America offers good accessibility and communication channels, but like other large brick-and-mortar banks, interest rates are minimal.
– Robust branch and ATM coverage: The bank has about 4,300 branches in about 35 states.
– Low rates: The interest is minimal on checking accounts, savings accounts, and certificates of deposit.
– Fees can be avoided: Fees can be avoided through qualifying activities such as using direct deposit or keeping a relatively low minimum balance
Having a great bank to go to is one of the most important aspects of starting your adult life. Having a good bank that offers great rates with low fees and is incredibly accessible is the way to go! Now that we have compiled the top four national banks, it is important to conduct your own research to recognize what is important to you. As always thank you for tuning into the #AskBryant segment, and join me next time where we explained the unexplained!