Research Methodology
In our quest to identify the Best National Banks for October 2024, GOBankingRates evaluated prominent national banks operating in 20 or more states. The criteria for ranking included: total assets (sourced from the FDIC), number of branch locations (sourced from the FDIC), annual fees for checking accounts, APY rates for savings accounts, 12-month CD APY rates, customer service offerings (such as 24/7 service and live chat options), Bauer ratings (out of 5 stars), a variety of financial products and services offered (like auto loans, mortgage loans, credit cards, investment services, and insurance), and mobile app ratings averaged between Android and Apple stores. Each factor was thoroughly scored; lower scores indicated higher rankings. Specifically, factors (1) and (4) were given 1.5 times weight, factors (2) and (8) were weighted twice, whereas factor (6) was weighted 0.5 times. All data used was up-to-date as of September 30, 2024, and the evaluation only included basic accounts/products. Check out current rates, for instance, from Capital One as of this date.
Understanding National Banks
National banks play a vital role in the economy by paying government bills and circulating a common currency. They also support corporations and small businesses with essential services like lending money and accepting cash deposits.
National Vs. Regional Banks
When considering the Best National Banks for October 2024, it’s important to understand the key differences compared to regional banks. National banks offer extensive physical locations and a massive ATM network, whereas regional banks are smaller both in physical footprint and asset base. Additionally, fee structures and customer service experiences may vary, with regional banks often providing more personalized services.
Advantages and Disadvantages of National Banks
Benefits
- Uniform currency nationwide
- Extensive branch and ATM networks
- Diverse financial products and services
- Capability to manage federal funds
Drawbacks
- Potentially higher fees than smaller banks
- Less personalized customer service
- Risk of entire system failure if the bank fails
How to Select the Best National Bank
Choosing the right bank can be crucial for your financial well-being. Here’s how to find the Best National Banks for October 2024.
1. Compare APYs and Fees
Many individuals focus on banks offering high annual percentage yields (APYs). While national banks might not always lead in high APYs for checking and savings accounts, it’s essential to review their current APY rates. Be mindful of fees as well. High deposits might lower potential fees, making it worthwhile to check if you qualify for better terms.
2. Scrutinize the Fine Print
Understanding the fee schedule and account disclosures of prospective banks is critical. Comparing these details against other national banks will help you avoid unexpected fees and find the best fit for your needs.
3. Evaluate Online Banking Features
Even if you prefer in-person banking, familiarize yourself with the bank’s online platform. GOBankingRates found that 27% of respondents conduct all their banking online, indicating a growing trend, especially among the 25-34 age group. Being adept with the bank’s digital tools ensures you can manage your finances seamlessly, even when in-person banking is not an option.
4. Review Services and Bonuses
Before moving forward, look at what various national banks, credit unions, and financial institutions offer in terms of services and potential sign-up bonuses. Many large banks provide rewards for new customers opening checking or savings accounts. Finding the best bonuses can make your choice more rewarding.
5. Make an Informed Decision
After analyzing interest rates, convenience, and suitable deposit accounts, you’ll be prepared to choose the best bank that aligns with your financial goals. National banks ensure your money is safe and FDIC-insured, offering peace of mind.
Caitlyn Moorhead, Daria Uhlig, Ann Logue, John Csiszar, and Gabrielle Olya contributed to this article.
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