Advantages Over Other Options

• It offers plenty of account options, allowing you to do all your financial management in one place.
• With branch locations in 48 states, it has a retail presence in more states than any other bank on this list.
• It’s great for families, with several free account options for children and college students.

#2 Bank of America

The number two spot is held by Bank of America, another bank that’s been in business for hundreds of years. Charlotte, N.C., is currently home to the BofA headquarters and the bank has branch locations in 37 states. As a banking, investment and business platform, Bank of America offers personal and business checking and savings accounts, credit cards, investment banking and various loans.

Advantages Over Other Options

• If offers a tiered Preferred RewardsⓇ member program with various benefits and pricing discounts available for each customer tier level.
• Merrill (previously Merill Lynch) is the investment and wealth management division of BofA, and provides bank customers easy access to a network of more than 15,000 financial advisors.
• Financial education resources are readily available on the bank’s website along with helpful online savings programs and budget tracking tools.

#3 Wells Fargo

Headquartered in San Francisco and founded by Henry Wells and William G. Fargo in 1852, Wells Fargo originally began as a way to move money around the country. Today, the company has scaled to be the fourth-largest bank in the U.S. and has a broad selection of financial products.

Advantages Over Other Options

• The bank has more than 4,500 branches — the largest retail presence on this list.
• It offers many ways to DIY invest, or take advantage of a financial advisor network.
• It has a wide selection of personal banking accounts, loans and credit cards, which make the bank a good option for customers who want to manage all of their financial products under one roof.

#4 Citibank

Citigroup, which is the parent company of Citibank,  is the fourth-largest bank in the country based on assets. Citibank is a global company with headquarters in New York City. Its branch locations are limited when compared to other large banks on this list, but the bank has strong mobile and online banking platforms. Citibank offers banking, lending, investing, wealth management and credit cards to its members.

Advantages Over Other Options

• It has an expansive global presence, with operations in more than 150 countries.
• Citibank CD yields are typically more competitive than other large, brick-and-mortar banks.
• Citibank checking account customers have access to a fee-free ATM network with more than 60,000 locations in the U.S.

#5 U.S. Bank

In 1863, President Lincoln signed the National Bank Charter No. 24 into law, allowing U.S. Bancorp’s predecessor to open its doors for the first time. Currently located in Minneapolis, Minnesota, U.S. Bancorp (the parent company of U.S. Bank) offers a range of products including bank accounts, loans, wealth management and business accounts.

Advantages Over Other Options

• It has a robust footprint in the Midwest and West with over 2,000 branch locations.
• It offers low or no-fee checking account options that include perks like the Smart RewardsⓇ benefit program and the opportunity to earn interest

#6 PNC Bank

PNC began in 1852 as Pittsburgh National Bank. Still headquartered in Pittsburgh, PNC offers traditional options such as checking accounts, savings, investments, credit cards and borrowing options. PNC goes a step further, offering specialty accounts like accessible banking options for customers with disabilities, student accounts and military-focused accounts.

Advantages Over Other Options

• Its virtual wallet earns interest on combined checking and savings accounts.
• It has built-in budgeting tools with banking accounts.
• It offers multiple sign-up bonus options.

#7 Goldman Sachs Bank

Goldman Sachs is a well-known investment firm that also offers Marcus, a savings account offshoot. Marcus by Goldman Sachs didn’t open until 2016 when Goldman Sachs decided to enter the high-yield savings account game. Marcus is entirely online, but Goldman Sachs has its headquarters in New York City.

Advantages Over Other Options

• It offers a huge range of investment options for both business and consumer banking.
• It has a competitive high-yield savings account and CD rates.

#8 Truist Bank

Truist formed in 2019 when SunTrust and BB&T merged, creating the eighth-largest bank in the U.S. Now, Truist’s headquarters is in Charlotte, N.C., and the bank offers personal banking, business banking and commercial banking for large businesses.

Advantages Over Other Options

• The bank has a strong presence in the South, Mid-Atlantic and Midwest with over 2,000 retail locations.
• Its checking account comes with perks like no overdraft fees, low or no monthly fees, free personal checks and a negative balance buffer.

#9 Capital One

Capital One has a shorter history than other institutions on this list, as it opened in 1994 and quickly moved to its current headquarters in McLean, Virginia. Started by Richard Fairbanks, Capital One has made a name for itself in the credit space as well as the banking sphere. The only space where Capital One doesn’t venture is investment management.

Advantages Over Other Options

• It offers an advanced, easy-to-use mobile app.
• It has a large catalog of no-fee credit cards.

#10 TD Bank

Although the TD Group’s headquarters are in Cherry Hill, New Jersey, the bank got its start in Canada. The company was founded in 1855 in Toronto by millers and merchants. It wasn’t until 1919 that TD opened its New York City location. The TD Group offers the usual savings and checking accounts, mortgage and other loan options, credit cards and investing options.

Advantages Over Other Options

• It focuses on cross-border banking between the U.S. and Canada.
• Its TD MySpend app helps track your spending and saving.

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The largest banks in the country can be excellent choices for banking, but that doesn’t mean they’re the right option for every customer. Here’s a look at the pros and cons of going with a big bank.

Pros

Choosing a large bank for your financial needs can have its advantages. Here are some of the pros of choosing one of the largest American banks:

• Reputable name: Big-name banks offer a level of trust that newer banks can’t provide. Large banks have usually been in business for decades and have more credibility.
• Global banking: Many names on our list offer global branches and have networks worldwide, which can be important to some customers.
• Access to financial products: Larger banks often offer a suite of other financial products besides just bank accounts. You’ll typically find credit cards, investment accounts, CDs, loans and more at bigger banks.
• Many in-person banking options: Most large banks have a vast network of branches, allowing you to bank in-person when needed. This network also allows you to travel or move and still maintain the same level of involvement with your bank.
• Strong online presence: Big banks often invest more in easy-to-use online banking platforms. Mobile apps can make banking from your phone just as easy as banking in person.

Cons

While choosing large banks can be a good choice for some, there can be downsides to these bigger institutions as well. Here are some cons to banking with larger banks:

• Lacks personal relationship: While big banks offer many branches, you might not get the same community feeling that you do with credit unions and smaller banks.
• Potentially higher fees: Big banks have a lot to maintain, meaning the fees may get passed onto you. Most banks offer a way to waive monthly account fees, but not everyone can meet the no-fee requirements.
• Lower yields: Big banks often offer lower APYs on CDs and checking and saving accounts than credit unions and online banks.

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