What are you looking for in a bank? It's not just somewhere to keep your money securely, is it? Banks today have to offer great customer service, lots of incentives to keep customers as well as great rates and low fees. We judge a bank on their mobile app or how easy online banking is with them. We expect text alerts when we've only got $50 left. We expect more from banks than we did a few decades ago and that's a good thing. The truth is that there's no bank across America that's the best for all customers. The best bank changes from region to region.
Capital One is the bank to be with in his region. They have 492 branches but they offer high-interest rates that rival those found with online-only banks. They also have cafes in which you can bank while enjoying a cup of coffee. You can open a 360 Checking Account without depositing any money and enjoy no fees while earning 0.2% interest on balances under $50,000 along with free access to 39,000 Capital One or Allpoint ATMs.
Berkshire is the bank to be with in New England. Their GPS checking account offers free access to any cashpoint in the country and doesn't charge ATM fees when you use foreign ATMs. There's a small catch. You have to use your debit card 15 times per statement cycle, which is not a problem if this is your main checking account. Their savings account offers 0.25% on balances of more than $10 and you only need $250 daily balance to avoid the $5 monthly fee.
Bank OZK is the best bank in this region because they offer a free checking account that comes with no monthly fees. You don't need to hold a minimum balance either but you need $100 to open the account. There's a $1 out of network ATM charge, which is well below the average charge for this reason.
In Texas, Frost Bank offers the best customer service according to a J.D. Power survey in 2018. There's an $8 monthly fee but that's avoided with a $100 monthly direct deposit or a minimum daily balance of $1,000. And if you have more than $5,000 in the account, you'll earn 0.03% interest. There's an out-of-network ATM fee of $2 which isn't great when there are only 1,200 ATMs for Frost Bank.
First National Bank of Omaha is the bank to be with in this area of the county. Their checking account has no minimum deposit or monthly service fee. They're part of a large ATM network so you won't be paying out-of-network fees very often even if you travel a lot. No wonder First National is one of the top two banks in J.D. Power's customer satisfaction survey.
In the pacific region, the best bank for 2020 is Banner Bank. Their basic checking account only requires $50 to open, which covers four ATM surcharges each month. These guys topped J.D. Power's 2019 Retail Banking Satisfaction for the Northwest region. That was the third time in three years.
In this region, you'll need to bank with Washington Federal for the best experience. The bank, which has recently rebranded as WaFd Bank, offers a checking account with no minimum balance and no monthly service fees. There's also no out-of-network ATM fee. If you travel out of the area, you'll save money as WaFd Bank is part of the Moneypass network whose customers get free access to 32,000 ATMs across the US.
Huntington National is the bank to be with in this area. Their regular checking account has no monthly fees and there's no minimum balance requirement. There's a 24-hour grace period to deposit cash to prevent overdrawing, and if you opt for the bank's second account, which is available for those with $5,000 or more to deposit, you'll get 0.05% interest on all balance amounts.
To Consider Before Your Purchase
If you’re going to change your bank account consider the work involved with making the change.
- First National automatically refund one $33 overdraft fee every year.
- Capital One operate in every state.
What Do They Say on Other Sites
“The best bank I've used thus far.” (Viktor Acevski reviewing Capital One on Trustpilot)
“Their Bonus Checking was perfect for me, and there are a lot of features with this account. Low monthly fee ($5), free debit card, online banking, and free checks.” (Sandy Major reviewing Bank OZK on Wallethub)
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