When it comes to choosing a bank for everyday transactions in the United States, there are several key factors to consider: ease of access, low fees, online and mobile banking features, customer service, and branch availability. In 2024, several banks stand out for offering excellent services tailored to daily banking needs, whether it’s for checking accounts, mobile apps, or customer perks. Here’s a rundown of the best options for your everyday transactions:
1. Capital One
Overview: Capital One is one of the top banks in the US, particularly known for its excellent customer service, user-friendly app, and solid banking options. It offers a wide variety of accounts with no monthly fees, making it ideal for those who want hassle-free day-to-day banking.
Pros:
- No Monthly Fees: Both the Capital One 360 Checking and Capital One 360 Performance Savings accounts have no monthly maintenance fees or minimum balance requirements, which is ideal for anyone looking to avoid extra charges.
- Access to ATMs: Capital One has a large network of over 40,000 ATMs across the country, which makes withdrawing money easy and convenient.
- User-Friendly App: The Capital One app is highly rated, offering features like mobile check deposit, bill pay, real-time spending alerts, and easy transfers between accounts.
- Cash Back Opportunities: The Capital One 360 account offers a high level of cashback rewards for qualifying purchases, making it attractive for those who also want to earn as they spend.
Cons:
- Limited Physical Branches: While Capital One has branches, its locations are more limited compared to the larger traditional banks, so it may not be the best choice for someone who needs in-person banking frequently.
2. Chase Bank
Overview: Chase is one of the largest and most well-established banks in the US. With its extensive network of branches and ATMs, it’s an excellent choice for those who prefer the convenience of physical banking combined with a solid digital experience.
Pros:
- Wide Network: Chase has over 16,000 ATMs and 4,700 branches nationwide, making it easy to access your account no matter where you live or travel.
- Chase Total Checking Account: This account is a great choice for everyday banking, offering online bill pay, mobile check deposit, and no fees for electronic deposits.
- Chase Mobile App: The app offers a full suite of features, including managing your checking and savings accounts, credit cards, and investments. It also offers customizable notifications for account activity.
- Rewards: Chase has a variety of rewards accounts like the Chase Freedom Unlimited Credit Card, which gives cash back on everyday purchases.
Cons:
- Monthly Fees: Chase’s standard accounts like the Total Checking account do have monthly fees unless you meet certain conditions, such as maintaining a minimum balance or having regular direct deposits.
3. Fidelity Cash Management Account
Overview: While Fidelity is better known for its investment services, it also offers a Cash Management Account, which provides many features typically associated with a checking account but with some extra benefits for investors and savers.
Pros:
- No Fees or Minimums: The Fidelity Cash Management Account has no monthly fees, no minimum balance requirements, and no ATM withdrawal fees at over 24,000 ATMs within the network.
- Competitive Interest Rates: It earns a higher interest rate than typical checking accounts, which is a nice bonus for anyone looking to earn a little extra on their balances.
- Integrated with Fidelity Investment Accounts: This account is particularly attractive for those who already have a Fidelity investment account, as it allows for easy transfers between your checking and investing accounts.
- FDIC Insurance: The cash management account is FDIC insured up to the maximum allowable amount.
Cons:
- Not a Full-Service Bank: While this account offers many features, it doesn’t come with the full suite of services and in-person branches that other traditional banks provide. If you need face-to-face support, it might not be the best option.
- Limited Features for Non-Investors: If you’re not already using Fidelity’s investment services, this account may not offer the full range of benefits that a traditional checking account or online-only bank would.
4. Chime
Overview: Chime is one of the leading digital-only banks in the US and is highly regarded for its simple, fee-free banking services. It’s a great choice for anyone looking for an easy-to-use app and a low-cost solution for managing their finances.
Pros:
- No Fees: Chime has no monthly fees, no maintenance fees, no minimum balance requirements, and no fees for using over 24,000 ATMs nationwide (within the network).
- Early Direct Deposit: You can receive your paycheck up to two days earlier than with traditional banks, which is a great feature for anyone who relies on direct deposit for their income.
- User-Friendly App: The Chime app is very easy to use, with real-time notifications, mobile check deposit, and the ability to lock your card in case of loss.
- Automatic Savings: Chime automatically rounds up your purchases and transfers the difference to your savings account, which is a helpful feature for building savings over time.
Cons:
- No Physical Branches: Chime is an online-only bank, so you won’t be able to walk into a branch if you need assistance. However, you can get support through the app or website.
- Limited Services: Chime doesn’t offer as many additional services, such as loans or credit cards, compared to traditional banks.
5. Wells Fargo
Overview: Wells Fargo is a major traditional bank with an extensive branch and ATM network across the US, making it a solid choice for people who prefer a combination of physical access and digital banking features.
Pros:
- Extensive Branch Network: With more than 5,000 branches and 13,000 ATMs, Wells Fargo is one of the most accessible banks for in-person transactions.
- Wells Fargo Everyday Checking: This account is designed for day-to-day use and offers features like online bill pay, mobile banking, and customizable account alerts.
- Cash Back Rewards: Wells Fargo offers a range of credit cards with cashback and rewards, which can be a bonus for those looking to earn on their everyday purchases.
- Strong App: The Wells Fargo app offers great features for managing your finances, including mobile deposits, budgeting tools, and the ability to track spending.
Cons:
- Monthly Fees: Some Wells Fargo accounts charge monthly fees unless you meet specific requirements (such as maintaining a minimum balance or having direct deposits).
- Foreign Transaction Fees: Wells Fargo charges fees on international transactions, making it less ideal for frequent travelers compared to digital-only banks like Chime or Capital One.
6. Discover Bank
Overview: Discover Bank is known for its competitive interest rates and a solid suite of online banking services, making it a strong contender for anyone looking to manage their money efficiently.
Pros:
- No Monthly Fees: Discover’s online checking accounts have no monthly fees, no minimum balance requirements, and no fees for using over 60,000 ATMs nationwide.
- Cash Back Debit: Discover offers a cashback feature on debit card purchases, which can add up over time.
- Highly Rated Mobile App: The Discover app is well-regarded for its ease of use, offering mobile check deposit, bill pay, and easy transfer options.
- Interest on Balances: Discover offers interest-bearing checking accounts, which can be beneficial if you want to earn on your balances while still using your account for daily expenses.
Cons:
- Limited Branches: Discover doesn’t have as many physical branches as larger banks, which might be a downside if you need in-person support.
Conclusion
When choosing the best bank for day-to-day transactions in the US, your choice will depend on a combination of factors, including whether you prefer online or traditional banking, fee structures, and the services available. For a fully digital experience with no fees, Chime and Capital One are excellent options, while Wells Fargo and Chase offer robust in-person banking and extensive networks.
If you’re already using a platform like Fidelity for investing, their Cash Management Account is a great choice for someone looking for no-fee banking with the added benefit of earning interest on balances.
Ultimately, the right choice depends on your banking habits and whether you prefer the simplicity of an online-only bank or the convenience of a full-service traditional bank. Consider what matters most to you, whether it’s fee-free banking, ATM access, or rewards programs, and make your decision based on those needs.
