Banking News

The Best Big Banks of 2022


Big banks are known for providing a wide range of financial products and services. They’re conveniently accessible, employ cutting-edge technology and often have large marketing budgets with advertising campaigns that turn them into household names. However, the best big banks provide the products, services and best rates so that customers can leverage rising interest rates to experience the fastest growth possible.

Why trust CNET: CNET’s list of the best big banks includes some of the most popular banks nationwide. Our editorial team provides an unbiased analysis of top banks and credit unions. The banks included in this list are insured by the Federal Deposit Insurance Corp., or FDIC, for up to $250,000 per individual.

Best big banks of 2022

  • Chase Bank
  • Capital One
  • Ally
  • Discover
  • Citibank

1. Chase Bank

  • Products offered: Chase offers 10 types of checking accounts including three youth accounts, two savings accounts and certificate of deposit accounts with terms ranging from one -month to 120 months (10 years). 

Monthly fees

Account Fee Waived if you have…
Chase Savings $5 $300 minimum balance
Chase Premier Savings $25 $15,000 minimum balance
Chase Total Checking $12 $500 monthly direct deposit, $1,500 daily checking balance and $5,000 combined daily balance
Chase Secure Banking $4.95 N/A
Chase Premier Plus Checking $25 $15,000 combined daily balance
  • Why we picked it: Chase offers a $200 bonus on new Chase Total Checking accounts with direct deposits in the first 90 days. The offer expires Jan. 25, 2023.

Pros and cons

Pros Cons
Fee-free network of 16,000 ATMs available nationwide Low rates on savings accounts
Robust mobile banking technology High fees with high minimum balance requirements to waive fees
Large bank bonus No money market accounts
Competitive rates on 12-month CDs
Wide variety of deposit accounts
  • Details: Chase is the largest US bank with the second largest number of physical branches. There are branches in every state except Alaska. Chase offers a robust digital banking service with a mobile app and online banking tools. The fees can be excessive if minimum balances drop and the annual percentage yield, or APY, on savings accounts and most certificates of deposit, or CDs, are below national averages. However, Chase consistently offers new account bonuses, which offset the low interest yields in the first years of account ownership.

2. Capital One

  • Products offered: Capital One offers one checking, saving and CD with terms ranging from six months to five years. It also has a teen/youth checking and savings account option. 
  • Monthly fees: There are no fees or minimum balance requirements on the 360 Checking or 360 Performance Savings account.
  • Why we picked it: Capital One is a hybrid bank that provides the benefits of a large bank with branches in seven states, which include Capital One Cafés and a large network of ATMs with the accessibility and competitive rates of an online bank.

Pros and cons

Pros Cons
Fee-free network of 70,000 ATMs Physical branches only available in seven states
Robust mobile banking technology No money market accounts
No fees on deposit accounts One type of CD offered
Competitive rates on savings and CDs
Interest-bearing checking account
No minimum balance requirement
  • Details: Capital One is the 10th largest bank in the US. The innovative approach to banking combines the best of physical locations with digital features. The competitive yields offered on deposit accounts consistently rival online banks. Capital One doesn’t charge any fees to open or maintain accounts. There are no minimum balances to maintain. The competitive yields apply to the entire balance. Customers have access to 70,000 surcharge-free ATMs nationwide.

3. Ally Bank

  • Products offered: Ally offers an interest-bearing checking, saving and money market account, and three types of CD accounts. 
  • Monthly fees: There are no fees or minimum balance requirements for the checking, savings and money market accounts.
  • Why we picked it: Ally is a full-featured online bank with consistently high yields on deposit accounts.

Pros and cons

Pros Cons
Fee-free network of 43,000 ATMs No physical branches
Robust mobile banking technology No cash deposits accepted
No fees on deposit accounts
Competitive rates on savings and CDs
Interest-bearing checking account
24/7 customer support access
No minimum balance requirement
  • Details: Ally is a full-service online bank with a solid set of financial products. Customers interested in mortgages, loans and investing have access to those services. Savers looking for high rates, low fees and no minimum deposit requirements will appreciate the variety of options available. The mobile app and online banking technology allow customers to accomplish all banking needs without visiting a physical location. There are no minimum balances to maintain. The competitive yields apply to the entire balance. Customers have access to 43,000 surcharge-free ATMs through the Allpoint network.

4. Discover Bank

  • Products offered: Discover offers reward checking, saving and money market accounts and two types of CD accounts. 
  • Monthly fees: There are no fees or minimum balance requirements on the checking, savings or money market accounts.
  • Why we picked it: Discover offers 1% cash back earned with the free-checking Cashback Debit account.

Pros and cons

Pros Cons
Competitive APYs on savings accounts High minimum deposit to open a CD
No monthly maintenance or overdraft fees No cash deposits
No minimum deposit requirements to open accounts
Fee-free network of 60,000 ATMs
Two-day early direct deposit
Cash back rewards on checking
  • Details: Discover Bank offers deposit accounts, credit cards, personal loans and student loans. It eliminated fees on deposit accounts in June 2019. The Discover Cashback Debit account is a completely free checking account that pays 1% cash back on debit card purchases up to $3,000 per month.

5. Citibank

  • Products offered: Citibank offers four checking and one high-yield savings account.

Monthly fees

Account Fee Waived if you have…
Citibank Checking $25 $10,000 minimum balance
Citi Priority Checking $30 $30,000 minimum balance
Citigold Checking $0 $200,000 to maintain account
Basic Banking Checking $12 $1,500 combined daily balance
  • Why we picked it: Citibank offers a competitive yield on its savings account and a generous bonus of $200 to $2,000 with qualifying deposits from $10,000 to $300,000.

Pros and cons

Pros Cons
Competitive APYs on savings accounts High fees on checking and high minimum balances required to waive fees
No overdraft fees Bonus require large minimum balances
Fee-free network of 65,000 ATMs High-yield saving account is not available nationwide
No minimum deposit required to open a savings account Limited type of deposit accounts offered
  • Details: Citibank is the last bank to make our list. The fourth largest bank requires high minimum deposits to avoid high monthly fees on the ample number of checking accounts offered. However, the savings account offers consistently competitive yields that rival online banks. There are a large number of physical branches available nationwide, with 65,000 surcharge-free ATMs that make banking access convenient. The mobile app also brings innovative technology to your fingertips.

Methodology

To determine the best big banks, we took a look at the largest financial institutions by assets, according to the Federal Reserve’s annual list. For this selection, we considered brick-and-mortar, hybrid and online banks with at least one deposit account offering an annual percentage yield at least 5 times the national average.



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