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By Eddie V. — Published May 09, 2018
Choosing a bank is no small feat. There are a number of banks right around the corner and you can end up in a flurry of confusion if you are trying to choose the bank that best suits your requirements. There are nearly 5,800 banks in the U.S. and each of them is different when it comes to credit quality, growth, and profitability.
When choosing a bank, you have to be aware of certain factors like the interest rates, credit policies, money management tools, and bank policies. You need to choose a bank that has a good credit policy, seemingly low-interest rates, and proper customer services.
Here are some of the best banks in America as of 2018.
JP Morgan Chase & Co.
Based on the size of its assets, Chase is the largest bank in the U.S. New customers are offered a number of bonuses for signing up and they have some attractive offers if a customer decides to open an account in their bank.
For instance, if you open a checking account, you stand to earn a maximum of $200; if you open a savings account, you can earn up to $150.
In order to earn the bonus, simply open the account and set up a direct deposit in case of a checking account. In case of a savings account, you will have to maintain a certain balance for a period of three months to earn that bonus of $150.
Bank of America
With 4,500 branches across the nation, Bank of America is among one of the largest banks in the U.S. With the whopping number of branches, you can be sure that there is definitely at least one branch of the bank right next to where you are located. One of the most attractive features of this bank is their customer service. The Bank of America has call centers and helplines that work around the clock and an added advantage is that they have a large number of ATMs.
Wells Fargo is an excellent choice for all those who are new to banking. They have relatively lower monthly service fees as compared to many other banks. In addition, if you are just starting out with your savings, Wells Fargo has a relatively low requirement in terms of minimum balance. Wells Fargo also has several ATMs across the country giving easy access to money.
This is one of the best online banks. They have excellent rates and is an excellent choice for people who are new to banking. There are no physical branches as such, but, barring this one glitch, the Ally Bank has several attractive offers for their clients. For instance, if you have a checking account in the Ally Bank, then you will be reimbursed a total of $10 every month in the form of non-network ATM fees.
In addition, the annual percentage yield offered on their interest checking account is much higher than what most banks would offer.
Barclays is an excellent option because of their personalized customer service. They are excellent for businesses and even better for salary accounts. They do not charge a fee for salary processing and they even offer a free life insurance cover. Their debit cards can be used across the globe and customers are eligible for a free salary retrenchment cover if they satisfy certain conditions.
In addition, if you are planning to open an online savings account, then Barclays offer reasonable interest rates and there is no requirement for a minimum balance. They also offer a pretty good annual yield percentage which is very rare these days.