Best Banks in America

Where you save your money and manage your finances is important. Some banks charge excessive fees just to give you the privilege of using their services; while others have been found to rearrange the order of your transactions to generate the most overdraft fees possible! Not all banks charge fees or try to nickle and dime their customers, though, and some even go out of their way to provide exceptional customer service and offer a full range of quality financial services that do their best to help you save money. You might be surprised to find that the best banks in America aren't necessarily the country's largest banks.

What to Look for in a Bank

When choosing a bank, you want to pick one that offers good customer service, convenient locations, low fees and protection against identity theft. There are many choices and options you should consider when comparing banks, before making your selection.

It should go without saying that any bank you choose should be FDIC insured. In order to find one of the best banks in America for your unique financial situation, you'll want to review the following features and services to make sure the ones you're interested in are offered at any bank you're considering.

Here are some tips for features you want to consider when choosing a bank:

• Bank Fees: While many banks are adding fees for commonly used services like receiving bank statements, monthly maintenance of checking accounts, receiving copies of checks, wire transfers and overdraft protection - there are still banks that offer a variety of services for free. Consider which services you are likely to use and look for banks which don't charge for most of the services you require. There are many banks that offer free checking, so you might think twice about paying a monthly maintenance fee for a checking account.
• Bank Locations: If you prefer to do your banking in person, or use ATMs frequently, the location of the bank should be a priority for you. If you do most of your banking online, the location is less of a concern.
• ATM Fees: If you're someone who likes to withdraw or deposit money at the ATM, you'll want to see what kind of charges are associated with these transactions from any bank you're considering. Most banks don't charge when using the ATMs at their own branches, but what happens when you're no where near your bank and want to take out some cash? Keep in mind that the ATM fees your own bank charges are in addition to whatever the other bank's ATM charges you to use their machine.
• Minimum Balance Requirements: Some banks only charge maintenance fees if your balance dips below a minimum amount. Check to see what the minimum balances are to see if you would normally have enough in your account(s) to avoid paying fees.
• Direct Deposit Incentives: If you plan to use a direct deposit, check for banks that offer special incentives for using it.
• Online Banking: Almost all banks offer a form of online banking now. If you like to make payments online, view your balance and transactions or transfer money between accounts from an online account manager, make sure you verify that any bank you're considering has this feature. Find out if the bank charges fees for online banking services, too. Many banks don't charge anything for online banking. Make sure the bank has appropriate safety measures in place to prevent identity theft.

Our Picks for 5 Best Banks in America

Now that you know what to look for in a bank, and you've considered your own personal banking needs, you can begin to review and compare banks to find the best bank in America to meet your needs. The information we provide should help you compare a variety of banks and make the whole decision process easier.

Here's a list of what we consider to be the 5 best banks in America that offer the features and services you need to manage your finances and keep more of your money in your pocket.

Ally Bank

GMAC Bank recently changed it's name to Ally Bank and initiated some changes to how it operates. Ally is an FDIC insured online bank. It offers a variety of deposit account options for saving your money including certificate of deposits and a high interest online savings account that is currently one of the leading banks in terms of the amount of interest they offer on their deposit products. They also feature checking accounts and loan products.

Ally Bank advertises itself as a bank without fine print, meaning you know exactly what you're getting into and you're going to like it! They don't charge monthly fees or require that you keep a minimum balance. Their savings accounts compound interest daily, which helps you grow your money faster, and you won't be charged ATM fees regardless of where you use the ATM. If you link your savings account with your checking account, you can avoid potential overdrafts without any fees. If you accidentally use more money than is currently available in your checking account, Ally will automatically move money from your savings account to your checking account – and unlike the majority of banks, they don't charge a fee for this service.

BBVA Compass

Banco Bilbao Vizcaya Argentaria, known as BBVA Compass, is headquartered in Birmingham, Alabama. BBVA Compass is actually the 15th largest bank in the United States based on their deposit market share despite being a relatively unknown name in the banking world.

BBVA Compass is also the bank behind the popular online goal savings site, SmartyPig.com. If you have accounts through SmartyPig, your money is being saved with BBVA Compass.

You can use any ATM on Earth for free. Not only with BBVA Compass not charge you fees to use other banks ATMs, but they will rebate any fees other banks charge you to use their ATMs.

There are several different checking accounts each with different features and options, and even an account you can customize based on how you bank by selecting features and options that you want from a list. All BBVA Compass accounts feature low or no fees, and free online banking services. Online bill pay is free with all accounts with the exception of the “basic checking”.

Choose from a variety of savings products, from a basic savings account to a Money market or certificate of deposit, or an IRA CD – in addition to the goal savings program through SmartyPig.

WTDirect

WTDirect is owned by Wilmington Trust, a banking institution which has been operating for more than 100 years. They offer online savings accounts, but no checking account options. Their savings interest rates are consistently among the top 5% banks in the US, and with unlimited transfers to other bank accounts each month – you can take advantage of the higher savings rates with your WTDirect savings account and move the money to your checking account when needed. WTDirect offers wire transfers, Treasurer's Check options for transferring money, with “next day transfers” for qualified customers.

You don't need to keep a minimum balance and you won't be charged for inactivity. During the first three months, everyone with a WTDirect account will earn the highest interest rate on their balance, after that, only people who keep $10,000 or more will continue receiving the higher interest rate, while lower balances drop down to a lower interest rate.

There are no fees for the savings account and your deposits are protected up to the maximum allowable FDIC insurance limits of $250,000 per depositor. If you have questions or problems, you can access a real customer care specialist 7 days a week by phone or on the website.

For people who like to bank on the go, WTDirect offers free mobile banking access so you can check balances, transfer money or make payments from your smartphone.

Bank of the Sierra

Another bank that offers just about every financial product under the sun with low or no fees is the Bank of Sierra. They have more than one checking account without a monthly maintenance fee, including an option to earn rewards and interest on checking account balances. There are accounts with free check writing, free use of any ATM around the country, and all accounts offer free online banking.

You've got more options than you'll know what to do with when it comes to saving your money with Bank of Sierra. From reward savings, to passbook savings, money markets, 91 day variable savings, certificate of deposits, IRAs, holiday clubs, educational accounts and children's savings accounts – whatever you need, chances are Bank of Sierra offers the solution.

Royal Banks of Missouri

Despite it's name, Royal Banks of Missouri is a national bank offering everything you need to manage your personal finances. There are multiple options for both checking accounts and savings accounts through Royal Banks of Missouri, as well as money market accounts, home equity loans, personal loans, and certificate of deposits.

The online banking options from Royal Banks of Missouri allow you to pay your bills online for free, transfer money between Royal Banks accounts, view check images online, statement and account history, order checks, and build and manage your stock portfolio.

One of the only banks that offers interest earning checking accounts with no monthly maintenance fees, the Majestic Checking account also gives you free access to ATMs around the country.