Best National Banks – July 2026
The average interest rate for a savings account is 0.43% as of Nov. 18, 2024, according to the Federal Deposit Insurance Corporation. The average rate for a 12-month certificate of deposit is 1.84%, and the average rate for an interest checking account is 0.08%. Most big banks throughout the country offer rates similar to the average for regular savings products, although some may offer specialty rates for high-yield savings accounts or certificates of deposit.
A few factors contribute to how interest rates are calculated. An individual bank will assess the demand for each type of account and adjust rates accordingly. The Federal Reserve also affects interest rates by adjusting its benchmark federal funds rate throughout the year. National banks frequently offer higher annual percentage yields to customers with a deeper relationship to the bank, measured in deposits held or accounts open.
- Accessibility. Big banks are likely to have physical locations or ATMs readily available in more places throughout the country.
- Product variety. Larger institutions with more resources may be able to offer more types of accounts for those looking to do all their banking in one place.
- Customer service. Most large banks offer 24/7 customer service, allowing customers to resolve issues as soon as possible.
Cons of a National Bank Compared to a Local Bank
- Higher fees. Since big banks typically have more branches and employees, they have more expenses to cover, which may lead to higher fees.
- Less flexible. Smaller, local banks may have policies on eligibility and application processing that are not as strict as those at national banks.
- Less community-oriented. Local banks can easily invest in and connect with the local community they serve, building interpersonal trust rather than corporate trust. The wide reach of big banks means they can’t focus on the needs of specific communities to the same degree.
A national bank, as defined by the Federal Reserve, is a bank with more than $100 billion in deposits. Additionally, for a bank to qualify for scoring in the National Banks category at U.S. News, it needs to have branches open to the public.
Yes, your money is safe in a national bank. That’s because all national bank accounts are insured by the Federal Deposit Insurance Corp. You are insured up to $250,000 per person, per bank, per ownership category.
The largest bank, based on asset size, is JPMorgan Chase. It has $1 trillion in assets more than the No. 2 bank, Bank of America. Chase also has the most branches in the U.S., with almost 5,000.
