Best National Banks | Kiplinger
GOLD: TD Bank
Why he won: Most TD accounts have reasonably low minimum balance requirements and features to accommodate a variety of customers.
Standout account: Beyond Checking offers several benefits and three ways to waive the monthly fee.
Where is it: Over 1,100 locations in 15 Eastern states and Washington, DC Terms and pricing apply in Delaware.
TD Bank has been one of our national banks’ finalists in the six years we’ve compiled our rankings, thanks to an attractive collection of accounts that don’t require large balances to avoid monthly fees. And TD is making changes to its overdraft program. You can now overdraw your account up to $50 without incurring overdraft fees. Starting late this fall, customers will have 24 hours to rectify an overdraft over $50, and they will no longer pay fees to transfer funds to a check from an overdraft backup account. .
The basics Convenience check waives its monthly fee of $15 if you maintain a daily balance of only $100 in the account or are between 17 and 23 years old. Beyond Verification does not charge a monthly fee if you have at least $5,000 in monthly direct deposits, a daily balance of at least $2,500 in checks or at least $25,000 in combined eligible TD deposit accounts, loans and lines of credit on home equity and mortgages. The account comes with free standard checks, money orders, cashiers checks, and incoming transfers, and it waives all fees for urgent bill payments, one outgoing transfer fee per month and two overdraft fees per year. If you keep a balance of $2,500 in checks, TD refunds the fees charged by ATM operators when you use out-of-network ATMs. Monthly fees on all TD Savings and Money Market accounts are waived for Beyond Checking customers.
TD Savings Accounts include Simple savingswhich pays 0.02% and does not charge the $5 monthly fee if you meet any of the conditions, including maintaining a balance of $300. Beyond Savingswhich is free if you maintain a minimum balance of $20,000 or if you link it to a Beyond Checking or Relationship Checking account, earns up to 0.05% on balances of $250,000 or more.
TD also offers a well-equipped chequing account for people aged 60 and over. To learn more about this and other TD savings options, check out the best banks for retirees.
MONEY: PNC Bank
Why he won: PNC offers benefits on all of its virtual wallet account packages, which also come with digital tools to manage spending and savings.
Standout account: Skipping the monthly fee is manageable with the basic virtual wallet verification package, and it comes with ATM fee refund.
Where is it: Nearly 2,700 locations in 28 states, primarily in the eastern half of the United States and the Sun Belt, and in Washington, DC Terms and pricing apply in Pittsburgh.
PNC’s account offerings center around its virtual wallet program, which combines a spending checking account for day-to-day transactions, a reserve checking account to set aside funds for short-term goals, and a growth savings account for longer term goals. The basics Virtual Wallet waives its monthly fee of $7 if you have a monthly direct deposit of at least $500 in Spend or a minimum combined balance of $500 in Spend and Reserve, or if you are 62 or older. Each month, it reimburses the first two PNC fees charged when you use an out-of-network ATM, plus up to $5 in ATM surcharges from other banks. Virtual wallet with performance spending and Virtual Portfolio with Performance Select require direct deposits or higher balances to avoid monthly fees and receive more benefits, such as free bank checks and higher reimbursement of ATM fees.
Interest rates on PNC savings accounts often depend on the account package you have, your balance, and whether or not you meet certain activity requirements. The First money market account, for example, earns 0.04% on balances under $1 million for Performance Select customers who make at least five PNC debit or credit card transactions per month or who have $5,000 or more in deposits monthly direct to their Performance Select current account. You must link the money market account to a Performance Select account or maintain an average monthly balance of $5,000 to avoid a monthly fee of $12. PNC also offers a basic savings account and certificates of deposit.
BRONZE: Fifth Third Bank
Why he won: Basic and premium checking accounts are outstanding.
Exceptional accounts: Momentum Checking charges no monthly fees and Preferred Checking offers many benefits.
Where is it: Nearly 1,200 branches in 11 states in the Midwest and South. Terms and rates are for Cincinnati.
Fifth Third offers a range of checking accounts, and two stand out the most. Momentum check charges no monthly fees, no strings attached – a rarity among major bank accounts – and you can access your deposited paycheck directly up to two days earlier than the scheduled payment date. With Preferred verification, bypass the $25 monthly fee by having at least $100,000 combined in Fifth Third deposit and investment accounts once a month. Freebies include standard checks, notary services, money orders, cashiers checks, identity protection services and a small safe. Up to 10 out-of-network ATM surcharges are refunded monthly.
A savings account, money market account and certificates of deposit are some of the savings options. Recently, interest rates have mostly held at 0.01%, although a 12-month promotional CD has yielded 0.05% (minimum deposit $5,000).
Notably, in 2020, the Consumer Financial Protection Bureau filed suit against Fifth Third, alleging that in previous years the bank had opened unauthorized deposit and credit card accounts on behalf of consumers, among other claims. . Fifth Third says it has resolved the issues that sparked the lawsuit, which is making its way through the courts.