What is the best bank in the United States? [Business/Online]

It usually happens: you need to open a bank account but there are so many options that you can’t decide which is your best option, has it happened to you? Well, today we present you the best options you have when opening an account or using a bank to carry out any type of operation.

From traditional options to mobile applications, banks continue to be the most prestigious financial institutions in the world, since thanks to them it is possible to carry out transactions, make payments, request loans and endless other operations that represent a need in people’s lives.

Are you ready to find out which are the best banks in the United States and all the benefits they offer you? Here we present them to you!

Best traditional banks

Although online banks are a great option, they still cannot completely displace traditional banks, as they offer a more personalized type of service for both personal and business accounts.

In the first instance, it will be essential to identify the strengths of each bank, as well as the way they operate and the advantages that we can obtain by opening an account with them. As for traditional banks, here is a list of the institutions that make up the «Big Four», which are not only the oldest, but also those with the best ranking and the greatest acceptance among users:

JPMorgan Chase & Co

This bank was founded in 1799, and an interesting fact about it is that it has the largest hedge fund unit in the world. Investments in this bank exceeded 34 billion dollars just in the past decade.

Today, this bank has offices in major world cities like London, Tokyo and Singapore, although its technology operations are based in India and Argentina.

Revenue: $115.627 billion dollars

Number of employees: 256,981

Year of foundation: 1799

Bank of America

The headquarters of this bank is located in Charlotte, North Carolina, and in 2010 it was listed as the third largest company in the world. Along with Citigroup, JPMorgan Chase and Wells Fargo, it is part of the banking «Big Four» in the United States.

Revenue: $91.24 billion dollars

Number of employees: 208,000

Year of foundation: 1956

Wells Fargo

Wells Fargo is a bank whose main headquarters are in San Francisco, but with an international presence; in the ranking, it ranks fourth among banks in the United States, but ranks second in terms of the number of deposits, mortgage services and credit card openings.

Revenue: $85 billion dollars

Number of employees: 258,700

Year of foundation: 1929

Citigroup Inc

Its headquarters are in New York, and it is currently listed as the largest financial services company in the world. As an important fact, it is one of the primary dealers of United States Treasury securities.

Revenue: $88.839 billion dollars

Number of employees: 204,000

Year of foundation: 1998

Best online banks in the United States

Currently, online banks are presented as a necessary option, especially at a time when people must carry out banking actions efficiently and safely.

Thus, online banks are positioned as an important option to carry out operations such as transfers, payment of services, withdrawal of money, cashing of checks, deposits and other transactions.

Best of all, it does not matter where in the world a person is, as online banks offer great benefits to keep track of every move at any time of the day.

Ally Bank

Ally Bank was founded in 1919, and is considered one of the largest banks in the United States, as it has several divisions and a large number of users.

However, in 2009 this institution underwent an important reform in which it was decided to convert the bank into an exclusively digital option.

One of the advantages of opening an account in this online banking is that there is no minimum opening required, in addition to the fact that it has around 43,000 ATMs throughout the United States.

Discover Bank

Discover Bank was founded in 1985, although its real beginning occurred in the year 2000, when its first bank branch. Currently, this bank is very successful, having received more than $57 billion dollars in bank deposits.

The main advantage of Discover Bank is that it allows access to credit cards without annual payments, in addition to giving cash rewards for each purchase made with a debit card. Perhaps one of its disadvantages is that it does not offer a competitive interest rate on savings accounts.

Charles Schwab

Founded in 1973 under the name of Charles Schwab & Co., this bank has a significant presence in states such as California, Arizona and Connecticut.

It is an affordable option for most of the population, since it is possible to open checking and savings accounts without having to maintain a minimum monthly balance or pay maintenance fees.

In this bank you can make investments, savings, apply for loans and make international transfers, although some experts have classified its system as one of the least favorable for the average consumer, since the interest rates for checking and savings accounts are low compared to other banks.

Alliant Credit Union

With more than 500,000 users in the United States, Alliant Credit Union is one of the most sought-after online banks by users, thanks to the fact that it offers a wide range of services and its interest rates are highly competitive.

Two of its advantages are centered on the fact that checking and savings accounts do not require the payment of a fee, in addition to the fact that it is possible to open savings accounts for minors. The disadvantage? An excess in the amount of money transferred results in a payment that is higher than in other banking institutions of the same type.

First Foundation Bank

The main headquarters of this online bank, founded in 2007, are located in Irvine, California. This bank requests a minimum amount of $100 dollars for the opening of a personal account, while to open an online savings account it is necessary to make a minimum deposit of $1,000 dollars.

The only branches of these banks in the United States are in Hawaii and Nevada, so opening an account at First Foundation Bank will practically mean going in person to resolve any questions or clarifications.

NBKC Bank

Initially known as Horizon National Bank, NBKC was founded in 1999, and in 2015 it changed its name to NBKC. This bank is a great option for online transactions, plus it offers access to approximately 34,000 ATMs across the United States.

This bank is expected to continue generating followers, thanks to its low usage fees and competitive interest rates.

Simple

As of January 7, 2021, Simple, an online bank that has been operating since 2009, will begin to operate exclusively under the auspices of BBVA United States.

This bank does not request monthly payments for its services, nor does it charge special fees for excess transfers. Likewise, the user does not have to cover a minimum balance; however, Simple is not useful for those who want to pay for their services, since the bank does not have this option.

What is an online bank?

Online banks are financial institutions that allow banking operations exclusively online, that is, from a computer or mobile device. Contrary to a traditional bank, in an online bank it is very rare, or almost impossible, to have contact with an executive face to face.

This type of financial services allows access to checking and savings accounts with interest rates that are usually competitive, with the advantage that the fees and opening amounts are usually lower than those requested in traditional banks.

Online banks also offer ATM services, although it is rare to be able to make cash deposits at them.

Is money safe in an online bank?

Online banks are as safe as traditional banks, since the applications they operate with allow special settings to ensure that the information provided by users is strictly confidential; so no one else will have access to it.

America’s Best Business Banks

In the United States there are a large number of banks; however, not all have the same advantages for business owners who want to maximize their interests and manage their finances effectively.

According to experts, these are the best banks for business in the United States:

Chase

Chase is a bank that offers important benefits for both individuals and companies, with:

1. Checking accounts
2. Savings account
3. Deposit certificates
4. Credit cards

Navy Federal Credit Union

The advantage of this business bank is that it offers higher interest rates than traditional banks and is free of fees for the use or maintenance of its services.

Axos Bank

Axos is an online banking financial services ideal for small businesses looking to manage their finances effectively and earn significant rewards.

M&T Bank

This is a business friendly option as it offers a competitive APR compared to other banking institutions. In this bank it is possible to open accounts for retirement, checking accounts, make deposits and apply for credit cards.

US Bank

This bank stands out for its advisory service and management of personal and corporate finances, which is why it is positioned as one of the most important options for those who want to start a business or already have one.

Características de un buen banco

What is it that distinguishes a good bank from one that is not? Perhaps the data to take into account are interest rates, account opening and maintenance fees, annual charges, and access to customer service to make clarifications if necessary.

FAQs

Here are some important facts that you should take into consideration before opening an account in an online bank.

What is the bank that pays the most interest in the United States?

The banks that pay the most interest on savings accounts in the United States are:

1. CIT Bank
2. Axos
3. Discover Bank

How to open a bank account in the United States for non-residents?

Depending on the type of account you wish to open, banks may request information such as:

1. Permanent residence permit (Green Card)
2. Passport number or consular registration card
3. ITIN

As well as additional information such as:

1. Name and date of birth
2. Official identification
3. Social Security number
4. Direction
5. Phone number
6. Email
7. Employment status and income

What is needed to open a bank account in the United States?

If a person wishes to open a bank account in any city in the United States, it is necessary to present an official identification, sometimes with a photograph, in which the most important data of said person is demonstrated.

Among the identifications that can be presented are the passport, with a specified number or a consular registration card.

Banks usually accept only legitimate documentation with a photo, which is why it is practically impossible to open a bank account with unofficial documents or photocopies of the original documents requested.

Likewise, the documentation presented must leave an official record of the name of the person, as well as their date and place of birth, a home address and, if possible, in the case of being a foreigner, demonstrate that they have a work visa. , student or a residence permit.

The most common recommendation for foreign residents is to look for a bank that has branches in their country of origin, in order to build a banking history that makes it easier to open a US branch in the future.

Conclusion

Undoubtedly, mobile banking has established itself as one of the most valued services in recent years, especially in the last year, this type of application has gained new importance throughout the world.

Thanks to online banks, users have the option of opening an account more easily and with fewer requirements than in other conventional banks.

By downloading online banking through an application, users have the opportunity to make transfers, deposits, service payments and create a retirement savings account without the need to cover monthly fees or maintain a specific balance.

Opening a checking or savings account becomes a simple goal thanks to online banks, since one of its advantages is obtaining significant returns, saving time and resources, and the option of rigorously monitoring finances .

Sources: TheBalance/Wikipedia