Below we’ve reviewed over 100 different banks and compiled a list of the ten best banks, and the ten best online banks. In order, these banks show the best best customer service, best bank rates (high yield savings, money market account, cd rates), online banking, low fees, and more.
Best Banks in 2012
1. JPMorgan Chase
Lauded as the big bank that weathered the recession with relative ease, JPMorgan Chase remains a favorite among customers all across the United States. As the largest American bank by assets, JPMorgan Chase is a major player in the world of wealth and asset management.
2. Bank of America
By assets, Bank of America is officially the second largest bank in the United States. It is hugely influential in the corporate world, forging relationships with a full 99 percent of the companies listed on the U.S. Fortune 500.
3. Wells Fargo
The largest bank by market capitalization and the fourth largest by assets, Wells Fargo currently holds an S&P rating of AA-, an accomplishment in light of the struggling economy. Before the market tanked, the bank maintained a stellar AAA rating. It is still considered one of the more reliable lending institutions.
Citigroup has remained a major player in the U.S. financial sector, maintaining the title of best-capitalized financial institution. Customers enjoy access to checking, savings, mortgages, loans, securities and personal wealth management.
5. PNC Financial Services Group
It may not be in the big four of banking, but with assets of approximately $271.205 billion, PNC Financial Services is certainly a major force in the financial industry. Merchant services remains a huge focus for PNC.
6. BNY Mellon
BNY Mellon focuses on the following sectors: asset management, treasury services, wealth management, issuance services, broker-dealer, treasure services and asset servicing. It is the oldest bank in the United States.
7. U.S. Bank
The fifth largest commercial bank in America, U.S. Bank holds $353 billion in assets. The bank’s focus is on consumer and business banking, although wealth management is also incorporated into the business scheme.
8. SunTrust Bank
Primarily based in southern states such as Alabama, Florida and Georgia, SunTrust Bank is a favorite for its committment to technological advancement. It boasts a wide array of technology-based banking channels, including a secure online banking system and a highly-rated mobile app.
9. TD Bank, N.A.
The major distinction of TD Bank is its retail-based approach. Branches are labeled stores and operate under extended-hours. The result of this approach is an impressive level of satisfaction regarding customer service. Several financial experts believe that TD’s retail model will take over the rest of the banking sector in coming years.
10. State Street Bank And Trust Company
State Street offers personal and business services, but is considered especially strong in the field of investments. This is perhaps due to the presence of State Street Bank’s sister company, State Street Global Advisors (SSgA).
Best Online Banks in 2012
1. HSBC Bank USA
As the United States subsidiary of United Kingdom-based HSBC Bank, HSBC Bank USA brings American customers the advantage of working with one of the world’s most trusted lending institutions, all online.
2. State Street Bank and Trust Company
Personal bankers at State Street Bank and Trust Company enjoy access to a variety of convenient services, including online banking, direct deposit, monthly eStatements and automatic funds transfer.
When it comes to online banking services at Charles Schwab, customers enjoy a wide array of options, including free checking and savings as well as CD choices.
4. Capital One
Best known for its credit card services, Capital One also provides online banking products, including checking and savings accounts. Its website is streamlined for easy access, making the whole online banking process surprisingly simple.
5. USAA Bank
USAA offers online banking, investment and insurance to individuals and families that are either serving or have previously served with the U.S. military.
6. Ally Bank
All transactions at Ally are completed online, over the phone, or more recently, through smartphone and tablet computer applications. Ally boasts simple products and offers at competitive rates
7. Discover Bank
Affiliated with the popular Discover credit card, Discover Bank allows for a wide variety of transactions and all of them are based online.
For investors looking ot complete their banking transactions completely online, there is no better solution than E*Trade bank. This online bank allows borrowers to communicate over the internet, or, most recently, with the help of mobile technology.
9. American Express Bank
Although mostly known for its exlucisve credit cards, American Express also operates in online investment banking. The bank’s biggest service is its personal savings program, where customers are able to engage in direct banking while still holding on to bank accounts through other providers if necessary.
10. State Farm Bank
State Farm is best known as an insurance company, but it also runs a significant online banking business. Following State Farm’s focus on individual insurance policies, State Farm Bank is also focused on the individual, but instead working within the realm of checking, savings and credit cards.
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