Today, there are close to 4,000 commercial banks in the U.S. And with online banking, customers have access to more banking products and services than ever before.
Of course, when it comes to choosing where to bank, these seemingly endless choices can make the decision pretty tough. There are many factors you could evaluate to identify the best banks in the United States. But why not simply ask existing customers?
In its 2024 U.S. National Bank Satisfaction Study, which surveyed 11,066 retail banking customers, J.D. Power ranked nine national banks on a 1,000-point scale. The average score for the study is 658, with the top bank receiving a score of 689.
Let’s take a closer look at the highest-scoring national banks based on customer satisfaction.
The J.D. Power study ranked banks based on seven categories:
The score each bank received is an aggregate of these seven categories, with “trust” as the most heavily weighted factor.
Keep in mind that the study evaluated national banks, meaning you won’t find local or regional banks on the list. However, if you bank with one of these popular national institutions, seeing where your bank ranks can be useful. If your bank is on the low end, you might consider moving your money elsewhere.
Here, we’ll take a quick look at the top three banks from the study and what they offer.
Capital One is the ninth largest bank in the U.S. by total assets. Unlike many of the largest banks, Capital One is relatively new. The bank was founded in 1994 in Richmond, Va.
Today, the Capital One offers a variety of products, including credit cards, checking and savings accounts, and auto loans. It also offers business and commercial products such as business credit cards and lending. Capital One is popular among consumers for products like its high-yield savings accounts and Venture credit cards.
Read our full review of Capital One
Chase is the largest bank in the U.S. The Chase name first appeared when Chase National Bank was founded in 1877. However, the company’s roots date back even further to 1799 and the founding of the Bank of Manhattan Company.
Today, Chase offers various products, including credit cards, mortgages, checking and savings accounts, and auto loans.
The bank is popular for its consumer credit cards, which allow customers to earn valuable Chase Ultimate Rewards points. Chase is also known for its large branch network, including over 4,700 branches nationwide. While Chase is larger than Capital One, each has advantages and disadvantages.
Read more: Capital One vs. Chase: Which bank is best for you?
TD Bank is the 10th largest bank in the U.S., though its parent company is based in Toronto. The company’s origins date back to 1855 when The Bank of Toronto was founded.
TD Bank offers various products for individuals and businesses, including checking and savings accounts, mortgages, credit cards, investments, and small business banking. It has over 1,100 stores and 2,600 ATM locations in the U.S. (those locations are concentrated on the East Coast). TD Bank also has a blog called TD Insights that covers topics like retirement, estate planning, life insurance, and loans.
Read more: These are the 20 biggest banks in the US
You might be contemplating a switch to a new bank, especially if you are unhappy with your current choice. The banks on the J.D. Power list are national banks, which typically have a wide footprint of physical locations. In addition, they have a wide range of products and services, allowing you to do all your banking in one place.
However, despite national banks’ advantages, there are many online and community banks to consider. These banks sometimes have unique advantages, such as higher savings rates and lower fees.
Read more: Here’s why online banks offer the highest savings interest rates
The following steps can help you decide if switching banks is the right move:
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Decide what you need: Banks may offer various products, such as checking and savings accounts, auto and home loans, investment and retirement accounts, and business banking. Knowing the types of products you need can help narrow your choices.
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Compare rates and fees: Sometimes, local and online banks, as well as credit unions, have better interest rates and fees compared to national banks. If you’re looking for a specific account type, such as a checking account or high-yield savings account, it’s important to research and compare options from different types of financial institutions, and identify the ones that will help you manage and grow your money best.
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Consider in-person services: One big advantage of national banks is they typically have a large network of branches and ATMs, which is important to some customers. However, others prefer to prioritize rates and fees. In addition, smaller banks and credit unions may have more personalized customer service. Your personal banking style is an important consideration when choosing a bank.
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Evaluate customer service: Check third-party review sites for comments to understand how knowledgeable customer service is and how quickly they can handle issues. Even if you don’t contact customer service frequently, having a helpful team available when necessary is important.
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Look for additional features: Tools like budgeting apps, financial education resources, or personalized advice can be useful. While these perks aren’t entirely necessary, they can be the deciding factor between two banks you’re considering.
Depending on your preferences, you may find that the services national banks offer best suit your needs. However, other customers may find that smaller banks offer personalized service or better rates and fees, making them a better choice than national banks. All banks have pros and cons, so you must decide what is most important to you.
Read more: How to switch banks: An easy step-by-step guide