Today, there are nearly 4,000 commercial banks in the United States, and through online banking, customers can access more banking products and services than ever before.
Of course, when it comes to choosing where to bank, these seemingly endless options can make your decision quite difficult. There are many factors you can evaluate to determine the best bank in the United States. But why not just ask existing customers?
JD Power surveyed 11,066 retail banking customers in its 2024 U.S. National Bank Satisfaction Study and ranked nine national banks out of a possible 1,000 points. The study's average score was 658, with the top-ranked bank scoring 689.
Let's take a closer look at the national banks that score the highest based on customer satisfaction.
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The JD Power study ranked banks based on seven categories:
The score each bank receives is the sum of these seven categories, with "trust" being the most heavily weighted factor.
Keep in mind that this study evaluated national banks, which means you won't find local or regional banks on the list. However, if you bank with one of these popular national institutions, it might be useful to know where your bank ranks. If your bank is on the lower end, you might consider moving your funds elsewhere.
Here, we’ll take a quick look at the top three banks in the study and what they offer.
Capital One is the ninth largest bank in the United States by total assets. Unlike many of the largest banks, Capital One is relatively new. The bank was founded in 1994 in Richmond, Virginia.
Today, 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 loans. Capital One is popular with consumers for its products such as high-yield savings accounts and venture credit cards.
Read our full review of Capital One
Chase is the largest bank in the United States. The name first appeared in 1877 when Chase National Bank was founded. However, the company's history dates back to 1799 with the founding of the Manhattan Bank Company.
Today, Chase offers a variety of 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 vast branch network, which includes more than 4,700 branches nationwide. While Chase is larger than Capital One, both have advantages and disadvantages.
Read more: Capital One vs. Chase: Which Bank Is Best for You?
TD Bank is the tenth largest bank in the United States, but its parent company is located in Toronto. The company's origins date back to 1855, when the Bank of Toronto was founded.
TD Bank offers a variety of products to individuals and businesses, including checking and savings accounts, mortgages, credit cards, investments and small business banking. It has more than 1,100 stores and 2,600 ATM locations in the United States (concentrated on the East Coast). TD Bank also has a blog called TD Insights that covers topics such as retirement, estate planning, life insurance and lending.
Read more: The 20 largest banks in the United States
You may be considering a new bank, especially if you're unhappy with your current choice. The banks on the JD Power list are national banks that typically have a wide range of physical locations. Additionally, they offer a wide range of products and services that allow you to do all your banking in one place.
However, despite the advantages of national banks, there are still many online and community banks to consider. These banks sometimes have unique advantages, such as higher savings rates and lower fees.
Read more: This is why online banks offer the highest interest rates on savings
The following steps can help you determine if changing banks is the right move:
Determine what you need: Banks can offer a variety of products, such as checking and savings accounts, car and home loans, investment and retirement accounts, and business banking. Knowing the type of product you need can help you narrow down your choices.
Compare rates and fees: Local and online banks and credit unions sometimes have higher interest rates and fees than national banks. If you're looking for a specific account type, such as a checking account or a high-yield savings account, it's important to research and compare options from different types of financial institutions and determine which ones can help you manage and grow your money the best.
Consider in-person service: One advantage of national banks is that they often have large networks of branches and ATMs, which can be important to some customers. However, others prefer to prioritize rates and fees. Additionally, smaller banks and credit unions may have more personalized customer service. Your personal banking style is an important consideration when choosing a bank.
Evaluate customer service: Check out reviews on third-party review sites to get an idea of the customer service expertise and how quickly they handle issues. Even if you don’t contact customer service regularly, it’s important to have a helpful team when necessary.
Looking for extra features: Tools like budgeting apps, financial education resources, or personalized advice can be helpful. While these benefits aren't entirely necessary, they may be a deciding factor between the two banks you're considering.
Depending on your preferences, you may find that National Bank offers services that 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 have to decide what's most important to you.
Read more: How to switch banks: a simple step-by-step guide