Current Accounts

Top US Consumer Accounts

Due to the fact that the United States has the largest and most interconnected banking system in the world, consumers have a countless number of institutions to choose from when desiring to open up a new account. However, it must be noted that different banks offer different services and amenities. Likewise, these differences are established to meet the varying needs of their clientele. So, it only makes sense to compare the top banks in the United States and to evaluate the benefits that each has to offer

U.S. Bank

Although many may not be aware of this name, this institution is one of the top-rated in the entire country. It currently has over 3,000 branches in 35 states and offers the main benefit of providing customers with free checking accounts (most banks have a nominal charge of between $7 and $11 per month). In addition, foreign ATM withdrawal fees are also considerably less than others provide. Only a $300 dollar minimum is required for a basic savings account and the standard interest rate is .05%. Essentially, U.S. Bank is a "no frills" institution that may be ideal for the student or senior citizen who is one a tight budget. So, some of the primary benefits are:

  • Branches in a number of states.
  • Free checking accounts.
  • Less foreign ATM withdrawal fees.
  • $300 minimum maintenance balance in a basic account.

Indeed, the only drawback may be that this bank is not located in every state nationwide.

TD Bank

While this bank may appear another "dark horse" in terms of familiarity, it is nonetheless the best national bank for high-balance accounts according to Money Magazine. This bank primarily caters to those who generally will have more than $10,000 dollars in an account, for it can offer up to .55% interest on such figures. Additionally, this institution also offers many additional amenities such as money market funds and investment vehicles that may be options should one wish to accrue additional income each year. There are no foreign ATM fees and the customer is reimbursed for any checking transactions carried out through other banks. So, the major benefits associated with TD bank are:

  • High interest rates for customers who have over $10,000 in an account.
  • Access to additional investment vehicles.
  • No foreign ATM or checking fees.

The one main major downside is that this bank is not suitable for those who do not have sufficient funds to enjoy these benefits.

Bank of America

This well-known bank caters to millions of customers across the country and is reputed for its considerably high levels of customer service. The importance of this bank is due to the fact that it has been a primary choice for students and those wishing to build a "nest egg" from the ground-up. Bank of America also offers credit cards tailored to individual needs as well as overdraft protection on savings and checking accounts in many of their packages. There is a low minimum balance of $25 required to open an account and with certain plans, the APR may be as high as .25%. To summarize, the main benefits offered here are:

  • Premium customer service.
  • An ideal choice for students due to the low minimum balances required.
  • Overdraft protection.
  • Numerous locations nationwide.
  • Reasonably high annual yields on accounts.

The only notable drawback may be the lack of confidence in this bank due to its involvement in the mortgage debacle which precipitated the global financial crisis.

These are but three of the top banks in the United States that provide a number of benefits for those wishing to open a consumer account. As with any financial decision, it is always best to consult with these institutions to determine which one may prove the best based off of individual circumstances.