These are the best banks in America right now

Finding the right financial institution can be just as challenging as finding the right soulmate — everyone has different wants and needs.

But after analyzing data of more than 5,000 banks around the country, personal finance website Bankrate.com, narrowed down a list of what it considers to be the best banks to invest your money in.

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Here are its picks.

Best big bank: Capital One

Bankrate ranked the best big banks in America on factors including free or low-fee checking and savings accounts, low out-of-network ATM fees and highly rated mobile apps. Capital One came in first as the overall best, followed by First Citizens Bank & Trust, PNC Bank, U.S. Bank and Wells Fargo Bank.

“For the second year in a row, Capital One ranks as America’s best big bank. Accounts are available online nationwide, and there are more than 500 branches available in Louisiana, Texas and a number of states in the northeast. Customers have surcharge-free access to more than 39,000 ATMs through Allpoint and the bank’s own network. And in some of the nation’s biggest cities, Capital One Cafes act as branches and coffee shops rolled into one,” Bankrate said.

Best online bank: Ally Bank

The Sandy, Utah-based bank rose to the top spot among online financial institution this year due to its 2 percent APY payout, which is 20 times that of the national average savings account rate, according to Bankrate data. Additionally, members won’t pay a monthly service fee on any of their accounts.

“Customers who open an Interest Checking account can earn as much as 0.1 percent APY. Ally Bank doesn’t make people jump through hurdles to earn the interest either. There are no monthly maintenance fees associated with the account and all balances greater than zero earn a little extra cash,” Bankrate added.

Best credit union: Alliant Credit Union

This Chicago-based credit union topped this year’s ranking for its solid products and accessibility. While it only operates in four states and Washington, D.C., Alliant offers a strong online banking experience for its member across the country. Additionally, it has no minimum balance requirements or monthly service fees.

Best regional bank: Western State Bank

This Devils Lake, North Dakota-based regional bank topped this year’s list for “breaking down the barriers to getting cash,” Bankrate noted.

While it only operates nine branches in two states (North Dakota and Arizona), its free checking account gives customers the opportunity to reimburse up to $20 in out-of-network U.S. ATM fees each statement cycle. Additionally, its checking account doesn’t have a monthly service fee. The only caveat, however, is that it doesn’t pay interest.

Source:- foxbusiness

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