The best big banks of 2025

Key takeaways

• The best big banks generally provide a positive digital banking experience through their mobile apps.
• The absolute largest banks – based on branch locations – didn’t make Bankrate’s best bank list, including Chase Bank and Bank of America.

The nation’s best big banks typically provide customers with everything they need to manage their finances, whether in a branch, at home or on the road. Those features include easy access to ATMs, flexible customer-service hours, highly ranked mobile apps and other resources to help customers handle nearly every banking situation.

To determine the best big banks, Bankrate analyzed minimum deposit requirements, monthly service fees, overdraft fees, certificate of deposit (CD) offerings, savings yields, ATM access and other criteria.

Big banks are sometimes known for offering bank account bonuses, but they generally don’t offer the absolute highest savings rates and CD yields.

Read more at BANKRATE

What lenders & dealerships should consider when adapting to demands for digital auto financing

The auto industry changes at lightning speed, influenced by evolving consumer behaviors and preferences. As a growing number of consumers seek to purchase vehicles online, savvy dealers and lenders are upgrading their processes to offer auto buyers a streamlined, fully digital buying experience.

The transition to online car buying presents a range of challenges for lenders, particularly in verifying borrower information. Online platforms eliminate the traditional dealership experience, allowing buyers to browse, finance, and purchase vehicles from their homes. While convenient, this process introduces verification gaps that lenders need to address.

Coupled with this shift in consumer interest to online buying, fluctuations in interest rates indicate that lenders may ease credit restrictions, making it easier for consumers to finance or refinance their vehicles.

Read more at AUTOREMARKETING

Have a tax law question?

Our #IRS Interactive Tax Assistant has answers.

Watch this short video to learn more:

https://youtu.be/y6HkaBkdKdU

The IRS offers a helpful tool, the **Tax Withholding Estimator**, which can guide you in determining whether you have the right amount of federal income tax withheld from your paychecks. Using this tool helps you: 

• Avoid unexpected tax bills or penalties when you file. 
• Adjust withholdings to increase your take-home pay instead of waiting for a refund. 

Jose L. Santiago

Public Affairs Specialist

Tax Outreach, Partnership and Education

Email: jose.l.santiago@irs.gov

PayPal (PYPL) Partners with TerraPay for Faster Payments in the Middle East

Digital payments giant PayPal (PYPL) has joined hands with TerraPay, a global money transfer infrastructure provider, to allow instant international fund transfers for PayPal users throughout the Middle East and Africa. The move seeks to enable faster and easier transactions through better connectivity between banks, mobile wallets, and financial institutions.

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The deal will allow users in the region to link their mobile wallets and bank accounts to PayPal for secure and easy money transfers. This will make international transactions easier, enhance financial connectivity, and boost global business and individual participation.

Read more at BUSINESS INSIDER

It’s Time for Banks to Get Serious About Productivity

Despite massive investments in digital technology, productivity at U.S. banks has actually declined over the past 15 years, while most other industries improved. As financial institutions retool for a challenging environment, that record needs to be reversed, fast. A new report from McKinsey has a suggestion: Simplify.

Executive Summary

Banking productivity has stagnated over the past decade while costs continue to rise, creating an urgent need for sustainable efficiency improvements.

McKinsey’s latest report reveals that traditional cost-cutting measures deliver only short-term gains, with progress typically eroding as priorities shift. McKinsey argues that the solution lies in "simplification at scale" – a comprehensive approach that fundamentally reshapes operating models to reduce unit costs and unnecessary complexity. The consultancy says that banks that successfully implement this strategy can achieve lasting productivity gains of up to 15% over two years, resulting in ROE increases of 1.0-1.5 percentage points.

Read more at The Financial Brand

Another Major Bank Chain Is Closing A Ton Of Branches

Financial conditions have been tightening in recent years. Rising inflation and economic uncertainty have been quite the burden for not only consumers, but businesses as well. However, it's entirely another issue when popular bank chains start closing branches across the country. After all, if the entities that handle the flow of money in this country aren't able to handle their own finances -- to the point that they have to start closing down -- it doesn't bode well for the economy. At the very least, it's not a reassuring occasion for consumers.

It seems like every other day there is news that yet another major bank is closing bank accounts or closing locations, all in an effort to save money. The most recent of these is Flagstar Financial. In January 2025, the company announced that it would be shutting down at least 60 locations throughout the country by the end of the year. This is no small bank either. In fact, according to data from the Federal Reserve, it is the 29th largest commercial bank in the U.S., with over $100 billion dollars in assets under management. However, Flagstar is ultimately not immune to financial strain, and closing locations allows them to cut costs.

Read more at MONEY DIGEST

Why credit access reached highest level in 28 months

Anecdotal conversations that Cherokee Media Group shared with Auto Intel Summit attendees last week generally indicated that dealers and lenders are not having too much trouble getting potential vehicle buyers the financing they need to take delivery.

The newest Dealertrack Credit Availability Index released while industry leaders gathered in Cary, N.C., reinforced that conference dialogue.

The March index jumped to 96.4, representing a 3.1% increase year-over-year, and marking the highest level of auto credit access since December 2022.

While not part of the large contingent of Cox Automotive experts in North Carolina for the Auto Intel Summit, Jonathan Gregory, a senior manager on Cox Automotive’s economic and industry insights team, reacted to the index reading and offered these general observations that accompanied the new index.

Read more at SUBPRIME

How Often Should You Really Switch Banks? Experts Weigh In

The majority of Americans (96%) have a bank or credit union account, according to the most recent FDIC data. Not everyone sticks with the same bank for the long haul. Some people stay longer than they probably should, while others might not stay long enough.

So, how long should you stick with your current bank or credit union? And how often should you switch? Here’s what the experts say.

Switch When Your Bank Doesn’t Meet Your Needs

If you’re satisfied with your current financial institution, stick with it. But if you’re not, that’s probably a sign it’s time for a change.

“There are real differences in financial institutions and the personal finance options they offer,” said Tansley Stearns, president and CEO of Community Financial Credit Union and leader of the Backbone Coalition. “When your current bank isn’t meeting your needs or matching your values, it’s time to switch — and it’s easier than you think.”

Read more at GOBankingRates

How to Protect Your Card-Issuing Business Against Digital Disruptors

Payments and cards have moved to the center of most consumers' financial lives. The good news: Banks have long held a dominant position in payments and have important competitive advantages. The bad news? According to Bain, without aggressive action, banks may see their advantage rapidly lost to a new army of competitors.

Executive Summary

U.S. banks have historically relied on credit and debit cards as anchors for customer relationships and gateways to profitable revenue streams. While card revenues are projected to reach $400 billion by 2028, alternative payment methods are gaining significant market share, especially among younger consumers. Digital wallets, buy-now-pay-later services, and peer-to-peer payment platforms are expanding faster than traditional card payments, threatening banks’ customer relationships and cross-selling opportunities.

Read more at The Financial Brand

The Two Biggest Ways Customer Communications Will Change in 2025

Customer communications are evolving due to the need for personalized experiences and improved data collection. Streamlining data collection with AI and machine learning will enhance customer interactions and ensure better security. Institutions must also cater to generational preferences, balancing the digital demands of younger customers with the traditional communication needs of older generations. Here’s why.

As more organizations embrace digital transformation, customers expect the convenience of modern, personalized technology that delivers seamless and efficient experiences. Whether shopping for groceries, renting a car or applying for a new credit card, consumers are quick to abandon businesses when those expectations aren’t met.

As we enter the new year, financial institutions must be aware of the impact of these changing expectations, particularly concerning customer communications. These institutions must act quickly and prioritize innovation to anticipate these new expectations or risk losing customers to more agile competitors who are meeting the demand for faster, more intuitive digital solutions.

Read more at The Financial Brand

Border businesses cry foul over dragnet-like money transfer rules

Last month, the federal government issued a new rule mandating money service businesses in 30 different ZIP codes in the Southwest report all transactions over $200 to the federal government.

The Financial Crimes Enforcement Network says the rule was enacted to uncover evidence of money laundering and other financial transactions by Mexican drug cartels.

But in a lawsuit filed on Tuesday in San Diego federal court, a small money transferring business in San Diego claimed that the order will not only burden them with mountains of unnecessary paperwork but also force them to surveil their customers without the government providing any probable cause to suspect them of any wrongdoing. 

“Esperanza wants to keep her private life private. She has a right as an American to her privacy. Esperanza fears that if the government can see her private financial transactions, it can see her familial and personal affiliations, her interests, and can even profile her beliefs and thoughts,” wrote Esperanza Gomez Escobar, the owner of Novedades y Servicios, in her complaint.

Read more at TUCSON SENTINEL

Whether as a standalone store or a kiosk inside your current location/s,

El Vecino provides a turnkey solution with a strong brand, built-in provider network, and all the support you need.

Why Gen Z Hates Your Loan Payment Options — and 6 Ways to Fix Them

Generation Z manages money differently from other generations and often makes its money differently. Paying closer attention could improve loan volume as well as loan performance.

For retail banks and credit unions, accepting loan payments has often been viewed simply as a necessary operational expense — a cost center. Yet to the consumer making loan payments it becomes a critical part of the customer experience, and an agreeable process can increase brand loyalty.

Gen Z borrowers have markedly different loan payment expectations than previous generations, with specific preferences for how they want to manage and complete payments, according to our research.

Gen Z expects payment experiences that reflect how they actually manage their money — and Gen Zers won’t stick around while banks treat payments as just another cost center.

Read more at The Financial Brand

A single high school class can boost a teen's lifetime wealth by $100,000

While plenty of studies show the link between financial knowledge and financial success, a recent report puts a price tag on it: $100,000.

A study from consulting firm Tyton Partners and nonprofit Next Gen Personal Finance found that taking just one personal finance class in high school leads to an average lifetime benefit of about $100,000 per student. And that number may be conservative, according to CNBC.

“We say it’s $100,000 but as we start to see more and more young people investing, that number is only going to increase,” said Tim Ranzetta, co-founder and CEO of Next Gen Personal Finance, a nonprofit that provides middle and high school students with financial education.

Much of the value comes from making smarter money decisions — like avoiding high-interest credit card debt, qualifying for lower-cost loans and improving credit scores. But investing may be the most powerful lesson of all.

Read more at MONEYWISE

Bipartisan board modernization bill gains momentum in Senate

A credit union-focused bill is gaining momentum in the Senate. The Credit Union Board Modernization Act, S. 522, would allow the boards of well-run credit unions to meet as few as six times per year, instead of once per month as currently required, and has 25 additional sponsors since it was introduced in February by Senate Banking Committee members Bill Hagerty, R-Tenn., and Lisa Blunt Rochester, D-Del.

America’s Credit Unions President/CEO Jim Nussle has encouraged Senate Banking Committee leaders to support the bill, noting the current “outdated board meeting requirement can place a burden on credit union staff and their volunteer board members.”

America’s Credit Unions’ Advocacy Team and league partners are continuing efforts to gain additional support in the Senate to move the bill forward. The House advanced its version of the legislation, H.R. 975, by a bipartisan voice vote in February.

Read more at Americas Credit Unions

Youth Accounts Map a Promising Path Forward for Banking Providers

Thanks to their parents, children are getting bank accounts earlier than ever -- fully a third before they are six years old. For banks, the upside can be long-term customer relationships. But success requires targeted product development and scrupulous messaging.

The landscape of banking is undergoing upheaval driven by two forces: the evolving preferences of younger generations and the rapid pace of digital innovation. As financial institutions strive to adapt to these changes, understanding the unique needs and behaviors of youth becomes increasingly crucial.

Recent consumer research by Rivel Banking Research (conducted in January 2025) highlights the growing importance of engaging with younger customers now to lock them in with your financial institution for the long term. This research not only underscores the value of youth accounts but also provides actionable insights for financial institutions aiming for sustainable growth in this dynamic environment.

Read more at The Financial Brand

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The future of credit unions is agentic

In today's rapidly evolving financial landscape, credit unions stand at a crossroads. While traditional banking giants and fintech disruptors battle for market dominance through processing power and technological prowess, credit unions have an opportunity to forge a different path—one that leverages their unique strengths and member-centric values through agentic technology.

Beyond the algorithm: The human-centered advantage

To thrive in this new era, credit unions must zoom out to see the bigger patterns in financial services. The real opportunity isn't matching big banks' technological capabilities feature-for-feature, but creating something fundamentally different: agentic systems that enhance the human connection that has always been credit unions' core strength.

Much like a skilled photographer who adjusts their lens to capture the entire landscape before focusing on a specific subject, credit unions need to widen their aperture to see beyond immediate technological trends to the deeper patterns of member needs.

Read more at CUInsight

Capital One CEO Says Discover Acquisition Will Build ‘Something Special’

With less than one month to go before its acquisition of Discover Financial Services, Capital One is on track to deliver synergies and forge an expanded consumer card and digital banking footprint in what the latter’s CEO, Richard Fairbank, said will create “something really special.”

The combined entity, Fairbank said, will create a “leading consumer banking and payments platform” that he said toward the end of the call comes as “Discover brings us a growth platform both on the network side and with respect to their card franchise that allows us to preserve the best of what they do and leverage a lot of Capital One’s capabilities.”

In discussing the acquisition, Fairbank highlighted what he said would be “unique capabilities, modern technology, powerful brands, and a customer franchise of over 100 million customers that spans the marketplace … combining proven and complementary banking and credit card businesses with a global payments network. It leverages Capital One’s technology transformation and digital capabilities across a significantly larger customer franchise.”

Read more at PYMNTS.COM