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In Defense of Big Banks

I just wrote a post about some of the benefits of credit unions, but there are benefits of using a big box bank as well. Here are some reasons to consider keeping accounts with the big guys.

Full Offering

Most big banks have a full line of banking products. They have checking, savings, CD, money market, safe deposit, car loan, home loan, business account, credit card, and debit card options. They offer everything you might ever possibly need for banking.

There are some big benefits to being able to keep your accounts at one bank. You can easily transfer money between accounts and you will be sure you can always take care of everything under one roof.


There is something to be said for traveling across the country and having access to a bank branch or ATM if you need it. While I get my ATM fees reimbursed by my bank, going online only is not an option for some people.

If you like having access to ATMs coast to coast and bank branches all over the country, you might prefer the convenience of a big bank.

Time Saving

If time is money, it might be worth sticking with the big bank for the time saving factor. I have my investment, checking, and savings all at one bank. If I want to pay a bill, buy or sell an investment, transfer funds, or ask an account question, I can do it all in one place.

It is nice to have a one stop shop for all of your needs. I once had to cash in a CD at one bank, drive it to another to deposit to my checking, and transfer part for an investment with an ACH. It would have been much easier to keep it all at the same institution.


I love my local credit union, but their website could use some work. At a big bank, the website will be robust and functional. You might also enjoy the 24 hour customer service or mobile banking app. Those little things can make a difference.

Your Needs Come First

At the end of the day, you have to pick a bank based on your needs. If you are a frequent traveler that uses plastic to pay your needs are very different from a homebody that uses cash. Here is my guide to change banks if you decide to make the move.

Please share your thoughts and ideas on using a big bank in the comments.

Image by MarkWallace

2 thoughts on “In Defense of Big Banks”

  1. I have been with a big bank for 40+ years!  It really is beneficial overseas. I used their correspondent bank in the UK and no fees. 

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