With a thriving oil industry and bustling tourist population, Alaska is a great place to live and work. As with most states, you’ll find a combination of banking options in Alaska, from national banks to local banks and credit unions.
But finding the right bank can take time. The list below combines local banks, online banks, national banks, and credit unions.
10 Best Banks in Alaska
Alaska bank customers look for a variety of features in a bank. You’ll want to keep costs low while maximizing your earnings, but convenience is also a factor. Here are 10 of the best banks and credit unions in Alaska.
1. First National Bank Alaska
For more than a century, First National Bank Alaska has served the state’s consumers. The first branch was in Anchorage, but today there are branches and ATMs across the state, including Kodiak, Fairbanks, and Wasilla.
First National Bank Alaska has multiple checking options, including teen and military accounts. Direct Deposit Checking comes with a $7 monthly service fee that can be waived with qualifying direct deposits.
Fees:
- $0-$7 monthly maintenance fee depending on account
- $33 per-item fee for overdrafts
Balance requirements:
- No minimum opening balance
- No minimum daily balance with Direct Deposit Account
ATMs:
- Fee-free access at First National Bank Alaska ATMs
Interest on balance:
- 0.10% APY on select checking
- 0.08% to 0.25% APY on savings
Additional perks:
- Free checkbook
- Health Savings Account available
2. Northrim Bank
Northrim Bank takes a unique approach to its checking setup. You’ll get one checking account that automatically adjusts as your balance changes. Northrim is a community-based bank with branches only in Alaska.
If your paycheck is automatically deposited to your account, you’ll qualify for a fee-free account that earns money. South Central Alaskan account holders can earn up to 0.11% APY on checking account funds, but check your own region for current rates.
Fees:
- $0-$12 maintenance fee, depending on tier
- $29 per-item fee for overdrafts
Balance requirements:
- Minimum opening balance: $100
- No minimum daily balance
ATMs:
- Fee-free ATM access at First National Bank Alaska ATMs
- Up to $10 in out-of-network costs reimbursed monthly
Interest on balance:
- Up to 0.11% APY in South Central region on checking
- Up to 0.75% APY in South Central region on savings
Additional perks:
- Highest tier account waives all out-of-network ATM costs and incoming wire transfer charges
- Easy-to-use mobile app makes online banking a breeze
3. Global Credit Union
Formerly Alaska Federal Credit Union, Global Credit Union offers two tiers of checking: Core Checking and Latitude Checking. There are branches throughout North America, so if you regularly travel to the U.S., this might be the best option.
Like many credit unions, Global Credit Union offers competitive rates as a benefit to members. Unlike other credit unions, though, membership is fairly open. You’ll need to pay $5 and be a resident of Alaska, Washington, Idaho, California’s San Bernardino County, or Arizona’s Maricopa County to qualify.
Fees:
- No monthly maintenance
- $25 fee for balances that fall below a $25.01 deficit
- $5 membership fee
Balance requirements:
- No minimum opening balance
- No minimum daily balance
ATMs:
- Fee-free use of Global Credit Union ATMs
- Fee-free withdrawals at 55,000 Allpoint locations
Interest on balance:
- No APY on checking
- 0.10% APY on savings
Additional perks:
- Competitive rates on auto loans
- Mobile tools to help with managing finances
4. Denali State Bank
Fairbanks residents interested in a local bank should check out Denali State Bank. Most of Denali’s branches are in Fairbanks, but you’ll have online banking through the mobile app, as well as refunds on up to $25 monthly ATM withdrawals.
The best thing about Denali State Bank is its rates. Choose Free Kasasa Cash Checking and you’ll earn 2.00% APY on your money. Denali’s savings accounts earn up to 0.50% APY.
Fees:
- No maintenance fee
- $30 NSF fee per occurrence
Balance requirements:
- $100 minimum to open
- No minimum daily balance
ATMs:
- Up to $25 fee refund per month
Interest on balance:
- Up to 2.00% APY on checking
- Up to 0.50% APY on savings
Additional perks:
- ATM fee refund of up to $25 monthly
- Cash-back checking option available
5. Chime
While many local bank options offer online services, Chime is an online-only service. You’ll have everything you need in the app, from mobile check deposits to bill pay.
Chime uses two services for cash withdrawal: the AllPoint and MoneyPass networks, with more than 60,000 locations across the country. If you need to add cash to your account, you can do that at more than 8,500 participating Walgreens locations for free.
Fees:
- No maintenance fee
- No overdraft fee
Balance requirements:
- No opening deposit required
- No minimum daily balance
- $200 minimum qualifying deposits per month required
ATMs:
- Fee-free at more than 60,000 ATMs in the AllPoint and MoneyPass networks
Interest on balance:
- Up to 2.00% APY on savings
Additional perks:
- Round Ups help you build savings automatically
- Access to paycheck up to two days early
6. GO2Bank
Mobile banking customers may find Go2Bank provides a great Alaska banking experience. There are no branches, but you’ll get cash withdrawals at 55,000 AllPoint ATMs.
What makes Go2Bank stand out is its security features. You’ll get popular services like fraud alerts and a debit card lock feature. If you’re working to rebuild your credit, you may also be interested in GO2Bank’s secured Visa.
Fees:
- No maintenance fee
- $15 overdraft fee (avoid by resolving overdraft within 24 hours)
Balance requirements:
- No opening deposit required
- No minimum daily balance
ATMs:
- Fee-free at more than 55,000 ATMs in the AllPoint network
Interest on balance:
- Up to 4.50% APY on savings
Additional perks:
- Secured Visa allows you to build credit
- Access to paycheck up to two days early
7. Wells Fargo
With branches from Barrow to Anchorage, AK, Wells Fargo might be the best bank if you’re looking for a large, corporate financial institution. Currently, Wells Fargo is offering a $300 opening bonus.
One downside to Wells Fargo is the monthly maintenance costs. You can avoid those costs by maintaining a $500 balance or having $500 or more in qualifying income each month.
Fees:
- $10-$35 monthly (waived with minimum balance)
- $35 overdraft fee
Balance requirements:
- $25 opening deposit required
- $500 minimum daily balance to waive service fee
ATMs:
- Fee-free at more 12,000 ATMs across the globe
- Out-of-network waivers available with some accounts
Interest on balance:
- Up to 0.26% APY on savings (higher rates available for large balances)
Additional perks:
- $300 bonus for opening an account
- Teen and student checking account options
8. Matanuska Valley Federal Credit Union
If you can maintain a checking balance of at least $2,000, consider Matanuska Valley Federal Credit Union, a not-for-profit cooperative that welcomes members across Alaska and in Hawaii. Matanuska Valley offers checking and savings accounts, as well as life insurance and accounts for small businesses.
If you regularly deal with cash, though, MVFCU might not be the right fit. You’ll be limited to MVFCU ATMs, which are only in Alaska and Hawaii. But MVFCU does have a feature called Live ATMs, which enhances your customer service options.
Fees:
- No monthly fee
- $18 overdraft fee
Balance requirements:
- No minimum balance required
ATMs:
- Fee-free at locations across Alaska
Interest on balance:
- Up to 4.32% APY on savings depending on balance
Additional perks:
- Live ATMs offer enhanced services
- Enhanced savings vehicles like Christmas clubs and New Child accounts
9. First Bank of Alaska
Small businesses might want to take a look at First Bank of Alaska as a great place to park their money. You’ll get 150 free monthly transactions, along with fee-free checking as long as you’re maintaining a $2,500 balance.
But First Bank isn’t just for business accounts. You can also get low-cost personal checking. There are three accounts to serve customers, along with a teen account. They come with maintenance costs, but they can be waived if you keep a minimum balance and set up direct deposit.
Fees:
- $4-$10 (waived with minimum balance)
Balance requirements:
- $2,500 minimum balance plus direct deposits to avoid fee
- $1-$200 opening balance depending on account
ATMs:
- Fee-free at locations across Alaska
Interest on balance:
- Up to 0.12% APY on checking
- Up to 0.15% APY on business checking
- Up to 0.20% APY on savings
Additional perks:
- Variety of checking account options
- Great rates for businesses
10. Northern Skies Federal Credit Union
All Alaska residents are eligible for membership in Northern Skies Federal Credit Union. You’ll get savings rates above the national average and flexible overdraft fees.
Northern Skies FCU offers two checking account options, each with its own benefits. You’ll also earn dividends, which can help you with your retirement planning.
Fees:
- $5 (waived with minimum balance)
Balance requirements:
- $100 minimum balance or direct deposits to avoid fee
- $5 opening balance
ATMs:
- 30,000 fee-free ATMs worldwide
Interest on balance:
- Up to 5.00% APY on checking
- Up to 0.10% APY on savings
Additional perks:
- Competitive rates on loans
- Credit union tools help with managing personal and business assets
The best bank puts its residents first, providing convenient tools like online banking and mobile apps. But it’s also important to look into features that will help you save money. Compare offerings across multiple banks and find the right bank to fit your own needs.
How to Choose the Best Alaskan Bank
Before you start searching for a bank account, there are some things to consider.
- Minimum balance: Consider if a bank requires you to maintain a certain balance in your account or if they allow a zero balance. This can affect your flexibility in managing your money.
- Opening deposit: Determine the initial deposit required to open an account, as some banks may require a larger sum to get started.
- Fees: Be aware of any monthly maintenance fees associated with checking accounts, and understand the minimum balance requirements to avoid these charges.
- Mobile banking: Whether you go with an online bank or a brick-and-mortar bank with a branch down the street, conveniences like mobile check deposit can save time.
- Interest rates: Compare the annual percentage yield (APY) offered by different banks on checking and savings accounts to maximize your potential earnings.
- Cash accessibility: Ensure that your chosen bank provides convenient options for depositing and withdrawing cash when necessary.
- Extras: Consider if a bank offers additional services, such as wealth management, investment options, or certificates of deposit (CDs), to meet your future financial needs.
Source: crediful.com