North Carolina is experiencing a boom these days, with record employment growth and an increasing population. If you live in the state, you already know there’s plenty to offer, including beautiful tourist attractions, breathtaking scenery, and a rich history that makes it unique.
But North Carolina also has plenty to offer when it comes to banks and credit unions. Whether you’re looking for an interest-bearing checking account or retirement accounts that offer the biggest bang for your buck, the best bank is the one that suits your needs.
15 Best Banks in North Carolina
If you’re on the hunt for a new bank or credit union, you’re in luck. North Carolina has a little of everything when it comes to bank accounts, from that small local bank with a focus on community service to large banks with branches in the state. This list of the best banks in North Carolina covers a variety of areas to ensure you find the best place to park your cash.
1. U.S. Bank
U.S. Bank offers customers the unique combination of local access with the extensive services of a nationwide bank. By opening a Bank Smartly® Checking account with U.S. Bank, clients can potentially earn up to $300. The qualification process involves two steps within the first 90 days of opening the account online:
Ensure at least two direct deposits totaling $6,000 or more
Register for online banking or download the U.S. Bank Mobile App
This promotional offer is subject to specific terms and restrictions and will remain valid until July 11, 2023. As a member of the FDIC, U.S. Bank ensures customer deposits are protected up to the FDIC’s established limits.
Fees:
$0 – $6.95
No-fee overdraft protection
Balance requirements:
$1,500 minimum balance or $1,000 direct deposit to qualify for free checking
$25 opening deposit
ATMs:
No ATM transaction fees at U.S. Bank ATMs
No surcharge fees at MoneyPass® Network ATMs
Interest rates:
Up to 4.50% APY on money market accounts
Up to 4.75% on fixed-rate CDs
Additional perks:
$300 bonus
Competitive rates on money market accounts & CDs
2. First Citizens Bank
Founded in North Carolina in 1898, First Citizens Bank has expanded over the years. You’ll find First Citizens Bank branches in 21 states, but the majority of its locations are in North Carolina and South Carolina.
If you frequently travel, though, check the service area. You’ll pay a $2.50 out-of-network ATM transaction fee if you can’t locate a First Citizens ATM while you’re away from home.
Fees:
No monthly fees
$10 overdraft fee
Balance requirements:
$50 minimum opening deposit
No minimum monthly balance
ATMs:
Fee-free at 500+ First Citizens Bank ATMs
$2.50 for out-of-network ATM transactions
Interest on balance:
0.03% APY on savings accounts
Up to 0.15% APY on CDs
Up to 0.15% APY on money market accounts
Additional perks:
Credit cards offer generous rewards
Robust mobile banking solutions
3. Chime
Chime is ideal for those who do most of their banking virtually. While you won’t find any brick-and-mortar locations, Chime does offer 24/7 phone support and access to cash through more than 60,000 ATMs nationwide. You can also deposit cash at more than 90,000 retail partners, including CVS and Walmart.
Fees:
No service fee
No overdraft fee
Balance requirements:
No deposit to open
No minimum balance required
ATMs:
Fee-free at 60,000+ ATMs nationwide
$2.50 for each out-of-network ATM transaction
Interest on balance:
2.00% APY on savings account balances
Additional perks:
Access to direct deposits up to 2 days early
SpotMe covers up to $200 in overdrafts
4. CIT Bank
North Carolina residents interested in online banks should take a look at CIT Bank, which is based in Raleigh, North Carolina. This national bank recently merged with First Citizens Bank, which means CIT Bank customers can enjoy brick-and-mortar banking at any CIT location.
You’ll get everything you need to manage your money in CIT’s mobile banking app, as well as refunds of up to $30 in out-of-network ATM fees each month.
Fees:
No monthly fees
No overdraft fees
Balance requirements:
$25 minimum deposit to open
No minimum daily balance required
ATMs:
No ATMs provided
Up to $30 in ATM fees reimbursed monthly
Interest on balance:
Up to 0.25% APY on checking
Up to 4.736% APY on savings accounts
Up to 5.00% APY on CDs
Up to 1.538% APY on money market accounts
Additional perks:
Competitive rates on business loans
Award-winning customer service
5. Coastal Federal Credit Union
Credit unions tend to offer perks you won’t find with banks, and Coastal Federal is no exception. You can qualify if you’re with one of the employers or associations approved for membership or if you live or work in one of the North Carolina cities CFCU services.
As with many credit unions, though, CFCU’s real value comes with its interest rates. Not only will you enjoy an interest checking account, but you can also find great rates on share certificates, which are the credit union version of CDs.
Fees:
No monthly service fees
$31 overdraft fee
Balance requirements:
No minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at CFCU ATMs
Fee-free at CO-OP ATMs nationwide
$2 out-of-network ATM fee (waived for first five per month)
Interest on balance:
Up to 3.00% APY on savings account balances
Up to 5.00% APY on share certificates
Up to 3.50% APY on money market accounts
Additional perks:
Competitive rates on loans
Financial planning assistance available
6. GO2bank
Another online-only bank is GO2bank, which stands out for its cash accessibility. Not only can you withdraw cash, fee-free, at any Allpoint ATM, but you can deposit cash at more than 90,000 retailers nationwide.
All you need to waive monthly maintenance fees is at least one direct deposit monthly, either from an employer or the government. Those looking to build credit should check out the secured credit card, which you can get with no credit check. Pay your bill on time each month and GO2bank will report your activity to the three credit bureaus, helping you boost your score.
Fees:
$5 monthly fee (waived with requirements)
$15 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum daily balance required
ATMs:
Fee-free at Allpoint ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
4.50% APY on savings accounts
Additional perks:
Deposit cash at 90,000+ retailers nationwide
Secured credit card helps you build credit with no credit check required
7. Ally Bank
Ally Bank is an online and mobile banking option that puts a priority on budgeting and wealth building. The fee-free checking account comes with no minimum requirements and gives you access to more than 53,000 ATMs nationwide. But one of the best features of Ally Bank is its annual percentage yield on savings and CDs. You’ll earn 4.00% APY on savings and up to 5.00% APY on CDs.
Fees:
No monthly fees
No overdraft fees
Balance requirements:
No minimum opening deposit
No minimum balance requirements
ATMs:
Fee-free at 53,000+ Allpoint ATMs nationwide
No out-of-network ATM fees
Up to $10 in ATM fee refunds monthly
Interest on balance:
Up to 0.25% APY on checking accounts
4.00% APY on savings accounts
Up to 5.00% APY on CDs
4.15% APY on money market accounts
Additional perks:
Spending buckets make it easy to save money
Robo Portfolios help automate investing
8. Chase
Like Bank of America, Chase Bank is one of the biggest banks in North Carolina, with more than 4,700 branches and 16,000 ATMs across the country. Currently, Chase is offering a $100 bonus for new checking account customers as long as you complete at least 10 qualifying transactions within the first 60 days.
Whether you go with Chase for your regular banking or not, though, take a look at Chase’s credit card offerings. Chase has multiple card options, with each offering perks like bonuses and cash back rewards.
Fees:
$12 monthly maintenance fee
$34 overdraft fee
Balance requirements:
No deposit to open
No minimum balance required
ATMs:
Fee-free at 16,000 Chase Bank ATMs nationwide
$3-$5 for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings account balances
Up to 3.75% APY on CDs
Additional perks:
$100 bonus for new checking accounts
Multiple credit card options with bonuses and generous rewards
9. First Horizon Bank
First Horizon Bank is a regional bank with branches in 11 states across the Southeast, including a heavy presence in North Carolina. One standout feature of First Horizon is its money market rates, which currently go as high as 5.38%. You’ll find ATMs throughout the Southeast, but you can also use your debit card at any Allpoint ATM nationwide without a fee.
Fees:
No monthly service fee
$37 overdraft fee
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at more than 600 First Horizon ATMs
Fee-free at Allpoint ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
Up to 2.78% APY on savings accounts
0.10% APY on CDs
Up to 5.38% APY on money market account
Additional perks:
Business banking options available
Wealth management help available
10. Truist Bank
In 2019, BB&T and SunTrust Banks merged to become Truist Bank. Although Truist has a limited ATM footprint, the Truist One checking account makes it worth it. You’ll get a 10% loyalty bonus based on your monthly balance in addition to a 10% bonus if you choose a Truist credit card.
The interest rates also make Truist a suitable option, since you’ll earn 5.00% APY on 7-month CDs. To waive the $12 monthly service fee on your checking account, you’ll need at least $500 in direct deposit activity each month.
Other options include a combined daily balance of $500 across all your Truist accounts, a Truist credit card or qualifying loan, or a linked business checking account. Students 25 and younger also qualify for a fee-free checking account.
Fees:
$12 monthly service fee (waived with requirements)
No overdraft fees
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at Truist Bank ATMs
$1 for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings accounts
Up to 5.00% APY on CDs
Additional perks:
Generous cash rewards with Truist Bank credit card
Checking balances earn rewards
11. Mechanics & Farmers Banks
You may know it as M&F Bank, but it actually started under the name of Mechanics & Farmers Bank in 1907. Throughout the 1900s, it was known as one of the most influential Black-owned businesses in the state of North Carolina. Today, M&F has locations throughout North Carolina and access to 44,000 ATMs nationwide, thanks to partnerships with Bank of America, JPMorgan Chase, and Wells Fargo.
Fees:
No service fee
$35 overdraft fee
Balance requirements:
$50 deposit to open
No minimum balance required
ATMs:
Fee-free at M&F Bank ATMs
Fee-free at Bank of America, JPMorgan Chase, and Wells Fargo ATMs
$3 for each out-of-network ATM transaction
Interest on balance:
Rates not publicly disclosed
Additional perks:
Rewards on debit card transactions
Robust business banking options
12. First National Bank
First National Bank has branches throughout North Carolina, as well as in DC, Maryland, Ohio, Pennsylvania, South Carolina, Virginia, and West Virginia. The free checking account is Freestyle Checking, but it does come with overdraft fees, and the exact fee amount isn’t disclosed until you sign up for an account.
You’ll also only get fee-free transactions at First National Bank ATMs, and they’re limited to the First National Bank service area.
Fees:
No monthly fee
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at 1,500+ First National Bank ATMs
Interest on balance:
Up to 0.05% APY on savings accounts
Up to 5.00% APY on CDs
Up to 1.25% APY on money market account
Additional perks:
Cash and check deposit available at Smart Deposit ATMs
The site makes ordering banking products and scheduling branch appointments easy
13. PNC Bank
PNC Bank has branches in 29 states, including 107 branches in North Carolina. Currently, new customers are eligible for bonuses of up to $400. You’ll get a $50 bonus simply for opening a Virtual Wallet with a basic checking package, but that bonus bumps up to $200 if you add a Performance Spend checking account and $400 if you upgrade to a Performance Select account.
The PNC Bank basic account only requires $500 in monthly direct deposits or a combined $500 balance between accounts.
Fees:
$7 monthly fee (waived with requirements)
$36 overdraft fee
Balance requirements:
$25 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at PNC Bank ATMs
Fee-free at 60,000+ partner ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
Up to 0.03% APY on savings accounts
Up to 4.00% APY on CDs
Additional perks:
Up to $400 bonus for new virtual wallet customers
Financial planning tools built into the app
14. Fifth Third Bank
Fifth Third Bank focuses operations on the Midwest and Southeast U.S. regions, with 1,087 full-service locations in 11 states. You’ll find a variety of banking products, from savings and checking accounts to investment and retirement accounts. Fifth Third Bank offers competitive interest rates on CDs, with a 7-month CD currently offering 5.00% APY.
Fees:
No monthly maintenance fee
$37 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance required
ATMs:
Fee-free at 2,100+ Fifth Third Bank ATMs
Fee-free at 40,000+ partner ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings account balances
Up to 5.00% APY on CDs
Additional perks:
Early Pay gives you access to direct deposit two days early
Grace period to resolve overdrafts
15. Bank of America
If you prefer what national banks have to offer, you can’t go wrong with Bank of America, which is one of the biggest banks in the country. You’ll find ATMs and branches across the country, as well as a wide variety of services. Although Bank of America does have competitive interest rates on CDs, the basic checking account comes with a $12 monthly fee and a $100 deposit to open.
Fees:
$12 monthly fee
$10 overdraft fee
Balance requirements:
$100 deposit to open
No minimum balance required
ATMs:
Fee-free at 15,000+ Bank of America ATMs nationwide
$5 for each out-of-network ATM transaction
Interest on balance:
Up to 0.04% APY on savings account balances
Up to 4.75% APY on CDs
Additional perks:
Generous bonus on new credit cards
Wealth planning services available
Our Methodology: How We Chose the Best Banks in North Carolina
North Carolina has a large selection of banks, some paying more in interest than the national average. In putting together this list, we kept in mind that each person has different criteria when choosing savings and checking accounts. Your choice of bank will largely depend on your own banking habits. If you tend to do all your banking online, a user-friendly app might be a top priority, while those who prefer the in-person experience might put nearby branches first.
Our top goal was to bring a variety of banking options to this list. We’ve combined local, regional, online, and national banks to help you choose. We also looked at fees and interest rates to help you protect and grow your earnings.
Frequently Asked Questions
You have questions, and we have answers. Here are some of the most frequently asked questions about banks in North Carolina.
What is the safest bank for your money?
Lately, financial security has been a top priority for account holders in search of a new bank. The top thing to look at is a bank’s Federal Deposit Insurance Corporation coverage. This insurance protects each deposit holder for up to $250,000 if a financial institution goes belly up.
Once you’ve verified a bank is FDIC insured, pay attention to any news of mergers or buyouts involving your bank. Selling can be a sign of financial distress.
See also: Safest Banks in the U.S. for 2023
What is the best bank in North Carolina?
That’s a tough question because the definition of “best bank” can vary from one person to another. If you think the best checking accounts come with an annual percentage yield and a mobile app to manage it all, you’ll be looking at different criteria from someone who wants a local bank with personalized customer service.
If you’re going for customer satisfaction ratings, J.D. Power gives high marks to both Capital One and Chase, which both have a heavy presence in North Carolina. But if you’re looking for that local banking experience, you can’t go wrong with First Citizens Bank or M&F Bank.
What is the best credit union in North Carolina?
There are several credit unions in North Carolina, but the one that impressed us most was Coastal Federal. CFCU’s fee-free checking and annual percentage yield on savings and share certificates makes it stand out. But it’s also important to take a look at the interest rates on personal loans and compare them to banks in the area to make sure you’re getting the best deal.
One issue with credit unions is that they tend to come with strict membership requirements. You may find you’re limited to only those that will accept your employer or city of residence, and those credit unions might not have financial accounts that meet your needs. However, there are also some credit unions that anyone can join.
Which bank has the most branches in North Carolina?
If you do most of your banking in North Carolina, you might not care if your debit card works at ATMs across the country. In that case, you’ll need a bank with plenty of branches and ATMs in the areas where you work and live.
When it comes to sheer branch numbers, take a look at Truist Bank and Wells Fargo. Both have a heavy branch presence throughout the state. For smaller banks, First Citizens and First Horizon both have substantial branch coverage in North Carolina.
However, you’ll also need to check your neighborhood. If you’re interested in that in-person bank experience, you’ll be disappointed if you have to drive a half hour or more to get to the closest branch.
What banks are in Charlotte, NC?
North Carolina isn’t just a thriving state filled with business opportunities. The state is a financial center in itself. Not only does Charlotte have smaller banks like M&F Bank and First Citizens Bank, but both Bank of America and Truist Bank are headquartered in North Carolina, as well.
This heavy financial presence has made North Carolina great for finding banking services. The many banks in the state are eager to win your business and offer competitive rates to ensure it happens. That means it’s more likely that checking accounts come with low fees and savings accounts earn top-dollar interest rates. When combined with the many online bank options, the biggest issue will be narrowing the list to just one.
From high-yield savings accounts to fee-free checking accounts, North Carolina has it all. Shopping around will help you choose from the best banks so that you can find the perfect banking partner for you.
What happens if your landlord tries to return your $500 security deposit but they don’t have your forwarding address? Or the company whose stock you bought in college is trying to send you dividend checks in the mail, but they never get cashed? In both cases, your money becomes “unclaimed property”.
After claiming your money, bank your funds somewhere you can watch them grow* – Chime® offers 2.00% APY7 with no monthly fees2
In total, Americans have $42 billion in unclaimed property, creating the world’s largest financial lost-and-found. On average, 1 in 10 Americans have unclaimed property in the form of uncashed checks, forgotten deposit boxes, and more just lying around waiting for their owners to come claim them.
Could you have unclaimed cash? How can you check? Let’s investigate.
What’s Ahead:
What is “unclaimed property”?
Unclaimed property is a financial asset that has an owner, but the owner hasn’t come to get it.
The most common examples of unclaimed property are checks that haven’t been cashed. These could be returns of security deposits for rent or utilities, final pay stubs, refunds, class action settlements, stock dividends, royalty payments, and more (all the more reason you should give your direct deposit information whenever possible).
Other examples that probably aren’t as applicable to the under-30 crowd include long-dormant savings and checking accounts, life insurance payouts, and tangibles such as forgotten security deposit boxes.
How and why does property go unclaimed in the United States?
Property goes unclaimed all the time in the United States, mostly because financial entities are unable to contact owners.
Let’s say your old leasing company tries to return your $500 security deposit. However, without your direct deposit information or your forwarding address, they’re kind of stuck. They might try to reach out to you via email or your cell, but most states only require the holder of the property to reach out to the owner via snail mail once.
If you don’t claim your $500 after the, erm, letter, the $500 enters a “dormancy period” of typically one year before the financial institution holding the money must officially declare it as unclaimed property to the state.
So basically, if you don’t cash your $500 check within a year of moving out, your leasing company will turn it over to the “lost and found” aka the state government.
What are the laws surrounding unclaimed funds?
Laws surrounding unclaimed property areextremely strict. Financial institutions are not allowed to keep the unclaimed property under any circumstances; they must report it to the state immediately after the dormancy period.
If they don’t, and try to pocket the goods, they’ll get into immense trouble with the IRS. Furthermore, there’s no statute of limitations on unclaimed property so the feds can come knocking anytime, and audit companies back for decades to make things right.
The lengths our government goes to in order to protect unclaimed property for individual Americans is pretty awesome, if you ask me. Without those property protection laws in place, many companies would probably begin leveraging every manipulation tactic in the book to cheat consumers like us out of our rightful property. For example, a lot of checks from financial institutions to individuals might start mysteriously disappearing from the mail…
After all, how would you feel if your landlord simply waited for you to forget about your deposit and spent your $500 on some tacky lobby statue?
Do unclaimed property laws change based on location?
Yes; each state has their own unclaimed property laws. Variables like dormancy periods, due diligence, and more might vary across borders.
For example, Alabama’s dormancy periods average three years, but for some reason, financial entities don’t have to report traveler’s checks as unclaimed until they’ve gone un-cashed for 15 years.
In New York, holders of the property must perform the following due diligence at least 90 days prior to reporting the property as unclaimed: contact the owners via snail mail at least once, twice if the value of the property exceeds $1,000.
Most states have similar laws calling for such comically little “due diligence.” But in all seriousness, I totally get it; companies don’t hire teams of private investigators to find Steve, who never cashed his $6.47 dividend check back in 2009. Rather, it’s our responsibility as consumers and patrons to keep our contact information up to date and make it easy for these institutions to pay us.
Who’s tracking unclaimed property?
Once the financial entity holding the unclaimed property reports it to the state, the state tracks it on a government-run database, accessible through a web portal.
While each state runs and maintains their own unclaimed property database, you don’t have to search every state you’ve lived in individually. Thankfully, there are trustworthy third-party sites that can show you a bird’s eye view of all the states where you have unclaimed property.
The two most popular unclaimed property sites are missingmoney.com and unclaimed.org. I like them both for different reasons.
Missing Money cuts to the chase, letting you find out if you have unclaimed property, and in which states, in less than a second. All you have to do is plug in your name and voila, a list with links to claim in each state appears (more on that in the next section).
Unclaimed.org, the official site of the National Association of Unclaimed Property Administrators, is a better destination for simply learning more about unclaimed property in general. It features a search function, but it’s less usable and accessible than Missing Money. Still, there’s tons to learn on Unclaimed.org if you’re curious to know more about this strange phenomenon.
How can I find out if I have unclaimed funds?
You can find out if you have unclaimed property in seconds by plugging your full, legal name into Missing Money’s search bar.
To my shock, I was one of the lucky Americans with unclaimed property. Woohoo!
One quick look at the “Reported By” column and I knew exactly what had happened. I own some shares of Disney stock and they’ve apparently been sending my dividend checks to an old address in Wisconsin. It’s been going on for so long that my unclaimed cash has accumulated into a nice pile that will cover my fall latte budget.
How can I claim my unclaimed funds?
If you also have unclaimed funds, all you have to do is click CLAIM next to your name (Missing Money will list everyone else with your name, so be sure to click the one that matches your current/past address to confirm it’s you).
Using the CLAIM button I was redirected to the WI state government website where I followed some pretty logical steps to complete my claim. To nobody’s surprise, the first thing they asked for was my direct deposit information.
Next, Wisconsin (and I assume most other states) requires you to provide three documents to prove your identity: a government-issued ID, proof that you lived at the address associated with the claim, and proof of your social security number.
My ID and work documents covered #1 #3, but #2 was a bit more of a challenge. I dug through my inbox and thankfully found a scan of my old lease for the building, so I submitted that.
Once I’d submitted everything and provided my digital signature confirming I wasn’t a bad guy, I finally reached the confirmation page. I wasn’t too surprised to see that it would take six to eight weeks for an update, and I expect it will take even longer due to COVID-19.
Even still, I’m grateful that I not only had unclaimed property, but that Disney reported it, the state government of Wisconsin tracked it, and the claim submission process was rigorous but user-friendly.
If you haven’t already, I very strongly encourage you to spend a minute on Missing Money, searching for unclaimed property belonging to you or your loved ones.
While technically there’s no big rush to claim your unclaimed property, it’s not doing anyone any good just sitting in a state escrow. You might as well file a claim and grab it now so you can begin multiplying it!
What should I do with my money once I receive it?
If it’s money you don’t need right now, why not toss it into a savings account and let it accumulate a little interest? I’m a fan of both Chime and the CIT Bank Savings Builder as options.
With a Chime Automatic Savings Account, you’ll enjoy an above-average interest rate of 2.00% APY7 right off the bat. Plus, you’ll have the option to round up every purchase to the nearest dollar, depositing the change into savings and filling your monthly statements with clean, whole numbers. ^
Open a CIT Savings Builder Account and you’ll score up to 1.00% APY compounded daily. In order to keep that sweet compounding interest, CIT requires you to maintain a balance of $25,000 or deposit at least $100 monthly, which I see as a perk; it ensures that you don’t neglect your savings account, lest you totally forget about it and find it on Missing Money in 10 years! See details here.
CIT Bank. Member FDIC.
* Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. ^ Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account. 2 There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account. 7 The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of November 17, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.
Summary
I’ll admit that when I was first assigned to investigate “unclaimed money and how to get it”, I thought it sounded super sketchy. But nothing could be further from the truth.
Reclaiming your unclaimed money from the government is a smooth process, and one that you should repeat at least once a year. After all, it only takes a few seconds to check. Plus, searching for any unclaimed property could be a great way to share something new with your folks and even fund Christmas this year.
In today’s world, it is so easy to buy new things at any hour of the day. All of us are blessed with living in a period of time where there’s a surplus of things all of us can purchase at our fingertips.
The issue that plagues our generation is not so much making sure we have enough of what we need, but quite the opposite. We have the difficult task of choosing what we want, when we want it, and not blowing every last dime on these things.
I know from personal experience, that quite a few millennials are very determined to have what they didn’t have growing up. So we overextend ourselves, and our finances, to overcompensate for that perceived shortcoming.
Or we spend more than we should – trying to keep up with the Joneses.
All of these things only cause more of our hard-earned cash to slip through our fingers. Which in turn, begins the slippery slope towards becoming terrible with money.
So, if you want to stop the money drain, become more disciplined and have a higher chance of reaching your financial goals, then these tips may just help you get there.
What’s Ahead:
1. Pay off your credit card debt in full every month
Even if using a credit card doesn’t cause as much emotional pain, the majority of us still prefer to use a credit card. With approximately 70% of us choosing a credit card over cash for transactions, the chances of credit card debt affecting your finances can be pretty high.
But, just because you choose to use credit over cash, doesn’t mean that you have to go into credit card debt. The best way to avoid this is to make sure you pay off your credit card(s) in full every month.
By doing so, you avoid any interest charges from accruing and still get to take advantage of the credit card rewards. Just make sure that you regularly check your credit card to ensure there are no erroneous charges not made by you.
At the same time, you should be checking your balance so that you know exactly what you need to budget next month to pay it off by the due date.
Read more: How To Use A Credit Card Responsibly
2. Open a high yield savings account and save a set amount every month
No matter what your debt-to-income ratio is, there is always room to save something. It may only be $20 a month, but that will add up over time. And while an amount as small as that may not add up to what you need for retirement, it can still be a huge help.
The best way to bulk up your savings account is to budget for the same amount to be deposited monthly until you get to the specified amount you need to feel comfortable.
My advice? Just pretend this amount is another monthly bill that must be paid, so you won’t feel tempted to spend it.
The amount you end up putting away in savings is your emergency fund. And everyone needs a fund to dip into in those times of emergency. Having an emergency fund helps cushion the blow when life gets tough.
Interest rates closer to 2% in high yield savings accounts are still much better than the national average of 0.09% in traditional savings accounts. So, while these high yield savings account rates may not be anywhere close to the average return you will get on investing your money, it’s still nice to make some interest on your savings.
The best high yield savings account, in my opinion, is the CIT Savings Builder.
Read more: How Much Should You Save Every Month?
CIT Bank Savings Builder
CIT Bank Savings Builder has an APY up to 1.00%. Compared to the pennies you get from a credit union savings account, this is an incredible APY.
You only need $100 to open an account and they charge no maintenance fees. To earn the highest APY, you need to get your account up to $25,000, or you need to deposit at least $100 monthly. See details here.
The CIT Savings Builder has a completely online platform, so everything can be done directly from your smartphone, just to make life simpler. They are also FDIC insured up to $250,000 per account type.
CIT Bank. Member FDIC.
3. Set your financial goals
Setting your financial goals is a very important piece of the puzzle. After all, it can be extremely difficult to be disciplined about money if you don’t have clear cut goals lined up.
The most effective way to do this is to set short-term, mid-term and long-term goals. Here are a few examples of each type, but feel free to fill in the blanks with your own personal financial goals.
Short-term goals
Putting away the same amount every month in your emergency fund.
Going out to dinner with friends twice a month.
Small household projects (planting a small indoor garden, painting a room, etc.)
Mid-term goals
Long-term goals
4. Stay focused on your financial goals
Once you have figured out your financial goals, staying focused on them is the next step. And sometimes, that can be the hardest part. It is so easy to get derailed when life throws you a curveball.
But, one of my favorite tools to help keep you focused is Personal Capital. I’ve been using it for years and it has really helped me see where I’m at and where I want to go.
Personal Capital
Personal Capital offers a few different services for investing and checking up on your financial health. But, in this instance, I’m referring to the free tools they offer to keep track of your net worth.
You can create an account with them without opening an investment account. The wealth management and planning tools are the ones that you will probably be most interested in to help determine where you are at currently.
You will need to connect all of your financial accounts within the tool. These will be things, such as:
Sometimes, it can be pretty scary to see what your actual net worth is vs. where you want to be.
But, I use this as a driving force to work harder every month to increase my overall net worth. Because the faster I can get my net worth up, the faster I can get to my long-term goals.
5. Determine your needs vs. your wants
Setting up your financial goals and a way to track them are the first steps. But staying on track can get tricky when life happens. This is where needs vs. wants come into play. There are things that all of us want to have. But these are the things that can throw us off track so fast it will make your head spin.
So keeping in mind if the item/service is a need or a want can help you be more disciplined about your money. Just remember to think long and hard about any purchases before you pull the trigger. If it is a need, then go ahead and do it. But if the item is actually something you want instead, it’s usually best to hold off even for a bit to make sure you still really want it as much as you think you do.
Because reaching your overall financial goals takes a lot of discipline.
6. Reduce, reuse, recycle
When it comes to purchasing wants, you have a few other options that can save you a ton of money. If there is an item that you are wanting to purchase, but it simply isn’t in the budget, what might be some other ways to achieve the same goal?
Reduce, reuse or recycle may just be the best option here. If you have things in your house that you can get rid of (and maybe even make some money off of their sale), then that is one way to get the potential want. Sell your old stuff and then use the proceeds to purchase the new want item.
Or, if you can reuse an item you have in your house already, paired with something else, in order to create a similar item, then why not do that? Sometimes, all a table or chair needs is a fresh coat of paint in order to feel like a completely new item. So get creative and think outside the box about things you already have at your disposal.
And if all else fails, recycle your old items. You may not make any money off of them, but you could potentially get a tax write-off. Plus, it declutters your space, which can make it feel like a completely new room. Sometimes, that is really all you need.
7. Avoid peer pressure to spend
Everyone wants to have fun and enjoy the ride, but sometimes things can get a little out of hand. And our friends are usually the biggest culprits of increasing our spending. They want us to go and play with them, which can cost us more than originally anticipated.
Just going out to have a meal or a drink with friends can end up costing $100 or more in some instances. Something that sounded so innocuous, has now completely derailed our budget for the month.
This is where you have to create a part of your budget for having fun. But, once you decide how much that monthly allowance is, you can’t go over it. Having this in place will make it easier for you to make these financial decisions when the peer pressure hits. Instead of having two-three drinks, only have one. Go out for lunch instead of dinner, or a matinee instead of a night movie.
All of these options still give you the freedom to hang out with your friends and enjoy your life, but it won’t cost you nearly as much. And when you stick to your budget, your future self will thank you for your discipline.
Read More: The Cost Of Friendship – How Your Friends Affect The Way You Spend
Summary
Overall, it is extremely easy for our money to flow through our fingers like water. This is why you have to be cognizant of what you have and where you want to be with your finances.
Being disciplined with money is an ongoing issue for a lot of us; getting financially fit is a tough one for sure.
Hawaii is an exciting place to call home. It offers incredible weather, scenic views, friendly people, and a slow-paced lifestyle. If you’re lucky enough to live or work in Hawaii, you might be looking for the best banks in the state.
While the Aloha State has fewer banks than other states, there are still plenty of reputable, member FDIC options available to you.
12 Best Banks in Hawaii
To make your search for a bank a bit easier, we’ve done some research and compiled this list of the best banks in Hawaii.
1. First Hawaiian Bank
First Hawaiian Bank, the oldest bank in the state, holds the distinction of having the most branches in Hawaii. This makes it a convenient choice for many people looking to open a checking account, as it provides three different options.
Their first option, Pure Checking, offers a straightforward, fee-free experience, complete with a complimentary debit card. The second, Priority Banking Gold, expands on these features by offering free checks and online bill pay, as well as discounts on loans.
For those seeking the most benefits, the Priority Banking Platinum provides an extensive list of perks, including a credit card with unlimited rewards and cash back, travel points, and no restrictions on redemption dates.
Beyond checking accounts, First Hawaiian Bank also caters to various other personal banking needs. They offer savings accounts, mortgage services, and wealth management solutions, among other things.
2. SoFi
SoFi serves as a top-notch alternative to traditional banking, catering to individuals seeking the convenience and flexibility of online banking. The SoFi Checking & Savings account offers a unique combination of checking account accessibility and high-yield savings account returns in a single, streamlined account.
There is no minimum balance requirement, no monthly fees, and no overdraft fees, positioning SoFi as a cost-effective solution for a broad spectrum of users. There’s also an enticing offer of earning up to $250 with qualifying direct deposits.
One of the most compelling aspects of SoFi is the impressive interest rates it offers. The savings account yields a 4.30% APY, while checking account balances earn 1.20% APY, both rates far outpacing those offered by most traditional banks. What’s more, deposits are insured by the FDIC up to $2 million, providing an added layer of financial security.
With SoFi Checking & Savings, accessing your money is both straightforward and convenient. Over 55,000 Allpoint® Network ATMs across the globe offer fee-free withdrawals, ensuring you can easily access your money whenever you need it.
3. Ally Bank
Ally Bank is an online bank that serves residents in every state, including Hawaii. It’s worth considering if you’re seeking an interest bearing checking account or competitive rates on high yield savings accounts, CDs, and money market accounts.
While deposit accounts are Ally’s bread and butter, the bank also offers mortgages, auto refinancing, and investment products. As an Ally account holder, you won’t have to worry about any monthly fees or minimum opening deposits.
Since Ally is an online-only bank, there are no local branches in Hawaii. Fortunately, it’s part of the Allpoint ATM network that will give you free access to more than 43,000 Allpoint ATMs. If you do use an out-of-network ATM, the bank will reimburse you up to $10 per month.
4. First American Trust
First American Trust operates one branch in Honolulu. If you have a particular interest in wealth planning, it should definitely be on your radar. It provides several wealth planning services, such as financial planning, retirement planning, and estate planning for individuals and families.
Its advisors can also help you set up a trust and protect your greatest assets. Additionally, First American Trust is a great resource if you’d like to build a diversified investment portfolio.
5. Bank of Hawaii
Headquartered in Honolulu, Bank of Hawaii is a regional bank and the second-oldest bank in the state. It serves local communities with a comprehensive suite of products and services as well as sponsorships and volunteerism. The bank’s lineup of personal banking products includes checking accounts, savings accounts, certificates of deposit (CDs), credit cards, personal loans, and insurance.
In addition, it supports small business owners with business deposit accounts, business credit cards, merchant services, and small business loans. The bank also specializes in investment services and long-term financial planning to help you meet your personal finance goals. If you’re interested in Bank of Hawaii, you can chat with a banker online or in-person at a local branch.
6. Central Pacific Bank
Central Pacific Bank has been around since 1954 and has physical locations in Hawaii, Oahu, Maui, and Kauai as well as mobile banking services. It was originally founded to help immigrants build a safe life.
Today, the Hawaii bank offers a wide range of products and services to individuals and small businesses in the Aloha State. Central Pacific Bank stands out for its diverse savings account options, high rates on CDs, and low minimum balance requirements.
It also provides personalized, high quality wealth planning services from a team of wealth advisors. You can download the bank’s mobile app to pay bills, send money through Zelle, check your online statements, set notifications, track your budget, and keep tabs on your financial activity.
7. CIT Bank
CIT Bank is a digital bank with several attractive products for Hawaii residents. Savings Connect is a savings account that offers a competitive interest rate you might not be able to find elsewhere.
Another savings account you may want to consider at CIT Bank is the Savings Builder. While the Savings Builder has a lower annual percentage yield or APY than Savings Connect, it can encourage you to save as you must deposit at least $100 per month from your paycheck or elsewhere to secure the highest APY.
Unlike many brick-and-mortar financial institutions, CIT Bank doesn’t charge monthly maintenance fees, overdraft fees, ATM fees, or excessive transaction fees. You can open a new account and manage it via the online portal or mobile app. If you have any questions or concerns, you can contact phone support on weekdays and Saturdays during select hours.
8. Hawaii National Bank
Hawaii National Bank is a local bank that made its debut in 1960 and has branch locations in Oahu, Maui, and Hilo. It offers several checking accounts, including the Household Checking, Personal Checking, 55+ Checking, Super NOW, and VIP Money Market Deposit. Even though some checking accounts come with monthly fees, the bank may waive them if you maintain a certain balance.
Savings account options include the traditional Personal Savings account with a variable, competitive interest rate, Kids’ Savings account for kids ages 5 to 17, and Christmas Savings account that can help you save for the holiday season.
In addition to checking accounts and savings accounts, you may turn to Hawaii National Bank for personal loans, credit cards, home loans, CDs, and retirement accounts. The bank also serves small business owners with deposit accounts, business loans, and commercial mortgages.
9. American Savings Bank
Known as the third-largest bank in Hawaii, American Savings Bank serves the Aloha State with a wide range of offerings. You can choose from three checking accounts, six savings accounts, and several credit cards with cash back rewards or points. American Savings Bank also offers CDs, student loans, mortgages, and credit cards.
If you open a checking account, you’ll reap the benefits of Overdraft Courtesy, which protects you from overdrafts that may occur from checks and electronic payments. Additionally, the bank’s advisors can assist you with investments and insurance.
If you become an American Savings customer, you may take advantage of online banking, which allows for mobile check deposit, automatic bill pay, Zelle payments, eStatements, and more.
10. Synchrony Bank
Synchrony Bank is an online bank you might want to explore as a Hawaii resident. With Synchrony, you can expect high interest rates on savings accounts and CDs, no monthly fees, a variety of credit card options from popular retailers, and reimbursements for out-of-network ATM access.
If you join the Synchrony Bank Perks Rewards program, you can earn elite status if you meet certain criteria. You’ll reach Diamond status, which is the top level if you deposit more than $250,000 or stay with the bank for five years. This status comes with perks like three free wire transfers per statement cycle and unlimited reimbursements for domestic ATMs.
11. Territorial Savings Bank
Territorial Savings Bank has served Hawaii customers since its inception in 1921. If you open a checking account, you’ll be able to earn interest as long as you deposit $100.
The bank also offers numerous CDs with competitive interest rates, special mortgage rates for first time homeowners, and discounts from local merchants, like hotels, car rental companies, and restaurants.
If you’re a small business owner, you may select from a number of business deposit accounts, business credit cards, and business loans.
12. Finance Factors
Headquartered in Honolulu, Finance Factors has 13 branches throughout the Aloha State. The bank’s deposit products are savings accounts, CDs, and retirement accounts.
It also specializes in a wide range of home loans like conventional mortgages, government-backed mortgages, jumbo mortgages, and investor mortgages. You can stop into a local branch or log into the online portal to manage your account.
Bottom Line
As you can see, there are a variety of banks in the Aloha State. Before you move forward with one, it’s a good idea to weigh the pros and cons of all your options. Factors like your particular banking needs and whether you prefer an online or in-person banking experience will help you make the best choice for your unique situation. Good luck with your search for the best bank in Hawaii.
Frequently Asked Questions
What is the largest bank in Hawaii?
First Hawaiian Bank holds the title as the largest bank in Hawaii, establishing a significant presence with a total of 49 branches scattered across the state. Founded in 1858, it boasts a long history and deep roots in the local community.
Should I choose an online bank or a traditional bank in Hawaii?
An online bank is your best bet if your goal is to land the best interest rate and lowest fees. However, if personalized service is important to you, you’d likely be better off with a traditional bank. Fortunately, most traditional banks offer mobile apps and online portals.
Is a credit union a good option in Hawaii?
If you find a credit union with the ideal loan or the products and services you need and qualify for membership, you may want to join it. But you may find a wider range of offerings at a bank.
Why are there no national banks in Hawaii?
National banks aren’t in the Aloha State due to its small population and the high cost of real estate. Smaller banks are your only option if you live or work in Hawaii. The good news is you’ll find many local banks that offer just as many products and services as big banks.
Open a BMO Harris Premier™ Account online and get a $500 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 90 days of account opening. Expires 9/15. Conditions Apply.
Unless you have hundreds of thousands of dollars (or more) in cash to save or invest, big banks don’t want your money. They won’t tell you that directly, but they make it plain with paltry yields on standard savings accounts and high asset requirements to avoid common banking fees.
Fortunately, high-yield savings accounts abound, mainly at online and community banks that (still) seem to put regular customers first. The Upgrade Premier Savings account is among the best of the bunch, at least if your top priority is getting the most for your money.
Upgrade Premier Savings isn’t perfect, but it’s a big step up from many savings accounts. Get to know its features, capabilities, and pros and cons to decide if it’s right for you.
What Is the Upgrade Premier Savings Account?
The Upgrade Premier Savings account is a high-yield online savings account with no minimum balance to open and no monthly or annual maintenance fees. It has one of the highest savings yields on the market (currently 4.81% APY on balances above $1,000) and FDIC insurance up to $250,000 through Upgrade’s banking partner, Cross River Bank.
You can open and fund an Upgrade Premier Savings account without a corresponding checking account with Upgrade. In addition to its checking account, Upgrade also offers credit cards and personal loans.
What Sets the Upgrade Premier Savings Account Apart?
The Upgrade Premier Savings account stands out for a few reasons, not all of them good:
Very high yield on eligible balances. Upgrade Premier Savings has an industry-leading yield on eligible balances. As long as you can meet the minimum balance requirement, it’s difficult to do better.
No fees or minimums to open or maintain. You can fund your new Upgrade Premier Savings Account in any amount, and there’s no ongoing maintenance fee to worry about.
Minimum balance required to earn interest. You do need to keep at least $1,000 in your account to earn interest on the balance. Otherwise, your interest rate drops to zero on all balances.
Key Features of the Upgrade Premier Savings Account
The Upgrade Premier Savings Account is a basic (if generous) savings account, but it has some features and capabilities worth spelling out in detail.
Account Yield
Upgrade Premier Savings pays 4.81% APY in any statement cycle during which you maintain a balance of $1,000 or more. The interest rate applies to the whole balance, not just the portion above $1,000.
If your balance drops below $1,000 in a statement cycle, you earn no interest on the entire balance for the period. So it’s critical to keep at least $1,000 in your account at all times.
Account Fees & Minimums
This account has no monthly or annual maintenance fees. There’s no minimum to open and fund an account either. But because you earn no interest if your balance drops below $1,000, that’s the effective minimum balance.
Transfer Limits
Upgrade sets inbound and outbound transfer limits on all Premier Savings accounts. The actual limits vary by customer and may depend on your creditworthiness — Upgrade doesn’t explain how they’re set. But they always fall within these ranges:
Between two and seven inbound transfers during any seven-day period
Between $2,000 and $15,000 in total inbound transfer dollar value during any seven-day period, regardless of the number of transfers
Between $2,000 and $15,000 in total outbound transfer dollar value during any seven-day period
There’s no limit on the number of outbound transfers you can make as long as you don’t exceed your allotted dollar value during any seven-day period.
Ownership Type
Upgrade allows only individual account holders. You can’t open a Premier Savings account jointly with a spouse, domestic partner, or anyone else.
Mobile Features
Upgrade has a robust mobile app and mobile banking dashboard that can do anything the regular online dashboard can. However, the Premier Savings account lacks some mobile-friendly features common in other online bank accounts, such as mobile check deposit and person-to-person transfers.
Deposit Insurance
Upgrade Premier Savings offers FDIC insurance through its banking partner, Cross River Bank. Insurance covers balances up to $250,000.
Pros & Cons
Upgrade Premier Savings has some clear advantages and disadvantages. The upsides include no maintenance fees and an excellent yield, while the downsides include a minimum balance to earn interest and limited options to access your funds.
Excellent yield
No minimum balance to open
No maintenance fees
Minimum balance required to earn interest
No ATM card or mobile check deposit
Transfer limits may affect usability
Pros
Upgrade Premier Savings offers one of the best yields in the business and has no maintenance fees or minimums. It’s part of a much larger universe of Upgrade financial products too.
Industry-leading yield. This account’s yield (currently 4.81% APY when you keep a balance of $1,000 or more) is better than the vast majority of competing savings accounts.
No minimum balance to open. You can open this account with any amount of money, though keep the minimum interest-earning balance in mind.
No maintenance fees. Upgrade charges no monthly or annual maintenance fees on this account.
Easy to manage online. Upgrade Premier Savings is a straightforward savings account that’s easy to manage online with the Upgrade online dashboard or mobile app.
Links with a suite of other financial accounts and products from Upgrade. Premier Savings isn’t the main attraction at Upgrade. It got its start as a personal loan and credit line provider and now offers a slew of credit cards alongside those products. It has a generous rewards checking account as well.
Cons
Upgrade Premier Savings falls short on its minimum balance to earn interest, limited withdrawal and deposit options, and money transfer limits.
$1,000 minimum balance to earn interest. You need to keep at least $1,000 in your account to earn interest. If your balance falls below that threshold, you earn no interest for the entire statement period.
No ATM card or mobile check deposit. Electronic transfer is the only way to deposit or withdraw funds into or out of your Upgrade Premier Savings account. This might not be a deal-breaker, but it would be nice to have a mobile check deposit option at least.
Transfer limits could impact your ability to move money. Upgrade’s inbound and outbound transfer limits probably won’t affect your day-to-day money management, but they could come into play if you need to move a lot of money at once — for example, to make a down payment on a new house.
How the Upgrade Premier Savings Account Stacks Up
Before you apply for the Upgrade Premier Savings account, see how it compares to another popular option with a two-tiered interest rate: the Platinum Savings account from CIT Bank.
Upgrade Premier Savings
CIT Bank Platinum Savings
Maximum Yield
4.81% APY
Up to 4.75% APY
Minimum Yield
None
0.25% APY
Minimum Balance
$0
$100
Minimum Interest Balance
$1,000
$5,000
Maintenance Fee
$0
$0
Upgrade Premier Savings has a slightly better maximum yield and a lower balance threshold to earn that yield, so it’s a better fit for most users. CIT Bank Platinum Savings only makes sense if you want to earn at least some interest when your balance is below the high-yield threshold.
Final Word
The Upgrade Premier Savings account is one of the best high-yield savings accounts on the market right now. That’s because it does what you’d expect a high-yield savings account to do: pay an extremely competitive interest rate on eligible balances.
Otherwise, Upgrade Premier Savings isn’t especially notable. And its minimum balance to earn interest is a problem for savers with limited cash. But once you have at least $1,000 to put away, it’s difficult to do better.
The Annual Percentage Yield (“APY”) for the Premier Savings account is variable and may change at any time. There is no minimum balance to open your account, but you will only earn the APY on days when the closing balance of your Premiere Savings account is or exceeds $1,000. On days where the account closing balance drops below $1,000, the APY will be 0%.
There are no account fees, overdraft fees, or transfer fees associated with Premier Savings accounts.
Upgrade is a financial technology company, not a bank. Premier Savings accounts are provided by Cross River Bank, Member FDIC. Upgrade VISA® Debit Cards issued by Cross River Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Personal Loans made by Upgrade’s bank partners. Personal Credit Lines are issued by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. The Upgrade Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
The Verdict
Our rating
Upgrade Premier Savings Account
The Upgrade Premier Savings account has a higher yield than the vast majority of high-yield savings accounts. If you can clear the $1,000 minimum balance threshold to earn interest and don’t mind adding and withdrawing funds via electronic transfer, it’s a superior online savings account.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
From the casinos of Las Vegas to the hot springs of Reno, Nevada has plenty to offer both residents and visitors. The best banks in Nevada offer high interest rates and fee-free basic savings account and checking account options.
12 Best Banks in Nevada
If you’re in the market for a new bank, there are more than a few options available. The below list will help you find a bank account that fits your needs.
1. Chase Bank
There are quite a few national banks in Nevada, including Chase, which has both branches and ATMs in the state. Chase’s signature checking account, Total Checking, waives the monthly fee as long as you receive $500 or more in direct deposits or maintain a $1,500 balance.
But perhaps the best reason to move your Nevada banking to Chase is the $200 bonus if you open a new checking account and enroll in direct deposit.
Fees:
$12 monthly service fees (waived with requirements)
$34 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance requirements
ATMs:
Fee-free at 15,000+ Chase Bank ATMs
$3-$5 for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings account
Up to 3.75% APY on CDs
Additional perks:
$200 bonus for new checking accounts
Chase Overdraft Assist gives you extra time to fix overdrafts
2. Nevada State Bank
For a local bank option, check out Nevada State Bank, which is part of Zions Bancorporation, N.A. Your Nevada State Bank debit card gets you fee-free ATM access at both Nevada State Bank and Zions Bancorporation locations.
Nevada State Bank offers a free checking account as long as you have at least $250 in electronic deposits monthly or make at least 10 debit card purchases using your Nevada State Bank debit card.
Fees:
$9 monthly maintenance fee (waived with requirements)
$29 overdraft fee
Balance requirements:
$50 minimum deposit to open
ATMs:
Fee-free at any Nevada State Bank or Zions Bancorporation ATM
$2.50 fee for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings accounts
Up to 4.75% APY on CDs
Additional perks:
Military checking accounts available
Wide range of loan options available
3. Chime
Chime is an online and mobile banking option, which offers a fee-free checking account and 2.00% APY on its savings accounts. You’ll have access to cash at more than 60,000 ATMs nationwide. This is an option that works best if you have direct deposit set up, since most of Chime’s perks require it.
Fees:
No monthly service fees
No overdraft fees
Balance requirements:
No minimum deposit to open
No minimum balance required
ATMs:
Fee-free at more than 60,000 ATMs nationwide
$2.50 out-of-network ATM transaction fee
Interest on balance:
2.00% APY on savings account
Additional perks:
Access to paycheck up to two days early
SpotMe covers you in up to $200 in overdrafts
4. Zions Bank
Zions Bank is a regional bank with branches in Nevada, as well as in Arizona, California, Colorado, Idaho, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. Like most banks, Zions Bank offers features like mobile check deposit and online bill pay. You’ll find ATMs throughout Nebraska, as well as across its service area.
Fees:
No monthly service fees
$29 overdraft fee
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at any Zions Bancorporation ATM
$2.50 for each out-of-network ATM transaction
Interest on balance:
Up to 0.19% APY on savings accounts
Up to 5.20% APY on CDs
Up to 1.46% APY on money market account
Additional perks:
Robust mobile banking features
Great banking options for small business owners
5. GO2bank
Online-only banks can be among the best banks in Nevada, thanks to their competitive offerings. GO2bank is one of those banks. You’ll get 4.50% APY on your savings account, as well as 7% cash back on gift card purchases.
All you’ll need to do to qualify for the free checking account is to have at least one government or payroll direct deposit in the previous statement period.
Fees:
$5 monthly fee (waived with requirements)
$15 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance required
ATMs:
Fee-free at Allpoint ATMs nationwide
$3 for each out-0f-network ATM transaction
Interest on balance:
4.50% APY on savings accounts
Additional perks:
Deposit cash at more than 90,000 retailers nationwide
Up to 7% cash back on gift card purchases
6. Bank of America
Bank of America is a national bank with branches in 38 states, including Nevada. Debit cards work at ATMs throughout its service area, including throughout Nevada.
Advantage Plus checking accounts are fee-free as long as you have at least one electronic deposit of $250 or more, maintain a $1,500 minimum balance, or are enrolled in Preferred Rewards.
Fees:
$12 monthly service fee (waived with requirements)
No overdraft fees
Balance requirements:
$100 minimum deposit to open
ATMs:
Fee-free at 15,000+ Bank of America ATMs nationwide
$5 for each out-of-network ATM transaction
Interest on balance:
Up to 0.04% APY on savings account
Up to 4.75% APY on CDs
Additional perks:
Generous bonuses on new credit cards
Wealth management services available
7. One Nevada Credit Union
If you live, work, or attend church or school in Clark, Nye, or Washoe County, you’ll qualify for membership at One Nevada. Credit unions typically come with plenty of perks, including competitive rates on loans.
The One Checking Account comes with a $5 fee that can be waived as long as you maintain a $2,000 average daily balance or have at least 15 signature-based debit purchases each month.
Fees:
$5 monthly service fee (waived with requirements)
$35 overdraft fee
Balance requirements:
$5 membership fee to open
ATMs:
Fee-free at One Nevada Credit Union ATMs
Fee-free at 46,000+ Allpoint ATMs nationwide
Interest on balance:
0.05% APY on savings account
Up to 4.59% APY on CDs
Additional perks:
Dividends paid monthly on One savings account
Competitive rates on personal loans
8. CIT Bank
CIT Bank is an online and mobile banking solution that offers a no-fee checking account. A $100 minimum opening deposit is required, but there are no fees for overdrafts.
Although CIT doesn’t have an ATM network, there are no out-of-network ATM fees, and CIT will even refund up to $30 in fees charged by third-party ATM owners every month.
Fees:
No monthly maintenance fees
No fees for overdrafts
Balance requirements:
$100 minimum opening deposit
No minimum balance required
ATMs:
Up to $30 in out-of-network ATM fees reimbursed monthly
Interest on balance:
Up to 0.25% APY on checking accounts
Up to 4.736% APY on savings accounts
Up to 5.00% APY on CDs
Up to 1.538% APY on money market accounts
Additional perks:
Competitive rates on financing for small business owners
Competitive rates on no-penalty CDs.
9. Wells Fargo
Another national bank in Nevada is Wells Fargo, which has branches in Las Vegas and Henderson. You can complete most of your transactions using the mobile banking app, but you’ll also have fee-free ATM access at 12,000 ATMs nationwide.
You’ll get a free checking account as long as you maintain a $500 minimum balance or receive $500 or more in qualifying direct deposits each statement period.
Fees:
$10 monthly service fee (waived with requirements)
$35 overdraft fee
Balance requirements:
$25 minimum deposit to open
No minimum balance requirement
ATMs:
Fee-free at Wells Fargo ATMs nationwide
$2.50 fee for each out-of-network ATM transaction
Interest on balance:
Up to 0.25% APY on savings account
Up to 4.51% APY on CDs
Additional perks:
$300 bonus for new checking accounts
Robust mobile banking services
10. WaFd Bank
WaFd Bank is a regional bank with branches in Nevada, Arizona, Idaho, New Mexico, Oregon, Texas, Utah, and Washington. You’ll have access to more than 200 branches throughout those states, as well as ATM access at MoneyPass locations nationwide.
What makes WaFd Bank the best regional bank is its local bank feel. The bank focuses on providing a sense of community in each area it serves.
Fees:
No monthly maintenance fees
$30 overdraft fee
Balance requirements:
$25 minimum opening deposit
No minimum daily balance requirement
ATMs:
Fee-free at 32,000+ MoneyPass ATMs nationwide
Interest on balance:
0.10% APY on savings account
Up to 5.00% APY on CD
Up to 2.00% APY on money market account
Additional perks:
Three styles of debit cards
Budgeting and financial management tools in mobile banking app
11. First Foundation Bank
Another regional bank with branches in Nevada is First Foundation Bank. There are multiple checking account options, including a free account that requires a $100 opening deposit.
There’s no national ATM presence, but First Foundation does reimburse up to $20 in third-party ATM fees monthly. What makes First Foundation the best regional bank, though, is its above-average rates on savings accounts. You’ll earn 4.85% APY on your savings account balance.
Fees:
No monthly maintenance fees
$35 overdraft fee (after $10 grace amount)
Balance requirements:
$100 minimum opening deposit
No minimum daily balance requirement
ATMs:
Fee-free at First Foundation Bank ATMs
Up to $20 in third-party ATM fees reimbursed monthly
Interest on balance:
4.85% APY on savings account
Up to 4.75% APY on CD
Additional perks:
Wealth management services available
Robust solutions for small business owners
12. Plumas Bank
Plumas Bank is a local bank covering Northeastern California and Northern Nevada. You’ll find competitive rates on CDs and multiple checking account options. The basic checking account comes with no monthly fees as long as you conduct 10 or more signature-based transactions using your debit card and enroll in e-statements.
Fees:
$7 monthly service fee (waived with requirement)
$34 overdraft fee
Balance requirements:
$100 minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at ATMs with the VISA, STAR, and PLUS symbols
$2 out-of-network ATM fee
Interest on balance:
0.10% APY on savings account
Up to 4.08% APY on CD
Additional perks:
Robust services for small business owners
Highly rated customer service
How to Choose the Best Bank for Your Needs
Whether you’re looking for a small local bank like Nevada State Bank or you’d prefer a large national bank like Bank of America, it’s important to look at the features. Here are some things to consider for your personal or business checking account and savings needs.
Selection of Products and Services
There’s more to a financial institution than fees and interest rates. The best banks in Nevada provide the type of customer service you need, coupled with a range of services.
If most of your banking is done electronically, online banking might be the best choice for you. If you regularly make cash deposits and withdrawals, though, a local bank with branches close to your house could make a bigger difference.
Before signing on with a bank, take a look at the products offered. Some banks and credit unions provide great interest rates on auto loans if you’re already a customer, so having that as an option could save you money later.
Personal, Business, or Both?
To start, take a close look at what you need in a bank account. Even if you don’t run your own business now, will you someday? If so, business banking services are worth consideration. Landing business loans might be easier if you already have a personal or business checking account with a bank.
Interest Rates
There are two ways interest rates impact you when you’re researching the best banks in Nevada. Deposit accounts like checking and savings earn interest, while loans and credit cards charge interest.
Some checking accounts pay interest but charge fees that supersede any earnings. Some banks offer competitive rates on CDs and savings, but the deals on loans and credit cards aren’t as good. There’s always the option of having multiple bank accounts, but if you prefer to do all your banking in one place, it’s important to consider these factors.
Minimum Balance
Some accounts have a minimum balance requirement attached to their personal checking account options. The best checking account will give you the freedom you need to deposit and transfer money without having you stress about your balance.
It’s also important to note the wording of those balances. In some cases, your personal checking will simply need to keep an average daily balance to meet requirements. Some of the best checking accounts also consider your balance across all your accounts rather than setting a requirement for each. If you have two checking accounts or a checking and savings account with the same bank, you’ll be able to more easily meet that requirement.
Access to Mobile Banking
Online banking makes managing your money easy. Whether you narrow your search to online banks or you’re looking for the best national bank, chances are, you’ll be able to manage your account online.
The best checking account lets you transfer funds, deposit checks, and manage your payment cards in an app. Take a close look at any bank’s app to make sure you’ll be able to handle most of your account online if you prefer to steer clear of branches and ATMs. If you go with an online-only bank, though, make sure you’ll have access to cash when you need it, especially while traveling.
The largest banks in Nevada might not have the features you need. Before choosing a bank, make sure the bank offers the best features for you while also reducing fees and maximizing interest.
Indiana is a hub of industry, attracting households and businesses with its vast farmlands and thriving big cities. So, it’s only natural that a variety of banks have emerged, from branches of large national banks to small local banks.
The best banks in Indiana combine minimal checking account fees with competitive rates on savings and CDs. It’s also important to look for a bank that lets you manage your account online while also getting that in-person service when you need it.
18 Best Banks in Indiana
With so many banks in Indiana, it can be tough to narrow down the options. This list can help you get started.
1. U.S. Bank
U.S. Bank is a top choice for those seeking a blend of national reach and local presence in Indiana. With eight locations in the state, U.S. Bank offers convenient access to banking services, as well as a comprehensive suite of banking products.
One standout offering is the U.S. Bank Smartly Checking account, which is currently offering a $300 sign-up bonus to new customers. This account was designed to provide customers with a simple, low-cost banking experience.
Pros:
U.S. Bank Smartly Checking account offers no monthly maintenance fees and easy mobile banking
Eight convenient branch locations in Indiana
Access to over 32,000 fee-free ATMs nationwide
Cons:
Limited physical presence compared to some larger national banks
Higher-tier checking accounts may require minimum balances or direct deposits to avoid monthly fees
2. Chase Bank
If you prefer the power of a national bank, Chase is worth considering. In addition to online and mobile banking, Chase has branches and ATMs scattered across the state. You’ll find a wide variety of banking products, including savings accounts, personal and business banking, and wealth management services.
Pros:
ATM access at more than 15,000 ATMs and 4,700 branches nationwide
Sign-up bonuses on new checking accounts
No monthly service fees with direct deposit
Cons:
Only 0.01% APY on savings
$3-$5 fee for out-of-network ATM use
3. Fifth Third Bank
Fifth Third Bank is a regional bank with branches in 11 states, including Indiana. You can find fee-free checking accounts with Fifth Third, but savings rates are less competitive than some online and local banks.
Pros:
No fees or minimum balance on Preferred Checking
Student and military accounts available
Fee-free ATM use at more than 40,000 locations
Cons:
Lower rates on savings accounts
Branch locations tend to be near larger cities
4. Chime
Chime is an online bank that offers more conveniences than usual. Your checking account not only gives you fee-free cash access at more than 60,000 ATMs, but you can deposit cash at Walgreens and 75,000+ retail locations. You can manage the rest of your account online, and you’ll get no monthly fees or overdraft charges, as well as automatic savings features.
Pros:
Deposit cash at more than 90,000 retail locations
No overdraft fees
Credit-builder credit card available with no credit check required
Cons:
No in-person customer service available
Withdrawal limits can be low
5. GO2bank
Another online-only option with cash access is GO2bank, which allows fee-free ATM transactions at 43,000 AllPoint locations. You can also deposit cash at any CVS Pharmacy, Rite Aid, Walgreens, or Walmart. Checking accounts come with no monthly fees as long as you have at least one payment deposited directly each month. Direct deposit accounts are also eligible for up to $200 in overdraft protection.
Pros:
4.50% APY on savings account
Fee-free cash access at 43,000 AllPoint ATMs nationwide
Deposit cash at CVS Pharmacy, Rite Aid, Walgreens, or Walmart locations
Cons:
No in-person customer service available
Savings APY limited to first $5,000 of balance
Direct deposit required for fee-free checking
6. First Financial Bank
One of the best banks in Indiana is First Financial Bank, an Ohio-based bank with branches throughout Indiana, as well as in Illinois and Kentucky. You’ll get all the amenities of a national bank with the exceptional customer service that comes with banking locally. Some checking account options offer discounts on loans, and you’ll get rates of up to 4.50% on CDs.
Pros:
Local branches throughout Indiana
Fee-free ATM access at 55,000+ AllPoint locations
Interactive tellers provide personal service
Cons:
$25 overdraft fee
$10 monthly maintenance fees on checking (waived with $500 balance or debit card activity)
7. First Merchants Bank
First Merchants Bank is a local bank that primarily serves Central Indiana. But you’ll find branches as far north as Fort Wayne. First Merchants Bank has been voted one of the best banks in Indiana for its attention to customer service, community focus, and mobile banking features.
First Merchants Bank has a low barrier on its fee-free checking account, letting you qualify with only a $100 balance or at least one customer-initiated transaction each statement period.
Pros:
Free checking with $100 balance or one qualifying transaction monthly
Fee-free national access at 37,000 MoneyPass ATMs
Up to 4.75% APY on 12-month CDs
Cons:
Branches limited to Northern and Central Indiana
$37 overdraft fee per transaction
8. Huntington Bank
Although it’s a regional bank, Huntington Bank is headquartered in Columbus, Ohio, so Indiana was an easy fit for its expanded service area. One of Huntington’s premiere features applies to its overdrafts.
Deposit accounts qualify for 24-Hour Grace, which allows you extra time to take action if your account goes into the negative. But if you travel, be aware that Huntington’s ATM access is limited to its service area. You’ll pay $3.50 plus third-party fees for every out-of-network ATM transaction.
Pros:
24-Hour Grace allows extra time to resolve overdrafts
Fee-free ATM access at 1,434 Huntington locations
In-person service at branches throughout the service area
Cons:
$3.50 fee for out-of-network ATM transactions
Low savings account rates
9. CIT Bank
You won’t find local branches or ATMs, but CIT Bank is a great option for building savings. CIT’s Platinum Savings account offers up to 4.75% APY, and they have a no-penalty CD with rates as high as 4.80%.
Their eChecking product is impressive, as well, with no monthly maintenance fees and up to 0.25% APY on your balance. You can withdraw cash at any ATM and CIT will refund up to $30 in fees every month.
Pros:
Interest rates of up to 4.75% on savings
Great rates on no-penalty CDs
Up to $30 a month in ATM fee refunds
Cons:
No branches
No in-network ATMs
10. Centier Bank
Centier Bank is another local option considered one of the best banks in Indiana. Although it’s local, it’s certainly not small. In fact, it’s the largest family-owned bank in the state.
You’ll find branches from Fort Wayne to Indianapolis, as well as ATMs nationwide through the AllPoint and Publix Presto! networks. Savings rates pay as high as 5.00% APY when you connect your checking to your savings account.
Pros:
Up to 5.00% APY on savings account
Low monthly fees on checking accounts
Fee-free access to Centier, AllPoint, and Presto! ATMs
Cons:
$100 savings balance required to earn APY
$50 minimum opening balance
11. BMO Harris Bank
Indiana residents have access to BMO Harris Bank, a regional bank that also services Illinois, Arizona, Missouri, Minnesota, Kansas, Florida, and Wisconsin. You’ll find branches and ATMs across the state, with a heavy concentration in Indianapolis and Gary.
The savings account only offers 1.00% APY, but BMO’s CD rates are competitive, paying up to 4.50% APY. Currently, new BMO Harris customers can earn a $200 cash bonus on basic checking accounts and a $350 bonus on high-balance checking.
Pros:
Fee-free checking accounts
Fee-free access to more than 43,000 AllPoint ATMs
$200-$350 cash bonus for new customers
Cons:
Only 1.00% APY on savings account
$25 minimum opening deposit
12. 1st Source Bank
1st Source Bank is set up to serve banking customers in Northern Indiana and Southwestern Michigan, but it has a small presence in Florida as well. If you regularly travel and need cash, 1st Source Bank might not be the best option, as ATMs are limited to its service area. 1st Source will refund up to four ATM fees on their end each year, but you’ll still pay third-party ATM fees.
Pros:
Student checking option available
Offers Health Savings Accounts
Variety of loan options
Cons:
Branches are limited to Northern Indiana
Rates on CDs aren’t competitive
ATMs limited to Northern Indiana and Southwestern Michigan
13. Ally Bank
Another online and mobile banking option is Ally, which has an interest-bearing checking account that currently pays 0.25% APY and has no fees. You can withdraw cash at more than 43,000 AllPoint ATMs nationwide, and if you can’t find an AllPoint ATM nearby, Ally will reimburse up to $10 per statement cycle for out-of-network ATMs.
However, the best thing about Ally is its rates on savings accounts and CDs. Currently, Ally is offering up to 4.80% on CDs and up to 3.75% on your savings account.
Pros:
Great rates on CDs and savings
Fee-free access to more than 43,000 AllPoint ATMs
No fees or minimum balance requirements
Cons:
No physical branches
No cash deposit option
14. Old National Bank
With branches across Indiana, as well as in Michigan, Wisconsin, Minnesota, Kentucky and Illinois, Old National Bank is a great brick-and-mortar option. Although it’s a regional bank, Old National Bank has plenty of amenities found with national banks, including a full-featured mobile app and cash deposits at select ATMs.
Pros:
Some Old National ATMs accept cash deposits
Fee-free cash withdrawals at Old National and AllPoint ATMs nationwide
Student checking accounts available
Cons:
Savings account rates lower than some competitors
Direct deposits or minimum balance required for free checking accounts
15. First Bank
For Indiana’s small business owners, First Bank is a great local Indiana bank. First Bank serves Indiana and Illinois businesses with online and mobile banking options to help you manage everything.
You’ll find a variety of financial products for small business customers, including business loans, equipment financing, and cash management tools. One downside, though, is that it’s a completely online branch, but you’ll get fee-free cash access at more than 40,000 MoneyPass ATMs nationwide.
Pros:
No-fee checking options available
Great rates on business and equipment loans
Fee-free ATM use at 40,000+ MoneyPass locations
Cons:
No local branches
Only serves Evansville, Haubstadt, Mount Vernon, Poseyville, Princeton, and Vincennes businesses
16. Regions Bank
One of many regional banks with a heavy Indiana bank presence is Regions Bank. You’ll find branches throughout Indiana, as well as in Alabama, Arkansas, Florida, Georgia, Illinois, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas.
Regions Bank’s checking account lacks the amenities of some online-only and national banks, with a $1,500 balance required to eliminate the monthly maintenance fees.
Pros:
Earn rewards on savings and checking through Regions Cashback Rewards
User-friendly mobile banking experience
24/7 customer support
Cons:
$1,500 balance to qualify for free checking
Branches limited to service area
$3 transaction fee for non-Regions ATM
17. Community First Bank of Indiana
If wealth management services are your top priority, consider Community First Bank of Indiana, which offers financial assistance through a dedicated investment services team.
In addition to wealth management services, Community First Bank offers the personalized customer service that’s typical of a local bank. But if you regularly travel outside the area, note that Community First has no nationwide ATM network.
Pros:
Community focus with great customer service
Fee-free checking accounts
Dedicated investment support team available
Cons:
Only seven branch locations
Fee-free ATMs limited to seven branch locations
18. Bank of America
There are benefits to a national bank like Bank of America. Like most national banks, you’ll find branches and ATMs throughout Indiana, but with Bank of America, this is found in towns throughout the country. Bank of America also offers better-than-average rates on home equity loans and auto loans.
Pros:
Automatic savings options
Earn rewards with debit card
Large ATM and branch presence nationwide
Cons:
Minimum balance or direct deposit required for free checking account
Low interest rates on savings
Life can be busy. Managing your financial life can be much easier if you find a bank that fits your needs. Whether it’s a fee-free checking account or help to build your retirement accounts, the right bank can make all the difference.
Finding the Best Banks in Indiana
Whether you’re in the market for a personal checking account or business banking options, there are plenty of FDIC-insured banks in the state. To help you narrow down your options, here are some questions to ask yourself.
How often do you visit your bank right now?
As you’re browsing a list of banks in Indiana, you probably know right away which ones have branches near you. Are you the type of person who visits your local branch frequently? Even the best checking accounts won’t benefit you if you prefer that in-person experience and your new bank doesn’t offer it.
How well do you handle online communication?
Some online, national, and regional banks offer customer service via text chat, video chat, or telephone. If this is sufficient, you’ll likely find your options up open considerably. You may choose an online bank for your checking account while you go with a bank that has a local branch for personal loans.
How often do you need cash?
Some of the smaller banks in Indiana fall short when it comes to ATM access. Having a no-fee checking account but paying $30 monthly in out-of-network ATM fees isn’t ideal. You may be better off going with a bank that charges fees, but gives you fee-free access to cash when you need it.
Open a BMO Harris Premier™ Account online and get a $500 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 90 days of account opening. Expires 9/15. Conditions Apply.
If you’re in the market for a straightforward savings account that offers government-backed deposit insurance and accepts applications from people all across the United States, banks aren’t your only option.
You can also choose from a bunch of reputable credit unions with national footprints and attractive savings yields. One of the best of this group is Alliant Credit Union. Its Alliant High-Rate Savings Account is rewarding, flexible, and mobile-friendly.
But the Alliant High-Rate Savings Account isn’t perfect, so take a few minutes to review its upsides and downsides before applying.
What Is the Alliant High-Rate Savings Account?
The Alliant High-Rate Savings Account is a high-yield savings account with no monthly fee when you opt into paper statements. It has a strong yield on all balances — 3.10% APY with an average daily balance of $100 or more — and, somewhat unusually, comes with an ATM card that enables fee-free withdrawals at about 80,000 machines nationwide.
The Alliant High-Rate Savings Account has other useful features, including digital bill pay and mobile check deposit. One standout capability is its supplemental savings accounts, which let you track your progress toward up to 19 savings goals at once.
The Alliant High-Rate Savings Account requires Alliant Credit Union membership, but it’s easy to qualify by joining Alliant’s nonprofit partner.
What Sets the Alliant High-Rate Savings Account Apart?
The Alliant High-Rate Savings Account stands out for a few reasons — nothing earth-shattering, but certainly notable:
Above-average yield. It’s not quite at the top of the savings account heap, but the Alliant High-Rate Savings Account’s yield is well above average for national credit unions. Not to mention big banks, many of which raised rates in years.
ATM card with expansive fee-free ATM network. It wouldn’t raise eyebrows in a checking account, but Alliant High-Rate Savings’ ATM card is unusual in the savings account world. Throw in a big fee-free ATM network with 80,000-plus machines and it’s a big selling point.
Lots of subaccounts for easy budgeting and goal-setting. You can open nearly 20 separate savings accounts linked to your main High-Rate Savings Account. All earn the same high yield and have the same features and capabilities. They just make saving for and tracking goals much easier.
Key Features of the Alliant High-Rate Savings Account
Before you open an Alliant High-Rate Savings Account, review its core features and capabilities to understand what you’re getting into. Pay close attention to Alliant’s membership requirements and supplemental savings accounts option.
Membership Requirements
You must be an Alliant Credit Union member to open a High-Rate Savings Account.
If you don’t live in Alliant’s home territory — basically, the greater Chicago area — the easiest way to become a member is to join the nonprofit Foster Care 2 Success. There’s no out-of-pocket expense involved because Alliant Credit Union picks up Foster Care 2 Success’ one-time joining fee of $5.
Account Yield (Interest)
This account yields 3.10% APY on all balances. You need to maintain an average daily balance of $100 or more to earn this interest rate.
Account Fees & Minimums
The minimum balance to open and maintain your account is $5. You do need to maintain a $100 average daily balance to earn the posted yield.
There’s a $1 monthly paper statement fee if you don’t opt into electronic statements. Otherwise, this account has on monthly or recurring fees.
ATM Access
Alliant Credit Union has more than 80,000 fee-free ATMs in its network. These are distributed across the United States, including in places where Alliant has no branches.
Unusually for a savings account, Alliant High-Rate Savings offers an ATM card that works at hundreds of thousands of in-network and out-of-network machines. However, it’s not a debit card and can’t be used at other merchants.
Supplemental Savings Accounts (Subaccounts)
You can open up to 19 supplemental savings accounts tied to your main High-Rate Savings Account. This is helpful for setting and tracking specific savings goals without maintaining a separate spreadsheet or using a third-party budgeting tool.
Your supplemental savings account balances earn the same yield as your main savings account balance.
Mobile Banking Tools
Alliant Credit Union offers a nice lineup of mobile banking tools:
Mobile check deposit
Digital billpay
Person-to-person and external account transfers
Integrations with third-party finance apps like Mint and Quicken
Deposit Insurance
The Alliant High-Rate Savings Account comes with up to $250,000 in deposit insurance from the National Credit Union Administration, or NCUA.
Even though NCUA coverage isn’t exactly the same as Federal Deposit Insurance Corporation (FDIC) deposit insurance, it’s the same from a practical standpoint and should reassure you that your money is protected in the unlikely event Alliant Credit Union fails.
Pros & Cons of the Alliant High-Rate Savings Account
No monthly fee with electronic statements
Low balance requirements
Up to 19 supplemental savings accounts
Must be an Alliant Credit Union member to qualify
Not the highest available savings yield
No interest on balances below $100
Advantages
The advantages of the Alliant High-Rate Savings Account include its low fees, lack of minimum balances (except to earn interest), and supplemental savings accounts feature.
No monthly fee with electronic statements. As long as you opt into electronic statements, you pay no monthly maintenance fee on this account. Even if you don’t, the paper statement fee is just $1 per month, which is reasonable as far as paper statement fees go.
Low balance requirements. You need just $5 in your account to keep it open. That barely qualifies as a minimum balance requirement these days.
Above-average yield. While not quite the best around, this account’s yield is well above average for credit union savings accounts.
ATM card and broad fee-free ATM access. Most savings accounts don’t offer ATM cards, let alone fee-free withdrawals at more than 80,000 ATMs. If you want the option to withdraw cash directly from your savings balance, this is the right account for you.
Up to 19 supplemental savings accounts. You can set up, track, and save toward up to 19 savings goals simultaneously with the Alliant High-Rate Savings Account. Each subaccount earns the same high yield and has deposit insurance coverage, though the cumulative deposit insurance limit is still $250,000 no matter how many you have open at once.
Useful mobile features. The Alliant High-Rate Savings Account boasts mobile check deposit, fast and free person-to-person transfers, and digital billpay. In short, it has most of the mobile features you expect from an online savings account.
Full deposit insurance. This account comes with up to $250,000 in deposit insurance. That’s the standard limit at banks and credit unions alike, and reassuring in the unlikely event of Alliant’s failure.
Disadvantages
The Alliant High-Rate Savings Account has few downsides. The biggest are the credit union membership requirement and the $100 average daily balance requirement to earn interest.
Must become an Alliant member to qualify. Opening an Alliant High-Rate Savings Account takes some additional time if you’re not yet an Alliant member. It’s easy to qualify, but this could still be a deal-breaker if you’re pressed for time.
No yield below $100 average daily balance. You need to maintain an average daily balance of at least $100 to earn interest on your balance. While modest, this could be an issue for savers just starting out.
Can find higher yields if you know where to look. The Alliant High-Rate Savings Account has an excellent yield compared with many other credit union savings accounts, but it’s surpassed by a good number of online banks. Time will tell if that chances, but for now, it’s worth keeping in mind.
How the Alliant High-Rate Savings Account Stacks Up
Before you open an Alliant High-Rate Savings Account, see how it compares to another popular savings account available to applicants all across the United States: CIT Bank Platinum Savings.
Alliant High-Rate Savings
CIT Bank Platinum Savings
Minimum Balance
$5
$100
Monthly Fee
$0 with e-statements
$0
Account Yield
3.10% APY
Up to Up to 4.75% APY
Minimum for Yield
$100
$5,000
ATM Access
Yes, 80,000 fee-free
No
Savings Goals
Yes
Yes
You can see that the Alliant High-Rate Savings Account is ideal for folks without big existing savings balances. It’s also a plus for those who want to be able to withdraw cash directly from their savings accounts without heading inside a bank branch.
By contrast, CIT Bank Platinum Savings is best for folks with higher balances seeking to maximize yield.
Final Word
The Alliant High-Rate Savings Account is mostly a straightforward credit union savings account, but it does throw a few curveballs. These are mostly to the good: an above-average yield on all balances, an ATM card with more than 80,000 fee-free ATMs in its network, and easy budgeting and savings goal-setting with supplemental savings accounts.
The biggest downsides to this account aren’t fatal flaws by any means. There’s a bit of friction to open an account, especially if you’re not yet an Alliant member, and some online banks offer even higher savings yields. But overall, the Alliant High-Rate Savings Account has a lot more to like than dislike.
The Verdict
Our rating
Alliant High-Rate Savings Account
The Alliant High-Rate Savings Account has everything you need in a savings account and nothing you don’t. Standout features include up to 19 supplemental savings accounts with the same high yield and fee-free withdrawals at more than 80,000 ATMs. The mobile banking capabilities are a hit too.
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
When you choose a bank for your daily checking and savings needs, you can choose between a national bank, a smaller regional bank, credit unions of varying sizes, and even online banks and financial technology companies.
Since early 2023, when Signature Bank and Silicon Valley Bank both experienced failures after customers pulled out large amounts of money during bank runs, banking customers may feel more comfortable choosing a national bank.
Although the U.S. government took extraordinary measures to protect the assets of SVB and Signature Bank customers, and deposits held in the accounts were FDIC insured, many customers were still rightfully concerned about gaining access to their money in a timely manner.
After the banking crisis of 2008, the Federal government declared banks like JPMorgan Chase, Bank of America, Citibank, and Wells Fargo as “too big to fail.” But these aren’t the only national banks or credit unions available.
You might think that smaller online banks may have lower fees, while small local banks are known for friendly and responsive customer service. But the national banks on this list blend the best of all worlds: low fees, high marks for customer satisfaction, ways to avoid overdraft fees, convenient ATM networks, and a variety of banking products.
16 Best National Banks
Here are the 16 best national banks that offer exceptional services, excellent customer support, and innovative banking solutions to meet all of your financial needs.
1. SoFi – Best for Digital Banking & High Yields
SoFi became a nationally chartered online bank in 2022, after acquiring Golden Pacific Bancorp, Member FDIC. Originally known for its vast array of loan products, including private student loans, today SoFi has a combination checking and savings account, or a cash management account, with no monthly service fee.
SoFi also has no minimum balance requirements, no overdraft fee, and overdraft protection up to $50 with qualifying direct deposits each month. You can bank for free at any of 55,000+ fee free Allpoint ATMs nationwide.
As an online bank, SoFi offers higher interest rates than you may find at brick and mortar banks. Earn up to 4.20% APY on your savings account balance and 1.20% on money in your checking account. When you use your SoFi debit card at select local businesses, you can earn up to 15% cash back.
SoFi offers two tiers of accounts: SoFi and SoFi Plus. To qualify for the “freemium” SoFi Plus membership, bank customers must have qualifying direct deposits. Plus, when you sign up before December 31, 2023, you can earn a cash bonus of $250 when you set up direct deposits of $5,000 or $50 with a direct deposit as low as $1,000.
SoFi Plus members receive loan rate discounts, bonus rewards, access to special entertainment events and more, making SoFi a unique company when it comes to online banks.
2. Discover Bank – Best for Cash Back
Discover may be best known for cashback and rewards credit cards. But its online banking products are some of the best you’ll find among national banks.
With no monthly fees and no minimum balance, your Discover Cashback checking account pays 1% cashback on up to $3,000 worth of debit card purchases monthly. You’ll never pay overdraft charges, and you can withdraw cash at a network of 60,000+ fee free ATMs.
You can qualify for overdraft protection by linking your Discover Bank savings account. Discover Savings pays a high 3.90% APY with no minimum deposit required.
Other Discover Bank deposit accounts include CDs with terms from 3 months to 10 years, and a money market account that pays 3.80% APY for balances under $100,000 and 3.85% on balances $100,000 and up.
For questions or help with your account, you can reach a U.S.-based customer service representative for Discover Bank by phone, 24/7/365.
3. Chase Bank – Best for Credit Card Rewards & Referral Bonuses
As the world’s largest national bank, JPMorgan Chase Bank doesn’t need to do much to entice customers. People will choose Chase based on its name, reputation, and more than 4,700 convenient branch locations across the U.S.
However, Chase happens to have one of the best bonuses for new customers and a generous referral bonus program when existing customers refer their friends. This, coupled with a robust and easy-to-use mobile app and a variety of checking, savings and investment services, puts Chase on our list of top national banks in the U.S.
Chase is currently offering new Chase Total Checking customers a $200 bonus when they open a new account and set up direct deposit within the first 90 days.
New or upgrading Chase Private Client customers can earn a $3,000 bonus with a deposit of $500,000 or more within the first 45 days of account opening. Deposits of $150,000 to $249,999 earn $1,000 and cash deposits of $250,000 to $499,999 earn $2,000. You must keep the money in your J.P. Morgan Wealth Management or JPMorgan Chase deposit accounts for 90 days to qualify.
In addition to Chase Total Checking, the bank’s most popular checking account, and Private Client services, Chase also offers other checking and savings accounts.
Chase Secure Banking has a $4.95 monthly fee and no overdraft fees. Chase Premier Plus Checking offers a few added benefits beyond Chase Total Checking, including ATM fee rebates up to four times per statement cycle, a linked personal checking account with no monthly fees, and a 0.01% interest rate on balances.
Chase also offers bank accounts for kids, teens, and college students, as well as CDs, savings and money market accounts, mortgages, loan products, and a full array of top-rated rewards credit cards.
If you have multiple Chase accounts, it’s easy to manage them all within the mobile app.
4. Chime – Best for Building Credit
Chime is a financial technology company backed by Stride Bank, Member FDIC, and Bancorp Bank, Member FDIC. It is not a bank, itself, but offers some of the same features, including online banking, a debit card, and direct deposit up to two days earlier than some other banks.
Chime has no monthly service fee, no overdraft fee, and no minimum balance requirements. For customers who need a little boost to make it from paycheck to paycheck, Chime offers fee-free overdraft up to $200 through the SpotMe5 program and a credit builder secured Visa credit card with no annual fees, interest or minimum security deposit.
Use your Chime debit card at any of 60,000+ fee free1 ATMs in the Allpoint, MoneyPass or Visa Plus Alliance ATM networks. Out of network ATM fees may apply, otherwise.
You can qualify for Chime’s SpotMe program with a single direct deposit of $200 or more during any monthly statement period. If you process a transaction that would put you into overdraft, Chime will accept the transaction even if it puts your balance into the negative by up to $200.
The Credit Builder Secured Visa card carries the same requirements of a $200 monthly minimum direct deposit. You can build your credit and raise your credit score with responsible use of the card.
5. Citi® – Best for Large Cash Deposits
The third of the four largest national banks in the U.S. based on assets, Citi, owned by Citigroup, is best for high net worth customers or those with large cash deposits divided among Citi checking, savings, and other accounts.
Currently, you can earn a generous cash bonus of $200 to $2,000 when you open a qualifying Citi checking account and meet specific minimum opening deposit requirements. Your bonus will be determined by your account balance on the 20th day after opening the account. Funds must remain in the account for an additional 60 days after the 21st day.
Citi offers multiple checking accounts to meet various customers’ financial needs, all with monthly fees that are easy to waive if you hold the required minimum balance. The bank accounts include:
Citibank
Citi Priority, which includes travel perks and access Citi Personal Wealth Management advisors
Citigold, relationship banking and investment services
Basic Banking and ATM access
Access Account, a debit account with no paper checks
For the Basic Checking account, you’ll need to maintain a $1,500 minimum balance to waive the fees. The other accounts have larger minimum balance requirements to avoid monthly maintenance fees and take advantage of other perks, up to $200,000 for a Citigold account.
All accounts provide access to personal banking at Citi branches and access to more than 65,000 fee free ATMs across the U.S. All accounts except for Basic and Access accounts also have no fees at ATMs outside the Citi network.
Like all the larger national banks on this list, Citi has a full gamut of rewards credit cards, savings and money market accounts, and high-yield CDs.
6. CIT Bank – Best for High Interest Rates
CIT Bank, a division of First Citizens Bank, has earned awards and accolades for customer satisfaction, rated by American Banker as #1 for “delivering the most humanized experience in banking.”
You should be aware that deposits in First Citizens Bank & Trust Company, Member FDIC, are not separately insured. This only matters if you hold more than $250,000 in any single account type, such as checking or savings, in both First Citizens Bank and in CIT Bank.
CIT is the online only banking arm of First Citizens Bank, with high-yield savings accounts, CDs, money markets, and eChecking, all with no monthly fees and no overdraft fees. You won’t pay any ATM fees at CIT Bank machines, and CIT Bank reimburses up to $30 per month when you use out-of-network ATMs.
CIT offers 0.25% APY on checking when you hold more than $25,000 in your account, and 0.10% APY on balances under $25,000. The bank has high interest rates for savings, offering customers a 4.85% APY on balances of $5,000 or more with the Platinum Savings account.
CIT Bank has two other savings accounts as well:
Savings Connect, with a 4.60% APY
Savings Builder, which requires a minimum balance of $25,000 or a $100 monthly deposit to earn 1.00% APY
You’ll need a $100 minimum deposit to open a checking or savings account at CIT Bank.
7. Bank of America – Best for College Students
As the second largest of the best national banks, behind Chase, Bank of America has the full gamut of banking products, with three checking accounts plus a student account, savings, CDs, and investment products.
It’s easy to waive monthly maintenance fees on a checking account with a minimum daily balance, direct deposits, combined balances across eligible linked Bank of America accounts, or by enrolling in their Preferred Rewards programs.
We like the Advantage SafeBalance banking for kids, teens, and college students under 25 years old. They have no monthly fee and no overdraft fees. Teens ages 16+ can have sole ownership of the account.
For everyone else, the bank offers Advantage Plus and Advantage Relationship checking accounts with easy ways to waive the monthly fees with direct deposit or a minimum daily balance.
When you open a new checking account, you can qualify for a $100 bonus when you receive qualifying direct deposits of at least $1,000 within 90 days of opening the account.
Of course, Bank of America also has CDs, and a savings and money market account. Plus you can invest with Merrill. All of these deposit accounts count toward your Preferred Rewards membership.
When you have a combined average daily balance of at least $20,000 for three months, you’ll qualify for the rewards program.
8. U.S. Bank – Best for Military Members & High Balance Savings
U.S. Bank offers the Bank Smartly checking account so you can earn interest on your money. The current interest rate is just 0.01% APY on all checking balances. You’ll pay a $6.95 maintenance fee, but this is waived if you meet minimum deposit requirements or if you are a member of the U.S. military.
You can link your Bank Smartly checking account to a standard savings account or Elite Money Market to earn even more. To avoid fees on your savings account, you’ll want to keep a $300 minimum daily balance or a $1,000 average monthly collected balance. If you are already a Bank Smartly customer, you can enroll in Smart Rewards to waive savings account fees.
The Elite account is better for those with high balances. You can earn up to 4% APY on balances from $25,000 up to just under $500,000.
The appeal of U.S. Bank is in its high ratings for banking satisfaction across the board from customers. U.S. Bank earned accolades for having the best mobile app, the best digital mortgage tools, the best customer service features, and best mobile check deposit capabilities. These factors all contribute to its ranking as a best national bank.
9. Axos Bank – Best Online Bank
Axos is an online only bank with a rewards checking account that delivers up to 3.30% APY, with no fees and unlimited ATM fee rebates for out-of-network ATMs.
To earn the maximum APY, you’ll need to set up direct deposit and Axos Bank’s free Personal Finance Manager for 0.70% interest. Then, open an investment account and take out an Axos personal loan or auto loan and earn another 2.60% annual percentage yield on your checking account balance.
Axos also offers an Essential Checking account with early direct deposit and no fees, and a Cashback Checking account, which gives you 1% cash back on debit card purchases, along with no maintenance fees and unlimited domestic ATM fee reimbursements.
Voted the best online bank by many top personal finance sites, Axos Bank offers more than just high interest, no fee checking.
Axos Bank offers CDs with terms between 3 and 60 months and a savings account with 0.61% annual percentage yield, with interest compounded daily. You can also find personal loans, car loans, mortgages, and investment products.
Like other national banks, Axos Bank provides FDIC insurance up to $250,000 or $500,000 for joint account holders. But you can expand your coverage up to $150 million with Axos Bank InsureGuard+ Savings from IntraFi Network Deposits.
Axos splits up your large deposit into multiple accounts across several banks, each covered up to $250,000. If you are dealing with a substantial amount of cash and want your savings protected at a single bank, Axos may be a good choice for you.
New customers can earn a $100 welcome bonus by opening an account with just a $50 minimum opening deposit.
10. Truist Bank – Best for Relationship Banking & Innovative Savings Perks
Truist Bank is one of the top 10 largest national banks, formed as a merger between BB&T and SunTrust in 2019. Called “the biggest bank you’ve never heard of” by CNN Business, Truist holds assets of $574 billion and has been growing steadily since the merger.
Truist offers checking and savings accounts, CDs, and credit cards. Truist checking and savings customers can earn perks and benefits. This includes access to Long Game, a savings game app that lets you earn cash when depositing into your Truist savings account. It also includes bonus rewards on your Truist credit cards.
Truist has four levels of relationship banking in its Truist One checking account. This means the more you deposit, the more perks you will receive, up to a 50% loyalty bonus on Truist credit cards, and a discounted annual fee for a Delta SkyMiles debit card. Benefits for relationship banking begin at $10,000 in combined average monthly balances for Truist deposit accounts.
Your Truist checking account has a $12 monthly fee, which is easy to waive with $500 or more in direct deposits each month or a $500 minimum balance across all Truist deposit accounts. Truist personal loan, mortgage or credit card customers also pay no fees on their Truist checking account.
You can also waive the monthly fee with a linked Small Business checking account or if you are a student under the age of 25. You’ll need a $25 minimum opening deposit for a Truist One checking.
Customers with lower income or just getting started establishing their finances can benefit from Truist Confidence checking and savings accounts. The account has just a $5 monthly maintenance fee, which is easily waived.
11. Capital One – Best for High Interest Rates at a Brick and Mortar Bank
Like Chase Bank, Capital One is well known for its top-rated rewards credit cards. The company is also one of the best national banks with a savings account and CDs offering interest rates higher than the national average.
Capital One Performance 360 savings has a 3.90% APY, no monthly maintenance fees, and no minimum deposit to open your account. A Capital One 360 Performance checking account, similarly, has no monthly maintenance fee, overdraft protection through your linked savings account, and early direct deposit.
You can bank with no fees at a network of 70,000+ ATMs nationwide, and can deposit cash easily at CVS retail locations. Although you must open your Capital One Performance account online, you can receive personalized service and deposit cash at any Capital One bank branches or Capital One Cafes.
12. PNC Bank – Best in East and Southwest
PNC Bank is a large, national bank with branch locations across 29 states. Most branches are in the east, south, and southwest, although you will also find branch locations in some Midwest states.
PNC Bank’s online checking account is called Spend and it links to the PNC VirtualWallet. You can add a savings account, called Reserve, or upgrade to the Performance Select product with two tiers of savings and double layer overdraft protection.
When you set up your VirtualWallet with PNC Bank and open your Spend account, you can earn a $50 bonus.
Combining your Spend account with a PNC Bank Reserve account yields even more benefits. Earn a $200 bonus when you qualify. Finally, if you open a Performance Select VirtualWallet, you could earn $400.
Each account comes with a low monthly fee that is easily waived through qualifying monthly direct deposits or by meeting minimum balance requirements.
13. Wells Fargo – Best for Checking Account Options
Wells Fargo, one of the “big four,” is the fourth largest of the best national banks in the U.S. It is known for having many convenient bank locations, with 4,700 branch locations.
The vast number of branches across the country puts it top on our list for in-person banking and customer satisfaction.
Plus, we also rated it best for various checking account choices for everyone from children to retail investors.
Like the other national banks on this list, Wells Fargo has checking, savings, and CD accounts. The bank has four checking account options for consumers at various stages of their financial lives:
Clear Access Banking, with no overdraft fee and a low $5 monthly fee, waived for teens and young adults ages 13 to 24
Everyday Checking, the most popular bank account, with optional overdraft protection
Prime Checking, offering discounted interest rates for loans and higher interest rates for linked CDs and savings accounts
Premier Checking, a relationship banking service with 24/7 support and discounts on investing services
It’s easy to waive the $10 fee on Everyday Checking with a $500 minimum daily balance or $500 in monthly direct deposits. Waive the $25 fee on your Prime checking with $20,000 in linked balances. Similarly, your Premier Checking account will be free with $250,000 in linked balances, including investments with the bank’s Advisors.
You’ll need a $25 minimum opening deposit to open your account.
14. Ally Bank – Best Online Only Bank for Savings
Ally Bank is widely recognized as one of the best national online banks. It has very few fees, including no maintenance fee, no overdraft fee, and no ACH fee (even on expedited transfers). Plus, you’ll earn interest of 0.25% in your checking account and 3.85% APY on savings, including money you have allocated into various buckets.
We rated Ally Bank as the best online only bank for savings, not just because of the high interest rate, but because it offers so many ways to manage your money and ramp up your savings efforts.
You can set up recurring transfers into your savings account for specific goals or just to build up your emergency coffers. You can choose to round up transactions made with your Ally Bank debit card, or even electronic payments and checks. When Ally Bank finds at least $5 in “round-up” savings, it will be transferred automatically to your checking account.
Finally, Ally Bank analyzes your checking account periodically to reveal extra funds that are “safe to save.” Ally Bank automatically transfers that money for you. But you can transfer it back whenever you’d like.
In addition to these savings benefits, Ally Bank lets you access your money with your debit card with no fees at any of 43,000+ Allpoint ATMs. The online bank also refunds up to $10 in fees charged by out-of-network ATMs.
You can avoid stress and overspending with the Overdraft Transfer Service, which automatically transfers money from your Ally Bank savings account into checking. If you exceed six transfers or six savings withdrawals per month, Ally Bank will reimburse those fees, too.
You can also apply for CoverDraft℠ Coverage, which will cover up to $250 in charges that would put your account in the negative. You’ll qualify 30 days after you deposit at least $100 into your checking account. If you receive qualifying direct deposits of at least $250 two months in a row, you can increase your coverage to $250.
15. TD Bank – Best for Overall Banking Satisfaction
TD Bank, deemed America’s most convenient bank for its number of branches, branch hours and excellent customer service, blends the best of brick and mortar banks with easy online banking.
Most TD Bank locations are open seven days a week, including Sundays, with extended hours beyond what most brick and mortar banks provide. Most TD Bank branches are located across the East Coast, with locations in 15 different states and Washington, D.C.
TD Bank is the 7th largest bank in the U.S. based on deposits, with 1,668 branch locations nationwide. You can also reach customer service by phone, 24/7/365, which earns TD Bank high marks for banking satisfaction.
TD Bank offers six checking accounts for customers in various life stages:
TD Essential Banking
TD Convenience Checking
TD Beyond Checking
TD Simple Checking
TD 60 Plus Checking
TD Student Checking (for ages 17 to 23)
Currently, TD Bank is offering sign-on bonuses for new customers who open a TD Beyond or TD Convenience bank account. You’ll need a qualifying direct deposit (or more than one) totaling $2,500 within the first 60 days to earn $300 with TD Beyond, and a direct deposit of just $500 within the first 60 days to earn $200 with TD Convenience.
16. Schwab Bank – Best for Investors
Schwab may be best known as an investment service, but the bank was rated highest in banking satisfaction with checking accounts from J.D. Power & Associates four years running.
If you have a Schwab investment account, or are considering opening one, Schwab could be the best choice in banking for you.
The Schwab Bank Investor checking account has no foreign transaction fees, no minimums, and unlimited ATM fee rebates. Plus, earn 0.45% annual percentage yield on checking. Schwab’s savings account offers 0.48% APY.
Schwab also offers exceptionally high interest rates for CDs, with up to 5.40% APY and terms as short as 30 days. You’ll receive FDIC protection exceeding the federal maximum because you can purchase CDs from multiple banks, all through Schwab investment.
Methodology: How We Chose the Best National Banks
We evaluated a variety of banks and credit cards, taking into consideration the:
Variety of products
Interest rates
Monthly fees
ATM fees and ATM fee reimbursement
Branch locations and number of branches
Minimum deposit requirements
Fraud protection and security
We also looked at consumer reviews, and drew on the general reputation of each bank to find the best national bank.
Finding the Best National Bank
Now that we’ve explored the specifics of the best online banks and brick and mortar banks nationwide, you probably still have questions about which one is really the best national bank.
Let’s compare the three largest in the U.S. based on number of branches, interest rates, and overall banking satisfaction.
Chase vs. Wells Fargo
For the largest nationwide bank, Chase offers excellent banking satisfaction with an A+ rating from the Better Business Bureau, 4,800 branch locations, and an easy and intuitive mobile app. If you are shopping for a bank credit card, Chase also offers some of the best rewards cards available today.
Wells Fargo rivals Chase when it comes to number of branches, with roughly 4,700 locations across the U.S. It’s somewhat easier to waive the checking account fees at Wells Fargo. Wells Fargo offers higher interest rates for savings, with a 0.15% APY compared to Chase’s 0.01%.
Both banks have lower interest rates than you might find at online banks. However, if you are looking for national banks with a solid reputation, many branches, and high marks in banking satisfaction, either Chase or Wells Fargo would be a good choice.
Wells Fargo vs. Bank of America
Bank of America and Wells Fargo are the second and third-largest banks in the U.S. based on assets. BofA only has 4,000 branches compared to Fargo’s 4,700, but BofA boasts more ATMs nationwide.
BofA stands out when you join the Preferred Rewards program because you can waive the fees on your bank account and enjoy perks, bonus rewards on BofA credit cards, and rate discounts on loans.
If you have a large balance or are looking for an investing platform through your bank, BofA may be your best choice. On the other hand, Wells Fargo offers high interest rates on savings and convenient branch locations nationwide.
Common Questions
People have many questions related to whether an online bank is better than a traditional bank or whether a local bank is better than one of the largest national banks. We break it all down here.
Which is better, an online bank or a brick-and-mortar bank?
If you are looking for the highest interest rates and generous rewards programs, you are highly likely to find them at online banks. However, there are some advantages to a brick and mortar bank, including in-person service at local branches, the availability of paper checks, and easy ways to deposit cash in person or at branch ATMs.
You should expect the best national online banks and the best brick and mortar banks to have robust mobile apps, easy-to-waive fees, and fraud protection.
Make sure whatever bank you choose is “Member FDIC,” which means your deposits are insured up to $250,000 per account holder, per account type. That means joint accounts have $500,000 worth of FDIC insurance protection.
Is my money safer in a national bank vs. a regional bank (or a national credit union vs. a regional credit union)?
All banks on this list are Member FDIC, which means they are insured to the maximum allowable limit of $250,000 per account holder, per account type. Credit unions are covered up to the same limits by the National Credit Union Administration.
Many online banks are insured up to $2 million or more. These financial institutions divide cash deposits among multiple partner banks. Each bank insures deposits up to the maximum limit allowed by the Federal Deposit Insurance Corp. Read the fine print to determine your coverage limits when you choose a bank.
Beyond that, your money should be equally safe in a national bank, a smaller bank, or a credit union of any size. Also look for features such as fraud protection, fraud alerts via text, email or in the mobile app, and enhanced website security measures. You should also be able to lock and unlock your debit card in the mobile app if you misplace it or believe it may have been stolen.
What makes big banks different from smaller banks?
By definition, big banks will have larger market capitalization, which represents the total value of a bank’s stocks. Big banks will also hold more assets. For instance, Chase, which is the world’s largest financial institution, holds $3.2 trillion in assets. The second-largest national bank, Bank of America, possesses $2.41 trillion in assets. Larger financial institutions may also have more bank branches.
In many other ways, big national banks and smaller banks are similar, especially today. Customers want specific features and are unwilling to compromise on things like fee-free ATMs, no monthly fees, early direct deposit, and an intuitive mobile app.
How much interest do the best big banks pay?
In general, some of the largest national banks do not have the highest interest rates for savings and very few offer interest earning checking accounts.
Capital One 360 and Discover are two of the best national banks that offer interest on checking. To earn a higher APY with one of the largest national banks, you might want to consider CDs.
Are national banks better than other kinds of banks?
National banks aren’t necessarily better or worse than other kinds of banks. They may have more convenient branch locations, a higher number of branches, and a greater variety of products, but they might also have higher fees. Decide what’s most important to you when you choose a bank.
If you’d prefer to trust your money with one of the largest national banks, with a large market capitalization, high value, and branches nationwide, consider opening your checking and savings accounts with one of the best national banks on this list.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
The Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.
1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
If you want more financial discipline you are probably looking to curb impulsive spending, save money, or maybe just achieve financial stability.
Building self discipline your financial decisions is an important part of building wealth over the long run.
What’s Ahead:
Why is self discipline the key to becoming a good saver
Being a good saver requires self discipline since there is so much fun stuff to do and buy. You are exposed to more advertising than anyone in the history of the world, and the marketing companies know a lot about psychology and exactly how to get you to part with your money.
So it takes a lot of self discipline in order to fight those tactics and stay on course to meet your goals. You have to have a clear goal and know that meeting that goal is more important than anything you can buy.
It requires a lot of self discipline to overcome the temptation to delay gratification of spending money and to save it instead.
Steps to develop self discipline
Step 1: Set a goal – then break it down into regularly recurring actions
What exactly do you want to achieve? It could be to build a fully funded emergency fund, start investing, pay off your debt, or even achieve financial independence – or anything in between.
Write down exactly what your goal is and the date by which you want to achieve it. For example, you may want to pay off your credit card debt within one year.
Then break down exactly what actions you need to take on a regular basis. Make these actions as small and as regular as possible. A small daily action is better than a larger monthly action.
For example, if you owe $10,000 on your credit card you’ll need to pay $833.33 off each month. Is that doable? If your budget allows for that, great. If not, you’ll need to figure out what exactly you need to do make up the difference.
If your regular payment is $150 and you can pull an extra $200 per month from your monthly budget that means you’ll need to come up with an additional $484 per month. If you have time to walk dogs after work you may decide to pick up a dog walking client for a few walks per week. At $25 per walk you’d have to walk the dog 20 times per month to make up the $484 you need. If you picked up a client that needed the dog walked everyday after work, you’d have the full amount.
You now have a goal and an action plan to make that goal happen.
Here are a few examples of short, mid, and long-term goals, but feel free to fill in the blanks with your own personal financial goals.
Short-term goals
Saving money each month towards your emergency fund
Going out to dinner with friends twice a month
Small household projects (planting a small indoor garden, painting a room, etc.)
Mid-term goals
Saving for a weekend getaway
Paying cash for your next car
Paying off your credit card debt
Long-term goals
Down payment on a house
Paying off your student loans
Putting money away for retirement
Read more: How to prioritize and save for multiple goals at once
Step 2: Track your progress
You’ll want some way to visualize and track your progress. A lot of people find this extremely motivating.
Using the example of paying off your car above, you could make a thermostat and color in a section each time you make a payment, representing the amount of money you’ve paid off (or is left on the loan). Or cover a piece of paper with stars (or anything else) and color in a star every time you send in your payment, each star representing one payment or a set amount of money.
Hang your tracker on the fridge so you can see it every day to remind you of what you are working towards. Make it a little celebration each time you get to fill in more of your tracker.
You can also go digital with your goal tracking. Apps like Empower offer a few different services for investing and checking up on your financial health. But, in this instance, I’m referring to the free tools they offer to keep track of your net worth.
You can create an account with them without opening an investment account. The wealth management and planning tools are the ones that you will probably be most interested in to help determine where you are at currently.
You can connect all of your financial accounts within the tool. These will be things, such as:
Checking account
Savings account(s)
Investment account(s)
Student loan account(s)
Auto loan account
Mortgage account
Credit card(s)
Medical debt account(s)
Sometimes, it can be pretty scary to see what your actual net worth is vs. where you want to be.
But, I use this as a driving force to work harder every month to increase my overall net worth. Because the faster I can get my net worth up, the faster I can get to my long-term goals.
Step 3: Find your tribe
Find people in your life who are working towards similar goals. This will help build self discipline because you’ll have a community that is embodying the new behaviors you want to build.
If you meet regularly with others who are paying off debt, you’ll have more discipline to follow that same path. You’ll have someone to share your successes with and a friend who can help when you are struggling.
Contrast that to when your friends regularly encourage overspending. Just going out to have a meal or a drink with friends can end up costing $100 or more in some instances. Something that sounded so innocuous, has now completely derailed your goal.
This isn’t to say you need to replace your entire friend group – not at all. But it will be up to you set a budget for having fun and then stick to it.
For example, instead of having two-three drinks, only have one. Go out for lunch instead of dinner, or a matinee instead of a night movie.
All of these options still give you the freedom to hang out with your friends and enjoy your life, but it won’t cost you nearly as much. And when you stick to your budget, your future self will thank you for your discipline.
Read More: The Cost Of Friendship – How Your Friends Affect The Way
Tips to meet your financial goals
Determine your needs vs. your wants
Setting up your financial goals and a way to track them are the first steps. But staying on track can get tricky when life happens. This is where needs vs. wants come into play. There are things that all of us want to have. But these are the things that can throw us off track so fast it will make your head spin.
So keeping in mind if the item/service is a need or a want can help you have more financial disciplined. Just remember to think long and hard about any purchases before you pull the trigger. If it is a need, then go ahead and do it. But if the item is actually something you want instead, it’s usually best to hold off even for a bit to make sure you still really want it as much as you think you do.
Reduce, reuse, recycle
When it comes to purchasing wants, you have a few other options that can save you a ton of money. If there is an item that you are wanting to purchase, but it simply isn’t in the budget, what might be some other ways to achieve the same goal?
Reduce, reuse or recycle may just be the best option here. If you have things in your house that you can get rid of (and maybe even make some money off of their sale), then that is one way to get the potential want. Sell your old stuff and then use the proceeds to purchase the new want item.
Or, if you can reuse an item you have in your house already, paired with something else, in order to create a similar item, then why not do that? Sometimes, all a table or chair needs is a fresh coat of paint in order to feel like a completely new item. So get creative and think outside the box about things you already have at your disposal.
And if all else fails, recycle your old items. You may not make any money off of them, but you could potentially get a tax write-off. Plus, it declutters your space, which can make it feel like a completely new room. Sometimes, that is really all you need.
Make it automatic
No matter what you goal is you can probably automate at least some of it.
If you want to save more, schedule automatic transfers from your checking to your savings. If you want to pay off a certain amount of debt each month, set automatic payments to your accounts.
Having these transactions happen automatically will remove the friction that can be caused when you have to manually make that extra payment, or save that extra money. You can always go in and stop or change the automatic payment if you can’t swing it one month, but making it the default will cause it to happen more often than not.
Of course, don’t set yourself up for failure. Setting an automatic payment without a plan to make sure the money is available will cause more harm than good. Create a feasible plan and realistic goal, then set it up to run without any extra effort from you.
Read more: Put your money on autopilot
Put your emergency fund in a high yield savings account
If you are working on building your emergency fund – or already have a solid savings account – you’ll want to make sure you are getting the most interest possible. This will help grow your savings rate since you’ll be earning a little extra interest each month.
Interest rates on high-yield savings accounts are higher than they’ve been in years, and the difference between online accounts and those at your local bank are huge. So, while these high yield savings account rates may not be anywhere close to the average return you will get on investing your money, it’s still nice to make some interest on your savings.
The best high yield savings account, in my opinion, is the CIT Savings Builder.
Read more: How Much Should You Save Every Month?
CIT Bank Savings Builder
CIT Bank Savings Builder has a very competitive APY – compared to the pennies you get from a credit union account.
You only need $100 to open an account and they charge no maintenance fees. To earn the highest APY, you need to get your account up to $25,000, or you need to deposit at least $100 monthly. See details here.
The CIT Savings Builder has a completely online platform, so everything can be done directly from your smartphone, just to make life simpler. They are also FDIC insured up to $250,000 per account type.
CIT Bank. Member FDIC.
Summary
Overall, it is extremely easy for our money to flow through our fingers like water. This is why you have to be cognizant of what you have and where you want to be with your finances.
If you want to avoid debt, save more money, or invest for your future then it’s important to develop self discipline in your finances.
