Georgia offers an affordable cost of living, top-notch schools and universities, and ample attractions, like the World of Coca-Cola, Forsyth Park, and Atlanta Botanical Garden. It’s also home to a diverse selection of reputable, member FDIC banks for individuals and small business owners.
No matter what your financial needs may be, you’re sure to find a good fit in the Peach State.
14 Best Banks in Georgia
We’ve made finding the best banks in Georgia effortless with our comprehensive list, so let’s dive straight into the options.
1. First Citizens Bank
Owned by First Citizens BancShares, First Citizens Bank has 56 branches across Georgia. As long as you sign up for paperless statements and make an initial opening deposit of at least $50, you won’t be on the hook for monthly maintenance fees.
With the First Citizens standard savings account, you’ll be able to earn interest without paying a monthly service fee or meeting a minimum balance requirement. The bank offers additional banking products, like credit cards, loans, retirement accounts, investment services, and insurance.
As a First Citizens customer, you can bank in-person at a local branch or perform account management online or via the robust mobile app.
2. Ally Bank
Ally Bank is a digital bank with a reputation for industry leading interest rates and low fees. While it doesn’t have a physical presence in Georgia, you can open and manage your accounts through Ally’s intuitive online and mobile banking tools. The Ally Interest Checking account online is a solid pick if you’d like to earn interest and don’t want to worry about annual fees or minimum balance requirements.
You can use the online portal or mobile app to pay bills online, deposit checks, and transfer funds. If you’d like to withdraw some cash, you’ll be able to do so at an Allpoint ATM for free with your Ally debit card.
Ally will also reimburse you if you make any out-of-network ATM reimbursements. In addition to the Ally interest bearing checking account, you might want to open the Ally Online Savings account, which comes with an impressive interest rate and savings bucket tools to help you meet your financial goals.
3. Axos Bank
Axos Bank is a digital bank that serves Georgians. If you’re in the market for checking accounts, you’ll have several options available to you. These include the Essential Checking, Rewards Checking, CashBack Checking, Golden Checking, and First Checking. Many of these accounts earn cash rewards or pay interest.
In addition to an Axos checking account, you might want to consider a high-yield savings account, high-yield money market, or a CD. You can also invest through Axos Invest, which is the bank’s free robo advisor. In addition, the bank offers 24/7 support for personal banking customers.
4. CIT Bank
CIT Bank is an online bank serving customers in all states, including Georgia. You can earn a competitive annual percentage yield or APY on various accounts without paying an arm and a leg for maintenance fees.
The CIT checking account requires a $100 minimum deposit but comes with interest and a free debit card. There’s also the Savings Builder account, which is a two-tiered savings account that requires a $25,000 balance or at least one monthly deposit of $100 or more.
Other options include the CIT Bank Money Market Account, certificates of deposit or CDs, home loans, and business accounts. You may download the CIT Bank app on your Android or IOS device to make mobile check deposits, pay bills, and use services like Zelle, Apple Pay, and Samsung Pay.
5. Renasant Bank
Headquartered in Mississippi, Renasant Bank has physical locations throughout Georgia. It’s a community bank with several checking account options. Each free checking account comes with perks like online bill pay, mobile banking, a debit card, and a switch kit so you can switch accounts without the hassle.
Renasant’s savings account lineup includes an interest bearing savings account, a savings account for children, a health savings account (HSA), and money market accounts.
If you’re interested in a loan, you can choose from personal loans, auto loans, and home equity lines of credit. In addition to personal banking services, Renasant provides mortgages and a plethora of business banking products. There’s also Renasant Rewards Extra, which gives you access to thousands of deals, cell phone insurance, identity theft protection, roadside assistance, and a health savings card.
6. United Community Bank
Based in Blairsville, United Community Bank is a regional bank with branch locations throughout Georgia, Alabama, Florida, Tennessee, South Carolina, and North Carolina. It’s insured by the Federal Deposit Insurance Corporation or FDIC and has been around since 1950. As a United customer, you can take advantage of more than 206 United ATMs and 1,260 Publix Presto! ATMs for free.
Its plethora of offerings include checking accounts, savings accounts, mortgages, credit cards, CDs, investing products, and business banking products. You can bank on the go via the convenient mobile app or use the online appointment scheduling tool to schedule an in-person appointment with a banker. If you have any questions or concerns, you can fill out a support form online and state whether you prefer an email or phone response.
7. Ameris Bank
Ameris Bank is a regional full-service bank with brick-and-mortar locations throughout Georgia in cities like Atlanta, Tucker, Woodstock, Marietta, and Oakwood. It offers three checking accounts with benefits such as a free Visa debit card, online banking access, e-statements, online bill pay, mobile banking, and Zelle transfers. In addition to checking accounts,
Ameris offers a plethora of savings accounts, including a personal savings account, personal money market account, minor savings account, health savings account, educational savings account, IRA, and CDs. You can also turn to Ameris for numerous mortgage options and down payment assistance. The bank provides personalized business banking solutions as well.
8. Bank of America
Bank of America is a well-known leader in the banking industry. Its financial centers and ATMs are present in various Georgia cities. From checking accounts, savings accounts, and credit cards to home loans, auto loans, and investing products, Bank of America offers it all.
The bank is also a great resource if you’re looking for small business banking products. Its Business Advantage Banking product is a business checking account with two settings to meet varying business needs.
While the Fundamentals setting has all the basic tools you need to manage your business, the Relationship setting is more robust and won’t charge you fees for wire transfers and electronic deposits. You can switch settings to accommodate your business needs at any time.
In addition to checking accounts, Bank of America offers small business loans, like SBA loans, commercial real estate loans, auto loans, and secured lines of credit.
9. Community Bank of Georgia
Based in Baxley, Community Bank of Georgia is a locally owned and operated bank with 24/7 ATM access. It aims to develop long-term relationships with account holders while offering a full suite of products and services.
The bank’s personal savings accounts include the regular savings account, Treasuresaver Club account for children ages zero to 13, a holiday savings account for holiday expenses, and a personal money market account for high interest savings opportunities.
Other personal banking products offered by Community Bank of Georgia include checking accounts and credit cards. The bank serves local business owners as well.
10. Chase Bank
The consumer banking arm of JPMorgan Chase, Chase is one of the largest national banks with a widespread presence in Atlanta. If you decide to open a deposit account at Chase with eligible Chase checking accounts, there’s a good chance you’ll qualify for a generous sign-up bonus.
You’ll also have access to a wide selection of products, including numerous checking accounts, two savings accounts, CDs with terms ranging from one month to 10 years, home mortgage loans, auto loans, home refinancing, and more. We can’t forget to mention that Chase offers Chase overdraft assist to help you avoid overdraft fees and inconveniences.
Thanks to Chase’s highly rated mobile banking app, you’ll be able to manage your account, make electronic transfers, deposit mobile checks, pill bays online, transfer money with Zelle, automate your savings, and set up account alerts. If you need assistance, you may reach out to Chase directly via phone or social media.
11. Morris Bank
Morris Bank is a local bank with branches in Georgia cities like Dublin, Gray, and Warner Robins. Regardless of which checking account you choose, you’ll enjoy access to free online banking, remote deposit services, online bill pay, and mobile banking.
When it comes to savings accounts, Morris offers the Savings Builder account, which will round up your purchases so you can save more money. In addition, the Blue Savings account allows for three free withdrawals per quarter.
The bank also serves small businesses in Georgia through checking accounts, savings accounts, business loans, treasury services, and merchant services. Even though it’s smaller than other banks on this list, Morris is technologically savvy and allows for online and mobile banking. Many residents believe Morris Bank is the best local bank.
12. Fifth Third Bank
Fifth Third Bank primarily serves the Midwest and has more than 33 banking centers and 80 ATMs at RaceTrac convenience stores. If you don’t want to visit a local branch, you can use the Fifth Third mobile app to transfer money, check balances and direct deposit transactions, and more.
While the bank’s most popular services are for individuals and small businesses, it also provides personalized wealth management solutions. These personalized wealth management solutions include private banking, wealth planning, trusts and estates, insurance, and investments.
As a wealth management customer, you can enjoy access to the Life360 site, which makes it easy to organize your finances and track your progress.
13. Truist Bank
Truist has physical locations in Georgia cities like Atlanta, Brunswick, Cartersville, and Pooler. Formerly known as BB&T, it offers a variety of personal and business banking products. You can select from five checking accounts, two savings accounts, one money market account, and CDs.
In addition to deposit accounts, Truist provides HSAs, prepaid cards, prepaid money account products, mortgages and home equity lines, personal loans, auto loans, investment products, retirement accounts, and personal insurance. Truist Mobile is the bank’s mobile app, which you may use to manage your account, deposit mobile checks, transfer money, locate branches, and pay bills.
14. Wells Fargo
Wells Fargo is a large national bank with more than 200 branches and over 600 ATMs in the Peach State. Just like most traditional banks, it offers a wide variety of banking products and services, such as savings and checking accounts, credit cards, home loans, personal loans, auto loan accounts, and investment accounts.
If you’re a small business owner in Georgia, you might want to consider Wells for business checking accounts, business savings accounts, business credit cards, small business loans, and merchant services.
The bank also offers a mobile app with LifeSync, a unique tool to monitor your spending habits and make smarter financial decisions. Additionally, Wells Fargo, which is considered the best national bank by many people, lets you automate your investing or work with a dedicated financial advisor.
Types of Banks in Georgia
There are several types of banks in the Peach State. Here’s an overview of the most common financial institutions you’ll find.
National Banks
National banks are banks with a presence across the country. Most of them have branches and ATMs in Georgia and other parts of the U.S.
These types of banks typically offer a diverse lineup of products and may be a solid choice if you have varying financial needs as an individual or small business owner.
Community Banks
Community banks serve specific geographic areas. They’re similar to credit unions in that they prioritize personalized customer attention. In Georgia, you may choose from numerous community banks like Ameris Bank, United Community Bank, and Morris Bank.
Online Banks
Also known as virtual banks or neobanks, online banks are tech forward and make it easy to perform various banking needs online or via mobile devices. While they don’t have physical locations in Georgia, they do offer many perks that you might not be able elsewhere.
Some examples of online banks that serve Georgia residents are Ally Bank, CIT Bank, and Axos Bank. With these financial institutions, you may be able to avoid a monthly fee and secure a competitive annual percentage yield or APY.
Common Banking Products
It’s wise to figure out what types of banking products meet your particular banking needs. Several of these products include:
Checking Accounts
Checking accounts are ideal for everyday purchases. You can also use them to make deposits, pay bills, and more. Some checking accounts might charge monthly service fees or impose minimum opening deposits. However, they might waive them if you take certain actions, like enroll in autopay or sign up for paperless statements. To access your checking account funds, you can visit a local branch or ATM. Depending on the bank, you may even find a checking account that pays interest.
Savings Accounts
Savings accounts are places to store your cash for various personal finance goals, like a house down payment, new car, or even a dream vacation. It’s also a great place for an emergency fund, which features three to six months worth of expenses. In general, online savings accounts pay out higher interest rates than traditional savings accounts. You’ll likely be able to make six free withdrawals per month.
High-Yield Savings Accounts
Compared to traditional savings accounts, high-yield savings accounts offer much higher interest rates. Typically, they don’t charge monthly or annual fees. If you’d like to open a high-yield savings account, consider an online bank as they’re not always available at traditional banks.
Certificates of Deposit
Certificates of deposit (CD) allow you to store your money for a certain amount of time while you earn interest. With a CD, you’ll usually be required to make a minimum initial deposit and choose a term. Typically, the longer the CD term, the higher interest rate you earn. If you’re looking for guaranteed returns, a CD is a solid choice.
Credit Cards
Credit cards are a suitable option if you’d like to earn rewards, like cash back, travel points, gift cards, and merchandise. While some are free, others come with annual fees. Do the math and make sure an annual fee is worth the benefits before you go ahead and move forward with it.
Loans
These days, many financial institutions offer loans. Some loans are for personal use, such as personal loans, mortgages, and car loans. Other loan options are designed for businesses, like SBA loans, commercial real estate loans, and business lines of credit. Before you commit to a loan, review the interest rates and terms to ensure you can pay it back on time.
How to Choose a Bank in Georgia
As you can see, not all Georgia banks are created equal. In fact, there are many options at your disposal. To help you hone in on the right bank for your unique needs, we encourage you to consider these factors.
Accessibility
Most traditional banks have local branches throughout the Peach State. If you prefer an in-person banking experience, this is great news. However, you’ll likely be able to lock in better interest rates and lower fees if you opt for an online bank with less overhead costs. Fortunately, traditional and online banks usually both have mobile apps so you can bank from just about anywhere.
Fees
Some examples of common banking fees you might come across include monthly maintenance fees, ATM fees, overdraft fees, wire transfer fees, account closing fees, and dormancy fees. When you shop around for the perfect bank in Georgia, you’ll notice that larger banks with physical branches tend to charge more fees and higher fees than online banks.
Minimum Balance Requirements
Depending on the bank and accounts you choose, you might have to maintain a minimum balance. If you don’t, you’ll likely be on the hook for fees. Before you pursue a certain account, make sure you can comfortably afford the minimum balance requirement. The minimum balance may be thousands of dollars, so this is an important factor to consider.
Product Options
Before you look for a Georgia bank, ask yourself what products and services you need. Maybe you’re seeking a personal checking account and savings account. Or perhaps you’re a Georgia business owner and in the market for business credit cards or business loans. Typically, national banks offer a greater selection of products and services than regional banks and credit unions.
Customer Service
There’s a good chance you’ll have questions or concerns once you decide on a bank. For this reason, it’s important to choose a financial institution with high customer service ratings and easy access to customer support. While some banks offer 24/7 customer service via phone, email, and live chat, others will only help you during select business hours.
Reviews
Be sure to read reviews from real customers on reputable review sites. If you notice many negative reviews about the same topics, you may want to be cautious and look to other banking institutions. It’s also a good idea to check out ratings on websites, like Better Business Bureau (BBB) and Consumer Affairs. In addition, don’t be afraid to ask family and friends for their recommendations on banks.
FDIC Insurance
FDIC insurance will keep your money safe in the event your bank fails. The FDIC usually insures up to $250,000 per depositor. In addition to deposit accounts, it covers money orders, cashier’s checks, and other official products. Before you open an account at a bank, make sure it’s FDIC insured. Most banks have the FDIC insurance logo on their websites.
Extras
Some banks go above and beyond and offer more than traditional banking products and services, like checking accounts and savings accounts. You may want to look for extra perks like overdraft protection or assist credit monitoring services, introductory offers, foreign currency exchange accounts, robo advising, and credit cards with impressive rewards.
Values
If you visit a bank’s website, you’ll know what it values. One bank might prioritize long standing customer relationships while another one is a socially responsible bank. If you’re debating between two banks, consider each institution’s values to help you make a decision.
Bottom Line
The Peach State has no shortage of banks. However, the right one for you depends on numerous factors, like your preferred products and services, the types of fees you can afford and are willing to pay, and whether you’d like to bank online or in-person.
If you’re unsure of which bank makes the most sense for your situation, don’t hesitate to open accounts in a few of them. From there, you can hone in on the best option. Good luck with your search for the ideal bank in Georgia.
Frequently Asked Questions
What are the largest banks in Georgia?
The largest banks in Georgia have the most branches throughout the state. These include Bank of America, Truist Bank, Ameris Bank, Fifth Third Bank, and Wells Fargo. All of these institutions are known for their extensive ATM networks and diverse product lineup.
How do I open a bank account in Georgia?
In most cases, you can open a bank account on the bank’s website or mobile app. You’ll likely need to submit a government-issued ID, like a driver’s license or passport, as well as personal information, such as your Social Security number.
What are some community banks in Georgia?
The Peach State has many community banks. The most popular options are Community Bank of Georgia, United Community Bank, Mountain Valley Community Bank, and Gwinnett Community Bank. Community banks are a solid choice if in-person service is important to you.
How can I avoid bank fees in Georgia?
If you don’t mind online or mobile banking, you’ll likely find fewer fees at an online bank. Also, some traditional banks may allow you to waive their fees. Since fees can eat into your savings and financial goals, you should do your best to avoid or reduce them.
Should I open an account at different banks in Georgia?
If you have large amounts of cash, you might want to open accounts at different banks. This is because the FDIC usually insures up to $250,000 per depositor and bank. This holds true even if you have several accounts with the same bank. You may also want to open different accounts if you want to take advantage of different benefits.
Is it better to choose a small bank or a large bank in Georgia?
Big banks offer a greater selection of products and services than small banks. But you might have to pay a monthly maintenance fee or make a minimum opening deposit. Small banks, on the other hand, take the time to get to know their customers and provide more personalized service. The ideal banking size depends on your particular priorities.
How can I easily switch bank accounts in Georgia?
First, gather basic information like your Social Security number or Tax Identification Number. Then, start the application process, fund your new accounts, and transfer funds from older accounts. Don’t forget to set up direct deposits and automate recurring payments. Some banks offer switch kits to simplify this process.
The Sunshine State is a great place to call home. Whether you’re an individual or small business owner, rest assured there are many banks available to help you meet your financial goals.
While some banks have brick-and-mortar locations in Miami, Tampa, Jacksonville, Orlando, and other parts of the state, others are online-only, meaning you’ll need to use an online portal or mobile banking app to manage your accounts.
15 Best Banks in Florida
We’ve done all the research and compiled this list of the best banks in Florida so you can make the most informed decision for your unique situation.
1. Huntington Bank
Huntington Bank has been around since 1866 and primarily services Southwest Florida. Its solo Florida branch can be found in Naples but you can bank from anywhere, thanks to a robust digital banking program.
Huntington’s checking accounts come with many benefits, such as 24-hour grace overdraft fee relief, platinum debit cards, mobile pay, and early pay. You can make deposits to them directly or through an ATM or mobile device.
If you’re looking for the ideal savings account, you may choose from several money market accounts, IRAs and other retirement accounts, and certificates of deposit. Huntington serves small business owners in Florida as well through business checking accounts, business credit cards, business loans, insurance products, and more.
2. Chime
Chime isn’t a traditional bank or credit union. However, it’s a mobile banking app you can take advantage of in Florida. It made its debut in 2013 and offers online banking services through Bancorp Bank, N.A. and Stride Bank.
With the Chime Checking account, you can enjoy early direct deposit, automated savings tools, free debit card replacement, and access to over 60,000 fee free ATMs across the county. If you opt for the Chime High-Yield Savings account, you’ll lock in a competitive interest rate and won’t have to pay monthly fees or meet a minimum balance requirement. Plus, there is no cap on how much interest you may earn.
3. Revolut
Revolut is another non-traditional banking opinion that serves Floridians from the U.K. With Revolut, you can access your paycheck up to two days early and won’t be charged fees for withdrawals at 55,000 ATMs across the nation.
If you consider yourself an avid traveler, you’re sure to appreciate its travel perks, such as currency exchange, overseas health insurance, delayed baggage and flight insurance, and the ability to make purchases in numerous currencies.
With the Smart Delay feature, you’ll get to hang out in airport lounges if your flight is delayed. Additionally, Revolut offers budgeting and analytics tools so you can keep your finances in check as well as cash back when you make purchases at select retailers.
4. Ally Bank
Ally Bank is an online bank with rates that are about 10 times the national average. Even though there are no Ally branches in Florida, it’s a solid pick if you’d like your money to grow quickly. Unlike most brick-and-mortar financial institutions in the Sunshine State, Ally doesn’t charge monthly fees or impose minimum balance requirements.
You can open an Ally account with any deposit amount. In addition to a savings account, you may take advantage of an interest bearing checking account and credit cards with rewards like cash back and travel points. We can’t forget Ally’s retirement and investment services, which include self-directed trading, robo portfolios, IRAs, stocks, commission-free ETFs, and even cryptocurrency.
5. Regions Bank
Regions Bank is a regional bank with more than 300 branches and 500 ATMs in Florida. If you’re an avid traveler, rest accrued the bank also has many locations in the Midwest, South, and Texas. Regions stands out from other, larger financial institutions for its checking account rewards program and LifeGreen Savings account, which is free of monthly maintenance fees and service fees.
In addition to the LifeGreen Savings account, you may opt for a Regions Savings account. This account offers a discount on a safe deposit box, a minor account for children under 18, and the Now Savings account, which is specifically for those with a Regions prepaid Visa card.
Furthermore, Regions offers CDs with terms that range from seven days and 72 months. Other perks include a robust mobile app and 24/7 customer service through an online secure messaging system.
6. Bank of America
Bank of America is a large bank with nearly 500 branches throughout the Sunshine State and no shortage of ATMs across the country. Thanks to its handy mobile app, you can cash checks, pay bills, and manage your accounts while you’re on the go. Speaking of accounts, there’s something for everyone at Bank of America.
The Bank of America Advantage Banking account is a checking account with three features: SafeBalance, Advantage Plus, and Advantage Relationship. With SafeBalance, which is ideal for students, you don’t have to worry about overdraft fees.
Advantage Plus offers several ways to waive monthly fees and Advantage Relationship rewards you with interest and other perks for higher balances. In addition, Bank of America boasts credit cards with generous sign on bonuses for new checking account customers, a variety of mortgages, and investment management services.
7. Chase Bank
Chase Bank is a part of JPMorgan Chase and has more than 400 branches in Florida. With Chase, you can expect a large ATM network of over 16,000 ATMs across the country and a number of online and mobile banking tools. If you decide to become a Chase customer, you’ll have access to two savings accounts: the Chase Savings account and the Chase Premier Savings account.
While Chase Savings comes with a low monthly fee, the Chase Premier Savings is a solid pick if you’re looking for a competitive interest rate on a large balance. When it comes to checking accounts, Chase offers several options, like the Chase Total Checking account and the Chase Sapphire Checking account with perks like attractive interest rates and no ATM fees.
Note that the Chase Sapphire Checking account is only available for Sapphire members with an average balance of $75,000 average balance.
8. Fifth Third Bank
Fifth Third Bank is a national bank that was recognized by J.D. Power for the great banking experience it provides in Florida. It has numerous branches in Bradenton, Lakeland, Apopka, Orlando, and other cities throughout the state.
You can open a checking or online savings account without having to worry about an opening deposit requirement and won’t be charged a monthly fee for any checking account.
If you do face a fee for a savings account, there are several ways to get it waived. Fifth Third also offers an extensive ATM network, which will give you access to more than 50,000 ATMs across the country.
Additionally, if you get paid via direct deposit in a Fifth Third account, you may access your paycheck up to two days early. For questions and concerns, you can reach out to Fifth Third’s customer service team 6-days a week.
9. TIAA Bank
TIAA Bank is the largest regional bank in the Sunshine State. You can find its financial centers in Jacksonville, Clearwater, Boca Raton, Coral Gables, Fort Lauderdale, Naples, and Fort Myers.
In addition to a personalized banking experience, this Florida bank provides a checking account featuring low fees and no transaction limits, a savings account with no monthly account fees and competitive rates, and three different types of CDs.
Plus, the bank is digitally savvy and provides online banking tools so you can keep tabs on your accounts, set a budget and savings goals, make transfers, pay bills, and send money with Zelle. If you’re interested in investing, TIAA Bank will give you the opportunity to invest in precious metals and foreign currencies.
10. Capital One
Capital One is a national bank that’s known for its flagship 360 Checking account. With a 360 Checking account, you can enjoy an attractive interest rate, access to more than 70,000 fee-free ATMs across the U.S., and 24/7 mobile banking.
You also won’t be on the hook for any monthly fees and Capital One will automatically decline any transitions that overdraw your balance for no extra charge.
Even though Capital One does not have any physical branches in Florida, you can apply for and manage your accounts online. Other benefits of Capital One include early paycheck, which can allow you to receive your incoming funds up to two days early, free financial coaching sessions, and a well-designed mobile app.
11. Raymond James Bank
Raymond James Bank is based in Florida. It’s an affiliate of Raymond James, which is a financial company with headquarters and one branch location in St. Petersburg. Through its Enhanced Savings Program, you’ll be able to earn interest on certain cash if you link your brokerage account to a high-yield Raymond James bank account.
You can also receive yields that are higher than traditional checking or savings accounts without bank fees or holding periods. Raymond James also offers a plethora of mortgage products, such as fixed rate and adjustable rate mortgages, interest-only mortgages, jumbo mortgages, pledged securities mortgages, construction mortgages, and home equity lines.
12. PNC Bank
PNC Bank is one of the largest traditional banks in the U.S. with nearly 200 branches in Florida. It offers the PNC Standard Savings account, a children’s savings account, and Virtual Wallet, which pairs a traditional checking and savings account. If you decide on the Virtual Wallet, you can enjoy a generous sign-up bonus and no fees.
When it comes to CDs, you can choose from a plethora of options including fixed rate CDs, ready access CDs, fixed rate IRA CDs, callable CDs, variable CDs, and stepped rate CDs. Additionally, the bank goes the extra mile with free budgeting tools and competitive interest rates for account holders that meet certain criteria. As an added bonus, PNC has a reputation for stellar customer service.
13. Discover Bank
Discover Bank is known for its credit cards. However, it’s an online bank with other banking products for Florida residents. Not only does Discover offer cash back on debit card purchases, it doesn’t charge monthly maintenance fees, insufficient funds fees, or overdraft fees.
While there are no branch locations in Florida, Discover has an intuitive mobile banking app and is part of a large ATM network of more than 60,000 fee free ATMs. In addition to checking accounts and savings accounts, you can turn to Discover for credit cards with various rewards and loans, like personal loans, student loans, home equity loans, and mortgage refinancing.
14. Wells Fargo
Wells Fargo is a major financial institution with more than 600 branches and thousands of ATMs throughout Florida. At Wells, you’ll find a full suite of banking products and services, such as checking accounts, savings accounts, certificates of deposit (CDs), credit cards, personal loans, and home loans.
You can choose from a basic, no-frills free checking account or opt for an interest checking account or a checking account for a teen or young adult. There are also a few saving account options, like a goal-based savings account and a high-interest savings account.
While you can visit a local branch if you prefer an in-person banking experience, you may also take advantage of online and mobile banking. In addition, Wells offers other conveniences like Zelle money transfers and online bill pay.
15. My eBanc
My eBanc is an online savings bank that serves customers in Florida and other parts of the U.S. It’s part of Banco Bradesco, a large bank in Latin America, which is an FDIC insured institution chartered in Florida. As a My eBanc customer, you’ll have access to several products that can help you save money and achieve various financial goals.
The SuperSaver Money Market account requires a $5,000 minimum deposit but offers perks such as a competitive interest rate, unlimited deposits, money management tools, and mobile check deposit. Other popular accounts you might consider include the eRelationship Savings account and Advantage Checking account. My eBanc also offers online time deposits with terms between 6 months and 36 months.
Types of Banks in Florida
The ideal bank depends on your particular banking preferences. In the Sunshine State, most banks are either national banks, regional banks, community banks, or online banks. Let’s take a closer look at how each banking option works.
National Banks
National banks are common in larger cities throughout Florida. If you’re looking for a wide range of banking products, you’re sure to find them at national banks, such as Wells Fargo, PNC Bank, and Wells Fargo.
Regional Banks
Regional banks have branches in certain regions of the U.S. In most cases, these banks are mid sized and offer a good mix of personal banking and business banking products. A few examples of regional banks in Florida include Regions Bank and TIAA Bank.
Community Banks
Community banks serve customers in specific geographic areas. Also known as local banks, community banks are similar to credit unions in that they focus on personal customer service and community outreach. Community Bank of the South and Mainstreet Community Bank of Florida are two community banks in Florida.
Online Banks
Online banks don’t have physical locations in Florida but serve individuals and businesses with online banking services. Since they have less overhead costs than banks with brick-and-mortar locations, online banks tend to offer more competitive interest rates and minimal to no fees.
Bottom Line
If you live or work in Florida, there are many reputable banking options available to you. As you explore various banks and credit unions, consider their accounts and services, fees, interest rates, customer service, and perks. Good luck in your search for the best bank in Florida.
Frequently Asked Questions
What are the largest banks in Florida?
The largest banks in the Sunshine State include Bank of America, Wells Fargo, and Fifth Third Bank. These banks have many branches throughout the state.
Should I choose an online bank?
If you’re comfortable with the internet or mobile apps, online banking from a place like Ally Bank and CIT Bank can be a smart choice. This is particularly if you can find the products you need with competitive interest rates and low fees.
What is the best bank for in person service?
Florida offers many great options if you prefer an in-person banking experience. You might want to consider Regions Bank, TIAA Bank, or Raymond James Bank.
How do I open a bank account in Florida?
Most banks allow you to open a deposit account online, from the comfort of your own home or office. Be prepared to make a minimum opening deposit and provide basic personal information, like your name and Social Security number.
Do Florida banks charge fees?
In most cases, larger brick and mortar banks require customers to pay fees like monthly service fees, wire transfer fees, overdraft fees, excessive withdrawal fees, ATM fees, and late payment fees. You might be able to get them waived, depending on the bank and the type of account you open.
What is the best local bank in Florida?
There are many local banks in the Sunshine State that each come with their own benefits and drawbacks. Several options you might want to explore include Florida Shores Bank, Seaside Bank and Trust, and One Florida Bank.
What is the difference between a bank and a credit union?
Anyone can become a customer at a bank. If you want to take advantage of the products and services at a credit union, you’ll need to meet certain criteria and join it.
Some of the largest banks call America home. These banks are backed by the Federal Deposit Insurance Corporation (FDIC) and offer a variety of products and services. If you prefer a big bank over regional banks or a smaller, community bank, you’ve come to the right place.
Below we’ve compiled a list of the largest banks in the U.S. Once you read through it and perform some of your own research, you should be able to choose a bank or two that meets your needs.
How to Measure Bank Size
First, let’s discuss how to measure the size of a bank. We can do so by looking at the number of customers, number of branches, and number of employees.
But perhaps the best way to measure bank size is by focusing on the total assets under management. This figure shows the actual size of a bank, regardless of how many employees, branches, or ATMs it has.
In our list of the largest banks in the U.S. below, you’ll find that we include each bank’s total assets so you can get a better idea of just how large it is.
Bank Services
We also thought it would be a great idea to briefly discuss how banks work and what they can do for you as a customer. Banks have been around since at least the 14th century. They offer a safe place for individuals and business owners to park their cash and work on various financial goals.
While every bank has their own unique lineup of services, most of them provide checking accounts, savings accounts, and loan services. Some go the extra mile with credit cards, wealth management services, and other conveniences.
Types of Banks
In addition, it’s wise to go over the types of banks at your disposal. The most common types of banks you’ll find include:
Retail banks: Retail banks serve the public and typically have branches and main offices. They provide a wide range of services, like checking and savings accounts, mortgage and loan services, auto financing, CDs, and individual retirement accounts (IRAs). Retail banks may be regional banks operating in various states.
Commercial banks: Also known as corporate banks, commercial banks gear their offerings to small business owners and larger corporate entities. In addition to the usual banking services, they may offer cash management, employer services, and commercial real estate services.
Investment banks: Investment banks are designed for corporate clients with complex needs, like mergers and acquisitions. These clients are large corporations, governments, and hedge funds.
Central banks: Central banks are not available to the public. Instead, they’re an independent institution that oversees the money supply and monetary policy in the country. The Federal Reserve Bank is the central bank in the U.S.
Banks vs. Credit Unions
While banks are quite popular, some customers use credit unions instead. While credit unions also offer banking services, like checking and savings accounts, they’re not for profit institutions that are managed by their customers or members.
Compared to banks, credit unions tend to deliver more personalized service. But they also provide fewer services and have fewer branches and ATMs. A credit union can make sense, depending on your unique goals.
20 Biggest Banks In The U.S.
Here’s an overview of the largest banks in the U.S.
1. JPMorgan Chase & Co.
Total Assets: $3.381 Trillion
Headquarters: New York City, New York
If you focus on consolidated assets, JPMorgan Chase earns the spot as the largest bank in the U.S. This investment bank is also a holding company for subsidiaries, including Chase Bank. Chase, which is J.P. Morgan’s consumer banking division, has more than 4,700 branches in the U.S. plus more than 30 branch locations abroad.
According to Chase, almost half of the households in the U.S. are Chase customers. It attracts digital savvy customers that value online banking and products with artificial intelligence (AI). In addition to consumer banking, JPMorgan Chase is a combined bank that offers commercial banking, asset and wealth management, and investment banking.
Chase offers some of the most popular cash back and travel credit cards that can earn you valuable rewards through their program, Chase Ultimate Rewards. Using these credit cards for everyday purchases can earn you travel points, cash back, and other benefits.
2. Bank of America Corp.
Total Assets: $2.440 Trillion
Headquarters: Charlotte, North Carolina
Bank of America is a multinational bank with nearly 66 million customers and small business clients across the globe. It has a few divisions, including Merrill, Bank of America Securities, and Bank of America Private Bank.
As a Bank of America customer, you can enjoy access to a wide variety of products and services as well as access to more than 4,000 branches and more than 17,000 ATMs.
Just like most big banks, Bank of America prides itself on a robust mobile app, the Zelle payment solution, and other intuitive digital tools. Its various service lines include consumer banking, corporate banking, credit cards, insurance, investment banking services, institutional banking, mortgage loans, private banking, private equity, and wealth management.
3. Citigroup
Total Assets: $1.720 Trillion
Headquarters: New York City, New York
Citigroup, which is widely known as Citi, is an investment bank and financial services firm. When Citigroup merged with Travelers Group in 1998, it became a major player in the financial space. Citibank, Citigroup’s retail banking division has more than 700 branches in the U.S. and over 1,800 branches outside the U.S.
Most of the U.S. bank branches are in Florida, California, New York, and Washington DC. Citibank manages over 138 million bank accounts and has 65,000 fee-free ATMs across the country. Over the years, it has earned high rankings for its digital money management tools, including one that shows customers a financial wellness score.
4. U.S. Bancorp
Total Assets: $582.25 Billion
Headquarters: Minneapolis, Minnesota
The parent company of U.S. Bank, Bancorp’s locations are mainly in the Midwest. It offers personal and business banking with more than 3,000 branches and 5,000 ATMs. Over the years, Bancorp has worked to become a responsible financial provider and earn a spot on the Ethisphere Institute’s World’s Most Ethical Companies list.
As a Bancorp customer, you can access information about your accounts through Google Home and Amazon Alexa. You may also download the handy mobile app to make mobile deposits and perform other services, like transactions via Zelle.
5. PNC Financial Services Group
Total Assets: $534.35 Billion
Headquarters: Pittsburgh, Pennsylvania
PNC is short for Pittsburgh National Corporation. PNC Financial Services is the bank holding company of PNC Bank, which has more than 2,000 branches across 21 states. It stands out among other large banks for its unique customer perks and products for individuals and business owners. The Virtual Wallet tool, for example, lets you manage your money online or on your mobile device.
You can keep your checking and savings accounts together or just stick to one type of account, depending on your particular needs. In addition to traditional banking services, PNC offers mortgages, home equity lines of credit, auto loans, personal loans and personal lines of credit, student loans, and student loan refinancing.
6. Wells Fargo
Total Assets: $1.71 Trillion
Headquarters: San Francisco, California
Wells Fargo made its debut in 1852 when it was first opened by investing partners, Henry Wells and William Fargo. It was initially designed as a bank and express delivery service for gold. Eventually, Wells Fargo expanded as a consumer bank to serve all types of customers with various banking needs. It is admired for its long list of offerings and the Wells Fargo mobile app that helps customers track their spending and simplify their bills.
While Wells Fargo has focused on consolidating and prioritizing digital banking services in recent years, it still has about 4,700 locations and more than 12,000 ATMs around the U.S.
In addition to personal and small business banking, Wells Fargo supports commercial banking, investing and wealth management, and investment banking.
7. Truist Financial Corporation
Total Assets: $532.08 Billion
Headquarters: Charlotte, North Carolina
Compared to the other large commercial banks on this list, Truist is fairly new. It was formed in 2019 as the result of one of the largest bank merger between BB&T and SunTrust.
Truist is made up of three major divisions, including Truist Bank, Truist Securities, and Truist Insurance Holdings. These divisions employ over 37,000 people that work in consumer and commercial banking, investment banking, mortgages, and insurance.
It offers a variety of noteworthy perks, such as no overdraft fees, a $100 negative balance buffer, and automatic upgrades. The bank also places a lot of emphasis on community involvement and giving back.
8. Goldman Sachs Group, Inc.
Total Assets: $501.91 Billion
Headquarters: New York City, New York
Goldman Sachs was founded in 1869 by Marcus Goldman, a German American shopkeeper. Its original purpose was to help merchants and small businesses with short-term funding. Eventually, Samuel Sachs joined Goldman in 1882. Today, Goldman Sachs has a reputation as a leading global investment banking, management, and securities firm.
In the fall of 2016, Marcus by Goldman Sachs, its online banking division made its debut and began to offer numerous financial products, like savings accounts, certificates of deposit, credit cards, and loans.
In addition to these offerings, Goldman Sachs provides asset management services, mutual funds, investment banking and management, prime brokerage, commodities, and commercial banking.
9. Charles Schwab Corporation
Total Assets: $407.90 Billion
Headquarters: San Francisco, California
Charles Schwab is a multinational financial services firm with a focus on investment accounts, such as individual retirement accounts (IRAs) and brokerage accounts.
You’ll find an extensive selection of funds with low expense ratios as well as commission-free stock and ETF trades. While there are over 360 Charles Schwab branches with financial consultants, you can take advantage of its services online.
Schwab also offers a high-yield checking account. Whether you’re new to investing or consider yourself a veteran, you can benefit from Charles Schwab.
10. TD Group U.S. Holdings
Total Assets: $405.22 Billion
Headquarters: Wilmington, Delaware
While TD Bank has roots in Canada, it’s been in the U.S. market since 2007 when it acquired Commerce Bancorp. There are more than 1,100 branches and 700 ATMs across fifteen U.S. states and Washington D.C.
TD Bank offers the typical lineup of banking products and services but is known for its branch convenience. Most branches have long hours, are open on the weekends, and provide curbside pickup for new debit cards.
If you prefer in-person banking, TD Bank is certainly worth exploring. Many of its accounts come with generous sign up bonuses and access to comprehensive online banking features, such as online bill pay, Zelle, and remote check deposit.
11. Capital One Financial
Total Assets: $388.44 Billion
Headquarters: McLean, Virginia
Since it was established in 1988, Capital One bank is one of the newer large banks on our list. In only a few decades, the bank has grown significantly, thanks to its credit card offerings in the early 90s.
Once 2016 came around, Capital One was named the third-largest credit card issuer in the U.S. These days, Capital One continues to offer credit cards as well as digital services through Capital One 360.
Capital One 360 stands out for its Capital One’s 360 Performance Savings account, which comes with no minimum opening deposit and no minimum balance requirements.
It also has a mobile banking app with mobile check deposit, customized alerts and notifications, Zelle, free credit score monitoring via CreditWise, and more. There are about 775 branches, 2,000 ATMs, and nearly 30 Capital One cafes.
12. Bank of New York Mellon
Total Assets: $365.10 Billion
Headquarters: New York City, New York
Bank of New York Mellon came about after a 2006 merger between Mellon Financial Corporation and The Bank of New York. The Bank of New York was originally founded in 1784 by Alexander Hamilton, the first Secretary of the Treasury of the U.S. Bank of New York Mellon is now one of the largest securities firms in the word.
It specializes in a number of solutions and services for corporations, insurance companies, banks, brokers, dealers, and other reputable clients in the financial industry. In addition, the bank offers private investment and wealth management services for wealthy clients.
13. State Street Corporation
Total Assets: $296.43 Billion
Headquarters: Boston, Massachusetts
State Street Corporation was founded in 1792 as a financial services and asset management company. It has more than 40,000 employees and a global presence in over 100 markets.
Its offerings include investment research and trading, investment management, and securities lending for clients, such as insurance companies, pension funds, and asset owners.
14. Citizens Financial Group
Total Assets: $226.53 Billion
Headquarters: Providence, Rhode Island
Citizens Financial Group, Inc. has been around since 1828. It owns Citizens Bank, its retail division and offers credit cards, deposit accounts, personal loans, student loans, refinancing, and a number of other financial services. Citizen Bank mainly operates in the Northeast and Midwest.
In addition to more than 2,700 ATMs, there are over 1,100 branches in New England states as well as Delaware, Michigan, Ohio, Pennsylvania, New York, and New Jersey. The bank provides extended call center hours, a streamlined online experience, and a highly rated mobile app.
15. Silicon Valley Bank
Total Assets: $211.82 Billion
Headquarters: Santa Clara, California
Silicon Valley Bank made its debut in 1983. Today, it serves as a full-service commercial bank for technology and life sciences companies. Aside from traditional banking services, Silicon Valley Bank offers foreign exchange, venture capital, and treasury management services.
It has supported innovation for several well-known tech companies, including Google and Facebook. Many people give it credit for establishing Silicon Valley.
16. Fifth Third Bank
Total Assets: $205.55 Billion
Headquarters: Cincinnati, Ohio
Fifth Third Bank is a subsidiary of Fifth Third Bancorp and known as one of the largest banks in the Midwest. It has approximately 1,100 branches that span across Ohio, Florida, Georgia, Kentucky, Illinois, Indiana, Michigan, North Carolina, Tennessee, and West Virginia.
As a customer, you can enjoy access to more than 50,000 ATMs across the country and no opening deposit requirements for checking and savings accounts.
In addition to deposit accounts, Fifth Third Bank financial institutions offer mortgages, auto financing, personal loans, insurance, and investing products. Products and services are available to business customers as well.
17. First Republic Bank
Total Assets: $197.91 Billion
Headquarters: San Francisco, California
First Republic Bank is a premier private bank with more than 80 branches across the country. Its vast lineup of products and services includes checking accounts, savings accounts, money market accounts, IRAs, CDs, and wealth management.
Business customers can take advantage of business loans, business lines of credit, commercial real estate loans, and small business loans. The bank focuses on philanthropy and constantly supports programs related to art and education.
18. Morgan Stanley
Total Assets: $191.35 Billion
Headquarters: New York City, New York
Morgan Stanley’s roots date back to 1935. Today, the bank is a reputable, multinational investment management and financial services company. It has over 700 locations in every state as well as Washington D.C.
Its investing division includes three portfolios, including the impact portfolio, market-tracking portfolio, and performance-seeking portfolio. Whether you’re a beginner investor or wealthy client, Morgan Stanley may be a solid pick.
19. KeyBank
Total Assets: $184.67 Billion
Headquarters: Cleveland, Ohio
KeyBank was founded in 1825 and is now considered a community bank with a presence in 15 states. It has more than 40,000 ATMs in its network and 1,000 full-service branches. The bank also partners with the AllPoint Network of over 40,000 ATMs nationwide.
Its standard services include checking accounts, savings accounts, home loans and mortgages, lines of credit, credit cards, investing, insurance, and debt consolidation. In 2021, KeyBank acquired several digital businesses including digital platform XUP Payments and GradFin, a student loan counseling fintech.
20. Ally Bank
Total Assets: $182.2 Billion
Headquarters: Sandy, UT
While it’s based in Utah, Ally Bank is an online only bank with a long list of digital banking solutions. Its deposit accounts come with no monthly maintenance fees or minimum balance requirements.
The bank also pays high yields on CDs and savings accounts than traditional banks with brick-and-mortar banks. As a customer, you can enjoy 24/7 customer services and access to more than 43,000 ATMs through the Allpoint network.
Bottom Line
As you can see, there are many large banks in the United States. Each one has its own unique perks and priorities. To choose the right bank, consider your location, needs, and preferences.
If you’re looking for personal banking services and prefer a digital platform, Goldman Sachs and its Marcus division may be the way to go. But if private wealth management is your top priority, you may be better off with Bank of New York Mellon. Best of luck in your search for the perfect large bank.
Largest Banks in the U.S. FAQs
What is a bank?
Put simply, a bank is a financial institution that can legally accept checking and savings deposits and distribute loans. Some banks also offer additional services like certificates of deposit (CDs), individual retirement accounts (IRAs) and wealth management.
What is the largest bank in the world?
The Industrial and Commercial Bank of China is the largest bank in the world. The bank’s assets add up to $4.324 Trillion.
What are the ten largest banks in the U.S.?
Ranked in total asset value, the ten largest banks in the U.S. include JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, U.S. Bancorp, PNC, Truist Bank, Goldman Sachs, Charles Schwab, and TD Group.
How do I choose a bank?
To choose the right bank, focus on what you’re looking for. For more personalized service, you might want to explore a community bank. But if you prefer branch locations across the country and a long list of offerings, one of the large banks on this list might be a better fit.
Is my money safe in a bank?
Your money is safe as long as the bank is insured by the Federal Deposit Insurance Corporation (FDIC). An FDIC-insured bank typically insures up to $250,000 per depositor. Note that you don’t have to purchase FDIC insurance. As long as you’re a customer at a bank that offers it, you’ll receive it automatically.
How does a commercial bank differ from a retail bank?
A commercial bank offers a variety of products and services to both individuals and businesses. Retail banks, on the other hand, focus their offerings to individual customers. If you own a business, you’d be better off with a commercial bank that can serve the financial needs of your organization.
Do online banks exist?
Absolutely! In today’s day and age, online banking is more popular than ever before, among larger banks and smaller banks. While some banks offer in-person and online services, other banks, like Ally Bank, solely operate online with no branch locations.
What are some other large banks not on this list?
Other big banks you might want to consider include First National Bank, Huntington Bank, Provident National Corporation, America Bank, and HSBC Bank USA.
Thanks to thriving metropolises like Louisville and Lexington, Kentucky continues to grow, but the city is made up of charming small towns, too. The best banks in Kentucky offer a variety of amenities, while also putting the community first.
From college towns like Bowling Green to Bourbon Trail towns like Bardstown, you’ll find plenty of banks, making it easy to find the bank that’s right for you.
12 Best Banks in Kentucky
Kentucky has a wide range of banks, from large, corporate banks to small community banks. This list of the best banks in Kentucky takes a look at the various types to help you find the best option for your banking needs.
1. Fifth Third Bank
Headquartered in nearby Cincinnati, Fifth Third Bank has branches in Kentucky, Ohio, Florida, Georgia, Illinois, Indiana, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia.
The best deal comes with the Fifth Third Bank Momentum Checking account, which is a free checking account with no minimum balance requirements or opening deposit. You’ll get fee-free cash access at Fifth Third Bank ATMs, as well as at more than 40,000 partner ATMs nationwide.
Fees:
No monthly service fee
$37 overdraft fee
Balance requirements:
No opening deposit
No minimum daily balance required
ATMs:
Fee-free at more than 40,000 Fifth Third Bank and partner ATMs nationwide
$3 charge per transaction at out-of-network ATMs
Interest on balance:
0.01% APY on savings
0.01% APY on money market accounts
Up to 4.55% APY on CDs
Additional perks:
2. Chime
If you don’t need a local Kentucky bank branch, an online banking option like Chime may be the best deal. You’ll get all the mobile banking features you’d find with a national bank without the fees. The checking account comes with no monthly maintenance fees or balance requirements.
As long as you have at least $200 directly deposited into your account each month, you’ll qualify for up to $200 in overdraft protection. The automatic savings feature rounds up debit card purchases and puts the money into your savings account, which earns 2.00% APY.
Fees:
No monthly service fee
No overdraft fee (with qualifying direct deposit)
Balance requirements:
No minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at more than 60,000 ATMs nationwide
$2.50 for each out-of-network ATM transaction
Interest on balance:
2.00% APY on savings accounts
Additional perks:
SpotMe covers up to $200 in overdrafts
Each purchase on your Visa debit card can be rounded up for automatic savings
3. First State Bank
First State Bank is a Kentucky bank with branches throughout Breckinridge County. If you prefer a community bank, First State is one of the best banks in Kentucky, whether you’re looking for personal or business checking accounts. But where this local bank falls short is in its ATM presence.
Branches and ATMs don’t cross the Kentucky line, although you’ll find ATMs throughout the state. They do make up for it, though, by having a low out-of-network usage fee. You’ll pay only $.75 per transaction on the First State side. Keep in mind, though, that this is in addition to any fees charged by third-party ATM owners, which First State doesn’t refund.
Fees:
No monthly service fee
$20 overdraft fee
Balance requirements:
$25 minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at First State Bank ATMs (limited to Breckinridge County)
$0.75 charge per transaction at out-of-network ATMs
Interest on balance:
Rates aren’t disclosed
Additional perks:
Business checking accounts with personalized support
Heavy branch presence for Breckinridge County-area residents
4. Chase
If you like the amenities of a national bank, Chase has multiple locations throughout Kentucky. You’ll get fee-free access to more than 16,000 Chase ATMs nationwide, as well as solid mobile banking options. Chase is currently offering a $200 bonus for new Total Checking accounts as long as you maintain a $1,500 balance or have at least $500 in direct deposits each month. If you’re looking for wealth management services, Chase offers that through its parent company, JPMorgan.
Fees:
$12 monthly service fee (waived with qualifications)
$34 overdraft fee
Balance requirements:
No minimum opening deposit
$1,500 minimum balance required to waive service charge (or $500 in direct deposits)
ATMs:
Fee-free at more than 16,000 Chase ATMs nationwide
$3 charge per transaction at out-of-network ATMs
Interest on balance:
0.01% APY on savings accounts
Up to 4.00% APY on CDs
Additional perks:
Account options for children and college students
Overdraft Assist lets you remedy overdrafts before fees kick in
5. GO2bank
Another online banking option is GO2bank, which offers a free checking account and a variety of mobile banking services. But the best feature of GO2bank is its 4.50% APY savings account, which is above what many competitors offer. You can also withdraw cash at more than 55,000 AllPoint locations and deposit cash at nearly 90,000 retail locations nationwide.
Fees:
No monthly service fee
$15 overdraft fee
Balance requirements:
No minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at more than 55,000 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 nearly 90,000 retail partners nationwide
Up to $200 in overdraft coverage
6. Republic Bank & Trust Company
Headquartered in Louisville, Republic Bank & Trust Company is a local account with a variety of checking accounts. Republic Bank has an entry-level account, Simple Access, that has no overdraft fees, but you will have to either have one monthly direct deposit, one debit card transaction, or one online bill pay transaction monthly. Republic Bank has higher-than-average interest rates on CDs and savings accounts, as well as competitive rates on personal loans.
Fees:
$4.95 monthly service fee (minimum activity required)
No overdraft fee
Balance requirements:
$10 minimum opening deposit
No minimum balance
ATMs:
Fee-free at more than 90,000 locations nationwide
Interest on balance:
0.35% APY on savings accounts
Up to 4.15% APY on CDs
Additional perks:
Specialized loans like aircraft financing
Award-winning customer service
7. Whitaker Bank
Another local bank with plenty of physical branches is Whitaker Bank, a community bank with 34 locations across Kentucky. Whitaker has multiple checking accounts, but the least expensive is Whitaker FREE Checking, which has no fees or minimum balance requirements.
Like many local banks in Kentucky, though, the availability of ATMs could be a problem if you travel. Whitaker charges no fees for its own ATMs or out-of-network ATMs, but you will have to pay third-party fees.
Fees:
No monthly service fee
$34 overdraft fee
Balance requirements:
$100 minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at Whitaker Bank locations across Kentucky
No fees for out-of-network ATM transactions
Interest on balance:
.01% APY on savings accounts
Up to .05% APY on money markets
Up to .50% APY on CDs
Additional perks:
Multiple ways to bank, including by text
Free fraud alerts
8. American Bank & Trust
Southern Kentucky is a bustling area of Kentucky, thanks to Western Kentucky University. If you live in the Bowling Green area, American Bank & Trust is one of the best banks in the area.
American Bank & Trust offers a free checking account with no minimum balance required and overdraft fees of only $5 per occurrence. In addition to fee-free access to American Bank & Trust ATMs, the bank also refunds up to $16 in third-party ATM fees.
Fees:
No monthly service fee
$5 overdraft fee
Balance requirements:
$50 minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at AMBank ATMs, as well as hundreds of ATMs nationwide
Up to $16 in third-party ATM fees refunded monthly
Interest on balance:
.50% APY on savings accounts
Up to 2.75% APY on money markets
Up to 4.50% APY on CDs
Additional perks:
Competitive rates on personal loans
Bank My Change feature helps you set money aside
9. South Central Bank
With branches across Kentucky, South Central Bank is one of the best banks in Kentucky for friendly service and a variety of banking services. South Central offers multiple checking accounts, including several with no monthly maintenance fee.
With some checking account options, you’ll need to sign up for e-statements and have at least 15 monthly debit card transactions for the $6 fee to be waived. South Central also offers wealth management services, including investing and retirement planning.
Fees:
No monthly service fee
$30 overdraft fee
Balance requirements:
$100 minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at South Central Bank ATMs in Kentucky and Tennessee
Interest on balance:
Up to 4.50% APY on CDs
Additional perks:
$25 for each new account holder you refer
Small business checking and savings account options
10. Independence Bank
Headquartered in Owensboro, Independence Bank makes the list of best banks in Kentucky due to its competitive rates on CDs and variety of free checking accounts. There are perk-packed checking account options for active-duty military and veterans, as well as branches across the state.
You can also interact with live tellers through select ATMs, which Independence Bank labels “ITMs,” or interactive teller machines.
Fees:
No monthly service fee
$34 overdraft fee
Balance requirements:
$50 minimum opening deposit (waived with direct deposit)
No minimum daily balance required
ATMs:
Fee-free at more than 55,000 AllPoint locations nationwide
Interest on balance:
Up to .01% APY on savings accounts
Up to 4.80% APY on CDs
Additional perks:
Interactive ATMs offer enhanced services, including live personal assistance
Active-duty military and veteran account options
11. Community Trust Bank
Although Community Trust Bank is spread throughout Kentucky, it’s actually one of the many regional banks, with branches and ATMs in Kentucky, Tennessee, and West Virginia. You’ll find multiple checking accounts, including an option with no monthly maintenance fee. If you travel outside the CTB service area, though, you’ll be on the hook for ATM fees.
Fees:
No monthly service fee
Balance requirements:
$100 minimum opening deposit
ATMs:
Fee-free at Community Trust Bank ATMs in Kentucky, Tennessee, and West Virginia
$2.50 per transaction at out-of-network ATMs
Interest on balance:
Interest rates not disclosed
Additional perks:
Prepaid cards available
Competitive rates on personal loans
12. Hometown Bank
Corbin, Kentucky residents looking for a small Kentucky bank should consider Hometown Bank, a community bank with locations in Corbin, London, Barbourville, and Williamsburg. Hometown has multiple checking and savings account options, including a free option with no monthly maintenance fees or balance requirements.
Fee-free ATM use is limited to the few ATMs within its service area, though, so if you frequently travel, this might not be the best Kentucky bank for you.
Fees:
No monthly service fee
$34.50 overdraft fee
Balance requirements:
$50 minimum opening deposit
No minimum daily balance
ATMs:
Fee-free at Hometown Bank ATMs
Interest on balance:
Interest rates not disclosed
Additional perks:
Round Up Savings moves funds from debit card purchases to savings account
Children’s accounts available
With so many banks in Kentucky, there’s a little something for everyone. Whether you prefer national or regional banks or you like the feel of a small community bank, it’s important to find one that has the features that work best for you.
How to Choose the Best Bank in Kentucky
If you’re in the market for a new bank account, it’s essential to first identify the features that are most important to you. Here are a few things to consider as you choose your banking provider.
Online Banking Offerings
Even if you prefer a bank you can visit in person, online banking is worth considering. Chances are, you’ll occasionally want to check your balance online.
The best checking accounts offer mobile baking features like remote deposit capture and funds transfers. Mobile apps have become essential for most financial institutions, so make sure you check out a preview of a bank’s app before signing up.
Checking Account Fees and Requirements
Even small fees can add up over the course of a month. If you can find a fee-free checking account, it could save money.
Some of the best banks in Kentucky offer free bill pay and no monthly fees. If you need paper checks, make sure you add that to your criteria for the best checking account, as well.
Locations
Both local and national banks often excel in providing brick-and-mortar banks that offer that in-person customer service you prefer. But it’s important to make sure the locations are convenient for you.
If you prioritize local branches, make sure you check ATM availability. It’s great to have free ATM withdrawals near your house. However, when you’re traveling, if you need cash and can’t access it, you may end up paying more in fees than if you’d had a checking account with no fees.
If you’re looking for a free checking account, you have multiple options in both traditional and online banks. With more than 4,100 banks in the U.S., according to the FDIC, the choices can be downright overwhelming.
It can help if you get clear on what you want in a checking account, narrow down your options, and then read reviews like the one below to find the best free checking account to meet all your needs.
12 Best Free Checking Accounts
When you’re ready to open a new checking account, consider the no fee checking accounts on this list. We’ve evaluated the fees, minimum deposit requirements, annual percentage yield APY on those that earn interest, and more.
Most of the best checking accounts offer features like overdraft protection, mobile banking and the ability to get paid up to two days early with your direct deposit. But financial institutions that let you earn interest on your checking balance or deliver cash back also gained our favor.
1. Chime Checking
Chime boasts truly fee-free checking and a host of advantages for those seeking an online-only banking solution. The bank has no monthly service fees, no overdraft fees, no transaction fees, and no minimum daily balance fees. If you lose your debit card, you don’t even have to pay to replace it!
Chime has a few features that can help you manage cash flow. First, if you sign up for direct deposit you can receive your paycheck up to two days earlier than you might with a conventional bank.
Second, Chime’s SpotMe program covers overdrafts up to $200 (depending on your qualifications). To take advantage, you must have a monthly direct deposit of at least $200. If your debit card purchase exceeds your overdraft limit, it will be declined, so you won’t ever pay overdraft fees.
Your Chime debit card is linked to a nationwide network of 60,000+ fee-free ATMs. The only fee you might pay is if you withdraw money from an out-of-network ATM or use your debit card to withdraw funds from your account during an over-the-counter debit card purchase.
Chime is an online financial services company, not a bank. It provides $250,000 worth of FDIC insurance per account holder, per account, through Stride Bank and The Bancorp Bank, both members FDIC.
Unlike some neobanks, Chime offers multiple means to reach their customer service representatives. You can reach out on live chat through the app or website 24/7/365.
Best for: Free Overdraft Coverage
Minimum Deposit: None
Monthly Fee: None
2. Bank of America Advantage Plus Banking®
Bank of America offers three Advantage checking accounts:
SafeBalance
Advantage Plus
Advantage Relationship
All three allow you to waive the monthly maintenance fee in a few different ways. Preferred Rewards members, who hold at least $20,000 in a Bank of America account or Merrill investment account enjoy free checking from Bank of America.
Otherwise, to waive the fee for your Advantage Plus checking account, you’ll need a qualifying direct deposit of $250 or more per month, or maintain a $1,500 minimum daily balance.
If you don’t qualify to have fees waived, your Bank of America Advantage Plus account will cost a reasonable $12 per month.
As the “middle-of-the-road” account which would fit the needs of the average customer, we chose Advantage Plus as the best free checking account from the big bank. It is also the most popular of the three.
You’ll want to be aware that your BOA account may have additional fees, including an overdraft fee of $10 for each item paid. You can avoid this fee by linking another eligible Bank of America account to your Advantage Plus checking account to cover overdraft transactions with no transfer fees.
Other Bank of America fees include a $15 replacement fee for a lost debit card, an international transaction fee equal to 3% of the transaction in U.S. dollars, and ATM fees of $2.50 for using an out-of-network ATM. With roughly 16,000 ATMs, nationwide, however, it should be easy to avoid out-of-network ATM fees.
Bank of America offers some features you won’t find at other banks. For instance, you’ll gain access to “Erica,” Bank of America’s virtual financial assistant to easily manage your accounts.
You can also enroll in Bank of America’s Keep The Change program, which allows you to round up debit card purchases and have the extra money deposited into your BOA savings account or your child’s linked BOA account.
Keep the Change is an easy way to sneak some extra savings into your budget. Preferred Rewards members can earn more than 5% interest on money in their linked Bank of American Advantage Savings account.
Best for: Preferred Rewards members
Minimum Deposit to Open: $100
Monthly Fee: $0 or $12
3. Quontic High Interest Checking
While it doesn’t compare to Wealthfront’s 4.55% APY for a Cash Account, Quontic offers what qualifies as a high interest checking account with a 1.10% APY.
Be aware that to earn that rate, you’ll need to make at least 10 qualifying debit card purchases of $10 or more in each statement cycle. Otherwise, your money will earn just 0.01% APY.
Quontic’s free checking account with no monthly maintenance fees, no overdraft fees, and no minimum account balance is straightforward, FDIC insured, and socially responsible. The online bank is one of fewer than 3% of all banks designated as a Community Development Financial Institution.
That means Quontic uses your money with fiscal responsibility for social good, depositing it into accounts to help serve lower income families, under-served demographics and small business owners obtain affordable mortgages.
But opening an account with Quontic doesn’t just help others. Account holders enjoy a host of benefits. You’ll gain access to online bill pay and a “roundup program” to shuffle extra “change” from your debit card purchases into your linked high yield Quontic savings account with a 4.25% APY.
You’ll also get a Quontic Pay Ring, a wearable that replaces your debit card for point-of-sale purchases.
Enjoy access to 90,000+ fee free ATMs through the AllPoint, MoneyPass, or SUM program ATMs, as well as Citibank ATMs nationwide. You’ll find these ATMs at popular stores like Target, Speedway, Walgreens, CVS, Kroger, Safeway, Winn Dixie, and Circle K.
In addition to its High Interest Checking Account, Quontic offers a Bitcoin Rewards checking, which rewards you in cryptocurrency for debit card purchases, and a Cash Rewards checking account, which pays 1% cash back on all eligible debit card purchases.
Both accounts offer the same features as the High Interest checking account, except you’ll receive rewards instead of interest on your checking balance.
For a higher APY, you can open a Quontic Savings account with no monthly service fee and a high 4.25% APY.
Best for: Socially conscious banking
Minimum Balance to Open: $100
Monthly Fee: None
4. Wealthfront Cash Account
Like Chime, Wealthfront is not a bank. But some would argue that, with no monthly maintenance fee, FDIC insurance of up to $5 million through partner banks, and a high 4.55% annual percentage yield APY on the Wealthfront Cash Account, it’s even better.
Your Wealthfront Cash Account offers many of the same features as a traditional or an online bank. You’ll receive a free debit card and can withdraw cash with no ATM fees at a network of 19,000 ATMs nationwide.
Most consumers will choose the Individual Cash Account, with features such as early direct deposit, online bill pay, mobile check deposit through the app, and fraud protection. Wealthfront also offers a joint account, with up to $10 million FDIC insurance, and a Trust Cash account.
Best of all, Wealthfront charges no overdraft fees, no transfer fees from external accounts, and no fees if your account dips below a minimum balance. It requires just $1 to open an account.
If you are interested in retail investing, Wealthfront makes it easy with virtually instant transfers between your Wealthfront Cash Account and linked Wealthfront Investment accounts.
As you build your portfolio, you can take advantage of Wealthfront’s vast array of financial services, including automated investing, stock investments with zero commissions, and tax loss harvesting services.
As your Wealthfront investment portfolio grows, you can borrow up to 30% of your portfolio’s value at an interest rate as low as 7.40% APR.
For consumers looking for a one-stop shop for investments, fee-free checking, and savings with a high annual percentage yield, Wealthfront represents a solid choice in online financial service companies or neobanks.
Best for: High Annual Percentage Yield APY
Minimum Deposit to Open: $1
Monthly Fee: None
5. Capital One 360
A Capital One 360 checking account combines the security and convenience of one of the nation’s largest banks with no monthly maintenance fees and no minimum opening deposits.
Account holders also earn 0.10% APY on all checking account balances in their Capital One 360 account.
You can open your account online or in a branch. If you want in-person assistance, you can visit a Capital One branch or Capital One Café for help.
Capital One 360 gives you access to your money through more than 70,000 fee free ATMs in the Allpoint, MoneyPass or Capital One networks.
Capital One 360 has no overdraft fees, but you can decide how you want the bank to handle transactions that exceed your account balance.
You can set it up so that a transaction that would cause an overdraft is declined. Or you can transfer funds from a linked savings or money market account to cover an overdraft.
Alternatively, Capital One may accept certain transactions that put your account into overdraft. You’ll need to deposit money to cover the overdraft or additional transactions will be declined.
Capital One offers direct deposit up to two days sooner than many banks.
Capital One’s robust mobile app allows for bill payments online, mobile check deposits, and Zelle person-to-person transfers. If you want to add cash to your account, you can do it in person at a CVS store. If you have other Capital One accounts or credit cards, you can manage them all through one login.
Your Capital One 360 account has no foreign transaction fees, but keep in mind there may be fees for using out-of-network ATMs, cashier’s checks, outgoing wire transfers, or paper checkbooks.
Best for: Capital One Credit Card customers
Minimum Balance to Open: None
Monthly Fee: None
6. Consumers Credit Union
The only credit union on our list of the best free checking accounts, this checking account is open to virtually all U.S. residents over the age of 18.
You’ll just need to pay a one-time, $5 membership fee to the Consumers Cooperative Association. Consumers Credit Union even reimburses this fee after you open your free checking account. Children as young as age 12 can join as the second member on a joint account.
Your Consumers Credit Union Rewards checking account offers many of the same benefits as top rated online banks with no monthly fees and no fees of any kind.
You will even be reimbursed for fees incurred while using out-of-network ATMs. CCU has a network of 30,000+ ATMs nationwide.
Enjoy early direct deposit, mobile banking, and even the ability to write unlimited checks with no fees. Plus, you’ll earn up to 5% APY on your balance, depending on certain actions you take. Here’s how the tiered checking account interest works for balances up to $10,000:
Earn 3% APY if you make at least 12 debit card purchases a month and have direct deposits, mobile check deposits, or ACH credits of at least $500 each month
Earn 4% APY if you meet the above requirements plus spend $500 or more on your CCU Visa credit card each month
Earn 5% APY if you meet the requirements to earn 3% plus make $1,000 or more in purchases on your CCU Visa card monthly
Balances of $10,000.01 to $25,000 earn 0.20% APY and balances over $25,000 earn 0.10% APY.
If you don’t meet the requirements in a given month, you will still have free checking and free online bill payments and you will receive a 0.01% APY on all checking account balances. You also won’t qualify for ATM fee reimbursement.
You can reach Consumers Credit Union customer service online, by phone, or at CCU branches across Illinois. You can also bank at shared branches across the U.S. that are part of the CU Service Center Network, a co-op of credit unions.
Best for: Those who prefer to bank at a credit union
Minimum Balance to Open: $5
Monthly Fees: None
7. Ally Bank Interest Checking
Ally is not just a robust fin-tech; it is a nationally chartered bank with $196 billion in assets and 11 million customers. The bank offers an interest earning checking account with no monthly fee and no overdraft fees, high-yield savings, money market account and CDs. Plus, it provides investment services, loans, and credit cards.
The Ally Bank free checking account lets you earn interest of 0.25% annual percentage yield APY on all balances.
You’ll pay no monthly service fees, no overdraft fees, and no ATM fees at more than 43,000 Allpoint ATMs nationwide. Ally also reimburses you up to $10 on out-of-network fees charged at other ATMs.
Your Ally checking account makes money management easy. You can put money in specific “spending” buckets allocated for different purchases. This can help you track your spending and stick to your budget. You can also get paid up to two days early with direct deposit.
Many of the best free checking accounts offer overdraft protection. Ally offers two choices to help you avoid overdraft fees. With the Overdraft Transfer Service, you can link your Ally Bank online savings or money market account to your Interest Checking account.
Ally will automatically transfer funds to your checking account to cover your purchase. If you make more than six withdrawals in a statement period, you may be charged “excessive transaction fees,” but Ally Bank reimburses those fees.
The CoverDraft service will cover purchases up to $100 as long as you have deposited at least $100 into your Interest checking account in the past 30 days. You can extend that coverage up to $250 if you receive a qualifying direct deposit of at least $250 for two months in a row.
You’ll need a direct deposit every 45 days to maintain your expanded coverage. You will have 14 days to bring your balance out of the negative.
Best for: Online only banking
Minimum Balance to Open: None
Monthly Fee: None
8. Axos Bank Rewards Checking
Axos Bank offers three different checking accounts with no monthly maintenance fee.
The Essential Checking online account has no overdraft fees, no monthly account fees, and unlimited reimbursement for out-of-network ATM use within the U.S.
The Rewards Checking has all the benefits of the Essential checking account and adds up to 3.30% APY in interest on qualifying balances.
Now until June 30, 2023, you can earn a sign-up bonus of $100 when you open an Axos Bank Rewards checking account and receive direct deposits totaling $1,500 or more each month for the first three months your account is open.
The Axos Bank Rewards checking account has complicated requirements to qualify for the highest annual percentage yield. Here’s how it works:
Direct deposits of $1,500 per month or more earn 0.40% APY
Once you fulfill that requirement, you’ll need 10 point-of-sale signature transactions with your debit card (minimum $3 purchase) or enrollment in account aggregation/personal finance manager account to earn an additional 0.30% APY.
Maintain an average daily balance of $2,500 in an Axos self-directed trading invest account to earn 1%
Maintain an average daily balance of $2500 in an Axos Managed Portfolio Invest account to earn another 1%
Make a monthly payment to an open Axos Bank consumer loan from your Rewards checking account to earn up to 0.60%
Together, this results in a 3.30% APY.
A Cashback Checking account offers the same benefits as the other checking accounts, except instead of earning interest you will receive 1% cash back on eligible debit card purchases.
Keep in mind that to earn the full 1% cash back, you’ll need to maintain an average daily balance of $1,500 in your checking account. If the balance falls below $1,500, you’ll earn .50% for that month.
Best for: Sign-up bonus
Minimum opening balance: $50
Monthly fee: None
9. SoFi Checking and Savings
Another excellent option in online banking, SoFi offers a wide range of financial services, including investments and loans. The bank provides a combination Checking and Savings account with a high yield APY of 4.20% for balances in your savings or Vault, and 1.20% APY on checking balances.
You will need to set up direct deposit to qualify for the high interest rates and other benefits, such as 2-Day Early Paycheck and no-fee overdraft coverage. But there is no minimum balance required.
Right now, the bank is offering new customers who open a free account up to $250 in cash. To receive your bonus, simply open your account and set up direct deposit. Deposits of $1,000 to $4,999.99 qualify for $50 cash back, while a deposit greater than $5,000 will net you $250.
There are no account fees when you bank with SoFi. Account holders with qualifying direct deposits receive fee-free overdraft protection for up to $50 per purchase.
You can even keep the money in your SoFi online savings to collect the high annual percentage yield APY of 4.20% and the bank will automatically transfer funds to checking to cover certain purchases. It will not, however, transfer money from Vaults, which are designed to help you reach specific savings goals.
Your SoFi debit card gives you access to your money for free at more than 55,000 ATMs in the AllPoint network. Plus, when you use your debit card for point-of-sale transactions at many local businesses, you can earn 15% cash back.
SoFi is a nationally chartered back with FDIC coverage. Thanks to a partnership with other banks, SoFi’s FDIC insurance exceeds the $250,000 maximum.
Your deposits are insured up to $2 million per account holder, per account, with SoFi. That makes SoFi an excellent choice in online banking for those with high savings, money market, or CD balances.
Best for: Money management and saving
Minimum Opening Balance: None
Monthly Service Fees: None
10. Varo Bank
Varo Bank has the distinction of being the first financial technology company to become a nationally chartered, online only bank. While most of the banks on our list of best free checking accounts have important features in common, Varo has a few perks that are harder to find in a free account.
First, your Varo debit card offers up to 6% cash back at select online retailers and brick-and-mortar stores. Each time your cashback balance reaches $5, you’ll see the funds deposited directly into your Varo bank account.
When you open a Varo checking account, it pays to open Varo savings at the same time. You’ll gain access to features like “Save Your Change,” which allows you to round up debit card purchases and put the difference in savings.
You can also use Save Your Pay, which deposits a portion of every paycheck you receive via ACH transfer directly into savings. You can set up these features in the mobile app.
Varo also offers a cash advance feature called “Varo Advance,” which allows you to borrow up to $250 and pay it back within 30 days.
You’ll pay nothing for advances less than $20, but there are fees up to $15 associated with borrowing larger amounts. As with many other banks, Varo also lets you get paid via direct deposit up to two days early.
Varo makes it easy to deposit cash into your account by purchasing a Green Dot MoneyPak at stores like Walmart, CVS, Rite Aid, Walgreens, 7-11, Dollar General, and others. You can also deposit cash at the register in any of these stores. You might pay a fee of up to $4.95 for this service.
Varo has no minimum balance requirements, no overdraft fee, no monthly fee, no foreign transaction fees, and fee-free access to 55,000+ ATMs in the Allpoint network.
If you use an out-of-network ATM, you will be charged a $3 fee by Varo, plus any charges incurred from the other bank. If you withdraw money using your Varo debit card at the point-of-sale in a store, you’ll pay $2.50 for the convenience.
You can reach Varo customer support via chat on the app every day from 8 AM to 4:30 PM, Mountain Time, except on Thanksgiving, Christmas, and New Year’s Day.
Varo phone support is also available Monday through Friday during the same hours for help logging into your account, filing a dispute if you suspect fraudulent charges, or to receive help adding your Varo card to a digital wallet.
Best for: Cashback debit
Minimum Opening Balance: None
Monthly Fee: None
11. Discover Cashback Debit
In the world of finance, Discover is best known for offering a straightforward cashback rewards credit card. Discover’s free online checking account also offers cash back rewards of 1% for up to $3,000 worth of debit card purchases monthly.
That could equal up to $30 in free money every month. You can even choose to have that Cashback Bonus deposited directly into your Discover Online savings account, where it can earn up to 3.90% APY.
Discover has no fees for anything. This includes overdraft protection through your linked Discover savings, no insufficient funds fee, no fee for official bank checks, no fee to receive expedited delivery of a new debit card, and no fees for paper checks. The only service that incurs a fee is an outgoing wire transfer. That will cost $30.
You can use your Discover debit with no fees at any of 60,000+ ATMs nationwide. Like many other financial institutions on this list, Discover allows you to receive ACH deposits from your employer up to two days early through the Discover “Early Pay” program.
Unlike many other online only banks, Discover offers 24/7 U.S.-based customer service by phone at 800-347-7000. If you prefer the convenience and cost savings of an online only bank account but want access to 24/7 phone service, Discover Bank could be the best choice for you.
Best for: 24/7 customer service by phone
Minimum Opening Balance: None
Monthly Fee: None
12. Chase Total Checking®
JPMorgan Chase & Co. is not just one of the “big four” banks in the U.S. It is the biggest bank in the U.S. and the world’s largest financial institution based on market cap. For that reason, many people choose Chase Bank for its convenience and 4,700 branches nationwide.
Chase Total Checking is the bank’s most popular checking account, requiring no minimum opening deposit, and a low monthly fee of $12 that’s fairly easy to waive. To waive the fee, you’ll need to do one of the following each month:
Have at least $500 in direct deposits
Maintain a beginning daily balance of $1,500 or more
Maintain an average beginning day balance of $5,000 or more in any combination of your Chase checking account plus other qualifying accounts
Chase offers overdraft protection in the form of its Overdraft Assist program. You won’t pay an overdraft fee if you’re overdrawn by $50 or less at the end of the business day.
If you are overdrawn by more than $50 but bring the account current or bring your overdraft to $50 or less by the next business day, you also won’t pay any fees.
Chase offers access to Zelle for person-to-person payments and has an intuitive and user-friendly app for online and mobile banking.
You can also take advantage of Chase Autosave features to automatically have a portion of deposits transferred into your Chase savings account, or set up automatic transfers on a schedule, such as weekly or monthly.
Set savings goals and have money deposited into specific buckets or transfer funds into your general savings account to build your emergency savings. You can even pause automatic savings if your checking account drops below an amount you set.
Chase Premier Plus Checking offers even more benefits, including free money orders and cashier’s checks, ATM fee reimbursement for out-of-network ATMs four times per statement cycle, and free checks.
Your Chase Premier Plus Checking account earns a 0.01% APY on all account balances, which is the same as a Chase Savings account.
You can avoid the fees on your Chase Premier Plus Checking account if you have an average beginning day balance of $15,000 in any combination of Chase checking, savings, and other deposit accounts.
Another option is if you have a linked qualifying Chase mortgage enrolled in automatic payments, or if you are a member of the U.S. military or a veteran.
When you are a Chase checking customer, you can refer friends to open a Chase account and receive a $50 bonus, up to $500 per year. Like most financial institutions on this list, Chase has a robust and easy to use mobile app.
Best for: 4,700 branches nationwide
Minimum Opening Balance: None
Monthly Fee: $12.95 (for Chase Total Checking) or free if you meet requirements
Methodology: How We Select the Best Free Checking Accounts
We evaluated multiple factors to find the best free checking accounts for consumers across the U.S. Whether you have large monthly direct deposits or have been “unbanked” until now, you’ll find the best free checking accounts for any need or any budget here.
ATM network or generous ATM-fee reimbursement program
You shouldn’t have to pay extra money to access your money. After all, that’s the opposite of a “free checking account,” isn’t it? You want to find a bank with a large, fee-free ATM network to conveniently withdraw cash or make deposits. If the bank reimburses out of network ATM fees, that’s a bonus.
Nationwide availability (Physical locations or mobile access)
If you’re looking for a traditional bank, you want to make sure it has branches near you. Otherwise, an online bank might be the best choice. For this list of free checking accounts, we eliminated credit unions that don’t serve customers nationwide or have strict membership requirements.
Credit unions are often a solid choice for banking, and often have low fees and high interest rates. For instance, Navy Federal Credit Union is a highly ranked financial institution backed by the National Credit Union Administration. But it’s only open to members of any branch of the U.S. Armed Forces, U.S. veterans, their families, and Department of Defense personnel.
We tailored this list around banks with national appeal, with means they serve customers nationwide, with no residency requirements or specific occupational requirements. The one outstanding credit union on the list, Consumers Credit Union, is open to virtually anyone in the U.S. over the age of 18.
No Monthly Maintenance Fee
When most people think of a free checking account, they think of one with no monthly maintenance fees. You’ll see a few banks with monthly maintenance fees on this list because the benefits outweigh the fees. But any monthly service fees are easy to waive by meeting direct deposit or minimum balance requirements.
Low Minimum Deposit and Balance Requirements
Truly free checking accounts should be accessible to most consumers. That means having low or no minimum deposit or minimum balance requirements.
No or Low Foreign Transaction Fees
If you travel abroad or make international transactions, you don’t want to pay fees. This may not be important to everyone, but foreign transaction fees may be a point to consider.
No Account Closure Fee
This was a deal-breaker for us. If you choose to close your account, you should be allowed to do so with no account closure fee. All the banks on this list make it as easy to close your checking account as it is to open it.
No Overdraft Fees
Likewise, if you accidentally spend more money than you have in your account, you shouldn’t be punished. Sometimes we forget that an automatic payment cleared or sometimes, you just need a helping hand to make it to your next paycheck. We gave preference to account with no overdraft fees, overdraft protection, or generous overdraft forgiveness.
Benefits such as high APY, cash-back rewards, or other additional perks
From cash back debit cards to interest bearing checking accounts, generous perks can make it easy to choose one fee-free checking account over another. Other nice-to-have features include:
The ability to pay bills online
Early direct deposit
Mobile check deposit
These account features make it easy to manage your money. We evaluated all these aspects when compiling our list of the best free checking accounts.
Customer Service
Whether you opt for a neobank or a traditional bank with brick-and-mortar branches, you want fast and responsive customer service. We took branch hours or phone hours into consideration, as well as a responsive chat or email for those who prefer automated service without speaking directly to a person.
Other Products and Services
Many people want to use the bank that holds their primary checking account as a one-stop shop for all their financial needs. They don’t want to download another mobile app, remember another password, or keep their money in different places.
For this reason, we considered the availability of high yield savings or money market accounts, CDs and other financial services when choosing the top free checking accounts. Chase, Capital One, and a few others got bonus points from us for the ability to link a child’s account to teach money management at a young age.
How to Choose the Best Free Checking Account
Before you choose a free account, decide what features are most important to you. Do you want a bank with brick-and-mortar branches or are you comfortable banking online only? If you choose an online financial institution, find out if there is a way to deposit cash, since some only allow mobile deposits and ACH transfers from other accounts.
Most of the checking accounts on this list offer similar features, including an easy to use mobile app, no monthly fees, direct deposit capabilities, and overdraft protection. Some have no minimum deposit to open the account, which is convenient since you can set up the account and then fund it within a few days or when you receive your next paycheck.
If you’re looking for interest bearing checking accounts, you’ll find a few on this list. Others provide debit rewards, which isn’t a common feature in a free deposit account. These benefits can help put extra cash in your pocket to help you reach your financial goals.
Determine if you want a linked savings. If so, do you want the capability to transfer funds into multiple savings buckets to help with budgeting?
All the banks on this list are FDIC insured for up to $250,000 per account holder for each type of deposit account. CCU is insured for the same amount by the National Credit Union Administration. That means your money is safe, which is important in today’s climate of economic uncertainty.
Ultimately, your checking account becomes a hub for your financial life. Whether you’re opening your first account or thinking about switching banks to get free checking and more perks, this list provides a good place to start your search.
Free Checking Account FAQs
See what people are asking about the best free checking accounts.
What are monthly maintenance fees?
Monthly maintenance fees are service charges imposed by a bank simply for holding an account. The free checking accounts on this list have fee free checking or it is easy to waive the monthly maintenance fee by having monthly direct deposits or meeting minimum balance requirements.
Do free checking accounts have any fees?
When people think of fee-free checking, they often think of an account with no monthly maintenance fees. However, some free checking accounts may have a monthly fee that can be easily waived with a monthly direct deposit or by meeting minimum balance requirements within a statement cycle.
So-called free checking accounts may have over fees besides the monthly fee. Read the fine print closely to find truly free checking accounts.
What fees do I need to watch out for?
Some banks who advertise free checking accounts may forego a monthly maintenance fee, but charge overdraft fees, ATM fees, withdrawal fees (typically only for savings or money market accounts), fees for paper checks, fees for paper statements, foreign transaction fees, and wire transfer fees. If you lose your debit card, you might have to pay a fee to have it replaced, as well as covering mailing costs.
Can I open a free checking account without a deposit?
Some banks allow you to open a checking account with no minimum deposit required. Of course, if there are any perks, benefits, or sign-up bonuses, you’ll want to fund the account to earn interest or take advantage of special offers.
How do banks make money on free checking accounts?
Banks might make some money from monthly maintenance fees and other customer service charges. But the bulk of their revenue comes from the interest rate they earn on your money when they invest it in other securities, as well as interest collected on loans they make.
Banks don’t necessarily keep the money you deposit in your account. They hold cash withdraws to allow customers to withdraw their money. But they also invest the money and earn revenue on those funds.
They may also earn money on loan services, financial advisory services, investment services with fees, and other services they provide to customers.
These other revenue streams allow banks to offer free checking accounts without losing money.
What’s the difference between a checking and a savings account?
A checking account is where you keep cash for everyday spending. Typically, you can make debit card purchases and withdraw funds from an ATM easily, without fees. Most checking accounts don’t pay interest on your deposits, but some do.
A savings account, on the other hand, holds money you are saving either for a specific events – such as vacation or large purchase – or for an emergency. Financial experts recommend keeping as much as three to six months of living expenses in an easy-to-access savings account.
Savings accounts pay interest ranging from .01% annual percentage yield APY up to 4% or 5% APY. Be aware that some savings accounts charge fees for monthly withdrawals exceeding a limit of six per month.
You can still find free checking accounts these days if you know where to look, but truly free checking accounts are in short supply at big banks like Wells Fargo and Chase.
So the fact that the Chase Total Checking® makes it relatively easy to waive its $12 monthly maintenance fee counts as a win. At least, if you also appreciate the security of banking with a global financial institution.
Though it’s not perfect, Chase Total Checking brings some other perks to the table, including a nice-sized account opening bonus and no minimum balance requirements. Size it up and see if it’s right for you.
What Is Chase Total Checking?
Chase Total Checking is an everyday checking account. It has a $12 monthly maintenance fee that can be waived when you maintain a minimum balance, receive a qualifying direct deposit, or pay a certain amount in banking fees.
Chase Total Checking comes with a Visa debit card that’s accepted at millions of locations worldwide. It has a user-friendly mobile app that supports mobile check deposit, fast person-to-person transfers, and recurring bill payments. It also waives fees on short-term overdrafts under $50, though larger and longer-term overdrafts still incur fees.
You can open a Chase Total Checking account if you’re an adult U.S. resident, except if you live in Alaska, Hawaii, or Puerto Rico.
What Sets Chase Total Checking Apart?
Chase Total Checking has a few notable features worth calling out early on:
Above-average account opening bonus. Chase Total Checking comes with a $200 account opening bonus that’s very easy to earn. You just need to enroll by the promotion end date and set up direct deposit within 90 days.
No overdraft fees on certain transactions. Chase Total Checking comes with Chase Overdraft Assist, which waives fees on overdrafts under $50 and certain larger overdrafts where the negative balance lasts for no more than one business day.
Multiple ways to waive the monthly fee. Chase Total Checking’s $12 monthly maintenance fee is relatively easy to waive with a $1,500 minimum daily balance or at least $500 in monthly direct deposits.
Above-average mobile app. The Chase mobile app is one of the best in the business. It can do just about anything the desktop dashboard can do, plus accept mobile check deposits.
Key Features of Chase Total Checking
Chase Total Checking is a basic checking account with no minimum deposit or balance requirements, a decent but not huge ATM network, multiple overdraft protection options, and some other features worth noting.
Account Opening Bonus
Earn a $200 account opening bonus when you open your account and set up direct deposit within 90 days of coupon enrollment. You must open your account by July 19, 2023 to qualify.
Minimum Deposit and Balance
Chase Total Checking has no minimum opening deposit or ongoing balance requirements. Chase doesn’t close accounts for balance-related reasons unless they’re negative for an extended period of time.
Monthly Maintenance Fee & Waiver Options
Chase Total Checking has a $12 monthly maintenance fee. Chase waives this fee for at least the first two months after you open your account.
After that, Chase waives the fee in any month where you meet at least one of these waiver requirements:
Receive direct deposits or other qualifying electronic deposits totaling $500 or more
Maintain an average daily balance of $1,500 or more in your Total Checking account
Maintain an average daily balance of $5,000 or more in combined eligible Chase accounts, including your Total Checking account
ATM & Branch Network
Chase has about 15,000 ATMs in its fee-free network. It also has about 5,000 physical bank branches across the United States.
Importantly, Chase doesn’t reimburse out-of-network ATM fees for Total Checking customers. It’s best to avoid out-of-network ATMs with this account.
Overdraft Protection
Chase’s Overdraft Assist program waives the customary overdraft fee for overdrafts that meet either of the following criteria:
Totaling less than $50 at the end of the business day
Totaling more than $50 at the end of the first business day, but the account is brought to within $50 of a zero balance within one business day
For larger overdrafts, Chase offers two optional overdraft protection programs:
Overdraft Protection: Chase transfers the exact amount needed to cover the overdraft from your linked Chase savings account. If you don’t have a Chase savings account or don’t have enough in your linked savings account, this isn’t an option.
Debit Card Coverage: Chase allows transactions that would result in a negative balance to go through. There’s a $34 charge per item for this service (capped at three per day, or $102).
Chase Credit Journey
Chase Credit Journey is a free credit-tracking service that offers on-demand access to your FICO credit score and personalized tips on improving your credit score factors over time.
Possible Account Fees
Other potential Chase Total Checking fees include:
A $3 out-of-network ATM fee within the U.S.
A $5 international ATM fee
A $10 fee for a cashier’s check (bank check)
A 3% foreign exchange fee for international transactions
A fee of $0 to $50 per wire transfer, depending on the direction and destination
Mobile Features
The Chase mobile app has several useful features:
Rapid person-to-person transfers via Zelle, with no Chase user fees
Free mobile check deposit
Free one-time and recurring bill payments
Customizable account balance and transaction alerts
Card locking and unlocking
Advantages
Chase Total Checking’s biggest advantages include an easy-to-earn account opening bonus, no minimum balance requirements, and generous overdraft coverage for certain transactions.
Easy to earn the account opening bonus. Chase Total Checking is one of several Chase accounts with above-average account opening bonuses. Its bonus is especially easy to earn, requiring only that you set up direct deposit within 90 days.
No fees on certain overdrafts. Chase waives overdraft fees on smaller negative balances — down to minus $50. That’s not typical for a big bank and qualifies as a significant advantage.
No minimums. Chase Total Checking has no minimum opening deposit or balance requirements. You can live paycheck to paycheck with this account.
Powerful mobile app. The Chase mobile app can do basically everything your online account portal can, and in more places.
Monthly fee waived for at least the first two months. Chase waives the monthly fee on this account for at least two months from account opening. This gives you time to set up direct deposit or build up a balance that qualifies for a fee waiver later on.
Disadvantages
Chase Total Checking’s drawbacks include a relatively high monthly fee, high fees for overdrafts not covered by its overdraft protection plans, and no interest on balances.
$12 monthly maintenance fee. Though it can be waived without too much trouble, this account’s $12 monthly fee counts as a drawback all the same.
High fees for larger or longer-term overdrafts. Chase charges $34 per item and up to $102 per day for overdrafts not covered by its complimentary overdraft protection plans. This is on the high side for a U.S.-based bank.
No interest on balances. Chase Total Checking is not a high-interest checking account. In fact, it pays no interest at all. If you’re looking to grow your day-to-day spending balance, look elsewhere.
Relatively small ATM network. Chase has about 15,000 ATMs in its fee-free network. That’s significantly less than competing banks that belong to bigger networks like Allpoint and MoneyPass, which have tens of thousands of machines.
How Chase Total Checking Stacks Up
Chase advertises Total Checking as an account for everyday banking needs, and it certainly holds up its end of the bargain. But it’s not the only bank account that meets this description. Before you apply, compare it against another popular option with few frills: BMO Harris Smart Money.
Chase Total Checking
BMO Harris Smart Money
Monthly Maintenance Fee
$12, but can be waived
$5, limited waiver only
Waiver Options
Direct deposit or balance minimums
Only if you’re under age 25
Overdraft Fee
$0 for overdrafts under $50, otherwise $34 per item
$0, but BMO declines most overdrafts
ATM Fee Reimbursement
None
None
Interest on Balances
None
None
Final Word
Chase Total Checking® is a full-service checking account, but it’s not exactly fancy. With no interest or rewards and few benefits beyond the basics — overdraft protection and fee-free in-network ATM withdrawals, for example — it can’t stand up to more generous options.
But those options tend to have higher monthly fees and make it more difficult to waive them. By contrast, Chase Total Checking has multiple waiver options within reach of the average account holder, in particular the $500 monthly direct deposit requirement. And Chase waives the monthly maintenance fee for the first two months no matter what.
All in all, Chase Total Checking is a well-rounded bank account that’s better than many competitors. Maybe good enough to be the bank account you open next.
The Verdict
Our rating
Chase Total Checking®
Chase Total Checking® is a basic checking account with an easy-to-attain account opening bonus and a powerful mobile app. While it has no yield and lacks any real rewards for users, it does have customer-friendly features like no minimums, fee-free overdraft coverage for certain transactions, and free credit-tracking tools. Overall, it’s worth a look if you don’t need anything fancy from your bank account and can consistently get the monthly fee waived.
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.
Editor’s note: This is a recurring post, regularly updated with new information.
Remember extreme couponing? Avid couponers would pour over weekly ads and find ways to maximize their savings by stacking coupons on top of other offers.
Merchant offers are a more convenient version of couponing. These programs are entirely online and allow you to save money on the things you’re buying anyway, with no scissors required.
Every issuer’s merchant offer follows the same basic structure: Log into your card account online or through your banking app, review the offers available to you, add the ones you want and make a qualifying purchase using the card the offer is registered to.
Offers are typically targeted, but someone with multiple cards will have access to dozens of offers from various retailers at any given time. Though every little bit helps, some programs are more valuable than others. Here’s how the programs stack up.
Amex Offers
Nearly everyone with an Amex card is familiar with Amex Offers, where you’ll often find 100 or more potential discounts for each card you have. Not all of them will be relevant to your purchasing needs, but the law of large numbers says a few will probably make sense.
From a traveler’s perspective, Amex Offers are frequently a good fit. Hotel offers are relatively common and often span multiple brands. For instance, here’s one that can save you $80 on an MGM Resort stay:
Sometimes you’ll find other good travel deals, too, like this one for $20 back on an airport parking service:
In addition to the sheer quantity of offers available, Amex also tends to field some of the highest cash-back deals. Rebates of $100 or more are relatively common, and you can sometimes stack Amex Offers with other discounts and promotions as long as your final purchase price is high enough to trigger the deal.
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Another great advantage to these offers is that Membership Rewards-earning cards sometimes proffer bonus points on eligible purchases rather than cash back. For example, you may find an offer for 10,000 bonus points instead of $100, or 5 extra bonus points per dollar instead of 5% cash back, on certain types of purchases or from specific retailers.
Since TPG values Membership Rewards at 2 cents each, earning your rebate in points can make it an even sweeter deal.
One major downside is that Amex usually structures deals to require a minimum spending amount (as you might imagine, the higher rebates require higher spending to qualify), and taxes and fees are generally not included in that amount. So if you spend even just one penny short of the amount stated in your Amex Offer, you could miss out on the deal entirely.
Further, note that some Amex Offers have restrictions around what purchases are eligible, so read through the terms and conditions before you make a purchase. Also note that you can only add a particular Amex Offer to one Amex card, so try adding it to the card that earns the most points on your purchase.
Interested in using Amex Offers? Consider applying for one of these Amex cards:
American Express® Green Card: Earn 60,000 Membership Rewards points and get 20% back on eligible travel and transit purchases made during your first six months of cardmembership (up to $200 back) after you spend $2,000 on purchases within the first six months of cardmembership. Earn 3 points per dollar on dining at restaurants, travel and transit (including flights, hotels, cruises, taxis, tours and more) purchases and 1 point per dollar on other purchases ($150 annual fee; see rates and fees).
American Express® Gold Card: Earn 60,000 Membership Rewards points after you spend $4,000 on eligible purchases with your new card within the first six months of card membership. Earn 4 points per dollar on dining at restaurants, 4 points per dollar at U.S. supermarkets (on up to $25,000 per calendar year, then 1 point per dollar), 3 points per dollar on airfare purchased directly from airlines or American Express Travel and 1 point per dollar on other eligible purchases ($250 annual fee; see rates and fees).
The Platinum Card® from American Express: Earn 80,000 Membership Rewards Points after you spend $6,000 on purchases within the first six months of card membership. Earn 5 points per dollar on airfare purchased directly from airlines or through American Express Travel (on up to $500,000 on these purchases per calendar year), 5 points per dollar on prepaid hotels booked with American Express Travel and Amex Fine Hotels + Resorts and 1 point per dollar on other purchases ($695 annual fee; see rates and fees).
Related: These Amex Offers will help you save money and make life easier right now
Chase Offers
Since so many of our favorite travel cards are issued by Chase, there’s a good chance you have access to Chase Offers in your wallet.
Chase Offers are targeted and may vary by card. You’ll need to check each card in your account to see which ones you can access. Sometimes, you’ll find the best deals on cards you rarely use, which might give you an incentive to pull them out of the sock drawer.
Chase Offers are nearly always a percentage back instead of a flat rate dollar amount, with a few exceptions for subscription-based products. That makes these offers easier to use since you can spend normally without worrying about hitting a minimum threshold in your shopping cart. Everyday brands (rather than stores you’ve never heard of) are often featured, with recent offers from places like Starbucks, McDonald’s and Best Buy.
On the flip side, Chase Offers are generally not as valuable as Amex Offers. Instead of getting triple-digit rebates, you’ll find quite a few that are far less exciting. For example, this Office Depot offer has a maximum savings of $11:
Here are some of our favorite Chase cards:
Chase Sapphire Preferred Card: Earn 60,000 bonus points after you spend $4,000 on purchases in the first three months from account opening. Its earning rates include 3 Ultimate Rewards points per dollar on dining and 2 Ultimate Rewards points per dollar on travel purchases.
Chase Sapphire Reserve: Earn 60,000 bonus points after you spend $4,000 on purchases in the first three months from account opening. Its earning rates include 3 Ultimate Rewards points per dollar on travel and dining purchases.
Related: Your ultimate guide to Chase Offers
BankAmeriDeals
Bank of America also has a cash-back program with a great extra twist: Bank of America debit cards can also activate offers on their account (though we at TPG think credit cards are usually the smarter choice for most). Either way, it can take up to 30 days to see offers on your account after enrolling, so you’ll need to be patient before you can start saving.
The offers on your Bank of America cards may overlap with your Chase Offers since the same backend system seemingly powers both programs. Bank of America does have an extra way to save through their BankAmeriDeals.
Note that these bonuses post to your account later than the initial earnings – but they can be a nice bonus if you regularly use your Bank of America credit card.
Related: How to maximize your earning with the Bank of America Premium Rewards card
Citi Merchant Offers
Like Amex, the Citi Merchant Offers program includes offers from a huge volume of merchants. Offers are conveniently sorted by category, making it easy to scroll through and add anything that catches your eye.
With Citi offers, the devil is in the details. The fine print of each offer is often very specific, so make sure your purchase is in line with the terms and conditions. For example, chain restaurants may only be valid at specific locations rather than nationwide and sometimes travel discounts only apply to prepaid bookings. Still, if you see a deal like $250 off a $1,000 Carnival cruise purchase, the savings are significant enough to be worth your time.
If you’re looking for a new Citi card, consider applying for the Citi Premier® Card (see rates and fees). It’s currently offering 60,000 ThankYou points after you spend $4,000 on purchases in the first three months of account opening, which you can use for many great redemptions.
Related: 4 reasons the Citi Premier Card should be on your short list
U.S. Bank cash-back deals
U.S. Bank’s version of a rewards program was introduced without fanfare in 2021 and uses the same backend system as you see on Chase and BankAmeriDeals.
Though that means you might not see something new or noteworthy, it does mean you have another opportunity to load an offer to your account, especially since so many discounts are capped at low dollar amounts.
Unlike Chase, U.S. Bank doesn’t require you to load an offer to a specific U.S. Bank-issued card. Once you activate an offer, it’s valid for any of the cards on your account, but you can only use it once.
Related: How to choose the right credit card for you
Stack with a shopping portal
Barring some specific Amex Offers, the bulk of these merchant-specific offers trigger when you make an eligible purchase with your credit card. You do not always need to click through a special link to use your offers, meaning you can stack with a popular airline, hotel or cash-back shopping portal to earn even more points.
Shopping portals reward you with bonus points when you click through the portal before making a purchase with a specific merchant. For example, the United shopping portal currently offers 1 mile per dollar at Home Depot. So if you have a Home Depot Amex Offer, you can click through the United portal first, pay with your Amex and earn bonus United miles and Membership Rewards points on your purchase.
Most of the major airlines, many major hotels and even some transferable points currencies have their own shopping portals. One of our favorites is Rakuten — it’s technically a cash-back portal, but you can opt to earn Amex Membership Rewards points instead. The portal sometimes offers new members up to $40 (or 4,000 Membership Rewards points) bonus after spending a certain amount within 90 days of opening your account.
Consider using a shopping portal aggregator to earn the most rewards on your purchases. These will show you earning rates for all the major portals side-by-side, so you always get the highest possible return on your purchases.
Related: Don’t want to miss out on earning bonus points? There’s an extension for that
Bottom line
You might have access to a plethora of different discounts or bonuses to enjoy across your credit card portfolio. Amex tends to have the most headline-worthy rebates, but realistically, the best offers will be those at retailers you shop with anyway.
Try and make it a habit to look through all your available offers and add the ones you might use. There’s no harm in not using a linked offer; you might as well save money where possible. Just make sure to use the card with the linked offer when you pay for your purchase.
For rates and fees of the Amex Green, click here. For rates and fees of the Amex Gold card, click here. For rates and fees of the Amex Platinum card, click here.
Update: Some offers mentioned below are no longer available.
In 2020 and 2021, many major hotel companies offered some of their most generous promotions. That’s how some TPG staffers achieved top-tier Hyatt Globalist with just 10 nights. But those days are far behind us.
Overall, hotel promotions aren’t quite as generous as they once were. But from helping you accrue additional points to earning elite status faster, they certainly should be on your radar.
However, keeping track of the latest hotel bonuses can be difficult — especially if you’re juggling points and elite status with multiple programs. With that in mind, we’ve created this guide to track current promotions across the major hotel chains.
Most of these promotions require you to book directly with the hotel chain. Bookmark this page for regularly updated offers, links and other information about your favorite hotel programs. We’ll also discuss which offers will get you the most bang for your buck.
This article focuses on limited-time promotions, excluding ongoing offers like AAA and AARP member discounts. Further, the list doesn’t include ongoing offers on cobranded hotel credit cards, but you can check out the following links for details on these cards:
Related: 6+ unexpected travel discounts that can save you money
Limited-time credit card hotel discounts
Amex Offers, Chase Offers and Citi Merchant Offers can offer significant hotel discounts. While we didn’t find any current Citi hotel offers, here are a few targeted offers that TPG staff found on their credit cards — check your cards and see if you have them too.
Amex Offers
American Express is currently offering several hotel promotions for select cardholders via its Amex Offers program, including:
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7,500 bonus points after spending $2,000 or more on your card (expires March 31). TPG values 7,500 Marriott points at $63.
Caesars Rewards Las Vegas: $40 back after you spend $200 or more (expires May 31).
Hilton properties in Mexico: $150 back after spending $750 or more (expires April 30).
Hilton’s in the US, Mexico, Caribbean, Colombia, Honduras and French Polynesia (select properties only): $200 back after you spend $1,000 or more (expires May 31).
Hyatt Hotels & Resorts Canada: $100 back after spending $500 or more (expires May 15).
IHG Hotels and Resorts: $40 back after you spend $200 or more (expires June 16).
Lotte Hotel: $100 back after you spend $500 or more (expires Aug. 1).
Lotte New York Palace: $150 back after you spend $750 or more (expires July 23).
Mandarin Oriental: $100 back after you spend $500 or more (expires March 31).
Marriott Bonvoy properties in the U.S., Caribbean, Mexico and Canada: 20% back, up to a total of $50 back (expires March 31).
Marriott Bonvoy properties in the U.S., Caribbean, Mexico and Canada: $60 back after spending $300 or more (expires March 31).
Marriott Homes & Villas: $200 back after spending $1,000 or more (expires May 31).
Riggs Washington, D.C.: $120 back after spending $600 or more (expires April 30).
Sonesta: $60 back after spending $300 or more at properties in the U.S. and U.S. territories (expires April 30).
Staypineapple: $50 back after you spend $250 or more (expires April 3).
The Line Hotels: $60 back after you spend $300 or more (expires April 30).
The Ned NoMad Hotel: $100 back after you spend $500 or more (expires Sept. 4).
Viceroy Hotels & Resorts US & Mexico: $200 back after you spend $1,000 or more (expires May 31).
Remember that Amex Offers are targeted. So, you should check your offers and enroll in any that interest you.
Related: Which is the best American Express credit card for you?
Chase Offers
Chase Offers are targeted. Several of our staffers have this Chase Offer:
Thompson Hotels: Earn 15% back when you spend $100 or more, up to $37.95 (Expires April 21).
Related: Check your Chase Offers to save money with Marriott, Lyft and Carnival
Accor Live Limitless
Accor Live Limitless has a couple of promotions that might help you earn extra points and qualify for status. These promotions require you to register.
Promotion
Details
Register-by date
Dates of stay
4x points at new hotels
Earn 4 times the points at new Accor Hotels.
Deadline passed.
Through May 5, 2023.
Earn bonus status nights with fast track
This targeted promotion isn’t open to members with a U.S. primary address.
Classic members will earn f5 status nights toward Silver.
Silver members will earn 7 status nights toward Gold.
Gold members will earn 10 status nights toward Platinum.
Deadline passed.
By May 2, 2023.
Related: The award travelers guide to Accor Live Limitless
Best Western Rewards
Best Western’s promotion allows you to earn up to 16,000 bonus points, which requires registration. Here are the details:
Promotion
Details
Register-by date
Dates of stay
Stay two nights and get 8,000 bonus points (up to two times).
Complete two separate or consecutive eligible nights to earn 8,000 bonus points following completion of the eligible nights.
Valid only on Best Western-branded U.S., Canada and Caribbean stays.
N/A.
Stay by May 7, 2023.
Related: Your ultimate guide to Best Western Rewards
Choice Privileges
Choice Privileges is back with a promotion advertising a gift card, but cashing out your points for the gift card isn’t required. You can read more about their ongoing deals here.
Promotion
Details
Register-by date
Dates of stay
Bonus points after two paid stays
Earn between 5,000 and 8,000 bonus points on the second paid stay. Choice advertises this promotion as being enough points for a $50 gift card, but you can keep the points instead.
N/A.
Stay by June 30, 2023.
Related: The best hotel credit cards
Hilton Honors
Hilton has been generous with its recent promotions. Note that the Double Up + Explore promotion requires you to register. For more details, visit this page.
Promotion
Details
Register-by date
Dates of stay
Double Up + Explore
Earn double points and 1,000 bonus points (worth $6 at TPG’s valuations) for each of Hilton’s 18 brands you stay at during the promotional period.
N/A.
Stay by April 30, 2023.
Free bonus points at Hilton’s newest properties.
Earn 1,000 Hilton Honors points per night at select properties.
Earn 5,000 Hilton Honors points per three-night stay or longer at select properties.
N/A.
Ongoing promotion.
Related: How to choose the best Hilton credit card for you
IHG One Rewards
You can earn bonus IHG One Rewards points with the loyalty program’s latest promotion, but you must register
Promotion
Details
Register-by date
Dates of stay
2,000 bonus points every 2 nights
Earn 2,000 points for every two nights of eligible paid stays.
N/A
Feb. 9 to April 14, 2023.
Related: 7 ways to earn more IHG One Rewards points for your next redemption
Marriott Bonvoy
Marriott is offering an appealing promotion for points and elite status seekers. Check your “promotion central” to see if you have any targeted promotions.
Promotion
Details
Register-by date
Dates of stay
Delight in the unexpected: Earn twice each night
Earn 1,000 bonus points (worth $8.40 based on TPG’s valuations) and one elite bonus night for each night you spend at a Marriott Bonvoy-branded property at a qualifying rate (award stays are excluded.).
April 9, 2023.
Feb. 7 to April 23, 2023.
Related: The award travelers guide to Marriott Bonvoy
Radisson Rewards Americas
Here’s one noteworthy promotion from Radisson Rewards Americas. Make sure to register.
Promotion
Details
Register-by date
Dates of stay
First time’s a charm
Earn 3,000 bonus points for your first booking in the app.
N/A.
Ongoing promotion.
Related: Here’s why Radisson Rewards is the best loyalty program for earning free nights
World of Hyatt
World of Hyatt recently launched its latest Bonus Journeys promotion. Here’s a high-level overview of Hyatt’s promotions.
Related: The most award-friendly hotel program: Everything you need to know about World of Hyatt
Wyndham Rewards
Wyndham Rewards has two generous promotions now — both require you to register. Here’s an overview.
Promotion
Details
Register-by date
Dates of stay
Stay 3 nights, earn 2 free
Book three qualifying nights at participating hotels in Europe, Africa, Eurasia or the Middle East and you’ll earn 15,000 Wyndham Rewards bonus points (enough for two nights at some Wyndham properties).
April 30, 2023 (also the book-by date).
By Sept. 30, 2023.
Earn 1,500 bonus points
Targeted promotion.
N/A.
Ongoing promotion.
In addition, there are limited-time offers through Wyndham’s member month promotions — including property credits and a broader free-night offer.
Additional reporting by Ehsan Haque, Ariana Arghandewal, Katie Genter, Ryan Smith, Caroline Tanner and Benji Stawski.
To the Class of 2023: Congratulations! Graduating from college is a huge milestone, and your hard work and efforts should be celebrated.
Whether you’re jumping into your first job or embarking on a post-grad trip, it can feel overwhelming to launch into adulthood.
Don’t fret — there are tools to make this transition easier. A significant step into adulthood is opening your first credit card. Perhaps you’re ahead of the game and have been a proud owner of a student card throughout your four years as an undergrad. Or you may be shopping around for your first “adult” credit card.
Either way, we firmly believe the Chase Sapphire Preferred Card should be every graduate’s first credit card. And as a graduation present, it’s currently offering a fantastic bonus of 80,000 bonus points after you spend $4,000 in your first three months of account opening. But you’ll want to jump on it; apply before 9 a.m. Eastern Time (ET) on May 25 to take advantage of this elevated offer.
High sign-up bonus
It’s the truth: the current sign-up bonus is one of the highest we’ve seen on the Chase Sapphire Preferred.
For a card with a (reasonable) $95 annual fee, you’re looking at 80,000 points after spending $4,000 on purchases in the first three months of account opening. TPG values Ultimate Rewards points at 2 cents each, meaning that this sign-up bonus is worth a whopping $1,600.
Historically, the sign-up bonus has been 60,000 points for the same amount of spending. Simply put, there’s never been a better time to apply.
But before you get too excited, ensure you can manage the spending requirement to get the bonus. It works out to about $1,334 in monthly spending for your first three months, which you can easily hit if you’re about to spend a solid chunk on moving expenses and a professional wardrobe for your launch into adulthood. Still, make sure you don’t charge more than you can afford to pay off, no matter how good the bonus is.
Related: Not just for the established elite: TPG millennials and Gen Z staff weigh in on their experience with premier rewards credit cards
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Introduction to points and miles
If you want to learn about the world of points and miles, you’ve come to the right place. Here at TPG, we have a plethora of resources to get you started — including our beginner’s guide and our list of best first credit cards.
One of the things you’ll see in these guides is that Chase Sapphire Preferred is always at the top of the list. It’s a beginner-friendly card that will ease you into “travel hacking” or learning how to use your credit card rewards to unlock free flights or hotel stays. There are many redemption options with this card, but you’ll find the most value as a travel rewards card by using your points for travel.
To break it down in simple terms, you have two options for booking travel with this card. First, you can book through Chase’s Ultimate Rewards portal at a 25% points bonus or a rate of 1.25 cents each. For example, 10,000 points translates to $125 value in travel. You can book a variety of travel on this portal, including flights, hotels, car rentals and cruises.
Once you get comfortable booking travel through the portal, you can dip your toes into transferring your points to loyalty programs. Chase lets you move your points at a 1:1 rate to 11 airline and three hotel partners, so your 80,000 Ultimate Rewards points can equal 80,000 points in the loyalty program of your choice.
Of course, some partners are better than others, but some of our high-value favorites include Air Canada Aeroplan and World of Hyatt. With these partners, getting much more than 1.25 cents of value per point is possible. We’ve even gotten up to 4.5 cents in value with a business class ticket on Air France before, so the sky is the limit when it comes to Chase’s transfer partners.
Related: From no credit to free flights: An inside look at a 23-year-old’s credit journey
Valuable card benefits
The Chase Sapphire Preferred is a popular card, especially among Gen-Z’ers, since it comes with many useful partner benefits that can help you save money and reward you at the same time.
One of the most valuable perks is a complimentary one-year membership to DoorDash DashPass (available through Dec. 31, 2024.) This membership will get you free delivery fees and reduced service fees on eligible orders of $12 or more. This subscription service usually costs $9.99 monthly, so this benefit is valuable enough to justify the card’s $95 annual fee.
You’ll also enjoy 5 points per dollar on Lyft rides (through March 2025.) Depending on how often you use Lyft, this is a fantastic way to earn bonus points on this rideshare service.
Finally, it’s worth checking the Chase Offers on your card. They’ll update every week or so.
All of these partner offers can help you save money on your everyday purchases.
Travel and purchase protections
One more reason you’ll love the Sapphire Preferred: No other card with a $95 annual fee comes with as many travel and shopping protections. Hopefully, you never have to use any of these benefits, but these coverages will give you peace of mind and save you money if an emergency arises:
Primary car rental coverage: Covers theft and damage up to the actual cash value of the rental car on bookings of less than 31 consecutive days. Note that most credit cards only offer secondary coverage.
Trip cancellation and interruption insurance: Reimburses you up to $10,000 per person (or $20,000 per trip) for your pre-paid, nonrefundable trip expenses due to covered reasons, such as sickness, severe weather and more.
Baggage delay insurance: Reimburses you up to $100 per day (for up to five days) for baggage delays more than six hours to cover the purchase of essential items.
Trip delay reimbursement: Reimburses you up to $500 per ticket to purchase meals or lodging for trip delays of 12 hours or more (or requiring an overnight stay).
Lost luggage reimbursement: Covers loss or damage to your luggage by a common carrier (such as an airline) for up to $3,000 per passenger.
Travel and emergency assistance: Receive emergency assistance and referrals if you encounter problems while traveling.
Extended warranty protection: Extends a U.S. manufacturer’s warranty by an additional year on warranties of three years or less.
Purchase protection: Covers damage or theft on new purchases, up to $500 per claim and up to $50,000 per account.
For any of these to apply, you must pay for your purchase with your Chase Sapphire Preferred card. You can file a claim with the Benefits Administrator online through Card Benefit Services.
Related: Chase Sapphire Preferred perks
Bottom line
If you’ve just graduated, do yourself a favor and add the Chase Sapphire Preferred to your wallet. With its killer sign-up bonus, long-term earning potential and perks, you’ll love having this card along for your journey into the real world.
Official application link: Chase Sapphire Preferred with 80,000 bonus points after you spend $4,000 in the first three months. Apply before 9 a.m. ET on May 25.
If you’ve been using your debit card for all your purchases for years — carefully tracking your checking account balance and not spending more than what you have in the bank — shifting your spending to a credit card can be a big change.
I used to be one of those people who pay for everything with their debit card because they’re afraid of racking up debt. I thought debit cards were the safe spending option since you can’t spend more money than what you have in your account. I thought that was what financial responsibility looked like. But my perspective changed as my interest in travel grew and I learned that I could earn big rewards by signing up for and using credit cards.
Related: Credit vs. debit cards: Which is the smarter choice?
Maybe you already have a rewards credit card or two but are hesitant to shift all of your spending to credit cards. You’ve possibly signed up for a credit card and charged enough to meet the minimum spending requirement for a bonus, but after that, you always return to using your debit card. If you’ve been on the fence about switching your spending from debit to credit, here are a few tips to help you make the change.
Adjust your mindset
When I first decided to shift my spending to credit cards, I knew I wanted to be a responsible credit card user. I didn’t view a credit card as free money or a long-term loan to pay back over time through minimum payments. I didn’t want to pay interest, which meant not charging more than I could pay back each month.
Related: The best way to pay your credit card bills
One thing that helped me is that I treated my credit card just like my debit card. That meant not spending more than I had in the bank. Even though my credit card did not withdraw directly from my checking account for every purchase (as my debit card did), I acted as it did.
Maybe you made only minimum payments on credit cards in the past. If so, paying it in full will require adjusting your mindset. View your credit card just like a debit card. Don’t spend more than you can pay back every month.
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Related: TPG’s 10 commandments of credit cards
Know your credit limit
You’ll want to avoid accidentally exceeding your credit limit on a lower-limit card. If you do, transactions may be declined, or you may be charged fees. But you also shouldn’t view cards with high limits as available money for maxing out.
Keeping your balance within a reasonable limit of your available credit can boost your credit score. Your credit utilization ratio makes up 30% of your FICO score, so keeping your balance in check is important.
Start with just one card
Maximizing your points- and miles-earning often involves strategizing which cards to use for different purchases. As many cards come with category bonuses — bonus points for different types of spending, such as restaurants or gas stations — it can be quite lucrative to use different cards for different purchase categories. That might mean using an American Express® Gold Card for 4 points per dollar at restaurants and U.S. supermarkets (on up to $25,000 in purchases per calendar year, then 1 point per dollar) and switching to the Citi Premier® Card for 3 points per dollar when filling up your gas tank.
However, remembering which card to use for each purchase can feel overwhelming if you’re new to travel rewards and using your credit card for everything.
Related: 4 ways to manage your spending on multiple credit card accounts
A good way to maximize points earned using only one card at a time is through new card sign-up bonuses. Open a new credit card and use only that card until you meet the minimum spending requirement (which is required for earning the welcome bonus), being sure to pay off your balance in full every month.
Once that’s complete, apply for another card and shift all your spending to that card. You’re generating lots of points by receiving sign-up bonuses, even though you may not utilize all of the bonus categories you could maximize by juggling multiple cards. But remember that some issuers — including American Express, Chase and Bank of America — limit the number of cards you can be approved for.
Related: The ultimate guide to credit card application restrictions
Once you’re comfortable with consistently paying your balance off in full every month, you can add more complexity, like switching your spending to different cards to take advantage of category bonuses.
Shift any automatic payments
Automatic payments make life easier by knocking one more thing off the to-do list. If you have automatic transactions using your checking account or debit card and use your credit card for other purchases, tracking your finances can complicate your finances. There’s more to manage. Keep it simple by shifting as many automatic payments as possible to your credit card.
You likely can’t use your credit card to autopay everything. Your mortgage and car payment are good examples. Thus, you’ll still have to track those in your checking account. Yes, some services will accept your credit card for a fee and send a check to your loan company or other merchants, but you’ll have to weigh whether the fee is worth it for you.
For your other bills — such as cellphone, utilities, fitness club membership, streaming services — it should only take a few minutes to update your payment online, then you’ll start earning rewards for those purchases.
Review your transactions
Whether you check your credit card account daily or monthly, it’s important to take the time to ensure all your transactions post correctly. You’re not just reviewing transactions for the correct amounts, but you should review your points earned to verify you’ve earned the correct amount of points. And check for any statement credits you expect to receive, such as from Chase Offers or Amex Offers.
Set up autopay or schedule manual payments
You don’t want to forget a payment, thus incurring late fees and interest. While some card issuers may waive late charges and interest as a one-time courtesy, you shouldn’t get in the habit of paying late.
Determine a payment schedule that works best for you. Some people pay weekly; others pay monthly. If you’re afraid of overspending and not having the money in your checking account to pay the bill, don’t wait until the due date. You can make multiple payments, even paying off balances daily or weekly.
You should set up autopay for your full balance (ideal) or the minimum balance by the due date if you’re concerned you may forget to pay your bill.
Bottom line
I’m a long-time travel rewards enthusiast, and I spend significant time and energy learning how to maximize my spending and earn rewards. However, it can feel like everyone is signing up for new credit cards (and spending thousands of dollars on them) to generate points for first-class flight redemptions and luxury hotel stays.
But that’s not the case. Even still, I’m still surprised when a friend or family member pulls out a debit card to pay for a purchase. Even though they may be interested in travel rewards, moving from a debit to a credit can be nerve-wracking, and I understand that.
Switching from debit to credit is one of my best money moves. My only regret is not doing so sooner.