Hawaii is an exciting place to call home. It offers incredible weather, scenic views, friendly people, and a slow-paced lifestyle. If you’re lucky enough to live or work in Hawaii, you might be looking for the best banks in the state.
While the Aloha State has fewer banks than other states, there are still plenty of reputable, member FDIC options available to you.
12 Best Banks in Hawaii
To make your search for a bank a bit easier, we’ve done some research and compiled this list of the best banks in Hawaii.
1. First Hawaiian Bank
First Hawaiian Bank, the oldest bank in the state, holds the distinction of having the most branches in Hawaii. This makes it a convenient choice for many people looking to open a checking account, as it provides three different options.
Their first option, Pure Checking, offers a straightforward, fee-free experience, complete with a complimentary debit card. The second, Priority Banking Gold, expands on these features by offering free checks and online bill pay, as well as discounts on loans.
For those seeking the most benefits, the Priority Banking Platinum provides an extensive list of perks, including a credit card with unlimited rewards and cash back, travel points, and no restrictions on redemption dates.
Beyond checking accounts, First Hawaiian Bank also caters to various other personal banking needs. They offer savings accounts, mortgage services, and wealth management solutions, among other things.
2. SoFi
SoFi serves as a top-notch alternative to traditional banking, catering to individuals seeking the convenience and flexibility of online banking. The SoFi Checking & Savings account offers a unique combination of checking account accessibility and high-yield savings account returns in a single, streamlined account.
There is no minimum balance requirement, no monthly fees, and no overdraft fees, positioning SoFi as a cost-effective solution for a broad spectrum of users. There’s also an enticing offer of earning up to $250 with qualifying direct deposits.
One of the most compelling aspects of SoFi is the impressive interest rates it offers. The savings account yields a 4.30% APY, while checking account balances earn 1.20% APY, both rates far outpacing those offered by most traditional banks. What’s more, deposits are insured by the FDIC up to $2 million, providing an added layer of financial security.
With SoFi Checking & Savings, accessing your money is both straightforward and convenient. Over 55,000 Allpoint® Network ATMs across the globe offer fee-free withdrawals, ensuring you can easily access your money whenever you need it.
3. Ally Bank
Ally Bank is an online bank that serves residents in every state, including Hawaii. It’s worth considering if you’re seeking an interest bearing checking account or competitive rates on high yield savings accounts, CDs, and money market accounts.
While deposit accounts are Ally’s bread and butter, the bank also offers mortgages, auto refinancing, and investment products. As an Ally account holder, you won’t have to worry about any monthly fees or minimum opening deposits.
Since Ally is an online-only bank, there are no local branches in Hawaii. Fortunately, it’s part of the Allpoint ATM network that will give you free access to more than 43,000 Allpoint ATMs. If you do use an out-of-network ATM, the bank will reimburse you up to $10 per month.
4. First American Trust
First American Trust operates one branch in Honolulu. If you have a particular interest in wealth planning, it should definitely be on your radar. It provides several wealth planning services, such as financial planning, retirement planning, and estate planning for individuals and families.
Its advisors can also help you set up a trust and protect your greatest assets. Additionally, First American Trust is a great resource if you’d like to build a diversified investment portfolio.
5. Bank of Hawaii
Headquartered in Honolulu, Bank of Hawaii is a regional bank and the second-oldest bank in the state. It serves local communities with a comprehensive suite of products and services as well as sponsorships and volunteerism. The bank’s lineup of personal banking products includes checking accounts, savings accounts, certificates of deposit (CDs), credit cards, personal loans, and insurance.
In addition, it supports small business owners with business deposit accounts, business credit cards, merchant services, and small business loans. The bank also specializes in investment services and long-term financial planning to help you meet your personal finance goals. If you’re interested in Bank of Hawaii, you can chat with a banker online or in-person at a local branch.
6. Central Pacific Bank
Central Pacific Bank has been around since 1954 and has physical locations in Hawaii, Oahu, Maui, and Kauai as well as mobile banking services. It was originally founded to help immigrants build a safe life.
Today, the Hawaii bank offers a wide range of products and services to individuals and small businesses in the Aloha State. Central Pacific Bank stands out for its diverse savings account options, high rates on CDs, and low minimum balance requirements.
It also provides personalized, high quality wealth planning services from a team of wealth advisors. You can download the bank’s mobile app to pay bills, send money through Zelle, check your online statements, set notifications, track your budget, and keep tabs on your financial activity.
7. CIT Bank
CIT Bank is a digital bank with several attractive products for Hawaii residents. Savings Connect is a savings account that offers a competitive interest rate you might not be able to find elsewhere.
Another savings account you may want to consider at CIT Bank is the Savings Builder. While the Savings Builder has a lower annual percentage yield or APY than Savings Connect, it can encourage you to save as you must deposit at least $100 per month from your paycheck or elsewhere to secure the highest APY.
Unlike many brick-and-mortar financial institutions, CIT Bank doesn’t charge monthly maintenance fees, overdraft fees, ATM fees, or excessive transaction fees. You can open a new account and manage it via the online portal or mobile app. If you have any questions or concerns, you can contact phone support on weekdays and Saturdays during select hours.
8. Hawaii National Bank
Hawaii National Bank is a local bank that made its debut in 1960 and has branch locations in Oahu, Maui, and Hilo. It offers several checking accounts, including the Household Checking, Personal Checking, 55+ Checking, Super NOW, and VIP Money Market Deposit. Even though some checking accounts come with monthly fees, the bank may waive them if you maintain a certain balance.
Savings account options include the traditional Personal Savings account with a variable, competitive interest rate, Kids’ Savings account for kids ages 5 to 17, and Christmas Savings account that can help you save for the holiday season.
In addition to checking accounts and savings accounts, you may turn to Hawaii National Bank for personal loans, credit cards, home loans, CDs, and retirement accounts. The bank also serves small business owners with deposit accounts, business loans, and commercial mortgages.
9. American Savings Bank
Known as the third-largest bank in Hawaii, American Savings Bank serves the Aloha State with a wide range of offerings. You can choose from three checking accounts, six savings accounts, and several credit cards with cash back rewards or points. American Savings Bank also offers CDs, student loans, mortgages, and credit cards.
If you open a checking account, you’ll reap the benefits of Overdraft Courtesy, which protects you from overdrafts that may occur from checks and electronic payments. Additionally, the bank’s advisors can assist you with investments and insurance.
If you become an American Savings customer, you may take advantage of online banking, which allows for mobile check deposit, automatic bill pay, Zelle payments, eStatements, and more.
10. Synchrony Bank
Synchrony Bank is an online bank you might want to explore as a Hawaii resident. With Synchrony, you can expect high interest rates on savings accounts and CDs, no monthly fees, a variety of credit card options from popular retailers, and reimbursements for out-of-network ATM access.
If you join the Synchrony Bank Perks Rewards program, you can earn elite status if you meet certain criteria. You’ll reach Diamond status, which is the top level if you deposit more than $250,000 or stay with the bank for five years. This status comes with perks like three free wire transfers per statement cycle and unlimited reimbursements for domestic ATMs.
11. Territorial Savings Bank
Territorial Savings Bank has served Hawaii customers since its inception in 1921. If you open a checking account, you’ll be able to earn interest as long as you deposit $100.
The bank also offers numerous CDs with competitive interest rates, special mortgage rates for first time homeowners, and discounts from local merchants, like hotels, car rental companies, and restaurants.
If you’re a small business owner, you may select from a number of business deposit accounts, business credit cards, and business loans.
12. Finance Factors
Headquartered in Honolulu, Finance Factors has 13 branches throughout the Aloha State. The bank’s deposit products are savings accounts, CDs, and retirement accounts.
It also specializes in a wide range of home loans like conventional mortgages, government-backed mortgages, jumbo mortgages, and investor mortgages. You can stop into a local branch or log into the online portal to manage your account.
Bottom Line
As you can see, there are a variety of banks in the Aloha State. Before you move forward with one, it’s a good idea to weigh the pros and cons of all your options. Factors like your particular banking needs and whether you prefer an online or in-person banking experience will help you make the best choice for your unique situation. Good luck with your search for the best bank in Hawaii.
Frequently Asked Questions
What is the largest bank in Hawaii?
First Hawaiian Bank holds the title as the largest bank in Hawaii, establishing a significant presence with a total of 49 branches scattered across the state. Founded in 1858, it boasts a long history and deep roots in the local community.
Should I choose an online bank or a traditional bank in Hawaii?
An online bank is your best bet if your goal is to land the best interest rate and lowest fees. However, if personalized service is important to you, you’d likely be better off with a traditional bank. Fortunately, most traditional banks offer mobile apps and online portals.
Is a credit union a good option in Hawaii?
If you find a credit union with the ideal loan or the products and services you need and qualify for membership, you may want to join it. But you may find a wider range of offerings at a bank.
Why are there no national banks in Hawaii?
National banks aren’t in the Aloha State due to its small population and the high cost of real estate. Smaller banks are your only option if you live or work in Hawaii. The good news is you’ll find many local banks that offer just as many products and services as big banks.
The gig economy was just beginning to blossom pre-pandemic. Between 2010 and 2020, the number of gig workers or side hustlers increased by 15%. Unlike many aspects of life, which stagnated during the pandemic, freelancing only grew. Statista reported that 73.3 million people work as freelancers in the U.S. right now, an increase from 57.3 million pre-pandemic.
Freelancing has tremendous benefits for many people. Freelancing or gig work can provide:
Flexibility
A better work-life balance
Increased income potential
But it can come with some financial complications, too.
As a freelancer, you’ll need to manage cash flow so that you’ll have money in your account to pay your bills. You’ll be responsible for paying your own taxes. And, with that in mind, you’ll want to track expenses carefully so that you can deduct the costs of running your freelance business from your bottom line.
That’s where having a business bank account can come in handy.
Why You Need a Bank Account If You Have a Side Hustle
According to tax laws, you don’t have to have a business bank account to run a side hustle or a freelance business. You can file your taxes using your Social Security number and receive a 1099 form as a sole proprietor.
But as your business grows, you may want to incorporate under a tax ID number. You may choose to register as a corporation like an S-Corp or, more commonly, a limited liability corporation or LLC. This can get confusing, so it’s important to speak to a tax account before you take this step.
If you incorporate your business, you’ll need a business checking account to keep your personal finances separate from your business expenses. You would pay yourself a salary out of your business account and use your personal bank account to pay for your daily living expenses, entertainment, and anything that isn’t considered a business expense.
Benefits of Business Accounts
Most small business owners, freelancers and side hustlers prefer to open a business account even if they aren’t incorporated. Having a dedicated business checking account makes it easier to track your business income and expenses, which makes filing taxes – and making quarterly estimated tax payments – easier. If you ever get audited, you’ll have a clear record of your personal and business finances.
Plus, if you do any sales and marketing for your freelance business, your business debit card can often pique people’s interest. You’d be surprised how having a debit card with your business name on it can help you generate leads in odd places, whether you’re at your favorite bar or paying for groceries.
If you’re ready to open a separate business account, it’s important to find one that will meet your needs.
Freelancer vs. Side Hustler vs. Entrepreneur
Before you choose a business account, you may be wondering about the differences between entrepreneurs, freelancers, and side hustlers. Which category do you fit in?
These are all loose terms to describe anyone who owns their own business or is self-employed. Self-employed is a tax designation, which means you are a 1099 contractor for other companies. This term would apply to most freelancers and side hustlers.
On the other hand, if you start your own business, you might consider yourself an entrepreneur. The dictionary defines an entrepreneur as someone who starts a business and is willing to take a financial risk in hopes of great success.
A freelancer may also take financial risks, including leaving a steady paying job. In a lot of cases, whether you describe yourself as an entrepreneur, small business owner, freelancer or side hustler is up to you.
Compare the Best Freelancer Checking Accounts
In most cases, business owners, freelancers and side hustlers can all benefit from a good business bank account. Read on as we compare the best business checking accounts for freelancers, gig workers, and entrepreneurs.
1. Lili Bank: Overall Best Bank for Freelancers
Lili calls itself “the one-stop shop for all your small business financial needs.” An online financial services company that provides business banking, accounting for freelancers, invoicing, and tax support, Lili is backed by Choice Financial Group Inc.
As a US-based bank, Choice is a member FDIC, which means your funds deposited in Lili are protected by the federal government up to $250,000 per account.
What sets Lili apart as one of the best bank accounts for freelancers?
In addition to all the other services it offers to business owners, Lili has no minimum balance requirements, no monthly fees for basic checking, and a network of 38,000+ fee-free ATMs nationwide. You can also open a business savings account and earn 1.50% APY at Lili.
Lili’s basic business checking account has no monthly fee, expense categorization for your purchases, and the ability to generate quarterly expense reports.
Alternatively, for $9 per month, you can earn 1.5% on savings, get a Visa business debit card with cashback rewards, overdraft protection up to $200 and tax, invoicing software, and accounting support.
Lili integrates with third-party services that gig workers may use, including Etsy, Shopify, Venmo, QuickBooks, and your PayPal business account.
When you compare the prices of other invoicing and online accounting services, you may find that Lili offers tremendous value for the money as one of the overall best banks for gig workers you can find.
Bluevine: Best for Business Interest Checking Account
Like Lili, Bluevine is a financial technology company. It is backed by Coastal Community Bank, Member FDIC to protect your deposits. The Bluevine business checking account offers 2.0% interest, which sets it apart from competitors.
To take advantage of the interest, you’ll need to either spend $500 per month with your Bluevine Business Debit Mastercard or receive $2,500 per month in customer payments to your Bluevine business checking account.
There are no monthly fees or minimum balance requirements and you can make unlimited transactions with no fees. Like Lili, Bluevine also offers other services for business owners.
If you are looking for a business interest checking account with value-added services, consider Bluevine. Your account integrates easily with QuickBooks, with no fees involved. Plus, you can set up sub-accounts to easily manage your money, add authorized users, and pay bills via ACH or wire transfer from your Bluevine account.
While many credit providers offer business credit cards, Bluevine is one of only a few business checking accounts that offers a business line of credit. You may qualify for a credit line of up to $250,000, with a rate as low as 6.2% interest. This interest rate is much lower than the national average of 20.46% for business credit cards right now, as reported by The Balance. Plus, you could get approved in as fast as five minutes, according to the Bluevine website.
For entrepreneurs seeking to purchase tools or resources, or freelancers in need of business equipment, Bluevine’s line of credit could provide you with the financial security you need to grow. Take note that you’ll need a credit score of 625 or more to qualify and $40,000 in monthly revenue. This is probably not a service for a gig worker, but for a seasoned entrepreneur.
Even so, it’s never too early to get started with a business checking account, especially one with no monthly fees.
Amex: Best for Debit Card Rewards and Bonus Offer
American Express is a renowned name in business and consumer rewards credit cards. But you might not be aware that the company also offers a business checking account with 1.30% APY on balances up to $500,000.
American Express also has no monthly maintenance fees, no fees on domestic ACH payments, and no fees at MoneyPass ATMs. The American Express Business Blueprint app makes it easy to manage your account.
Amex stays true to its credit card rewards roots with a rewards business debit card. Earn 1 Membership Reward point for every $2 on eligible purchases. You can combine points earned with Membership Rewards points accrued with other Amex cards, and use those points for travel, gift cards, or cash back. You can also convert those points into cash deposits directly into your new business checking account.
Amex’s bonus offer stands out to us. Earn 30,000 Membership Rewards points after you deposit $5,000 or more within the first 30 days of account opening, maintain that balance for the next 60 days, and make five or more qualifying transactions within those first 60 days.
NBKC Business Checking: Best for No Fees
If finding a business bank account with no fees is most important to you, a nbkc Business Checking account might fit the bill. The bank offers unlimited transactions with no fee, no minimum balance requirements, no monthly fees, and no opening deposit requirements either. You can also have out-of-network atm fees reimbursed for up to $12 per month.
If you are a freelancer just getting started or just looking to supplement your full-time income with a side hustle, you’ll find nbkc bank a low-cost and convenient option among free business checking accounts.
NBKC lacks some of the bells and whistles of the top choices on our list. You won’t get integrations with common business software or invoicing and accounting support. But a nbkc business checking account is free with your personal account and provides an easy way to keep your business and personal funds separate.
Novo: Best for Payment and P2P Money Transfer App Integration
Novo is another choice with no monthly maintenance fee, no monthly fee, free ACH transfers, and no minimum balance needed. Like many of the business bank accounts on this list, Novo is a financial technology company. It’s backed by Middlesex Savings bank, a Member FDIC, which means your money is protected up to $250,000 per account.
Novo is the best for business owners looking for an easy way to process payments or transfer funds. You’ll get free ACH transfers from another checking or savings account and refunds on all out-of-network ATM fees.
Novo integrates with many P2P payment apps, including Square, Shopify, and Stripe, as well as Etsy, eBay, Amazon and more.
When you use Novo Boost, you can get paid 95% faster through Stripe, or two business days before the funds would ordinarily appear in your account.
Plus, it’s quick and easy to open an account online, with approval as fast as 10 minutes – rather than days with some other online bank accounts.
Axos Bank: Best for New or Scaling Businesses
Many freelancers don’t think about opening a business account until they have incorporated their company to make that transition from self-employed to entrepreneur. If this sounds like you, Axos Bank could have the best bank accounts for you. The online bank is offering business owners who incorporated after June 2020 an extra $200 in their new business bank account.
If you aren’t newly incorporated, you can earn a $100 bonus.
Like many of the best business accounts on this list, Axos has no monthly fee, no minimum monthly average balance to hold, ATM fee reimbursements for all domestic transactions, and no minimum opening deposit. The bank accepts cash deposits or you can transfer money from other checking accounts via ACH.
Unlike many online banks, Axos offers business owners a dedicated relationship manager to help point you to the products and services that are best for your growing business.
Chase Business Complete Banking: Best for Credit Card Processing
As the largest U.S. bank, with assets of $3.31 trillion, Chase is a traditional bank that offers all the convenience of online banks. This includes personalized service, stellar fraud protection, and a host of other features and benefits we’ve come to expect from any financial institution.
The Chase Business Complete Banking account is ideal for entrepreneurs, offering unlimited transactions and no monthly fee (if you meet certain requirements). These requirements are relatively easy to meet with a $2,000 minimum balance, $2,000 in purchases on your Chase Ink Business credit card, a link to a Chase Private Client Checking account, or $2,000 in deposits from QuickAccept or Chase eligible merchant services.
The best aspect of Chase Business Complete Banking is the ability to process credit card transactions and receive funds the same day through Chase QuickAccept. (Additional fees apply.)
You can open an account with no minimum deposit to get started.
Wave Money Business Banking: Best for Free Business Banking
Wave Money integrates a free checking account with easy bookkeeping for freelancers and solopreneurs. Wave is best for those who want to improve cash flow with instant pay and want bookkeeping tools to make tax prep easier.
Wave has no monthly fee or transaction fees, so you keep more of what you earn. You can use the mobile check deposit feature for convenience, and make ACH transfers easily. There are no transaction limits with Wave, and you can also connect third party payment processors.
Wave is another fintech company, with banking provided by Community Federal Savings Bank, Member FDIC. That means your funds are insured for up to $250,000 per account.
TIAA Bank: Best for Business Investments
Besides checking accounts, TIAA Bank offers a variety of banking products for entrepreneurs and gig workers that sets it apart.
If you’re considering business savings accounts, TIAA offers CDs and money market accounts to earn interest at a rate higher than you may get with another account. Currently, TIAA’s one-year business CD offers an APY of 3.75%.
TIAA’s checking accounts offer easy online banking and mobile check deposit, along with personalized service from a business solutions specialist.
LendingClub Bank Tailored Checking: Best for Earning Checking Account Rewards
The LendingClub Bank tailored checking account for freelancers is one of the few banks on our list where you can earn interest on your checking balance, plus 1% cash back rewards when you use your debit card.
Account holders earn 1.5% APY on balances up to $100,000 and 0.10% APY on the portion of your balance that exceeds $100,000.
LendingClub Bank reimburses fees if you use an out-of-network ATM. The bank also supports QuickBooks, Quicken and Mint for budgeting and bookkeeping. You can also send digital invoices and get paid directly to your LendingClub account, making LendingClub Bank Tailored Checking one of the more robust and affordable online banks for freelancers.
Just make sure to maintain an average daily balance of at least $500 to have the monthly fee waived.
How to Choose the Best Bank Account for Your Business
When you’re evaluating business bank accounts, you’ll want to consider your needs and the features that are most important to you.
It should go without saying that you want an account with no monthly fees or no monthly fees. Unless you’re an established business owner, you may also want no minimum balance requirements. You don’t want to get saddled with fees if your business runs into cash flow problems or you have a down month.
If you run a high-volume business, look for a bank account with no transaction limits, no in-network ATM fees, and unlimited ATM fee rebates.
Need a way to manage contracts, collect invoices, and help with taxes?
Your business bank can represent much more than just a place to deposit cash and a means to pay your bills. Many of the best bank accounts on this list also offer freelancer invoicing, tax assistance, and ways to manage contracts.
Budgeting and Savings Features to Look For
When you’re a freelancer, it’s convenient to have an easy way to track your expenses and budget for not just expected costs, but surprise opportunities or financial emergencies.
Just as you should have a personal bank account established with emergency savings, you want a business savings account. In fact, you may want multiple business savings accounts or the ability to divide money into various buckets for known costs – like taxes – and unexpected expenses, such as car repairs or a new phone.
Some budgeting and savings features are nice to have, such as an interest-earning checking account and cash back on debit card purchases.
Why We Chose Lili as the Best Business Bank Account
Lili graces the top of our list because the fintech company offers so many value-added services for entrepreneurs that it’s virtually a one-stop shop for freelancers. However, the other banks on our list for best business accounts have their own benefits you might want to consider.
Should You Use Different Banks for Personal and Business Finance?
If you already have a separate bank account for your personal finance, there is something to be said for opening a business account through the same bank. You may get extra perks and benefits or waived fees. Best of all, it’s easier to use one app to manage all your personal and business banking.
But if you opt for an online financial services company, instead, it is typically easy to transfer funds between accounts. Also, companies like Lili and Bluevine specialize exclusive in business accounts, which means they have services tailored specifically to your needs.
Bottom Line
A lot of factors go into choosing the best bank account for your business checking needs. Knowing your must-haves, nice-t0-haves, and those features that don’t really matter to you can help make the decision easier.
FAQs
What is a business bank account?
A business bank account is a dedicated account separate from your personal accounts that you use to deposit cash, checks, or other customer payments earned through your business. You should also use your business checking account to pay for business expenses.
Do You Need a Business Bank Account if You’re a Freelancer?
Freelancers are not required by law to have a separate business banking account. But if your business is incorporated as an S-corp, C-corp, or LLC, you are required to keep your business and personal accounts separate.
Should You Have a Separate Bank Account If You’re a Freelancer?
Even though it’s not required by law, it’s a good idea to have an account separate from your personal checking account to help you keep track of business income and expenses.
What Makes a Business Bank Account Ideal for Freelancers?
Business bank accounts often have many of the same features as some of the best personal bank accounts. That would include low or no minimum balance requirements, no monthly maintenance fee, no transaction fees, and no hidden fees.
You may also look for features like mobile check deposit, unlimited electronic deposits, and low wire transfer fees if you have a lot of customers, clients, or vendors outside the U.S.
Methodology: How We Select the Best Bank Accounts for Freelancers and Side Hustlers
We evaluated the best bank accounts for freelancers based on the ability to earn interest, monthly maintenance fees, minimum balance requirements, the ease of making cash deposits, customer service, and more.
Some banks are better for freelancers who don’t maintain a high balance or only have a few transactions per month. Entrepreneurs with fast-growing businesses looking to scale may prefer a business checking account with unlimited transactions and the ability to accept credit card payments through the same bank.
Some business owners may want to be able to integrate their Quickbooks accounting system through their bank.
We have banks on this list designed for small business owners, freelancers and side hustlers at every stage of business growth.
It may be nicknamed “the garden state,” but New Jersey isn’t just known for its agriculture. Multiple industries thrive in the state, drawing people looking for career opportunities. The best banks in New Jersey offer plenty of checking and savings account options to help you find the right fit.
9 Best Banks in New Jersey
If you’re in the market for a bank account, the options can feel overwhelming. But whether you’re looking for a local bank, a regional or national bank, or a credit union, there’s a financial institution to fit. Here are the nine best banks in New Jersey to help kick off your search.
1. Valley National Bank
Regional banks like Valley National Bank bring the benefits of a local bank while still offering expanded ATM and branch reach. Valley National Bank has locations throughout New Jersey, as well as in Alabama, Florida, and New York. If you travel outside those areas, though, you’ll pay a $2 fee for using an ATM outside the Valley National Bank network, and that’s in addition to fees charged by the ATM owner.
Currently, Valley National Bank is offering a $250 reward to new checking customers with its My Loyalty Checking. You’ll just need to set up bill pay or have at least one qualifying direct deposit. With My Loyalty Checking, you’ll also have up to $10 in out-of-network ATM fees refunded each month.
Fees:
No monthly maintenance fees
$36 overdraft fee
Balance requirements:
$100 minimum deposit to open
No minimum balance requirements
ATMs:
Fee-free at Valley National Bank ATMs
$2 for each non-Valley National Bank ATM transaction
Interest on balance:
0.85% APY on savings accounts
Up to 5.35% APY on CDs
Up to 1.75% APY on money market savings accounts
Additional perks:
Valley National Bank My Loyalty Checking account offers $250 reward
Teen, college, and business checking accounts
2. Chime
Online banking lets you manage your money from wherever you are. Chime is an online bank that offers banking solutions like mobile check deposit, bill pay, and easy transfers from checking to savings. Chime does work best if you have direct deposit activity each month, though, since its biggest perks require it.
If you’re working to build your credit, one of Chime’s best features is its secured credit card. No credit check is required to set up the card, and you may be able to increase your FICO score by 30 points, on average.
Fees:
No monthly maintenance fees
No overdraft fees
Balance requirements:
No minimum deposit required to open
No minimum balance required
ATMs:
Fee-free at 60,000+ ATMs nationwide
$2.50 out-of-network ATM fee
Interest on balance:
2.00% APY on savings account
Additional perks:
Access to paycheck up to two days early
SpotMe covers up to $200 in overdrafts
3. Capital One
If you’re looking for banking services that follow you wherever you go, national banks can be a great option. Capital One is one of the biggest banks in New Jersey, with 19 branches throughout the state. You’ll get fee-free access to cash at more than 70,000 locations, including MoneyPass and Allpoint ATMs.
One of the biggest benefits of banking with Capital One is that all overdraft fees are waived. You can set up your overdraft protection preferences to either automatically decline transactions or transfer funds from your savings or money market account.
Fees:
No monthly maintenance fees
No overdraft fees
Balance requirements:
No minimum opening deposit
No minimum balance required
ATMs:
Fee-free at Capital One ATMs
Fee-free at any Allpoint or MoneyPass ATM
$2 out-of-network ATM fee
Interest on balance:
Up to 4.10% APY on savings accounts
Up to 4.75% APY on CDs
Additional perks:
Cash deposit access at any CVS location
Some branches include cafés with Wi-Fi
4. Chase Bank
Small business owners in New Jersey should take a look at Chase, a national bank with 190 branches throughout the state. Business checking accounts can earn up to $500 in bonuses, and business credit cards currently get a $750 bonus cash back with qualifying activities. Chase also offers a variety of business loans, including lines of credit and commercial financing.
But bonuses aren’t limited to large and small business owners. Currently, new Chase Total Checking account customers can earn a $200 bonus with direct deposit. You’ll get access to personal service at branches across the country, including cafés, which offer free Wi-Fi and gourmet coffee.
Fees:
$12 monthly fee (waived with requirements)
$34 overdraft fee
Balance requirements:
No minimum opening deposit
No minimum balance
ATMs:
Fee-free at 15,000+ Chase ATMs
$3-$5 out-of-network ATM fee
Interest on balance:
0.01% APY on savings accounts
Up to 3.75% APY on CDs
Additional perks:
$200 cash bonus for new checking account customers
Autosave feature helps you set money aside
5. PNC Bank
Another option if you prefer national banks is PNC Bank, which has 193 branches in New Jersey. You’ll have fee-free access not only to PNC ATMs, but you can also withdraw cash at more than 60,000 partner ATMs nationwide.
PNC’s basic checking account is Virtual Wallet, which comes with no monthly fees as long as you receive at least $500 in direct deposits or keep a balance of at least $500 across all your PNC checking or savings accounts. Currently, PNC is paying a $50 bonus for its lower-tier account, but if you go with Virtual Wallet with Performance Spend or Performance Select, your bonus increases to $200 or $400, respectively.
Fees:
$7 monthly fee (waived with requirements)
$36 overdraft fee
Balance requirements:
$25 minimum opening deposit
No minimum balance
ATMs:
Fee-free at PNC ATMs
Fee-free at 60,000 partner ATMs nationwide
$3 out-of-network ATM fee
Interest on balance:
Up to 0.03% APY on savings accounts
Up to 4.00% APY on CDs
Additional perks:
Up to $400 bonus for new Virtual Wallet checking accounts
Wealth management services built into app
6. Wells Fargo
Wells Fargo is another of many national banks in New Jersey. You’ll get fee-free cash access at more than 12,000 Wells Fargo ATMs nationwide. Currently, Wells Fargo is offering a $300 bonus for opening a new checking account and receiving $1,000 or more in qualifying direct deposits.
If you’re in the market for a new savings account, Wells Fargo has a deal there, too. You can earn a $525 bonus on a new savings account as long as you add $25,000 to the account in the first 30 days. You’ll need to maintain that minimum balance for at least 90 days to receive the bonus.
Fees:
$10 monthly fee (waived with requirements)
$35 overdraft fee
Balance requirements:
No minimum opening deposit
No minimum balance
ATMs:
Fee-free at Wells Fargo ATMs nationwide
$2.50 out-of-network ATM fee
Interest on balance:
Up to 2.51% APY on savings accounts
Up to 4.75% APY on CDs
Additional perks:
$300 bonus on new checking accounts
Robust mobile banking features
7. TD Bank
With nearly 200 locations in New Jersey, plus branches and ATMs nationwide, TD Bank is one of the best banks in New Jersey for its mobile and online banking experience. TD offers a variety of deposit accounts, as well as personal loans and credit cards.
TD has multiple checking account options, including the Essential Bank Account, which comes with a $4.95 service fee and no minimum requirements. The fee is waived for those between the ages of 13 and 17, so this could be a great starter account for your high schooler. TD offers higher-than-average interest rates on savings accounts and CDs, so it’s worth checking out for that reason alone.
Fees:
$4.95 monthly service fee
No overdraft fees
Balance requirements:
No minimum deposit to open
No minimum balance
ATMs:
Fee-free at 2,600 TD Bank ATMs nationwide
$3 out-of-network ATM fee
Interest on balance:
Up to 3.51% APY on savings accounts
Up to 5.00% APY on CDs
Additional perks:
Live online customer service available 24 hours a day
$200 bonus for new checking accounts
8. GO2bank
Another online banking option is GO2bank, which offers all the features you need to manage your account online. The checking account is fee-free as long as you have an electronic deposit coming in each statement period. This qualifying deposit also gives you access to your paycheck a couple of days early.
GO2bank is one of many online bank accounts, but one differentiating feature is its high-yield savings account. You’ll earn 4.50% APY on your savings account balance, but that interest is limited to the first $5,000 in combined balances. Any funds above that amount won’t earn interest at all.
Fees:
$5 monthly service fee (waived with requirements)
$15 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance
ATMs:
No ATM fees at Allpoint ATMs nationwide
$3 out-of-network ATM fee
Interest on balance:
4.50% APY on savings accounts
Additional perks:
Cash deposit access at 90,000+ retailers nationwide
Secured credit card helps you build credit with no credit check required
9. American Heritage Credit Union
American Heritage Credit Union is a Pennsylvania credit union with a branch in Cherry Hill, New Jersey. Like many credit unions, American Heritage has membership requirements. In this case, you’ll need to live, work, worship, or go to school in one of the approved Philadelphia-area communities, work for one of the workplace partners, or be related to a qualifying member. However, anyone can join by simply becoming a member of the Kids-N-Hope Foundation.
There are some reasons to sign up for American Heritage even if you don’t have a branch nearby. American Heritage offers great deals on accounts for consumers and small business owners, and you’ll also get ATM access at more than 30,000 locations nationwide.
Fees:
No monthly fees
$10-$15 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance
ATMs:
Fee-free access at American Heritage ATMs
Fee-free access to 30,000+ ATMs nationwide
Up to 10 out-of-network ATM fees reimbursed monthly
Interest on balance:
Up to 3.55% APY on savings accounts
Up to 5.00% APY on CDs
Additional perks:
Competitive interest rates on auto and home loans
Wide range of business banking services
Frequently Asked Questions
Banking solutions come in a variety of formats, so it’s only natural you’ll have some questions. Here are some frequently asked questions about the best banks in New Jersey.
What should I expect from a bank in New Jersey?
From local New Jersey banks to national banks with branches in the state, there’s no shortage of options. But all these choices mean you can easily sort through the best banks to find the right one for you.
Customer service is an important feature of any New Jersey bank. Whether this means the in-person experience you get with local banks or around-the-clock service via online chat, it’s important that a bank offer a method to suit your preferences. If you’re comparing the same account terms across multiple banks and credit unions, this is one factor that can become a final decider.
What do you need to open a bank account with banks in NJ?
If you’re opening a new checking or savings account in New Jersey, there are a few things you’ll need. You’ll save time and trouble by gathering all your documentation before applying.
For online and mobile banking options, you may need to either scan and upload, snap a photo, or mail a photo ID. Some of the best checking accounts will also require you to deposit money to open them. This can be anywhere from $10 to $100. Make sure you have the funds to make this deposit at account opening.
Do banks in New Jersey have online accounts?
Some of the best financial institutions in New Jersey aren’t located in the state at all. You can find online checking accounts that pay more interest and require fewer fees than the same accounts from a national, regional, or local bank.
If saving money is your priority, don’t rule out online banking for those, either. Savings accounts, CDs, and money market accounts will often accrue interest at an interest rate that’s higher than what you’d earn with accounts at local Jersey banks or banks with branches in the state.
Where can you open a savings account in New Jersey?
Although you can find a high-yield checking account that pays interest on your balance, you’ll usually get a better deal on savings. There are plenty of local, national, and regional banks that pay a competitive interest rate, but some of the best deals come from mobile banking apps that have no local presence.
If you’d prefer a brick-and-mortar option, though, pay attention to interest rates. You can find savings rates in the 4% to 5% range online, so when you’re looking at a particular account, keep that in mind. It’s not unusual for consumers to have checking accounts locally but move their savings to an online-only bank for a better deal.
How much tax do you pay in New Jersey for interest you earned?
When you earn interest on your bank account balances, you’ll have to pay taxes. All your banking interest earned has to be reported on your federal taxes each year. This will be summarized on Form 1099-INT, which your bank will send at tax time.
New Jersey residents also pay state income tax. Your income interest is lumped in with your other income and taxed at the current rates. New Jersey uses a graduated tax rate. The higher your income, the more you’ll pay, with a maximum of 10.75%.
Whether you go with mobile banking or a bank with local branches, it’s important to find the bank that best fits your needs. Some banks make cash deposits easy while others give you everything you need to manage your money. Interest rates and fees can be the final decider when you’re choosing a partner for your New Jersey banking needs.
Open a BMO Harris Premier™ Account online and get a $500 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 90 days of account opening. Expires 9/15. Conditions Apply.
Unless you have hundreds of thousands of dollars (or more) in cash to save or invest, big banks don’t want your money. They won’t tell you that directly, but they make it plain with paltry yields on standard savings accounts and high asset requirements to avoid common banking fees.
Fortunately, high-yield savings accounts abound, mainly at online and community banks that (still) seem to put regular customers first. The Upgrade Premier Savings account is among the best of the bunch, at least if your top priority is getting the most for your money.
Upgrade Premier Savings isn’t perfect, but it’s a big step up from many savings accounts. Get to know its features, capabilities, and pros and cons to decide if it’s right for you.
What Is the Upgrade Premier Savings Account?
The Upgrade Premier Savings account is a high-yield online savings account with no minimum balance to open and no monthly or annual maintenance fees. It has one of the highest savings yields on the market (currently 4.81% APY on balances above $1,000) and FDIC insurance up to $250,000 through Upgrade’s banking partner, Cross River Bank.
You can open and fund an Upgrade Premier Savings account without a corresponding checking account with Upgrade. In addition to its checking account, Upgrade also offers credit cards and personal loans.
What Sets the Upgrade Premier Savings Account Apart?
The Upgrade Premier Savings account stands out for a few reasons, not all of them good:
Very high yield on eligible balances. Upgrade Premier Savings has an industry-leading yield on eligible balances. As long as you can meet the minimum balance requirement, it’s difficult to do better.
No fees or minimums to open or maintain. You can fund your new Upgrade Premier Savings Account in any amount, and there’s no ongoing maintenance fee to worry about.
Minimum balance required to earn interest. You do need to keep at least $1,000 in your account to earn interest on the balance. Otherwise, your interest rate drops to zero on all balances.
Key Features of the Upgrade Premier Savings Account
The Upgrade Premier Savings Account is a basic (if generous) savings account, but it has some features and capabilities worth spelling out in detail.
Account Yield
Upgrade Premier Savings pays 4.81% APY in any statement cycle during which you maintain a balance of $1,000 or more. The interest rate applies to the whole balance, not just the portion above $1,000.
If your balance drops below $1,000 in a statement cycle, you earn no interest on the entire balance for the period. So it’s critical to keep at least $1,000 in your account at all times.
Account Fees & Minimums
This account has no monthly or annual maintenance fees. There’s no minimum to open and fund an account either. But because you earn no interest if your balance drops below $1,000, that’s the effective minimum balance.
Transfer Limits
Upgrade sets inbound and outbound transfer limits on all Premier Savings accounts. The actual limits vary by customer and may depend on your creditworthiness — Upgrade doesn’t explain how they’re set. But they always fall within these ranges:
Between two and seven inbound transfers during any seven-day period
Between $2,000 and $15,000 in total inbound transfer dollar value during any seven-day period, regardless of the number of transfers
Between $2,000 and $15,000 in total outbound transfer dollar value during any seven-day period
There’s no limit on the number of outbound transfers you can make as long as you don’t exceed your allotted dollar value during any seven-day period.
Ownership Type
Upgrade allows only individual account holders. You can’t open a Premier Savings account jointly with a spouse, domestic partner, or anyone else.
Mobile Features
Upgrade has a robust mobile app and mobile banking dashboard that can do anything the regular online dashboard can. However, the Premier Savings account lacks some mobile-friendly features common in other online bank accounts, such as mobile check deposit and person-to-person transfers.
Deposit Insurance
Upgrade Premier Savings offers FDIC insurance through its banking partner, Cross River Bank. Insurance covers balances up to $250,000.
Pros & Cons
Upgrade Premier Savings has some clear advantages and disadvantages. The upsides include no maintenance fees and an excellent yield, while the downsides include a minimum balance to earn interest and limited options to access your funds.
Excellent yield
No minimum balance to open
No maintenance fees
Minimum balance required to earn interest
No ATM card or mobile check deposit
Transfer limits may affect usability
Pros
Upgrade Premier Savings offers one of the best yields in the business and has no maintenance fees or minimums. It’s part of a much larger universe of Upgrade financial products too.
Industry-leading yield. This account’s yield (currently 4.81% APY when you keep a balance of $1,000 or more) is better than the vast majority of competing savings accounts.
No minimum balance to open. You can open this account with any amount of money, though keep the minimum interest-earning balance in mind.
No maintenance fees. Upgrade charges no monthly or annual maintenance fees on this account.
Easy to manage online. Upgrade Premier Savings is a straightforward savings account that’s easy to manage online with the Upgrade online dashboard or mobile app.
Links with a suite of other financial accounts and products from Upgrade. Premier Savings isn’t the main attraction at Upgrade. It got its start as a personal loan and credit line provider and now offers a slew of credit cards alongside those products. It has a generous rewards checking account as well.
Cons
Upgrade Premier Savings falls short on its minimum balance to earn interest, limited withdrawal and deposit options, and money transfer limits.
$1,000 minimum balance to earn interest. You need to keep at least $1,000 in your account to earn interest. If your balance falls below that threshold, you earn no interest for the entire statement period.
No ATM card or mobile check deposit. Electronic transfer is the only way to deposit or withdraw funds into or out of your Upgrade Premier Savings account. This might not be a deal-breaker, but it would be nice to have a mobile check deposit option at least.
Transfer limits could impact your ability to move money. Upgrade’s inbound and outbound transfer limits probably won’t affect your day-to-day money management, but they could come into play if you need to move a lot of money at once — for example, to make a down payment on a new house.
How the Upgrade Premier Savings Account Stacks Up
Before you apply for the Upgrade Premier Savings account, see how it compares to another popular option with a two-tiered interest rate: the Platinum Savings account from CIT Bank.
Upgrade Premier Savings
CIT Bank Platinum Savings
Maximum Yield
4.81% APY
Up to 4.75% APY
Minimum Yield
None
0.25% APY
Minimum Balance
$0
$100
Minimum Interest Balance
$1,000
$5,000
Maintenance Fee
$0
$0
Upgrade Premier Savings has a slightly better maximum yield and a lower balance threshold to earn that yield, so it’s a better fit for most users. CIT Bank Platinum Savings only makes sense if you want to earn at least some interest when your balance is below the high-yield threshold.
Final Word
The Upgrade Premier Savings account is one of the best high-yield savings accounts on the market right now. That’s because it does what you’d expect a high-yield savings account to do: pay an extremely competitive interest rate on eligible balances.
Otherwise, Upgrade Premier Savings isn’t especially notable. And its minimum balance to earn interest is a problem for savers with limited cash. But once you have at least $1,000 to put away, it’s difficult to do better.
The Annual Percentage Yield (“APY”) for the Premier Savings account is variable and may change at any time. There is no minimum balance to open your account, but you will only earn the APY on days when the closing balance of your Premiere Savings account is or exceeds $1,000. On days where the account closing balance drops below $1,000, the APY will be 0%.
There are no account fees, overdraft fees, or transfer fees associated with Premier Savings accounts.
Upgrade is a financial technology company, not a bank. Premier Savings accounts are provided by Cross River Bank, Member FDIC. Upgrade VISA® Debit Cards issued by Cross River Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Personal Loans made by Upgrade’s bank partners. Personal Credit Lines are issued by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. The Upgrade Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
The Verdict
Our rating
Upgrade Premier Savings Account
The Upgrade Premier Savings account has a higher yield than the vast majority of high-yield savings accounts. If you can clear the $1,000 minimum balance threshold to earn interest and don’t mind adding and withdrawing funds via electronic transfer, it’s a superior online savings account.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
New Hampshire is rich in culture and history, but it’s also packed with businesses and families. Finding the right bank can be essential to achieving your financial goals. Whether you’re setting up a new checking account or considering changing banks, there are a few things to consider.
10 Best Banks in New Hampshire
New Hampshire is packed with great banks, each with its own benefits. Your first priority should be verifying that a bank is insured by the Federal Deposit Insurance Corporation. Once you’ve checked that box, you can look for features like the minimum balance required for free checking or competitive rates on savings accounts and auto loans. Below are some of the top banks in New Hampshire.
1. TD Bank
TD Bank is one of the biggest national banks with branch locations in New Hampshire. You’ll find 1,100 branches and 2,600 ATMs spread across the East Coast, including 58 in New Hampshire. If in-person banking is your priority, TD can compete with even the best local bank, thanks to its extended hours.
One of the standout features of TD Bank is its debit card replacement program. If you lose your card, you can typically get a replacement card at a local branch the next day. Some locations even offer curbside service for picking up your new card.
Pros:
Plenty of branches and ATMs in the service area
$200 bonus for new checking accounts with qualifying direct deposit
Next-day replacement of lost debit card
Cons:
$100 daily balance to waive monthly maintenance fees on checking accounts
Not all states have TD Bank ATMs
Savings accounts have lower-than-average interest rates
2. Chime
Chime is an online banking option with competitive offerings. The checking account comes with no monthly fees or minimum balances, and you’ll get overdraft coverage of up to $200 if you have qualifying direct deposit set up. The savings account offers an interest rate of 2.00% APY, which is lower than some online bank competitors but higher than what you’ll find with many national and local banks.
Like many online-only bank accounts, though, you’ll need to think about access to your bank account while traveling. Chime gives you access to cash at more than 60,000 ATMs across the country, but if you occasionally need to deposit cash, Chime might not be the best bank for you.
Pros:
No minimum balance requirements or monthly fees
Fee-free ATM withdrawals at more than 60,000 ATMs nationwide
SpotMe covers up to $200 in overdrafts
Cons:
No cash deposit options
Lower interest rates on savings accounts than other online banking options
Direct deposit required for maximum benefits
3. GO2bank
Online banks have plenty to offer, particularly if mobile banking is your priority. Like other online banking solutions, GO2bank offers the best deal if you’re on direct deposit. You’ll need qualifying electronic deposits and activity to get the highest level of fee-free overdraft protection.
If you’re looking to build credit, GO2bank offers a secured credit card. There’s no credit check required. You’ll transfer a $100 deposit from your checking account to secure the card and cover your purchases.
Pros:
No monthly maintenance fee
Deposit cash at 90,000+ retailers nationwide
Secured credit card helps you build credit
Cons:
Direct deposit required to waive monthly service fee
Balances above $5,000 in savings accounts don’t earn interest
4. Citizens Bank
With more than 1,000 branch locations across the Northeast, as well as 3,000 ATMs, Citizens Bank is a great option if you’re looking for a New Hampshire bank with locations outside the state. Citizens offers free checking accounts to those who have at least one monthly deposit.
Citizens Bank customers have access to fee-free transactions at ATMs within its network, but if you travel outside the service area, it will cost you. Citizens charges a fee in addition to what you’ll pay the third-party ATM owner.
Pros:
Citizens Virtual Assistant provides access to live tellers at select ATMs
Early access to direct deposit
Free checking account as long as you set up direct deposit
Cons:
Fee-free ATM withdrawals limited to Citizens Bank locations
Rates on savings accounts and CDs are lower than some competitors
5. Holy Rosary Credit Union
While you’re considering local New Hampshire banks, don’t forget credit unions, which come with plenty of perks of their own. Holy Rosary Credit Union is open to anyone who lives, works, attends school, or worships in New Hampshire or York County, Maine.
Like many credit unions, Holy Rosary offers competitive rates on personal loans and mortgages, so having deposit accounts with the bank can help you save money as you make major purchases over the years.
Another feature typically found with membership-limited financial institutions is higher rates on your balance. Holy Rosary lives up to those expectations with its savings accounts and CDs, but money market accounts and IRAs aren’t quite as competitive as those rates.
Pros:
Competitive rates on loans
Access to cash at 30,000+ ATMs nationwide
Great rates on CDs and savings accounts
Cons:
Limited branches
Money market account rates lower than some competitors
6. Bank of America
National banks bring plenty of benefits, including access to cash and branches while traveling. If that’s a priority, Bank of America is one of the largest banks in the country. The impressive app makes activities like mobile check deposit, bill pay, and funds transfers easy.
Another impressive feature is Bank of America’s up to 4.75% annual percentage yield on CDs, which is higher than many traditional banks. Although Bank of America still has an overdraft fee, it dropped from $35 to $10 per transaction last year. You can sign up for Balance Connect overdraft protection, which moves money from your other accounts when you’re overdrawn.
Pros:
Competitive interest rates on CDs
Robust mobile banking services
Preferred Rewards members get rewards and perks
Cons:
Lower interest rates on savings accounts than many competitors
Requirements to waive monthly service fees on savings accounts
7. Bank of New Hampshire
For almost two centuries, the Bank of New Hampshire has served communities that include New Hampshire and Southern Maine. You’ll find 21 branches throughout the service area, along with fee-free access to cash at any Allpoint ATM nationwide.
If you’re looking for that personal banking service experience, you’ll find bank branches throughout the service area. There are several checking account options, including a fee-free option as long as you have at least one qualifying deposit monthly.
Pros:
Monthly maintenance fees on checking waived with direct deposit or at least one mobile check deposit
Fee-free cash access at 55,000 Allpoint ATMs nationwide
Competitive rates on CDs
Cons:
Low interest rates on savings accounts
Bank branches limited to New Hampshire and Southern Maine
Mobile app not as robust as competitors
8. Digital Federal Credit Union
Digital Federal Credit Union serves New Hampshire and Massachusetts, with fee-free access to cash at Co-Op ATMs nationwide. That same network also offers branch access while traveling outside the service area. You’ll just need to look at the branch locator to find one near you.
Membership is limited to those who work for employers and live in communities on the approved list. However, you may qualify if your employer has a presence there, or if you have a family member in the area. Since Digital Federal Credit Union has great financial products and full-featured mobile services, it can serve like online banks do in giving you the best bang for your banking buck.
Pros:
Fee-free checking offers 0.20% APY
Higher rates on savings than most financial institutions
Competitive rates on loans
Cons:
Strict membership requirements
Charges overdraft fees
9. Enterprise Bank
Enterprise Bank is a New Hampshire Bank that’s headquartered in Massachusetts. This local bank offers multiple accounts, including checking accounts with easily waived fees. Enterprise’s Rewards Checking lets you accrue points on your debit purchases.
One downside of Enterprise Bank is its limited ATM service area. If you regularly travel outside New Hampshire and Maine, you’ll want an account that reimburses third-party ATM fees each month. The basic account requires a minimum daily balance of $250 to have up to $5 in monthly ATM fees refunded.
Pros:
Multiple small business banking features
Wealth management services available
Monthly maintenance fee waived with one monthly deposit
Cons:
$50 minimum deposit required to open
Limited service area
10. M&T Bank
A well-known New Hampshire bank, People’s United Bank, joined the M&T Bank family in 2021, so you’ll find a heavy M&T Bank presence in the state. People’s United Bank migrated all its customer accounts to M&T, which now offers 30 branches in the state. You’ll find multiple checking accounts, including a fee-free option.
Small business owners may want to consider M&T Bank for its robust business offerings. Business credit cards come with rewards for purchases, and entrepreneurs will find a variety of loan options and cash management services.
Pros:
Competitive rates on CDs
Rewards-earning personal and business credit cards
Wide range of business banking services
Cons:
Limited ATM service area
Lower interest rates on savings accounts than other online banking options
Fee-free overdraft protection only available to higher-tier accounts
What to Look for in a New Hampshire Bank
When it comes to personal finance, individual needs vary. You might need conveniences like online bill pay and mobile check deposit, for instance, while someone else prefers access to physical locations for that personalized banking experience. It’s likely your ideal bank operates in New Hampshire, but first, you need to identify what matters most to you.
Access to Funds
Despite the conveniences of managing your account online, online-only banks can fall short. Your best local bank, for instance, may make it easy to withdraw and deposit cash while you’re in town.
But what about when you travel? No matter which bank you choose, it’s important to make sure you’ll be able to withdraw cash and get help when you’re away from home. Some local and online banks offer nationwide access through partnerships with ATM networks or co-ops.
Other Accounts Available
If you prefer a full-service banking solution, pay attention to other accounts the bank offers. Someday you might open a small business, for example, and having a bank that offers solutions for that can help.
But even more important are the savings vehicles a bank offers. A bank that offers competitive rates on money market accounts and retirement accounts could be a better option than one that cuts fees but has low rates.
Finding a great bank in New Hampshire doesn’t have to be challenging. Pay attention to the amenities and fees charged by each bank and narrow down the options to those that will best meet your needs.
From the casinos of Las Vegas to the hot springs of Reno, Nevada has plenty to offer both residents and visitors. The best banks in Nevada offer high interest rates and fee-free basic savings account and checking account options.
12 Best Banks in Nevada
If you’re in the market for a new bank, there are more than a few options available. The below list will help you find a bank account that fits your needs.
1. Chase Bank
There are quite a few national banks in Nevada, including Chase, which has both branches and ATMs in the state. Chase’s signature checking account, Total Checking, waives the monthly fee as long as you receive $500 or more in direct deposits or maintain a $1,500 balance.
But perhaps the best reason to move your Nevada banking to Chase is the $200 bonus if you open a new checking account and enroll in direct deposit.
Fees:
$12 monthly service fees (waived with requirements)
$34 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance requirements
ATMs:
Fee-free at 15,000+ Chase Bank ATMs
$3-$5 for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings account
Up to 3.75% APY on CDs
Additional perks:
$200 bonus for new checking accounts
Chase Overdraft Assist gives you extra time to fix overdrafts
2. Nevada State Bank
For a local bank option, check out Nevada State Bank, which is part of Zions Bancorporation, N.A. Your Nevada State Bank debit card gets you fee-free ATM access at both Nevada State Bank and Zions Bancorporation locations.
Nevada State Bank offers a free checking account as long as you have at least $250 in electronic deposits monthly or make at least 10 debit card purchases using your Nevada State Bank debit card.
Fees:
$9 monthly maintenance fee (waived with requirements)
$29 overdraft fee
Balance requirements:
$50 minimum deposit to open
ATMs:
Fee-free at any Nevada State Bank or Zions Bancorporation ATM
$2.50 fee for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings accounts
Up to 4.75% APY on CDs
Additional perks:
Military checking accounts available
Wide range of loan options available
3. Chime
Chime is an online and mobile banking option, which offers a fee-free checking account and 2.00% APY on its savings accounts. You’ll have access to cash at more than 60,000 ATMs nationwide. This is an option that works best if you have direct deposit set up, since most of Chime’s perks require it.
Fees:
No monthly service fees
No overdraft fees
Balance requirements:
No minimum deposit to open
No minimum balance required
ATMs:
Fee-free at more than 60,000 ATMs nationwide
$2.50 out-of-network ATM transaction fee
Interest on balance:
2.00% APY on savings account
Additional perks:
Access to paycheck up to two days early
SpotMe covers you in up to $200 in overdrafts
4. Zions Bank
Zions Bank is a regional bank with branches in Nevada, as well as in Arizona, California, Colorado, Idaho, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. Like most banks, Zions Bank offers features like mobile check deposit and online bill pay. You’ll find ATMs throughout Nebraska, as well as across its service area.
Fees:
No monthly service fees
$29 overdraft fee
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at any Zions Bancorporation ATM
$2.50 for each out-of-network ATM transaction
Interest on balance:
Up to 0.19% APY on savings accounts
Up to 5.20% APY on CDs
Up to 1.46% APY on money market account
Additional perks:
Robust mobile banking features
Great banking options for small business owners
5. GO2bank
Online-only banks can be among the best banks in Nevada, thanks to their competitive offerings. GO2bank is one of those banks. You’ll get 4.50% APY on your savings account, as well as 7% cash back on gift card purchases.
All you’ll need to do to qualify for the free checking account is to have at least one government or payroll direct deposit in the previous statement period.
Fees:
$5 monthly fee (waived with requirements)
$15 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance required
ATMs:
Fee-free at Allpoint ATMs nationwide
$3 for each out-0f-network ATM transaction
Interest on balance:
4.50% APY on savings accounts
Additional perks:
Deposit cash at more than 90,000 retailers nationwide
Up to 7% cash back on gift card purchases
6. Bank of America
Bank of America is a national bank with branches in 38 states, including Nevada. Debit cards work at ATMs throughout its service area, including throughout Nevada.
Advantage Plus checking accounts are fee-free as long as you have at least one electronic deposit of $250 or more, maintain a $1,500 minimum balance, or are enrolled in Preferred Rewards.
Fees:
$12 monthly service fee (waived with requirements)
No overdraft fees
Balance requirements:
$100 minimum deposit to open
ATMs:
Fee-free at 15,000+ Bank of America ATMs nationwide
$5 for each out-of-network ATM transaction
Interest on balance:
Up to 0.04% APY on savings account
Up to 4.75% APY on CDs
Additional perks:
Generous bonuses on new credit cards
Wealth management services available
7. One Nevada Credit Union
If you live, work, or attend church or school in Clark, Nye, or Washoe County, you’ll qualify for membership at One Nevada. Credit unions typically come with plenty of perks, including competitive rates on loans.
The One Checking Account comes with a $5 fee that can be waived as long as you maintain a $2,000 average daily balance or have at least 15 signature-based debit purchases each month.
Fees:
$5 monthly service fee (waived with requirements)
$35 overdraft fee
Balance requirements:
$5 membership fee to open
ATMs:
Fee-free at One Nevada Credit Union ATMs
Fee-free at 46,000+ Allpoint ATMs nationwide
Interest on balance:
0.05% APY on savings account
Up to 4.59% APY on CDs
Additional perks:
Dividends paid monthly on One savings account
Competitive rates on personal loans
8. CIT Bank
CIT Bank is an online and mobile banking solution that offers a no-fee checking account. A $100 minimum opening deposit is required, but there are no fees for overdrafts.
Although CIT doesn’t have an ATM network, there are no out-of-network ATM fees, and CIT will even refund up to $30 in fees charged by third-party ATM owners every month.
Fees:
No monthly maintenance fees
No fees for overdrafts
Balance requirements:
$100 minimum opening deposit
No minimum balance required
ATMs:
Up to $30 in out-of-network ATM fees reimbursed monthly
Interest on balance:
Up to 0.25% APY on checking accounts
Up to 4.736% APY on savings accounts
Up to 5.00% APY on CDs
Up to 1.538% APY on money market accounts
Additional perks:
Competitive rates on financing for small business owners
Competitive rates on no-penalty CDs.
9. Wells Fargo
Another national bank in Nevada is Wells Fargo, which has branches in Las Vegas and Henderson. You can complete most of your transactions using the mobile banking app, but you’ll also have fee-free ATM access at 12,000 ATMs nationwide.
You’ll get a free checking account as long as you maintain a $500 minimum balance or receive $500 or more in qualifying direct deposits each statement period.
Fees:
$10 monthly service fee (waived with requirements)
$35 overdraft fee
Balance requirements:
$25 minimum deposit to open
No minimum balance requirement
ATMs:
Fee-free at Wells Fargo ATMs nationwide
$2.50 fee for each out-of-network ATM transaction
Interest on balance:
Up to 0.25% APY on savings account
Up to 4.51% APY on CDs
Additional perks:
$300 bonus for new checking accounts
Robust mobile banking services
10. WaFd Bank
WaFd Bank is a regional bank with branches in Nevada, Arizona, Idaho, New Mexico, Oregon, Texas, Utah, and Washington. You’ll have access to more than 200 branches throughout those states, as well as ATM access at MoneyPass locations nationwide.
What makes WaFd Bank the best regional bank is its local bank feel. The bank focuses on providing a sense of community in each area it serves.
Fees:
No monthly maintenance fees
$30 overdraft fee
Balance requirements:
$25 minimum opening deposit
No minimum daily balance requirement
ATMs:
Fee-free at 32,000+ MoneyPass ATMs nationwide
Interest on balance:
0.10% APY on savings account
Up to 5.00% APY on CD
Up to 2.00% APY on money market account
Additional perks:
Three styles of debit cards
Budgeting and financial management tools in mobile banking app
11. First Foundation Bank
Another regional bank with branches in Nevada is First Foundation Bank. There are multiple checking account options, including a free account that requires a $100 opening deposit.
There’s no national ATM presence, but First Foundation does reimburse up to $20 in third-party ATM fees monthly. What makes First Foundation the best regional bank, though, is its above-average rates on savings accounts. You’ll earn 4.85% APY on your savings account balance.
Fees:
No monthly maintenance fees
$35 overdraft fee (after $10 grace amount)
Balance requirements:
$100 minimum opening deposit
No minimum daily balance requirement
ATMs:
Fee-free at First Foundation Bank ATMs
Up to $20 in third-party ATM fees reimbursed monthly
Interest on balance:
4.85% APY on savings account
Up to 4.75% APY on CD
Additional perks:
Wealth management services available
Robust solutions for small business owners
12. Plumas Bank
Plumas Bank is a local bank covering Northeastern California and Northern Nevada. You’ll find competitive rates on CDs and multiple checking account options. The basic checking account comes with no monthly fees as long as you conduct 10 or more signature-based transactions using your debit card and enroll in e-statements.
Fees:
$7 monthly service fee (waived with requirement)
$34 overdraft fee
Balance requirements:
$100 minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at ATMs with the VISA, STAR, and PLUS symbols
$2 out-of-network ATM fee
Interest on balance:
0.10% APY on savings account
Up to 4.08% APY on CD
Additional perks:
Robust services for small business owners
Highly rated customer service
How to Choose the Best Bank for Your Needs
Whether you’re looking for a small local bank like Nevada State Bank or you’d prefer a large national bank like Bank of America, it’s important to look at the features. Here are some things to consider for your personal or business checking account and savings needs.
Selection of Products and Services
There’s more to a financial institution than fees and interest rates. The best banks in Nevada provide the type of customer service you need, coupled with a range of services.
If most of your banking is done electronically, online banking might be the best choice for you. If you regularly make cash deposits and withdrawals, though, a local bank with branches close to your house could make a bigger difference.
Before signing on with a bank, take a look at the products offered. Some banks and credit unions provide great interest rates on auto loans if you’re already a customer, so having that as an option could save you money later.
Personal, Business, or Both?
To start, take a close look at what you need in a bank account. Even if you don’t run your own business now, will you someday? If so, business banking services are worth consideration. Landing business loans might be easier if you already have a personal or business checking account with a bank.
Interest Rates
There are two ways interest rates impact you when you’re researching the best banks in Nevada. Deposit accounts like checking and savings earn interest, while loans and credit cards charge interest.
Some checking accounts pay interest but charge fees that supersede any earnings. Some banks offer competitive rates on CDs and savings, but the deals on loans and credit cards aren’t as good. There’s always the option of having multiple bank accounts, but if you prefer to do all your banking in one place, it’s important to consider these factors.
Minimum Balance
Some accounts have a minimum balance requirement attached to their personal checking account options. The best checking account will give you the freedom you need to deposit and transfer money without having you stress about your balance.
It’s also important to note the wording of those balances. In some cases, your personal checking will simply need to keep an average daily balance to meet requirements. Some of the best checking accounts also consider your balance across all your accounts rather than setting a requirement for each. If you have two checking accounts or a checking and savings account with the same bank, you’ll be able to more easily meet that requirement.
Access to Mobile Banking
Online banking makes managing your money easy. Whether you narrow your search to online banks or you’re looking for the best national bank, chances are, you’ll be able to manage your account online.
The best checking account lets you transfer funds, deposit checks, and manage your payment cards in an app. Take a close look at any bank’s app to make sure you’ll be able to handle most of your account online if you prefer to steer clear of branches and ATMs. If you go with an online-only bank, though, make sure you’ll have access to cash when you need it, especially while traveling.
The largest banks in Nevada might not have the features you need. Before choosing a bank, make sure the bank offers the best features for you while also reducing fees and maximizing interest.
Nebraska is packed with culture and beauty, from the diversity of its music to the vast farmland that brings income to the state. The best banks in Nebraska offer the amenities you need, while also keeping fees to a minimum so that you can make the most of your hard-earned money.
10 Best Banks in Nebraska
Whether you’re looking for a local bank or a national bank with a Nebraska presence, there’s a bank for you. The below list can help you find the right checking and savings accounts to meet your banking needs.
1. Pinnacle Bank
Although Pinnacle Bank is a local bank, there are branches in Nebraska, Missouri, and Kansas. The free checking account requires a $100 minimum deposit, but there are no fees or balance requirements.
One downside to Pinnacle’s free checking accounts is that the ATM presence is limited, but students, seniors, and military can get up to $10 in out-of-network ATM fees rebated each month.
Fees:
No monthly service fee
$32 overdraft fee ($10 if the returned item is $10 or less)
Balance requirements:
$100 minimum deposit to open
No minimum balance requirement
ATMs:
Fee-free at Pinnacle Bank ATMs
Interest on balance:
0.86% APY on savings accounts
Up to 2.08% APY on money market accounts
Additional perks:
Real-time teller access at select ATMs with ATM LIVE
$10 refund on out-of-network ATMs for seniors, military, and students on free checking account
2. First National Bank of Omaha
Headquartered in Omaha, First National Bank of Omaha (FNBO) is a regional bank with branches in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota, Texas, and Wyoming. First National Bank has multiple checking accounts, including a free option that has no monthly maintenance fees or minimum balance requirements.
Not only do you get fee-free ATM access at First National Bank and Allpoint ATMs, there’s also no fees for using out-of-network ATMs. You will, however, be responsible for any fees charged by the third-party ATM owner.
Fees:
No monthly maintenance fees
No overdraft fees
Balance requirements:
No minimum deposit to open
No minimum balance requirement
ATMs:
Fee-free at First National Bank of Omaha ATMs
Fee-free at Allpoint ATMs nationwide
No fees for non-First National Bank ATMs
Interest on balance:
Up to 0.08% APY on savings accounts
Additional perks:
Personal banker available through mobile banking app
Rate discount on auto, home equity, and personal loans
3. GO2bank
One of the best things about online banking is that it often comes with high-yield savings accounts. That’s definitely the case with GO2bank, an online bank that pays 4.50% APY on its savings accounts.
But the best thing about GO2bank is its cash accessibility. Not only can you withdraw funds from any Allpoint ATM nationwide, but you can also deposit funds at participating retailers across the country using your debit card.
Fees:
$5 monthly fee (waived with requirements)
$15 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum daily balance required
ATMs:
Fee-free at Allpoint ATMs nationwide
$3 for each out-of-network ATM withdrawal
Interest on balance:
4.50% APY on savings
Additional perks:
4. Chime
Chime is another online banking option that includes all its features in its app. You can access cash at more than 60,000 ATMs nationwide, but deposits can be more challenging.
Mobile check deposit is available, but Chime has no easy way to make cash deposits to your account. Chime’s online savings account offers competitive interest rates at 2.00% APY.
Fees:
No maintenance fees
No overdraft fees
Balance requirements:
No opening deposit
No minimum daily balance required
ATMs:
Fee-free at 60,000+ ATMs nationwide
$2.50 out-of-network ATM transaction fee
Interest on balance:
2.00% APY on savings accounts
Additional perks:
SpotMe covers overdrafts up to $200
Access to paycheck up to two days early
5. Union Bank & Trust
Union Bank & Trust is a privately owned bank headquartered in Lincoln. You’ll get access to branches and ATMs throughout Nebraska, along with free access to cash while traveling at any MoneyPass ATM.
One thing that sets UBT apart from other Nebraska banks is its bonus of up to $250 for new checking accounts. If you go with the free checking, you’ll only receive $150, but if you’ll have at least $2,500 in electronic deposits within the first 90 days, you can go with a higher-tier account and earn a $250 bonus.
Fees:
No monthly maintenance fees
$34 overdraft fee
Balance requirements:
$50 minimum opening deposit
No minimum balance requirements
ATMs:
Fee-free at Union Bank & Trust ATMs
Fee-free at MoneyPass ATMs
Interest on balance:
0.50% APY on savings accounts
Up to 4.63% APY on CDs/IRAs
Up to 3.30% APY on money market account
Additional perks:
6. Wells Fargo
One of the top national banks in Nebraska is Wells Fargo, which has locations and ATMs throughout the state. You can enjoy fee-free checking as long as you meet the requirements. For the Everyday Checking account, you’ll merely need to maintain a $500 minimum daily balance or have at least $500 in electronic deposits each month.
Wells Fargo is also currently offering a $300 bonus for new checking accounts. You’ll need at least $1,000 in qualifying direct deposits within the first 90 days to get your bonus.
Fees:
$10 monthly service fee (waived with requirements)
$35 overdraft fee
Balance requirements:
$25 minimum opening deposit
No minimum balance requirement
ATMs:
Fee-free at Wells Fargo ATMs nationwide
$2.50 out-of-network ATM fee
Interest on balance:
Up to 2.51% APY on savings accounts
Up to 4.51% APY on CDs
Additional perks:
$300 bonus on new checking accounts
Comprehensive mobile banking features
7. American National Bank
American National Bank is one of the best banks in Nebraska if you’re looking for a local bank experience with an extended service area. You’ll find 37 locations in Eastern Nebraska, Western Iowa, and the Minneapolis-St. Paul area. The fee-free checking accounts come with a $50 minimum opening deposit and no minimum daily balance requirements.
Fees:
No monthly fees
Balance requirements:
$50 minimum deposit to open
No minimum daily balance required
ATMs:
Fee-free at American National Bank ATMs
Interest on balance:
Rates not publicly disclosed
Additional perks:
Personal and home loans available
Small business banking options available
8. Ally
There are some disadvantages to going with an online bank. One of the biggest is access to cash. Ally works to overcome that by offering free ATM withdrawals at any Allpoint ATM across the country.
Ally also doesn’t charge a fee for out-of-network ATMs, and you’ll get up to $10 reimbursed monthly. But one of the biggest benefits of Ally is its highly competitive interest rates on online savings accounts and CDs. You’ll even earn 0.25% on your checking account.
Fees:
No maintenance fees
No overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance requirements
ATMs:
Fee-free at 53,000+ Allpoint ATMs nationwide
No out-of-network ATM fee
Up to $10 in out-of-network ATM fees reimbursed monthly
Interest on balance:
0.25% APY on checking
3.85% APY on savings
Up to 4.80% APY on CDs
Additional perks:
Avoid overdrafts with CoverDraft℠
Spending buckets help you budget
9. Cornerstone Bank
Cornerstone Bank started as First National Bank of York in the 1800s. It’s a great bank if you’re interested in traditional banks with a strong community connection, but its focus is local. ATMs are limited to Nebraska, and you’ll pay a $3 fee for each out-of-network ATM you use.
Fees:
No service fees
$33 overdraft fee
Balance requirements:
$100 opening deposit
No minimum daily balance required
ATMs:
Fee-free at all Cornerstone Bank ATMs
$3 out-of-network ATM transaction fee
Interest on balance:
Interest rates not publicly disclosed
Additional perks:
Wealth management services available
Home and auto loans available
10. Platte Valley Bank
Regional banks can be a great compromise between large, national banks and small community banks. Platte Valley Bank has branches across Nebraska and Wyoming, with a mobile app that includes most of the features you’ll need.
One downside to Platte Valley is its ATM profile, since you’ll only have fee-free cash access at ATMs in its service area.
Fees:
No service fees
$30 overdraft fee
Balance requirements:
$100 opening deposit
No minimum daily balance required
ATMs:
Fee-free at all Platte Valley Bank ATMs
Out-of-network fees reimbursed
Interest on balance:
Interest rates not publicly disclosed
Additional perks:
Agricultural loans available
Robust business banking options
How we picked these accounts
The most important feature of a bank is that it’s insured by the Federal Deposit Insurance Corporation. Beyond that, it’s simply a matter of highlighting the features that are most important to you.
We considered all that while curating the above list of bank account options. The list combines a bit of everything, from great interest rates on savings accounts to in-person service at branches throughout the state. Here are the features we prioritize in looking for the best financial institution in Nebraska.
In-Person Customer Service
These days, you can do the majority of your banking through apps and ATMs. But there’s something about that local bank experience that makes it stand out. If you prioritize personal service, branch access may be most essential for you.
But when looking at financial institutions, keep in mind that brick-and-mortar banks come in a variety of formats. Local Nebraska banks tend to have more of a community focus, but national banks with local branches will give you branch access while you’re traveling. Once you’ve narrowed down the options, you can pick the one with other features you need.
Online Banking Features
Banking online has brought convenience to the experience. You can deposit checks, transfer money, pay bills, and keep an eye on your accounts. Some banking apps even allow you to interact with a live teller for that personal customer service you’d typically get at brick-and-mortar locations.
Look for an online bank with fee-free withdrawals both locally and while you’re traveling. Also, make sure you’ll have a way to deposit cash if it ever becomes necessary.
Cost and List of Fees
Banks need to make money, and often this comes through interest. However, they also earn a little on the fees they charge for deposit accounts.
To compete, banks sometimes waive monthly fees. However, you’ll be expected to maintain a minimum amount in the account. This is where some online accounts can win over traditional banks. They’ll waive these requirements and give you a truly fee-free banking solution.
From the largest banks in the country to community banks, Nebraska has plenty of options when it comes to storing your money. Thanks to banking apps and online access, you can go with a bank that doesn’t even have physical branches. Take a look at all the features and choose the best Nebraska bank for you.
Open a BMO Harris Premier™ Account online and get a $500 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 90 days of account opening. Expires 9/15. Conditions Apply.
If you’re in the market for a straightforward savings account that offers government-backed deposit insurance and accepts applications from people all across the United States, banks aren’t your only option.
You can also choose from a bunch of reputable credit unions with national footprints and attractive savings yields. One of the best of this group is Alliant Credit Union. Its Alliant High-Rate Savings Account is rewarding, flexible, and mobile-friendly.
But the Alliant High-Rate Savings Account isn’t perfect, so take a few minutes to review its upsides and downsides before applying.
What Is the Alliant High-Rate Savings Account?
The Alliant High-Rate Savings Account is a high-yield savings account with no monthly fee when you opt into paper statements. It has a strong yield on all balances — 3.10% APY with an average daily balance of $100 or more — and, somewhat unusually, comes with an ATM card that enables fee-free withdrawals at about 80,000 machines nationwide.
The Alliant High-Rate Savings Account has other useful features, including digital bill pay and mobile check deposit. One standout capability is its supplemental savings accounts, which let you track your progress toward up to 19 savings goals at once.
The Alliant High-Rate Savings Account requires Alliant Credit Union membership, but it’s easy to qualify by joining Alliant’s nonprofit partner.
What Sets the Alliant High-Rate Savings Account Apart?
The Alliant High-Rate Savings Account stands out for a few reasons — nothing earth-shattering, but certainly notable:
Above-average yield. It’s not quite at the top of the savings account heap, but the Alliant High-Rate Savings Account’s yield is well above average for national credit unions. Not to mention big banks, many of which raised rates in years.
ATM card with expansive fee-free ATM network. It wouldn’t raise eyebrows in a checking account, but Alliant High-Rate Savings’ ATM card is unusual in the savings account world. Throw in a big fee-free ATM network with 80,000-plus machines and it’s a big selling point.
Lots of subaccounts for easy budgeting and goal-setting. You can open nearly 20 separate savings accounts linked to your main High-Rate Savings Account. All earn the same high yield and have the same features and capabilities. They just make saving for and tracking goals much easier.
Key Features of the Alliant High-Rate Savings Account
Before you open an Alliant High-Rate Savings Account, review its core features and capabilities to understand what you’re getting into. Pay close attention to Alliant’s membership requirements and supplemental savings accounts option.
Membership Requirements
You must be an Alliant Credit Union member to open a High-Rate Savings Account.
If you don’t live in Alliant’s home territory — basically, the greater Chicago area — the easiest way to become a member is to join the nonprofit Foster Care 2 Success. There’s no out-of-pocket expense involved because Alliant Credit Union picks up Foster Care 2 Success’ one-time joining fee of $5.
Account Yield (Interest)
This account yields 3.10% APY on all balances. You need to maintain an average daily balance of $100 or more to earn this interest rate.
Account Fees & Minimums
The minimum balance to open and maintain your account is $5. You do need to maintain a $100 average daily balance to earn the posted yield.
There’s a $1 monthly paper statement fee if you don’t opt into electronic statements. Otherwise, this account has on monthly or recurring fees.
ATM Access
Alliant Credit Union has more than 80,000 fee-free ATMs in its network. These are distributed across the United States, including in places where Alliant has no branches.
Unusually for a savings account, Alliant High-Rate Savings offers an ATM card that works at hundreds of thousands of in-network and out-of-network machines. However, it’s not a debit card and can’t be used at other merchants.
Supplemental Savings Accounts (Subaccounts)
You can open up to 19 supplemental savings accounts tied to your main High-Rate Savings Account. This is helpful for setting and tracking specific savings goals without maintaining a separate spreadsheet or using a third-party budgeting tool.
Your supplemental savings account balances earn the same yield as your main savings account balance.
Mobile Banking Tools
Alliant Credit Union offers a nice lineup of mobile banking tools:
Mobile check deposit
Digital billpay
Person-to-person and external account transfers
Integrations with third-party finance apps like Mint and Quicken
Deposit Insurance
The Alliant High-Rate Savings Account comes with up to $250,000 in deposit insurance from the National Credit Union Administration, or NCUA.
Even though NCUA coverage isn’t exactly the same as Federal Deposit Insurance Corporation (FDIC) deposit insurance, it’s the same from a practical standpoint and should reassure you that your money is protected in the unlikely event Alliant Credit Union fails.
Pros & Cons of the Alliant High-Rate Savings Account
No monthly fee with electronic statements
Low balance requirements
Up to 19 supplemental savings accounts
Must be an Alliant Credit Union member to qualify
Not the highest available savings yield
No interest on balances below $100
Advantages
The advantages of the Alliant High-Rate Savings Account include its low fees, lack of minimum balances (except to earn interest), and supplemental savings accounts feature.
No monthly fee with electronic statements. As long as you opt into electronic statements, you pay no monthly maintenance fee on this account. Even if you don’t, the paper statement fee is just $1 per month, which is reasonable as far as paper statement fees go.
Low balance requirements. You need just $5 in your account to keep it open. That barely qualifies as a minimum balance requirement these days.
Above-average yield. While not quite the best around, this account’s yield is well above average for credit union savings accounts.
ATM card and broad fee-free ATM access. Most savings accounts don’t offer ATM cards, let alone fee-free withdrawals at more than 80,000 ATMs. If you want the option to withdraw cash directly from your savings balance, this is the right account for you.
Up to 19 supplemental savings accounts. You can set up, track, and save toward up to 19 savings goals simultaneously with the Alliant High-Rate Savings Account. Each subaccount earns the same high yield and has deposit insurance coverage, though the cumulative deposit insurance limit is still $250,000 no matter how many you have open at once.
Useful mobile features. The Alliant High-Rate Savings Account boasts mobile check deposit, fast and free person-to-person transfers, and digital billpay. In short, it has most of the mobile features you expect from an online savings account.
Full deposit insurance. This account comes with up to $250,000 in deposit insurance. That’s the standard limit at banks and credit unions alike, and reassuring in the unlikely event of Alliant’s failure.
Disadvantages
The Alliant High-Rate Savings Account has few downsides. The biggest are the credit union membership requirement and the $100 average daily balance requirement to earn interest.
Must become an Alliant member to qualify. Opening an Alliant High-Rate Savings Account takes some additional time if you’re not yet an Alliant member. It’s easy to qualify, but this could still be a deal-breaker if you’re pressed for time.
No yield below $100 average daily balance. You need to maintain an average daily balance of at least $100 to earn interest on your balance. While modest, this could be an issue for savers just starting out.
Can find higher yields if you know where to look. The Alliant High-Rate Savings Account has an excellent yield compared with many other credit union savings accounts, but it’s surpassed by a good number of online banks. Time will tell if that chances, but for now, it’s worth keeping in mind.
How the Alliant High-Rate Savings Account Stacks Up
Before you open an Alliant High-Rate Savings Account, see how it compares to another popular savings account available to applicants all across the United States: CIT Bank Platinum Savings.
Alliant High-Rate Savings
CIT Bank Platinum Savings
Minimum Balance
$5
$100
Monthly Fee
$0 with e-statements
$0
Account Yield
3.10% APY
Up to Up to 4.75% APY
Minimum for Yield
$100
$5,000
ATM Access
Yes, 80,000 fee-free
No
Savings Goals
Yes
Yes
You can see that the Alliant High-Rate Savings Account is ideal for folks without big existing savings balances. It’s also a plus for those who want to be able to withdraw cash directly from their savings accounts without heading inside a bank branch.
By contrast, CIT Bank Platinum Savings is best for folks with higher balances seeking to maximize yield.
Final Word
The Alliant High-Rate Savings Account is mostly a straightforward credit union savings account, but it does throw a few curveballs. These are mostly to the good: an above-average yield on all balances, an ATM card with more than 80,000 fee-free ATMs in its network, and easy budgeting and savings goal-setting with supplemental savings accounts.
The biggest downsides to this account aren’t fatal flaws by any means. There’s a bit of friction to open an account, especially if you’re not yet an Alliant member, and some online banks offer even higher savings yields. But overall, the Alliant High-Rate Savings Account has a lot more to like than dislike.
The Verdict
Our rating
Alliant High-Rate Savings Account
The Alliant High-Rate Savings Account has everything you need in a savings account and nothing you don’t. Standout features include up to 19 supplemental savings accounts with the same high yield and fee-free withdrawals at more than 80,000 ATMs. The mobile banking capabilities are a hit too.
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
Montana is a beautiful place to live, with its waterways and mountainous terrain. If you live and work in the state, you likely need a great place to park your money. The best banks in Montana give you everything you need to pay your bills and manage your money while also keeping fees to a minimum.
The banking industry in Montana is thriving, with a wide range of brick-and-mortar banks that include local, national, and regional banks. Online banking can be a great option, as well, offering reduced fees and savings interest rates that are above the national average.
14 Best Banks in Montana
This list offers a combination of different bank accounts to help you find the right combination of features to fit your needs.
1. First Interstate Bank
With branches in Montana, Arizona, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oregon, South Dakota, Washington, and Wyoming, First Interstate Bank has a fairly large footprint.
You’ll also get fee-free access to ATM withdrawals nationwide through the MoneyPass network. First Interstate’s free checking account waives monthly maintenance fees with direct deposit or at least a $250 daily balance. Account holders under the age of 24 also pay no service fees.
Fees:
$5 monthly service fee (waived with requirements)
$10 overdraft fee
Balance requirements:
$100 minimum deposit to open
No minimum balance requirements
ATMs:
Fee-free at First Interstate Bank ATMs
Fee-free at 37,000+ MoneyPass ATMs nationwide
$2.50 out-of-network ATM fee
Interest on balance:
Up to 0.25% APY on savings accounts
Up to 0.25% APY on money market accounts
Up to 4.29% APY on CDs
Additional perks:
Open a FirstRewards World Mastercard along with a checking account and get 5,000 bonus points
Wealth management services available
2. GO2bank
GO2bank is an online-only bank that integrates all your banking functions into its app. You’ll get most of the features you need to manage your bank account in the app, including mobile check deposit and the ability to transfer money from checking to your savings account.
But what sets GO2bank apart from other online and mobile banking options is its cash accessibility. Not only can you withdraw funds at any Allpoint ATM, but you can also deposit cash at more than 90,000 retail locations nationwide.
Fees:
$5 monthly fee
$15 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum daily balance requirement
ATMs:
Fee-free at Allpoint ATMs nationwide
$3 out-of-network ATM fee
Interest on balance:
4.50% APY on savings accounts
Additional perks:
Deposit cash at 90,000+ retail locations nationwide
Secured credit card helps you boost your credit score with no credit check required
3. U.S. Bank
Multiple national banks have branches in Montana, including U.S. Bank, which operates 21 branches across 14 towns. You’ll find ATMs across Montana, but the bank doesn’t operate in every state. You will, however, enjoy fee-free access to cash while you’re traveling through the MoneyPass network, which currently operates about 40,000 ATMs nationwide.
The U.S. Bank Smartly checking account is an interest-earning account that doesn’t charge fees, provided certain conditions are met. These conditions include having monthly electronic deposits of $1,000 or more, maintaining a minimum average balance of at least $1,500, or possessing an eligible U.S. Bank credit card. Alternatively, you can also qualify for fee-free status if you reach one of the bank’s rewards tiers.
In addition, for a limited time, you can earn a $400 sign-up bonus with qualifying activities.
Fees:
$6.95 monthly maintenance fee (waived with requirements)
$35 overdraft fee (waived up to $50)
Balance requirements:
$25 minimum opening deposit
No minimum daily balance requirement
ATMs:
Fee-free at U.S. Bank ATMs
Fee-free at MoneyPass ATMs nationwide
$2.50 fee per out-of-network ATM transaction
Interest on balance:
Up to 0.05% APY on checking accounts
0.01% APY on savings accounts
Up to 4.75% APY on CDs
Up to 4.00% APY on money market accounts
Additional perks:
Smart Rewards program helps you earn rewards for purchases
Up to $750 bonus for business checking accounts
4. Stockman Bank of Montana
Those who prefer brick-and-mortar banks should take a look at Stockman Bank of Montana. As Montana’s largest family-owned bank, Stockman Bank offers branches and ATMs throughout the state. It might not be the best option if you regularly leave Montana, though, as you’ll pay an out-of-network ATM fee of $1 per transaction in addition to third-party ATM fees.
Fees:
No monthly maintenance fees
$15 overdraft fee
Balance requirements:
$100 minimum deposit to open
No minimum balance requirements
ATMs:
Fee-free at Stockman ATMs
$1 out-of-network ATM fee
Interest on balance:
Up to 0.60% APY on savings accounts
Up to 4.39% APY on CDs
Additional perks:
High ratings for customer service
Enhanced debit card security features in mobile banking app
5. Opportunity Bank of Montana
Based in Helena, Opportunity Bank of Montana is another community bank with access to a nationwide ATM network. There are two free checking account options.
Opportunity Checking has all the basics, but Opportunity Reward Checking issues 1% unlimited cash back on qualifying purchases. To qualify for reward checking, you’ll need to receive at least $1,000 in monthly direct deposits and have at least 10 qualifying purchase transactions on your debit card.
Fees:
No monthly service fees
$30 overdraft fee
Balance requirements:
$100 minimum deposit to open
No minimum daily balance requirement
ATMs:
Fee-free at Opportunity Bank ATMs
Fee-free at MoneyPass ATMs nationwide
$2 fee for ATMs outside the Opportunity and MoneyPass networks
Interest on balance:
Rates not publicly disclosed
Additional perks:
6. Glacier Bank
It might be a regional bank, but Glacier Bank has a heavy presence in its service area. You’ll find 222 branches in Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona, and Nevada, and you can use your ATM card at any Allpoint ATM across the globe. In addition to local bank branches, you’ll also get great deals on checking accounts, as well as savings and business banking options.
Fees:
No monthly fees
$30 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance requirement
ATMs:
Fee-free at Glacier Bank ATMs
Fee-free at 55,000 Allpoint ATMs worldwide
$2 fee for ATMs outside of Glacier Bank and Allpoint networks
Interest on balance:
Rates not publicly disclosed
Additional perks:
New checking account comes with a thank-you gift
Robust business banking services
7. Chime
If you have direct deposit, Chime is an online banking option that’s worth considering. Chime doesn’t charge monthly service fees on its checking account, and automatic savings features can help move money from your checking account to your savings account regularly. There is no cash deposit option with Chime, but you can withdraw cash from any Allpoint ATM.
Fees:
No monthly service fees
No overdraft fees
Balance requirements:
No minimum deposit to open
No minimum daily balance requirement
ATMs:
Fee-free at 60,000+ ATMs nationwide
$2.50 outside ATM fee
Interest on balance:
2.00% APY on savings accounts
Additional perks:
8. Chase
Chase Bank is another national bank with branches and ATMs in Montana. You’ll find branches in Helena and Billings. One of the best things about Chase is its nationwide presence. Chase has 4,800 branches and 16,000 ATMs spread across 48 states and the District of Columbia.
The most popular account is Chase Total Checking, which is fee-free if you receive at least $500 in electronic deposits monthly, have a daily balance of at least $1,500, or maintain an average combined balance of $5,000 across all your Chase Bank accounts.
Fees:
$12 monthly service fee (waived with requirements)
$34 overdraft fee
Balance requirements:
No minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at 15,000+ Chase ATMs
$3-$5 non-Chase ATM fee
Interest on balance:
0.01% APY on savings accounts
Up to 3.75% APY on CDs
Additional perks:
$300 bonus for new checking accounts
Autosave makes it easy to transfer funds to your savings account
9. Farmers State Bank
Another community bank is Farmers State Bank, which has locations across Montana. Farmers State Bank offers both e-banking and traditional banking services to meet all your needs. Although their checking accounts require an opening balance, you can find a fee-free option with no minimum balance requirements or fees.
Fees:
No monthly fees
Balance requirements:
$25 minimum deposit to open
No minimum balance requirement
ATMs:
Fee-free at Farmers State Bank locations
$1 non-Farmers State ATM fee
Interest on balance:
Up to 0.03% APY on savings accounts
Up to 2.27% APY on money market accounts
Up to 4.59% APY on CDs
Additional perks:
Consumer and business loans available
Scholarship program available for students
10. Trailwest Bank
Serving Ravalli, Missoula, Mineral, and Flathead Counties, Trailwest Bank is a locally owned bank with checking and savings options. One feature that sets Trailwest Bank apart is its rewards checking account. Your account comes with a debit card that issues unlimited $.10 rewards per purchase with no fees or minimum balance required.
Fees:
No monthly fees
$30 overdraft fee
Balance requirements:
$25 minimum deposit to open
No minimum daily balance requirement
ATMs:
Fee-free at Trailwest Bank locations
Fee-free at Allpoint ATMs nationwide
$2 ATM fee for transactions outside the Trailwest and Allpoint networks
Interest on balance:
Rates not publicly disclosed
Additional perks:
Wide range of personal loans available
Business checking and savings account options
11. Ally
Another online banking option is Ally, which stands apart from other online banks due to its competitive interest rates on checking accounts, savings accounts, CDs, and money market accounts.
Ally pays up to 0.25% APY on checking account balances, as well as 3.85% APY on savings accounts. One perk included with your Ally checking account is spending buckets, a tool that helps you better balance your budget.
Fees:
No monthly fees
No overdraft fees
Balance requirements:
No minimum opening deposit
No minimum daily balance requirement
ATMs:
Fee-free at 53,000+ Allpoint ATMs nationwide
Up to $10 in third-party ATM fees reimbursed monthly
Interest on balance:
0.25% APY on checking accounts
3.85% APY on savings accounts
Up to 4.80% APY on CDs
4.15% APY on money market accounts
Additional perks:
Robo Portfolios available to help you build wealth
CoverDraft helps you avoid overdrafts
12. Independence Bank
When it comes to local Montana banks, Independence Bank is a great option. You’ll find physical branch locations across Montana, each offering the in-person customer service you can only get from a brick-and-mortar bank. Independence Bank offers two checking accounts, including one fee-free option.
Fees:
No monthly maintenance fees
Balance requirements:
No minimum daily balance required
ATMs:
Fee-free at Independence Bank ATMs
Interest on balance:
Rates not publicly disclosed
Additional perks:
Robust business checking options
Special perks for account holders aged 60 and over
13. Valley Bank of Kalispell
Valley Bank of Kalispell is a community bank with more than a century of experience in the area. The bank’s main office is in downtown Kalispell, with an additional loan office in Eureka. You’ll find multiple basic checking accounts with no monthly maintenance fees, each with its own requirements and features.
Fees:
No monthly maintenance fees
Balance requirements:
$50 minimum opening deposit
No minimum balance requirements
ATMs:
Fee-free at Valley Bank ATMs
Fee-free at MoneyPass ATMs nationwide
Interest on balance:
Rates not publicly disclosed
Additional perks:
Easy check ordering
Wide variety of auto and recreational vehicle loan options
14. Wells Fargo
Wells Fargo is a national bank with branches in 4,900 branches in 37 states. You’ll get fee-free ATM use while traveling at 12,000 ATMs, but if you travel to one of the states without a Wells Fargo presence, Wells Fargo will charge a $2.50 fee for each non-Wells Fargo network ATM withdrawal.
This is in addition to the fee charged by third-party ATM providers. Currently, you can earn a $300 bonus by opening an Everyday Checking Account with a $25 deposit and receiving at least $1,000 in direct deposits within the first 90 days.
Fees:
$10 monthly fee (waived with requirements)
$35 overdraft fee
Balance requirements:
$25 minimum opening deposit
No minimum daily balance requirement
ATMs:
Fee-free at Wells Fargo ATMs nationwide
$2.50 fee for non-Wells Fargo ATM transactions
Interest on balance:
Up to 2.51% APY on savings
Up to 4.51% APY on CDs
Additional perks:
$300 bonus on new checking accounts
FICO score available in mobile banking app
How We Picked These Accounts
Banking needs vary from one person to another, so it can be tough to say what the best banks are. First, there’s the national vs. local debate. Someone who travels often might prefer a bank with branches everywhere, while others might prefer the sense of community you get with a local bank.
This list of best banks also takes into account the different banking services available. You might prioritize a free checking account over a high-yield savings account, for instance. In case you’re looking for a checking or savings account that earns money, we also included banks that pay interest on your savings account, CD, or money market account.
Frequently Asked Questions
What national banks are in Montana?
There are several national banks that have branches within the state of Montana, including U.S. Bank, Chase Bank, and Wells Fargo. If you live in Billings or Helena, Chase might work well for you, but otherwise, U.S. Bank and Wells Fargo will have the statewide coverage you need.
What is the most reliable bank?
Nothing’s guaranteed, but if you go with an FDIC-insured bank, you should be covered, even if you choose an online banking or extremely local bank. Large, corporate banks have a bigger asset base, so if stability is your biggest concern, that might be the way to go. However, there are plenty of FDIC-insured regional banks and small, local banks that are well-established and unlikely to go anywhere.
What Montana bank is ranked the best?
Opinions can vary from one source to another, so it’s important to look across multiple rankings to pull out some trends. When it comes to national banks with a large number of bank branches in Montana, U.S. Bank tops a lot of lists.
As for local banks, two banks receive quite a few mentions. Both Glacier Bank and Stockman Bank of Montana get high marks for their customer service and community focus. Since both of these options are among the best banks for keeping fees low, they’re worth considering.
What should I look for in a Montana bank?
With so many Montana banks, it can be tough to narrow it down to just one. Once you’ve ensured a bank is FDIC insured, it’s a matter of weighing the cost against the rewards. That includes perks like rewards for debit card transactions and checking accounts that pay interest. Here are some factors to consider as you’re researching the best banks.
Overall Better Fee Structure
You’ll see plenty of banks that offer free checking account options, but it’s important to look at the big picture. You’ll see account fees charged for the following:
In most cases, you won’t be penalized for not using an account as long as it doesn’t sit dormant for a while, but it’s essential to look at that. Also consider ATM availability. If you think you’ll regularly need to withdraw cash, the best checking accounts will give you fee-free access whether you’re at home or traveling.
Easy-to-Achieve Fee Waivers
Most online banks and community banks have free checking. But many national and regional banks have strings attached to their free accounts. The best checking accounts have attainable fee waivers, if any at all. Pay close attention to banks that require a lot of debit card purchases every month if you tend to spend more using cash or a credit card.
Some fee waivers will also require a minimum daily balance. This goes for both checking and savings accounts. Before choosing an account, make sure you can maintain that balance, day after day, or be prepared to pay the fee.
Low (or No) Minimum Deposits
Banks often require a small deposit on the account holder’s part to establish checking and savings. But you’ll find plenty of free online banking and smaller local banks that waive the minimum deposit to let you get started with no money whatsoever.
Among the banks that require an opening deposit, though, you’ll find options with small requirements. You might find a bank that lets you open a savings account with just $25 or $50 with a free or low deposit to establish checking. If it’s lower than what you’d put into savings with a different bank, that small checking deposit might be worth it.
Competitive Interest Rates
In addition to fees, you’ll also need to look at the return you’ll get on your savings. The best savings accounts offer a high yield without requiring a ridiculously high balance. Take a look at the interest rate and compare it to other banks to make sure you’re getting the best deal.
Variety of Accounts and Loans
Whether the account pays a higher interest rate is a great consideration, but there’s a benefit to having a one-stop shop. You might find community banks and credit unions offer highly competitive interest rate options on personal loans.
Being an account holder might even get you a discount on auto loans and mortgages. Although you can always shop for loans with other banks, some people prefer to have everything in one place.
Digital banking
Over the years, banking has moved to mobile devices and websites. Whether you go with a large or small bank, take a quick look at the digital offerings. The app should make it easy to pay bills, transfer funds, and keep an eye on your accounts. You might find an online bank gives you better options in this area, particularly if you don’t need to visit a local branch and you rarely deposit cash.
Most importantly, make sure the bank’s mobile app works with your particular mobile device. The app can’t help you at all if you can’t access it. Even if you rarely use the app, it’s a handy tool to have if you suddenly need to take a look at your account when you’re away from your computer.
The best savings accounts and checking accounts offer all the amenities you need while also keeping your balances strong. With so many banks and credit unions in Montana, it’s fairly easy to find a solution that will meet your own needs.
Opening a bank account for your teen is a great way to begin teaching financial responsibility and money management. If your teen’s account is linked to yours, it’s also a convenient way to pay them an allowance, reward them for good grades, or even transfer money for pizza when your teen is out with friends.
It’s no wonder a recent Fidelity study reported that 49% of teens in the U.S. have opened bank accounts. But which checking account is best? And what should you look for in checking accounts for teens?
10 Best Teen Checking Accounts
While there are many options available for teen checking accounts, parents frequently choose to establish accounts for their teens at their own primary banking institutions. This list includes many top national banks.
Their inclusion isn’t necessarily due to their teen checking accounts offering the highest interest rates or the most features. Instead, their comprehensive services for adults and strong reputations make them a viable consideration.
1. Copper Card
Copper Bank, Member FDIC, is a federally insured online bank dedicated to helping kids and teens learn how to manage money. Copper Bank has invested more than $1 million in high school financial literacy and the app helps teach kids the basics of investing.
Copper accounts are available to kids ages 6 and up, as long as they have their own mobile phone number separate from the adult account holder. Children and teens receive a Copper Spending Account debit card that is compatible with Google Pay and Apple Pay. Users can also use the debit card for fee-free transactions at 55,000+ ATMs nationwide.
Copper offers a ton of enticing features parents and teens will love. First, there are no overdraft fees, no minimum balance, or maintenance fees. Parents will pay a small fee of 2.5% + 30 cents of the total transaction for an “instant transfer” from a linked debit card. Otherwise, it can take 3 to 5 business days for funds to arrive in the Copper account.
Copper makes banking convenient for parents and rewarding for kids. Parents can set up automatic transfers for allowance, or can even transfer money automatically when the Copper account drops below a specific number.
Copper lets kids round-up their debit card transactions to be automatically transferred into their linked savings account. Users can set specific savings goals and earn interest with up to 5% annual percentage yield. This can motivate kids to save as they watch their money grow.
Copper also allows kids and teens to invest, starting with as little as $1. Investing is automated based on your child’s risk profile, and Copper even reinvests dividends and uses dollar-cost averaging to set your child up for investment success and good habits for life.
2. USAA Youth Spending Account
USAA offers a joint account that a parent or legal guardian can open with a child of any age. The USAA Youth Spending Account includes a debit card that allows the adult account holder to increase or decrease daily spending limits. Children can use their card at point-of-sale transactions and without fees at any of 100,000 preferred ATMs in the USAA network.
Once the child turns 13, you can use the mobile app to give them the ability to transfer money, make remote deposits, and more.
When your child turns 18, the USAA Youth Spending Account will be converted automatically to a USAA Classic Checking account. You can choose to stay on as a joint account holder to help your teen manage their money while they are away at college or in the military.
The USAA Classic Checking account has no monthly fee for college students or members of the military.
There are a few things to be aware of before you open the banking account:
USAA is available only to veterans, active duty military, national guard, reservists, military spouses and others who meet a few criteria related to the U.S. Armed Forces
The USAA Youth Spending Account requires a $25 minimum opening deposit
Your child will earn .01% annual percentage yield if they maintain a daily balance of $1,000 or more
3. PNC Bank Student Banking
PNC Bank offers a VirtualWallet student account for teens and young adults ages 16 and up. Teens under 18 will need to open a joint account with a parent or legal guardian. College students may have to show proof of enrollment. After six years, the student account becomes a regular PNC Bank Virtual Wallet account, with all the same features and benefits.
The Virtual Wallet account includes a “Spend” primary checking account, a “Reserve” savings for short-term savings and a “Growth” account for long-term savings for big ticket items or to build up emergency cash reserves.
The Virtual Wallet has no monthly service fees for students and includes fee-free ATM withdrawals at PNC Bank ATMs. Teens and adults, alike, receive ATM rebates for the first two non-PNC bank ATM withdrawals and up to $5 in ATM fee reimbursements per statement period for ATM surcharges collected by other financial institutions.
Unlike some student bank accounts, which decline transactions that would put your account in the negative, the PNC Bank Virtual Wallet offers one automatic courtesy refund of Overdraft item fees per month. However, the Virtual Wallet’s Low Cash Mode makes it easy to avoid overdrafts with alerts that tell you when your spending balance drops below a certain point.
You can also use Payment Control to choose to pay or return certain ACH transactions if your account balance is negative.
4. Wells Fargo Clear Access
Wells Fargo Clear Access is designed for teens ages 13 and up, as well as previously underbanked or unbanked customers. It’s considered a “second chance” bank account, but the lack of overdraft charges and no monthly fees also makes it great for teens just learning financial responsibility.
Be aware that children under 18 cannot open an account online. They must open the bank account at one of the 4,800 Wells Fargo branch locations nationwide.
Clear Access has no monthly fee for account holders ages 13 to 24. Teens 16 and under will need a joint account holder who is over the age of 18.
Wells Fargo Clear Access was certified by the Bank on National Account Standards as meeting the requirements for safe and affordable bank accounts with no overdraft fees. A straightforward account with few bells and whistles, the account includes access to the user-friendly Wells Fargo mobile banking app and mobile check deposits. You also get Zelle person-to-person payments and a debit card compatible with digital wallets like Google Pay.
There are no overdraft fees with Clear Access, but transactions that would bring your account into the negative are likely to be declined. There is no minimum balance requirement, but you’ll need a $25 minimum opening deposit.
5. Chase First Banking Account
The Chase First Checking Account is available to kids ages 6 to 17 and has no monthly fees. To open an account for your teen or tween, you must have a qualifying Chase checking account, such as Chase Total Checking.
It’s easy to open an account online and make transfers from your account to the Chase First Banking account in the mobile app. You can set up automatic recurring transfers for allowance or approve requests from your child for money.
Set a spending limit for general spending or for specific purposes. You can even create a list of approved stores where your child can shop with their debit card. For existing Chase customers, Chase First is one of the smartest choices for a teen checking account due to the convenience and easy parental controls.
6. Capital One MONEY Teen Checking Account
The Capital One MONEY Teen checking account is one of the most popular checking accounts for kids. You don’t need a Capital One account to open a MONEY account with your kids, as the account can accept external transfers.
The account is available for kids ages 8 and up. Once the teen turns 18, they can convert it to a Capital One 360 Checking Account of their own with no monthly fee.
Unlike Chase, Capital One MONEY Teen pays interest on checking account balances. It’s only 0.10% annual percentage yield, but it is enough to begin teaching kids the value of compounding interest. Capital One’s teen product has no monthly service fee, no minimum balance requirement, and no minimum opening deposit.
Through the mobile app, kids and teens can set savings goals, designate funds in “savings buckets” or for spending with their Capital One Mastercard debit card, and make withdrawals at any Capital One or AllPoint ATMs with no fees.
Parents can make automatic transfers for allowance, set up one-time transfers, and even pay kids rewards if they meet specific savings goals. You can track spending and view transactions in the mobile app or set up text alerts.
7. Bank of America Advantage SafeBalance
Unlike the other three largest national banks in the U.S., Bank of America does not have a dedicated teen checking account. However, Bank of America customers can open a joint account with their child who is age 13 or older and give them access to their own debit card.
Bank of America recommends the Advantage SafeBalance bank account for teens and college students under 25. There is no monthly fee on the account if one of the account holders is under 18, or under the age of 25 and a student, or if any of the account holders are members of Bank of America Preferred Rewards.
A straightforward, checkless account, BofA calls SafeBalance “a smart start for students.” Kids ages 16 and up can be sole owners of the account, but you might choose to be a joint account holder for convenience.
The SafeBalance account doesn’t have a lot of bells and whistles, but it is a great way to get your child set for the future with an account at a nationwide, reputable bank with 4,000 branch locations nationwide.
8. Axos Bank First Checking
Axos Bank First Checking offers a checking account where you can earn interest. It pays a 0.10% annual percentage yield on all balances. It is available for teens ages 13 to 17, with an adult account holder.
Axos First Checking boasts no monthly maintenance fee, no overdraft fee, and reimburses up to $12 per month in out-of-network ATM surcharges.
Be aware that your child can only make $500 in debit card purchases per day and can only withdraw up to $100 per day at ATMs.
Axos Bank is consistently rated one of the best for online banking by top personal finance websites. The First Checking account is a straightforward way to teach teens financial independence and the ease of online banking.
9. Connexus Credit Union Teen Checking Account
Connexus is a top-rated credit union that’s easy to join with a one-time donation to become a member of the Connexus Association. The Connexus Credit Union Teen Checking account offers up to 2.0% annual percentage yield with zero monthly service fees, free ATM transactions within the Co-Op or MoneyPass networks, and overdraft protection with linked accounts.
Kids ages 10 to 17 can open a teen checking account to earn a high APY. When they turn 18, the credit union will transition their teen account into a Connexus Innovative Checking account with no monthly fees.
Young adults can choose to convert the account into an Xtraordinary checking account through the credit union to earn interest. The Xtraordinary account offers up to 1.75% APY when you make 15 debit card purchases or spend $400 with your debit card.
10. Alliant Credit Union Teen Checking
Alliant Credit Union has won awards from top personal finance sites as one of the best credit unions in the country. With no monthly service fees and no overdraft fee, it’s a straightforward account that will introduce teens to the personalized service of credit unions.
Teens can earn interest with a rate of 0.25% APY on their checking account balance. Keep in mind, to earn that high yield, they will need to opt in to receive eStatements and make at least one electronic deposit per month.
As with a regular Alliant credit union account, your teen will receive up to $20 in ATM fee reimbursements per month, and pay no fees at 80,000+ ATMs nationwide.
Alliant Credit Union Teen Checking is one of the few teen checking accounts that provides overdraft protection. If you sign up with a linked savings account, Alliant Credit Union Teen checking will automatically transfer funds from savings to cover debit card purchases.
You will need a $25 minimum deposit to open an account with your teen, ages 13 to 17.
Prepaid Debit Cards for Kids
If you feel your child or teen isn’t ready for a checking account, you might consider a prepaid debit card for kids, instead. Products like Greenlight, Cash App, Revolut<18 are not your typical banking account, but are prepaid debit cards that provide kids with easy access to money.
1. Greenlight
Greenlight is one of the original names in pre-paid debit cards for kids and teens. Greenlight offers three different plans with the following monthly service fees.
Greenlight Core: $4.99/month
Greenlight Max: $9.98/month
Greenlight Infinity/$14.98/month
Each plan includes debit cards for up to five children or teens, access to the app, and parental controls. After that, these plans vary somewhat in their offerings.
The Core plan pays 1% interest. Greenlight Max pays 1% cash back on your child’s debit card purchases, deposited automatically into their savings account to earn 2% interest.
Greenlight Infinity also pays 1% cash back on purchases. It pays 5% APY on savings. But Greenlight Infinity is much more than just a debit card or money account. It’s also a family safety and protection app that provides the ability to send and receive SOS alerts, crash detection that automatically alerts 911 in the event of a car crash, and family location sharing.
Greenlight has vast capabilities for money management, including the ability to set limits on spending, reward kids with deposits for chores or accomplishments such as high grades, and pay a monthly allowance.
Kids can create a customized card, as well, which often appeals to teens.
2. Cash Card
Cash App is the popular person to person payment app that comes with a debit card you can use for online or in-store purchases. Now, everyone age 13 and up can gain access to a customized Cash Card of their own.
Cash Card is an easy-to-use card that allows you to send and receive money from external accounts or from friends and family who also use Cash App. You can use Boosts in Cash app to find savings on everyday items from popular stores. Boosts are a great way to teach kids how to save money while shopping.
There is no minimum deposit to open a Cash App account.
3. Revolut
Revolut has no monthly service fee and links to an external account or your Revolut online bank account. You can set spending limits and receive alerts when your child uses their debit card.
You can also assign “tasks” to your kids and set up instant transfers from your account when the task is complete. You can also set up automatically allowance payments, or create a list of chores and put money directly on your teen’s debit card when that chore is done.
Features to Consider for Opening a Teen Checking Account
The features you’ll find in the best free checking accounts for adults should also apply to teen checking accounts. Most of the best teen checking accounts on our list meet the following requirements.
No Monthly Maintenance Fees
You don’t want to pay money so your teen can learn about managing money. Teach your teen early on that some of the best things in life – including their checking account – can be free.
Low Minimum Balance Requirements
Look for an account with no minimum opening deposit and no minimum balance requirements. Fortunately, even banks that have minimum balance requirements to waive fees for other checking accounts typically have no requirements for free checking for teens.
Low or No Fees
Make sure there are no ATM fees, no overdraft fees, and no hidden fees for any reason. Most teen checking accounts will decline a purchase rather than put the account into overdraft, which can help teens build financial responsibility and learn money management.
Linked Savings Accounts
When you’re evaluating a teen checking account, you may also want to look for a linked savings account with savings buckets, so your teen can set goals and plan for future purchases. Compare interest rates on teen accounts, discuss the other features and benefits, and enroll your teen in making the choice with you.
Parental Controls
You should be able to lock and unlock your teen’s checking account within the mobile app, set spending limits, and even designate certain funds to be used only for specific purposes.
Online Banking Through a Desktop Portal or Mobile App
Teens today are tech savvy. Fortunately, most teen bank accounts – even those from brick and mortar banks and credit unions – include an easy to use mobile app with separate logins for teens and their parents.
Direct Deposit
Features like direct deposit may not be as important, unless your teen is working and wants their paychecks deposited into their account. Most of the bank accounts on this list, however, do offer the service. Some even deposit funds up to two days earlier than usual.
It’s a nice bonus when teen checking accounts can be converted into a regular checking account once your child reaches adulthood.
Pros and Cons of Bank Accounts for Teens
As you evaluate the features of these teen checking accounts, you might wonder if it’s even worthwhile to open a checking account for your teen. Opening a bank account for your teen can help them develop good personal finance habits early on.
Let’s consider other benefits and drawbacks of checking accounts for teens.
Pros
Conveniently transfer money from your linked account, wherever you are
Teach children and teens about saving and investing
Teach the basics of using a mobile banking app
Build financial responsibility
Money is protected by the Federal Deposit Insurance Corporation up to $500,000 for joint accounts
Cons
Teens unfamiliar with budgeting may spend more with a debit card handy
Some financial institutions charge fees
Your teen may lose their debit card, creating a security risk
You may need to make a minimum deposit to open the account
When all is said and done, the benefits of teen checking accounts far outweigh any inconveniences. Just make sure to choose a banking account with no minimum deposit requirements or monthly service fee at a bank or credit union that offers responsive customer service.
Also, make sure you can keep tabs on your teen’s spending through alerts or a mobile app.
How to Choose a Teen Checking Account
Now that we’ve explored some of the best checking accounts for teens, you may have already made your choice. If not, here are some aspects to think about when choosing the best checking account or prepaid spending account for your tween, teen, or college student.
Choose the Type of Teen Account You Want (Checking Account vs. Savings Account)
First, think about whether you want a prepaid debit card, a checking account, a savings account, or both. Do you want to choose a money account from a bank or credit union? Would you prefer to open the account at a brick and mortar bank or are you and your teens comfortable banking online only?
The answers to these questions should give you a good place to start.
Consider the fee menu (monthly service fees, recurring transactions, ATM withdrawals, card reload, etc.)
It shouldn’t cost money to teach your teen money management. Consider any fees related to the account. Similarly, you might prefer a bank or credit union with no minimum deposit to open an account.
Some of the best teen checking accounts pay interest, which is a great incentive to help your teen start saving money and to put a little extra money in their pocket.
Consider the Age and Responsibility Level of your Teen
Most of the best teen checking accounts feature alerts for parents through text or an app, capabilities to freeze spending or set limits, and turn off the debit card in the app in case it’s lost or stolen. These are good capabilities as your teen learns how to manage money.
Because you can’t spend every minute tracking your teen’s finance, however, you also want an account that will either decline transactions that would put the account into the negative, offer overdraft protection, or waive overdraft fee.
How to Open a Teen Checking Account
When you’re ready to open a checking account for your teen, you’ll want to make sure you have their date-of-birth and Social Security number handy, as well as your own. Make note of any minimum deposit requirements, as well, and have a plan in place to fund the account.
Fund the Teen Checking Account and Activate the Debit Card
Most teen checking accounts will allow you to make a deposit from an external account or make a mobile check deposit in the app. If your teen works, you can have them request a form to have their paycheck deposited automatically via ACH transfer.
If you open a teen account with Chase, Bank of America, or other big banks, you can easily transfer funds from your linked internal account in minutes.
Once your teen receives their debit card, you will want to show them how to activate it by calling the number on the card or setting up their PIN at an ATM within the network. Let them know that their PIN should be easy for them to remember, but hard for anyone else to guess. They shouldn’t use their birthday or the last four digits of their phone number, for instance.
Frequently Asked Questions
Do teen checking accounts have monthly fees?
Most of the best checking accounts on our list do not have maintenance fees, service fees, or ATM fees.
Can a minor have a checking account?
Yes, a minor can open a checking account jointly with a parent or guardian.
What happens to a teen checking account when I turn 18?
Some of the best teen checking accounts automatically convert to regular checking accounts when the child turns 18.
Can I open a teenage bank account online?
You can open many of the checking accounts on this list online. However, to open a Wells Fargo Clear Access account for a person under the age of 18, you’ll need to visit a brick and mortar branch.
What is the minimum age to open a teen checking account?
Some teen checking accounts are available to children as young as six years or eight years old, as long as they are opened jointly with a parent or guardian. Teens 18 and older can open an account on their own. Many student checking accounts designed for young adults ages 18 to 25 have no fees for college students.
How much money should you keep in your teenager’s checking account?
How much money you keep in your teen’s checking account will depend on a variety of factors. How much can you afford to pay in allowance or fees for chores per month? Is your child earning any money of their own they can deposit? Do they typically receive cash gifts for birthdays or holidays?
Keep in mind, funds in teen checking accounts are FDIC insured up to the federal limit of $250,000 per account holder, per account type. In the case of jointly held accounts with a parent and a minor account holder, these accounts are insured for $500,000 in total, or up to $1 million if you have linked checking and savings.