Debit cards can unlock many of the benefits of your checking account.
July 7, 2023
If you’re taking your first steps toward financial independence, it’s the perfect time to get acquainted with the debit card. So let’s dive into what a debit card is, how to use a debit card, and how to get a debit card for yourself.
What is a debit card?
A debit card is a physical form of payment—meaning it’s a card you can actually hold in your hand—typically connected to a checking account. It’s possible to link a debit card to a money market account, a savings account, or another cash account, but linking it to a checking account is the most common. You can use a debit card to pay for things in person and online or to withdraw cash directly from your account via an ATM. Whether you’re making a purchase or withdrawing cash with your debit card, the money is immediately drawn (that is, debited) from your account.
What’s the difference between a debit card and a credit card?
Debit cards and credit cards look similar, but there are some important differences between debit cards and credit cards that you should keep in mind:
Where the money comes from
A debit card pays for transactions with money you already have in an account, while a credit card effectively picks up the tab and sends you a bill later. After buying something with your debit card, your account balance will decrease by the amount you just paid almost immediately. With a credit card, your credit balance is how much you’ll eventually need to pay back to the credit card company, while your available credit is how much you have left to spend before you reach your credit limit. When you purchase something with your credit card, your credit balance will increase by that amount, and your remaining available credit will decrease in tandem.
Spending limits
With a debit card, you can only spend as much as you have in your account. Credit cards, by contrast, are effectively lending you money to spend. Credit card companies don’t want you to spend more than you can eventually pay back, so they cap how much money you can spend. This is known as your credit limit.
Costs and fees
The most common fees associated with a debit card are minimum balance fees (when your balance falls below a required amount) and overdraft fees (when you don’t have enough money in your account to pay for your debit card transactions). Credit cards don’t have those fees, but you can incur other fees if you don’t pay your total monthly credit balance on time each month. That’s because you’ll start accumulating interest on any balances not paid in full by the end of the billing cycle. The longer it takes to pay off your balance, the more you’ll end up owing in interest.
Do money market accounts have debit cards?
Some, but not all, money market accounts offer debit cards. Money market accounts typically earn interest and are Federal Deposit Insurance Corporation (FDIC)-insured, but they can also offer some of the features of a checking account. Money market accounts like the Discover Money Market Account provide customers with debit cards to use for purchases or at ATMs.
How does a debit card work?
Debit cards are versatile. When you know how to use a debit card, you can get the most out of:
ATM withdrawals
Debit cards can be used at ATMs to withdraw cash from your account. Simply insert or tap the card, type in your PIN, and select how much money you want to withdraw. Some banks and ATMs may charge fees if you use your card with an unaffiliated financial institution, so make sure you know which ATMs are free for you to use.
In-person transactions
Similar to a credit card, you can use your debit card in person at a cash register. Depending on your card type, you will either swipe, insert, or tap your debit card and enter your PIN to make your purchase. You’re probably used to seeing debit cards used this way at stores, restaurants, and even in taxis.
Online purchases
Debit cards can also be used for buying things online. However, when you place an order online, you typically need to enter more information since you can’t swipe your card. That information can include your card number, expiration date, security code, billing address, and possibly other verification information.
What are the benefits of a debit card?
There’s a reason that a debit card is a staple in so many people’s wallets. Debit cards come with a number of benefits:
Convenience. It’s a lot easier to use a debit card to buy things and withdraw money than it is to write checks.
Security. Your money is typically protected by FDIC insurance. (Check with your bank.) And many banks will send you a fraud alert if any suspicious activity is detected.
Rewards. In the past, credit cards have been known for having better rewards than debit cards. However, in recent years, some debit cards have stepped up their game, offering cash back in exchange for using the card.
What are typical debit card fees?
You won’t pay interest on the transactions you make with your debit card, but you need to be aware of common debit card fees and how to avoid them:
Overdraft fees. If your bank doesn’t offer overdraft protection, this is a fee to keep an eye on. That’s because if you accidentally spend more money than you have in your linked account, your bank may charge you an overdraft fee.
ATM fees. Using ATMs outside of your bank’s ATM network may result in transaction fees that will be deducted from your linked account.
Maintenance fees. Some banks charge account maintenance fees if your minimum balance falls below a certain amount. According to a 2022 Bankrate study, the average monthly maintenance fee for noninterest-earning checking accounts that charge this fee was $5.44.
While the above fees can dwindle your account balance, they can often be avoided by checking your balance, keeping an eye on your spending, and using the right ATMs.
How to get a debit card
To get a debit card for yourself, follow these steps:
Research financial institutions There are a lot of banks with different fees, ATM networks, and rewards, so be sure to assess your options. Some banks may offer certain perks for opening a new account or using your debit card regularly, while others may have more flexible options that allow you to avoid fees.
Open an account with your financial institution of choice Regardless of where you open it, you can’t have a debit card without some sort of bank account—such as a checking or a money market account—tied to your debit card. Once you’ve chosen a bank, open a checking account or money market account with them.
Activate your debit card When you receive your card, it should come with instructions on how to activate it. This typically involves calling a phone number or going online.
Earn cash back with your debit card
Discover Bank, Member FDIC
More and more people are using debit cards and other digital forms of payment to make purchases. According to a 2022 study by the Pew Research Center, roughly 40% of Americans say that in a typical week, none of their purchases are made with cash. This number has increased by 12% since 2018. Now that you know how to get a debit card, you can more easily make digital payments, too.
How old do you have to be to get a debit card?
You can usually be any age to have and use a debit card, but if you’re under 18, you’ll need a legal guardian to open the linked account for you.
A debit card is a first step toward financial freedom
Getting your first debit card may seem intimidating, but once you find the card that’s right for you, it’s a breeze. In fact, there are many perks to having a debit card—especially if you know how to use a debit card to your benefit.
If you’re looking for a card that gives you free access to over 60,000 ATMs, no fees, and awesome rewards like 1% cash back, then Discover Cashback Debit could be for you.
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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.
When you’re a small business owner, a cash-back credit card can be one of your most valuable tools for trimming business expenses. Good thing there’s a nearly infinite number of cards that offer 1% or 1.5% cash back on all purchases. Some even offer 2%.
The Bank of America Business Advantage Customized Cash Rewards Credit Card goes even farther. It offers 3% back in a category of purchases that you choose — a very strong return indeed.
It gets better. New users start out with an excellent spend-based sign-up bonus and an unusually long 0% intro APR purchase financing offer. If you’re a member of Bank of America’s Preferred Rewards program, you can earn even more — up to 75% over and above your cash-back haul.
All told, it’s a fantastic package for a card with no annual fee. Let’s dive into the details.
What Is the Bank of America Business Advantage Customized Cash Rewards Credit Card?
The Bank of America Business Advantage Customized Cash Rewards credit card is a cash-back business card with no annual fee. It offers a solid cash-back earning structure, a strong 0% intro APR offer, and an above-average sign-up bonus.
Let’s start with the sign-up bonus: Earn a $300 online statement credit after making $3,000 in purchases in the first 90 days of account opening. Not bad.
The card earns 3% cash back in the business spending category of your choice. It also earns 2% cash back on dining purchases. Earnings in the 3% and 2% categories apply only to the first $50,000 in annual combined purchases, but you’ll always earn unlimited 1% back on all other purchases. Yes, that includes purchases in the 3% and 2% categories above the annual spending cap.
This card offers even better rates if you qualify for the Bank of America Preferred Rewards program. The Preferred Rewards program has three tiers for customers with less than $1 million in combined Bank of America and Merrill Lynch accounts: Gold, Platinum and Platinum Honors.
Which you qualify for depends how much money you have on deposit in eligible accounts. The details are a bit complex, but basically, you can earn a bonus worth 25%, 50%, or 75% on your base cash-back rewards.
Best-case scenario, you can earn 5.25% cash back in your selected choice category and 3.5% cash back on dining purchases on the first $50,000 in those combined purchases each calendar year, plus unlimited 1.75% cash back on all other purchases.
Other notable cardmember benefits include:
Overdraft protection for your linked Bank of America deposit account (if applicable)
Free access to your company’s Dun & Bradstreet business credit score
Travel and emergency services, including emergency ticket replacement, legal and medical referrals while traveling, and lost luggage assistance
Up to $100,000 in travel accident insurance
Insurance coverage for eligible rental cars
What Sets the Bank of America Business Advantage Customized Cash Rewards Credit Card Apart?
This card has several features that help set it apart from other business cash rewards credit cards.
Overdraft protection for linked Bank of America deposit accounts. If you have a Bank of America deposit account, you can link it to your card to prevent declined purchases, returned checks, or other overdrafts. This service involves per-transaction fees, but that could be better than a bounced check.
Basic travel and emergency services. This card is not a travel rewards card, but it does offer some basic travel and emergency services, plus travel insurance coverage. Highlights include up to $100,000 in travel accident insurance, auto rental insurance on rentals paid in full with the card, emergency ticket replacement, lost luggage assistance, and legal and medical referrals while traveling.
0% intro APR promotion. This card comes with 0% intro APR on purchases for the first 9 billing cycles. After that, variable regular APR applies. While not long by consumer card standards, this promotion is longer than most business cards’.
No annual fee. This card has particularly strong features for a no-annual-fee business credit card.
Key Features of the Bank of America Business Advantage Customized Cash Rewards credit card
The Bank of America Business Advantage Customized Cash Rewards credit card has a solid earning structure, a sign-up bonus, and a somewhat unusual 0% intro APR promotion offer.
Sign-Up Bonus
Earn a $300 online statement credit after making $3,000 in purchases in the first 90 days of account opening.
Earning Rewards
With this card, you can earn 3% cash back in the category of your choice. You can choose from gas stations (which is the default category) or:
Office supply stores
Travel
TV/telecom and wireless communications
Computer services
Business consulting services
You can change your chosen category up to once a month through Bank of America’s app or online banking site.
You also earn 2% cash back on dining purchases. You’ll earn 3% and 2% cash back on the first $50,000 in combined choice category and dining purchases each calendar year, and 1% after that.
And you earn unlimited 1% cash back on all other purchases, with no caps or restrictions.
Preferred Rewards Bonus
If you belong to Bank of America’s Preferred Rewards loyalty program, you can earn up to 75% more cash back on every purchase.
That means you could earn:
Up to 5.25% cash back in your selected choice category
Up to 3.5% cash back on dining purchases on the first $50,000 in those combined purchases each calendar year
Up to 1.75% cash back on all other purchases with no limits
See Bank of America’s Preferred Rewards guide for more on balance requirements and potential bonus earnings, plus other program perks.
Redeeming Rewards
You can redeem your cash-back rewards as:
A deposit into your Bank of America checking or savings account
A statement credit to your credit card account
A check mailed to your address on file
Regardless, your rewards don’t expire as long as your account remains open and in good standing.
0% Intro APR Promotion
New cardholders may qualify for the intro APR promotion, where you can get 0% intro APR on purchases for the first 9 billing cycles. After the intro APR offer ends, variable APR applies.
Important Fees
There’s no annual fee. The foreign transaction fee is 3%. Other fees may apply, including balance transfer and cash advance fees.
Overdraft Protection
This card offers an optional service to help prevent declined purchases, returned checks or other overdrafts. When you link your credit card to a Bank of America business checking account, you get overdraft protection through Balance Connect. Terms and fees apply.
Credit Required
This card requires excellent credit to qualify.
The good news is that you can qualify on personal credit if you have limited or no business credit history. The bad news is that if your FICO score is much below 720, or your personal credit history is limited, then you may have trouble being approved.
Pros & Cons
As with any small-business credit card, the Bank of America Business Advantage Customized Cash Rewards card has some high points and some low points.
Up to 3% cash back in your choice of purchase category
Excellent sign-up bonus
Up to 75% more cash back for Preferred Rewards members
0% intro APR offer on purchases
3% and 2% spending categories have an annual spending cap
Intro APR doesn’t apply to balance transfers
3% foreign transaction fee
Pros
Overall, this is an above-average cash-back credit card for small business owners who aren’t looking for tons of frills.
Up to 3% cash back in a category of purchases that you choose. This feature adds crucial flexibility to what’s otherwise a pretty straightforward rewards program.
Excellent sign-up bonus. For a no-annual-fee small-business card, this sign-up bonus is among the very best.
9 months of 0% APR financing on new purchases. Few business credit cards offer any sort of introductory financing, let alone an offer stretching as long as this.
Up to 75% more cash back for Preferred Rewards members. If you have enough on deposit with Bank of America or Merrill Lynch, you could qualify for a tidy boost to your cash-back earnings.
Cons
This card isn’t ideal for high spenders nor anyone with existing high-interest credit card balances to pay down.
Caps on 3% and 2% cash-back categories. Your potential 3% and 2% cash-back earnings are limited to the first $50,000 in combined purchases each calendar year. In other words, the most you can possibly earn in those categories is $1,500 per year.
Introductory APR isn’t valid for balance transfers. This is a notable downside if you’re already struggling with high-interest business credit card debt.
3% foreign transaction fee. Leave this card stateside when you travel abroad and bring one of the many small-business cards with no foreign transaction fees.
How the Bank of America Business Advantage Customized Cash Rewards credit card Stacks Up
The card’s closest competitor is probably the U.S. Bank Triple Cash Rewards Visa Business Credit Card. Here’s how the two cards compare:
Bank of America Business Advantage Customized Cash Rewards credit card
U.S. Bank Triple Cash Rewards Visa® Business Credit Card
Annual Fee
$0
$0
Sign-Up Bonus
Good
Better
Rewards Rate
Up to 3%
Up to 3%
0% Intro APR
0% intro APR on purchases for the first 9 billing cycles
0% intro APR on purchases and balance transfers for the first 15 billing cycles
Foreign Transaction Fee
3% of each transaction
3% of each transaction
Credit Needed
Excellent
Good or better
Final Word
The Bank of America Business Advantage Customized Cash Rewards Credit Card has a list of features that’s almost as long as its name. But the key feature is 3% cash back on a category of your choice, which can become as much as 5.25% when you’re a top tier member of their Preferred Rewards program. That’s where the real value lies.
And so for most small-business owners who want to earn cash back, this card is a strong competitor. For existing Bank of America customers who qualify for their Preferred Rewards program, it’s a no-brainer.
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
Bank of America Business Advantage Customized Cash Rewards Credit Card
This small-business card makes the most sense for those who are looking for cash back from their most frequent business purchases. It’s also ideal for existing members of the Bank of America Preferred Rewards program, which offers substantial cash-back bonuses on top of this card’s base rewards program. Throw in a $300 new account bonus plus 9 months of 0% APR financing on purchases and you have yourself a very competitive product.
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Jason Steele is one of the nation’s leading experts in credit cards and travel rewards since 2008. Jason is also the founder and producer of CardCon, which is The Conference for Credit Card Media. Jason lives in Denver, Colorado where he enjoys bicycling, snowboarding and piloting small airplanes.
When I was 14 years old, I opened my very first checking account at Bank One. That’s where my Dad banked and so that’s where he drove me when I asked to open an account. Over the years, I continued to give them my business.
By 16, I had opened another checking account (don’t ask me why) and a new savings account, too. At 20, I started my journey into credit cards with… yep, a brand new Chase credit card. (Note: Chase ate Bank One in 2004.)
At 21, I opened my first Chase business checking account and, at 22, I funded $1000 into my new Chase investment account. When my wife and I married the following year, we canceled her National City account to combine our finances with… Chase.
You get the point. While this may not seem too out of the ordinary, there’s only one problem: Neither of us really likes Chase Bank.
In fact, I’ve never really liked them that much. I’ve wanted to switch to a local credit union for years, but just haven’t done it. I’ve been eyeballing USAA ever since they opened their checking and savings accounts up to civilians. Mentally, I want to change…but physically I’m still a Chase customer.
What Does It Take to Make You Switch Banks?
There are plenty of reasons why someone might switch banks. A couple factors that come to mind:
Higher rates. This not only applies to rate chasing to find the highest interest rates, but any form of benefits offered. Maybe there’s a 0.5% better savings rate at the bank across the street. Maybe another is offering a free $100 when you open a new account. These are all situations where the bottom line may be the primary influence.
Customer service. I love great customer service and I’m willing to pay more for it. In banking, this now includes both in-person and online customer service features. While I abhor having to call Chase (try it someday, it’s terrible),I love a couple of the people at my local branch. I know the branch manager and business banker well, and they always greet me by name. In addition, I have specific online banking features set-up that I’ve been using for years. Their online services aren’t perfect, but they’re above average.
Length of history. As I outlined above, I’ve had a Chase account for over a decade now (and I’m only 25). In this day and age, customers will longer histories at a single bank are more rare. Anytime I have an issue on the phone, I immediately have them look up my history. While I’m not a big fish to them in terms of money, my account history tab shows dozens of accounts over nearly a dozen years!
Principle. The longer I’m involved in personal finance, the more I prioritize this category. I’m not a huge fan of big banking. I’m not a conspiracy theorist and I won’t be picketing in Washington, but I like the idea of giving my business to a local bank. “Principle” is a major reason Courtney and I reject credit cards, and many people point to this reason giving their business to credit unions.
Accessibility. Years ago, the only factor I cared about was how close my bank was to my house. Here in the Midwest, no one does that better than Chase. It’s almost as bad as McDonald’s (almost…)! With the rise of online banks, the walls of this one are coming down. For some, however, it remains a huge factor in choosing a bank.
So, will I walk the walk? I’m not sure whether Courtney and I will switch our bank. We want to, but we aren’t compelled to…at least not yet.
I’d enjoy supporting a local credit union or a testing out a bank with a reputation like USAA. I’m not much of a rate chaser and accessibility isn’t a huge priority. I much would prefer a bank I feel good about supporting and that offers me fantastic customer service.
At this point, Chase seems to be just doing enough to keep us around. But after writing this, we’ll see how long that lasts!
Have you recently switched banks? What was your motivation? Any suggestions for me?
J.D.’s note: I stuck with a lousy bank for a l-o-n-g time. Ultimately, I moved my accounts to a local credit union, and I love it. I’ve since added an online bank to the mix (ING Direct). Neither of these banks is perfect, but they both provide excellent customer service and above-average deals, so I’m pleased to stay with them.
North Carolina is experiencing a boom these days, with record employment growth and an increasing population. If you live in the state, you already know there’s plenty to offer, including beautiful tourist attractions, breathtaking scenery, and a rich history that makes it unique.
But North Carolina also has plenty to offer when it comes to banks and credit unions. Whether you’re looking for an interest-bearing checking account or retirement accounts that offer the biggest bang for your buck, the best bank is the one that suits your needs.
15 Best Banks in North Carolina
If you’re on the hunt for a new bank or credit union, you’re in luck. North Carolina has a little of everything when it comes to bank accounts, from that small local bank with a focus on community service to large banks with branches in the state. This list of the best banks in North Carolina covers a variety of areas to ensure you find the best place to park your cash.
1. U.S. Bank
U.S. Bank offers customers the unique combination of local access with the extensive services of a nationwide bank. By opening a Bank Smartly® Checking account with U.S. Bank, clients can potentially earn up to $300. The qualification process involves two steps within the first 90 days of opening the account online:
Ensure at least two direct deposits totaling $6,000 or more
Register for online banking or download the U.S. Bank Mobile App
This promotional offer is subject to specific terms and restrictions and will remain valid until July 11, 2023. As a member of the FDIC, U.S. Bank ensures customer deposits are protected up to the FDIC’s established limits.
Fees:
$0 – $6.95
No-fee overdraft protection
Balance requirements:
$1,500 minimum balance or $1,000 direct deposit to qualify for free checking
$25 opening deposit
ATMs:
No ATM transaction fees at U.S. Bank ATMs
No surcharge fees at MoneyPass® Network ATMs
Interest rates:
Up to 4.50% APY on money market accounts
Up to 4.75% on fixed-rate CDs
Additional perks:
$300 bonus
Competitive rates on money market accounts & CDs
2. First Citizens Bank
Founded in North Carolina in 1898, First Citizens Bank has expanded over the years. You’ll find First Citizens Bank branches in 21 states, but the majority of its locations are in North Carolina and South Carolina.
If you frequently travel, though, check the service area. You’ll pay a $2.50 out-of-network ATM transaction fee if you can’t locate a First Citizens ATM while you’re away from home.
Fees:
No monthly fees
$10 overdraft fee
Balance requirements:
$50 minimum opening deposit
No minimum monthly balance
ATMs:
Fee-free at 500+ First Citizens Bank ATMs
$2.50 for out-of-network ATM transactions
Interest on balance:
0.03% APY on savings accounts
Up to 0.15% APY on CDs
Up to 0.15% APY on money market accounts
Additional perks:
Credit cards offer generous rewards
Robust mobile banking solutions
3. Chime
Chime is ideal for those who do most of their banking virtually. While you won’t find any brick-and-mortar locations, Chime does offer 24/7 phone support and access to cash through more than 60,000 ATMs nationwide. You can also deposit cash at more than 90,000 retail partners, including CVS and Walmart.
Fees:
No service fee
No overdraft fee
Balance requirements:
No deposit to open
No minimum balance required
ATMs:
Fee-free at 60,000+ ATMs nationwide
$2.50 for each out-of-network ATM transaction
Interest on balance:
2.00% APY on savings account balances
Additional perks:
Access to direct deposits up to 2 days early
SpotMe covers up to $200 in overdrafts
4. CIT Bank
North Carolina residents interested in online banks should take a look at CIT Bank, which is based in Raleigh, North Carolina. This national bank recently merged with First Citizens Bank, which means CIT Bank customers can enjoy brick-and-mortar banking at any CIT location.
You’ll get everything you need to manage your money in CIT’s mobile banking app, as well as refunds of up to $30 in out-of-network ATM fees each month.
Fees:
No monthly fees
No overdraft fees
Balance requirements:
$25 minimum deposit to open
No minimum daily balance required
ATMs:
No ATMs provided
Up to $30 in ATM fees reimbursed monthly
Interest on balance:
Up to 0.25% APY on checking
Up to 4.736% APY on savings accounts
Up to 5.00% APY on CDs
Up to 1.538% APY on money market accounts
Additional perks:
Competitive rates on business loans
Award-winning customer service
5. Coastal Federal Credit Union
Credit unions tend to offer perks you won’t find with banks, and Coastal Federal is no exception. You can qualify if you’re with one of the employers or associations approved for membership or if you live or work in one of the North Carolina cities CFCU services.
As with many credit unions, though, CFCU’s real value comes with its interest rates. Not only will you enjoy an interest checking account, but you can also find great rates on share certificates, which are the credit union version of CDs.
Fees:
No monthly service fees
$31 overdraft fee
Balance requirements:
No minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at CFCU ATMs
Fee-free at CO-OP ATMs nationwide
$2 out-of-network ATM fee (waived for first five per month)
Interest on balance:
Up to 3.00% APY on savings account balances
Up to 5.00% APY on share certificates
Up to 3.50% APY on money market accounts
Additional perks:
Competitive rates on loans
Financial planning assistance available
6. GO2bank
Another online-only bank is GO2bank, which stands out for its cash accessibility. Not only can you withdraw cash, fee-free, at any Allpoint ATM, but you can deposit cash at more than 90,000 retailers nationwide.
All you need to waive monthly maintenance fees is at least one direct deposit monthly, either from an employer or the government. Those looking to build credit should check out the secured credit card, which you can get with no credit check. Pay your bill on time each month and GO2bank will report your activity to the three credit bureaus, helping you boost your score.
Fees:
$5 monthly fee (waived with requirements)
$15 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum daily balance required
ATMs:
Fee-free at Allpoint ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
4.50% APY on savings accounts
Additional perks:
Deposit cash at 90,000+ retailers nationwide
Secured credit card helps you build credit with no credit check required
7. Ally Bank
Ally Bank is an online and mobile banking option that puts a priority on budgeting and wealth building. The fee-free checking account comes with no minimum requirements and gives you access to more than 53,000 ATMs nationwide. But one of the best features of Ally Bank is its annual percentage yield on savings and CDs. You’ll earn 4.00% APY on savings and up to 5.00% APY on CDs.
Fees:
No monthly fees
No overdraft fees
Balance requirements:
No minimum opening deposit
No minimum balance requirements
ATMs:
Fee-free at 53,000+ Allpoint ATMs nationwide
No out-of-network ATM fees
Up to $10 in ATM fee refunds monthly
Interest on balance:
Up to 0.25% APY on checking accounts
4.00% APY on savings accounts
Up to 5.00% APY on CDs
4.15% APY on money market accounts
Additional perks:
Spending buckets make it easy to save money
Robo Portfolios help automate investing
8. Chase
Like Bank of America, Chase Bank is one of the biggest banks in North Carolina, with more than 4,700 branches and 16,000 ATMs across the country. Currently, Chase is offering a $100 bonus for new checking account customers as long as you complete at least 10 qualifying transactions within the first 60 days.
Whether you go with Chase for your regular banking or not, though, take a look at Chase’s credit card offerings. Chase has multiple card options, with each offering perks like bonuses and cash back rewards.
Fees:
$12 monthly maintenance fee
$34 overdraft fee
Balance requirements:
No deposit to open
No minimum balance required
ATMs:
Fee-free at 16,000 Chase Bank ATMs nationwide
$3-$5 for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings account balances
Up to 3.75% APY on CDs
Additional perks:
$100 bonus for new checking accounts
Multiple credit card options with bonuses and generous rewards
9. First Horizon Bank
First Horizon Bank is a regional bank with branches in 11 states across the Southeast, including a heavy presence in North Carolina. One standout feature of First Horizon is its money market rates, which currently go as high as 5.38%. You’ll find ATMs throughout the Southeast, but you can also use your debit card at any Allpoint ATM nationwide without a fee.
Fees:
No monthly service fee
$37 overdraft fee
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at more than 600 First Horizon ATMs
Fee-free at Allpoint ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
Up to 2.78% APY on savings accounts
0.10% APY on CDs
Up to 5.38% APY on money market account
Additional perks:
Business banking options available
Wealth management help available
10. Truist Bank
In 2019, BB&T and SunTrust Banks merged to become Truist Bank. Although Truist has a limited ATM footprint, the Truist One checking account makes it worth it. You’ll get a 10% loyalty bonus based on your monthly balance in addition to a 10% bonus if you choose a Truist credit card.
The interest rates also make Truist a suitable option, since you’ll earn 5.00% APY on 7-month CDs. To waive the $12 monthly service fee on your checking account, you’ll need at least $500 in direct deposit activity each month.
Other options include a combined daily balance of $500 across all your Truist accounts, a Truist credit card or qualifying loan, or a linked business checking account. Students 25 and younger also qualify for a fee-free checking account.
Fees:
$12 monthly service fee (waived with requirements)
No overdraft fees
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at Truist Bank ATMs
$1 for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings accounts
Up to 5.00% APY on CDs
Additional perks:
Generous cash rewards with Truist Bank credit card
Checking balances earn rewards
11. Mechanics & Farmers Banks
You may know it as M&F Bank, but it actually started under the name of Mechanics & Farmers Bank in 1907. Throughout the 1900s, it was known as one of the most influential Black-owned businesses in the state of North Carolina. Today, M&F has locations throughout North Carolina and access to 44,000 ATMs nationwide, thanks to partnerships with Bank of America, JPMorgan Chase, and Wells Fargo.
Fees:
No service fee
$35 overdraft fee
Balance requirements:
$50 deposit to open
No minimum balance required
ATMs:
Fee-free at M&F Bank ATMs
Fee-free at Bank of America, JPMorgan Chase, and Wells Fargo ATMs
$3 for each out-of-network ATM transaction
Interest on balance:
Rates not publicly disclosed
Additional perks:
Rewards on debit card transactions
Robust business banking options
12. First National Bank
First National Bank has branches throughout North Carolina, as well as in DC, Maryland, Ohio, Pennsylvania, South Carolina, Virginia, and West Virginia. The free checking account is Freestyle Checking, but it does come with overdraft fees, and the exact fee amount isn’t disclosed until you sign up for an account.
You’ll also only get fee-free transactions at First National Bank ATMs, and they’re limited to the First National Bank service area.
Fees:
No monthly fee
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at 1,500+ First National Bank ATMs
Interest on balance:
Up to 0.05% APY on savings accounts
Up to 5.00% APY on CDs
Up to 1.25% APY on money market account
Additional perks:
Cash and check deposit available at Smart Deposit ATMs
The site makes ordering banking products and scheduling branch appointments easy
13. PNC Bank
PNC Bank has branches in 29 states, including 107 branches in North Carolina. Currently, new customers are eligible for bonuses of up to $400. You’ll get a $50 bonus simply for opening a Virtual Wallet with a basic checking package, but that bonus bumps up to $200 if you add a Performance Spend checking account and $400 if you upgrade to a Performance Select account.
The PNC Bank basic account only requires $500 in monthly direct deposits or a combined $500 balance between accounts.
Fees:
$7 monthly fee (waived with requirements)
$36 overdraft fee
Balance requirements:
$25 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at PNC Bank ATMs
Fee-free at 60,000+ partner ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
Up to 0.03% APY on savings accounts
Up to 4.00% APY on CDs
Additional perks:
Up to $400 bonus for new virtual wallet customers
Financial planning tools built into the app
14. Fifth Third Bank
Fifth Third Bank focuses operations on the Midwest and Southeast U.S. regions, with 1,087 full-service locations in 11 states. You’ll find a variety of banking products, from savings and checking accounts to investment and retirement accounts. Fifth Third Bank offers competitive interest rates on CDs, with a 7-month CD currently offering 5.00% APY.
Fees:
No monthly maintenance fee
$37 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance required
ATMs:
Fee-free at 2,100+ Fifth Third Bank ATMs
Fee-free at 40,000+ partner ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings account balances
Up to 5.00% APY on CDs
Additional perks:
Early Pay gives you access to direct deposit two days early
Grace period to resolve overdrafts
15. Bank of America
If you prefer what national banks have to offer, you can’t go wrong with Bank of America, which is one of the biggest banks in the country. You’ll find ATMs and branches across the country, as well as a wide variety of services. Although Bank of America does have competitive interest rates on CDs, the basic checking account comes with a $12 monthly fee and a $100 deposit to open.
Fees:
$12 monthly fee
$10 overdraft fee
Balance requirements:
$100 deposit to open
No minimum balance required
ATMs:
Fee-free at 15,000+ Bank of America ATMs nationwide
$5 for each out-of-network ATM transaction
Interest on balance:
Up to 0.04% APY on savings account balances
Up to 4.75% APY on CDs
Additional perks:
Generous bonus on new credit cards
Wealth planning services available
Our Methodology: How We Chose the Best Banks in North Carolina
North Carolina has a large selection of banks, some paying more in interest than the national average. In putting together this list, we kept in mind that each person has different criteria when choosing savings and checking accounts. Your choice of bank will largely depend on your own banking habits. If you tend to do all your banking online, a user-friendly app might be a top priority, while those who prefer the in-person experience might put nearby branches first.
Our top goal was to bring a variety of banking options to this list. We’ve combined local, regional, online, and national banks to help you choose. We also looked at fees and interest rates to help you protect and grow your earnings.
Frequently Asked Questions
You have questions, and we have answers. Here are some of the most frequently asked questions about banks in North Carolina.
What is the safest bank for your money?
Lately, financial security has been a top priority for account holders in search of a new bank. The top thing to look at is a bank’s Federal Deposit Insurance Corporation coverage. This insurance protects each deposit holder for up to $250,000 if a financial institution goes belly up.
Once you’ve verified a bank is FDIC insured, pay attention to any news of mergers or buyouts involving your bank. Selling can be a sign of financial distress.
See also: Safest Banks in the U.S. for 2023
What is the best bank in North Carolina?
That’s a tough question because the definition of “best bank” can vary from one person to another. If you think the best checking accounts come with an annual percentage yield and a mobile app to manage it all, you’ll be looking at different criteria from someone who wants a local bank with personalized customer service.
If you’re going for customer satisfaction ratings, J.D. Power gives high marks to both Capital One and Chase, which both have a heavy presence in North Carolina. But if you’re looking for that local banking experience, you can’t go wrong with First Citizens Bank or M&F Bank.
What is the best credit union in North Carolina?
There are several credit unions in North Carolina, but the one that impressed us most was Coastal Federal. CFCU’s fee-free checking and annual percentage yield on savings and share certificates makes it stand out. But it’s also important to take a look at the interest rates on personal loans and compare them to banks in the area to make sure you’re getting the best deal.
One issue with credit unions is that they tend to come with strict membership requirements. You may find you’re limited to only those that will accept your employer or city of residence, and those credit unions might not have financial accounts that meet your needs. However, there are also some credit unions that anyone can join.
Which bank has the most branches in North Carolina?
If you do most of your banking in North Carolina, you might not care if your debit card works at ATMs across the country. In that case, you’ll need a bank with plenty of branches and ATMs in the areas where you work and live.
When it comes to sheer branch numbers, take a look at Truist Bank and Wells Fargo. Both have a heavy branch presence throughout the state. For smaller banks, First Citizens and First Horizon both have substantial branch coverage in North Carolina.
However, you’ll also need to check your neighborhood. If you’re interested in that in-person bank experience, you’ll be disappointed if you have to drive a half hour or more to get to the closest branch.
What banks are in Charlotte, NC?
North Carolina isn’t just a thriving state filled with business opportunities. The state is a financial center in itself. Not only does Charlotte have smaller banks like M&F Bank and First Citizens Bank, but both Bank of America and Truist Bank are headquartered in North Carolina, as well.
This heavy financial presence has made North Carolina great for finding banking services. The many banks in the state are eager to win your business and offer competitive rates to ensure it happens. That means it’s more likely that checking accounts come with low fees and savings accounts earn top-dollar interest rates. When combined with the many online bank options, the biggest issue will be narrowing the list to just one.
From high-yield savings accounts to fee-free checking accounts, North Carolina has it all. Shopping around will help you choose from the best banks so that you can find the perfect banking partner for you.
Online banking vs. traditional banking: Which is better for you? By Markia Brown
| Jan. 19, 2023
Online banks have no physical location and require you to do everything digitally — and because of that, they tend to come with lower fees and higher rates of return. Traditional banks, on the other hand, have brick-and-mortar locations, a wider range of products, and in-person customer service.
The average overdraft fee ranges from $20 to $35, Federal Deposit Insurance Corporation (FDIC). Banks charge overdraft fees if you spend more than the money you have in your account. If you lose track of your purchases – or if you expected a deposit to clear but it didn’t, leaving you short on funds – your bank could hit you with hefty overdraft charges.
It’s a high price to pay for an innocent money mistake. Even worse, if you leave your account in overdraft for several days, your bank could charge additional fees, leaving you in a deep financial hole.
Fortunately, you may be able to get those overdraft fees refunded. We’ve got some secrets that can help you do exactly that.
More importantly, you can learn how to avoid overdraft fees through account monitoring, low-balance alerts sent to your phone, or even finding a bank with no overdraft fees.
Can you get overdraft fees waived?
Yes, you can take steps to convince your financial institution to waive your overdraft fees. Banks and credit unions understand that errors can occur. An occasional miscalculation or a one-off oversight in managing your account doesn’t define your banking behavior. Most financial institutions recognize that.
If you’re a loyal customer who typically maintains a positive account balance, your bank or credit union may be willing to waive an overdraft fee as a gesture of goodwill. Typically, though, you’ll only receive this grace from your bank once per year or so. How do you do it?
Call customer service or stop into a branch and ask the representative to waive your fees. They will most likely check your bank account history to see if overdrafting is a habit or a one-time offense. If you haven’t hit overdraft recently, the bank is likely to waive the fee.
If the first person you ask says no, ask for a bank manager or a supervisor. Persistence – and kindness – is key to receiving the customer service you deserve. It also helps to bring your account balance positive before you ask for an overdraft fee to be waived.
How to Get Overdraft Fees Refunded: A Step-By-Step Guide
1. Know the Charges
Before contacting your bank’s customer service department, you want to know how much you were charged in overdraft fees. Review your bank statement or online account to identify each overdraft fee.
2. Prepare for the Phone Call
With the total amount of the fees in mind, get set to make your case with the customer service representative. Have your account information and the total charges available to save time. Be prepared to explain why you believe the overdraft fees should be refunded, including pointing out how quickly you rectified the negative balance.
3. Contact Your Bank
Next, reach out to your bank or credit union’s customer service department. Politely explain your situation, focusing on why the fees occurred and why you feel they should be refunded. Be kind and let the customer service representative know you appreciate their hard work.
4. Be Persistent
If the first person you speak with refuses to waive the fees, don’t give up. Ask to speak to a manager. If that doesn’t work, call again another day. Persistence can result in a successful overdraft fee refund.
Use an App That Helps with Getting a Refund
The digital age brings many tools to simplify personal finance management. Several mobile banking apps not only assist you in tracking your spending and balances, but can also negotiate overdraft fees with financial institutions on your behalf.
Other apps offer cash advances to help you avoid overdrafts on your bank account.
Here are a few personal finance apps to consider:
Trim: Trim is a financial management app that analyzes your account for recurring charges. It can negotiate with financial institutions to lower or eliminate unwanted fees, including overdraft charges.
Cushion: Known for their AI negotiation bot, Cushion scans your linked accounts for various bank fees, including overdrafts, and then initiates negotiations with your bank to get these fees refunded.
Dave: This app offers interest-free cash advances to avoid overdrafts. Dave also alerts you when your account is approaching a low balance. If necessary, the app can provide a small advance to tide you over.
Chime: Although primarily a fintech that offers banking services, Chime offers SpotMe, a feature that allows you to make transactions that exceed your account balance, up to a certain limit, without incurring overdraft fees.
Mint: While Mint doesn’t negotiate fees on your behalf, it provides comprehensive account monitoring and sends you alerts about low balances and upcoming bills, helping you avoid overdraft situations.
What to Do if You Can’t Get Your Overdraft Fees Covered
Even after your best efforts, the bank may not refund those fees. Here’s what you can do next:
1. Fix the Account as Quickly as Possible
If your account has a negative balance, deposit money as soon as you can to get back into the black. Leaving your account in the negative can lead to additional fees, like extended overdraft fees.
2. Sign Up for Alerts
Most banks and credit unions offer low balance alerts, which can help you avoid overdraft fees. These alerts notify you when your account balance is getting low, so you can deposit more money before any transactions push you into the red.
3. Get Free Overdraft Protection
Consider setting up overdraft protection, which can link your checking account to a savings account, credit card, or line of credit. If you don’t have enough money in your checking account to cover a transaction, your financial institution can transfer funds from your linked account to cover the difference, often for a smaller fee than an overdraft charge.
4. Stay Up to Date on Your Account Balance
Regularly checking your account balances can prevent surprises. You can do this through your bank’s mobile banking app, online banking, or by calling customer service. Also, be mindful of automatic payments that might be scheduled to come out of your account.
5. Consider Switching Banks if You’re Still Struggling
If you’re constantly receiving overdraft fees and can’t get them waived, it may be time to switch banks. Some online banks and credit unions offer accounts with no overdraft fees, while others might be more lenient when refunding overdraft fees.
How to Avoid Overdraft Fees in the Future
Track Your Account Balance
Maintaining an ongoing awareness of your account balance is the first line of defense in preventing overdraft fees. Make a daily habit of checking your account balances through your bank’s mobile banking app or online account. Consistent tracking can help you understand your spending habits better and ensure you’re never caught off guard by a lower-than-expected balance.
Turn Off Overdraft Protection
Overdraft protection is a feature offered by many financial institutions as a way to help you avoid non-sufficient funds fees. While it can be beneficial in some cases, it can also lead to a chain of overdraft fees if your linked accounts also run low on funds. If you find that overdraft protection is causing more harm than good due to associated fees, it might be worth turning it off.
Link Another Account
On the other hand, if you don’t have overdraft protection, consider turning it on. You can link your checking account to a backup account like a savings account or a secondary checking account. If your primary checking account ever lacks sufficient funds for a transaction, your bank can automatically pull funds from the linked account to cover the shortfall. This practice can provide a crucial safety net to prevent overdrafts, and the associated transfer fees are usually smaller than overdraft charges.
Set Up Alerts
Another effective way to avoid overdraft fees is by setting up low balance alerts. These alerts, usually customizable through your bank’s app or online interface, notify you when your account balance falls below a certain threshold. This early warning system gives you ample time to transfer or deposit money into your account before any transactions could potentially lead to an overdraft situation.
Switch Banks
If overdraft fees persist or if your bank’s policies aren’t aligned with your financial management style, don’t be afraid to shop around for other options. Several banks and credit unions do not charge overdraft fees, offering a more forgiving environment for occasional balance miscalculations.
In particular, online banks often have more customer-friendly fee structures because they save on the overhead costs associated with running physical branches. Making a switch could save you from future overdraft fees and potentially offer other financial benefits as well.
Reap the Benefits of Multiple Checking Accounts
Managing your finances across multiple checking accounts can be an effective strategy to curb overdraft fees. This approach allows you to segregate your funds based on their purpose, providing a clearer picture of your available balance for different types of expenses.
One strategy is to dedicate one account specifically to fixed expenses such as rent, mortgage payments, or utility bills. This account serves as a holding place for funds needed to cover these recurring costs and is replenished every time you receive income.
Then, you can set up a separate checking account for variable, everyday expenses such as groceries, dining out, or personal shopping. An unforeseen debit card purchase or ATM withdrawal from your everyday spending account won’t impact your ability to pay critical bills.
Multiple accounts can also help you visualize and manage your budget better. You’ll know exactly what portion of your income goes towards bills and what amount is left for discretionary spending, which can help you avoid spending beyond your means.
Conclusion
Overdraft fees can quickly eat into your bank account balance, but with the right strategies and habits, you can avoid these charges. Remember, it’s not just about managing your money today, but planning for a financially stable future.
With diligent account management, setting up low balance alerts, and even switching banks if necessary, you can keep more money in your pocket and avoid the stress and cost of dealing with overdraft fees.
Whether you are a freelancer, side hustler, or run a full-time business, opening a separate business bank account should be your first move after starting your business.
A business bank account helps you keep your business finances and personal income and expenses separate. Having a business bank account for all your business finances makes it easy to run records and track your costs and deductions at tax time.
Business checking accounts can also help business owners establish credit, which they can use for net terms with suppliers or to take out business loans or business credit cards.
But which business checking account is best? And can you find good options with free business checking accounts?
12 Best Free Business Checking Accounts
We’ve done the legwork for you, compiling a list of the 12 best free business checking accounts available in the U.S. today.
1. Bluevine: Best Free Business Checking Account Overall
Bluevine offers one of the most comprehensive and best free business checking accounts you’ll find. It has no monthly maintenance fees, no overdraft fees, and an annual percentage yield APY of 2% on up to $250,000 of your balance if you meet monthly activity goals. To qualify, simply make $500 in debit card purchases with your Bluevine business debit or receive $2,500 per month in customer payments to your account.
Bluevine offers features that make it great for a team, including the ability to open multiple sub-accounts and even have separate logins for employees or contractors, like accountants and virtual assistants.
While some free business checking accounts have transaction limits, your Bluevine business checking account does not. Funds are backed by Coastal Community Bank, Member FDIC. Coastal Community Bank provides business banking services for Bluevine customers.
2. Capital One Business Bank Account: Best for Local Branches
If you’re looking for personalized service at local branches, consider Capital One business checking. Capital One offers two tiers of checking accounts: Basic and Enhanced. Both accounts offer unlimited digital transactions, free overdraft coverage, access to Capital One’s mobile app, no ATM fees at 70,000 Capital One, Allpoint, and MoneyPass ATMs, and low monthly fees that are easily waived when you meet minimum balance requirements.
Capital One Enhanced business checking is designed for larger businesses who can meet $25,000 average daily balance requirements needed to waive the $35 monthly service fee. Enjoy free incoming wire transfers, five free outgoing wire transfers monthly, and a remote scanner for mobile check deposits.
3. GO2bank: Best for Online Banking
GO2bank is a complete mobile banking solution with digital banking services provided by Green Dot Bank. The bank offers many features in its online business checking account that will appeal to business owners and their employees, including co-branded debit cards, optional overdraft protection, and a co-branded app for businesses. You can also get a secured business credit card through GO2bank.
Waive the monthly fees with qualifying direct deposits, and receive ACH payments up to two days early. You can also purchase eGift cards for yourself or as employee incentives and earn up to 7% cash back.
4. Found: Best for Freelancers
Hailed as the debit card for the self-employed, we rate Found as the best free business account for freelancers. It has no monthly maintenance fees, no minimum deposit or minimum balance requirements, and no credit check to open your account.
Found has a few features that can help you streamline your business. By evaluating your income and expenses, Found can calculate your tax bill, categorize tax write-offs, and even auto-save the correct amount from each deposit to cover your quarterly taxes. You can also send invoices from the app.
Found is a financial technology company, not a bank. Deposits are FDIC insured through Piermont Bank.
5. First Citizens Bank Basic Business Checking: Best for Checking Account Choices:
Most business checking accounts have one option for a business owner. First Citizens has four choices to help you choose the right business checking account with the features you need. The basic business checking account offers 100 transactions with no monthly fee, and has a minimum opening deposit of $100.
Business Banking I is free with a merchant account or a minimum daily balance of $25,000. It offers processing of up to $250 transactions per month, plus $10,000 in cash processing, including cash deposits. Business Banking II has similar features with 500 free transactions and $15,000 in cash processing, including cash deposits. There is a $50 monthly fee unless you have a merchant account or an average daily ledger balance of $50,000.
Business Banking III is best for larger enterprises who want choices and do a high volume of business. Process up to 750 transactions free each month, with $20,000 in cash deposits. You’ll need a merchant account or $75,000 in your average daily ledger balance to avoid the monthly maintenance fee.
Business Banking I, II, and III accounts also let you customize your plan with additional discounted services.
6. Novo Business Checking Account: Best for E-commerce and App Integrations
Novo is not a bank, it’s a financial technology company with deposits backed by Middlesex Federal Savings, Member FDIC. Novo is one of the most tech-forward financial institutions on our list, offering easy integration with apps like Shopify, Wise, Stripe, Square, and Quickbooks.
The Novo Business Checking account has no monthly fees, no minimum balance requirements, no cash deposit fees, and ATM fee reimbursement for out-of-network ATM use. Account holders can also get discounts on popular business software and services, including LegalZoom, Constant Contact, and Stripe.
7. Mercury Banking For Start-ups: Best for Start-ups
Bootstrapped and venture-backed startups of every size have unique needs in a business checking account. A Mercury free business checking account helps your money stretch further with no monthly fee, no minimum balance requirements, and no minimum deposit to open. You can earn 5.11% annual percentage yield APY with mutual funds invested through Mercury Treasury if you have an account balance of $250,000 or more.
Mercury free business checking offers unlimited free transactions, including no cash deposit fees, for businesses who process less than $200,000 per month. The account offers team management tools, debit cards for multiple employees, and capabilities to open multiple checking and savings accounts to manage cash flow.
Plus, your Mercury account is backed by up to $5 million worth of FDIC insurance through partner banks. Banking services are provided by Choice Financial Group and Evolve Bank & Trust, Members FDIC and deposits are held in various partner banks.
8. U.S. Bank Silver Business Checking: Best for Sign-up Bonus
If you’re looking to earn free cash to boost your business, consider a U.S. Bank Silver Business checking account with a $100 minimum deposit before June 30, 2023. You can earn a $500 bonus when you make new deposits of at least $5,000 and maintain a minimum balance of at least $5,000 until 60 days after the account opening. Increase that to $15,000 in new money deposits and maintain that balance for 60 days and earn $750 deposited into your new business checking account.
U.S. Bank offers tons of benefits for business owners, including no transaction fees for up to 125 transactions each month, 25 free cash transactions (or up to $2,500 in free cash deposits, whichever comes first), no monthly maintenance fee, and 50% off on your first check order, up to $50.
Larger businesses may prefer a Gold Business Checking Account, with no transaction fees for up to 300 transactions per month. It also has a waivable $20 monthly fee.
There is also a Platinum Checking Account Package with 500 free transactions and a $30 monthly fee. This fee is waived by meeting monthly minimum balance requirements.
9. Chase Business Complete Banking: Best for Payment Processing
For those who want to avoid online only banks and are looking for a big bank with international recognition and branches and ATMs across the U.S., Chase Business Complete Banking offers a solid solution. It comes with many ways to waive the monthly service fee.
Chase also makes it easy to accept credit and debit card payments without using a third-party payment processor. Chase QuickAccept is a built-in feature as part of Chase Business Complete Banking. You don’t need to apply for a separate merchant account, and the transaction fees are competitive with other credit card processing companies.
QuickAccept also allows you to access money faster with same-day deposits with no added fees. If you need a merchant payment processing provider that works in synch with your bank account, Chase Business Complete Banking could be the best choice for you.
Right now through August 3, 2023, businesses can earn a bonus up to $500 when they open a Chase Business Complete Checking account and meet requirements, which including total deposits of $15,000 or more. Deposit just $2,000 or more and snag an easy $300 for your new business checking account.
10. Huntington Business Checking 100 (Midwest): Best for Community Banking
Huntington National Bank, headquartered in Columbus, Ohio, since 1866, offers three business checking accounts, including a business interest checking account, Unlimited Plus Business Checking.
The top-tier account includes unlimited transactions, plus cash deposits of up to $25,000. Waive the $40 monthly fee with up to $50,000 in total deposit relationship balances across business accounts. Designed for larger businesses, the Unlimited Plus Business Checking allows you to choose two bonus services such as a fraud tool, waived returned deposited items fees on up to 25 items per month, or two free incoming domestic wires monthly.
The Unlimited Business Checking account offers similar features, with unlimited transactions, free cash deposits on up to $10,000 per month, and a choice of one bonus service. Waive the $20 monthly fee by maintaining a minimum balance of at least $10,000. A Business Checking 100 account offers up to 100 transactions per month, and up to $5,000 in cash transactions with no monthly fee.
Huntington is devoted to the local communities it serves and spotlights small business owners on its website. It also specializes in SBA loans and offers a linked business money market account to earn interest on savings with no monthly maintenance fee if you maintain an average daily balance of $10,000+.
11. Relay Business Checking: Best for Money Management
Relay online banking offers up to 20 primary business checking accounts for members of your team or for different business expenses, plus 50 virtual or physical Visa debit cards. Designed to assist with cash flow and money management, your Relay online banking account allows automated transfers into the various checking accounts based on percentage of income or flat-rate dollar figures.
Your Relay online and mobile banking account also includes up to two business savings accounts with APYs of 1% to 3%. Best of all, unlike many free business checking accounts that are only free if you meet transaction or balance requirements, Relay has no monthly maintenance fee, no transaction fees, no overdraft fees, no ATM fees, and no minimum balance requirements.
12. Axos Basic Business Checking Account: Best for No Fees
Axos Bank has been voted best online bank by Money Magazine and its business offering stands out for small business owners as a straightforward business checking account with no transaction fees, no monthly maintenance fee, and no minimum opening deposit. You also don’t have to worry about balance requirements or ATM fees. You’ll even receive unlimited reimbursements for using out-of-network ATMs within the U.S.
You will need to maintain a minimum balance of at least $5,000 for the first five statement cycles to earn a $100 account opening bonus. You will receive $25 into your business account each month you maintain the minimum requirements. However, if you close the account within 120 days, you might have to pay a $100 early closure fee.
What to Consider When Choosing the Best Free Business Checking Account
The best free business checking account for your business depends on the volume of cash deposits, number of transactions, the size of your company and your general banking needs.
It’s important for a business of any size, including a sole proprietor or 1099 contractor, to open a business checking account to keep business funds separate from your personal checking account and other personal finances. This is especially important at tax time.
Many of the business bank accounts on our list of best free business checking accounts make it easy for you to track your business finances. They offer end-of-month or quarterly reports or integrate with QuickBooks or other accounting software to make money management easy. This, along with costs, quality of customer service, mobile apps, and more should factor into your decision when you choose a small business checking account.
Monthly Maintenance Fee
Account fees have long been a fact of life for individuals and business owners, but they no longer have to be with so many free checking accounts available today. Some of the banks on this list, including Axos and Relay, offer no monthly fee of any kind. Others make it easy to waive the monthly fee by meeting balance requirements.
See if there are any balance requirements, direct deposit requirements, or minimum debit card purchases to avoid the monthly service fee, and if you will be able to meet those minimums easily each month.
Easy-to-use Online and Mobile Banking
Even basic business checking today should have a robust app and mobile banking solutions, including mobile check deposits, capability to turn your debit cards on or off, and to monitor spending in a user-friendly app.
You may think online-only banks have better mobile capabilities, but that’s not always the case. All the best business checking accounts on our list have intuitive, user-friendly mobile apps.
Low Minimum Opening Deposit Requirements
Most of the free checking accounts on our list have low minimum opening deposit requirements. Some may have higher minimums to earn a bonus on your business checking account. Make sure to read the fine print and know the minimum deposit requirements if you want to earn that sign-up bonus.
Reasonable Fees
While it’s possible to find a business checking account with no monthly service fee, your bank may have some fees. Read the fine print so you know exactly what you’re getting for your money. It should be easy to avoid ATM fees, overdraft fees, and even monthly fees.
However, you may have to pay for wire transfers, out-of-network ATMs, and other transactions. Unlike personal accounts, it’s common for business bank accounts to have fees if you deposit cash. Sometimes, a certain number of cash transactions is included in your monthly fee.
Customer Service
It’s important to research the bank’s customer service before you commit to a business checking account. Online only banks, especially, may have limited ways to reach customer support. Find out if they offer 24/7 service. Many people prefer online banking for the convenience and low account fees. But if you experience a problem, you want to make sure you can get help promptly.
Positive Customer Reviews
When you’re looking for the best business checking account, it pays to research the opinions of other business owners like you. Customer reviews can give you a feel for the level of customer service, ATM fees, monthly fees, fraud protection, and more.
Practical Transaction and Cash Deposit Limits
Many of the best business checking accounts offer unlimited transactions and reasonable monthly limits to deposit cash. Many banks offer different tiers of business checking accounts, so you can pay a set monthly fee for the level of service you need.
Linked Business Savings Account or Business Interest Checking Account
If you want to earn interest on your cash reserves, look for a checking account that pays interest or for a bank with a high interest savings account. Pay attention to account fees, withdrawal limits, and
Consider the Need for a Bank With Physical Locations
Online banking offers lower monthly fees and convenience. But if your business needs to deposit cash regularly or you just want personalized service and relationship banking, you might prefer a bank account at a financial institution with brick-and-mortar locations.
Questions to Ask Before Deciding on a Business Checking Account
When you’re shopping around for a free business checking account, consider your needs, the number of transactions you conduct daily, your account balance, and whether you prefer a traditional bank or are willing to consider online only banks for your business checking needs. Ask yourself the following questions so you can compare your options.
Will you be making regular cash deposits?
Many business checking accounts charge a fee if you want to deposit cash. Sometimes, a number of cash deposits will be included in your monthly fee. Make sure to pick an account with the capabilities you need.
Do you prefer a bank or credit union?
You might prefer the personalized service of a credit union instead of choosing a large bank or an online bank. When you’re evaluating credit unions, compare all the features and fees the same as you would evaluate business bank accounts.
Do you need to process customer transactions?
Banks like Chase offer credit card processing as an add-on feature to their services. If you are using an online bank, you might want one that integrates with Stripe, Square, or other payment processors. The capability to process customer transactions is one element that sets a business bank apart from a personal checking account.
Do you want to earn interest on your balance?
Several banks on our list offer high yield savings accounts, which is a benefit for small businesses, start-ups, and any business that wants to earn free money from their balance. You might also consider an interest earning business checking account like Bluevine, which pays interest on your checking account balance.
Business Checking vs. Money Market Account
A money market account is a special savings account designed to hold money that you may need to access in the short term. Some money market accounts offer higher APYs than other savings accounts. A money market account often has limits on the number of fee-free withdrawals per month.
Most business owners will want to open a free business checking account and link it to a money market account to earn interest on cash reserves.
What You Need to Open a Small Business Checking Account
You may not need an Employer Identification Number or Tax ID number to open a business checking account. If you have one, you should open the account using that number instead of your Social Security number to help keep your business and personal funds separate.
But if you are a freelancer and file taxes as a sole proprietor/self-employed, you can open your business checking account with your SSN. However, if your business has a DBA (doing business as) you will need a certificate or paperwork showing that name.
Likewise, if you are an LLC, you’ll need your business registration along with your EIN. If you have a partnership, you’ll need your partnership agreement and paperwork showing the business name.
Beyond that, you can open a business checking account with your business address, a phone number, email address and the minimum deposit (if required). Visit a branch for personalized service or open your free business checking account online.
FAQs
See what people are asking about free business checking accounts.
Do you need to pay account or transaction fees?
Some business checking accounts have monthly fees that you can waive by meeting specific requirements. You may also pay ATM fees, fees for cash deposits, and fees for wire transfers or international transactions.
Read the fine print or speak to a personal banker to choose the account that’s right for you.
Can you open a business checking account with no credit check?
Most banks and credit unions will allow you to open a business checking account with no credit check. By maintaining a positive balance in your account, you can build your business credit. A credit check may be required for business loans, lines of credit, or “net” terms with vendors.
What are the most important features of business checking accounts?
Most business owners are looking for business checking with no ATM fees and no monthly fee or easy ways to waive the monthly fee. Beyond that, consider the type and number of transactions you complete monthly, whether you need payment processing capabilities, and if you want a linked savings account to earn interest.
What banks offer free business checking accounts?
Many online and traditional banks offer free business checking or easy ways to waive the monthly fee. The list above describes 12 of our favorite options in free business checking.
From the hustle and bustle of Union Square to the peaceful tranquility of small villages like Cold Spring, New York is a great pace to live and work. New York residents have plenty of options when it comes to financial institutions, including some of the best credit unions and community banks in the country. Our goal is to make finding the right bank easier with this list of the best banks and credit unions in New York.
11 Best Banks in New York
New York City is known for Wall Street, but there’s far more to New York than its financial center. No matter where you live in the state, you can choose to go with a credit union, regional bank, local bank, or the biggest bank in the country. Don’t rule out online banks, either, since many have competitive offerings.
Here’s our list of the 11 best banks and credit unions in New York to help you narrow it down to one solid option.
1. New York Community Bank
It may be a New York bank, but New York Community Bank is one of the largest banks in the country. NYCB’s parent company is New York Community Bancorp, Inc., which also owns Flagstar Bank and has branches in New York, New Jersey, Ohio, Florida, and Arizona.
You’ll get access to more than 56,000 ATMs through NYCB’s ATM network, which includes both Allpoint and Presto! machines nationwide. NYCB also offers great rates on CDs. You can get a 6-month CD that earns 4.50% APY or a 12-month CD with a rate of 4.25% APY.
Fees:
No monthly maintenance fees
No overdraft fees
Balance requirements:
$1 minimum deposit to open
ATMs:
Fee-free at New York Community Bank ATMs
Fee-free at Allpoint and Presto! ATMs nationwide
$2.50 fee for each out-of-network ATM transaction
Interest on balance:
Up to 4.50% APY on CDs
Additional perks:
2. Chime
Chime is a modern online banking service that features a wide array of benefits, including fee-free overdrafts up to $200, early direct deposit access, and no monthly fees or foreign transaction charges.
With Chime, you can also get a secured credit card to help boost your FICO Score® with no interest or annual fees. In addition, it allows for fee-free transfers and savings growth with an APY of 2.00%.
You also stay informed with daily balance notifications and transaction alerts. Safety is a priority with secure processes in place, FDIC insured funds up to $250,000, and round-the-clock support channels for any assistance required.
Fees:
No monthly service fees
No overdraft fees
Balance requirements:
No minimum opening deposit required
No minimum daily balance required
ATMs:
Fee-free at 60,000+ ATMs nationwide
$2.50 fee for out-of-network ATMs
Interest on balance:
2.00% APY on savings
Additional perks:
Secured credit card helps you build credit with no credit check required
SpotMe covers up to $200 in overdrafts
3. Chase Bank
National banks have plenty to offer, including expanded brick-and-mortar branches and a wide range of banking products. Chase Bank is one of the largest banks in the U.S., with branches and ATMs in 48 states and the District of Columbia.
Currently, Chase is offering a $200 bonus for its Chase Total Checking account. This account comes with a $12 monthly fee, but Chase will waive it if you receive at least $500 monthly in direct deposits, maintain a $1,500 daily balance, or have an average $500 daily balance across all your Chase accounts.
Fees:
$12 monthly fee (waived with requirements)
$34 overdraft fee
Balance requirements:
No deposit to open
No minimum balance requirement
ATMs:
Fee-free at 15,000+ Chase Bank ATMs nationwide
$3-$5 out-of-network ATM fee
Interest on balance:
0.01% APY on savings accounts
Up to 3.75% on CDs
Additional perks:
$200 bonus for new checking account
Bonus and 1.5% unlimited cash back on credit card
4. NBT Bank
Based in Norwich, New York, NBT Bank has branch locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut. You’ll find two checking accounts that don’t charge monthly fees.
Classic Checking includes unlimited check writing and is designed for those who prefer the experience that comes with traditional banks. NBT’s eChecking account has you managing everything. The biggest benefit to eChecking is that your balance earns interest.
Fees:
No monthly fees
$35 overdraft fee
Balance requirements:
No deposit to open
No minimum daily balance requirements
ATMs:
Fee-free at NBT Bank ATMs
$1.50 fee for out-of-network ATM withdrawals
Interest on balance:
0.01% APY on eChecking
Up to 0.03% APY on savings
Additional perks:
Competitive rates on loans
Multiple business checking accounts
5. Capital One
One of the top national banks in New York is Capital One, which has branches and cafés across the country. Although there are fewer branches these days, some locations have been turned into cafés with coffee and free Wi-Fi along with banking services. But wherever you are, chances are you’ll find a Capital One ATM. You can withdraw cash at any Capital One, MoneyPass, or Allpoint ATM nationwide.
Fees:
No monthly maintenance fees
No overdraft fee
Balance requirements:
No deposit to open
No minimum daily balance requirements
ATMs:
Fee-free at Capital One ATMs
Fee-free at any MoneyPass or Allpoint ATM
$2 fee for out-of-network ATM transactions
Interest on balance:
Up to 4.10% APY on savings
Up to 4.75% APY on CDs
Additional perks:
Cash deposits at any CVS location
Some branch locations have cafés and free Wi-Fi access
6. GO2bank
Online banks like GO2bank have their perks. You’ll often find competitive interest rates and low fees. However, mobile banking does have its limits, and that’s where GO2bank stands out.
You’ll not only be able to withdraw cash at any Allpoint ATM, but you can also deposit cash at more than 90,000 retailers across the country. As long as you’re okay with not having an in-person banking experience, GO2bank could be a solid option.
Fees:
$5 monthly fee (waived with requirements)
$15 overdraft fee
Balance requirements:
No opening deposit minimum
No minimum daily balance required
ATMs:
Fee-free at Allpoint ATMs nationwide
$3 fee for out-of-network ATM transactions
Interest on balance:
Up to 4.50% APY on savings
Additional perks:
Secured credit card helps you build credit with no credit check required
Deposit cash at 90,000+ retail locations nationwide
7. Santander Bank
Santander Bank is a regional bank with branch locations in New York, Connecticut, Delaware, Florida, Massachusetts, New Hampshire, New Jersey, Pennsylvania, and Rhode Island. The free checking account option is Simply Right Checking, which waives the $10 monthly fee as long as you have at least one activity on the account each month. This includes any deposit, withdrawal, transfer, or payment posted to the account within each calendar month.
Fees:
$10 monthly fee (waived with requirements)
$15 overdraft fee
Balance requirements:
$25 opening deposit
No minimum daily balance required
ATMs:
Fee-free at 2,000+ Santander Bank ATMs
$3 fee for out-of-network ATM transactions
Interest on balance:
0.03% APY on savings accounts
Up to 5.50% APY on CDs
Additional perks:
8. HSBC
HSBC isn’t just a national bank. It’s multinational, with locations across the U.S., as well as in Latin America, Europe, Africa, the Middle East, and Asia. This is a bank for high rollers, with a steep fee of $50 monthly if you don’t meet minimum requirements. Those requirements are either a $75,000 balance, monthly direct deposits of at least $5,000, or a residential mortgage loan of at least $500,000.
If you travel internationally, though, HSBC is worth considering since you can use your debit card at any ATM worldwide with no fees. HSBC also rebates up to five U.S. third-party ATM fees each month.
Fees:
$50 monthly fee (waived with requirements)
No overdraft fee
Balance requirements:
No minimum opening deposit
No minimum daily balance required ($5 to earn interest)
ATMs:
Fee-free at 55,000+ Allpoint ATMs nationwide
No fees for out-of-network ATM transactions
Up to five third-party U.S.-based ATM fees rebated monthly
Interest on balance:
0.01% APY on checking
Up to 4.15% APY on savings account
Up to 4.50% APY on CDs
Additional perks:
Unlimited rewards credit cards available
In-app support for international transactions
9. Corning Credit Union
Corning Credit Union membership is open to anyone who lives, works, worships, or attends school in Chemung County or Corning, New York. Membership is also open to residents of select areas in North Carolina, Pennsylvania, and South Carolina. The best thing about Corning Credit union is that its basic checking account earns 3.00% APY.
Fees:
No monthly fee
$32 overdraft fee
Balance requirements:
No minimum daily balance required
ATMs:
Fee-free at Corning Credit Union ATMs
$1 fee for out-of-network ATMs (waived for first four each month)
Interest on balance:
Up to 3.00% APY on checking
Up to 1.00% APY on savings
Up to 4.60% APY on share certificates
Additional perks:
Competitive rates on loans
Wide range of rewards-earning credit cards available
10. Dime Community Bank
If you run a business in the New York City or Long Island area, Dime Community Bank has plenty to offer. Dime’s business checking accounts come with a $12 monthly fee for up to 250 items, but Dime will waive it as long as you have an average daily balance of $10,000 each month.
Small business owners might find this on the high side, but if you have more than 250 items each month, that fee goes up to $25 with a balance requirement of $20,000 to waive it. But if you can meet the minimums, or you don’t mind the fee, you might like the extra services offered to members.
Fees:
$12 monthly fee (waived with requirements)
$35 overdraft fee
Balance requirements:
No minimum opening deposit required
ATMs:
Fee-free at Dime Community Bank ATMs
$1.50 fee for out-of-network ATMs
Interest on balance:
Rates not publicly disclosed
Additional perks:
Wide range of loans that serve small businesses
Access to legal, real estate, and accounting services
11. TD Bank
TD Bank is a national bank with hundreds of branches across New York. Although TD’s checking account comes with a $4.95 monthly fee, everything else is free, including overdrafts. One of this bank’s standout features, though, is its CD rates. Currently, you’ll get 5.00% APY on a six-month CD, with the option to bump up the rate if the market changes.
Fees:
$4.95 monthly fee
No overdraft fees
Balance requirements:
No minimum opening deposit required
No minimum daily balance required
ATMs:
Fee-free at 2,600+ TD Bank ATMs nationwide
$3 fee for out-of-network ATMs
Interest on balance:
Up to 3.51% APY on savings account
Up to 5.00% APY on CDs
Additional perks:
Live 24/7 customer service available online
Same-day replacement for lost debit card
Methodology
If you live in New York, chances are you know there’s no shortage of options. But we strove to create a list that brings together a little of everything. Not every customer wants the biggest bank, but plenty of customers would rather have a larger bank with a robust set of features. We combined small, local banks, credit unions, and large, corporate banks to ensure you can find the best bank for you.
Of course, it’s vital to make sure you’re going with a secure bank. We narrowed our list to those banks that had solid reputations and a history of serving New York residents. Beyond that, we made sure each bank offers savings accounts as well as checking, and we included a few that have features that would appeal to small business owners.
When you’re ready to open a bank account, it’s important to compare banks to make sure you’re getting the best rates. Many banks and credit unions can offer a great banking app and chat support, but you might prefer the personal touch you get with a local bank. Whatever your choice, pay close attention to fees and interest rates to ensure you’re getting the best deal for parking your money.
Did anyone ever give you a user’s manual for your checking account?
Probably not. There are best practices in managing a checking account, but even if you learned the rules from your parents or through your own hard-won experience (or if you never did), it may be time for a little checking account check-up.
Why? Because some of the rules for checking accounts no longer apply. Financial regulation, market conditions and technological developments have all changed some of the ways you should think about managing your checking account.
Here are today’s rules — some new, some old, and some a matter of personal choice — for managing your checking account.
New rules for checking accounts Don’t be pressured into opting in to overdraft protection. The Federal Reserve now requires U.S. banks to have customers actively opt in to overdraft protection before applying that protection to their checking accounts.
Banks very badly want you to opt in, because the fees are so juicy — a MoneyRates.com survey of bank fees released in July 2010 found that the average overdraft fee was $29.26. Although this fee could very well lead to the proverbial $30 cup of coffee, a poll by the National Foundation for Credit Counseling found that more than a quarter of Americans plan to opt in to overdraft protection.
Don’t opt in to overdraft protection without thinking long and hard about whether it makes sense for the way you use your account — more on this below.
Keep a large cushion in your checking account. Conventional wisdom was that you should keep your checking account balance at a minimum, so more of your money could be earning high interest somewhere else.
These days, though, with the FDIC reporting that the national average for savings account interest rates is 0.19 percent annually, you won’t be missing out on much interest if you keep more money in your checking account.
Having this cushion — large enough for you to avoid overdrafts entirely or not worry about monthly maintenance fees — can more than make up for the lost interest. Rather than thinking about bank fees as a few dollars here or a few dollars there, think about them as negative interest — so a single month’s $10 maintenance fee really sets you back.
Make use of banking technology. Debit cards have accelerated the pace of banking. Aggressively use technology like online banking, electronic expense tracking and mobile alerts to accelerate the pace of your account monitoring. There’s no reason not to check your checking account balance every morning, especially if you are going to be using your debit card that day.
Oldie-but-goodie rules for checking accounts Some rules for handling checking accounts are timeless.
Balance your account. If you simply rely on the bank’s records, you will be less alert to possible fraud or new fees on your account. Keep your own set of records, and check it against the bank’s record at least once a month. Is that extra work? Yes. Do banks sometimes make mistakes? Absolutely.
Shop around. Not all checking accounts are created equal. The July 2010 MoneyRates.com bank fee survey found that 44.2 percent of checking accounts have no monthly fees, but on other accounts those fees can range as high as $50 — that would come to $600 a year. Overdraft fees can be as low as $18 or as high as $35 dollars.
Comparing checking accounts for the lowest fees and terms that fit your banking habits can make a huge difference.
Protect your data. Make sure you are using a secure Internet connection before accessing your account online, and avoid using public computers for online banking. If you use old-fashioned paper checks, mail them in a secure mailbox — bill payments usually look obvious and are a favorite target of fraudsters.
Your rules for checking accounts Some ways to best manage a checking account depend on your own habits and preferences.
Figure out how your usage patterns affect your fees. Bank fees come in a variety of flavors — monthly maintenance fees, overdraft fees and ATM fees, to name some common examples.
Identifying the “lowest-fee” checking account depends a lot on how you use the account. If you never overdraft your account, you might not mind an account with high overdraft fees, and you could even opt in for overdraft protection just to be on the safe side. If, however, you are a serial overdrafter, you’d better look for low overdraft fees — or seriously consider not opting for overdraft protection so you will be forced to break this bad habit.
Find a record-keeping method you will stick with. The “on-the-fly” nature of debt card transactions causes many people to neglect their recordkeeping, but you can’t manage your finances responsibly without good information.
You can bring a paper register with you to record transactions as you make them, get fancy with a smartphone app or simply keep your receipts in your wallet and sit down at the end of the day to log them in. (There are a number of tips and tricks offered by others to track your spending. Monitor your balance and transactions in whatever way works for you, but stick with it.)
Leave home without it. One old ad campaign for a major credit card advised, “Don’t leave home without it.” A newer one asks, “What’s in your wallet?” The common theme is that credit and debit cards should accompany you wherever you go.
If you’re prone to compulsive spending, however, you may want to rethink that. Try going cold turkey on carrying your debit card around now and then, and see if you spend less money as a result. If you find it helpful to use cash, try the envelope system.
Checking accounts are both a tremendous convenience and a potential source of financial trouble. Following a few simple rules for handling your checking account will help give you the convenience without the trouble.
New Mexico’s rich, fascinating history makes it popular with both visitors and new residents. Whether you work for the federal government or one of the state’s many small businesses, banking services are an essential part of life. That’s why we’ve pulled together a list of the best banks in New Mexico to help you find the right bank to fit your needs.
10 Best Banks in New Mexico
From online and mobile banking to traditional banks with branches across the country, there’s a bit of everything in New Mexico. It’s important to take a look at the closest bank branch to your house, but you should also pay attention to which banks charge monthly maintenance fees to make sure you’re getting the best deal. The below list can help you kick off your search for the best bank.
1. U.S. Bank
With its vast array of branches and ATMs, U.S. Bank is a major player in the banking sector of the state.
Of particular interest to residents of New Mexico is the Bank Smartly® Checking account. This account provides the opportunity to gain up to $300, provided certain criteria are met. Specifically, within a span of 90 days from creating your new Bank Smartly® Checking account online, you are required to:
Successfully process two or more direct deposits that cumulatively total $6,000 or more
Sign up for either online banking or the U.S. Bank Mobile App
This promotional offer, valid until July 11, 2023, comes with particular terms and conditions. U.S. Bank is an FDIC member.
In addition to these enticing offers, U.S. Bank provides a broad spectrum of financial services, which include checking and savings accounts, loans, investments, and more. These services can be easily accessed through their user-friendly online and mobile banking platforms.
Fees:
$6.95 monthly service fee (waived with direct deposits or balance minimums)
No-fee overdraft protection transfers from a linked deposit account
Balance requirements:
$25 opening deposit
$1,500 minimum daily balance or $1,000 in direct deposits to waive service fee
ATMs:
Fee-free at U.S. Bank, MoneyPass, and Cardtronics locations nationwide
$2.50 charge per transaction at out-of-network ATMs
Interest on balance:
Up to 4.50% APY on money market accounts
Up to 4.75% APY on CDs
Additional perks:
Extensive mobile banking features
Money management tools available
2. New Mexico Bank & Trust
New Mexico Bank & Trust is a traditional bank with locations across New Mexico. This free checking account has no minimum balance, but if you frequently access cash, you’ll want to consider upgrading to a New Mexico Bank & Trust higher-tier account.
With direct deposit, both the Platinum and Signature Series checking accounts refund up to $20 in non-New Mexico Bank & Trust ATM fees each month. Currently, you can earn a $300 bonus on a new free checking account as long as you receive at least two monthly $300 direct deposits.
Fees:
No monthly service fees
$35 overdraft fee
Balance requirements:
$25 minimum deposit to open
No minimum daily balance requirements
ATMs:
Fee-free at New Mexico Bank & Trust ATMs
No out-of-network ATM fees
Interest on balance:
Up to 1.25% APY on savings account
Up to 4.75% APY on CDs
0.10% APY on money market savings account
Additional perks:
Up to $600 bonus with new checking account
New Mexico Bank & Trust cash-back rewards credit card comes with no annual fee
3. Chime
If online banking is how you get banking services, Chime is worth considering. The basic checking account is fee-free and includes all the features you need. Although Chime doesn’t feature the in-person service you get with brick-and-mortar banks, you can withdraw cash for free at more than 60,000 ATMs nationwide.
Fees:
No monthly maintenance fees
$15 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum daily balance required
ATMs:
Fee-free at 60,000 ATMs nationwide
$2.50 for each out-of-network ATM transaction
Interest on balance:
2.00% APY on savings accounts
Additional perks:
Secured credit card helps you build credit with no credit check required
SpotMe covers up to $200 in overdrafts
4. Bank of Albuquerque
If you live in Albuquerque, the Bank of Albuquerque has bank branches throughout the area. You’ll find a fee-free checking account with nationwide access to cash at more than 32,000 locations in the MoneyPass ATM network.
One standout feature of this traditional bank is its youth account. Designed for those under the age of 18, this account features a Visa debit card, online and mobile banking tools (for ages 13+ only), and a savings account that pays 0.25% APY.
Fees:
No monthly maintenance fees
$34.50 overdraft fee
Balance requirements:
$50 minimum deposit to open
No minimum balance requirements
ATMs:
Fee-free at Bank of Albuquerque ATMs
Fee-free at 32,000+ MoneyPass locations nationwide
$2 fee for each out-of-network ATM transaction
Interest on balance:
Up to 0.20% APY on savings account
Up to 4.85% APY on CDs
Up to 1.50% APY on money market accounts
Additional perks:
Same-day credit for deposits at any Bank of Albuquerque ATM
Wealth management services available
5. GO2bank
Another online bank available to New Mexico residents is GO2bank. For those who regularly deal with cash, GO2bank is a great option. You can not only withdraw money at any Allpoint ATM, but you can deposit cash at more than 90,000 retailers nationwide. GO2bank will waive monthly fees on your checking account as long as you set up a qualifying direct deposit.
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 fee for each out-of-network ATM withdrawal
Interest on balance:
4.50% APY on savings accounts
Additional perks:
Deposit cash at 90,000+ partner retailers nationwide
Up to 7% cash back on gift card purchases
6. WaFd
If you’re looking for the expanded services of a national bank with the personal touch of a local bank, Washington Federal Bank is worth considering. With bank branches across New Mexico, WaFd Bank makes an effort to connect with each community it serves. But if you’re in the market for a new CD, WaFd is currently offering up to 5.00% APY on 3-month CDs and up to 4.45% APY on 7-month CDs.
Fees:
No monthly service charges
$30 overdraft fee
Balance requirements:
$25 minimum opening deposit
No minimum balance required
ATMs:
Fee-free at WaFd Bank ATMs
Fee-free at 40,000+ MoneyPass ATMs nationwide
Interest on balance:
0.10% APY on savings accounts
Up to 5.00% APY on CDs
Up to 2.00% APY on money market accounts
Additional perks:
Three debit card style options available
Budgeting tools available in mobile banking app
7. Wells Fargo
With bank branches in 33 states and the District of Columbia, Wells Fargo is a national bank with plenty to offer. Currently, you can open a free checking account as long as you maintain a $500 daily balance, receive at least $500 in direct deposits each month, are 17-24 years old, or have a Wells Fargo campus ATM card linked to your checking account.
New checking customers can earn $300 by receiving at least $1,000 in qualifying deposits in the first 90 days.
Fees:
$10 monthly fee (waived with requirements)
$35 overdraft fee
Balance requirements:
$25 minimum opening deposit
No minimum balance required
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
Robust mobile banking services
8. Century Bank
If you prefer banks in New Mexico with a long history in the state, consider Century Bank. The bank has served New Mexico since 1887. Century Bank has a wealth of financial products, including personal loans, business accounts, and retirement savings options. Currently, Century Bank is offering higher-than average rates on CDs, including 7-month CDs that earn interest at a rate of 5.00% APY.
Fees:
No monthly fees
Balance requirements:
$25 opening deposit
No minimum balance required
ATMs:
Fee-free at Century Bank ATMs
Fee-free at MoneyPass ATMs nationwide
$2 fee for each out-of-network ATM withdrawal
Interest on balance:
Up to 0.03% APY on savings accounts
Up to 5.00% APY on CDs
Up to 3.50% APY on money market accounts
Additional perks:
Multiple account options for small businesses
Great rates on personal and auto loans
9. Bank of America
One of the best traditional banks is Bank of America, which has branches throughout New Mexico. What sets Bank of America apart from other banks is its top-rated mobile banking options. You’ll get features like budgeting tools, debit card lock/unlock, and custom alerts. Frequent travelers appreciate Bank of America’s nationwide network of branches and ATMs.
Fees:
$12 monthly service fee (waived with requirements)
$10 overdraft fee
Balance requirements:
$100 minimum opening deposit
No minimum balance required
ATMs:
Fee-free at 15,000+ Bank of America ATMs nationwide
$5 out-of-network ATM fee
Interest on balance:
Up to 0.04% APY on savings accounts
Up to 4.75% APY on CDs
Additional perks:
Generous credit card bonuses and rewards
Wealth management services available
10. Nusenda Credit Union
Credit unions offer benefits like low interest rates on loans and high interest rates on savings accounts. With Nusenda Credit Union, you can not only get service at a bank branch bearing the credit union’s name, but at credit unions across the country that are part of the Co-Op Network. This network also includes more than 30,000 ATMs nationwide.
Fees:
$5 monthly service fee (waived with requirements)
$29 overdraft fee
ATMs:
Fee-free at Nusenda Credit Union ATMs
Fee-free at 30,000+ Co-Op ATMs nationwide
Interest on balance:
Up to 4.50% APY on CDs
Additional perks:
More flexible membership requirements than other credit unions
Competitive rates on loans
How We Picked: Methodology
It can be tough to choose the best bank in New Mexico since needs vary from one person to the next. That’s why we made every attempt to choose a variety of banks, from online banking providers to local banks and credit unions.
We also looked at the banking products each bank offers to make sure you’re getting the best variety. Here are a few criteria we considered when putting together this list of banks.
Interest Rates
A bank keeps your money safe, but it’s also a way to build on what you already have. If you’re going to save money, why not earn a little interest on that balance?
In building the above list, we looked at which savings account paid the most, finding that often the best bank for that was an online-only bank. We also looked at which bank offers the best rates on CD accounts and found many local banks had the best deal on those.
We also paid attention to the interest rates that banks charge on loans and credit cards. Smaller financial institutions like credit unions often compete with large banks by offering reduced rates on these products as an account holder perk.
Large Branch Network
You might never need in-person help with your account, but when you do, it’s important to be able to find a branch. You don’t need a large bank to get a national network of branches, though. Many online banks and credit unions are part of a partner agreement that offers branches across the country, both in major cities and more rural areas.
Large ATM Network
While you’re looking into coverage areas, withdrawing money should also be a priority. Make sure your bank has an ATM network that will cover you even when you’re away from home. Online or mobile banking can take care of services like online bill pay and mobile check deposit, but mobile services can’t handle banking transactions like cash deposits and withdrawals.
New Mexico residents have no shortage of banking options, from big banks to small community banks. Whether your priority is to earn interest on your balance or enjoy low fees on your checking account, you can easily find a bank that fits your needs.