wealth management Archives - Hanover Mortgages

Apache is functioning normally

June 9, 2023 by Brett Tams

When you choose a bank for your daily checking and savings needs, you can choose between a national bank, a smaller regional bank, credit unions of varying sizes, and even online banks and financial technology companies.

Since early 2023, when Signature Bank and Silicon Valley Bank both experienced failures after customers pulled out large amounts of money during bank runs, banking customers may feel more comfortable choosing a national bank.

Although the U.S. government took extraordinary measures to protect the assets of SVB and Signature Bank customers, and deposits held in the accounts were FDIC insured, many customers were still rightfully concerned about gaining access to their money in a timely manner.

After the banking crisis of 2008, the Federal government declared banks like JPMorgan Chase, Bank of America, Citibank, and Wells Fargo as “too big to fail.” But these aren’t the only national banks or credit unions available.

You might think that smaller online banks may have lower fees, while small local banks are known for friendly and responsive customer service. But the national banks on this list blend the best of all worlds: low fees, high marks for customer satisfaction, ways to avoid overdraft fees, convenient ATM networks, and a variety of banking products.

16 Best National Banks

Here are the 16 best national banks that offer exceptional services, excellent customer support, and innovative banking solutions to meet all of your financial needs.

1. SoFi – Best for Digital Banking & High Yields

SoFi became a nationally chartered online bank in 2022, after acquiring Golden Pacific Bancorp, Member FDIC. Originally known for its vast array of loan products, including private student loans, today SoFi has a combination checking and savings account, or a cash management account, with no monthly service fee.

SoFi also has no minimum balance requirements, no overdraft fee, and overdraft protection up to $50 with qualifying direct deposits each month. You can bank for free at any of 55,000+ fee free Allpoint ATMs nationwide.

As an online bank, SoFi offers higher interest rates than you may find at brick and mortar banks. Earn up to 4.20% APY on your savings account balance and 1.20% on money in your checking account. When you use your SoFi debit card at select local businesses, you can earn up to 15% cash back.

SoFi offers two tiers of accounts: SoFi and SoFi Plus. To qualify for the “freemium” SoFi Plus membership, bank customers must have qualifying direct deposits. Plus, when you sign up before December 31, 2023, you can earn a cash bonus of $250 when you set up direct deposits of $5,000 or $50 with a direct deposit as low as $1,000.

SoFi Plus members receive loan rate discounts, bonus rewards, access to special entertainment events and more, making SoFi a unique company when it comes to online banks.

2. Discover Bank – Best for Cash Back

Discover may be best known for cashback and rewards credit cards. But its online banking products are some of the best you’ll find among national banks.

With no monthly fees and no minimum balance, your Discover Cashback checking account pays 1% cashback on up to $3,000 worth of debit card purchases monthly. You’ll never pay overdraft charges, and you can withdraw cash at a network of 60,000+ fee free ATMs.

You can qualify for overdraft protection by linking your Discover Bank savings account. Discover Savings pays a high 3.90% APY with no minimum deposit required.

Other Discover Bank deposit accounts include CDs with terms from 3 months to 10 years, and a money market account that pays 3.80% APY for balances under $100,000 and 3.85% on balances $100,000 and up.

For questions or help with your account, you can reach a U.S.-based customer service representative for Discover Bank by phone, 24/7/365.

3. Chase Bank – Best for Credit Card Rewards & Referral Bonuses

As the world’s largest national bank, JPMorgan Chase Bank doesn’t need to do much to entice customers. People will choose Chase based on its name, reputation, and more than 4,700 convenient branch locations across the U.S.

However, Chase happens to have one of the best bonuses for new customers and a generous referral bonus program when existing customers refer their friends. This, coupled with a robust and easy-to-use mobile app and a variety of checking, savings and investment services, puts Chase on our list of top national banks in the U.S.

Chase is currently offering new Chase Total Checking customers a $200 bonus when they open a new account and set up direct deposit within the first 90 days.

New or upgrading Chase Private Client customers can earn a $3,000 bonus with a deposit of $500,000 or more within the first 45 days of account opening. Deposits of $150,000 to $249,999 earn $1,000 and cash deposits of $250,000 to $499,999 earn $2,000. You must keep the money in your J.P. Morgan Wealth Management or JPMorgan Chase deposit accounts for 90 days to qualify.

In addition to Chase Total Checking, the bank’s most popular checking account, and Private Client services, Chase also offers other checking and savings accounts.

Chase Secure Banking has a $4.95 monthly fee and no overdraft fees. Chase Premier Plus Checking offers a few added benefits beyond Chase Total Checking, including ATM fee rebates up to four times per statement cycle, a linked personal checking account with no monthly fees, and a 0.01% interest rate on balances.

Chase also offers bank accounts for kids, teens, and college students, as well as CDs, savings and money market accounts, mortgages, loan products, and a full array of top-rated rewards credit cards.

If you have multiple Chase accounts, it’s easy to manage them all within the mobile app.

4. Chime – Best for Building Credit

Chime is a financial technology company backed by Stride Bank, Member FDIC, and Bancorp Bank, Member FDIC. It is not a bank, itself, but offers some of the same features, including online banking, a debit card, and direct deposit up to two days earlier than some other banks.

Chime has no monthly service fee, no overdraft fee, and no minimum balance requirements. For customers who need a little boost to make it from paycheck to paycheck, Chime offers fee-free overdraft up to $200 through the SpotMe⁵ program and a credit builder secured Visa credit card with no annual fees, interest or minimum security deposit.

Use your Chime debit card at any of 60,000+ fee free¹ ATMs in the Allpoint, MoneyPass or Visa Plus Alliance ATM networks. Out of network ATM fees may apply, otherwise.

You can qualify for Chime’s SpotMe program with a single direct deposit of $200 or more during any monthly statement period. If you process a transaction that would put you into overdraft, Chime will accept the transaction even if it puts your balance into the negative by up to $200.

The Credit Builder Secured Visa card carries the same requirements of a $200 monthly minimum direct deposit. You can build your credit and raise your credit score with responsible use of the card.

5. Citi® – Best for Large Cash Deposits

The third of the four largest national banks in the U.S. based on assets, Citi, owned by Citigroup, is best for high net worth customers or those with large cash deposits divided among Citi checking, savings, and other accounts.

Currently, you can earn a generous cash bonus of $200 to $2,000 when you open a qualifying Citi checking account and meet specific minimum opening deposit requirements. Your bonus will be determined by your account balance on the 20th day after opening the account. Funds must remain in the account for an additional 60 days after the 21st day.

Citi offers multiple checking accounts to meet various customers’ financial needs, all with monthly fees that are easy to waive if you hold the required minimum balance. The bank accounts include:

Citibank
Citi Priority, which includes travel perks and access Citi Personal Wealth Management advisors
Citigold, relationship banking and investment services
Basic Banking and ATM access
Access Account, a debit account with no paper checks

For the Basic Checking account, you’ll need to maintain a $1,500 minimum balance to waive the fees. The other accounts have larger minimum balance requirements to avoid monthly maintenance fees and take advantage of other perks, up to $200,000 for a Citigold account.

All accounts provide access to personal banking at Citi branches and access to more than 65,000 fee free ATMs across the U.S. All accounts except for Basic and Access accounts also have no fees at ATMs outside the Citi network.

Like all the larger national banks on this list, Citi has a full gamut of rewards credit cards, savings and money market accounts, and high-yield CDs.

6. CIT Bank – Best for High Interest Rates

CIT Bank, a division of First Citizens Bank, has earned awards and accolades for customer satisfaction, rated by American Banker as #1 for “delivering the most humanized experience in banking.”

You should be aware that deposits in First Citizens Bank & Trust Company, Member FDIC, are not separately insured. This only matters if you hold more than $250,000 in any single account type, such as checking or savings, in both First Citizens Bank and in CIT Bank.

CIT is the online only banking arm of First Citizens Bank, with high-yield savings accounts, CDs, money markets, and eChecking, all with no monthly fees and no overdraft fees. You won’t pay any ATM fees at CIT Bank machines, and CIT Bank reimburses up to $30 per month when you use out-of-network ATMs.

CIT offers 0.25% APY on checking when you hold more than $25,000 in your account, and 0.10% APY on balances under $25,000. The bank has high interest rates for savings, offering customers a 4.85% APY on balances of $5,000 or more with the Platinum Savings account.

CIT Bank has two other savings accounts as well:

Savings Connect, with a 4.60% APY
Savings Builder, which requires a minimum balance of $25,000 or a $100 monthly deposit to earn 1.00% APY

You’ll need a $100 minimum deposit to open a checking or savings account at CIT Bank.

7. Bank of America – Best for College Students

As the second largest of the best national banks, behind Chase, Bank of America has the full gamut of banking products, with three checking accounts plus a student account, savings, CDs, and investment products.

It’s easy to waive monthly maintenance fees on a checking account with a minimum daily balance, direct deposits, combined balances across eligible linked Bank of America accounts, or by enrolling in their Preferred Rewards programs.

We like the Advantage SafeBalance banking for kids, teens, and college students under 25 years old. They have no monthly fee and no overdraft fees. Teens ages 16+ can have sole ownership of the account.

For everyone else, the bank offers Advantage Plus and Advantage Relationship checking accounts with easy ways to waive the monthly fees with direct deposit or a minimum daily balance.

When you open a new checking account, you can qualify for a $100 bonus when you receive qualifying direct deposits of at least $1,000 within 90 days of opening the account.

Of course, Bank of America also has CDs, and a savings and money market account. Plus you can invest with Merrill. All of these deposit accounts count toward your Preferred Rewards membership.

When you have a combined average daily balance of at least $20,000 for three months, you’ll qualify for the rewards program.

8. U.S. Bank – Best for Military Members & High Balance Savings

U.S. Bank offers the Bank Smartly checking account so you can earn interest on your money. The current interest rate is just 0.01% APY on all checking balances. You’ll pay a $6.95 maintenance fee, but this is waived if you meet minimum deposit requirements or if you are a member of the U.S. military.

You can link your Bank Smartly checking account to a standard savings account or Elite Money Market to earn even more. To avoid fees on your savings account, you’ll want to keep a $300 minimum daily balance or a $1,000 average monthly collected balance. If you are already a Bank Smartly customer, you can enroll in Smart Rewards to waive savings account fees.

The Elite account is better for those with high balances. You can earn up to 4% APY on balances from $25,000 up to just under $500,000.

The appeal of U.S. Bank is in its high ratings for banking satisfaction across the board from customers. U.S. Bank earned accolades for having the best mobile app, the best digital mortgage tools, the best customer service features, and best mobile check deposit capabilities. These factors all contribute to its ranking as a best national bank.

9. Axos Bank – Best Online Bank

Axos is an online only bank with a rewards checking account that delivers up to 3.30% APY, with no fees and unlimited ATM fee rebates for out-of-network ATMs.

To earn the maximum APY, you’ll need to set up direct deposit and Axos Bank’s free Personal Finance Manager for 0.70% interest. Then, open an investment account and take out an Axos personal loan or auto loan and earn another 2.60% annual percentage yield on your checking account balance.

Axos also offers an Essential Checking account with early direct deposit and no fees, and a Cashback Checking account, which gives you 1% cash back on debit card purchases, along with no maintenance fees and unlimited domestic ATM fee reimbursements.

Voted the best online bank by many top personal finance sites, Axos Bank offers more than just high interest, no fee checking.

Axos Bank offers CDs with terms between 3 and 60 months and a savings account with 0.61% annual percentage yield, with interest compounded daily. You can also find personal loans, car loans, mortgages, and investment products.

Like other national banks, Axos Bank provides FDIC insurance up to $250,000 or $500,000 for joint account holders. But you can expand your coverage up to $150 million with Axos Bank InsureGuard+ Savings from IntraFi Network Deposits.

Axos splits up your large deposit into multiple accounts across several banks, each covered up to $250,000. If you are dealing with a substantial amount of cash and want your savings protected at a single bank, Axos may be a good choice for you.

New customers can earn a $100 welcome bonus by opening an account with just a $50 minimum opening deposit.

10. Truist Bank – Best for Relationship Banking & Innovative Savings Perks

Truist Bank is one of the top 10 largest national banks, formed as a merger between BB&T and SunTrust in 2019. Called “the biggest bank you’ve never heard of” by CNN Business, Truist holds assets of $574 billion and has been growing steadily since the merger.

Truist offers checking and savings accounts, CDs, and credit cards. Truist checking and savings customers can earn perks and benefits. This includes access to Long Game, a savings game app that lets you earn cash when depositing into your Truist savings account. It also includes bonus rewards on your Truist credit cards.

Truist has four levels of relationship banking in its Truist One checking account. This means the more you deposit, the more perks you will receive, up to a 50% loyalty bonus on Truist credit cards, and a discounted annual fee for a Delta SkyMiles debit card. Benefits for relationship banking begin at $10,000 in combined average monthly balances for Truist deposit accounts.

Your Truist checking account has a $12 monthly fee, which is easy to waive with $500 or more in direct deposits each month or a $500 minimum balance across all Truist deposit accounts. Truist personal loan, mortgage or credit card customers also pay no fees on their Truist checking account.

You can also waive the monthly fee with a linked Small Business checking account or if you are a student under the age of 25. You’ll need a $25 minimum opening deposit for a Truist One checking.

Customers with lower income or just getting started establishing their finances can benefit from Truist Confidence checking and savings accounts. The account has just a $5 monthly maintenance fee, which is easily waived.

11. Capital One – Best for High Interest Rates at a Brick and Mortar Bank

Like Chase Bank, Capital One is well known for its top-rated rewards credit cards. The company is also one of the best national banks with a savings account and CDs offering interest rates higher than the national average.

Capital One Performance 360 savings has a 3.90% APY, no monthly maintenance fees, and no minimum deposit to open your account. A Capital One 360 Performance checking account, similarly, has no monthly maintenance fee, overdraft protection through your linked savings account, and early direct deposit.

You can bank with no fees at a network of 70,000+ ATMs nationwide, and can deposit cash easily at CVS retail locations. Although you must open your Capital One Performance account online, you can receive personalized service and deposit cash at any Capital One bank branches or Capital One Cafes.

12. PNC Bank – Best in East and Southwest

PNC Bank is a large, national bank with branch locations across 29 states. Most branches are in the east, south, and southwest, although you will also find branch locations in some Midwest states.

PNC Bank’s online checking account is called Spend and it links to the PNC VirtualWallet. You can add a savings account, called Reserve, or upgrade to the Performance Select product with two tiers of savings and double layer overdraft protection.

When you set up your VirtualWallet with PNC Bank and open your Spend account, you can earn a $50 bonus.

Combining your Spend account with a PNC Bank Reserve account yields even more benefits. Earn a $200 bonus when you qualify. Finally, if you open a Performance Select VirtualWallet, you could earn $400.

Each account comes with a low monthly fee that is easily waived through qualifying monthly direct deposits or by meeting minimum balance requirements.

13. Wells Fargo – Best for Checking Account Options

Wells Fargo, one of the “big four,” is the fourth largest of the best national banks in the U.S. It is known for having many convenient bank locations, with 4,700 branch locations.

The vast number of branches across the country puts it top on our list for in-person banking and customer satisfaction.

Plus, we also rated it best for various checking account choices for everyone from children to retail investors.

Like the other national banks on this list, Wells Fargo has checking, savings, and CD accounts. The bank has four checking account options for consumers at various stages of their financial lives:

Clear Access Banking, with no overdraft fee and a low $5 monthly fee, waived for teens and young adults ages 13 to 24
Everyday Checking, the most popular bank account, with optional overdraft protection
Prime Checking, offering discounted interest rates for loans and higher interest rates for linked CDs and savings accounts
Premier Checking, a relationship banking service with 24/7 support and discounts on investing services

It’s easy to waive the $10 fee on Everyday Checking with a $500 minimum daily balance or $500 in monthly direct deposits. Waive the $25 fee on your Prime checking with $20,000 in linked balances. Similarly, your Premier Checking account will be free with $250,000 in linked balances, including investments with the bank’s Advisors.

You’ll need a $25 minimum opening deposit to open your account.

14. Ally Bank – Best Online Only Bank for Savings

Ally Bank is widely recognized as one of the best national online banks. It has very few fees, including no maintenance fee, no overdraft fee, and no ACH fee (even on expedited transfers). Plus, you’ll earn interest of 0.25% in your checking account and 3.85% APY on savings, including money you have allocated into various buckets.

We rated Ally Bank as the best online only bank for savings, not just because of the high interest rate, but because it offers so many ways to manage your money and ramp up your savings efforts.

You can set up recurring transfers into your savings account for specific goals or just to build up your emergency coffers. You can choose to round up transactions made with your Ally Bank debit card, or even electronic payments and checks. When Ally Bank finds at least $5 in “round-up” savings, it will be transferred automatically to your checking account.

Finally, Ally Bank analyzes your checking account periodically to reveal extra funds that are “safe to save.” Ally Bank automatically transfers that money for you. But you can transfer it back whenever you’d like.

In addition to these savings benefits, Ally Bank lets you access your money with your debit card with no fees at any of 43,000+ Allpoint ATMs. The online bank also refunds up to $10 in fees charged by out-of-network ATMs.

You can avoid stress and overspending with the Overdraft Transfer Service, which automatically transfers money from your Ally Bank savings account into checking. If you exceed six transfers or six savings withdrawals per month, Ally Bank will reimburse those fees, too.

You can also apply for CoverDraft℠ Coverage, which will cover up to $250 in charges that would put your account in the negative. You’ll qualify 30 days after you deposit at least $100 into your checking account. If you receive qualifying direct deposits of at least $250 two months in a row, you can increase your coverage to $250.

15. TD Bank – Best for Overall Banking Satisfaction

TD Bank, deemed America’s most convenient bank for its number of branches, branch hours and excellent customer service, blends the best of brick and mortar banks with easy online banking.

Most TD Bank locations are open seven days a week, including Sundays, with extended hours beyond what most brick and mortar banks provide. Most TD Bank branches are located across the East Coast, with locations in 15 different states and Washington, D.C.

TD Bank is the 7th largest bank in the U.S. based on deposits, with 1,668 branch locations nationwide. You can also reach customer service by phone, 24/7/365, which earns TD Bank high marks for banking satisfaction.

TD Bank offers six checking accounts for customers in various life stages:

TD Essential Banking
TD Convenience Checking
TD Beyond Checking
TD Simple Checking
TD 60 Plus Checking
TD Student Checking (for ages 17 to 23)

Currently, TD Bank is offering sign-on bonuses for new customers who open a TD Beyond or TD Convenience bank account. You’ll need a qualifying direct deposit (or more than one) totaling $2,500 within the first 60 days to earn $300 with TD Beyond, and a direct deposit of just $500 within the first 60 days to earn $200 with TD Convenience.

16. Schwab Bank – Best for Investors

Schwab may be best known as an investment service, but the bank was rated highest in banking satisfaction with checking accounts from J.D. Power & Associates four years running.

If you have a Schwab investment account, or are considering opening one, Schwab could be the best choice in banking for you.

The Schwab Bank Investor checking account has no foreign transaction fees, no minimums, and unlimited ATM fee rebates. Plus, earn 0.45% annual percentage yield on checking. Schwab’s savings account offers 0.48% APY.

Schwab also offers exceptionally high interest rates for CDs, with up to 5.40% APY and terms as short as 30 days. You’ll receive FDIC protection exceeding the federal maximum because you can purchase CDs from multiple banks, all through Schwab investment.

Methodology: How We Chose the Best National Banks

We evaluated a variety of banks and credit cards, taking into consideration the:

Variety of products
Interest rates
Monthly fees
ATM fees and ATM fee reimbursement
Branch locations and number of branches
Minimum deposit requirements
Fraud protection and security

We also looked at consumer reviews, and drew on the general reputation of each bank to find the best national bank.

Finding the Best National Bank

Now that we’ve explored the specifics of the best online banks and brick and mortar banks nationwide, you probably still have questions about which one is really the best national bank.

Let’s compare the three largest in the U.S. based on number of branches, interest rates, and overall banking satisfaction.

Chase vs. Wells Fargo

For the largest nationwide bank, Chase offers excellent banking satisfaction with an A+ rating from the Better Business Bureau, 4,800 branch locations, and an easy and intuitive mobile app. If you are shopping for a bank credit card, Chase also offers some of the best rewards cards available today.

Wells Fargo rivals Chase when it comes to number of branches, with roughly 4,700 locations across the U.S. It’s somewhat easier to waive the checking account fees at Wells Fargo. Wells Fargo offers higher interest rates for savings, with a 0.15% APY compared to Chase’s 0.01%.

Both banks have lower interest rates than you might find at online banks. However, if you are looking for national banks with a solid reputation, many branches, and high marks in banking satisfaction, either Chase or Wells Fargo would be a good choice.

Wells Fargo vs. Bank of America

Bank of America and Wells Fargo are the second and third-largest banks in the U.S. based on assets. BofA only has 4,000 branches compared to Fargo’s 4,700, but BofA boasts more ATMs nationwide.

BofA stands out when you join the Preferred Rewards program because you can waive the fees on your bank account and enjoy perks, bonus rewards on BofA credit cards, and rate discounts on loans.

If you have a large balance or are looking for an investing platform through your bank, BofA may be your best choice. On the other hand, Wells Fargo offers high interest rates on savings and convenient branch locations nationwide.

Common Questions

People have many questions related to whether an online bank is better than a traditional bank or whether a local bank is better than one of the largest national banks. We break it all down here.

Which is better, an online bank or a brick-and-mortar bank?

If you are looking for the highest interest rates and generous rewards programs, you are highly likely to find them at online banks. However, there are some advantages to a brick and mortar bank, including in-person service at local branches, the availability of paper checks, and easy ways to deposit cash in person or at branch ATMs.

You should expect the best national online banks and the best brick and mortar banks to have robust mobile apps, easy-to-waive fees, and fraud protection.

Make sure whatever bank you choose is “Member FDIC,” which means your deposits are insured up to $250,000 per account holder, per account type. That means joint accounts have $500,000 worth of FDIC insurance protection.

Is my money safer in a national bank vs. a regional bank (or a national credit union vs. a regional credit union)?

All banks on this list are Member FDIC, which means they are insured to the maximum allowable limit of $250,000 per account holder, per account type. Credit unions are covered up to the same limits by the National Credit Union Administration.

Many online banks are insured up to $2 million or more. These financial institutions divide cash deposits among multiple partner banks. Each bank insures deposits up to the maximum limit allowed by the Federal Deposit Insurance Corp. Read the fine print to determine your coverage limits when you choose a bank.

Beyond that, your money should be equally safe in a national bank, a smaller bank, or a credit union of any size. Also look for features such as fraud protection, fraud alerts via text, email or in the mobile app, and enhanced website security measures. You should also be able to lock and unlock your debit card in the mobile app if you misplace it or believe it may have been stolen.

What makes big banks different from smaller banks?

By definition, big banks will have larger market capitalization, which represents the total value of a bank’s stocks. Big banks will also hold more assets. For instance, Chase, which is the world’s largest financial institution, holds $3.2 trillion in assets. The second-largest national bank, Bank of America, possesses $2.41 trillion in assets. Larger financial institutions may also have more bank branches.

In many other ways, big national banks and smaller banks are similar, especially today. Customers want specific features and are unwilling to compromise on things like fee-free ATMs, no monthly fees, early direct deposit, and an intuitive mobile app.

How much interest do the best big banks pay?

In general, some of the largest national banks do not have the highest interest rates for savings and very few offer interest earning checking accounts.

Capital One 360 and Discover are two of the best national banks that offer interest on checking. To earn a higher APY with one of the largest national banks, you might want to consider CDs.

Are national banks better than other kinds of banks?

National banks aren’t necessarily better or worse than other kinds of banks. They may have more convenient branch locations, a higher number of branches, and a greater variety of products, but they might also have higher fees. Decide what’s most important to you when you choose a bank.

If you’d prefer to trust your money with one of the largest national banks, with a large market capitalization, high value, and branches nationwide, consider opening your checking and savings accounts with one of the best national banks on this list.

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.

The Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.

1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.

Source: crediful.com

Apache is functioning normally

June 8, 2023 by Brett Tams

If you want more financial discipline you are probably looking to curb impulsive spending, save money, or maybe just achieve financial stability.

Building self discipline your financial decisions is an important part of building wealth over the long run.

What’s Ahead:

Why is self discipline the key to becoming a good saver

Being a good saver requires self discipline since there is so much fun stuff to do and buy. You are exposed to more advertising than anyone in the history of the world, and the marketing companies know a lot about psychology and exactly how to get you to part with your money.

So it takes a lot of self discipline in order to fight those tactics and stay on course to meet your goals. You have to have a clear goal and know that meeting that goal is more important than anything you can buy.

It requires a lot of self discipline to overcome the temptation to delay gratification of spending money and to save it instead.

Steps to develop self discipline

Step 1: Set a goal – then break it down into regularly recurring actions

What exactly do you want to achieve? It could be to build a fully funded emergency fund, start investing, pay off your debt, or even achieve financial independence – or anything in between.

Write down exactly what your goal is and the date by which you want to achieve it. For example, you may want to pay off your credit card debt within one year.

Then break down exactly what actions you need to take on a regular basis. Make these actions as small and as regular as possible. A small daily action is better than a larger monthly action.

For example, if you owe $10,000 on your credit card you’ll need to pay $833.33 off each month. Is that doable? If your budget allows for that, great. If not, you’ll need to figure out what exactly you need to do make up the difference.

If your regular payment is $150 and you can pull an extra $200 per month from your monthly budget that means you’ll need to come up with an additional $484 per month. If you have time to walk dogs after work you may decide to pick up a dog walking client for a few walks per week. At $25 per walk you’d have to walk the dog 20 times per month to make up the $484 you need. If you picked up a client that needed the dog walked everyday after work, you’d have the full amount.

You now have a goal and an action plan to make that goal happen.

Here are a few examples of short, mid, and long-term goals, but feel free to fill in the blanks with your own personal financial goals.

Short-term goals

Saving money each month towards your emergency fund
Going out to dinner with friends twice a month
Small household projects (planting a small indoor garden, painting a room, etc.)

Mid-term goals

Saving for a weekend getaway
Paying cash for your next car
Paying off your credit card debt

Long-term goals

Down payment on a house
Paying off your student loans
Putting money away for retirement

Read more: How to prioritize and save for multiple goals at once

Step 2: Track your progress

You’ll want some way to visualize and track your progress. A lot of people find this extremely motivating.

Using the example of paying off your car above, you could make a thermostat and color in a section each time you make a payment, representing the amount of money you’ve paid off (or is left on the loan). Or cover a piece of paper with stars (or anything else) and color in a star every time you send in your payment, each star representing one payment or a set amount of money.

Hang your tracker on the fridge so you can see it every day to remind you of what you are working towards. Make it a little celebration each time you get to fill in more of your tracker.

You can also go digital with your goal tracking. Apps like Empower offer a few different services for investing and checking up on your financial health. But, in this instance, I’m referring to the free tools they offer to keep track of your net worth.

You can create an account with them without opening an investment account. The wealth management and planning tools are the ones that you will probably be most interested in to help determine where you are at currently.

You can connect all of your financial accounts within the tool. These will be things, such as:

Checking account
Savings account(s)
Investment account(s)
Student loan account(s)
Auto loan account
Mortgage account
Credit card(s)
Medical debt account(s)

Sometimes, it can be pretty scary to see what your actual net worth is vs. where you want to be.

But, I use this as a driving force to work harder every month to increase my overall net worth. Because the faster I can get my net worth up, the faster I can get to my long-term goals.

Step 3: Find your tribe

How To Be Disciplined About Money - peer pressure
Find people in your life who are working towards similar goals. This will help build self discipline because you’ll have a community that is embodying the new behaviors you want to build.

If you meet regularly with others who are paying off debt, you’ll have more discipline to follow that same path. You’ll have someone to share your successes with and a friend who can help when you are struggling.

Contrast that to when your friends regularly encourage overspending. Just going out to have a meal or a drink with friends can end up costing $100 or more in some instances. Something that sounded so innocuous, has now completely derailed your goal.

This isn’t to say you need to replace your entire friend group – not at all. But it will be up to you set a budget for having fun and then stick to it.

For example, instead of having two-three drinks, only have one. Go out for lunch instead of dinner, or a matinee instead of a night movie.

All of these options still give you the freedom to hang out with your friends and enjoy your life, but it won’t cost you nearly as much. And when you stick to your budget, your future self will thank you for your discipline.

Read More: The Cost Of Friendship – How Your Friends Affect The Way

Tips to meet your financial goals

Determine your needs vs. your wants

Setting up your financial goals and a way to track them are the first steps. But staying on track can get tricky when life happens. This is where needs vs. wants come into play. There are things that all of us want to have. But these are the things that can throw us off track so fast it will make your head spin.

So keeping in mind if the item/service is a need or a want can help you have more financial disciplined. Just remember to think long and hard about any purchases before you pull the trigger. If it is a need, then go ahead and do it. But if the item is actually something you want instead, it’s usually best to hold off even for a bit to make sure you still really want it as much as you think you do.

Reduce, reuse, recycle

When it comes to purchasing wants, you have a few other options that can save you a ton of money. If there is an item that you are wanting to purchase, but it simply isn’t in the budget, what might be some other ways to achieve the same goal?

Reduce, reuse or recycle may just be the best option here. If you have things in your house that you can get rid of (and maybe even make some money off of their sale), then that is one way to get the potential want. Sell your old stuff and then use the proceeds to purchase the new want item.

Or, if you can reuse an item you have in your house already, paired with something else, in order to create a similar item, then why not do that? Sometimes, all a table or chair needs is a fresh coat of paint in order to feel like a completely new item. So get creative and think outside the box about things you already have at your disposal.

And if all else fails, recycle your old items. You may not make any money off of them, but you could potentially get a tax write-off. Plus, it declutters your space, which can make it feel like a completely new room. Sometimes, that is really all you need.

Make it automatic

No matter what you goal is you can probably automate at least some of it.

If you want to save more, schedule automatic transfers from your checking to your savings. If you want to pay off a certain amount of debt each month, set automatic payments to your accounts.

Having these transactions happen automatically will remove the friction that can be caused when you have to manually make that extra payment, or save that extra money. You can always go in and stop or change the automatic payment if you can’t swing it one month, but making it the default will cause it to happen more often than not.

Of course, don’t set yourself up for failure. Setting an automatic payment without a plan to make sure the money is available will cause more harm than good. Create a feasible plan and realistic goal, then set it up to run without any extra effort from you.

Read more: Put your money on autopilot

Put your emergency fund in a high yield savings account

If you are working on building your emergency fund – or already have a solid savings account – you’ll want to make sure you are getting the most interest possible. This will help grow your savings rate since you’ll be earning a little extra interest each month.

Interest rates on high-yield savings accounts are higher than they’ve been in years, and the difference between online accounts and those at your local bank are huge. So, while these high yield savings account rates may not be anywhere close to the average return you will get on investing your money, it’s still nice to make some interest on your savings.

The best high yield savings account, in my opinion, is the CIT Savings Builder.

Read more: How Much Should You Save Every Month?

CIT Bank Savings Builder

CIT Bank Savings Builder has a very competitive APY – compared to the pennies you get from a credit union account.

You only need $100 to open an account and they charge no maintenance fees. To earn the highest APY, you need to get your account up to $25,000, or you need to deposit at least $100 monthly. See details here.

The CIT Savings Builder has a completely online platform, so everything can be done directly from your smartphone, just to make life simpler. They are also FDIC insured up to $250,000 per account type.

CIT Bank. Member FDIC.

Summary

Overall, it is extremely easy for our money to flow through our fingers like water. This is why you have to be cognizant of what you have and where you want to be with your finances.

If you want to avoid debt, save more money, or invest for your future then it’s important to develop self discipline in your finances.

Apache is functioning normally

June 8, 2023 by Brett Tams

Georgia offers an affordable cost of living, top-notch schools and universities, and ample attractions, like the World of Coca-Cola, Forsyth Park, and Atlanta Botanical Garden. It’s also home to a diverse selection of reputable, member FDIC banks for individuals and small business owners.

No matter what your financial needs may be, you’re sure to find a good fit in the Peach State.

14 Best Banks in Georgia

We’ve made finding the best banks in Georgia effortless with our comprehensive list, so let’s dive straight into the options.

1. First Citizens Bank

Owned by First Citizens BancShares, First Citizens Bank has 56 branches across Georgia. As long as you sign up for paperless statements and make an initial opening deposit of at least $50, you won’t be on the hook for monthly maintenance fees.

With the First Citizens standard savings account, you’ll be able to earn interest without paying a monthly service fee or meeting a minimum balance requirement. The bank offers additional banking products, like credit cards, loans, retirement accounts, investment services, and insurance.

As a First Citizens customer, you can bank in-person at a local branch or perform account management online or via the robust mobile app.

2. Ally Bank

Ally Bank is a digital bank with a reputation for industry leading interest rates and low fees. While it doesn’t have a physical presence in Georgia, you can open and manage your accounts through Ally’s intuitive online and mobile banking tools. The Ally Interest Checking account online is a solid pick if you’d like to earn interest and don’t want to worry about annual fees or minimum balance requirements.

You can use the online portal or mobile app to pay bills online, deposit checks, and transfer funds. If you’d like to withdraw some cash, you’ll be able to do so at an Allpoint ATM for free with your Ally debit card.

Ally will also reimburse you if you make any out-of-network ATM reimbursements. In addition to the Ally interest bearing checking account, you might want to open the Ally Online Savings account, which comes with an impressive interest rate and savings bucket tools to help you meet your financial goals.

3. Axos Bank

Axos Bank is a digital bank that serves Georgians. If you’re in the market for checking accounts, you’ll have several options available to you. These include the Essential Checking, Rewards Checking, CashBack Checking, Golden Checking, and First Checking. Many of these accounts earn cash rewards or pay interest.

In addition to an Axos checking account, you might want to consider a high-yield savings account, high-yield money market, or a CD. You can also invest through Axos Invest, which is the bank’s free robo advisor. In addition, the bank offers 24/7 support for personal banking customers.

4. CIT Bank

CIT Bank is an online bank serving customers in all states, including Georgia. You can earn a competitive annual percentage yield or APY on various accounts without paying an arm and a leg for maintenance fees.

The CIT checking account requires a $100 minimum deposit but comes with interest and a free debit card. There’s also the Savings Builder account, which is a two-tiered savings account that requires a $25,000 balance or at least one monthly deposit of $100 or more.

Other options include the CIT Bank Money Market Account, certificates of deposit or CDs, home loans, and business accounts. You may download the CIT Bank app on your Android or IOS device to make mobile check deposits, pay bills, and use services like Zelle, Apple Pay, and Samsung Pay.

5. Renasant Bank

Headquartered in Mississippi, Renasant Bank has physical locations throughout Georgia. It’s a community bank with several checking account options. Each free checking account comes with perks like online bill pay, mobile banking, a debit card, and a switch kit so you can switch accounts without the hassle.

Renasant’s savings account lineup includes an interest bearing savings account, a savings account for children, a health savings account (HSA), and money market accounts.

If you’re interested in a loan, you can choose from personal loans, auto loans, and home equity lines of credit. In addition to personal banking services, Renasant provides mortgages and a plethora of business banking products. There’s also Renasant Rewards Extra, which gives you access to thousands of deals, cell phone insurance, identity theft protection, roadside assistance, and a health savings card.

6. United Community Bank

Based in Blairsville, United Community Bank is a regional bank with branch locations throughout Georgia, Alabama, Florida, Tennessee, South Carolina, and North Carolina. It’s insured by the Federal Deposit Insurance Corporation or FDIC and has been around since 1950. As a United customer, you can take advantage of more than 206 United ATMs and 1,260 Publix Presto! ATMs for free.

Its plethora of offerings include checking accounts, savings accounts, mortgages, credit cards, CDs, investing products, and business banking products. You can bank on the go via the convenient mobile app or use the online appointment scheduling tool to schedule an in-person appointment with a banker. If you have any questions or concerns, you can fill out a support form online and state whether you prefer an email or phone response.

7. Ameris Bank

Ameris Bank is a regional full-service bank with brick-and-mortar locations throughout Georgia in cities like Atlanta, Tucker, Woodstock, Marietta, and Oakwood. It offers three checking accounts with benefits such as a free Visa debit card, online banking access, e-statements, online bill pay, mobile banking, and Zelle transfers. In addition to checking accounts,

Ameris offers a plethora of savings accounts, including a personal savings account, personal money market account, minor savings account, health savings account, educational savings account, IRA, and CDs. You can also turn to Ameris for numerous mortgage options and down payment assistance. The bank provides personalized business banking solutions as well.

8. Bank of America

Bank of America is a well-known leader in the banking industry. Its financial centers and ATMs are present in various Georgia cities. From checking accounts, savings accounts, and credit cards to home loans, auto loans, and investing products, Bank of America offers it all.

The bank is also a great resource if you’re looking for small business banking products. Its Business Advantage Banking product is a business checking account with two settings to meet varying business needs.

While the Fundamentals setting has all the basic tools you need to manage your business, the Relationship setting is more robust and won’t charge you fees for wire transfers and electronic deposits. You can switch settings to accommodate your business needs at any time.

In addition to checking accounts, Bank of America offers small business loans, like SBA loans, commercial real estate loans, auto loans, and secured lines of credit.

9. Community Bank of Georgia

Based in Baxley, Community Bank of Georgia is a locally owned and operated bank with 24/7 ATM access. It aims to develop long-term relationships with account holders while offering a full suite of products and services.

The bank’s personal savings accounts include the regular savings account, Treasuresaver Club account for children ages zero to 13, a holiday savings account for holiday expenses, and a personal money market account for high interest savings opportunities.

Other personal banking products offered by Community Bank of Georgia include checking accounts and credit cards. The bank serves local business owners as well.

10. Chase Bank

The consumer banking arm of JPMorgan Chase, Chase is one of the largest national banks with a widespread presence in Atlanta. If you decide to open a deposit account at Chase with eligible Chase checking accounts, there’s a good chance you’ll qualify for a generous sign-up bonus.

You’ll also have access to a wide selection of products, including numerous checking accounts, two savings accounts, CDs with terms ranging from one month to 10 years, home mortgage loans, auto loans, home refinancing, and more. We can’t forget to mention that Chase offers Chase overdraft assist to help you avoid overdraft fees and inconveniences.

Thanks to Chase’s highly rated mobile banking app, you’ll be able to manage your account, make electronic transfers, deposit mobile checks, pill bays online, transfer money with Zelle, automate your savings, and set up account alerts. If you need assistance, you may reach out to Chase directly via phone or social media.

11. Morris Bank

Morris Bank is a local bank with branches in Georgia cities like Dublin, Gray, and Warner Robins. Regardless of which checking account you choose, you’ll enjoy access to free online banking, remote deposit services, online bill pay, and mobile banking.

When it comes to savings accounts, Morris offers the Savings Builder account, which will round up your purchases so you can save more money. In addition, the Blue Savings account allows for three free withdrawals per quarter.

The bank also serves small businesses in Georgia through checking accounts, savings accounts, business loans, treasury services, and merchant services. Even though it’s smaller than other banks on this list, Morris is technologically savvy and allows for online and mobile banking. Many residents believe Morris Bank is the best local bank.

12. Fifth Third Bank

Fifth Third Bank primarily serves the Midwest and has more than 33 banking centers and 80 ATMs at RaceTrac convenience stores. If you don’t want to visit a local branch, you can use the Fifth Third mobile app to transfer money, check balances and direct deposit transactions, and more.

While the bank’s most popular services are for individuals and small businesses, it also provides personalized wealth management solutions. These personalized wealth management solutions include private banking, wealth planning, trusts and estates, insurance, and investments.

As a wealth management customer, you can enjoy access to the Life360 site, which makes it easy to organize your finances and track your progress.

13. Truist Bank

Truist has physical locations in Georgia cities like Atlanta, Brunswick, Cartersville, and Pooler. Formerly known as BB&T, it offers a variety of personal and business banking products. You can select from five checking accounts, two savings accounts, one money market account, and CDs.

In addition to deposit accounts, Truist provides HSAs, prepaid cards, prepaid money account products, mortgages and home equity lines, personal loans, auto loans, investment products, retirement accounts, and personal insurance. Truist Mobile is the bank’s mobile app, which you may use to manage your account, deposit mobile checks, transfer money, locate branches, and pay bills.

14. Wells Fargo

Wells Fargo is a large national bank with more than 200 branches and over 600 ATMs in the Peach State. Just like most traditional banks, it offers a wide variety of banking products and services, such as savings and checking accounts, credit cards, home loans, personal loans, auto loan accounts, and investment accounts.

If you’re a small business owner in Georgia, you might want to consider Wells for business checking accounts, business savings accounts, business credit cards, small business loans, and merchant services.

The bank also offers a mobile app with LifeSync, a unique tool to monitor your spending habits and make smarter financial decisions. Additionally, Wells Fargo, which is considered the best national bank by many people, lets you automate your investing or work with a dedicated financial advisor.

Types of Banks in Georgia

There are several types of banks in the Peach State. Here’s an overview of the most common financial institutions you’ll find.

National Banks

National banks are banks with a presence across the country. Most of them have branches and ATMs in Georgia and other parts of the U.S.

These types of banks typically offer a diverse lineup of products and may be a solid choice if you have varying financial needs as an individual or small business owner.

Community Banks

Community banks serve specific geographic areas. They’re similar to credit unions in that they prioritize personalized customer attention. In Georgia, you may choose from numerous community banks like Ameris Bank, United Community Bank, and Morris Bank.

Online Banks

Also known as virtual banks or neobanks, online banks are tech forward and make it easy to perform various banking needs online or via mobile devices. While they don’t have physical locations in Georgia, they do offer many perks that you might not be able elsewhere.

Some examples of online banks that serve Georgia residents are Ally Bank, CIT Bank, and Axos Bank. With these financial institutions, you may be able to avoid a monthly fee and secure a competitive annual percentage yield or APY.

Common Banking Products

It’s wise to figure out what types of banking products meet your particular banking needs. Several of these products include:

Checking Accounts

Checking accounts are ideal for everyday purchases. You can also use them to make deposits, pay bills, and more. Some checking accounts might charge monthly service fees or impose minimum opening deposits. However, they might waive them if you take certain actions, like enroll in autopay or sign up for paperless statements. To access your checking account funds, you can visit a local branch or ATM. Depending on the bank, you may even find a checking account that pays interest.

Savings Accounts

Savings accounts are places to store your cash for various personal finance goals, like a house down payment, new car, or even a dream vacation. It’s also a great place for an emergency fund, which features three to six months worth of expenses. In general, online savings accounts pay out higher interest rates than traditional savings accounts. You’ll likely be able to make six free withdrawals per month.

High-Yield Savings Accounts

Compared to traditional savings accounts, high-yield savings accounts offer much higher interest rates. Typically, they don’t charge monthly or annual fees. If you’d like to open a high-yield savings account, consider an online bank as they’re not always available at traditional banks.

Certificates of Deposit

Certificates of deposit (CD) allow you to store your money for a certain amount of time while you earn interest. With a CD, you’ll usually be required to make a minimum initial deposit and choose a term. Typically, the longer the CD term, the higher interest rate you earn. If you’re looking for guaranteed returns, a CD is a solid choice.

Credit Cards

Credit cards are a suitable option if you’d like to earn rewards, like cash back, travel points, gift cards, and merchandise. While some are free, others come with annual fees. Do the math and make sure an annual fee is worth the benefits before you go ahead and move forward with it.

Loans

These days, many financial institutions offer loans. Some loans are for personal use, such as personal loans, mortgages, and car loans. Other loan options are designed for businesses, like SBA loans, commercial real estate loans, and business lines of credit. Before you commit to a loan, review the interest rates and terms to ensure you can pay it back on time.

How to Choose a Bank in Georgia

As you can see, not all Georgia banks are created equal. In fact, there are many options at your disposal. To help you hone in on the right bank for your unique needs, we encourage you to consider these factors.

Accessibility

Most traditional banks have local branches throughout the Peach State. If you prefer an in-person banking experience, this is great news. However, you’ll likely be able to lock in better interest rates and lower fees if you opt for an online bank with less overhead costs. Fortunately, traditional and online banks usually both have mobile apps so you can bank from just about anywhere.

Fees

Some examples of common banking fees you might come across include monthly maintenance fees, ATM fees, overdraft fees, wire transfer fees, account closing fees, and dormancy fees. When you shop around for the perfect bank in Georgia, you’ll notice that larger banks with physical branches tend to charge more fees and higher fees than online banks.

Minimum Balance Requirements

Depending on the bank and accounts you choose, you might have to maintain a minimum balance. If you don’t, you’ll likely be on the hook for fees. Before you pursue a certain account, make sure you can comfortably afford the minimum balance requirement. The minimum balance may be thousands of dollars, so this is an important factor to consider.

Product Options

Before you look for a Georgia bank, ask yourself what products and services you need. Maybe you’re seeking a personal checking account and savings account. Or perhaps you’re a Georgia business owner and in the market for business credit cards or business loans. Typically, national banks offer a greater selection of products and services than regional banks and credit unions.

Customer Service

There’s a good chance you’ll have questions or concerns once you decide on a bank. For this reason, it’s important to choose a financial institution with high customer service ratings and easy access to customer support. While some banks offer 24/7 customer service via phone, email, and live chat, others will only help you during select business hours.

Reviews

Be sure to read reviews from real customers on reputable review sites. If you notice many negative reviews about the same topics, you may want to be cautious and look to other banking institutions. It’s also a good idea to check out ratings on websites, like Better Business Bureau (BBB) and Consumer Affairs. In addition, don’t be afraid to ask family and friends for their recommendations on banks.

FDIC Insurance

FDIC insurance will keep your money safe in the event your bank fails. The FDIC usually insures up to $250,000 per depositor. In addition to deposit accounts, it covers money orders, cashier’s checks, and other official products. Before you open an account at a bank, make sure it’s FDIC insured. Most banks have the FDIC insurance logo on their websites.

Extras

Some banks go above and beyond and offer more than traditional banking products and services, like checking accounts and savings accounts. You may want to look for extra perks like overdraft protection or assist credit monitoring services, introductory offers, foreign currency exchange accounts, robo advising, and credit cards with impressive rewards.

Values

If you visit a bank’s website, you’ll know what it values. One bank might prioritize long standing customer relationships while another one is a socially responsible bank. If you’re debating between two banks, consider each institution’s values to help you make a decision.

Bottom Line

The Peach State has no shortage of banks. However, the right one for you depends on numerous factors, like your preferred products and services, the types of fees you can afford and are willing to pay, and whether you’d like to bank online or in-person.

If you’re unsure of which bank makes the most sense for your situation, don’t hesitate to open accounts in a few of them. From there, you can hone in on the best option. Good luck with your search for the ideal bank in Georgia.

Frequently Asked Questions

What are the largest banks in Georgia?

The largest banks in Georgia have the most branches throughout the state. These include Bank of America, Truist Bank, Ameris Bank, Fifth Third Bank, and Wells Fargo. All of these institutions are known for their extensive ATM networks and diverse product lineup.

How do I open a bank account in Georgia?

In most cases, you can open a bank account on the bank’s website or mobile app. You’ll likely need to submit a government-issued ID, like a driver’s license or passport, as well as personal information, such as your Social Security number.

What are some community banks in Georgia?

The Peach State has many community banks. The most popular options are Community Bank of Georgia, United Community Bank, Mountain Valley Community Bank, and Gwinnett Community Bank. Community banks are a solid choice if in-person service is important to you.

How can I avoid bank fees in Georgia?

If you don’t mind online or mobile banking, you’ll likely find fewer fees at an online bank. Also, some traditional banks may allow you to waive their fees. Since fees can eat into your savings and financial goals, you should do your best to avoid or reduce them.

Should I open an account at different banks in Georgia?

If you have large amounts of cash, you might want to open accounts at different banks. This is because the FDIC usually insures up to $250,000 per depositor and bank. This holds true even if you have several accounts with the same bank. You may also want to open different accounts if you want to take advantage of different benefits.

Is it better to choose a small bank or a large bank in Georgia?

Big banks offer a greater selection of products and services than small banks. But you might have to pay a monthly maintenance fee or make a minimum opening deposit. Small banks, on the other hand, take the time to get to know their customers and provide more personalized service. The ideal banking size depends on your particular priorities.

How can I easily switch bank accounts in Georgia?

First, gather basic information like your Social Security number or Tax Identification Number. Then, start the application process, fund your new accounts, and transfer funds from older accounts. Don’t forget to set up direct deposits and automate recurring payments. Some banks offer switch kits to simplify this process.

Source: crediful.com

Apache is functioning normally

June 6, 2023 by Brett Tams

If you live or work in Delaware, it’s important to find the right bank for your unique goals. Fortunately, there are plenty of options at your disposal.

In addition to its beautiful beaches, affordable housing, and historical landmarks, the First State is home to many reputable banks that are member FDIC for your peace of mind and ideal for your personal or business finances.

13 Best Banks in Delaware

While some have local branches throughout the state, others are online only. To make your search for the ideal financial institution a bit easier, we’ve done the heavy lifting for you and listed the best banks in Delaware below.

1. The Bank of Delmarva

The Bank of Delmarva is a small community bank with branches in Ocean City, Salisbury, and Sussex County. Its lineup of personal banking accounts and services includes the best checking accounts, savings accounts, money market accounts, CDs, and IRAs.

If you’re a small business owner, rest assured that it offers business loans, commercial products, and merchant services. Compared to other banks in the state, it offers low fees and competitive interest rates. Plus, it’s earned stellar reviews for its customer service. We can’t forget the intuitive mobile app you can use to manage your banking while you’re out and about.

2. Chime

Chime is a digital bank redefining traditional banking norms. With no physical branches, Chime stands out by providing a simple yet intuitive suite of financial products, all managed from their highly rated mobile app. The bank offers a fee-free¹ checking account, a savings account, and a secured credit card.

The checking account, with no minimum balance and no overdraft fees, is particularly impressive. Its standout feature, SpotMe⁵, allows qualifying users to overdraw by up to $200 without fees. Meanwhile, the savings account is made appealing with an automatic savings feature, making it simple to save without thinking.

Notably, Chime gives the benefit of receiving paychecks up to two days early² with direct deposit setup, a major plus for budgeting and financial planning. Its secured credit card is also a boon, helping users build credit over time through responsible usage and consistent payments.

3. TD Bank

TD Bank is a solid pick for a national bank with a handful of locations in the First State. With TD Bank, you can expect a plethora of products and services, no fees on international transactions, and a highly rated mobile banking app.

From personal and business checking accounts and savings accounts to personal loans, IRAs, and mortgages, TD Bank truly offers it all. If you open an account, you might qualify for a generous bonus. Also, if you’re a student or young adult, you won’t have to worry about monthly maintenance fees or service fees. You might also be able to waive these fees if you maintain a high balance in your accounts.

4. M&T Bank

M&T Bank has many locations in Delaware in cities like Wilmington and New Castle. Even if you don’t live in an area with a physical M&T location, you can enjoy digital banking and conveniences like Zelle transfers and mobile deposits. When it comes to checking accounts, M&T Bank offers four options.

The EZ Choice Checking is your best bet for a basic, free checking account while MyWay Banking is a checkless account that doesn’t charge overdraft fees. MyChoice Plus is an interest-bearing account, just like MyChoice Premium, which offers competitive rates on loans and other products.

In addition to these noteworthy checking accounts, you’re sure to appreciate M&T’s large ATM network and no monthly fees.

5. Artisans’ Bank

Artisans’ Bank has served Delaware since 1861. Today, it has 12 branch locations in the First State as well as two commercial lending offices. Artisans’ list of personal banking products includes checking accounts, savings accounts, money market accounts, debit cards, and branded credit cards with cash back rewards.

The bank also serves small businesses in Delaware with small business banking products such as business bank accounts, business credit cards, and business loans. Even though Artisans’ is a local bank with a physical presence, it offers online banking services so you can manage your accounts online.

6. Capital One

Capital One is a large bank with a reputation for no minimum deposit requirements or monthly maintenance fees. While there are no Capital One branches in Delaware, the bank is worth considering if you prefer online banking. You can apply for and manage personal and business accounts online.

Speaking of accounts, its flagship account is the 360 Performance Savings that makes it a breeze to earn interest on your hard earned money. In addition to an impressive interest rate, there is no minimum balance required so you can open an account with any amount. Other perks there is a highly rated mobile app and free credit card monitoring.

7. Axos Bank

Axos Bank is a digital bank with competitive interest rates on checking and savings accounts, which are free of monthly fees and ATM fees. Even if you live in Delaware, you can perform your banking through Axos online or via the intuitive mobile app, which comes with mobile check deposits, fund transfers, and mobile bill pay.

The bank’s checking accounts offer rewards while the savings accounts stand out for their ATM cards. Speaking of ATMs, Axos Bank will reimburse you for ATM fees on many of its accounts. In addition to its personal banking products, Axos specializes in new mortgages, mortgage refinancing, HELOCs and home equity loans, car loans, personal loans, and managed investment portfolios.

8. Barclays Bank

Barclays Bank operates in Wilmington. It’s a global bank that serves all U.S. states with several banking products. Even though there is only one branch in Delaware, it offers an online portal and a highly rated mobile app so you can bank from anywhere.

As a customer, you’ll enjoy benefits like a high interest rate on high-yield savings accounts and CDs. If you do open a CD with Barclays, you’ll also reap the benefits of low withdrawal penalties. In addition, the bank’s customer service line is available seven days a week to answer any questions or concerns you might have.

9. Community Bank Delaware

Community Bank Delaware is exactly what it sounds like: a community bank based in Delaware. Since it’s locally owned and managed, it focuses on personalized customer service and community support.

At this bank, you’ll find checking accounts, personal savings accounts, time deposits, personal loans, personal credit cards, mortgages, and home equity loans. Community Bank also serves local small business owners with products to support their business operations, such as checking accounts, business savings accounts, business credit cards, and merchant services.

Additional banking solutions include online banking, wire transfers, cashiers checks, night depositary services, direct deposit, and safe deposit boxes.

10. PNC Bank

PNC Bank is a national bank with over 30 branches in cities such as Dover, Bear, Wilmington, and Newark. Its deposit accounts and other products are designed to meet all your banking needs. Virtual Wallet Spend is a combination checking and a long term savings account with a generous sign-up bonus and features like online bill pay, free mobile banking, and a debit card.

While there is a monthly maintenance fee, you can avoid this monthly fee if you maintain a direct deposit balance. PNC also offers loans, such as mortgages, home equity lines of credit, auto loans, personal loans, student loans, and refinancing products. With the PNC mobile app, you’ll be able to manage your accounts while you’re on the go.

11. Ally Bank

Ally Bank is an online bank with competitive rates on savings accounts, money market accounts, and CDs. Thanks to its low overhead costs, Ally doesn’t charge monthly maintenance fees or impose minimum balance requirements.

You can access your money and make cash transactions at more than 43,000 ATMs through the Allpoint network, which Ally has joined. If you have certain savings goals, you’ll love Ally’s “buckets” feature. With the buckets, you’ll be able to organize your funds and receive personalized recommendations that allow you to save.

12. Wells Fargo

Wells Fargo is one of the largest banks in the U.S. with no shortage of physical branches and ATMs throughout Delaware so you can easily deposit cash. Just like most large banks, Wells Fargo offers a full suite of banking products, such as checking accounts, savings accounts, credit cards, home loans, personal loans, and auto loans.

Investment and retirement accounts as well as wealth management services are available too. You can invest on your own or take advantage of a financial advisor that will help you come with a personalized financial plan. Whether you’re an individual or a small business owner, you’re bound to find what you’re looking for at Wells. If you open an account, you may be eligible for a cash sign on bonus.

13. WSFS Bank

WSFS Bank is a regional bank and a subsidiary of a financial services company called WSFS Financial Corporation. Based in Delaware and Greater Philadelphia, WSFS Bank is known as one of the oldest banks in the country.

It offers a wide range of personal banking services, like checking accounts, savings accounts, credit cards, loans, and wealth management. Its certificates of deposit (CDs) feature competitive interest rates you might not be able to find elsewhere and the WSFS Bank Philadelphia Union Visa® Debit Card comes with contactless pay and access to more than 670 ATMs in Delaware and Philadelphia.

At WSFS Bank, you can also take advantage of business banking services, like SVP management, cash management, and merchant services.

Delaware Banking Options

There are three main types of banks in Delaware, including national banks, community banks, and online banks. Here’s a brief overview of each one.

National Banks

National banks are large banks that can be seen throughout Delaware and other states. These banks typically offer a long list of products for individuals and business owners, such as checking accounts, savings accounts, retirement accounts, credit cards, and mortgages. Some examples include TD Bank, Wells Fargo, and PNC Bank.

Community Banks

Community banks are designed to serve local communities in Delaware. You’ll find that these banks prioritize personal customer service. Community Bank Delaware and the Bank of Delmarva are two community banks in the First State.

Online Banks

Online banks operate online and don’t have physical locations in Delaware. Since their overhead costs are lower than banks with brick-and-mortar branches, online banks usually provide lower fees and higher interest rates. Chime, Axos Bank, Ally, and UK-based Barclays Bank are great online banking options in Delaware.

Bottom Line

Delaware has plenty of banks and other financial institutions to help you meet your financial goals. Before you choose one, consider your priorities and weigh the pros and cons of all your options.

If you like an in-person banking experience, a community bank might make sense. On the flip side, if you prefer online and mobile banking, an online bank is likely the way to go. Good luck with your search for the best bank in Delaware.

Frequently Asked Questions

How do Delaware banks keep my money safe?

Most banks insure your deposits up to 250,000 with the FDIC or Federal Deposit Insurance Corporation. Other services like fraud protection can also give you some peace of mind for your linked accounts.

What are the most popular banks in Delaware?

The banks with the most branches in Delaware include PNC Bank, M&T Bank, and WSFS Bank. If in-person banking is important to you, these banks should definitely be on your radar.

Can I open a bank account in Delaware as a non-resident?

Yes. In most cases, you can open an interest earning account or business savings account even if you don’t live in Delaware. You’ll likely need an Individual Taxpayer Identification Number (ITIN).

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.

1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

2. Early access to direct deposit funds depends on the timing of the submission of the payment ﬁle from the payer. Chime generally make these funds available on the day the payment ﬁle is received, which may be up to 2 days earlier than the scheduled payment date.

5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.

Source: crediful.com

Apache is functioning normally

June 6, 2023 by Brett Tams

There’s plenty to love about the Land of 10,000 Lakes, from its professional sports teams to its polite residents. For the many people who live and work in Minnesota, though, a strong economy and reasonable cost of living make it a great place to live.

If you’re in the market for a bank account in Minnesota, you’ll have plenty of choices. From national banks with branches in Minnesota to local and community bank options, the state has a little of everything.

12 Best Banks in Minnesota

To help you find the right bank account to fit your needs, here are some of the best banks in Minnesota.

1. Associated Bank

Associated Bank is a regional bank with branches in Minnesota, Wisconsin, and Illinois. You’ll find branches throughout the region, but you’ll also have cash access while traveling at more than 30,000 MoneyPass ATMs nationwide. There are several checking account options, including a fee-free checking account with no minimum balance requirements.

Fees:

No monthly maintenance fees
$32 overdraft fee

Balance requirements:

$25 opening deposit
No minimum balance requirements

ATMs:

Fee-free at Associated Bank ATMs
Fee-free at 30,000+ MoneyPass ATMs nationwide
$3 for each non-Associated Bank ATM transaction

Interest on balance:

Up to 2.50% APY on savings accounts
Up to 4.50% APY on CDs
Up to 1.25% APY on money market accounts

Additional perks:

$50 grace zone on overdrafts
Multiple debit card designs available

2. CIT Bank

CIT Bank provides online banking solutions to consumers and small business owners. Although CIT Bank has no ATMs, you’ll pay no ATM fees, no matter which ATM you use, and CIT Bank reimburses up to $30 of the fees you’ll pay other banks for using their ATMs.

The best thing about CIT’s checking account is that you’ll earn interest. Balances below $25,000 earn 0.10% APY, while balances of $25,000 and over earn 0.25% APY.

Fees:

No monthly maintenance fees
No overdraft fees

Balance requirements:

$100 minimum deposit to open
No minimum balance requirement

ATMs:

Up to $30 in waivable monthly fees for out-of-network ATMs

Interest on balance:

Additional perks:

Competitive rates on financing for small business owners
Competitive rates on no-penalty CDs

3. Wings Financial Credit Union

Credit unions are a great way to get perks and competitive rates, as long as you qualify for membership. Wings Financial Credit Union was originally founded to serve Northwest Airlines employees, but it has recently expanded to include those in certain states and counties.

Wings Financial is headquartered in the Apple Valley area, with branches throughout Minnesota and Wisconsin. Currently, Wings Financial is offering a $300 bonus for opening a new checking account and setting up a recurring direct deposit of at least $600 a month. You’ll also need to make at least five debit card transactions of $25 or more.

Fees:

No monthly maintenance fees
$30 overdraft fee

Balance requirements:

$5 nonrefundable donation required for credit union membership
No minimum balance requirement

ATMs:

Fee-free at Wings Financial ATMs
Fee-free at 80,000+ Co-Op, MoneyPass, and Allpoint ATMs nationwide

Interest on balance:

Up to 3.04% APY on checking accounts
Up to 1.56% APY on savings accounts
Up to 4.59% APY on CDs
Up to .25% APY on money market accounts

Additional perks:

$300 bonus for eligible new checking account
Competitive rates on mortgage, auto, and boat loans

4. GO2bank

Another online banking option is GO2bank, which offers a savings account with 4.50% APY, and a checking account with no fees, as long as you have at least one payroll or government benefits direct deposit each month.

Otherwise, you’ll pay $5 a month for checking. One feature that sets GO2bank apart, though, is its cash access. Not only can you withdraw cash at Allpoint ATMs nationwide, but you can also deposit cash at more than 90,000 retailers.

Fees:

$5 monthly maintenance fee (waived with requirements)
$15 overdraft fee (24-hour grace period)

Balance requirements:

No minimum deposit to open
No minimum balance required

ATMs:

Fee-free at Allpoint ATMs nationwide
$3 out-of-network ATM fee

Interest on balance:

4.50% APY on savings accounts

Additional perks:

5. Wells Fargo

Although Wells Fargo is a national bank, it’s only available in 37 states. This could be a problem if you travel outside those areas, as you’ll pay $2.50 for each out-of-network ATM withdrawal.

Wells Fargo offers a selection of checking and savings accounts, including a checking account that has no monthly fees if you can maintain a $500 balance or have at least $500 monthly in qualifying deposits. Currently, Wells Fargo is offering a $300 bonus for new checking accounts with at least $1,000 in qualifying direct deposits in the first 90 days.

Fees:

$10 monthly fee (waived with requirements)
$35 overdraft fee

Balance requirements:

$25 minimum deposit to open
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

6. Chime

Chime is an online banking solution that works best for those who rarely need to deposit cash. The mobile banking app comes with everything you need to pay bills, transfer funds, and monitor your checking account.

You’ll get fee-free ATM access at more than 60,000 partner ATMs nationwide. If you have electronic deposits each month, you’ll qualify for SpotMe, which covers you for up to $200 in overdrafts, as well as early access to your paycheck.

Fees:

No monthly maintenance fees
No overdraft fees

Balance requirements:

No minimum deposit to open
No minimum daily balance required

ATMs:

Fee-free at more than 60,000 ATMs nationwide
$2.50 out-of-network transaction fee

Interest on balance:

2.00% APY on savings account balances

Additional perks:

SpotMe covers up to $200 in overdrafts
Access to paycheck up to two days early

7. Home Federal Savings Bank

Those looking for a local bank should consider Home Federal Savings Bank, which has 14 branches and 2 loan production offices in Minnesota, Wisconsin, and Iowa. Home Federal has fee-free checking account options, but those who travel outside the service area may want to take a look at ATM fees.

The checking account comes with four free out-of-network transactions a month. After that, you’ll pay $2 for each withdrawal. In all instances, you’ll pay third-party ATM fees for each transaction.

Fees:

No monthly maintenance fees

Balance requirements:

$25 minimum deposit to open
No minimum balance required

ATMs:

Fee-free use at Home Federal ATMs
$2 per out-of-network ATM transaction (4 free per month)

Interest on balance:

Up to 2.02% APY on checking accounts

Additional perks:

$10 off your first box of checks
Robust business checking account options

8. Huntington Bank

Huntington Bank is another regional bank with branches in 11 states. You’ll get fee-free ATM access at more than 1,400 Huntington ATMs, as well as competitive rates on CDs and money market accounts.

If you receive at least 1,000 in deposits each month and keep a daily balance of $200, your checking account may qualify for Standby Cash. With Standby Cash, you’ll get interest-free access to a line of credit as long as you repay it with automatic payments within three months.

Fees:

No monthly fees
$15 overdraft fee (waived up to $50)

Balance requirements:

No minimum deposit to open
No minimum balance required

ATMs:

Fee-free at more than 1,700 ATMs within service area
$3.50 out-of-network ATM transaction fee

Interest on balance:

Up to .06% APY on savings accounts
Up to 5.13% APY on CDs
Up to 4.18% on money market accounts

Additional perks:

Standby Cash issues no-interest loan as needed
Early Pay gives you two days early access to your paychecks

9. MidWestOne Bank

MidWestOne Bank is a community bank with branches in Minnesota, Iowa, Wisconsin, Florida, and Colorado. You’ll find multiple checking accounts, including one free option with no minimum daily balance requirements. You’ll get fee-free access to cash while traveling at any MoneyPass or Presto! ATM.

Fees:

No monthly maintenance fees
$35 overdraft fee

Balance requirements:

$100 minimum deposit to open
No minimum daily balance required

ATMs:

Fee-free at MidWestOne ATMs
Fee-free at MoneyPass and Presto! ATMs nationwide
$1 out-of-network transaction fee

Interest on balance:

Up to .10% APY on savings account balances
Up to 4.28% APY on CDs
Up to 4.25% APY on money market accounts

Additional perks:

Customized debit cards available
Competitive rates on personal loans and lines of credit

10. TruStone Financial Federal Credit Union

If you live, work, worship, volunteer, or go to school in a qualifying Minnesota or Wisconsin county, you’ll qualify for membership with TruStone Financial Federal Credit Union. You’ll get plenty of perks with your membership, including a debit card that earns you 1 point for every $5 you spend on purchases.

You’ll need a share savings account to qualify for a checking account with TruStone Financial, but new checking accounts currently earn a $150 bonus with qualifying activities.

Fees:

No monthly maintenance fees
$30 overdraft fee

Balance requirements:

$25 minimum deposit to open
No minimum daily balance required

ATMs:

Fee-free at TruStone ATMs
Fee-free at 65,000+ ATMs nationwide
$2 out-of-network transaction fee (5 free per month)

Interest on balance:

.30% APY on savings account balances
Up to 4.75% APY on savings certificates
Up to 2.00% APY on money market accounts

Additional perks:

Rewards on debit card transactions
Up to $150 bonus on new checking accounts

11. BMO Harris Bank

BMO Harris offers banking services in Minnesota, as well as Illinois, Wisconsin, Indiana, Kansas, Missouri, Arizona, Florida, and California. You’ll get all the features you need through the banking app, including mobile check deposit, online bill pay, and the ability to transfer funds back and forth from your savings account to your checking account.

Fees:

No monthly maintenance fees
$15 overdraft fee

Balance requirements:

$25 minimum deposit to open
No minimum daily balance required

ATMs:

Fee-free at BMO Harris ATMs nationwide
Fee-free at 40,000+ ATMs nationwide
$3 out-of-network transaction fee

Interest on balance:

Up to 4.50% APY on savings account balances
Up to .25% APY on CDs

Additional perks:

Wealth management services available to account holders
View all accounts in one dashboard, including those with other banks

12. Bremer Bank

With a service area that includes Minnesota, North Dakota, and Wisconsin, Bremer Bank has one of the best customer service ratings of all the banks in Minnesota. Whether you’re looking for a personal or business checking account, Bremer Bank is worth considering.

The basic checking account is fee-free as long as you enroll in free online statements, maintain a $1,500 average balance, or are under age 21 or over age 64.

Fees:

$3 monthly service fee (waived with requirements)
$35 overdraft fee

Balance requirements:

$100 minimum deposit to open
No minimum daily balance required ($1,500 to waive service fee)

ATMs:

Fee-free at 37,000+ MoneyPass ATMs nationwide
$2.75 out-of-network transaction fee

Interest on balance:

Up to .30% APY on savings account balances
Up to 3.00% APY on CDs
Up to 3.30% APY on money market accounts

Additional perks:

First order of Bremer Bank checks is free
Agriculture and business checking account options available

Frequently Asked Questions

What is the best bank in Minnesota?

Minnesota banks have worked hard to keep up with the latest banking trends. In 2023, customers not only want great rates on savings accounts and plenty of checking account features, but they also want the convenience of managing their accounts using a mobile app.

While the in-person customer service you get with a local bank is valuable, it’s easy to do everything from your phone, so that feature might not be as important.

What is the most financially stable bank in the US?

Stability is an important feature in a bank. This is one area where a national bank will tend to be a better option than a local or regional bank. Wells Fargo is largely considered one of the most financially stable, with more than $1.8 trillion in assets. Traditional banks can tend to be more reliable in general than newer banks simply because they have a long history in the industry.

Do I need good credit to open a Minnesota bank account?

You don’t need good credit to open a savings or checking account. However, when you apply with a national, local, or regional bank, the bank will likely pull something called a ChexSystems report.

This will provide information on any deposit accounts you’ve held before. This includes any joint accounts that used your Social Security number. If you have a history of closed accounts, you may find that your application is denied.

Can I get a bank account if I don’t have a job?

Banks don’t typically factor employment into account approvals. You can even find a bank that will accept your application without any money. Look for a bank that requires no minimum opening deposit. In some cases, you may find you’ll pay monthly fees or that you won’t be eligible for some features without direct deposit.

Can an online-only bank meet all my banking needs?

Online banking has more financial products than ever. In many cases, you’ll be able to do all your banking using only the app. If you like to be able to visit a local branch, online banking might not suffice, but some banks provide live teller access through the app. Also, make sure your online bank offers cash deposit and withdrawal without charging massive fees.

Our Methodology

Although this list certainly doesn’t include all the checking and savings accounts available in Minnesota, it’s a great snapshot of what’s available. We strove to include a combination of online banks, local banks, regional banks, and national banks to help you see the pros and cons of each.

When looking at a bank, we considered a variety of factors. A bank may have no fees on checking accounts but offer few ATM cash withdrawal options, which may mean out-of-network fees each month. We also looked for banks that pay competitive rates on savings accounts or on high-yield checking accounts to help you make the most of your money.

The best banks in Minnesota can vary dramatically from one person to another. By narrowing down the types of financial products that matter most to you, you’ll be able to save money while also getting the features you need.

Source: crediful.com

Apache is functioning normally

June 5, 2023 by Brett Tams

A biweekly budget is a budget that is broken into two-week periods. Here is a biweekly budget template plus steps on how to create biweekly budgets.

Inside: A biweekly budget is a budget that is broken into two-week periods. Learn how to create biweekly budgets and download your free template.

Many people create budgets, but only a few budget on a biweekly basis.

That is an interesting statistic because 43% of Americans are paid on a biweekly pay period (source).

So, the thought process is more people should be interested in learning knowing how to create a biweekly budget. But, in reality, most people give up on budgeting or move to a budget-by-paycheck method.

Recently, we moved over to a biweekly pay period. And thus, we quickly had to change how we focused on budgeting.

While most financial bloggers and gurus would agree, budgeting with biweekly paychecks makes the whole concept of budgeting hard.

While biweekly budgeting isn’t easy, it can be done!

This post will show you how to create an easy-to-manage and effective biweekly budget so that you can conquer your financial goals in the most efficient way possible!

We will go through the exact steps I use to create a biweekly budget to cover two weeks’ worth of expenses, get one month ahead on your bills, or adjust your planning to cover your monthly expenses.

This is a basic example, and you should use your own personal situation when developing your own budget.

Do you struggle to keep your finances on track? If so, here are some tips for creating a biweekly budget.

What is a biweekly budget?

A biweekly budget is a budget that takes into account a person collecting a paycheck every 14 days. This type of budget is beneficial for those who are paid on a biweekly schedule, as it allows them to plan their spending more effectively.

However, many people find it difficult when bills are due on a monthly basis.

Difference between biweekly and semi-monthly paychecks

When receiving paychecks twice a month happens with two types of pay schedules either biweekly or twice-per-month. The difference between these two schedules is the number of checks per year.

Those who are paid biweekly receive 26 checks per year, while those who are paid twice-per-month receive 24 checks per year.

Making a budget on a biweekly income can be difficult because the total number of checks received in a year varies depending on the pay schedule you have.

This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.

Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances.

Start Your Free Trial.

How does a biweekly budget work?

A biweekly budget divides your budget into two parts, one for each paycheck that is received. This can be helpful for those who want to better track their spending or for those who want to save money.

It can be helpful to think of your biweekly budget as two separate budgets – one for bills and one for everything else.

When you create a biweekly budget, you are essentially creating two budgets over the span of ten months. Then, in the other two months, you will receive three paychecks; thus, need to create three budgets.

Since many monthly expenses remain the same when switching from a month budget to a biweekly budget, knowing which expenses should be increased or decreased beforehand can make the process smoother.

Additionally, it is helpful to know how much money you will need for each check. That way, you won’t have to worry about bouncing checks or accidentally overdrawing your account.

How to create a biweekly budget

Creating a biweekly budget is a great way to start getting your finances in order. You can either create your own template or use one of the many templates that are available online for free.

One popular template is ours!

Money Bliss Biweekly Budget Template (see below to get your copy). This template is available as a free download and can be used in conjunction with our budget binder. The planner allows you to track your income and expenses, as well as financial documents such as bills and bank statements.

There are a few key things to keep in mind when creating a biweekly budget:

Adjust your budget as needed.
Be flexible when adjusting to this 2 week budget style.
Compare your regular expenses to your spending from the past month.

Now, here are the steps to creating a biweekly budget that works.

Step 1: Print out a calendar

You need to print out the dates you get paid from your employer. On the biweekly paycheck, Fridays are usually pay dates; you just need to know which Fridays!

So, print out a blank calendar. Write down when you get paid along with when your bills and expenses are due.

This will help you get an idea of where you are spending your money and where you can cut back.

Many people find it helpful to color code by category and add stickers. This will help you see your budget at a glance.

Step 2: Put in a buffer

This will help ensure that you don’t have to worry about going into debt if something unexpected comes up.

Ideally, you should try to save at least two weeks’ worth of living expenses so that you know you’ll be able to cover your costs even if something goes wrong.

For us, all of our income goes into an “income checking” account. Then, at the beginning of the month, we transfer money into our “bills checking” to cover our expenses for the month.

Then, we always have at least one month of expenses on hand – just in case.

Step 3: Organize expenses

The easiest way to do this is by category. There are a few different ways to categorize your expenses, but the most common are:

Fixed or recurring expenses: These are expenses that happen every month, like rent or utilities
Variable or occasional expenses: These are expenses that happen each month but vary in amount, like groceries or entertainment
Annual or quarterly expenses: These costs are less frequent, but take a good chunk of your budget like an annual insurance payment or kid’s sports fees
One-time only expenses: These are one-time only costs and you don’t anticipate them again.

For most people, the struggle happens when organizing expenses. The expenses you “forgot” about are what blow your budget. Honestly, these are not forgotten expenses – just something you forgot to plan for.

Step 4: Focus on Zero Based Budgeting

Additionally, it’s important to use a zero-based budgeting approach.

With this method, you start by assigning every penny of income a job, whether it be for rent, groceries, or savings. This way, you can make sure that you’re not overspending each month.

A zero-based budget is a type of budget that starts with the assumption that there is nothing in your bank account.

This includes both predictable and unpredictable costs.

In the next steps, you will lay out what paycheck will cover what bills.

For example, some costs, like your rent or mortgage payment, will likely stay the same from one biweekly period to the next. By taking into account both types of expenses, you can get a more accurate picture of how much money you will need each pay period.

Learn more about zero based budgeting.

Step 5: Write your first biweekly budget

Writing a biweekly budget is the first step to creating financial stability. It’s important that you set up a plan for each paycheck to make sure your bills get paid.

When creating your first biweekly zero-based budget, you’ll want to start by paying your immediate obligations. This includes any bills or fixed expenses like rent or car payments that are due during the first pay period. After that, focus on covering your variable expenses such as groceries, gas, or eating out.

To make sure every dollar has a job, you should consider these tips:

If you have any leftover money at the end of the month, send it to your savings or make extra debt payments.
Make sure that each category in your budget has a specific amount assigned to it.
Keep track of your spending so that you can stay on track and adjust as needed.

Paying your most important bills first is a crucial step in making sure that your finances are on track.

Step 6: Write Your second biweekly budget

The second biweekly budget is a budget that’s typically created for the 2nd paycheck of the month. This budget would cover the next two weeks and may need to cover expenses at the beginning of next month before you get paid again.

Just like creating a budget plan for the 1st paycheck, you will do the same again. Prioritize any fixed expenses first, then add in variable expenses or sinking funds to contribute to.

In order to make your budget as accurate as possible, you should account for fluctuations in your expenses. This is where the buffer comes in – you put a certain amount of money aside each month to cover any unexpected costs. Then, you can start planning for them in the upcoming months.

Once again, if you have leftover money after budgeting for the two weeks, you can either send it to your savings account or start paying down your debt. If you choose to save, make sure that the money is in a place where it will earn interest and grow over time. If you choose to pay down debt, make sure that the payments are more than the minimum amount due so that you can see results quickly.

Step 7: Start tracking

Now that you have your biweekly budget template set up, it’s time to start filling in the numbers and track your budget. This part can be a little tricky, but with a little effort, you’ll be able to save money and get ahead on your debt payments.

First, take a look at your income and expenses for the month. How does this compare to what you’ve budgeted? If you’re coming in under budget in some areas, great! You can either use this extra money to bolster your savings or make extra debt payments. However, if you’re over budget in some areas, don’t worry – we’ll work through that below.

Next, take a look at your sinking funds.

These are accounts where you save money each month to cover specific expenses. How much money do you need to save each month in order to cover your bills? If you’re not sure, take a look at your past bills and use that as a guide. Once you know how much money you need to save, divide it by two and put that amount into your biweekly budget.

This will help ensure that you always have the money you need saved when the bill comes due.

If you have any leftover money after filling in your budget, send it to savings or make extra debt payments.

You can also use this extra money to invest in yourself (by taking classes, for example), but be careful not to overspend!

Creating and sticking to a biweekly budget is a great way to start saving money and getting your finances under control.

Biweekly budgeting tips

When it comes to budgeting, biweekly budgets can be a helpful way to streamline the process. By taking an hour or so at the beginning of each month to set up your budget, you can avoid potential headaches down the road.

It’s also important to remember to write everything down! This includes both fixed and variable expenses.

Tip #1 – Change Due Dates of Bills

If you’re having trouble with your bills, don’t hesitate to call companies and ask them to change the due dates.

This is something I do whenever I open a new credit card. I want the credit card date to close at the end of the month.

Tip #2 – Age Your Money

You may also want to save up for one month’s worth of expenses so that you always have a cushion in case something unexpected comes up.

This is also the first step to stop living paycheck to paycheck.

When you have a cushion of savings, you’re less likely to fall into debt if something unexpected happens.

Tip #3 – Track Your 2 Week Budget

There are plenty of tools for budgeting out there. In fact, here are the best budgeting apps available.

It offers a variety of helpful tips for getting started, as well as ways to automate time-consuming tasks. With this tool, you’ll be able to improve your budgeting and financial insights in no time!

Many popular options include a budgeting app, Excel, or Google Sheets. Pick what works best for you

Tip #4 – Focus on Your Goals & Finances

In order to be successful, you’ll need to set financial goals for yourself and make plans to achieve them.

As with any other goal, it’s easier said than done! It can take a lot of time, work, and effort to reach your goal.

If you’re not sure where to begin or what goals are right for you, here are some examples:

This is just a sample of the types of goals you can set. If you’re not sure where to start, just think about what’s important to you and your family.

What are some financial goals that you have? Write down your goals and make a plan to achieve them.

What to avoid when you’re paid biweekly

When you’re paid biweekly, there are a few things you should avoid in order to make the most of your money.

You need to learn which payment type is best if you are trying to stick to a budget.

Since biweekly budgeting can be more difficult, you need to know the pitfalls to avoid.

Pitfall #1 – Spending All your Money Too Quick

First, don’t spend your money as soon as you get it. This will leave you with nothing left for the following two weeks.

When having to use one paycheck to cover most of your big expenses like mortgage/rent or insurance, that leaves very little money for groceries or gas

Try to have a savings goal and save for that.

For example, don’t wait until the end of the month to spend all your money. This can help you save more money and have something left over at the end of the month.

Pitfall #2 – Forgetting Bills

Second, don’t forget to budget for bills and other expenses. Make sure you have enough money to cover your costs, especially those non-frequent bills like car registration.

By doing this, you’ll be able to ensure that you have enough money each week to cover what you need.

Pitful # 3 – Quit Bi-Weekly Budget Completely

Yep, I get it budgeting your paycheck over a 2-week budget is difficult. It may feel like pushing a square through a circle. It takes a different mindset and a little more planning to make it happen.

If anything, try to avoid impulse buys. Wait until the next paycheck and see if you still want the purchase. That will help you not to overspend on unnecessary items.

What to do when you have a third paycheck?

This is the BEST benefit of a biweekly paycheck. Twice a year, you will receive 3 paychecks in a month instead of just two.

Looking forward to having a third paycheck, you can either save it or spend it.

If you save it, you can use it as a down payment on a house or invest it in a retirement fund. If you spend it, you can use it to pay down debt, remodel a house, buy a new-to-you car, or go on a vacation.

There are a few things you can do when you have an extra paycheck:

Use it to pay down debt: If you have high-interest debts, using your third paycheck to pay them off can save you a lot of money in the long run.
Invest it: If you’re comfortable with taking on some risk, investing your extra paycheck could lead to bigger returns down the road.
Sinking Funds: Those yearly expenses can weigh heavily on your budget. So, set extra money aside for those payments.
Put the money towards your goals: Whatever your ambition is, here is money to help you get there faster.
Spend it on something fun: Obviously, this isn’t the smartest option, but if you’ve been working hard and deserve a little treat, go for it!

Just make sure that you’re not spending more than you can afford.

Free Printable Bi weekly Budget Templates

There are a number of different printable 2 week budget templates that can help you get your finances in order. Most of them are simple and easy-to-use, and they’re not scary to look at. In addition, many of them have templates that you can download and/or punch holes into so that you can use them as binders or notebooks.

One great option is the budget tracking worksheet. This cute template is simple yet effective, and it will help you track your spending each month.

How do you make a monthly budget with biweekly pay?

There are a couple of ways to make a monthly budget if you receive biweekly paychecks. You can either budget by paycheck, divide out your expenses between biweekly paychecks, or focus on a monthly budget.

If you choose to budget by paycheck, you’ll create a new budget for each pay period and then stick to it. This method gives you a better understanding of the flow of money in your bank account and will help you keep track of your bills more carefully.

The other option is to budget monthly, which is for people who live paycheck to paycheck. In this case, you would budget off 24 paychecks and make plans for your two budget paychecks. Then, two of your paychecks would be budgeted for the monthly budget.

However, many people argue the Budget-By-Paycheck method can help reduce stress since it allows for more flexibility.

In either case, it’s important that you track your spending throughout the month so that you can make adjustments as needed.

Time to Create Your Bi weekly Budget Calendar

Money Bliss Biweekly budget spreadsheets editable download

This budget will be a little more complicated than your monthly budget because your paychecks are not always going to be paid on the same day of the month. However, most of your bills are usually fixed and don’t change from month to month.

So, you need to plot out which bills you will pay with each paycheck ahead of time in order to make sure you have enough money to pay them all and keep them organized.

It is important to remember that when creating your budget, you need to give yourself some grace to make sure it works for you while you work on perfecting your budgeting style.

For us, having a buffer of money in our “income checking” account takes away the stress of bills and anxiety that we will run out of money. We understand that we need to use sinking funds for those variable expenses.

However, it is important to note that a biweekly budget tends to forget events such as birthdays or vacations from being considered in spending plans. So, make sure to include them.

Now that you have a good idea of how much money you make and how much money you need to live comfortably, it’s time to start creating your biweekly budget.

Also, taking time to understand your personal financial statement is important.

From all of the free and paid budgeting apps, here are our top budgeting apps to check out!

This section may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. Please read the full disclosure below.

Personal Capital Advisors Corporation (“PCAC”) compensates Money Bliss (“Company”) for new leads. (“Company”) is not an investment client of PCAC.

Personal finance and money management software allows you to manage spending, create monthly budgets, track investments, retirement and more.

Save 40% off on new memberships.

Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances.

Change your relationship with money!

Photo Credit:
www.personalcapital.com

Personal Capital is wealth management for the Internet Age. The online platform combines digital technology with highly personalized service to provide a holistic view of a unique financial picture (AKA your net worth).

Make sure to connect all of your accounts within 7 days to set up your Personal Financial dashboard.

Tiller is the only tool that automatically updates Google Sheets and Microsoft Excel with your spending, transactions, and balances each day.

Start your free trial.

Automate your financial plan with set-and-forget money tools that fit right into your daily life.

That’s why Qapital puts your goals front and center, then helps you plan your spending, saving, and investing around them.

Manage your money less in 5 minutes each week. Reach your money goals with confidence! The personal finance app gives you something to look forward to.

“The easiest, most comprehensive way to both see where your money is going and plan for future expenses.”

Your automated financial assistant and budget tracker are designed to put you back in control of your money.

Stay on top of your spending, easily track bills, cancel unwanted subscriptions, and find ways to improve!

Photo Credit:
moneybliss.org

HoneyMoney increases your awareness about your money habits. Being fully aware of your money naturally changes how you spend it.

Great way to use cash flow budgeting. Plus uses “envelopes” to budget.

Start your free trial.

Moneyspire is user-friendly personal finance and small business accounting software that brings your entire finances together in one place.

Have total control over your financial life in one click.

Source: moneybliss.org

Apache is functioning normally

June 5, 2023 by Brett Tams

68 per cent feel buying a home is more out of reach compared to their parents
BMO’s new Pre-Qualification tool helps empower customers to make confident decisions at the start of their homebuying journey.

TORONTO, June 5, 2023 /CNW/ – BMO’s Real Financial Progress Index reveals that while homeownership is considered an important financial milestone for many Canadians, concerns about interest rates, inflation and a possible economic recession have affected their approaches to homebuying.

The survey found that over two thirds (68 per cent) of Canadians are planning on waiting until mortgage rates drop to purchase a home. The majority (68 per cent) of Canadians feel buying a home is more out of reach compared to their parents. Gen Z (ages 18 to 24) (71 per cent) are the most likely to have this outlook, followed by younger Millennials (ages 25 to 34) at 69 per cent and older Millennials (ages 35 to 44) at 65 per cent.

According to BMO Economics, Canadian housing activity has rebounded from the slow start in 2023, with home prices firming and existing home sales increasing by 11.3 per cent in April – the largest monthly rise since 2009. However even after last year’s price correction, the combination of past price gains and higher mortgage rates leaves housing affordability near the most challenging level in more than 30 years. The survey found Canadians’ perceptions of the economy have affected their homebuying plans:

The Waiting Game: Over two thirds (68 per cent) of Canadians are planning on waiting until mortgage rates drop to purchase a home. Among the quarter (26 per cent) of Canadians that have said current mortgage rates have affected their decision to move homes, 18 per cent are holding off as a result of market uncertainty and volatility.
Deferred Decisions: Half (51 per cent) are deferring their home purchases because of their concerns about the economy and 18 per cent plan on waiting until 2024 or later. 20 per cent of Canadians are no longer sure if or when they will buy a home.
Revisiting Refinancing: 69 per cent are planning on waiting to refinance their home until mortgage rates drop.
Financial Anxiety: Housing costs (71 per cent) are among the top three sources of financial anxiety for Canadians, after fears of unknown expenses (83 per cent) and concerns about their overall financial situation (81 per cent).

“Homeownership continues to symbolize real financial progress, success and security for many Canadians and their families,” said Gayle Ramsay, Head, Everyday Banking, Segment & Customer Growth, BMO. “While the challenging market and economic conditions may pose hurdles and uncertainty, we encourage Canadians to work with a professional advisor or planner to explore the many paths to homeownership and develop a personalized financial plan to help them get into the home they want within a realistic timeline.”

Paths to Homeownership

The survey also explored the different financing strategies Canadians intend on using for their home purchase:

Personal Savings: Half (52 per cent) of Canadians plan on using personal savings to pay for their home purchase.
Help with Loans: 41 per cent of Canadians plan on using loans from their financial institution and/or lines of credit to help finance their home purchase.
Family Support: A fifth (19 per cent) of Canadians are expecting help including financial gifts and loans from family, friends and/or others.
Home Buyer Programs: Among the 46 per cent planning on using Canada’s assistance programs, nearly a third (32 per cent) plan on using the First-Time Home Buyers Incentive and 16 per cent plan on using the Home Buyers’ Plan (HBP).

BMO Helps Canadians Make Real Financial Progress with Pre-Qualification Tool

To help Canadians get started with their homebuying journey, BMO has launched Pre-Qualification, an online tool that enables prospective homebuyers to get a mortgage estimate in one minute with a 130-day rate hold. Using a soft credit check that will not affect their credit scores, customers will be able to know how much they can potentially afford for a home based on information including income, assets and debt.

“Amid this challenging and changing market, homebuyers are keeping a keen eye on interest rates,” said Hassan Pirnia, Head, Personal Lending and Home Financing Products, BMO. “Regardless of when buyers are planning their purchase, it’s essential they have a clear understanding of budget and affordability at the start of their homebuying journey. BMO’s new pre-qualification tool is an important first step in that journey and provides a mortgage estimate to give buyers more clarity as to what they can afford and what carrying costs they should be considering.”

BMO offers tools and resources to help customers throughout their homebuying journey including:

BMO SmartProgress: Customers can learn more about homeownership, budgeting and other personal finance topics from BMO SmartProgress. The online education platform organizes personal finance topics into playlists, enabling Canadians to learn more about how to manage their finances in a widely accessible and innovative platform.
Pre-approval: For homebuyers, getting pre-approved provides a cushion for due diligence when purchasing a home. In addition to visiting a local branch to speak with an advisor, BMO offers the ability for homebuyers to apply for mortgage pre-approval online. And, to give extra time for house hunting BMO offers the longest rate guarantee period at 130 days of any major Canadian bank (as of March 1, 2022).

For more information about BMO’s Pre-Qualification tool, visit www.bmo.com/main/personal/mortgages/pre-qualification.

For more information about first-time home buyers programs and affordability tools, visit: www.bmo.com/main/personal/mortgages/first-time-home-buyer/.

To learn more about how BMO can help customers make financial progress, visit www.bmo.com/main/personal.

About the BMO Real Financial Progress Index

Launched in February 2021, the BMO Real Financial Progress Index is an indicator of how consumers feel about their personal finances and whether they are making financial progress. The index aims to spark dialogue that will help consumers reach their financial goals and to humanize a topic that causes anxiety for many – money.

The research detailed in this document was conducted by Ipsos in Canada from March 28^th to April 28^th, 2023. A sample of n=2,350 adults ages 18+ in Canada were collected. Quotas and weighting were used to ensure the sample’s composition reflects that of the Canadian population according to census parameters.

About BMO Financial Group

BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.25 trillion as of April 30, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to over 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future and inclusive society.

SOURCE BMO Financial Group

Cision

View original content: http://www.newswire.ca/en/releases/archive/June2023/05/c7261.html

Source: finance.yahoo.com

Apache is functioning normally

June 5, 2023 by Brett Tams

Connecticut is a great place to live and work. It’s in a prime location that makes it easy to get to large cities like New York and Boston. Plus, there are plenty of outdoor recreation opportunities thanks to all the mountains, lakes, and beaches as well as top-notch schools.

Whether you’re new to the Constitution State or have lived there for years, you might be in search of a bank to manage and store your hard-earned money. Fortunately, you’ve come to the right place as we’ve researched the various regional banks and national banks available.

12 Best Banks in Connecticut

Below is our carefully curated list of the best banks in Connecticut. This list is compiled based on a variety of factors such as customer feedback, range of services, accessibility, and financial strength.

1. Liberty Bank

Based in Middletown, Liberty Bank has more than 50 branches in Connecticut. It’s been around for more than 200 years and provides a plethora of financial products and services. These include personal banking, business banking, mortgages, personal and business loans, insurance, and wealth management.

No matter which one of its four checking accounts you can choose, you can expect digital wallet access and online bill pay with no minimum balance requirement.

In addition, Liberty Bank offers three savings accounts with tiered interest rates. While you can visit a local branch, another option is to take advantage of online and mobile banking. With online and mobile banking, you’ll be able to pay bills, set up account alerts for if your account dips below a certain amount, and more.

2. Bank of America

Bank of America is one of the largest banks in the country. It has many branches with local people in more than 60 cities and towns throughout Connecticut, like Hartford, Bridgeport, New Haven, and Danbury.

With Bank of America, you can also manage your cash on the go with its highly rated mobile banking app. When it comes to checking accounts, you have three options, including the Advantage Plus Checking, which is the most popular option.

You can also save your money in the Advantage Savings account, which requires a $100 initial deposit and $8 monthly maintenance fee that you can avoid if you maintain a daily balance of $500 or more or join the Preferred Rewards program.

As a Preferred Rewards member, you’ll lock in perks, such as higher interest rates, waived or discounted fees with a special promo code, and cash back rewards for qualifying transactions.

3. CIT Bank

CIT Bank is an online bank with a focus on savings. If you’d like a checking and savings account, you might consider the CIT Money Market account. You’ll be able to earn interest and access your funds at any time.

CIT also offers the Premium High Yield Savings and Savings Builder accounts. Even though there are no physical branches in Connecticut, you can bank online or via a mobile app. CIT Bank also offers CDs and home loans.

4. Webster Bank

Headquartered in Stamford, Webster Bank has hundreds of branches and ATMs throughout the state. Its checking accounts come with low minimum balance requirements and free online bill pay. If you sign up for the Webster Bank Visa and use it to make everyday purchases, you’ll earn one point for every dollar you spend and won’t have to pay an annual fee.

Webster Bank also offers a wide variety of other products and services, such as savings accounts, Certificates of Deposit (CDs), Health Savings Accounts (HSAs), loans, wealth management services, and commercial banking.

5. Citizens Bank

Citizens Bank is a national bank with more than 30 branches in Connecticut. Its One Deposit checking account is a solid choice because you won’t have to pay monthly maintenance fees as long as you make one deposit per month. Plus you can open the account without a minimum balance requirement. Other popular products include savings accounts, money market accounts, CDs, and IRAs.

With the Citizens Peace of Mind overdraft protection program, you’ll receive an alert if you overdraft your account. In addition, the bank will provide a grace period so you can avoid overdraft fees. Also, if you set up direct deposit with Citizens, you can get paid two days early during every statement cycle.

6. M&T Bank

M&T Bank’s branches and ATMs can be found in many Connecticut cities, such as Stratford, Fairfield, Westport, Monroe, and Trumbull. Its personal banking products include checking accounts, savings accounts, CDs, credit cards, loans, mortgages, and insurance.

If you download its mobile app, you’ll be able to send and receive money via Zelle, deposit checks on the go, and keep tabs on your spending habits. The bank also offers mortgage assistance programs to help you cover your mortgage costs as you deal with financial hardship.

In addition, its lineup of small business banking products for small businesses, like business checking accounts, business credit cards, and merchant services can help you meet your business goals.

7. Union Savings Bank

Union Savings Bank is a local bank in Connecticut with a focus on customer relationships and customizable banking solutions. It has branch locations in Bethel, Brookfield, Danbury, Canton, Goshen, Litchfield, and many other cities throughout the Constitution State.

Union’s lineup of personal banking products is vast and features checking accounts, savings accounts, credit cards, mortgages, and HELOCs. This hometown bank has robust digital services including digital wallets, Spending Insights, online banking, mobile banking, and Zelle. As a Union customer, you can work with a certified FutureTrack coach, design a customized plan, and meet your financial goals.

8. Bankwell Bank

Bankwell Bank was established in 2002 and serves individuals and small business owners in Fairfield and New Haven County. You can choose from its personal banking products, such as the Smart Checking, Smart Savings, Smart Money Market, and Smart IRA accounts.

The bank also offers a Switch Kit so you can easily transition to it. Additionally, you may opt for its treasury management services to manage your business finances. Treasury management services include business banking online, account analysis, account reconciliation, wire transfers, ACH origination, commercial credit cards, mobile check deposit, and zero balance accounts.

9. First County Bank

First County Bank is an independent bank in Fairfield. It strives to make money management easy through checking accounts, savings accounts, credit cards, loans, insurance, and online banking.

If you’re in the market for a home, you’ll appreciate First County’s mortgage center, which offers mortgages with attractive rates and terms, home equity products, and a plethora of mortgage resources.

Its wealth management services are specifically tailored to individuals and families, women, family businesses, and nonprofit organizations. In addition, the First County Foundation awards grants to support a variety of causes.

10. Dime Bank

Dime Bank serves southeastern Connecticut and Rhode Island. As a Dime customer, you can choose from five checking accounts that come with perks like free ATM withdrawals, a cell phone protection plan, digital banking tools, and roadside assistance.

If you’re in need of a savings account, you may opt for a traditional savings account, Club accounts for holidays and special trips, and a money market account with higher returns. Dime also offers a plethora of consumer loans, such as mortgages, home equity loans, home equity lines of credit, construction loans, vehicle loans, and personal loans.

11. Capital One

Capital One is a national bank with a variety of banking products like accounts for adults, children, and teens, credit cards, loans, and CDs. Even though there are no branches in Connecticut, we still believe it qualifies as a best bank in Connecticut because you can enjoy online banking via an online portal or banking app.

Additionally, you’ll have access to over a hundred fee-free ATMs in the state. The Capital One 360 Checking is a free checking account with no monthly service fee or minimum balance requirements. There’s also the 360 Performance Savings, which is a high-yield savings account with a competitive APY. Additionally, Capital One does not charge overdraft fees.

12. Chase Bank

Chase Bank has a large presence in the U.S. and over 50 branches in Connecticut to help you meet various banking needs. Its full suite of products includes checking accounts, credit cards, loans, and wealth management services. The bank also provides banking solutions for children, teens, and young adults.

The most popular account at Chase is the Total Checking account, which comes with perks like online bill pay, mobile check deposit, account alerts, free credit reports, and Zelle transfers. If you open a new checking account, you may qualify for a generous sign-on bonus.

Bottom Line

Connecticut is home to a variety of banks. The best bank for you depends on the products you’re seeking, whether you prefer in-person or online banking, and your particular financial goals. Best of luck in your search for a bank in the Constitution State.

Frequently Asked Questions

What are the largest banks in Connecticut?

The largest banks in Connecticut are M&T Bank, Webster Bank, and Bank of America. While a large bank has many advantages, like a vast selection of banking products, it might not be the best choice if your goal is personalized banking service.

How do I open a bank account in Connecticut?

It’s easy to open a bank account in the Constitution State. All you need is a government-issued ID like a driver’s license or passport, your Social Security, and some money to fund the account. Some online banks will also require you to set up direct deposit.

Should I choose a bank or credit union in Connecticut?

A bank is typically a solid option if you’re looking for diverse products and services. However, credit unions might make more sense if you want to become a member in exchange for personal advice and service.

What is the oldest bank in Connecticut?

Liberty Bank is the oldest bank in Connecticut. It was founded in 1825 and offers a plethora of personal and business banking products.

What are some regional banks in Connecticut?

There are many regional banks in Connecticut. Several examples include Bankwell Bank, Dime Bank, Jewett City Savings Bank, Newtown Savings Bank, Eastern Connecticut Savings Bank, Northwest Community Bank, Ion Bank, Chelsea Groton Bank, and Milford Bank.

Are online banks safe?

Absolutely! Even though online banks use mobile apps and online portals, most of them are member FDIC, which means your money will be covered by the federal government if the bank shuts down for any reason. As an added bonus, online banks have lower fees than brick-and-mortar banks.

Source: crediful.com

Apache is functioning normally

June 2, 2023 by Brett Tams

Some of the largest banks call America home. These banks are backed by the Federal Deposit Insurance Corporation (FDIC) and offer a variety of products and services. If you prefer a big bank over regional banks or a smaller, community bank, you’ve come to the right place.

Below we’ve compiled a list of the largest banks in the U.S. Once you read through it and perform some of your own research, you should be able to choose a bank or two that meets your needs.

How to Measure Bank Size

First, let’s discuss how to measure the size of a bank. We can do so by looking at the number of customers, number of branches, and number of employees.

But perhaps the best way to measure bank size is by focusing on the total assets under management. This figure shows the actual size of a bank, regardless of how many employees, branches, or ATMs it has.

In our list of the largest banks in the U.S. below, you’ll find that we include each bank’s total assets so you can get a better idea of just how large it is.

Bank Services

We also thought it would be a great idea to briefly discuss how banks work and what they can do for you as a customer. Banks have been around since at least the 14th century. They offer a safe place for individuals and business owners to park their cash and work on various financial goals.

While every bank has their own unique lineup of services, most of them provide checking accounts, savings accounts, and loan services. Some go the extra mile with credit cards, wealth management services, and other conveniences.

Types of Banks

In addition, it’s wise to go over the types of banks at your disposal. The most common types of banks you’ll find include:

Retail banks: Retail banks serve the public and typically have branches and main offices. They provide a wide range of services, like checking and savings accounts, mortgage and loan services, auto financing, CDs, and individual retirement accounts (IRAs). Retail banks may be regional banks operating in various states.
Commercial banks: Also known as corporate banks, commercial banks gear their offerings to small business owners and larger corporate entities. In addition to the usual banking services, they may offer cash management, employer services, and commercial real estate services.
Investment banks: Investment banks are designed for corporate clients with complex needs, like mergers and acquisitions. These clients are large corporations, governments, and hedge funds.
Central banks: Central banks are not available to the public. Instead, they’re an independent institution that oversees the money supply and monetary policy in the country. The Federal Reserve Bank is the central bank in the U.S.

Banks vs. Credit Unions

While banks are quite popular, some customers use credit unions instead. While credit unions also offer banking services, like checking and savings accounts, they’re not for profit institutions that are managed by their customers or members.

Compared to banks, credit unions tend to deliver more personalized service. But they also provide fewer services and have fewer branches and ATMs. A credit union can make sense, depending on your unique goals.

20 Biggest Banks In The U.S.

Here’s an overview of the largest banks in the U.S.

1. JPMorgan Chase & Co.

Total Assets: $3.381 Trillion

Headquarters: New York City, New York

If you focus on consolidated assets, JPMorgan Chase earns the spot as the largest bank in the U.S. This investment bank is also a holding company for subsidiaries, including Chase Bank. Chase, which is J.P. Morgan’s consumer banking division, has more than 4,700 branches in the U.S. plus more than 30 branch locations abroad.

According to Chase, almost half of the households in the U.S. are Chase customers. It attracts digital savvy customers that value online banking and products with artificial intelligence (AI). In addition to consumer banking, JPMorgan Chase is a combined bank that offers commercial banking, asset and wealth management, and investment banking.

Chase offers some of the most popular cash back and travel credit cards that can earn you valuable rewards through their program, Chase Ultimate Rewards. Using these credit cards for everyday purchases can earn you travel points, cash back, and other benefits.

2. Bank of America Corp.

Total Assets: $2.440 Trillion

Headquarters: Charlotte, North Carolina

Bank of America is a multinational bank with nearly 66 million customers and small business clients across the globe. It has a few divisions, including Merrill, Bank of America Securities, and Bank of America Private Bank.

As a Bank of America customer, you can enjoy access to a wide variety of products and services as well as access to more than 4,000 branches and more than 17,000 ATMs.

Just like most big banks, Bank of America prides itself on a robust mobile app, the Zelle payment solution, and other intuitive digital tools. Its various service lines include consumer banking, corporate banking, credit cards, insurance, investment banking services, institutional banking, mortgage loans, private banking, private equity, and wealth management.

3. Citigroup

Total Assets: $1.720 Trillion

Headquarters: New York City, New York

Citigroup, which is widely known as Citi, is an investment bank and financial services firm. When Citigroup merged with Travelers Group in 1998, it became a major player in the financial space. Citibank, Citigroup’s retail banking division has more than 700 branches in the U.S. and over 1,800 branches outside the U.S.

Most of the U.S. bank branches are in Florida, California, New York, and Washington DC. Citibank manages over 138 million bank accounts and has 65,000 fee-free ATMs across the country. Over the years, it has earned high rankings for its digital money management tools, including one that shows customers a financial wellness score.

4. U.S. Bancorp

Total Assets: $582.25 Billion

Headquarters: Minneapolis, Minnesota

The parent company of U.S. Bank, Bancorp’s locations are mainly in the Midwest. It offers personal and business banking with more than 3,000 branches and 5,000 ATMs. Over the years, Bancorp has worked to become a responsible financial provider and earn a spot on the Ethisphere Institute’s World’s Most Ethical Companies list.

As a Bancorp customer, you can access information about your accounts through Google Home and Amazon Alexa. You may also download the handy mobile app to make mobile deposits and perform other services, like transactions via Zelle.

5. PNC Financial Services Group

Total Assets: $534.35 Billion

Headquarters: Pittsburgh, Pennsylvania

PNC is short for Pittsburgh National Corporation. PNC Financial Services is the bank holding company of PNC Bank, which has more than 2,000 branches across 21 states. It stands out among other large banks for its unique customer perks and products for individuals and business owners. The Virtual Wallet tool, for example, lets you manage your money online or on your mobile device.

You can keep your checking and savings accounts together or just stick to one type of account, depending on your particular needs. In addition to traditional banking services, PNC offers mortgages, home equity lines of credit, auto loans, personal loans and personal lines of credit, student loans, and student loan refinancing.

6. Wells Fargo

Total Assets: $1.71 Trillion

Headquarters: San Francisco, California

Wells Fargo made its debut in 1852 when it was first opened by investing partners, Henry Wells and William Fargo. It was initially designed as a bank and express delivery service for gold. Eventually, Wells Fargo expanded as a consumer bank to serve all types of customers with various banking needs. It is admired for its long list of offerings and the Wells Fargo mobile app that helps customers track their spending and simplify their bills.

While Wells Fargo has focused on consolidating and prioritizing digital banking services in recent years, it still has about 4,700 locations and more than 12,000 ATMs around the U.S.

In addition to personal and small business banking, Wells Fargo supports commercial banking, investing and wealth management, and investment banking.

7. Truist Financial Corporation

Total Assets: $532.08 Billion

Headquarters: Charlotte, North Carolina

Compared to the other large commercial banks on this list, Truist is fairly new. It was formed in 2019 as the result of one of the largest bank merger between BB&T and SunTrust.

Truist is made up of three major divisions, including Truist Bank, Truist Securities, and Truist Insurance Holdings. These divisions employ over 37,000 people that work in consumer and commercial banking, investment banking, mortgages, and insurance.

It offers a variety of noteworthy perks, such as no overdraft fees, a $100 negative balance buffer, and automatic upgrades. The bank also places a lot of emphasis on community involvement and giving back.

8. Goldman Sachs Group, Inc.

Total Assets: $501.91 Billion

Headquarters: New York City, New York

Goldman Sachs was founded in 1869 by Marcus Goldman, a German American shopkeeper. Its original purpose was to help merchants and small businesses with short-term funding. Eventually, Samuel Sachs joined Goldman in 1882. Today, Goldman Sachs has a reputation as a leading global investment banking, management, and securities firm.

In the fall of 2016, Marcus by Goldman Sachs, its online banking division made its debut and began to offer numerous financial products, like savings accounts, certificates of deposit, credit cards, and loans.

In addition to these offerings, Goldman Sachs provides asset management services, mutual funds, investment banking and management, prime brokerage, commodities, and commercial banking.

9. Charles Schwab Corporation

Total Assets: $407.90 Billion

Headquarters: San Francisco, California

Charles Schwab is a multinational financial services firm with a focus on investment accounts, such as individual retirement accounts (IRAs) and brokerage accounts.

You’ll find an extensive selection of funds with low expense ratios as well as commission-free stock and ETF trades. While there are over 360 Charles Schwab branches with financial consultants, you can take advantage of its services online.

Schwab also offers a high-yield checking account. Whether you’re new to investing or consider yourself a veteran, you can benefit from Charles Schwab.

10. TD Group U.S. Holdings

Total Assets: $405.22 Billion

Headquarters: Wilmington, Delaware

While TD Bank has roots in Canada, it’s been in the U.S. market since 2007 when it acquired Commerce Bancorp. There are more than 1,100 branches and 700 ATMs across fifteen U.S. states and Washington D.C.

TD Bank offers the typical lineup of banking products and services but is known for its branch convenience. Most branches have long hours, are open on the weekends, and provide curbside pickup for new debit cards.

If you prefer in-person banking, TD Bank is certainly worth exploring. Many of its accounts come with generous sign up bonuses and access to comprehensive online banking features, such as online bill pay, Zelle, and remote check deposit.

11. Capital One Financial

Total Assets: $388.44 Billion

Headquarters: McLean, Virginia

Since it was established in 1988, Capital One bank is one of the newer large banks on our list. In only a few decades, the bank has grown significantly, thanks to its credit card offerings in the early 90s.

Once 2016 came around, Capital One was named the third-largest credit card issuer in the U.S. These days, Capital One continues to offer credit cards as well as digital services through Capital One 360.

Capital One 360 stands out for its Capital One’s 360 Performance Savings account, which comes with no minimum opening deposit and no minimum balance requirements.

It also has a mobile banking app with mobile check deposit, customized alerts and notifications, Zelle, free credit score monitoring via CreditWise, and more. There are about 775 branches, 2,000 ATMs, and nearly 30 Capital One cafes.

12. Bank of New York Mellon

Total Assets: $365.10 Billion

Headquarters: New York City, New York

Bank of New York Mellon came about after a 2006 merger between Mellon Financial Corporation and The Bank of New York. The Bank of New York was originally founded in 1784 by Alexander Hamilton, the first Secretary of the Treasury of the U.S. Bank of New York Mellon is now one of the largest securities firms in the word.

It specializes in a number of solutions and services for corporations, insurance companies, banks, brokers, dealers, and other reputable clients in the financial industry. In addition, the bank offers private investment and wealth management services for wealthy clients.

13. State Street Corporation

Total Assets: $296.43 Billion

Headquarters: Boston, Massachusetts

State Street Corporation was founded in 1792 as a financial services and asset management company. It has more than 40,000 employees and a global presence in over 100 markets.

Its offerings include investment research and trading, investment management, and securities lending for clients, such as insurance companies, pension funds, and asset owners.

14. Citizens Financial Group

Total Assets: $226.53 Billion

Headquarters: Providence, Rhode Island

Citizens Financial Group, Inc. has been around since 1828. It owns Citizens Bank, its retail division and offers credit cards, deposit accounts, personal loans, student loans, refinancing, and a number of other financial services. Citizen Bank mainly operates in the Northeast and Midwest.

In addition to more than 2,700 ATMs, there are over 1,100 branches in New England states as well as Delaware, Michigan, Ohio, Pennsylvania, New York, and New Jersey. The bank provides extended call center hours, a streamlined online experience, and a highly rated mobile app.

15. Silicon Valley Bank

Total Assets: $211.82 Billion

Headquarters: Santa Clara, California

Silicon Valley Bank made its debut in 1983. Today, it serves as a full-service commercial bank for technology and life sciences companies. Aside from traditional banking services, Silicon Valley Bank offers foreign exchange, venture capital, and treasury management services.

It has supported innovation for several well-known tech companies, including Google and Facebook. Many people give it credit for establishing Silicon Valley.

16. Fifth Third Bank

Total Assets: $205.55 Billion

Headquarters: Cincinnati, Ohio

Fifth Third Bank is a subsidiary of Fifth Third Bancorp and known as one of the largest banks in the Midwest. It has approximately 1,100 branches that span across Ohio, Florida, Georgia, Kentucky, Illinois, Indiana, Michigan, North Carolina, Tennessee, and West Virginia.

As a customer, you can enjoy access to more than 50,000 ATMs across the country and no opening deposit requirements for checking and savings accounts.

In addition to deposit accounts, Fifth Third Bank financial institutions offer mortgages, auto financing, personal loans, insurance, and investing products. Products and services are available to business customers as well.

17. First Republic Bank

Total Assets: $197.91 Billion

Headquarters: San Francisco, California

First Republic Bank is a premier private bank with more than 80 branches across the country. Its vast lineup of products and services includes checking accounts, savings accounts, money market accounts, IRAs, CDs, and wealth management.

Business customers can take advantage of business loans, business lines of credit, commercial real estate loans, and small business loans. The bank focuses on philanthropy and constantly supports programs related to art and education.

18. Morgan Stanley

Total Assets: $191.35 Billion

Headquarters: New York City, New York

Morgan Stanley’s roots date back to 1935. Today, the bank is a reputable, multinational investment management and financial services company. It has over 700 locations in every state as well as Washington D.C.

Its investing division includes three portfolios, including the impact portfolio, market-tracking portfolio, and performance-seeking portfolio. Whether you’re a beginner investor or wealthy client, Morgan Stanley may be a solid pick.

19. KeyBank

Total Assets: $184.67 Billion

Headquarters: Cleveland, Ohio

KeyBank was founded in 1825 and is now considered a community bank with a presence in 15 states. It has more than 40,000 ATMs in its network and 1,000 full-service branches. The bank also partners with the AllPoint Network of over 40,000 ATMs nationwide.

Its standard services include checking accounts, savings accounts, home loans and mortgages, lines of credit, credit cards, investing, insurance, and debt consolidation. In 2021, KeyBank acquired several digital businesses including digital platform XUP Payments and GradFin, a student loan counseling fintech.

20. Ally Bank

Total Assets: $182.2 Billion

Headquarters: Sandy, UT

While it’s based in Utah, Ally Bank is an online only bank with a long list of digital banking solutions. Its deposit accounts come with no monthly maintenance fees or minimum balance requirements.

The bank also pays high yields on CDs and savings accounts than traditional banks with brick-and-mortar banks. As a customer, you can enjoy 24/7 customer services and access to more than 43,000 ATMs through the Allpoint network.

Bottom Line

As you can see, there are many large banks in the United States. Each one has its own unique perks and priorities. To choose the right bank, consider your location, needs, and preferences.

If you’re looking for personal banking services and prefer a digital platform, Goldman Sachs and its Marcus division may be the way to go. But if private wealth management is your top priority, you may be better off with Bank of New York Mellon. Best of luck in your search for the perfect large bank.

Largest Banks in the U.S. FAQs

What is a bank?

Put simply, a bank is a financial institution that can legally accept checking and savings deposits and distribute loans. Some banks also offer additional services like certificates of deposit (CDs), individual retirement accounts (IRAs) and wealth management.

What is the largest bank in the world?

The Industrial and Commercial Bank of China is the largest bank in the world. The bank’s assets add up to $4.324 Trillion.

What are the ten largest banks in the U.S.?

Ranked in total asset value, the ten largest banks in the U.S. include JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, U.S. Bancorp, PNC, Truist Bank, Goldman Sachs, Charles Schwab, and TD Group.

How do I choose a bank?

To choose the right bank, focus on what you’re looking for. For more personalized service, you might want to explore a community bank. But if you prefer branch locations across the country and a long list of offerings, one of the large banks on this list might be a better fit.

Is my money safe in a bank?

Your money is safe as long as the bank is insured by the Federal Deposit Insurance Corporation (FDIC). An FDIC-insured bank typically insures up to $250,000 per depositor. Note that you don’t have to purchase FDIC insurance. As long as you’re a customer at a bank that offers it, you’ll receive it automatically.

How does a commercial bank differ from a retail bank?

A commercial bank offers a variety of products and services to both individuals and businesses. Retail banks, on the other hand, focus their offerings to individual customers. If you own a business, you’d be better off with a commercial bank that can serve the financial needs of your organization.

Do online banks exist?

Absolutely! In today’s day and age, online banking is more popular than ever before, among larger banks and smaller banks. While some banks offer in-person and online services, other banks, like Ally Bank, solely operate online with no branch locations.

What are some other large banks not on this list?

Other big banks you might want to consider include First National Bank, Huntington Bank, Provident National Corporation, America Bank, and HSBC Bank USA.

Source: crediful.com

Apache is functioning normally

June 1, 2023 by Brett Tams

From the Kansas City Chiefs to St. Louis’s Gateway Arch, Missouri has plenty to offer both residents and visitors. As a result, there are plenty of Missouri banks. In fact, it can be tough to narrow down the options.

17 Best Banks in Missouri

From online banking apps to small community banks and large financial institutions, Missouri has a little of everything. Here are some of the best Missouri banks to kick off your search.

1. First Midwest Bank

Founded in Poplar Bluff, First Midwest Bank has branches and ATMs in Poplar Bluff, Columbia, Greenville, Piedmont, Puxico, Van Buren, and Williamsville. Currently, First Midwest is offering $.10 cash back per swipe of your First Midwest Dime-a-Time debit card.

Recently, First Midwest merged with Old National Bank to expand its service area and offerings to Indiana, Illinois, and Kentucky.

Pros:

Cash back with each debit card purchase
No monthly maintenance fees with most checking accounts
Wide variety of account options

Cons:

2. U.S. Bank

Missouri residents looking for a national bank with branches in Missouri might like U.S. Bank. You’ll find branches and ATMs in 25 different states, along with a mobile app that allows you to transfer funds, pay bills with bill pay, and split a check with Zelle.

U.S. Bank’s current special on CDs means you can earn up to 4.75% APY. Small business owners should consider U.S. Bank’s current checking bonus, which offers $500 if you open a new account and deposit $5,000. Deposit $15,000 and earn a $750 bonus.

Pros:

Robust mobile banking features
Up to $750 bonus for business checking account
Wide range of banking services

Cons:

3. Chime

Chime is a mobile banking solution with competitive interest rates on savings accounts. You’ll get fee-free¹ ATM access nationwide at any MoneyPass, Allpoint, and VisaPlus Alliance ATM, as well as access to your direct deposit up to two days early². Electronic deposit customers also qualify for up to $200 in overdraft protection through SpotMe⁵, although Chime charges no fees for overdrafts.

Pros:

No fees on checking account
Up to 2.00% APY³ on savings accounts
No overdraft fees

Cons:

No physical branches
No cash deposit options

4. GO2bank

GO2bank is an online banking solution with a full-featured mobile app and access to free ATM withdrawals and deposits through partners. Your account with GO2bank will include a checking account with no maintenance fees and a high-yield savings account.

If you’re interested in building credit, you can qualify for a GO2bank Secured Visa Credit Card, which reports your on-time payments to credit bureaus and requires no credit check.

Pros:

Fee-free checking account with direct deposit
Up to 4.50% APY on savings accounts
Cash deposits at 90,000+ retail locations nationwide

Cons:

No physical branches
Direct deposit necessary for free checking

5. Commerce Bank

Kansas City residents should consider Commerce Bank, a community bank with locations throughout the area. You’ll also find ATMs and branches throughout Missouri, as well as in 10 other states. You’ll find a wide variety of checking account and loan options, as well as savings accounts and CDs.

Not only will you get in-person customer service at a branch, but you can chat with a live banker at any time in the Commerce Bank CONNECT app. You’ll choose the banker and connect with the same representative every time.

Pros:

Branches and ATMs in 11 states
Free account includes full mobile banking services
Competitive rates on loans

Cons:

No fee-free ATMs outside the service area
Low interest rates on savings accounts and CDs

6. Regions Bank

With branches in Missouri, Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, and Texas, Regions Bank is a great option if you travel within the Midwest and Southeast.

Regions Bank offers a variety of banking services, including wealth management services and support for small business owners. With DepositSmart ATMs, you can skip the branch and deposit your funds at an ATM.

Pros:

DepositSmart ATMs let you deposit cash and checks without visiting a branch
Flexible requirements to waive checking account fees
Checking accounts for students and seniors

Cons:

Low rates on savings accounts
No branches or ATMs outside the Midwest and South

7. Axos Bank

If you don’t need a local branch, online banking might be an option. Axos Bank offers online services through its website and mobile banking app. There are multiple checking account options, including accounts with no monthly maintenance fees and rewards.

Axos offers unlimited ATM fee reimbursements, so you can use your debit card anywhere in the U.S. Currently, Axos has a $100 bonus for new checking account holders who open an account and have at least $1,500 in electronic deposits within the first 30 days.

Pros:

$100 bonus for new rewards checking account
Up to 3.30% APY on checking accounts
Unlimited reimbursements for out-of-network ATM fees

Cons:

No physical branches
Low interest rates on savings accounts

8. Central Bank

Central Bank is a regional bank with more than 130 locations in Missouri, Kansas, Illinois, and Oklahoma. You’ll find multiple checking account options, including a fee-free account with all the basic features.

You’ll enjoy free ATM transactions at any Central Bank ATM, as well as more than 37,000 ATMs nationwide. Central Bank also has robust business banking options, including loans and multiple checking options.

Pros:

Fee-free ATM withdrawals at 37,000+ MoneyPass locations nationwide
Personalized customer service at branches
Wide range of loan options available

Cons:

$50 minimum deposit to open
Branches in Missouri are mainly in the southwest and central part of the state

9. Bank of America

There are benefits to going with a national bank, including access to banking services while traveling and a broad range of features. As one of the largest national banks, Bank of America has competitive offerings, including a variety of checking account options and wealth management services.

Business customers can earn a $200 bonus for opening a new account and depositing $5,000 in the first 30 days. Individual banking customers should check out the $200 rewards bonuses on new credit cards.

Pros:

3,900 branches and 15,000 ATMs nationwide
Robust free mobile banking features
Wide range of personal and business credit cards

Cons:

Low interest rates on savings accounts
Long waits for customer service

10. Great Southern Bank

Great Southern is headquartered in Springfield, with branches in Missouri, Arkansas, Iowa, Kansas, Minnesota, and Nebraska. You’ll find multiple checking account options, with a free basic checking account.

Although Great Southern’s checking accounts require minimum deposits, there are three options with only a $25 minimum opening deposit required. That includes a second chance account designed to help those who struggle to establish an account due to their banking history.

Pros:

Fee-free ATM transactions at Allpoint ATMs nationwide
Branches across six states
Competitive rates on personal loans

Cons:

Checking accounts require a minimum deposit to open
Limited customer service hours

11. Belgrade State Bank

Belgrade State Bank is a local bank with checking and savings accounts. While there are limited ATMs and branches, Belgrade’s out-of-network ATM fee is only $1. This is in addition to the fees that will be charged by the third-party bank.

Belgrade has robust business banking options, including a fee-free checking account that includes 1,000 items per month, with a $0.25 charge per transaction after.

Pros:

Free checking with enrollment in e-statements
No minimum balance requirement for checking accounts
Competitive rates of personal loans

Cons:

Limited branch and ATM footprint
$50 minimum deposit to open

12. PNC

PNC is one of the biggest national banks with 26 branches in Missouri. Although PNC only has branches in 29 states, you’ll enjoy fee-free access to your cash at more than 60,000 ATMs nationwide, thanks to PNC’s partner network.

Pros:

Access to more than 60,000 ATMs nationwide
Branches in 29 states
Competitive mobile banking features

Cons:

Low interest rates on savings account
Accessible banking services, including support for non-English-speaking customers

13. Mid-Missouri Bank

Mid-Missouri Bank is one of the best banks for both the small business owner and the consumer. You’ll find 14 branches across Missouri, as well as ATMs within the coverage area. There are two checking accounts.

One issues an annual percentage yield on your balance, while the other offers cash back on debit card purchases. Mid-Missouri offers competitive rates on personal loans, including auto, home, and home equity lines of credit.

Pros:

14 branches across Missouri
Basic account earns cash back or APY
Up to $25 in ATM fees refunded each month

Cons:

Lower APY on savings account than competitors
Limited number of branches and ATMs

14. Bank of Missouri

Bank of Missouri is one of the best banks in Missouri for its checking account perks. You’ll have three options: a bank account that earns 3.05% APY, an account that earns cash back on debit transactions, and an account that offers iTunes, Amazon, or Google Play refunds each month.

This bank’s checking accounts come with no monthly maintenance fees and refunds on up to $25 monthly in out-of-network ATM withdrawals.

Pros:

Rewards and interest-bearing checking accounts
No monthly fee on checking and savings accounts
Competitive rates on CDs

Cons:

Low rates on savings account
Limited number of branches and ATMs

15. UMB Bank

UMB Bank is one of the longest-running Missouri banks, having been in existence for more than a century. You’ll find branches throughout Missouri, as well as in Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona, and Texas.

UMB also offers online banking options that make it easy to transfer funds and deposit checks. One downside to UMB is its ATM footprint. You’ll pay $2 if you can’t find a UMB ATM, and those are limited to its service area.

Pros:

Robust mobile banking options
Fee-free checking account available
Competitive rates on CDs

Cons:

Minimum deposits required for all checking accounts
Low interest rates on savings account

16. Simmons Bank

If you’re looking for the best checking account among banks in Missouri, consider Simmons Bank, which offers impressive checking and savings accounts with plenty of branches throughout Missouri.

You’ll get fee-free cash withdrawals nationwide at MoneyPass ATMs, along with fee-free checking that requires no minimum balance or opening deposit.

Pros:

Fee-free checking options
Multiple checking and savings accounts
Fee-free cash access at MoneyPass ATMs nationwide

Cons:

Competitive rates on CDs
Minimum deposit on savings account

17. First State Community Bank

First State Community Bank has more than 50 branches throughout Missouri for that in-person customer service. You’ll also get free access to ATMs in the MoneyPass network for cash withdrawals while you’re traveling.

The basic account, Free eChecking, offers all the features you’ll likely need with no monthly fee as long as you sign up for electronic statements.

Pros:

Fee-free cash access at MoneyPass ATMs nationwide
Fee-free checking option when you sign up for electronic statements
Round up debit transactions to boost your savings

Cons:

Opening deposit required for checking
Limited branch locations

Frequently Asked Questions

What is the most popular bank in Missouri?

Like most states, Missouri has plenty of large corporate banks with branches in the area. Some consumers will always prefer that option due to the wealth of banking services and access to ATMs nationwide. Bank of America has a strong presence in Missouri, as does U.S. Bank.

But when it comes to popularity, locals tend to cite smaller banks. Central Bank is often mentioned as a favorite, in part due to its heavy presence throughout Missouri. Commerce Bank also often tops lists of the best banks in Missouri.

If you go with a local bank, look for one that’s covered by the Federal Deposit Insurance Corporation and pay close attention to whether you’ll have access to cash withdrawals at ATMs while traveling.

What is the best bank for small businesses in Missouri?

Those looking for business accounts typically have different criteria than those searching for personal accounts. You might be more interested in being able to invoice customers, for instance, or track spending for tax purposes.

If you’re a freelancer in Missouri, take a look at Axos for your small business banking. U.S. Bank has great money management features, so if that’s a priority, take a look at its small business banking services.

Which Missouri bank has the best customer service?

As valuable as it can be to have a bank account with no monthly maintenance fees or plenty of ATMs, sometimes it’s all about getting help when you need it. If you like in-person service, go with a small brick-and-mortar option with branches that are convenient to you. First State and Bank of Missouri are both great traditional banking options.

For some people, though, the best banks are those that offer easy-to-use remote customer service. Whether that means getting help via a chatbot or connecting with a representative by phone, narrow the options to something that works for you. Ally Bank has been recognized for its 24/7 customer support, primarily because you’ll get an estimate of how long you’ll have to wait on hold before you launch the call.

Which Missouri bank is the most reliable?

As long as you go with an FDIC-insured bank, your funds will be protected up to $250,000. Still, nobody wants to stress over a bank eventually going under. Large corporate banks like Bank of America and U.S. Bank have a long history and an impressive asset value that protects them from default.

But there are plenty of reliable local banks in Missouri as well. First State has been in business for 150 years, and Central Bank was founded in 1902. Both are unlikely to go anywhere and if they did, it would be to merge with another bank or join a parent company.

The best banks are the ones that fill your needs while also keeping fees at a minimum. It’s important to compare at least a few options to make sure you’re getting the best deal for your Missouri banking needs.

1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

2. Early access to direct deposit funds depends on the timing of the submission of the payment ﬁle from the payer. Chime generally make these funds available on the day the payment ﬁle is received, which may be up to 2 days earlier than the scheduled payment date.

3. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of May, 22, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.

Source: crediful.com