There is no shortage of banks in Alabama. So, how do you know which one is right for you? It all depends on your unique needs and preferences. Maybe you’re in the market for a small, local bank with personalized service. Or perhaps you prefer an online bank or a large, national bank you can easily access when you travel.
No matter what your unique needs are, our roundup of the best banks in Alabama is sure to steer you in the right direction.
13 Best Banks in Alabama
Whether you prioritize high-interest rates, low fees, or excellent customer service, the Heart of Dixie has a banking solution for you. Listed below are the best banks in Alabama, detailing what makes each one stand out in a competitive market.
Since there are five military bases and many current and former military members in Alabama, we had to add Navy Federal Credit Union to our list. Even though it’s technically a credit union, rather than a traditional bank, it offers a variety of advantages for military members and their families. As long as you join, you can enjoy fee-free checking and savings accounts with higher than average interest rates that vary based on account type and balance.
SoFi stands out as a go-to solution for Alabama residents seeking online banking services with a multitude of features. With a highly competitive 4.60% APY on savings accounts and a 0.50% APY on checking accounts, your savings will grow quickly. Customers can earn bonuses ranging from $50 to $250 depending on their direct deposit amounts.
Based in Wetumpka, Alabama, First Community Bank of Central Alabama is a solid local choice known for delivering exceptional customer service. Since its inception in 2001, the bank has been all about community. It strives to meet the financial needs of the Central Alabama community it serves.
For a digital bank that serves residents of Alabama with checking and savings accounts, CDs, money market accounts, auto loans, and other financial services, Ally Bank is a solid pick. While there are no physical branches in the state, you can lock in competitive interest rates if you feel comfortable with online banking.
PNC Bank is a national bank that’s a particularly good choice if you’re a student at a college, university, or trade school in Alabama. In addition to traditional products like checking accounts and savings accounts with low monthly maintenance fees, it offers a variety of education loans that can make your education more affordable.
Valley National Bank serves customers in numerous states, including New York, New Jersey, Florida and Alabama. There are branches in 10 Alabama cities. In addition to its wide range of products, like a basic checking account and savings account, the bank doesn’t have any minimum balance requirements or charge any fees.
Peoples Bank of Alabama is worth exploring if you’re an individual or small business owner searching for a local community bank in Alabama. Headquartered in Cullman, its range of products include a basic savings account, checking accounts, money market accounts, certificates of deposit, loans, lines of credit, and more.
Liberty Bank is another local option that’s headquartered in Geraldine and has branch locations in Collinsville, Crossville, Sardis City, Altoona, and Albertville. Its personal banking services include checking accounts, savings accounts, debit cards, traditional credit cards, secured credit cards, CDs, IRAs, and other deposit accounts.
When it comes to choosing the best banks in Alabama, there’s more to consider than just interest rates and account types. Here’s a breakdown of key factors to consider:
- Types of accounts: The types of accounts you should look for depend on your unique goals. If you’d like a place to park your cash for emergencies, for example, a high-yield savings account is likely your best bet. If you have a savings goal you’d like to reach within the next few years, you might want to look for CDs.
- Fees: In a perfect world, banking fees wouldn’t exist. The reality, however, is that most banks charge fees. The good news is some banks, like online banks, are known for low fees due to their lower overhead costs. You may also be able to waive certain bank fees if you keep a certain amount of money in your account.
- Physical branches vs. online banking: If you prefer in-person banking, it’s a good idea to prioritize banks with brick-and-mortar locations. On the other hand, if you like to perform your banking online, focus on banks with robust online and mobile banking services. Ideally, you’d find a bank that gives you the option to bank online or in-person.
- Unique features: Some banks go above and beyond for customers and provide a variety of benefits you might not expect. These include free financial advice, budgeting tools, and credit score monitoring.
- Reputation: Before you take the plunge and open an account at a new Alabama bank, make sure it’s reputable. To do so, check out customer reviews and ratings on sites like the Better Business Bureau (BBB).
- Customer Service: Chances are you’ll have a question or concern about your bank account(s) at some point in time. For this reason, opt for a bank that offers exceptional customer service via chat, phone, email, and in-person guidance.
- FDIC Insurance: Be sure to opt for an Alabama bank that is insured by the Federal Deposit Insurance Corporation or FDIC. This will protect you and your hard-earned money in the event it fails.
With our list of the best banks in Alabama, you’re sure to discover the right option for your needs and preferences. Remember, you don’t have to stick to a bank and can always try several until you figure out which financial institution truly checks off all your boxes. Best of luck in your search for the best bank in Alabama.
Frequently Asked Questions
There is no hard and fast answer to this question. The best bank in Alabama is based on your unique situation. However, some of our top picks include financial institutions Wells Fargo, Ally Bank, CIT Bank, BBVA, and Peoples Bank of Alabama.
Regions Banks has more than 220 branches in Alabama. Therefore, it has the most widespread presence in the Cotton state.
The right amount of bank accounts depends on your particular financial goals. Be mindful of how many you open and make sure you can manage all of them. Otherwise, you might steer yourself into financial trouble.
If you’re a fan of online banking, we recommend SoFi, Ally Bank, and CIT Bank. Both options come with a wide range of products and low fees.