With a thriving oil industry and bustling tourist population, Alaska is a great place to live and work. As with most states, you’ll find a combination of banking options in Alaska, from national banks to local banks and credit unions.
But finding the right bank can take time. The list below combines local banks, online banks, national banks, and credit unions.
12 Best Banks in Alaska
When it comes to banking in the Last Frontier, there are plenty of options to choose from. Discover the best banks in Alaska with our comprehensive list.
Denali State Bank is a favored option for Fairbanks residents seeking a community-focused local bank. While the majority of its branches are stationed in Fairbanks, customers are not confined to the region thanks to online banking services available through its mobile baking app. The bank further facilitates easy cash access by offering refunds on up to $25 in ATM withdrawal fees each month.
Matanuska Valley Federal Credit Union (MVFCU) is a not-for-profit cooperative serving members in Alaska and Hawaii. For those able to maintain a checking balance of $2,000 or more, it offers favorable conditions including no monthly fees and no minimum balance requirements. Additionally, savings accounts with MVFCU can fetch high yields, with rates reaching up to a substantial 4.32% APY depending on the balance maintained.
How to Choose the Best Bank in Alaska
When it comes to finding the best banks in Alaska, understanding your unique needs and preferences can make the process smoother. Think about the services you want, how much you want to pay in fees, and where you need bank branches to be. Here are some other factors to consider:
- Minimum balance: Check to see if a bank requires you to maintain a certain balance in your account. Some banks don’t have such requirements. This can affect your flexibility in managing your money.
- Opening deposit: Determine the initial deposit required to open a bank account, as some financial institutions may require a larger sum to get started.
- Fees: Be aware of any monthly maintenance fees associated with checking accounts, and understand the terms and conditions to avoid these charges.
- Mobile banking: Whether you go with an online bank or a brick-and-mortar bank with a branch down the street, conveniences like mobile check deposit and bill pay can save time.
- Interest rates: Compare the annual percentage yield (APY) offered by different banks on checking and savings accounts to maximize your returns.
- Cash accessibility: Ensure that your chosen bank provides convenient options for depositing and withdrawing cash when necessary.
- Extras: Consider if a bank offers additional banking services, such as investment accounts, wealth management services, or certificates of deposit (CDs), to meet your future financial needs.
The best banks in Alaska stand out by offering not only modern digital tools, such as online banking and mobile apps, but also by prioritizing the financial well-being of their customers. It’s essential to look beyond just convenience.
A standout bank in Alaska provides advantageous features like competitive interest rates and low fees, while also deeply embedding itself in the community. As you evaluate banking options in the state, seek a financial institution that meets your everyday banking needs, aligns with your goals, and understands the true Alaskan spirit.
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.
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.