Arizona is a great place to call home. It offers gorgeous desert landscapes, friendly people, a robust job market, and plenty of attractions. Plus, it’s on the border of California, Nevada, and New Mexico, making it an attractive state if you like to road trip.
Whether you’ve lived in the Grand Canyon state your entire life or consider yourself a transplant, you may be in search of the best banks. Fortunately, we’re here to help.
14 Best Banks in Arizona
We did the heavy lifting for you to create this list of the best banks in Arizona. Keep in mind that the ideal banking option depends on your unique situation, so it’s a good idea to shop around and compare the pros and cons of each bank.
Although headquartered in Illinois, BMO Harris Bank has a significant presence in Arizona with around 45 branches. It offers a broad range of personal banking services including deposit accounts, credit cards, and loans, alongside retirement planning, and business services to cater to the diverse financial needs of its clientele.
How to Choose the Best Bank in Arizona
With so many options available, finding the best banks in Arizona can feel a bit overwhelming. However, by comparing each bank and considering your needs, you will find the right one. Here are some things to consider:
- Products: Choose a bank that offers all the products you’re seeking. These may include checking accounts, savings accounts, money market accounts, CDs, loans, investment, and retirement accounts. You’ll notice some banks offer a more extensive selection than others.
- Rates: If saving money is a priority, interest rates are likely to be a top priority. Choose a bank that prides itself on competitive interest rates. Typically, online banks excel with rates because their overhead costs are lower.
- Fees: Common bank fees include monthly maintenance fees, service fees, and overdraft fees. If possible, go with a bank with minimal fees or one that makes it easy to weave them. Fees can take away from your financial goals so it’s best to avoid or minimize them if you can.
- Locations: You may prefer to bank in-person. If this is the case, opt for a full service community bank with brick-and-mortar branches near your home or workplace. Otherwise, you may have to perform all your banking online.
- Digital tools: If you prefer digital banking from an online bank or brick and mortar bank, look for digital tools like online account access, mobile apps, and virtual assistants. Fortunately, most banks offer them these days.
- Customer service: Customer service is crucial, especially if you plan to bank there for a long time. Make sure the bank you go with offers reliable and prompt customer service. This may be via phone, email, live chat, or social media.
- Reputation: Typically, larger banks have excellent reputations, especially if they’ve been around for a while. However, you should read reviews and ratings before you commit to any bank.
Arizona’s banking options are diverse so you’re bound to find one or a few that work for you. You can always test out a bank and move on to a different option if you need to. Also, don’t forget that you may have multiple acorns at several banks as long as you can manage them well. Good luck with your search for the best bank in Arizona!
Frequently Asked Questions
There is no hard and fast answer to this question. The best bank in Arizona is based on your particular needs. If you prefer an online banking experience, for example, SoFi or Ally Bank will likely be a great fit. However, if in-person customer support is important to you, you may be better off with Chase Bank, WaFd Bank, or BMO Harris as these financial institutions have brick-and-mortar locations throughout the state.
Arizona has plenty of large, national banks you can explore. These include but are not limited to Chase, U.S. Bank, Wells Fargo, and PNC Bank. Remember, while national banks typically offer a wide range of products, you may not be able to receive personalized customer service like you would if you chose a regional bank or local bank.
What are the largest banks in Arizona?
Compared to all the banks in the state, Chase has the largest physical presence, with more than 200 locations so it’s a great option if your priority is easy branch access and in-person service. Wells Fargo has over 170 locations, making it the second-largest bank in Arizona.
MidFirst Bank is one of the largest privately owned banks in Arizona, and also in the U.S.
How many banks are in Arizona?
There are about 100 banks in the Grand Canyon state. However, you can also choose from online banks, which service customers in all states, including Arizona. Just make sure you’re okay with online and mobile banking.
If you like the idea of banking with a smaller financial institution, rest assured there are plenty of options in Arizona. Several examples include Scottsdale Community Bank, Republic Bank of Arizona, Canyon Community Bank, National Bank of Arizona, Alliance Bank, and West Valley National Bank.
Most local banks and large banks in Arizona are insured by the Federal Deposit Insurance Corporation. This can give you the peace of mind of knowing the funds in your personal account or business account will be protected in the event of a bank failure. Arizona credit unions are usually insured by the National Credit Union Administration.