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 ideal for your personal or business finances.
11 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. SoFi
SoFi stands out as a premier online banking choice for Delaware residents, offering a high-yield Checking & Savings account. Account holders benefit from up to 3.80% APY on savings and a 0.50% APY on checking balances, without the burden of monthly maintenance fees.
2. Capital One
Capital One is a large bank known for making banking easy with no minimum deposit requirements or monthly maintenance fees.
3. TD Bank
TD Bank is one of the largest banks in the U.S. It’s a solid pick for a national bank with several locations across Delaware, making it convenient for both personal and business banking needs.
4. Barclays Bank
With its operational base in Wilmington, Delaware, Barclays Bank is often recognized locally as “Barclays Bank Delaware.” This international banking powerhouse extends its services to all U.S. states, presenting various banking products to cater to diverse customer needs.
5. 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.
6. 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.
7. Community Bank Delaware
Community Bank Delaware is locally owned and managed. The bank focuses on personalized customer service and community support.
8. 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.
9. 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.
10. 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.
11. 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.
Types of Banks in Delaware
When it comes to managing your finances effectively, choosing the right type of bank can be the first step to success. In Delaware, you have several options to choose from, including national banks, regional banks, community banks, credit unions, and online banks. Here is a brief overview of each to help you identify the best banks in Delaware for your needs.
National Banks
National banks are large institutions with a presence not only in Delaware but also in many other states across the country. They offer a comprehensive range of products, including checking and savings accounts, retirement solutions, credit cards, and mortgages. Notable examples in Delaware include TD Bank, Wells Fargo, and PNC Bank.
Regional Banks
Regional banks operate in a specific part of the country, offering a wide variety of banking services. They are somewhat smaller than national banks but tend to offer more personalized services. In Delaware, you might come across regional banks like M&T Bank and Fulton Bank, which have a significant presence in the area.
Community Banks
Community banks primarily serve the local populations in Delaware, focusing on personal customer service and community development. Some popular choices are Community Bank Delaware and the Bank of Delmarva.
Credit Unions
Credit unions are member-owned financial institutions that offer banking services, often with lower fees and better interest rates compared to traditional banks. In Delaware, you have options like the Dover Federal Credit Union, and Del-One, which is Delaware’s largest credit union.
Online Banks
Online banks operate without physical locations in Delaware, thereby offering lower fees and higher interest rates due to reduced overhead costs. Prominent online banking options include SoFi, Capital One, Ally, and the UK-based Barclays Bank, which serve Delaware residents with a range of online financial services.
How to Choose the Best Bank in Delaware
Choosing among the best banks in Delaware can make a big difference in your financial future. Here are some important factors for you to consider:
- Financial products and services: Ensure the bank offers a wide range of products and services that meet your specific needs. This might include personal banking, business accounts, credit cards, and mortgage loans, among other offerings.
- Fees and charges: Being mindful of the fees and other charges is important. Opt for a bank that maintains a policy of low or no fees for basic services, providing a more affordable banking experience.
- Customer service: Prioritize banks known for excellent customer service, where personalized and responsive service is a hallmark. This will ensure that your concerns are addressed promptly and efficiently.
- Accessibility: A bank’s physical presence and accessibility in your locality should be a key consideration. Opt for institutions with a robust network of ATMs and branches to facilitate convenient banking.
- Online and mobile banking: In today’s world, secure and user-friendly online banking features are non-negotiable. Ensure that the bank provides a digital platform allowing you to manage your finances seamlessly from anywhere.
- Community engagement: Many banks are actively involved in community programs and corporate social responsibility initiatives. Choosing a bank that supports local initiatives can be a rewarding experience.
- Reviews and recommendations: Before settling on a choice, consider seeking reviews and recommendations from trustworthy sources. Banks with high ratings and positive feedback are likely to be reliable choices.
- Security and safety: Lastly, the safety measures adopted by the bank to protect customer data and financial assets should be a top priority. Opting for banks that adhere to high security standards will ensure peace of mind.
Taking these factors into consideration will guide you in selecting a bank that aligns well with your financial goals and lifestyle preferences. Remember, finding the best bank in Delaware requires careful research and a thoughtful comparison of the different options available.
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).
