Idaho has become a hot spot for those looking to relocate. Whether you’ve moved to Boise, Idaho Falls, or one of Idaho’s many small towns, you’ll need a place to park your money. The best banks in Idaho offer low fees and plenty of services. Here are some top contenders to consider if you’re in the market for a new bank.
14 Best Banks in Idaho
Let’s explore the best banks in Idaho based on their customer service, offerings, and overall reputation.
U.S. Bank maintains a strong presence in Idaho, providing customers with a mix of local accessibility and the broad offerings of a national bank.
For Southern Idaho residents who appreciate a blend of tradition and modernity in their banking, D.L. Evans Bank offers an ideal solution. Recognized as one of the best banks in Idaho, it has gracefully transitioned into the digital era, offering full-fledged online and mobile banking solutions.
In the realm of regional banks, Zions Bank has built an enduring legacy over 150 years, positioning itself as a trustworthy entity in the community and arguably one of the best banks in Idaho. The bank has a diverse financial portfolio, including a savings account, CD, auto and personal loans, and even specialized military checking accounts.
For those who value a bank with strong local ties, the First Federal Bank of Twin Falls offers a unique blend of community-centric services and competitive offerings. As an institution deeply rooted in Idaho, it has branches that are predominantly located in and around the Twin Falls area.
If you live in Idaho, Washington, or eastern Oregon, you might be eligible to become a member of the Idaho Central Credit Union (ICCU). It’s the largest credit union in Idaho with a strong presence in areas including Boise, Coeur d’Alene, Eagle, and Idaho Falls, facilitated through its 48 branches.
If you’re a fan of family-owned local banks, Farmers Bank could be your go-to in Idaho. Established back in 1917, it has a long history of serving the communities in Magic Valley and the southern parts of Idaho. It has grown impressively over the years, now ranking as the 6th largest bank in the state.
How to Choose the Best Bank in Idaho
Choosing the best bank in Idaho is a significant financial decision that can impact your daily transactions and long-term financial goals. When considering the various banks in Idaho, it’s essential to weigh several factors to be certain you’re making an informed choice. Here’s a guide to help you navigate through the choices:
- Services offered: Make sure the bank offers the specific services you require, be it mortgages, business accounts, or investment opportunities.
- Fees and charges: Some banks in Idaho might lure you in with attractive offers but have hidden fees. Always ask for a detailed fee structure.
- Accessibility: If you value face-to-face interaction, consider how many branches the bank has in your area. Alternatively, if you prefer online banking, check the quality and features of their mobile apps.
- ATM availability: Check to see if the bank has a wide ATM network, especially if you travel frequently. Some banks grant rebates for out-of-network ATMs.
- Customer service: Good customer service can be a defining factor. Check online reviews and perhaps ask friends and family about their experiences with specific banks in Idaho.
- Interest rates: Compare interest rates for savings, checking, and loan products among different banks to get the best return or rate.
- Community engagement: If supporting local communities is essential for you, consider banks in Idaho with strong community engagement or those that invest back into the local community.
- Security: Confirm that the bank uses robust security measures to protect your data and money.
- Bank’s reputation: Look into the bank’s reputation in terms of stability, trustworthiness, and how they handle issues or disputes.
- Special features or offers: Some banks and credit unions might provide unique features like cashback, rewards, or special interest rates for certain conditions.
Remember, the best bank for one person might not be the best for another. Your individual needs and preferences will determine which of the best banks in Idaho is the right fit for you. It’s always wise to revisit your options every few years to ensure you’re still getting the best deal and service.
Types of Banks in Idaho
In Idaho, residents have several options when it comes to choosing a banking institution to trust with their financial needs. Here we outline the different types of banks available in the state, each with its own set of benefits:
National banks operate in various locations across the country, offering a wide range of financial services and products. These brick and mortar banks often come with the advantage of having many ATMs and branches, making it convenient for people who travel frequently. In addition, they provide a variety of sophisticated online and mobile banking tools.
Regional banks hold a middle ground, being larger than community banks but smaller than national banks. These institutions mainly focus on serving the specific areas where they are established. In Idaho, they offer a broad selection of services and products, which includes diverse options for checking and savings accounts. Compared to the larger counterparts, regional banks generally offer a more personalized service, fostering a closer relationship with their customers.
Community banks are locally operated financial institutions that focus on serving the residents and businesses in their locality. In Idaho, community banks play a crucial role in fostering local economic development. They often offer personalized services and have a deep understanding of the local market dynamics, providing a friendly and community-centric banking environment.
Online banks operate entirely over the internet, giving you a high level of convenience as you can carry out transactions and manage your bank account from anywhere with an internet connection. These banks typically offer competitive interest rates on savings accounts and charge lower fees compared to traditional banks. However, they lack physical branches, which might be a drawback for those who prefer in-person banking services.
Credit unions are member-owned financial cooperatives that often offer favorable interest rates and lower fees compared to other banking institutions. In Idaho, credit unions provide a community-focused approach to banking with a commitment to serving their members’ best interests. Joining a credit union usually involves meeting specific membership criteria based on location, occupation, or affiliation with certain groups or organizations.
Top choices include Idaho Central Credit Union, known for its customer satisfaction and broad range of services, and CapEd Credit Union, lauded for its strong educational programs and community engagement. Westmark Credit Union is also a favored option, with attractive rates on savings accounts and loans.
As you consider your choices among the best banks in Idaho, you’ll find that there are many options available, each catering to different preferences and needs. From interest-earning accounts to fee-free checking accounts, the options are robust.
Whether you gravitate towards a small community bank, a regional entity, or a large national bank, it’s pivotal to ensure that the amenities and services align with your financial goals. Take time to explore and find the perfect fit that offers not just convenience, but also a financial partnership that grows with you.
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