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Iowa is a growing, thriving state with plenty of things to offer residents. With so many choices available, it can be tough to decide on the best bank. Once you’ve made sure your bank of choice is insured by the Federal Deposit Insurance Corporation, there are other factors to look at, including whether you’ll find branches in your area and what fees you’ll be charged. This list can help you decide.
11 Best Banks in Iowa
When it comes to banking in the Hawkeye State, residents have a plethora of excellent options. Here are the best banks in Iowa, each offering unique strengths and services to cater to your financial needs.
Leading the way in Iowa’s banking sector, U.S. Bank offers both individual and business customers an extensive range of financial solutions, coupled with an exceptional customer service.
U.S. Bank is currently welcoming new applicants with a special online offering:
Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC.
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
The account includes a free debit card that can be locked or unlocked if ever misplaced or stolen. There are no ATM transaction fees at U.S. Bank ATMs and no surcharge fees at over 40,000 MoneyPass® Network ATMs.
The checking account requires a $25 opening deposit and a $6.95 monthly fee. This fee can be waived for those 24 and under, 65 and over, or military members (must self-disclose).
Additionally, the fee can be waived with monthly deposits of $1,000+, an average balance of $1,500+, or holding an eligible U.S. Bank credit card. Qualifying for any Smart Rewards® tier (Primary, Plus, Premium, or Pinnacle) also waives the fee.
If you’re open to online banking, SoFi stands out as a great alternative to traditional banks. It offers both convenience and impressive returns through its combined Checking & Savings account.
The perks are many: there are no minimum balance requirements, monthly fees, or overdraft charges, making it a budget-friendly choice for a wide range of people. Plus, depending on your direct deposit amount, you can even earn a bonus of up to $250.
One of SoFi’s standout features is its impressive interest rates; the savings account offers a substantial 4.60% APY, while checking accounts grow at a 0.50% APY. Additionally, your deposits are secured up to a reassuring $2 million by the FDIC.
When it comes to accessing your funds, SoFi makes it simple. You have access to over 55,000 Allpoint® ATMs at your disposal, and setting up a direct deposit means you can get your paycheck up to two days earlier, adding to the convenience SoFi promises.
Hills Bank has a strong presence in Iowa, with branches in Cedar Rapids, Marion, Iowa City, and Mount Vernon. Customers are granted nationwide access to their money, thanks to a network connected to MoneyPass and SHAZAM ATMs.
This bank caters to a range of preferences through a three-tiered system of checking accounts, which includes a notable Free Checking account option that comes with no monthly fee.
Additionally, clients don’t have to worry about maintaining a minimum balance or a minimum opening deposit, providing a hassle-free banking experience.
Further enhancing its status as one of the best banks in Iowa, Hills Bank presents a variety of financial services such as an impressive 4.43% APY on fixed-rate CDs.
Supported by Green Dot, GO2bank is an online banking platform designed for a smooth experience. Customers can effortlessly open a checking account with no minimum deposit or minimum balance requirement. It offers an impressive 4.50% annual percentage yield (APY) on savings for balances up to $5,000.
The bank boasts an extensive network of 90,000 retail outlets for cash deposits and 55,000 ATMs free of charge. This makes it easy for customers to manage their finances. Free transfers from other bank accounts are also available.
One of the notable features is the early direct deposit feature. Through direct deposits, you can receive your paycheck up to two days ahead of time or your government benefits as much as four days in advance.
Plus, the $5 monthly service charge is waived if you receive a direct deposit within a given month. An optional overdraft protection up to $200 is also available.
Additionally, GO2bank offers the GO2bank Secured Visa Credit Card, a valuable resource for customers looking to boost their credit ratings.
Serving the Hawkeye State with a deep understanding of the needs of Iowans, Bank Iowa has branches sprinkled across prominent regions, including a significant presence in Iowa City.
The bank demonstrates its commitment to tailored, community-focused service, striving to be known as the best bank in Iowa through a rich variety of banking solutions.
Considering a checking account? Bank Iowa provides five different options. You can start with just a $10 minimum deposit, and there are no minimum balance requirements.
Additionally, two of the checking accounts come with no monthly maintenance fees and include free identity theft protection services.
Beyond checking accounts, they also offer savings accounts, personal and home loans, and straightforward online banking. It’s an excellent bank for those who value community-focused service.
Regions Bank is a solid choice if you frequent the southern and Midwestern U.S. This regional bank has a presence in Iowa.
It also has branches in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas.
If you can deposit at least $500 directly every month, you’ll enjoy free checking. Starting a checking account requires a $50 deposit. To keep it free, maintain a $1,500 balance or ensure you have that $500 qualifying direct deposit.
What makes Regions Bank stand out? Beyond standard loans, they offer advice from financial experts and wealth management services. Plus, they have a notable 4.75% rate on CDs. If you’re in their region and value these extras, this bank might be right for you.
Northwest Bank is a family-owned bank based in Spencer, Iowa. It has a solid reputation as one of the best banks in Iowa, proudly serving areas in Iowa and Nebraska with a strong commitment to quality customer service and competitive rates on checking accounts.
Currently, they are offering a sweet deal for newcomers: a $100 bonus when you open a new checking account.
To get this bonus, you’ll need to sign up for handy services like e-statements, Zelle, and BillPay, which streamline your banking experience and promote sustainable practices. Opening an account is pretty easy with no minimum balance requirement and just a $10 initial deposit needed.
There’s also no monthly fee to worry about, which makes it a cost-effective choice for many customers looking for hassle-free banking services with a personal touch.
Fidelity Bank & Trust brings a hometown feel to banking, with over 30 branches spread across Northeast Iowa, Northwest Illinois, and Southwest Wisconsin.
This community bank pairs its physical presence with strong online and mobile banking options, ensuring you can manage your finances conveniently, whether you’re at home or on the go.
Adding a personal touch to their services, Fidelity Bank & Trust offers tailored financial guidance through their investment services team. These experts are on hand to help you make the most of your money, devising strategies based on your individual goals and situations.
For those looking to open a checking account, the terms are friendly: there are no monthly fees, though a $50 deposit is needed to get started.
Plus, Fidelity Bank & Trust offers a high rate of 4.77% on CDs, presenting a lucrative opportunity for savings. And let’s not overlook the specialized savings accounts for Christmas and children, catering to the different needs and desires of their community members.
Bank of America is a large national bank that combines the benefits of its extensive network with perks often found at smaller banks. Customers can take advantage of a fee-free checking account through the Preferred Rewards program and enjoy access to a nationwide network of branches and ATMs.
They offer three tailored checking account options: Advantage SafeBalance, Advantage Plus, and Advantage Relationship Banking.
These accounts come with their own set of features, including potential monthly fee waivers and various overdraft handling methods. Plus and Relationship account holders can also avail of overdraft protection.
To open an account, a $100 initial deposit is required, and there is a $12 monthly fee, which can be waived with a minimum balance of $1,200 or other qualifying deposits. Customers can further benefit from a competitive 4.20% rate on CDs.
Bankers Trust, located in Des Moines, serves customers in Iowa and Arizona, offering a variety of bank accounts including ones with tiered interest rates. New customers have a chance to get a $250 bonus when they opt for a participating checking account.
Opening an account is quite accessible, requiring just a $25 initial deposit and no minimum balance. Additionally, customers can avoid the monthly fee by making at least 12 debit card transactions a month.
In terms of savings, the bank offers 0.60% APY on checking accounts, 1.45% APY on savings accounts, and a high 4.55% APY on CDs, giving customers various avenues to grow their savings while enjoying flexible banking solutions.
MidWestOne Bank stands as a top choice in Iowa, particularly noted for its stellar customer service. This regional bank operates 45 branches in several states, including Iowa, Florida, and Wisconsin.
There are numerous locations in Iowa, including Davenport, Iowa City, Waterloo, Cedar Falls, Coralville, and many more.
To open a checking account, you’ll need an initial deposit of $100, but there is no monthly maintenance fee or minimum balance requirement.
On the savings front, the bank offers a 1.00% APY on money market accounts and a 2.47% APY on CDs, providing reasonable avenues for growing your savings with MidWestOne Bank.
The bank also offers attractive financing options on auto and personal loans, which is a plus for borrowers.
How to Choose the Best Bank In Iowa
Choosing the best bank in Iowa is not solely about opting for the most popular or the one with the most branches. The ideal bank for you will align with your financial needs, lifestyle, and long-term goals. Here are some factors to consider when selecting a bank or credit union in the Iowa:
Services offered: What are your banking needs? Some individuals require basic checking or savings accounts, while others may be in the market for mortgages, business loans, or investment services. Make sure that the bank you select offers the specific services you need.
Fees: While many banks and credit unions advertise free accounts, they might have stipulations such as required minimum balances. Look into monthly maintenance fees, ATM fees, and any other charges. Some banks might offer waivers for these fees under certain conditions.
Branch and ATM accessibility: If you prefer in-person banking, consider the proximity of branches to your home or workplace. In addition, the availability and reach of a bank’s ATM network can significantly impact your banking experience, especially if you frequently withdraw cash.
Online banking capabilities: With the advancement of technology, online and mobile banking have become essential. Check if the financial institution offers a user-friendly online platform and mobile app. Features like mobile check deposit, bill pay, and real-time alerts can be incredibly convenient.
Customer service: Good customer service can make all the difference, especially when you run into an issue. Research reviews or ask friends and family about their experiences. Some banks might also offer 24/7 customer support, which can be beneficial for those in need of urgent banking assistance.
Interest rates: If you’re looking to open a savings account or take out a loan, interest rates can play a significant role. Compare rates from different banks and credit unions to ensure you’re getting the best deal.
Safety and security: Make sure the bank is FDIC-insured, or the credit union is NCUA-insured, which means your deposits are protected up to the insured limit. Also, inquire about the bank’s security features, especially for online and mobile banking.
Community engagement: Many people prefer banks that invest in their local communities. Some banks actively participate in community events, sponsorships, or offer programs to assist local businesses and residents.
Personal recommendations: Sometimes, the best insights come from friends, family, or coworkers. Their personal experiences can provide a clearer picture of what to expect.
Additional perks: Some banks offer extra perks like rewards programs, cash back on purchases, or special deals for members. While these shouldn’t be the sole reason for choosing a bank, they can be a nice bonus.
Bottom Line
The best banks in Iowa offer great customer service and easy access to your funds. To ensure you make the right choice, consider not only these factors, but also the range of financial products, accessibility, and technological innovation each bank provides. As you compare different banks and credit unions, keep in mind your specific financial needs, preferences, and goals, such as low fees, competitive interest rates, or specialized services.
Once you’ve found the bank that is right for you, it’s essential to regularly review your bank account and stay informed about new offers and changes in rates and amenities. By doing so, you can maximize your financial benefits and adjust your banking relationship as your needs evolve. Ultimately, the best bank for you will consistently deliver on all fronts, helping you achieve financial stability and success in Iowa.
Stephanie Faris is a professional finance writer with more than a decade of experience. Her work has been featured on a variety of top finance sites, including Money Under 30, GoBankingRates, Retirable, Sapling, and Benzinga.
