Louisiana is a unique state, packed with interesting attractions, delicious food, and beautiful landscapes. But the state is also home to millions of residents in need of banking services. The best banks in Louisiana offer plenty of amenities, including low-fee checking accounts and access to ATMs where you need it.
11 Best Banks in Louisiana
Whether you’re looking for a national bank or a small regional bank, the best banks depend on the features that matter most to you. Here are some of the top banks in Louisiana to help you narrow down your options.
Red River Bank is a prominent local bank with branches throughout Louisiana, known for its excellent customer service and extensive network of branches. Their Totally Free Checking account is especially noteworthy, as it offers the freedom of no monthly fees or minimum balance requirements.
If you’re located in one of nine participating parishes in Louisiana, Neighbors Federal Credit Union presents a solid banking alternative. Membership is available to individuals who reside, work, attend school, or engage in religious activities in areas such as East Baton Rouge, Livingston, and several others.
Ally Bank serves as a robust option for those who favor online and mobile banking solutions. You can open a free checking account that accrues interest, a feature extended to their online savings account as well. It also comes with no monthly fees, no overdraft fees, and no minimum deposit.
How to Choose the Best Bank in Louisiana
After going through our rankings of the best banks in Louisiana, you may still wonder which financial institution is the right match for your needs. While our list offers a solid starting point, choosing a bank involves multiple considerations beyond rankings alone. Here are some guidelines to help you make an informed choice.
- Evaluate your needs: Before you decide on a bank or credit union, know what you’re looking for. Are you interested in high-yield savings accounts, or is a robust suite of online services more your focus? Maybe you want a bank with physical branches nearby. Your specific needs will guide you toward the best bank for your situation.
- Locations and ATM access: While online banking is increasingly popular, having access to a physical branch can still be valuable. Consider the proximity of branches and ATMs to your home or workplace. Some banks also partner with ATM networks that allow free withdrawals nationwide.
- Account features: Look at the specific features of checking and savings accounts. Examine interest rates, fees, and minimum balance requirements. Make sure the bank offers the kinds of bank accounts that align with your objectives.
- Online banking: Online and mobile banking features are crucial for many people. Assess the usability of a bank’s digital platforms, paying attention to ease of use, security features, and what services can be carried out online or via mobile banking app.
- Customer service: Research how easy it is to get in touch with customer support, as well as the quality of the support provided. Read customer reviews or ask for recommendations from family and friends. The experience of existing members can provide valuable insights into what you can expect.
- Reviews and ratings: Financial health ratings and customer reviews can help confirm the reliability of a bank. Websites and consumer reports often publish ratings and reviews that can give you a better idea of a bank’s reputation and stability.
- Special perks and benefits: Some banks offer perks like welcome bonuses, free checks, overdraft forgiveness, safe deposit boxes, or rewards programs. Consider these extra features as a tiebreaker if you’re torn between a few good options.
Types of Banks to Consider in Louisiana
When it comes to analyzing the best banks in Louisiana, you’ll find that there are several types of financial institutions to consider. Each comes with its own set of advantages and drawbacks, and the best choice will depend on your specific needs and financial goals. Below is an overview of the different kinds of banks you might encounter.
National banks are comprehensive financial institutions offering a broad range of banking services like checking accounts, savings accounts, mortgages, loans, and more. They often have multiple branch locations, making them convenient for in-person services. However, they may also come with higher fees and lower rates on savings accounts compared to other options.
These are larger than community banks but smaller than national banks. They operate in specific geographic areas and aim to balance the personal service of a community bank with the resources and technology of a larger institution.
Community banks focus on the local markets and provide personalized attention. They are more likely to consider your whole financial picture and not just your credit score when you apply for loans. Their smaller size often means fewer services and technology options, but many people value the relationship-oriented approach.
Online-only banks operate entirely over the internet, which often allows them to offer higher interest rates and lower fees. These banks are ideal for those who are comfortable managing their finances digitally. However, the lack of physical branches can be a drawback for those who prefer in-person services.
Credit unions are member-owned, non-profit institutions that often offer competitive interest rates on savings accounts and loans. Membership might be based on your employer, place of residence, or other affiliations. Credit unions are known for their member-friendly services, but may have fewer locations and technological offerings.
Choosing from the best banks in Louisiana involves considering various factors, including interest rates, bonus offerings, and customer service. Whether you prefer a bank with physical branches such as Chase Bank or Hancock Whitney Bank, or prefer online alternatives like SoFi and Axos, Louisiana caters to a wide range of financial needs.
Take time to assess the unique offerings of each bank to find the one that aligns perfectly with your financial goals. Remember, a well-chosen bank can be a powerful ally in securing a robust financial future.