Montana is a beautiful place to live, with its waterways and mountainous terrain. If you live and work in the state, you likely need a great place to park your money. The best banks in Montana give you everything you need to pay your bills and manage your money, while also keeping fees to a minimum.
The banking industry in Montana is thriving, with a wide range of brick and mortar banks that include local, national, and regional banks. Online banking can be a great option, as well, offering reduced fees and savings rates that are above the national average.
14 Best Banks in Montana
This list offers a combination of different bank accounts to help you find the right combination of features to fit your needs.
1. U.S. Bank
U.S. Bank operates 21 branches across 14 towns in Montana. While the bank has ATMs throughout Montana, it doesn’t operate in every state.
2. SoFi
If you’re searching for a rewarding online banking experience with high interest rates, the SoFi Checking & Savings account is an outstanding option. This account eliminates monthly fees and offers an attractive 4.60% APY for savings and 0.50% APY for checking account balances.
3. First Interstate Bank
First Interstate Bank is a popular choice in Montana and many other states, having branches in places like Wyoming and Washington. One big advantage of choosing this bank is being able to use many ATMs nationwide without paying extra fees.
4. GO2bank
GO2bank is an online-only bank that integrates all your banking functions into its app. You’ll get most of the features you need to manage your bank account in the app, including mobile check deposit and the ability to transfer money from checking to your savings account.
5. Stockman Bank of Montana
Stockman Bank of Montana is a local bank. It stands as the largest family-owned bank in Montana, with several branches across the state.
6. Opportunity Bank of Montana
Opportunity Bank of Montana, located in Helena, is a community bank that extends its services nationwide through an expansive ATM network. They offer two free checking accounts to cater to different needs.
7. Glacier Bank
Glacier Bank is a regional bank that has over 220 branches in Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona, and Nevada. The checking account comes with no monthly fees, and there is no minimum deposit or balance required to maintain your account.
8. Chase
Chase Bank has a solid presence in Montana, with branches in cities like Helena and Billings. It also stands as a national powerhouse with over 4,800 branches across 48 states and D.C.
9. Farmers State Bank
Farmers State Bank is a community bank with several locations in Montana. You can start an account with a modest opening deposit of $25, and enjoy no monthly fees and no ongoing minimum balance requirements.
10. Trailwest Bank
Trailwest Bank, locally owned and operating in Ravalli, Missoula, Mineral, and Flathead counties, offers residents checking and savings options that come with a welcoming community touch. With an initial deposit of just $25, you can open a checking account that does not demand a daily minimum balance.
11. Ally
Ally shines as an online bank, especially with its attractive interest rates across multiple accounts. Its checking yields up to 0.25% APY, and the savings account offers an impressive 3.85% APY. A highlight for Ally account holders is the ‘spending buckets’ tool, aiding in effective budget management.
12. Independence Bank
Independence Bank stands out as a favored option among local Montana banks, featuring multiple physical branches throughout the state. It prioritizes in-person customer service, something characteristic of brick-and-mortar banks.
13. Valley Bank of Kalispell
Valley Bank of Kalispell has been a reliable part of the community for over a century, operating with a main office in downtown Kalispell and a loan office in Eureka. This bank offers a selection of basic checking accounts without monthly maintenance fees, each designed to suit different needs.
14. Wells Fargo
Wells Fargo is a national bank with a presence in 37 states through its 4,900 branches. A notable offer is the $300 bonus that new clients can secure by opening an Everyday Checking Account with a mere $25 and ensuring a total direct deposit of at least $1,000 within the initial 90 days.
How to Choose the Best Bank in Montana
Selecting among the best banks in Montana is a significant step in securing a financial pathway that caters to your lifestyle. It involves analyzing various elements that can fundamentally impact your banking experience. To help you make an informed decision, we’ve outlined the following factors:
Accessibility
Given Montana’s expansive landscape, proximity to physical bank branches can be a decisive factor. Many of the best banks in Montana offer an extensive network of branches, facilitating convenient access to banking services. Consider how vital in-person banking is to you and choose a bank that caters to this need proficiently.
Fee Structure
Banks have different fee structures, including monthly maintenance fees, ATM usage charges, and overdraft fees. A bank that offers low or no fees can potentially save you a significant amount of money in the long run. Analyze the fee structures of different banks to find the one that is most economical for you.
Interest Rates
Whether you’re looking for the best savings accounts, the best checking accounts, or CDs, interest rates can be a deal-breaker. Many of the best banks in Montana feature competitive interest rates, so you can maximize your savings. Always compare rates on various financial products before making your choice.
Safety and Security
Ensuring your deposits are safe should be a top priority. The best banks in Montana are insured by the Federal Deposit Insurance Corporation (FDIC), which means your deposits are typically protected up to $250,000 per depositor, per bank. This protection gives you peace of mind, knowing that your money is secure.
Additional Perks
Banks often lure customers with a range of additional perks, such as rewards programs, signup bonuses, and other financial incentives. Evaluate the perks offered by various banks and assess how beneficial they will be in your financial landscape.
Online and Mobile Banking
In today’s world, convenient online and mobile banking services are a must. The best banks in Montana offer secure and user-friendly platforms, accessible through both websites and mobile apps. Features usually include mobile check deposits, bill pay, and easy account management. Ensure your chosen bank provides these modern amenities to facilitate smooth banking operations.
Customer Service
Lastly, consider the quality of customer service. Responsive and helpful customer service can make your banking experience smooth and hassle-free. Take time to read reviews and possibly consult with current customers to get a sense of the service quality at different banks.
Remember, the “best” bank will vary based on individual preferences. Take time to assess your financial habits and goals, and use this understanding as a guideline to choose from the best banks in Montana. It might be beneficial to create a list of non-negotiables to help streamline your decision process further.
Types of Banks to Consider in Montana
When searching for the ideal banking partner in Montana, it is essential to understand the different types of banks available and what each one offers. Here, we outline the major categories of financial institutions you might consider:
National Banks
National banks have a presence across the country, often complemented by a wide array of services including personal and business banking, loans, and investment solutions. These banks are characterized by a vast network of branches, providing convenience, especially if you travel frequently or have financial interests in different states. Some popular national banks in Montana include U.S. Bank, Wells Fargo, and Chase.
Regional Banks
Regional banks operate in specific areas of the country, offering a somewhat narrower range of services compared to national banks. They balance the blend of local insights with the capabilities to offer a wide array of services. Banks like Glacier Bank and Stockman Bank of Montana are examples of regional institutions with a significant presence in the state.
Community Banks
Community banks are smaller financial institutions focused on serving the local residents of a specific area. They are known for their personalized service and in-depth understanding of the local community’s needs. Banks such as Valley Bank of Kalispell and Farmers State Bank fall into this category, providing a range of services tailored to meet the needs of Montanans.
Online Banks
Online banks operate exclusively on the internet, offering services without brick-and-mortar locations. These banks often offer competitive interest rates and lower fees due to their lower overhead costs. Chime, GO2bank, and Ally are examples of online banks providing Montanans with a range of services including online checking accounts, high-yield savings accounts, and budgeting tools.
Credit Unions
Credit unions are member-owned financial cooperatives that offer a range of banking services, typically at lower costs than commercial banks. They are known for their community-focused approach and generally offer personalized services to their members. In Montana, you can find several credit unions catering to different communities, providing a more personalized level of service.
