Pennsylvania has plenty to offer residents, including affordability and friendly neighbors. You’ll find small towns, big cities, and everything in between, and banks and credit unions to go with them.
But choosing a bank or credit union can be personal. You might prefer a local bank, where you can speak to a bank representative in person. For some, though, an online bank with premium high-yield savings account options works better. With so many Pennsylvania banks, it’s easy to find the option that meets your needs.
9 Best Banks in Pennsylvania
Looking for banking services in Pennsylvania? Here’s a list of the best banks in Pennsylvania, each offering a unique mix of services, rates, and perks.
1. First National Bank
First National Bank is a regional bank with a presence not only in Pennsylvania but also in Maryland, North Carolina, Ohio, South Carolina, Virginia, Washington DC, and West Virginia.
2. SoFi
SoFi is an online-only bank that’s garnered attention for its high-interest Checking & Savings account. With the high-yield savings account, you can earn up to 4.20% APY, and the checking account offers 0.50% APY. Additionally, there are no monthly fees.
3. Upgrade
Upgrade makes a compelling case as one of the top online banks in Pennsylvania, particularly for those interested in innovative banking solutions.
4. TD Bank
TD Bank is a national bank with an extensive footprint in Pennsylvania, boasting more than 180 locations across the state.
5. PNC Bank
PNC Bank is headquartered in Pittsburgh and has 273 branches in Pennsylvania. The bank offers multiple checking account options, including Standard Checking, which is fee-free if you maintain a daily balance of $500 or have at least $500 in monthly direct deposits.
6. Citizens Bank
Citizens Bank is a regional institution with a substantial presence in Pennsylvania, where it has 248 branches. Whether you’re in a big city like Philadelphia or a smaller town like Stroudsburg, you’re likely to find a convenient location.
7. Pennsylvania State Employees Credit Union
PSECU, short for Pennsylvania State Employees Credit Union, is the largest credit union in Pennsylvania. Membership is primarily open to state and local government employees, educators, students, select employers, and their families.
8. Philadelphia Federal Credit Union
Philadelphia Federal Credit Union, commonly known as PFCU, is a go-to option for those who live, work, study, or worship in Philadelphia or Columbia County.
9. Santander Bank
Santander Bank has a strong presence in multiple states, including Pennsylvania. The bank’s Simply Right Checking Account comes with a $10 monthly fee, but they waive it if you make just one transaction per month.
How to Choose the Best Bank in Pennsylvania
Choosing the best bank in Pennsylvania is an important decision that can significantly impact your financial well-being. While there are numerous options available, understanding your needs and priorities will help you identify which banks align best with your financial goals. Below are some key considerations to help you select from the best banks in Pennsylvania.
- Location and accessibility: The proximity of the bank’s branches and ATMs to your home or workplace is a crucial factor. If you often require in-person services, a bank with branches near you should be a priority. Additionally, consider a bank that has partnerships with widespread ATM networks for easy cash withdrawal.
- Types of accounts offered: Banks and credit unions offer a range of accounts, including checking, savings, money market accounts, and CDs. Review the types of accounts you need and choose a bank that offers those specifically.
- Fees and charges: Almost all banks charge some sort of account fees, but the types and amounts can vary widely. Look for bank accounts with no or low monthly maintenance fees, and understand the conditions for waiving them. Be aware of other potential costs like overdraft fees, wire transfer charges, and ATM fees if you use a machine outside the bank’s network.
- Interest rates: Interest rates can play a significant role in growing your savings. Some of the best banks in Pennsylvania offer competitive APYs on savings accounts, CDs, and even checking accounts. Always compare offers from multiple banks to get the best deal.
- Online and mobile banking: In today’s digital age, a user-friendly online banking interface is essential. Make sure the financial institution offers a robust mobile app and online banking platform for easy account management, including services like bill pay, money transfers, and remote check deposit.
- Customer service: Good customer service can be a lifesaver when you run into issues. Check reviews and consider banks that offer various channels for customer support, such as live chat, email, and a 24/7 hotline.
- Additional services: Many banks offer additional services like credit cards, loans, and wealth management. If you anticipate needing these services, choose a bank that offers them with competitive interest rates and fees.
- Special offers and promotions: Some banks offer bonuses and promotions for opening a new account, which can be an attractive incentive. However, make sure to read the fine print and understand any requirements you need to meet to qualify for these offers.
- Security: Ensure that the bank you choose is federally insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA) for credit unions. This protects your deposits up to $250,000 per depositor, per insured bank.
Types of Banks in Pennsylvania
In Pennsylvania, you have numerous banking options to suit different financial needs and preferences. Here’s a quick overview of the types of banks you’ll encounter:
National banks: These financial giants operate branches and ATMs across the country, setting them apart from regional and local banks. In Pennsylvania, Bank of America, Chase Bank, and Wells Fargo are prominent examples of national banks.
Regional banks: These banks operate in specific regions and often have a significant presence in particular states. Citizens Bank and PNC Bank are examples of regional banks you’ll find mainly in the Mid-Atlantic and Northeast.
Community banks: These are smaller banks that focus on local areas. Fulton Bank and Beneficial Bank are examples of community banks serving specific communities in Pennsylvania.
Online banks: These are online-only banks with no physical branches. They typically have higher rates on savings accounts, and lower rates on loans compared to brick and mortar banks. Examples of online banks include SoFi, Ally Bank, and GO2bank, all of which offer services to Pennsylvania residents.
Credit unions: These are member-owned institutions that often offer competitive rates and community-focused services. Pennsylvania State Employees Credit Union (PSECU) and Philadelphia Federal Credit Union are two of the best credit unions in the state.
Bottom Line
Pennsylvania offers a rich selection of financial institutions, each with its own set of features, advantages, and even drawbacks. From online banking options to traditional banks with physical branches in cities like Philadelphia, Pittsburgh, Erie, and beyond, the best banks in Pennsylvania are designed to suit various lifestyles and financial objectives.
Assessing your individual needs is essential when striving to find the best bank in Pennsylvania. So, whether you’re seeking an everyday checking account or planning for long-term savings, you’re sure to find an option that aligns with your financial goals. Happy banking in the Keystone State!