12 Best Banks in Rhode Island for 2024

You’re not just limited to in-person banking; TD Bank has a strong mobile banking app where you can handle the majority of your banking needs.

If you’re looking for a checking account, consider TD Bank’s Convenience Checking. This option allows you to avoid the $15 monthly fee if you maintain a daily balance of just $100.

If you’re a new customer, you might be eligible for a $300 bonus if you fulfill certain requirements in the first 60 days. The best part? You don’t have to worry about a minimum deposit or minimum balance requirement.

When it comes to interest rates, TD Bank doesn’t disappoint. You can get up to a 4.00% APY on savings accounts and up to 5.00% APY on CDs.

Other advantages include extra time to sort out any overdrafts and around-the-clock online customer service. All of these features make TD Bank a strong contender for anyone looking for the best banks in Rhode Island.

The savings account boasts a remarkable 4.60% APY, while the checking account provides a decent 0.50% APY. Best of all, you won’t encounter any monthly fees when banking with SoFi.

A standout feature is the early direct deposit, which allows you to receive your paycheck up to two days earlier than with traditional banks.

When it comes to security, SoFi offers robust protection. Your funds are FDIC-insured up to $2 million, and there’s also overdraft protection to cover you for up to $50, provided you meet the direct deposit eligibility criteria.

As a new customer, you’ll get a warm welcome in the form of a bonus that ranges from $50 to $300, depending on your initial deposit.

Additionally, if you’re someone who loves to travel or is always on the go, you’ll appreciate the access to 55,000 Allpoint® ATMs worldwide.

But don’t let its local status fool you; Bank Rhode Island offers a robust lineup of online and mobile banking features like online bill pay, debit card management, and the option to deposit checks via your smartphone.

For everyday banking, their Easy Checking account is a great starting point. It comes with a $6 monthly fee, but this can be eliminated with just a single direct deposit each month.

If you’re 55 or older, you’re in luck—the account is free with no conditions. Opening an account is simple, requiring just a $50 initial deposit, and you won’t have to worry about maintaining a minimum balance afterward.

Beyond personal banking, BankRI also offers a comprehensive suite of business and commercial banking services, providing a versatile choice for both individuals and business owners. They also offer competitive rates on home loans, rounding out their offerings.

The checking account comes with a $5 monthly fee, which is waived if you set up direct deposit. The bank also has partnerships with 90,000 retail locations for cash deposits and provides an early direct deposit feature, enabling you to receive your paycheck and government benefits ahead of schedule.

For unplanned financial situations, GO2bank has an overdraft protection plan that offers a safety net of up to $200. Additionally, the bank helps you with credit building through its Secured Visa Credit Card.

With no minimum balance requirements for its accounts and a range of features designed to make banking easier, GO2bank offers a comprehensive and accessible online banking experience.

When it comes to checking accounts, Citizens Bank offers options that suit various needs. The basic checking account comes with a $9.99 monthly fee, which can be easily waived with just one deposit per month.

For those interested in higher savings rates and additional perks like investment matching, the Citizens Quest checking account is available for a $25 monthly fee.

In terms of earning interest on your money, Citizens Bank offers up to 4.50% APY on CDs. The bank also stands out for its robust rewards program for CitizensPlus members and cash-back credit card offers.

The Simply Right Checking Account is particularly noteworthy, since it waives the $10 monthly fee with just one transaction. The bank account also has a low minimum opening deposit of $25.

While savings account rates are on the lower end, Santander Bank excels when it comes to money market accounts and CDs, offering rates as high as 4.25% and 5.50% APY respectively. These options are ideal for those looking to grow their savings more aggressively.

The bank doesn’t stop at deposit accounts; it also offers wealth management services and has a highly-rated mobile banking app.

With its mix of competitive rates, low fees, and variety of services, Santander Bank positions itself as a strong choice for consumers seeking a comprehensive banking experience.

The bank requires a $25 minimum deposit to open a free checking account, which comes with the added benefit of no monthly maintenance fees.

If you’re looking to grow your savings, BankNewport offers competitive rates, including up to 5.00% APY on CDs and 2.00% APY on money market accounts.

However, if you frequently travel outside Rhode Island, be aware that free cash withdrawals are limited to the bank’s 20 in-state ATMs. Some of these are Personal Teller Machines, offering the convenience of speaking with a live bank representative without going into a branch.

For checking, the bank offers several options, but the Advantage Plus account stands out for its versatility. It comes with a $12 monthly fee that can be waived by meeting certain requirements, such as making a monthly deposit of at least $250, maintaining a $1,500 daily balance, or being enrolled in Preferred Rewards.

To open the account, a $100 minimum deposit is required. While its savings accounts have lower rates, the bank does provide up to 4.50% APY on CDs.

When it comes to checking accounts, HarborOne offers choices tailored to various needs. The FreePlus checking account is free, but limited to those under 19 or over 64.

For account holders in between these ages, the i-Checking account comes with a nominal $2 monthly fee, which is waived if you maintain a daily balance of at least $200. A minimal $10 deposit is needed to open an account.

HarborOne also offers up to 3.00% APY on savings accounts and up to 5.25% APY on money market accounts. Beyond banking, the institution extends competitive rates on personal and auto loans, along with various services tailored for small businesses.

The institution also provides an alternative for those who’ve faced banking challenges in the past, with their New Beginnings checking and savings accounts.

The credit union provides up to 5.00% APY on CDs and up to 4.00% APY on money market accounts. ATM access is offered both through Navigant’s own machines and those of Rhode Island Credit Union.

In addition, Navigant extends affordable personal loans and a range of services designed for businesses.

The bank offers an array of financial products, including CDs with up to 5.25% APY and money market accounts with up to 2.40% APY.

If you’re in need of mortgage loans, credit cards, or wealth management services, Centreville Bank has you covered. You can even speak to their financial planners for help with education and retirement planning.

Additionally, Centreville Bank provides convenient access to ATMs via a partnership with the SUM network, and some ATMs even offer access to live bank representatives.

With competitive mortgage rates added to the mix, Centreville Bank rounds out its offerings to make it one of the best banking options in the state.

There’s no minimum deposit required to open an account and no daily balance requirement.

What makes Chase especially appealing is their current offer of a $200 bonus for new Total Checking account customers.

In addition to checking accounts, the bank offers credit cards with lucrative rewards options and bonuses. If you’re interested in fixed-term savings, Chase offers CDs with rates of up to 3.75% APY.

Chase provides free cash withdrawals at over 16,000 ATMs across the nation. With such an extensive list of perks, Chase Bank stands as a strong option for those seeking traditional banks.