12 Best Banks in Rhode Island for 2024

It might be a small state, but Rhode Island has plenty to offer, from its beautiful coastline to its delicious food. Robust healthcare and tourism industries keep plenty of people employed in the state, and all those people need great banking options.

Whether you live in Providence, Newport, Cranston, or one of the many small towns in Rhode Island, there’s likely a banking option that will meet your needs. Rhode Island features a combination of national, local, and regional banks, along with the many online accounts available wherever you live.

Welcome to Rhode Island

12 Best Banks in Rhode Island

There’s a bank around every corner in Rhode Island, but with online banking, you don’t even have to leave the house to do most of your banking. Still, when you need cash or customer service, it can be helpful to have a bank with a local presence. To help you make an informed decision, here’s a list of the best banks in Rhode Island.

1. TD Bank

TD Bank is a national bank with 9 branches in Rhode Island, including Providence, Cranston, Warwick, and Pawtucket. If you’re on the move, the bank also has locations in many other states, which adds an extra layer of convenience.

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.

2. SoFi

SoFi has made a name for itself as an online bank that offers excellent interest rates on its Checking & Savings accounts.

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.

3. Bank Rhode Island

Bank Rhode Island, or BankRI, is a standout choice for those who prefer banking with a local bank in Rhode Island. With 21 branches and 30 ATMs scattered across the state, accessibility is a strong point for this bank.

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.

4. GO2bank

GO2bank is an online bank that consolidates all your banking needs into one user-friendly app, allowing for tasks like mobile check deposit and easy transfers between checking and savings accounts. The high yield savings account offers an impressive 4.50% annual interest on balances up to $5,000.

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.

5. Citizens Bank

Citizens Bank is a regional bank headquartered in Providence with a strong focus on the Rhode Island area. Unlike many larger banks, it offers personalized customer service while still providing the amenities you’d expect from a national bank.

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.

6. Santander Bank

Santander Bank operates in multiple states and offers various financial products to serve the needs of its diverse customer base.

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.

7. BankNewport

BankNewport is a community bank in Rhode Island with 18 branches and a specialized commercial lending office. With various business and personal banking options, it aims to serve the financial needs of local residents.

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.

8. Bank of America

Bank of America is a go-to option for Rhode Island residents who find themselves on the move, thanks to its 3,900 financial centers and approximately 15,000 ATMs across the nation. Coupled with its award-winning mobile app, the bank makes managing your finances easy, no matter where you are.

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.

9. HarborOne Bank

HarborOne Bank serves as a local banking option with branches mainly in Rhode Island and Massachusetts. Customers also have the advantage of using MoneyPass ATMs nationwide without incurring fees.

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.

10. Navigant Credit Union

Navigant Credit Union offers several options that make it a strong choice for Rhode Island residents. To avoid the $10 monthly maintenance fee on checking accounts, you can either maintain a balance of $500, sign up for monthly direct deposit, or be 50 years of age or older.

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.

11. Centreville Bank

Centreville Bank, headquartered in West Warwick, is a strong choice for those looking to bank locally in Rhode Island. With no monthly fees and a modest $25 minimum deposit to open a checking account, it’s a financially accessible option.

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.

12. Chase Bank

Chase Bank offers a comprehensive range of financial services and has branches in Rhode Island and 47 other states. Their Chase Total Checking account has a $12 monthly service fee, which can be waived if certain conditions are met.

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.

How to Choose the Best Bank in Rhode Island

Selecting a bank is a significant financial decision that requires careful consideration of various factors. From the types of accounts offered to the level of customer service, each bank has its own set of features that may or may not align with your individual needs. Here are some key criteria to help you choose the best bank in Rhode Island for your unique financial situation.

  • Types of accounts: The first step in choosing the best bank for you is to consider the types of accounts you’ll need. Whether it’s a checking account, savings account, certificate of deposit (CD), or a money market account, each of the best banks in Rhode Island will offer a range of options with different benefits, interest rates, and fees.
  • Interest rates: Interest rates can make a significant difference in how quickly your money grows. Find out what savings accounts, CDs, and checking accounts have the highest annual percentage yield (APY). The best bank in Rhode Island for you will offer competitive rates that help you maximize your earnings.
  • Fees: Fees can quickly eat into your savings or add to your expenses. Look out for monthly maintenance fees, overdraft fees, and ATM fees. Many of the best banks in Rhode Island offer options to waive these fees based on certain requirements, such as a minimum balance requirement or setting up direct deposits.
  • Accessibility: Consider how you would like to interact with your bank. If you value face-to-face interaction, you might prioritize banks with local branches. On the other hand, if you’re comfortable with online banking, you might opt for a bank that offers a robust mobile app and online services. Evaluate the ATM network too; having access to a wide range of ATMs could be crucial if you frequently need to withdraw cash.
  • Customer service: Good customer service can make all the difference in your banking experience. Check online reviews or get recommendations from friends or family to find the best bank in Rhode Island when it comes to customer service. Whether it’s quick response times, helpful staff, or easy dispute resolution, the quality of customer service should be a deciding factor.
  • Additional services: Banks often offer additional services such as credit cards, loans, and investment options. If you’re interested in these services, make sure the bank you choose offers competitive rates and terms. Some of the best banks in Rhode Island offer comprehensive financial services, from personal loans to wealth management.
  • Security features: In this digital age, the safety of your financial information is paramount. Ensure that the bank you choose employs state-of-the-art security measures like two-factor authentication, encryption, and fraud monitoring.
  • Flexibility and convenience: Lastly, the best bank for you will fit seamlessly into your lifestyle. Whether you’re looking for a bank that opens early, stays open late, or offers 24/7 customer support, your convenience should be a top priority in your decision-making process.

By taking the time to evaluate these factors, you can confidently select the best bank in Rhode Island to cater to your financial needs and goals.

Types of Banks in Rhode Island

When looking for the best bank in Rhode Island to fit your needs, you’ll come across various types of financial institutions, each with its own advantages and disadvantages. Here’s a brief overview of the types of banks you’ll find in the Ocean State:

National Banks

These are large institutions with branches and ATMs spread across multiple states. They offer a wide variety of services and often come with advanced technology features like robust mobile banking apps. Bank of America, Chase Bank, and TD Bank are prime examples of national banks with a significant presence in Rhode Island.

Regional Banks

Smaller than national banks but larger than community banks, regional banks focus on a specific area or group of states. They offer a balance between personalized service and a wide range of financial products. Citizens Bank and Santander Bank serve as a good examples of regional banks with strong ties to the Rhode Island area.

Community Banks

Focused primarily on local residents and businesses, community banks provide personalized service and are often heavily involved in local events and initiatives. Bank Rhode Island and BankNewport are community banks that have a strong focus on serving the local Rhode Island population.

Online Banks

Online banks operate primarily or solely online, typically offering higher interest rates due to lower overhead costs. If you’re comfortable managing your finances digitally, SoFi and GO2bank are online-only banks that provide services to Rhode Island residents.

Credit Unions

Owned by their members, credit unions often provide lower fees and higher rates on deposits. Membership might be based on location, employment, or other criteria. Navigant Credit Union and Coastal1 Credit Union are member-owned institutions serving the Rhode Island community.

Bottom Line

Finding the right banking partner can take time, but knowing the features that matter most to you can help. Whether you’re looking for great rates on deposits, excellent customer service, or a wide network of ATMs, the best banks in Rhode Island offer something for everyone. Assess your individual banking needs to find the perfect match for you. Happy banking!

Stephanie Faris
Meet the author

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.