14 Best Banks in Tennessee for 2024


Choosing the right bank can be a big decision, affecting everything from your day-to-day financial transactions to long-term investments and savings. In Tennessee, you’re in luck: the state offers a mix of local community banks, regional powerhouses, and national giants, each with their own set of perks and services. Whether you’re looking for top-notch customer service, the best interest rates, or an extensive ATM network, you’ll find a bank that suits your needs.

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14 Best Banks in Tennessee

In a state as diverse as Tennessee, it’s no surprise that the banking options are equally varied. Our list of the best banks in Tennessee offers a blend of personal and business banking services, cutting-edge digital platforms, and solid financial stability. From established names to growing newcomers, these banks represent the best of what Tennessee has to offer in banking.

1. U.S. Bank

U.S. Bank is a strong contender for those looking for a well-rounded banking experience in Tennessee. Offering the local touch you might expect from a community bank, the bank also provides an extensive range of services often associated with national banking giants.

U.S. Bank is currently welcoming new applicants with a special offering:

  • Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities.
  • Subject to certain terms and limitations. Offer valid through September 26, 2024. Member FDIC.
  • Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.

The account includes a free debit card that can be locked or unlocked if ever misplaced or stolen. There are no ATM transaction fees at U.S. Bank ATMs and no surcharge fees at over 40,000 MoneyPass® Network ATMs.

The checking account requires a $25 opening deposit and a $6.95 monthly fee. This fee can be waived for those 24 and under, 65 and over, or military members (must self-disclose).

Additionally, the fee can be waived with monthly deposits of $1,000+, an average balance of $1,500+, or holding an eligible U.S. Bank credit card. Qualifying for any Smart Rewards® tier (Primary, Plus, Premium, or Pinnacle) also waives the fee.

2. First Citizens Bank

First Citizens Bank is a time-honored institution with roots going back to 1898. Over the years, the bank has expanded its reach significantly and currently operates branches in 21 states across the nation.

In Tennessee, First Citizens Bank has made itself accessible by establishing branches in seven strategic locations, covering key cities like Chattanooga, Franklin, Johnson City, Knoxville, and Nashville.

When it comes to affordability and ease, First Citizens Bank excels, especially in the checking account department. Customers enjoy no monthly maintenance fees when they opt for paperless statements. Opening an account is also a breeze, requiring just a $50 initial deposit and no minimum balance thereafter.

But First Citizens Bank is more than just checking accounts. The bank offers a suite of financial products to cater to a wide range of needs. You can explore their savings accounts, rewards credit cards, and business loans, among other services.

For those who appreciate the convenience of mobile banking, First Citizens Bank has you covered with a robust mobile platform, making it easier than ever to manage your finances while on the move.

3. SoFi

SoFi distinguishes itself as a modern online bank offering attractive interest rates. With 4.60% APY on savings and 0.50% APY on checking—plus no monthly fees—you can grow your money effortlessly.

The online bank also offers early direct deposit, which means you could get your paycheck up to two days earlier than usual.

Your deposits are FDIC-insured up to $2 million, and you can also enjoy up to $50 in overdraft coverage if you meet certain criteria. New customers can earn a welcome bonus ranging from $50 to $300 based on their initial deposit.

For cash needs, SoFi provides access to over 55,000 Allpoint® Network ATMs, adding convenience to an already impressive list of features. Overall, SoFi is a strong option for those who prioritize high yields and added perks.

4. Fifth Third Bank

Fifth Third Bank is a major banking institution in the Midwest and Southeast, including Tennessee, with a network of 1,087 full-service branches spread across 11 states. The bank offers a broad spectrum of financial products, catering to both basic and complex financial needs.

Opening a checking account with Fifth Third Bank is simple and cost-effective. The bank doesn’t charge a monthly maintenance fee, and there’s no requirement for a minimum deposit or balance.

Once you’re a customer, the benefits continue, with fee-free ATM access at Fifth Third Bank’s own 2,100 locations as well as a broad network of over 40,000 partner ATMs nationwide.

What sets Fifth Third Bank apart is its competitive CD rates. Particularly noteworthy is their 7-month CD offering a compelling 5.00% APY.

Additional perks like the Early Pay feature, allowing you early access to direct deposit funds, and a grace period for resolving overdrafts offer an added layer of convenience and financial security.

5. Regions Bank

Regions Bank is a strong contender for your banking needs in Tennessee, boasting nearly 200 branches in key cities such as Brentwood, Clarksville, Cleveland, Jackson, Johnson City, Knoxville, Memphis, Murfreesboro, and Nashville.

What distinguishes Regions Bank is its unique checking account rewards program and its LifeGreen Savings account, which is free from monthly maintenance fees. Those interested in CDs will find a wide range of terms available, from as short as seven days to as long as 72 months.

The bank enhances your financial experience with a comprehensive mobile app and round-the-clock customer service through a secure online messaging system. Whether you’re looking for convenient branch access, lucrative rewards, or both, Regions Bank is a versatile option for those living in Tennessee.

6. FirstBank

FirstBank serves as a dedicated community bank, with a history that dates back to 1906. Committed to fulfilling the financial needs of its local customers, the bank offers a comprehensive suite of personal banking services.

This includes personal checking and savings accounts, along with mobile and online banking capabilities, personal lending options, and a selection of debit and credit cards. Overdraft services are also available for added convenience.

In addition to its personal banking sector, FirstBank extends its services to the business community. Businesses can take advantage of checking and deposit accounts, business lending options, as well as mobile and online banking designed for corporate needs. Treasury management and business debit and credit cards round out their business offerings.

Beyond everyday banking, FirstBank also specializes in mortgage lending, including loans for manufactured homes. Investment and trust services are available, adding an extra layer of financial planning and security for its customers.

7. Eastman Credit Union

Eastman Credit Union was founded in 1934 and based in Kingsport, Tennessee. It offers a wide range of financial services to those who live, work, or go to school in specific communities, or meet other requirements.

For personal banking, Eastman Credit Union provides options like “ECU Beyond Free Checking,” savings accounts, money market accounts, and investment certificates.

They also offer IRAs and asset management services. On the lending side, the credit union provides auto, mortgage, RV & Powersports, personal, student, and equipment loans, along with title and escrow services.

Credit card options include rewards programs and a dedicated app for managing your card. For business clients, Eastman Credit Union offers business checking and savings accounts, business loans, and additional business services.

8. Cadence Bank

Cadence Bank has grown from humble beginnings into a regional bank with branches across multiple states, including Tennessee. Locations across the Volunteer State include notable cities like Memphis, Brentwood, Chattanooga, Franklin, and Germantown.

The bank offers various account options, such as the “My Way” checking account. To waive the $8 monthly fee, customers can maintain a $250 balance, make five debit card purchases each month, have at least one direct deposit of $100 or more, or be a student under 25. Opening an account requires a $50 initial deposit, and there is a $250 minimum balance requirement.

When it comes to saving, Cadence Bank offers an impressive up to 4.49% APY on CDs. The bank also provides specialized accounts for seniors over the age of 62 and offers a suite of wealth management services to its clientele.

9. Truist Bank

Truist Bank distinguishes itself with a unique set of features and rewards that cater to a diverse range of financial needs for Tennesseans.

The Truist One checking account is a highlight, offering a 10% loyalty bonus based on your monthly balance. Add a Truist credit card to the mix, and you can earn an additional 10% bonus.

Starting a checking account is simple, with a $50 initial deposit and no minimum balance requirements. There is a $12 monthly fee.

However, there are several ways to have it waived, such as setting up a monthly direct deposit of $500 or more, maintaining a daily balance of $500 in all Truist accounts, or holding a qualifying Truist credit card or loan. Students aged 25 or younger can also benefit from a fee-free account.

Beyond deposit accounts, Truist offers a wide array of financial services including Health Savings Accounts (HSAs), prepaid cards, money account products, mortgages, home equity lines of credit, personal loans, investment products, retirement accounts, and insurance.

To manage all these offerings seamlessly, the Truist Mobile app allows for easy account management, mobile check deposits, money transfers, and branch locations at your fingertips.

10. First Horizon Bank

First Horizon Bank is a regional bank with a notable footprint in Tennessee and other Southeast states. In Tennessee, the bank offers convenience through fee-free ATM transactions at numerous First Horizon locations, as well as at Allpoint ATMs nationwide.

Opening a checking account is simple and budget-friendly, requiring just a $50 initial deposit. What’s more, there are no monthly fees or minimum balance requirements, making it easy to maintain your account.

One of the standout features of First Horizon Bank is its competitive interest rates. Savers in Tennessee can earn an exceptional 5.38% APY on money market accounts and a robust 2.78% APY on savings accounts.

Beyond individual banking needs, First Horizon also caters to businesses with various banking options and offers wealth management services for those looking to secure their financial future.

11. Wilson Bank & Trust

Wilson Bank & Trust stands as a well-established local bank with 29 branches specifically catering to the communities in middle Tennessee. Offering a diverse range of financial products for both individual and business needs, you can find checking and savings accounts, CDs, IRAs, and Health Savings Accounts (HSAs).

For business owners, Wilson Bank & Trust also extends its services to include business deposit accounts such as checking, money market accounts, and CDs.

The bank’s digital capabilities shouldn’t be overlooked; its website and mobile app facilitate a smooth banking experience, enabling features like loan payments, balance checking, and mobile deposits.

Beyond everyday banking, wealth management services, investment options, and insurance services round out their comprehensive offerings.

12. Chase Bank

Chase Bank is the largest bank in the U.S., operating an extensive network of branches and ATMs across 48 states and the District of Columbia, and offering a plethora of financial products.

When opening a Chase Total Checking account, a current special promotion grants you a $200 bonus. Although the account comes with a $12 monthly fee, there are several ways to have this fee waived, such as maintaining a minimum balance or receiving direct deposits.

Chase also provides easy access to cash with over 15,000 fee-free ATMs nationwide. For those interested in longer-term savings, the bank offers competitive CD rates of up to 3.75%. Additionally, Chase is recognized for having some of the best rewards and travel credit cards available.

13. Bank of America

Bank of America is one of the largest national banks in the U.S., with a vast network of ATMs and branches that stretches across the country, including several locations in Tennessee. The bank’s offerings are comprehensive, covering everything from basic checking accounts to advanced wealth management solutions.

For those interested in opening a basic checking account, an initial deposit of $100 is required, along with a monthly maintenance fee of $12. However, once the account is open, there’s no need to maintain a minimum balance.

The bank offers the convenience of fee-free transactions at more than 15,000 Bank of America ATMs nationwide, adding to the ease of managing your finances.

In addition to basic banking services, Bank of America provides competitive interest rates on CDs, with rates reaching up to 4.75% APY. Customers can also take advantage of enticing bonuses for new credit card accounts and have access to Merrill Edge’s comprehensive wealth planning and investment services.

14. Bank of Tennessee

Bank of Tennessee is a community bank that has been locally owned and operated since its establishment in 1974. Headquartered in Kingsport, the bank serves its customers through a network of 21 branches across Tennessee and North Carolina.

The bank offers a comprehensive range of financial products and services, from checking and savings accounts to CDs, money market accounts, and IRAs. Additionally, Bank of Tennessee provides various lending options including personal loans, home loans, and home improvement loans.

For business clients, the bank also offers business checking accounts, business debit and credit cards, financing solutions, and business savings accounts.

How to Choose the Best Bank in Tennessee

Choosing the right financial institution can have a significant impact on your financial well-being. Whether you’re a long-time Tennessee resident or new to the area, you might be wondering how to identify the best banks in Tennessee for your needs. To make an informed decision, here are some important factors to consider:

  • Location and accessibility: One of the first things to look at is the bank’s geographic coverage. Is there a branch or ATM conveniently located near your home or workplace? Many of the best banks in Tennessee have branches in major cities like Nashville, Memphis, and Knoxville, but make sure you also consider your access to these locations if you live in a smaller town or rural area.
  • Range of services: What kind of banking services do you need? Some banks excel in personal banking, offering great rates on savings accounts, CDs, and various loan products. Others might specialize in business services like business checking accounts and commercial loans. Make sure the bank you choose offers a comprehensive range of services that align with your financial goals.
  • Fees and rates: Banks can have various fees, such as monthly maintenance fees, ATM fees, and overdraft charges. These fees can eat into your savings over time, so look for a bank with a fee structure that matches your banking habits. Similarly, if you’re looking for places to grow your money, consider the interest rates on savings accounts and CDs. Some of the best banks in Tennessee offer competitive interest rates that can help your money grow faster.
  • Online and mobile banking: An easy-to-use online banking system can make your life simpler. Check if the bank has a user-friendly website and mobile app where you can perform transactions like fund transfers, bill payments, and mobile check deposits. The best bank in Tennessee for you should offer modern and secure digital platforms to manage your finances effectively.
  • Customer service: Quality customer service can make a world of difference, especially when you encounter issues that require prompt resolution. Whether it’s 24/7 customer support or in-branch service, evaluate the bank’s reputation in this area to ensure you will get the assistance you need when you need it.
  • Reviews and recommendations: Don’t underestimate the value of word-of-mouth and online reviews. Talk to friends, family, or colleagues about their experiences with local banks. Online reviews can also provide valuable insights into customer satisfaction levels, which can help you make an informed decision when searching for the best bank in Tennessee.

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Dawn Allcot
Meet the author

Dawn Allot is a personal finance writer and content marketing expert specializing in finance, travel, real estate, and technology. In addition to her work at Crediful, Dawn regularly writes for Bankrate, GoBankingRates, and The Balance.