Best Banks and Credit Unions in Alaska
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1. Credit Union 1
Savings APY: 0.10%
CD APY: 0.20% increases with certificate type
Monthly Fees: $0
Federally Insured by: Federally insured by the National Credit Union Administration (NCUA)
How many branches are in the State? Credit Union 1 has 12 branches across the state and 25 ATMs spread across Alaska.
Pros:
- High APY on certificates
- Reliable union with excellent asset holding
- Low-interest rates on loan products
Cons
- Lengthy processes
- Lack of customer support
Credit Union 1 is one of the top credit unions in Alaska. The credit union was founded in 1952 and was initially named Anchorage Teachers Federal Credit Union. After merging with FedAlaska, Ward Cove, Frontier Alaska, and North Country Credit Union, the name was changed to Credit Union 1.
It was named to The Financial Brand’s “Top 100″ list of credit unions in 2016. In 2021, Credit Union 1 was named one of the top 49 businesses in Alaska by Alaska Business Monthly. The credit union, again in 2021 was one of the top three Best Places to Work (250+ employees) in Alaska by Alaska Business Monthly.
The credit union offers banking and financial services to anyone in the state. Its financial service offering includes savings accounts, certificates, retirement investments, consumer loans, credit cards, real estate services, and more.
As of December 2021, Credit Union 1 had assets worth $1.47 billion and over 100, 000 members.
2. Alaska USA Credit Union (AKUSA)
Savings APY: 0.10%
CD APY: 0.10%
Monthly Fees: $5 per quarter for a balance below $50
Federally Insured by: Federally insured by the National Credit Union Administration NCUA
How many branches are in the State? Alaska USA Credit Union (AKUSA)has over 5,500 shared branches in all 50 states of America and 55,000+ ATMs worldwide.
Pros:
- Low fee on checking and savings
- Access to a wide network of branches and ATMs
Cons
- Poor mobile application
- The high monthly fee for sharing savings
Alaska USA Credit Union (AKUSA) was founded in 1948 in Anchorage. It is the largest credit union in Alaska and also one of the largest credit unions in the United States. The credit union has more than 700,000 members globally and is one of the oldest credit unions. It allows anyone who lives in Alaska to become a member and the membership is also open to people living out of the state.
Alaska USA Credit Union (AKUSA) offers banking and financial services to individuals, and families including savings accounts, checking accounts, vehicle loans, personal loans, home loans, insurance, and financial planning support to retail customers.
For business sector, the bank offers banking services including business accounts, business lending, and other related services.
By the end of 2017, Alaska USA Credit Union (AKUSA) had $6.9 billion in assets. The credit Union is known for offering quality financial services and a worldwide presence.
3. ALPS Federal Credit Union
Savings APY: 0.10%
CD APY: NA
Monthly Fees: $0
Federally Insured by: Federally insured by the National Credit Union Administration NCUA
How many branches are in the State? ALPS Federal Credit Union has 2 branches in Alaska.
Pros:
- Personalized banking experience
- Lower rate of interest on loans
- Variety of savings account choices
Cons
- Limited branches
- Strict membership rules
Founded in 1956, ALPS Federal Credit Union is a not-for-profit financial cooperative. The credit union expanded in 2013 and started offering its services to Southeast Alaska. Today, It offers low-cost financial services to the local population of Alaska.
The credit union deals in personal checking, personal savings, business accounts, youth accounts, personal loans, credit cards, mortgages, commercial loans, and secured loans. They also offer financial consulting services, guiding their members on how to invest and maximize their wealth.
By the end of 2021, ALPS Federal Credit Union had 3,890 members and assets worth $74 million.
4. First National Bank Alaska
Savings APY: 0.05%
CD APY: 0.40%
Monthly Fees: $7
Federally Insured by: Federal Deposit Insurance Corporation
How many branches are in the State? The First National Bank Alaska has 27 branches and 29 ATMs across Alaska.
Pros:
- Low monthly fees
- Multiple account options
Cons
- Compromised interest rates on accounts
- Lack of proper customer service
First National Bank Alaska was founded in 1922. The bank has its headquarters in Anchorage, Alaska. It is the third-largest financial institution in Alaska and employs 95 employees across its branches.
The bank offers a comprehensive range of banking services including savings, checking, certificates, loans, and more to businesses, individuals, families, and industries. They also offer advanced banking solutions such as Card lending, consumer and business loans, escrow services, safety deposit facilities, and contractual collection.
The bank holds assets worth 3.81 billion and generates an income of 5.56 million per year. Their online banking services and mobile banking app is reliable and makes banking easier for customers.
5. Wells Fargo
Savings APY: 0.01%
CD APY: 0.01%
Monthly Fees: $10
Federally Insured by: Federal Deposit Insurance Corporation (FDIC)
How many branches are in the State? Wells Fargo has more than 8,050 branches and 13,000 ATMs spread across 35+ countries all over the world. It has 25 branches and 21 ATMs in Alaska alone.
Pros:
- Excellent customer service
- A premium account with a great interest rate
- Monthly fee with waive offs
Cons
- Minimum deposit required to open an account
- Low APY on savings and CDs
One of the largest banks in the United States, Wells Fargo is headquartered in San Francisco, California. The bank was founded in 1852 which makes it one of the oldest banks in the country. There are over 70 million customers of the bank around the globe which ranks it as the third-largest bank in America.
Wells Fargo is well-known for its comprehensive range of services including retail banking, mortgage lending, credit cards, and auto loans. The bank is the leader in the retail banking business but also holds a significant ranking in the wholesale banking market.
By the end of 2021, Wells Fargo had assets worth US$1.955 trillion. The bank is dedicated to customer care and offers 24/7 customer support without any conditions. It also has a reliable mobile application and offers online banking options.
