Best bank and credit unions in Alabama
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1) Navy Federal Credit Union
Savings APY: 0.40% with a $5 minimum balance
CD APY: 1-year – 3.00%, 3-year – 3.30%, and 5-year APY – 3.35%, with a minimum deposit of $1K
Monthly Fees: $0
Federally Insured by: National Credit Union Administration (NCUA)
How many branches are in the State? As per July 2022 stats, there are 350 branches globally. Members can use the CO-OP network of over 30,000 ATMs in the United States and Canada without paying charges or fees.
Pros:
- Certificates at competitive prices.
- Most savings and checking accounts have no monthly fees.
- A large network of fee-free ATMs.
- There is no monthly charge on savings or most checking accounts.
- You can freeze and unfreeze your cards.
- For unlawful transactions, there is no liability.
Cons
- Membership is confined to persons with military cooperation.
- There aren’t many branches.
Navy Federal Credit Union is a full-service financial bank that provides a wide range of goods and services. It’s an excellent fit for clients who are in the armed forces or are linked to someone who is. Those looking for simple bank accounts that yield interest and who desire a full-service credit union for all of their banking requirements.
From 7 members, Navy Federal Credit Union now has over 12 million from 7 members. They are serving a particular field of membership and this has been the fundamental goal of their vision statement. This small group of naval employees with similar goals from 1933 has grown to include officers and enlisted men and women of all branches of the military, veterans, DoD employees, and their family members.
2) Wells Fargo
Savings APY: 0.01% without minimum balance for Way2Save Savings Account 0.01% without minimum balance for Platinum Savings account
CD APY: 1-year – 3.00%, with a minimum deposit of $2500
Monthly Fees: $5 which can be avoided open account with $25
Federally Insured by: FDIC insurance
How many branches are in the State? The largest 4th bank in the United State is Wells Fargo. There are 13,000 ATMs and 8,050 branches.
Pros:
- Saving money with a bank account is simple.
- Debit card linked to a savings account.
- Monthly costs may be waived.
- Checking account bonus of $200
Cons
- Savings and CD rates are low.
- A minimum deposit of $2500 to open a CD.
- There are few CD alternatives.
- The Better Business Bureau has assigned it an NR rating.
Wells Fargo, which was formed during the California gold rush in 1852, has played an important role in American finance for 170 years and is the country’s 4th largest bank. The bank has sought to improve its reputation and regain confidence after being hit by several high-profile scandals in the middle of the 2010s by putting a strong emphasis on customer service and technological developments.
Wells Fargo offers its customers a wide range of traditional financial products and services. Savings accounts, checking accounts, certificates of deposit, and credit cards are examples of these.
3) Redstone Federal Credit Union
Savings APY: 0.25% without minimum balance
CD APY: Tier one – 0.5% with a $2K minimum deposit, Tier two – 0.6% with $5K, Tier three – 0.70% with a minimum deposit of $50K
Monthly Fees: $0 – $8
Federally Insured by: National Credit Union Administration (NCUA)
How many branches are in the State? Members of Redstone Federal Credit Union also have access to more than 75,000 ATMs located all over the country.
Pros:
- The monthly fee is negotiable. Direct deposit or 4 debit card transactions per month are options, and there are no fees for members aged 24 and under.
- NCUA provides insurance.
- Physical branch accessibility.
- Free debit card with the option to lock or unlock it if it is lost or stolen.
- Access to a nationwide ATM network.
- Wire transfers from domestic and foreign sources are free of charge.
Cons
- There is no signup bonus.
- Does not generate interest
- It is not FDIC-insured.
- Only two states have it.
- Fees for wire transfers are higher than normal.
- Monthly service fee
- Out-of-network ATM transactions are subject to a charge.
On November 28, 1951, Redstone Federal Credit Union opened its doors to assist those working at Redstone Arsenal. When the credit union was opened, there were eleven members and $55 worth of assets. Currently, more than 1,500 clubs, organizations, and corporations qualify for membership.
Alabama’s largest credit union, Redstone Federal Credit Union provides a variety of goods and services, such as savings and checking accounts, small business finance, and cash management options, as well as investment and insurance services. The credit union also has a real estate division that includes home equity loans and mortgage products.
4) Regions Bank
Savings APY: 0.01% with a minimum balance of $5
CD APY: 1-year – 0.03%, 3-year – 0.05%, and 5-year – 0.05% with a minimum deposit of $500.
Monthly Fees: $8 – $18 depending on service Lifegreen Checking, eAccess Checking, Preferred Checking, no fee for student checking
Federally Insured by: FDIC insurance
How many branches are in the State? In 16 Southern and Midwestern states, Regions Bank, its banking division, runs 1,952 ATMs and 1,454 branches.
Pros:
- Up to two days early, direct deposits are received.
- Three options for checking accounts that are free or cheap but packed with benefits.
- On balances up to $2,500, the Brighter Day Savings account offers an outstanding APY.
- 27 local branches
- Branch access is available in 15 states.
- There are numerous account options available.
- Certain deposits are the accessible same day.
Cons
- Access to banking requires membership.
- Some products, including savings and share certificates, could offer superior rates.
On July 13, 1971, First National Bank of Montgomery, Alabama (established in 1871), Exchange Security Bank of Birmingham, Alabama (established in 1928), and First National Bank of Huntsville, Alabama (established in 1871) merged to form Regions Financial Corporation, formerly known as First Alabama Bancshares (opened 1856)
The Regions Center in Alabama serves as the home office for the bank holding firm Regions Financial Corporation. The business offers trust, stock brokerage, mortgage, and retail and commercial banking services.
5) Truist
Savings APY: 0.01% with a minimum balance of $25
CD APY: 1- Year – 0.05%, 2- Year – 0.05% with a minimum deposit of $1K
Monthly Fees: $12 easy to waive
Federally Insured by: FDIC insurance
How many branches are in the State? 2,781 branches of the bank are present in 17 states and 3,000 ATMs in Washington, D.C.
Pros:
- In the Southeast, there are about 2,100 branches.
- different CD terms.
- It is possible to forego monthly service charges.
- No-fee checking accounts for overdrafts.
Cons
- Low-interest rates are paid.
- On the majority of accounts, monthly service costs.
- Early withdrawal penalties on CDs can range from low to severe.
Truist Financial Corporation is an American bank holding corporation headquartered in Charlotte, North Carolina. The corporation was created in December 2019 with the union of SunTrust Banks and BB&T (Branch Banking and Trust Company).
Banking products and services, including loans, deposit accounts, and investment management services are provided by Truist Bank. The full range of financial goods, including bank accounts, mortgages, loans, retirement planning, and more, are available to clients.
6) PNC
Savings APY: 0.01% with a minimum balance of $25
CD APY: 0.02% with a minimum deposit of $1K
Monthly Fees: $7
Federally Insured by: FDIC insurance
How many branches are in the State? PNC Bank has 2,629 offices and 9,523 ATMs across 27 states and the District of Columbia.
Pros:
- Bonuses for opening deposit accounts.
- Refund for ATM fees.
- A large selection of goods and services.
Cons
- Opening a stand-alone account is more challenging.
- Caution to take in order to be eligible for the greatest interest rates or fee waivers.
The initials of the bank’s two parent corporations, Pittsburgh National Corporation and Provident National Corporation, which merged in 1983, are the source of the name “PNC.” PNC Bank ranks among the top banks in the US in terms of assets, branches, deposits, and ATMs. It is also one of the largest banks worldwide.
Additionally, the business offers financial services such as information processing, asset management, wealth management, estate planning, and loan servicing.
7) Valley National Bank
Savings APY: 1% with a minimum balance of $10K
CD APY: 2.25% for 15 months with a minimum deposit of $500
Monthly Fees: $$15, waived with a minimum balance of $100
Federally Insured by: FDIC insurance
How many branches are in the State? Operates over 230 branch locations
Pros:
- The 25-month CD offers a respectable APY.
- Your All Access Rewards Checking will pay you $20 every month for a year. whenever you get eligible direct deposits.
- Additionally offered are loans, insurance, and investing.
- Branches in 10 cities in Alabama.
Cons
- Simple mobile banking application.
- Money market savings have a high initial balance requirement of $2,000 per account.
Valley Bank’s primary markets include New York, New Jersey, Florida, and Alabama. The name Valley National Bank was adopted, in allusion to the lower Passaic River valley shared by Wayne, Clifton, and Passaic. It provides a broad range of services such as banking, loans, insurance, and financial planning. One of the best aspects of Valley National banking is the All Access Rewards checking account. There are no fees or required minimum balances.
Accounts that can only be opened in a branch are developed for unique banking needs, such as those of teenagers and mortgage consumers. Valley National Bank offers two money market accounts: Tiered Money Market Savings and Premium Money Market.
8) America’s First Federal Credit Union
Savings APY: 0.05% for saving accounts with a minimum balance of $1, 0.00% to 0.05% for Checking Accounts without a minimum deposit
CD APY: 1.50% to 3.50% with a minimum deposit of $500
Monthly Fees: $0
Federally Insured by: National Credit Union Administration (NCUA)
How many branches are in the State? Allow free access to the Co-op network of 30,000 ATMs across the country.
Pros:
- Share certificates with competitive yields.
- Thousands of ATMs are available for free across the country.
- There are no monthly fees for checking or savings accounts.
Cons
- Only a few Western states have a membership.
- If your checking account goes negative, you will be assessed a $25 overdraft fee.
- There are no shared branches with other credit unions.
America’s First Federal Credit Union (AFFCU) is a credit union based in Birmingham, Alabama that is chartered and governed by the NCUA of the United States federal government. With more than $1.3 billion in assets, AFFCU is Alabama’s third-largest credit union.
Members can access a number of financial services through this credit union, including savings accounts, checking accounts, kids’ accounts, IRA accounts, and certificates of deposit. It also provides car and consumer loans, credit cards, mortgages, home equity lines of credit, financial planning services, and insurance.
