Best Banks and Credit Unions in Arkansas
Finding a good bank can be a real challenge. We wanted to help narrow down your options as best we could, with our list of the best banks in Arkansas.
Find the best CD rates in Arkansas.
1) Ally bank
Savings APY: 2.25%
CD APY: 6-month – 2.75%, 1-year – 4.00%, and 3-year or above – 4.10% with no minimum deposit.
Monthly Fees: $0
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? There are no brick-and-mortar stores of Ally bank, however, it allows you to access Allpoint ATM (50,000) and reimburses up to $10 of out-of-network ATM fee charged per statement cycle.
Featured Product Offerings: Ally bank offers online-only savings account with interest rate of 3.00%. Apart from that, it offers all the usual banking services to its customer.
Pros:
- High-yield interest rate on savings account
- Best customer service
- Convenient only banking
Cons
- No physical stores
First on our list of the best banks in Arkansas is Ally bank, an online bank with no brick-and-mortar store available. However, it has a mobile application that helps you do banking transactions easily. The interest rates of Ally bank are highest for both savings and CDs.
This online bank, which was established in 2009, is renowned for its reasonable rates, quick customer service, and cheap fees. An array of personal banking products and services are available through full-service online bank Ally Bank, including checking, savings, money market, CD, mortgage, auto, and personal loans, as well as investing and retirement services.
A bank holding company with its corporate headquarters in Detroit, Michigan, Ally Financial was established in Delaware.
2) Arkansas Federal Credit Union
Savings APY: As high as 4.15 % APY1
CD APY: 12 Month: 0.50% APY, 24 Month: 0.75% APY, 36 Month: 0.75% APY, 48 Month: 0.75% APY, 60 Month: 1.00% APY
Monthly Fees: $0
Federally Insured by: Federal Deposit Insurance Corporation (FDIC)
How many branches are in the State? Arkansas Federal Credit Union has 16 branches across the Arkansas
Pros:
- No monthly service fees
- Has free ATMs nationwide
- Branches throughout Arkansas
- Good APY for share certificates
Cons
- Low shared branching
- Requirements for Membership
Arkansas Federal Credit Union is a member-owned financial cooperative that invests back into the Arkansas communities where members live, work and play – all while providing a great value for our 120,000+ members. Membership is open to all Arkansans, making this one of the best banks in Arkansas.
Arkansas Federal Credit Union is a federally chartered credit union headquartered in Jacksonville, Arkansas, and regulated under the authority of the National Credit Union Administration (NCUA). Arkansas Federal is the largest credit union in Arkansas. As of 2018, Arkansas Federal had over $1 billion in assets, with more than 98,000 members, and 14 branch locations.
Eligibility for membership is extended to all Arkansans. Member deposits are insured up to $500,000 ($250K through NCUA and $250k through Excess Share Insurance).
Arkansas Federal Credit Union strives to give back to the member communities. Since 1998, Arkansas Federal has contributed over $1 million to the Arkansas Children’s Hospital.
3) First National Bank
Savings APY: 0.01%
CD APY: 12 Month: 0.50% APY, 24 Month: 0.75% APY, 36 Month: 0.75% APY, 48 Month: 0.75% APY, 60 Month: 1.00% APY
Monthly Fees: $0
Federally Insured by: Federal Deposit Insurance Corporation (FDIC)
How many branches are in the State? First National Bank has 332 branches, 987 ATMs along with 432 Smart Deposit centers across the United States.
Pros:
- Debit cards with checking and savings account
- Low minimum opening deposit amount
- Online, mobile and tele banking services
Cons
- Branches limited to East Coast only
- Poor interest rates on savings
- Interest compounded monthly or quarterly and not daily
First National Bank is headquartered in Pittsburgh, Pennsylvania and is the largest subsidiary ofF.N.B. Corporation. It was first incorporated as The People’s Bank in 1852, the bank has grown significantly till date. The bank’s total assets are worth more than $2.5 billion and a workforce of 250+ employees.
First National Bank offers personal and business banking solutions including savings, checking, IRAs, CDs and loans of all types. It also extends wealth management services to its clients. The services and products of the bank are accessible through mobile banking 24/7. Customers also have access to digital banking which is safe and secure. The bank also has a telephone line to offer banking and investment related advice and services to its customers.
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: Federal Deposit Insurance Corporation (FDIC )
How many branches are in the State? Regions Bank, its banking division, runs 1,952 ATMs and 25 branches in Arkansas.
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 accessible same day.
Cons
- Access to banking requires membership.
- Some products, including savings and share certificates, could offer superior rates.
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, and is definitely one of the best banks in Arkansas.
5) Arvest Bank
Savings APY: 0.25% with a minimum deposit of $100
CD APY: 1-year – 2.22%, and 2-year – 2.47% with a minimum deposit of $1,000.
Monthly Fees: $2
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Today, Arvest has more than 200 banking locations that are part of 14 locally managed banks in more than 110 communities and ATMs in Arkansas, Oklahoma, Missouri, and Kansas.
Pros:
- Reasonable minimum-deposit amounts mean most accounts are accessible to a broad range of consumers.
- The bank provides a mobile app that earns positive reviews by iOS and Android users.
- The bank’s overdraft fee is significantly lower than the average fee.
Cons
- Higher APYs can be found elsewhere.
- Customer phone support isn’t available Sundays.
- There is a fee to use an out-of-network ATM.
Arvest Bank is a bank headquartered in Bentonville, Arkansas, with branches in Arkansas, Kansas, Oklahoma, and Missouri. It is the oldest bank in Arkansas and is on the list of largest banks in the United States. It is almost entirely owned by the Walton family and is one of the best banks in Arkansas.
In addition to banking, Arvest provides financial services including loans, deposits, treasury management, asset management, wealth management, life insurance, credit cards, title insurance, mortgage loans, and mortgage servicing.
Arvest’s charter dates back to McIlroy Bank & Trust, founded in 1871. During the financial crisis of 2007-2008, the bank declined funds from the Troubled Asset Relief Program.
6) Altra Federal Credit Union
Savings APY: 0.05% with a minimum deposit of $5/iconcstm]
[iconcstm type="icon2"]CD APY: 6 months: 1.20%, 12 months – 1.80%, 36 months: 2.05%, 60 months: 2.20% with a minimum deposit of $1000
Monthly Fees: $10 – Platinum Checking, if average daily balance falls below minimum
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? Altra Federal Credit Union dosent have any branch in Arkansas although multiple ATM,s are available.
Pros:
- Potentially lower than average purchase APRs.
- No annual fee.
- Multiple credit card perks.
- Identity Theft Protection.
- Travel accident and travel assistance insurance.
- Considers applicants with fair credit.
- Cardholders can earn rewards on their purchases.
- Altra Federal Credit Union Visa® Go Credit Card reports to multiple credit bureaus.
- Large Assets Size
Cons
- Only 1 location exist in New Jersy
- Low rates
- Does not offer a signup bonus.
- You don’t earn rewards on every purchase.
Since 1931, Altra Federal Credit Union has been helping members achieve their dreams. Today Altra has more than 90,000 members and $1 billion in assets.
Altra has offices in Arkansas, Colorado, Kentucky, Minnesota, New Jersey, Tennessee, Texas and Wisconsin.
Altra Federal Credit Union is a nonprofit financial cooperative with locations in eight states. Their members benefit from competitive products and services with low rates and fees.
7) First Security Bank
Savings APY: 0.15% with a minimum balance of $100
CD APY: 1-year – 1.00%, 2-year – 1.26%, and 3-year APY – 1.31%, with a minimum deposit of $500
Monthly Fees: $2.50
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? First Security Bank has 80 physical branches in the U.S.
Pros:
- Black-owned bank
- Free checking and savings options
Cons
- Only available in Oklahoma City
- Low interest rates
- No free overdraft protection
- Limited to 3 withdrawals per month from your savings account
First Security Bank is a privately held company based in Searcy, Arkansas. It currently operates 78 locations across the state of Arkansas and is a division of Arkansas’ fifth largest bank holding company, First Security Bancorp.
First Security Bank was chartered in 1932 in Searcy, Arkansas, under the name of Security Bank. In 1966, the name was officially changed to First Security Bank. In 1977, Reynie Rutledge purchased First Security Bank and in 1981 created a bank-holding company that is now known as First Security Bancorp.
Through the years, First Security Bancorp has acquired and established several financial organizations to create Arkansas’ sixth largest bank-holding company. In 2004, First Security opened its first branch in Little Rock on Cantrell Road. First Security has over $4 billion in assets and over 900 employees working in 72 locations throughout the state in 2014.
8) Telcoe Federal Credit Union
Savings APY: 0.10% with a minimum balance of $5-500
CD APY: 1-year – 0.75%, 3-year – 1.00%, and 5-year APY – 1.65%, with a minimum deposit of $1,000
Monthly Fees: $0 monthly fee
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? Telcoe Federal Credit Union has four branches in Arkansas.
Pros:
- Lower loan rates on Auto, Home, Personal, Equity, and Line of Credit.
- Higher savings rates on Savings, Money Market, Club Accounts, IRA’s, and HSA’s.
- Financial Wellness and Seminars.
- Local Customer Support.
- Trusted Source.
- Convenience to all products/services.
Cons
- Low rates
- Does not offer a signup bonus.
Telcoe Federal Credit Union was chartered in 1950 by employees of Southwestern Bell Telephone Company. Telcoe has branches in Little Rock, Sherwood and Russellville and serves members across Arkansas and the United States with both financial products and money-management education services.
Telcoe Federal Credit Union is headquartered in Little Rock and is the 2nd largest credit union in the state of Arkansas, making it an easy pick for one of the best banks in Arkansas. It is also the 781st largest credit union in the nation.
It was established in 1950 and as of September of 2022, it had grown to 24 employees and 22,951 members at 4 locations. Membership in Telcoe Federal Credit Union is open to those who live or work in the state of Arkansas.
9) Hope Federal Credit Union
Savings APY: a minimum balance of $15
CD APY: 1-year – 0.15%, 3-year – 0.50%, and 5-year APY – 0.50%, with a minimum deposit of $1,000
Monthly Fees: $0 monthly fee
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? HOPE has 23 locations ready to serve you across the Deep South. It has 3 branch locations in Arkansas. HOPE is a member of the Shared Branching Network.
Pros:
- Black-owned credit union
- Large shared branch network so you can visit a branch when you travel
- High-yield checking account
- Bank with a company that gives back to local communities
Cons
- Must have a HOPE Rewards Checking account to open a HOPE Rewards Savings Plus account.
- Hope Credit Union’s main branches are restricted to five Southern states, so customers outside of those states will have to use a shared Co-op branch.
- Dividends compounded quarterly
Hope Federal Credit Union is headquartered in Jackson and is the 2nd largest credit union in the state of Mississippi. It is also the 699th largest credit union in the nation. It was established in 1995 and as of September of 2022, it had grown to 202 employees and 36,158 members at 25 locations.
Membership in Hope Federal Credit Union is open to anyone in the United States who is planning on opening certain accounts (HOPE Saver, Club, or Certificates). Other accounts are limited to residents of Alabama, Arkansas, Louisiana, Mississippi, and Tennessee.
10) Arkansas Best Federal Credit Union
Savings APY: 0.35% with a minimum deposit of $5
CD APY: 1-year – 3.66%, 3-year – 3.66%, and 5-year APY – 3.14%, with a minimum deposit of $500
Monthly Fees: $5 Inactive Account Fee
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? It has 5,000 Shared Branching locations and 55,000 surcharge-free ATMs with CO-OPExternal Website and Money PassExternal Website ATM networks located across the country.
Pros:
- Branches throughout Arkansas
- Good APY for share certificates
Cons
- Monthly service fees
- Requirements for Membership
Last on our list of the best banks in Arkansas is Arkansas Best Federal Credit Union was established in 1960, under the provisions of the Federal Credit Union Act. The organization serves the employees of their membership, their subsidiaries and members of their families. It is governed by a Board of Directors elected from its membership at the annual meeting.
Arkansas Best Federal Credit Union has been open since 1960. It’s the 5th largest credit union in Arkansas with assets totaling $149.23 Million and providing banking services to more than 13,000 members as of December 2022.