Best Banks and Credit Unions in Iowa
While finding a new bank can feel like an impossible decision, we’re here to help. This is our list of the best banks in Iowa.
Find the best CD rates in Iowa here.
1) U.S. Bank
Savings APY: 0.01%
CD APY: 0.05% for 1 month CD term, with a minimum deposit amount of $500
Monthly Fees: $4 on Standard Savings account
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? U.S. Bank has a nationwide presence, with over 82 branches in Iowa.
Pros:
- Open an account with one of the best and most highly recognized banks in the U.S.
- Monthly maintenance fees are waivable
- A broad range of savings and checking account bundles
Cons
- Below-average savings APY rates
- Opening a bank account requires a minimum daily balance
- Higher monthly maintenance fees
First on our list of the best banks in Iowa is U.S. Bank, which is based in Minneapolis and is the 5th largest bank in the United States, both in terms of deposits and assets. It has a nationwide presence in 40 states and also offers an online banking platform that allows you to access your accounts, pay bills, and make payments & transfers online. The bank also has a robust mobile app.
It offers an array of banking & financial solutions, including personal banking, wealth management, business banking, corporate & commercial solutions, and institutional banking services.
2) Ascentra Credit Union
Savings APY: 0.05 with a Minimum Opening Deposit of $5
CD APY: 1-year – 0.30%, 3-year – 0.50%, and 5-year APY – 0.70%, with a minimum deposit of $500
Monthly Fees: $5
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? Ascentra Credit Union has 9 branches in the state of Iowa.
Pros:
- Has 9 branches in Lowa
- ATM fee is refundable
- 24/7 customer service
Cons
- Low savings Apy
- Monthly Servide Fee
Ascentra Credit Union is another one of the best banks in Iowa. It was founded in 1950 and is headquartered in Bettendorf. It is the 11th largest credit union in the state of Iowa and the 697th largest credit union in America. The credit union offers a wide range of banking and financial services and products including checking accounts, savings accounts, credit cards, debit cards, money market accounts, certificates of deposits, loans, and mortgages.
The credit union is one of the oldest credit unions in the nation. It holds $528.8MM in assets as of the third quarter of 2022. The credit union offers online banking support to customers and the users can access all banking features through the bank’s website.
3) 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 8 branches in Iowa.
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 on the same day.
Cons
- Access to banking requires membership.
- Some products, including savings and share certificates, could offer special 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.
4) Wells Fargo
Savings APY: 0.01%
CD APY: 1-year – 0.01% with a minimum deposit of $2,500.
Monthly Fees: $10
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? It has 8,050 branches and 13,000 ATMs with a presence in over 35 countries all over the world. There are around 55 branches in Iowa.
Pros:
- Best customer service
- Interest-bearing premium account
- Waivable monthly fees on savings and checking accounts
Cons
- Requires to add minimum deposit for opening an account
- Low savings interest rate (APY).
Wells Fargo is one of the largest banks in the United States, as well as arguably one of the best banks in Iowa. It is headquartered in San Francisco, California. It was founded in 1852 and is the oldest and third-largest bank in America with 70 million customers globally.
The company provides a range of banking and financial services including retail banking, mortgage lending, credit cards, and auto loans. Wells Fargo also operates one of the largest retail banks in North America as well as a wholesale banking business.
It has assets of US$1.955 trillion as of 2021. It provides its customer with 24/7 customer service and mobile banking app that offers person-to-person payments, check deposits, and bill payments
5) Alliant Credit Union
Savings APY: 2.70% with a minimum balance of $100
CD APY: 1-year – 4.60%, 3-year – 4.60%, and 5-year APY – 4.25%, with a minimum deposit of $1,000
Monthly Fees: $1 Paper Account Statement
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? No, we are a digital credit union.
Pros:
- Excellent online and mobile banking tools
- ATM fee is refundable
- 24/7 customer service
- High APY
Cons
- It has no physical branches
Alliant Credit Union offers a full range of products and services including checking, savings, CDs, IRAs, Money Market accounts, credit cards, home loans, vehicle loans, personal loans, commercial real estate lending, traditional, Roth, and SEP IRAs, trust accounts, custodial accounts, life, home and auto insurance. It has more than $17 billion in assets which makes it one of the largest credit unions in Illinois and also one of the largest credit unions in the nation.
6) Bankers Trust
Savings APY: 0.55% with a minimum deposit of $200
CD APY: 1-year – 1.05%, 3-year – 1.15%, and 5-year APY – 1.25%, with a minimum deposit of $1,000
Monthly Fees: $6.99
Federally Insured by: Federal Deposit Insurance Corporation
How many branches are in the State? Bankers Trust has 12 locations in Central Iowa (including Ames), and two in Cedar Rapids. It has 75,000 fee-free ATMs across the country.
Pros:
- High-interest rates on savings
- No monthly maintenance fees on the checking account
- Mobile app access to banking
Cons
- no options for live chat or all-day service
Bankers Trust was founded in 1917 and its headquarters are in Des Moines, Iowa. It is one of the oldest banks in the nation and with $4 billion in assets and $3 billion in deposits, it is also one of the largest banks in the state of Iowa and the country.
The bank is a one-stop shop for all types of banking and financing needs. Its products include savings accounts, checking accounts, CDs, IRAs, mortgage products, and credit cards. The bank also offers loans to businesses and consumers with friendly rates.
7) Veridian Credit Union
Savings APY: 0.10% with a minimum balance of $50
CD APY: 12 months CD Rate
Tier 1 – 0.00% with a minimum balance of $0-49
Tier 2 – 0.25% with a minimum balance of $50-499
Tier 3 – 0.30% with a minimum balance of $500+
Monthly Fees: $15 annual fee charge
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? Veridian Credit Union Serves all 50 states digitally with branches in Iowa and Nebraska.
Pros:
- Feature-rich mobile app
- Impressive money market rates
- Excellent customer service
Cons
- Low-yield CD options
Veridian Credit Union was founded in 1934 and is the second-largest credit union in the state of Iowa. Its headquarters are in Waterloo, Iowa and it is also the 46th largest credit union in the country. The credit union extends a full range of financial and banking services and products for consumers and businesses.
They offer checking accounts, savings accounts, certificates of deposit, money market accounts, IRAs, debit cards, credit cards, loans, and mortgage solutions. Veridian Credit Union holds $6.71B in assets and employs 939+ employees.
8) GreenState Credit Union
Savings APY: 0.05% with a minimum deposit of $5
CD APY: 7–12 Months – 0.30%, 25–36 Months – 0.50%, and 49–60 Months APY – 0.75%, with a minimum deposit of $500
Monthly Fees: $1.00 per debit after three (3) per month
Non-GreenState ATMs are assessed a $2.25 usage fee per transaction.
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? GreenState has grown to be Iowa’s largest credit union.
GreenState Credit Union 33 office locations. It has 70,000 ATMs nationwide
Pros:
- Full range of banking products
- Impressive interest rates
- Wide network of surcharge-free ATMs
- Very nominal fees
Cons
- Compromised customer service
- Membership eligibility limited to residents of Iowa and neighboring states
Another contender for one of the best banks in Iowa is GreenState Credit Union, which was founded in 1938 and is headquartered in Iowa. It is one of the largest credit unions in the state of Iowa.
GreenState’s membership is available to residents of Iowa as well as to residents of the bordering towns including Illinois, Wisconsin, Nebraska, and South Dakota. The credit union offers a full range of banking solutions including checking accounts, savings accounts, credit cards, debit cards, money market accounts, certificates of deposits, loans, and mortgages.
9) 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 telebanking services
Cons
- Branches limited to East Coast only
- Poor interest rates on savingsInterest compounded monthly or quarterly and not daily
First National Bank is headquartered in Pittsburgh, Pennsylvania, and is the largest subsidiary of F.N.B. Corporation. It was first incorporated as The People’s Bank in 1852, the bank has grown significantly to date. The bank’s total assets are worth more than $2.5 billion and have 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, which helps place it on our list of the best banks in Iowa.
10) Bank of America
Savings APY: 0.01% to 0.04%
CD APY: 1-year – 0.03%, 3-year – 0.03%, and 5-year – 0.03% with a minimum deposit of $1,000.
Monthly Fees: $12
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? The Bank of America has 4,100 retail banking branches and 16000 free ATMs across the United States.
Pros:
- Waivable monthly fees
- Multiple branches and free ATMs.
- Convenient customer service channels
Cons
- Low interest on savings and CDs
Last up on our list of the best banks in Iowa is Bank of America, the second-largest bank in the United States by assets. It is also the second-largest bank in terms of market capitalization. It is also a multinational bank and financial services company that operates as a bank holding company.
Bank of America offers a range of financial services for both large and small businesses, as well as individual customers. It provides banking, investing, and other financial services to more than 20 million customers.
It is one of the Big Four banks, along with JPMorgan Chase, Citigroup, and Wells Fargo. Bank of America offers banking, investing, credit cards, mortgages, loans, and other financial services to individuals and businesses.