Best Banks and Credit Unions in Louisiana
Finding a new bank can feel like an overwhelming challenge, but it doesn’t have to be one. This is our list of the best banks in Louisiana.
Find the best CD rates in Louisiana here.
Pros:
- High APY rate.
- Great customer service
- No fees or minimums
Cons
- No branches.
First up on our list of the best banks in Louisiana is Ally Bank, a virtual bank with no physical locations. These lower overheads equate to better rates than those offered by many traditional brick-and-mortar banks. This corporation headquartered in Detroit, Michigan, was founded in Delaware.
The online savings account is Ally Bank’s sole savings product. It has no monthly maintenance costs and no minimum initial deposit.
2. Capital One
Savings APY: 3.00% without minimum deposits
CD APY: 1-year – 4.00%, 2-year – 4.10% without a minimum deposit
Monthly Fees: $0
Federally Insured by: FDIC insurance
How many branches are in the State? The bank has 755 branches and 2,000 ATMs.
Pros:
- High APY payout.
- Strong digital platform.
- No fees or minimums
Cons
- No Money market accounts.
- Don’t offer home loans.
American bank holding business Capital One Financial Corporation specializes in credit cards, auto loans, banking, and savings accounts. This bank is headquartered in McLean, Virginia. It is among the biggest banks in the country and has earned a reputation for being a technology-focused institution.
You’ll discover that it offers a wide range of banking products and services to meet varied demands while being mostly. It may be opened online in just five minutes and has no monthly fees or minimum deposit requirements.
3. Gulf Coast Bank
Savings APY: 0.01% with minimum deposits of $100
CD APY: 1.56%, 2-year – 2.02% with a minimum deposit $1000
Monthly Fees: $3
Federally Insured by: FDIC insurance
How many branches are in the State?
Pros:
- A wide range of checking and savings accounts.
- Multiple financial products.
- Designed for day-to-day use.
Cons
- Lack of 24 hours customer service
- Fair saving rates, other banks have higher rates.
Gulf Coast Bank, with its main office in Abbeville, Louisiana, was established in 1971 and is certainly a contender for one of the best banks in Louisiana. Gulf Coast Bank is categorized as a small bank because it manages $380 million in assets and $332 million in deposits. When you fulfill the requirements for the account, the bank will waive the monthly fee. CDs, IRAs, credit cards, loans, and asset management are all provided by Gulf Coast Bank.
4. Regions Bank
Savings APY: 0.01%
CD APY: 1-year – 0.03%, 3-year – 0.05%, and 5-year – 0.05% with a minimum deposit of $500.
Monthly Fees: $11 for LifeGreen Checking
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Regions Bank has 1,952 ATMs and 1,454 branches in 16 states.
Pros:
- Branches and ATMs in the South and Midwest number over 1,300.
- Frequent reward programs
- There are numerous account possibilities.
- Great smartphone app.
- Excellent client service.
Cons
- Low-interest rates.
- Tons of fees.
Regions Financial Corporation is a bank holding corporation located in Birmingham. Regions Bank is well-known in the South and parts of the Midwest. If you live in their service area, you have access to a wide range of banking products, including checking accounts, savings accounts, CDs, and MMAs.
They are FDIC insured and provide excellent customer service. In addition, Regions Bank provides investment opportunities, CDs, prepaid cards, credit cards, loans, lines of credit, and mortgages.
5. Chase Bank
Savings APY: 0.01% to 0.05%
CD APY: 1-year – 0.01%, 3-year – 0.01%, and 5-year – 0.01% with a minimum deposit of $1,000.
Monthly Fees: $12 for a checking account, which can be waived with a direct deposit of $1500. + $5 for a savings account which can be waived by keeping a balance of $300 daily or transferring $25 from a linked Chase checking account.
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? It has more than 5100 locations nationwide and around 16000 ATMs.
Pros:
- A wide range of items.
- It is convenient for travel.
- Credit card perks are excellent.
- There are numerous sites.
- Outstanding mobile app and online banking platform.
Cons
- There are too many account fees.
- Interest rates are low.
- Customer service is less personalized.
Chase is the largest banking company, with branches in nearly every state and an excellent mobile experience. Chase is a full-service bank that offers a wide range of banking products, from personal and corporate accounts to mortgages and credit cards.
Chase Savings is another type of savings account offered by Chase. It has a $5.00 monthly fee that the bank will waive if you satisfy the qualifying criteria. Across all balances, the APY is 0.01%. Automatic savings programs, account changes, and mobile and internet banking are all account features, making Chase one of the best banks in Louisiana.
6. Red River Bank
Savings APY: 0.10% with a minimum balance of $1
CD APY: 1-year – 1.51%, 2-year – 1.76%, and 3-year – 0.25% with a minimum deposit of $500.
Monthly Fees: $0
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? It works through a network of 27 banking centers spread over Louisiana.
Pros:
- Large collection of accounts
- Low fee charges.
Cons
- Interest rates are less competitive.
- Customer service is difficult to reach.
Red River Bank is a Louisiana-based community bank. The Louisiana Office of Financial Institutions has organized this state bank as a Louisiana banking corporation, and it is FDIC insured.
Red River Bank has a variety of good checking accounts. One such account is the “Totally Free Checking Account,” which has no monthly service fees and no minimum investment requirements. The necessary minimum deposit to open this account is $50. In addition, the bank provides interest-bearing checking accounts with waived monthly fees.
Pros:
- One of the finest APYs available.
- There are no monthly costs.
- The minimum is only $100.
- Competitive savings, MMA, and CD rates.
- Online platform that is simple to utilize.
- Outstanding customer service.
Cons
- A limited selection of banking products.
- Keep a balance of at least $25,000.
CIT Bank is the online-only banking division of the CIT Group, a New York-based financial holding corporation. CIT is a reliable option for online banking. Their parent firm has been in business since 1908, and the bank provides everything you’d expect from an online-focused bank: rates that national banks can’t compete with, an easy-to-use digital experience, and a reasonable cost structure. All of this makes CIT one of the best banks in Louisiana.
8. Hancock Whitney Bank
Savings APY:
CD APY: 1-year – 0.8%, 2-year – 0.95% with a minimum deposit of $1K
Monthly Fees: $10
Federally Insured by: FDIC insurance & Equal Housing Lender
How many branches are in the State? It has 237 locations across Mississippi, Alabama, Florida, Louisiana, and Texas.
Pros:
- A wide range of products and services.
- It is possible to avoid paying monthly service fees.
- There are numerous CD terms.
Cons
- Monthly fee.
Hancock Whitney Bank is the merger of two banks that have been in operation for over a century: Hancock Bank and Whitney Bank. Although there are still Hancock Bank locations in Mississippi, Alabama, and Florida, as well as Whitney Bank locations in Louisiana and Texas, all of the locations are now under the Hancock Whitney umbrella. Hancock Whitney Corp., headquartered in Gulfport, Mississippi, is a bank holding company.
9. First Horizon Bank
Savings APY: 0.01% with a minimum balance of $50
CD APY: 1-year – 0.30%, 2-year – 0.25% with a minimum deposit of $1K
Monthly Fees: $0
Federally Insured by: FDIC insurance & Equal Housing Lender
How many branches are in the State? It offers banking services in 12 states around the Southeast.
Pros:
- Good account selection.
- There are no monthly service fees for checking accounts.
- Monthly service costs on savings accounts may be waived.
- Minimum opening deposits are low.
- There are numerous CD terms.
Cons
- Low APY rate.
Last up on our list of the best banks in Louisiana, First Horizon is a regional bank with locations throughout Tennessee. It was founded in 1864 and is dedicated to assisting its clients, communities, and associates in realizing their full potential through capital and counsel. It offers relatively modest interest rates on bank deposits such as its savings and money market accounts, and its fee requirements may be difficult for some to meet.