Best Banks and Credit Unions in North Carolina
Choosing a new bank is an important decision, but we’re here to help. This is our list of the best banks in North Carolina.
For the best CD rates in North Carolina, click here.
Pros:
- Earn an interest rate that is regularly high.
- Great tools and features for saving.
- No monthly charges.
- No balance is necessary.
- a big ATM network without fees.
Cons
- No branch or ATM access.
First on our list of the best banks in North Carolina, Ally is an online bank which was established in 2009 and 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) Truist Bank
Savings APY: 0.01% with minimum balance $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? The bank has 2,781 locations in 17 states and 3,000 ATMs in Washington, D.C.
Pros:
- There are around 2,500 branches.
- The monthly cost for a basic checking account is simple to avoid.
- A diverse range of account options.
- Customers of BB&T pay lower fees.
- Early withdrawals are permitted on certain certificates of deposit.
Cons
- For a standard checking account, there is a $3 cost at non-Truist ATMs in the United States.
- CD and savings account rates are low.
- Overdraft costs are high.
Next on our list of the best banks in North Carolina is Truist Bank, founded as a consequence of a merger between BB&T Corp. and SunTrust Banks Inc. in December 2019. Truist Bank currently has over 2,100 branches in 17 states and Washington, D.C., ranking it alongside Bank of America, Chase, and Wells Fargo as one of the largest banks in the United States.
The Truist Online Savings account has no monthly maintenance costs, which might help you meet your savings objectives more quickly. Furthermore, because there is no minimum deposit requirement, the account can be opened at any time.
3) 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? There are 13,000 ATMs and 8,050 branches in the country.
Pros:
- It’s easy to save money when you have a bank account.
- Linked debit card to a savings account.
- The monthly fee might be waived.
- $200 in checking account bonuses
- Wide range of banking services.
Cons
- Limited CD options.
- Low APYs
In North Carolina, Wells Fargo has more than 235 locations. You can find branches or ATMs even if you travel outside of North Carolina because it is a well-known, national brand. In addition to Washington, D.C., the bank has more than 4,900 locations in 40 states.
Wells Fargo offers strong online and mobile services because it has evolved with the times. You also do not need to go to a branch. You can find anything online, including how to open an account, find a loan, look for mortgages, and learn more about wealth management services.
Pros:
- One of the highest APYs available.
- No monthly charges.
- $100 as a minimum.
Cons
- To get the highest APY, you must deposit $100 per month or keep a balance of at least $25,000.
A First Citizens BankShares subsidiary, CIT Group (CIT) is a provider of financial services in the United States. It offers financial services, such as factoring, cash management, treasury management, mortgage loans, Small Business Administration loans, leasing, and advisory services, largely to individuals, middle-market firms, and small businesses, mostly in North America. Digital access to accounts is available 4 hours a day.
5) First Horizon
Savings APY: 0.30% from $0 to All balances for Money Market Savings & Traditional Savings
CD APY: 1-year – 0.03%, 2-year – 0.03% for Regular
Monthly Fees: 0
Federally Insured by: FDIC insurance
How many branches are in the State? 72 First Horizon Bank branches in North Carolina
Pros:
- Savings APY is relatively high.
- Waivable fees.
Cons
- Only six states have branches.
Another one of the best banks in North Carolina is First Horizon Bank, formerly First Tennessee Bank, situated in Memphis. It is the main subsidiary of First Horizon Corporation that provides financial services in the Southeast in 12 states. It was established in 1864 and is committed to providing finance and advice to help its clients, communities, and associates reach their full potential.
6) PNC Bank
Savings APY: 0.01% to 0.03%
CD APY: 1-year – 0.02%, 3-year – 0.02%, and 5-year – 0.02% with a minimum deposit of $1,000.
Monthly Fees: $7
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? The PNC bank is located in about 27 states and has a total of 2,629 branches and 9,523 ATMs.
Pros:
- Various options for customer service are available.
- Several ATMs and branches.
- Options for managing money online.
Cons
- Overdraft charges are pricey.
- Rates vary depending on the location.
PNC Bank, headquartered in Pittsburgh, Pennsylvania, employs over 60,000 employees. It was founded on April 10, 1845, and has $557 billion in assets today.
PNC Bank is a financial institution that provides banking, investing, and other financial services to individuals, small businesses, and commercial clients. PNC Bank offers a variety of accounts, including checking, savings, CDs, and money market accounts.
PNC Bank has been in operation for about 170 years and is widely recognized as one of the best banks in the United States. It services customers from all 50 states and from all around the world, making it one of the best banks in North Carolina.
7) FifthThird Bank
Savings APY: 0.01%
CD APY: 1-year – 0.01%, 3-year – 0.01%, and 5-year – 0.01% with a minimum deposit of $500
Monthly Fees: $0
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? The company has more than 1,100 locations and 50,000 ATMs spread over the Midwest, Southeast, and Florida.
Pros:
- A vast network of ATMs.
- There are no monthly costs.
- There is no minimum deposit necessary to open an account.
Cons
- Savings and CDs have low interest rates.
- There is no customer service available 24 hours a day, seven days a week.
Fifth Third Bank (5/3 Bank) is a Cincinnati-based bank with operations throughout Florida. Fifth Third Bank was established on June 17, 1858, and has served Floridians for nearly 150 years. The company’s assets exceed $22 billion.
Customers can use the bank’s financial services, which include commercial banking, personal banking, wealth management, and investment services. Forbes Magazine has ranked the bank one of the best in America for the past five years.
8) 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? Across the United States, Bank of America offers 4,100 retail banking locations and 16000 free ATMs.
Pros:
- Monthly fees are waived
- There are numerous branches and free ATMs.
- Customer service channels that are convenient
Cons
- Savings and CDs with low interest rates.
By assets, Bank of America is the second-largest bank in the nation. It is also the second-largest bank in terms of market value. It is a global bank and financial services corporation as well as a bank holding company.
A range of financial services are offered by Bank of America to both big and small enterprises, as well as to individuals. It offers banking, investing, and other financial services to more over 20 million customers.
It’s 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 both individuals and businesses.
9) Navy Federal Credit Union
Savings APY: 0.25% with a minimum deposit of $5
CD APY: 1-year – 3.00%, 3-year – 3.30%, and 5-year – 3.35% with a minimum deposit of $1,000.
Monthly Fees: $0
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? Many of Navy Federal Credit Union’s 350 branches are near military facilities in Virginia, Maryland, and California. It also offers more than 30,000 free ATMs.
Pros:
- No monthly fee
- Free ATMs
- Competitive interest rates
Cons
- Very few branches
On March 13, 1933, the Navy Department Employees’ Credit Union was established, giving rise to the Navy Federal Credit Union. It has around 11 million clients and $158.85 billion in assets. Access to more than 30,000 ATMs is free thanks to the CO-OP Network. Its main office is in Vienna, Virginia, in the United States.
The Navy Federal Credit Union offers attractive interest rates that are advantageous to many potential customers. Despite having a small number of locations across the United States, it offers the best customer service and helps its clients through mobile applications.
10) State Employees’ Credit Union
Savings APY: 0.05% with a minimum deposit of $1
CD APY: 1-year – 0.55%, 3-year – 0.70%, and 5-year – 0.75% with a minimum deposit of $250.
Monthly Fees: $0 to $2 depend on services
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? It has nearly 2.6 million members and 270 branches in all 100 counties of North Carolina.
Pros:
- Dividends are the credit union equivalent of interest on basic checking accounts.
- Basic savings and checking have a low monthly charge of $1.
- Simple technique to avoid the savings charge.
- Phone help is available 24 hours a day, seven days a week.
Cons
- Outside of North Carolina, membership is limited.
- The $1 monthly checking charge is non-refundable.
- Savings rate is low.
- Outside of North Carolina, it does not participate in shared branching.
Finishing up our list of the best banks in North Carolina, State Employees’ Credit Union (SECU) is a nonprofit financial institution operated by state employees in North Carolina. The SECU was founded in 1937 and is now one of the major credit unions in the country in terms of asset size and membership.
The credit union’s principal purpose is to offer its members low-cost financial services such as checking and savings accounts, loans, mortgages, and investment savings vehicles.