Best Banks and Credit Unions in Rhode Island
Choosing a new bank is an important decision, but that doesn’t mean it has to be stressful. This is our list of the best banks in Rhode Island.
Click here to find the best CD rates in Rhode Island.
1. Citizens Bank
Savings APY: 0.01%
CD APY: 0.03% – 3 months, with a $1000 minimum opening deposit
Monthly Fees: $0 – $4.99
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Citizens Bank has over 299 branches and more than 3,000 ATMs in the United States. In Rhode Island, there are 8 branch locations of Citizens Bank.
Pros:
- A wide network of bank branches and fee-exempted ATMs in Massachusetts
- Waivable monthly maintenance fees
- 24/7 banking with online and mobile banking
- Any minimum balance amount to open a savings account
Cons
- Only three credit card options to choose from
- A high minimum deposit amount is required to open a Citizens Access account
First up on our list of the best banks in Rhode Island, Citizens Bank is one of America’s largest and oldest banking institutions, with over $226.7 billion in assets. The bank has its head office in Providence, Rhode Island, and provides a wide range of personal and commercial banking solutions to individuals, middle-market companies, small businesses, and large corporations.
The bank also offers a wide range of products and services, including credit cards, home loans, student loans, retirement planning, auto loans, business loans, investments, and more.
2. Bank of America
Savings APY: 0.03%
CD APY: 0.03% – 2.75% depending on balance and term
Monthly Fees: $8 for savings accounts and $12-$25 for checking accounts
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Bank of America has branches and ATMs in over 25 branches in Rhode Island.
Pros:
- Waivable monthly maintenance fees
- Bank of America Preferred Rewards members may get special interest rates
- 24/7 customer service
- A broad range of banking and financial services
Cons
- Higher ATM fees of up to $5 for non-Bank of America withdrawals
- Monthly maintenance fees on checking accounts are high
Headquartered in Charlotte, NC, Bank of America is one of the top national banks with a global presence, as well as one of the best banks in Rhode Island. It has over 4,100 financial centers and more than 16,000 ATMs worldwide. GoBankingRates ranks Bank of America among the Best National Banks in 2022.
Its products and services include savings and checking accounts, credit cards, auto loans, home loans, and other investment options. Through its digital platform, Bank of America serves 41+ million active users worldwide.
For members of Preferred Rewards, there are several benefits like interest rate boosters and waivers on monthly maintenance fees and other services.
3. Chase
Savings APY: 0.01% (the rates are variable)
CD APY: 0.02% for 1 month CD term, with a minimum deposit amount of $1000
Monthly Fees: $0-$5 on Chase Savings; up to $25 on checking accounts
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Chase Bank has more than 4,700 branches and 16,000 ATMs across the United States. In Rhode Island, the bank has branches and ATMs in 21 locations.
Pros:
- Nationwide presence with a broad range of banking products and services to choose from
- Waivable monthly service fees
- Earn an attractive bonus when you open a checking account
- Mobile and online banking facilities that make transactions hassle-free and fast
Cons
- Comparatively lower APY on savings and CD accounts
- Monthly fees on certain checking accounts can be as high as $25
Chase Bank is one of the largest banks in the United States, offering an array of banking and financial services. These include personal savings & checking accounts, mortgages, credit cards, auto loans, business lending, investments, and payment processing.
Established in 1799, it is one of the oldest banks in the U.S., serving its customers for more than 223 years. In addition to its global presence in 100 countries across the world, it brings banking on the go through its online and mobile banking platforms.
4. TD Bank
Savings APY: 0.01% to 0.05%
CD APY: 1-year – 0.05%, 3-year – 0.05%, and 5-year – 0.05% with a minimum deposit of $250.
Monthly Fees: $15
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Around 9 branches are located throughout the Rhode Island, with over 100 + ATMs.
Pros:
- 24/7 phone support and long banking hours for customer service
- No monthly fee for a checking account if you maintain a $100 balance
Cons
- $3 fee for using a card on non-TD ATMs
TD Bank USA is one of the leading banks in the state of Florida. It offers a variety of financial products and services for both personal and commercial banking needs. TD Bank USA is headquartered in Cherry Hill, New Jersey, United States.
TD Bank USA is a subsidiary of TD Bank, the seventh-largest bank by deposits in the United States. It has over 1,100 stores & 700 ATMs across the United States.
TD Bank was founded in January 1852 as The Toronto-Dominion Bank of Toronto, Canada. In 1955, it changed its name to The Dominion Bank of Canada and in 1997 to TD Canada Trust.
5. 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
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.
Featured Product Offerings: Term share savings account of 4.00% APY with a minimum deposit of $1000 and also personal loan at as low as 7% for 5 years.
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.
Another contender for one of the best banks in Rhode Island, 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.
6. Navigant Credit Union
Savings APY: 0.10%
CD APY: 1-year – 0.20%, 2-year – 0.40%, and 5-year – 0.90% with a minimum deposit of $500.
Monthly Fees: $10 to $12 (waivable with a direct deposit of a certain amount as per account requirements)
Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? The Navigant credit union has 23 branches in the state.
Featured Product Offerings: The Navigant credit union provides a 15-month CD – new money at APY of 4.50% with a minimum deposit of $10k. And also 23-month promo CD – new money at APY of 4.00% with a minimum deposit of $500.
Pros:
- Multiple CD options available.
Cons
- Very low interest rates.
Navigant Credit Union is a Rhode Island-based credit union. It was founded in 1915 and has been offering financial services to its members since then. Navigant Credit Union is one of the best credit unions in Rhode Island.
Navigant Credit Union offers many different financial products and services, including loans, checking accounts, savings accounts, debit cards, and more. They also offer a variety of investment products and annuities to help you grow your savings for retirement.
7. Coastal1 Credit Union
Savings APY: 0.10% to 0.15%
CD APY: 1-year – 0.35%, and 5-year – 0.60% with a minimum deposit of $1000.
Monthly Fees: $0 to $12 (waivable)
Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? There are a total of 17 branches of Coastal1 Credit Union in the state.
Featured Product Offerings: The Coastal1 credit union offers a 24-month bump-up CD with an APY of 3.00% and a minimum deposit of $1000.
Pros:
- Waivable monthly fees
- Competitive savings APY
Cons
- Low APY on CDs
Coastal1 was founded in 1926 and is one of the oldest credit unions in Rhode Island. It has grown to a $3 billion asset size, with over 129,000 members.
Coastal1 offers many products and services for its members. These include checking, savings, mortgages, auto loans and leases, credit cards, and debit cards. They also offer online banking services for both personal and business customers, making it one of the best banks in Rhode Island for those who prefer the convenience of online banking.
8. Rhode Island Credit Union
Savings APY: 0.05% to 0.20%
CD APY: 1-year – 2.52%, and 2-year – 4.06% with a minimum deposit of $500.
Monthly Fees: $0 to $5 (waivable)
Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? There are 7 branches of Rhode Island credit union in the state.
Featured Product Offerings: The Rhode Island credit union offers a money market savings account with an APY between 0.25% to 0.35% (which depends on your minimum deposit).
Pros:
- High-yielding APY on CDs
- Waivable monthly fees
Cons
- Limited branches
Wrapping up our list of the best banks in Rhode Island, The Rhode Island Credit Union is the second-largest credit union in the state of Rhode Island. It has over $401.5 million in assets, and they have been serving the people of Rhode Island since 1946.
Rhode Island Credit Union is a not-for-profit financial cooperative that provides financial services to its members and their families. They are a full-service financial institution, which means that they offer loans, savings accounts, mortgages, certificates of deposit (CDs), and other types of financial products.