Best Banks and Credit Unions in Tennessee
Choosing a bank or credit union in Tennessee can be overwhelming, given the amount of options available today. This guide to the best banks in Tennessee will help narrow down your search.
Find the best CD rates in Tennessee today.
1. Wells Fargo
Savings APY: 0.01% – 1.01% depending on the type of account and minimum account balance
CD APY: 0.10% – 3 months for Standard Fixed Rate, with a $4,999 minimum account balance
Monthly Fees: $5 – $10 on savings accounts; $5 – $35 on checking accounts
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Wells Fargo bank has over 12,000 ATMs and 4,900 branches across the United States. In Tennessee, there are 21 branches of Wells Fargo.
Pros:
- Monthly maintenance fees on savings and checking accounts are waivable
- Premium CD accounts come with higher rates of interest
- Excellent customer service
- Easy-to-use online and mobile banking
- A wide range of banking products & services to choose from
Cons
- Minimum deposit amount required to open a bank account
- Comparatively lower APY on savings and checking accounts
Headquartered in San Francisco, California, Wells Fargo is the first on our list of the best banks in Tennessee, as well as one of the largest banks with a presence in over 35 countries. It provides an array of financial products and services, including savings and CD accounts, commercial banking, personal loans, mortgages, investment accounts, wealth management, corporate & investment banking, and more.
The bank has assets worth $1.955 trillion as of 2021. Together with an improved brick-and-mortar banking experience, Wells Fargo provides a 24/7 mobile & online banking facility.
2. FirstBank
Savings APY: 0.05% on Basic Savings, with a minimum deposit of at least $50
CD APY: 3.13% for a 13-month term
Monthly Fees: $5 on Basic Savings accounts; No monthly fee on most checking accounts
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? FirstBank has over 134 branches and ATMs across Tennessee.
Pros:
- Several bank branches and ATMs across the state
- High APYs for CD accounts
- Mobile & online banking services are available 24/7
- An array of banking products and services
Cons
- Minimum opening deposit amounts can be significantly high for some accounts
- Need to maintain a minimum account balance to earn interest rates
FirstBank is the third-largest bank headquartered in Tennessee, with 82 full-service branch locations. It has assets worth $12 billion, with a 5-start rating from BauerFinancial.
It is a community-based bank, offering a wide range of products and services that include checking accounts, savings accounts, personal lending, debit & credit cards, mortgages, business lending, treasury management, investment services, and more.
There are several credit card options and you can also earn cashback rewards.
3. FSNB
Savings APY: 0.25% with a minimum balance of less than $5,000
CD APY: 0.15% for a 30-day term with a minimum $500 account balance
Monthly Fees: $2 – $6.50 on savings accounts; up to $10.95 on checking accounts
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? FSNB has 37 branches across 26 different towns and cities in Tennessee
Pros:
- Higher APY on savings accounts compared to other national banks
- Savings accounts can be opened for a minimum deposit amount of $5
- Special banking services for military and veterans
- An array of online banking services
Cons
- Need to maintain a high minimum balance to earn interests
- Monthly service fees on some accounts cannot be waived off
FSNB was earlier known as Fort Sill National Bank and was founded in 1946 to meet the unique banking needs of military personnel. Today, it has been established as a full-service bank that caters to both customer service and military banking, and is one of the best banks in Tennessee.
The bank has branches and financial centers in different states, including Texas, Oklahoma, Tennessee, North Carolina, Arkansas, Louisiana, Georgia, Delaware, and Mississippi.
It offers core banking services such as checking and savings accounts, loans, and credit cards as well as a broad range of services such as digital wallet, online banking, phone banking, overdraft protection, eStatements, online bill pay, and much more.
4. Fifth Third bank
Savings APY: 0.01%
CD APY: 0.01% for standard CD and 3.50% for featured CD
Monthly Fees: $5 on savings accounts; up to $25 on checking accounts
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Fifth Third Bank has a presence in 1100 full-service locations across 11 states in the United States. It has bank branches and ATMs in 50 locations in Tennessee.
Pros:
- Fee-free ATMs available across the country
- 24/7 online banking and mobile app available
- Higher APYs on featured CD accounts
- Identity theft protection solutions available
- Waivable monthly fee
- No minimum deposit amount is required to open a savings or checking account
Cons
- Need to fulfill several criteria to have the monthly fee waived off
Another one of the best banks in Tennessee, Fifth Third Bank is headquartered in Ohio, offering a robust selection of banking products, including savings and checking accounts, insurance, loans, commercial banking, investments, and more.
It also offers comprehensive services such as online & mobile banking, foreign currency exchange, overdraft solutions, and check facilities. The bank also provides a wide range of options in checking and savings accounts.
Holding multiple accounts with Fifth Third can also help you enjoy higher interest rates, making it one of the best banks in Tennessee for those who plan on opening multiple accounts. It is one of the few banks in the United States to have a charitable institution.
5. U.S. Bank
Savings APY: 0.01%
CD APY: 0.05% for 3 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 presence across the United States, with more than 70 branches and ATMs in Tennessee
Pros:
- Monthly service fees can be waived off
- An array of checking and savings account options
- Lower account opening balance requirements
- Higher interest rates on CD Special accounts
Cons
- Low APY on most savings and checking accounts
- High monthly service fee
- Opening savings or checking account requires maintaining a daily minimum balance
Next on our list of the best banks in Tennessee is U.S. Bank, which is the fifth largest bank in the United States, with its headquarters in Minneapolis. With a nationwide presence in over 40 states, the bank offers a wide selection of financial products & services. These include personal checking and savings accounts, business banking, wealth management, institutional banking, commercial banking, loans, investments & retirement, etc.
U.S. bank also provides online and mobile banking platforms that allow you to make transfers & payments online, pay bills, access your accounts 24/7, and much more.
6. Bank of Tennessee
Savings APY: 0.10%, with a minimum balance of $100
CD APY: 2.00% for a 12-month CD term, with a minimum deposit amount of $500
Monthly Fees: $0 when you maintain a minimum account balance
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Bank of Tennessee has branches and ATMs across 14 cities and towns in Tennessee
Pros:
- Open a savings account for a minimum deposit of as little as $5
- A full range of bank products and services
- The monthly maintenance fee can be waived by maintaining the stipulated account balance
- Online banking facility available 24/7
Cons
- Have branches only in North Carolina and Tennessee
- Lower APYs as compared to other banks
Bank of Tennessee was established in 1974 and has its headquarters in Kingsport, Tennessee. It has assets worth $1 billion. The bank provides its customers with a wide selection of product offerings, including savings & checking accounts, credit cards, mortgages, money market accounts, loans, business banking, cash management, wealth management, and more.
Partnering with Carter County Bank, Bank of Tennessee offers technology offerings at competitive prices. Through its online banking facility and mobile app, the bank provides round-the-clock banking services. The interest rates are less competitive, but the monthly fees are lower than average.
7. First Citizens Bank
Savings APY: 0.03% on an online savings account; 0.5%-0.15% on money market accounts
CD APY: 0.15% based on the term you choose
Monthly Fees: No monthly maintenance fee when the minimum account balance is maintained
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? First Citizens Bank has over 550 branches across the United States. It has 8 branches in Tennessee.
Pros:
- Better interest rates for CDs, money market accounts, and savings accounts
- Open a free checking account with a low minimum deposit amount of $50
- User-friendly, 24/7 mobile banking app
- Money market account holders can make unlimited transfers and withdrawals and transfers, penalty-free
Cons
- Limited branches in Tennessee
- The monthly maintenance fee for some savings and checking accounts cannot be waived off
First Citizens Bank was founded in 1898 in North Carolina as the Bank of Smithfield. Today, it is America’s leading family-owned bank and a top 20 U.S. bank based on its assets after it merged with CIT Bank.
It is a full-service bank that offers a vast selection of banking products, including savings accounts, checking accounts, credit cards, loans & mortgages, insurance, and investment accounts. It also specializes in small business banking & lending, wealth management, and commercial banking.
Today, First Citizens Bank has a nationwide presence in more than 19 states with 550+ branches across the country.
8. Bank of America
Savings APY: 0.01% standard APY; up to 0.04% APY for Preferred Rewards members
CD APY: 0.05% – 2.50% depending on CD term and balance
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 66 financial centers & ATMs across 14 locations in Tennessee.
Pros:
- Waivable monthly service fee
- Bank of America Preferred Rewards members can enjoy special interest rates
- Weekend customer service is available
- A wide selection of financial services and bank accounts
Cons
- Non-Bank of America ATM withdrawal charges up to $5
- Checking accounts come with high monthly maintenance fees
Bank of America, with headquarters in Charlotte, NC, is one of the U.S.’s largest national banks. It has a global presence, with 4,100 retail financial centers and 16,000 ATMs. The bank also provides online & mobile banking facilities, serving more than 41 million active users worldwide.
Ranked as one of the Best National Banks in 2022, Bank of America has a diverse selection of banking products that include savings & checking accounts, credit cards, auto loans, credit cards, home loans, and investment options. The bank also has specialized banking products and financial services for small businesses, including business banking, wealth management, and more, making it one of the best banks in Tennessee for entrepreneurs.
9. American Airlines Credit Union
Savings APY: 0.90% Primary Savings with a minimum opening balance of $6
CD APY: 0.90 % for IRA Savings Share Accounts
Monthly Fees: $6 for savings accounts and $12-$25 for checking accounts
Insured by: NCUSIF (National Credit Union Share Insurance Fund)
How many branches are in the State? There is only one American Airlines Credit Union branch in Tennessee. However, it has several ATMs and shared branches in the state.
Pros:
- Higher-than-average APYs on most accounts
- Easy-to-waive monthly service fees
- Unlimited access to over 30,000 surcharge-free ATMs
- Mobile & online banking facilities are available
Cons
- Only 1 AA Credit Union branch in Tennessee
- Products and services are limited to only employees of the airline industry
American Airlines Federal Credit Union was established in 1936 as a cooperative, member-owned financial institution and is one of the best banks in Tennessee. It has a net worth of over $761.11 million and assets exceeding $8.5 billion.
It provides a wide selection of banking products and services that include checking & savings accounts, credit cards, small business banking, personal & small business loans, financial & retirement planning, and asset management.
Qualified members of the American Airlines Federal Credit Union can enjoy higher interest rates and lower monthly maintenance fees on balances. Many of these accounts do not have minimum opening balance requirements, which makes banking more viable for all.
10. Eastman Credit Union
Savings APY: 0.50% Primary Savings with a minimum opening balance of $5
CD APY: 0.75 % for 30 to 89 days with a $2500 minimum balance
Monthly Fees: No monthly maintenance fee on most accounts
Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? Eastman Credit Union has 23 branches and business lending centers across the state of Tennessee.
Pros:
- More than 56,200 free Presto! And Allpoint ATMs
- No monthly maintenance fees or minimum balance requirements on most accounts
- Specialty savings accounts available
Cons
- Banking products or services are limited to eligible members in select states of Tennessee, Texas, and Virginia
- An overdraft fee of $30 per transaction is available on all accounts
Eastman Credit Union, headquartered in Kingsport, Tennessee, is a full-service credit union with branches across Tennessee, Texas, and Virginia. Presently, it has more than 260,000 members with over $147 million in dividends.
It ranks in the list of Top 100 Banks of 2022 and Best Credit Unions in America. Eastman Credit Union has a broad range of banking and lending products, including free checking accounts. There is also a wide range of credit card options available.
The credit union also specializes in retirement accounts, business banking & borrowing, mortgages, and more, making it one of the best banks in Tennessee for retirees.
11. First Horizon Bank
Savings APY: 0.30% Traditional Savings
CD APY: 0.05 % for 30 days, regular CD
Monthly Fees: $5 quarterly maintenance fee on traditional savings
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? First Horizon Bank has over 180 branches and ATMs in and around Tennessee
Pros:
- No monthly or quarterly maintenance fees on checking accounts
- Low minimum opening balance requirement
- A variety of CD terms are available
- Waivable quarterly service fee on savings accounts
Cons
- Lower APY on savings accounts
- Several monthly/quarterly fees are applicable, although waivable
Wrapping up our list of the best banks in Tennessee, First Horizon Bank was founded in 1864, having a presence in 417 locations across the U.S. with $85.1 billion in total assets. It is headquartered in Memphis, Tennessee, and has a strong presence in the state.
The bank caters to both personal and business banking, offering a broad range of products and services that include multiple savings & checking accounts, credit cards, debit cards, mortgages, loans, and investment options.