Best Banks and Credit Unions in Texas
Finding a new bank is an important decision, but it doesn’t have to be a stressful one. This is our list of the best banks in Texas.
Find the best CD rates in Texas here.
1. Ally Bank
Savings APY: 2.25%
CD APY: 6-month – 2.75%, 1-year – 4.00%, and 3-year or above – 4.10% with no minimum deposit.
Monthly Fees: $0
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? There are no brick-and-mortar stores of Ally bank, however, it allows you to access Allpoint ATM (50,000) and reimburses up to $10 of out-of-network ATM fee charged per statement cycle.
Featured Product Offerings: Ally bank offers online-only savings account with interest rate of 3.00%. Apart from that, it offers all the usual banking services to its customer.
Pros:
- High-yield interest rate on savings account
- Best customer service
- Convenient only banking
Cons
- No physical stores
First on our list of the best banks in Texas, Ally bank is an online bank with no brick-and-mortar store available. However, it has a mobile application that helps you do banking transactions easily. The interest rates of Ally bank are highest for both savings and CDs. It was founded in 2009.
2. 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.
Featured Product Offerings: It offers all banking services including savings accounts, checking accounts, CDs, loans, mortgages, investments, education tools, home loans, and much more.
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, as well as one of the best banks in Texas. It is also the second-largest bank in terms of market value and 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.
3. NavyArmy Community Credit Union
Savings APY: 0.15% with a minimum deposit of $25
CD APY: 6-month – 1.61%, 1-year – 3.00%, and 2-year – 2.80% with a minimum deposit of $1000.
Monthly Fees: $0
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? There are in total 18 branches of the NavyArmy Community Credit Union in Texas. As for ATMs, the CU has participated in the co-op shared network. Hence, you can access 30,000 free ATMs for withdrawals.
Featured Product Offerings: The featured product offering of NavyArmy Community credit union is its CDs APY. It provides you with 3% APY on a minimum deposit of $1000 for 1 year only!
Pros:
- No monthly fees
- High APY
- Reimburses out-of-network ATM charges
Cons
- Charges non-sufficient fund fee
Another one of the best banks in Texas is the NavyArmy Community Credit Union. The name itself says that it serves a community. The credit union was founded in 1955 and served people living in South Texas only! It has served more than 200,000 members and has assets valuing over $4.20 billion. If you manage to qualify with the terms of its APY, you will earn high interest on your savings, checking, and CDs account.
4. GECU
Savings APY: 0.15% to 0.20% with a minimum deposit of $20.
CD APY: 2-year – 2.75%, 3-year – 3.00%, and 5-year – 3.35% with a minimum deposit of $1000.
Monthly Fees: $0
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? GECU has 12 branches to cater to its customers’ needs.
Featured Product Offerings: CDs for one year term have an APY of 2.20% with a minimum deposit of only $50. Also, you’ll find Kid’s savings account with attractive rates and dividends.
Pros:
- No monthly fees
- One can open an account without the US Citizenship
Cons
- Requires daily balance of $100
GECU or Greater El Paso Credit Union is led by the Hispanic-American community and is certainly one of the best banks in Texas. It makes it easy for immigrant people to open an account with non-US citizenship. It was started by a group of 11 people to help people in need during the time of the Great Depression.
The GECU has assets valued at over $3.7 billion and has served around 412,900+ members till now. The only requirement to gain its membership is one has to reside in El Paso, Hudspeth, and Dona Ana counties.
5. First National Bank of Texas
Savings APY: 0.03% to 0.08%
CD APY: 1-year – 1.21%, 2-year – 1.41%, and 5-year – 1.66% with a minimum deposit of $500.
Monthly Fees: $5 to $20
Federally Insured by: $5 to $20
How many branches are in the State? There are as few as 340 branches and 300 ATMs of First National Bank of Texas in the state.
Featured Product Offerings: There are many savings and checking account variations to choose from, as per your need. Also, offers tools for small businesses for their growth!
Pros:
- Low fees
- Variety of accounts to choose from!
- No minimum balance is required for a savings account
Cons
- Limited number of branches and ATMs
First National Bank of Texas is one of the best local banks in Texas. With its limited branches in Texas, it provides the best facilities to its customers. Even though you can’t open an online account, it provides you with an online banking app with which you can carry out banking services pretty easily. The bank of founded in 1901 and has assets valuing over $1.6 billion.
6. Wells Fargo
Savings APY: 0.01%
CD APY: 0.01%
Monthly Fees: $10
Federally Insured by: Federal Deposit Insurance Corporation (FDIC)
How many branches are in the State? According to the Texas Department of Banking, Wells Fargo had nearly 650 branches, about 1,200 ATMs and nearly 10,000 employees in this state alone.
Featured Product Offerings: It offers all banking services including savings accounts, checking accounts, CDs, loans, mortgages, investments, education tools, home loans, and much more.
Pros:
- Excellent customer service
- A premium account with a great interest rate
- Monthly fee with waive offs
Cons
- Minimum deposit required to open an account
- Low APY on savings and CDs
One of the largest banks in the United States, Wells Fargo is headquartered in San Francisco, California. The bank was founded in 1852 which makes it one of the oldest banks in the country. There are over 70 million customers of the bank around the globe which ranks it as the third-largest bank in America.
Wells Fargo is well-known for its comprehensive range of services including retail banking, mortgage lending, credit cards, and auto loans. The bank is the leader in the retail banking business but also holds a significant ranking in the wholesale banking market. By the end of 2021, Wells Fargo had assets worth US$1.955 trillion.
The bank is dedicated to customer care and offers 24/7 customer support without any conditions. It also has a reliable mobile application and offers online banking options, making it one of the best banks in Texas for those who prefer mobile banking.
7. Randolph-Brooks Federal Credit Union
Savings APY: 0.30% with a minimum deposit as low as $1.
CD APY: 1-year 4.00%, 2-year – 4.25%, and 5-year – 4.35%, with a minimum deposit of $1000.
Monthly Fees: $0
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? The Randolp-Brooks Federal Credit Union or RBFCU has in total 63 locations in Texas.
Featured Product Offerings: The money market account of the RBFCU has an interest rate ranging between 1.18% to 2.27% APY with a minimum balance of $2500.
Pros:
- No monthly fees
- Fee-free checking account
Cons
- Relatively low interest rates on a savings account.
Randolph-Brooks Federal Credit Union is among the best banks in Texas. It was founded in 1952 and is the 11th largest credit union in the United States. It has assets valued at over $14.77 billion as of May 2022 and more than 850,000 members. It is a full-service credit union with many locations in Texas. It offers fee-free checking accounts and arguably the best rates on CDs.
8. Security Service Federal Credit Union
Savings APY: 0.05% with a minimum deposit of $5
CD APY: 7-month – 3.65%, 15-month – 4.40%, and 30-month – 4.40% with a minimum deposit of $500.
Monthly Fees: $0
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? A total of 67 Security Service Federal Credit Union locations are there, 36 of which are located in Texas.
Featured Product Offerings: The checking account of this credit union comes with a monthly fee for the paper statements. Interest checking accounts have identity theft protection and other perks, but they also charge a monthly fee that is hard to avoid.
Pros:
- No monthly fees
- Special services for military members
Cons
- Basic rates on savings account
Security Service Federal Credit Union or SSFCU was founded in 1956 and is headquartered in San Antonio, Texas. It is also among one of the largest credit unions in the United States. It was first started to benefit the members of the U.S. Air Force Security Service Command. Later it opened up to everyone!
The credit union is part of a shared network banking system, so once it is opened, you can bank free at thousands of other locations. It has assets valued at over $12.05 billion and more than 805,000 members, making it clear that this is one of the best banks in Texas.
9. CIT Bank
Savings APY: 1.00% with a minimum deposit of $100.
CD APY: 1-year – 0.30%, 3-year – 0.40%, and 5-year – 0.50% with a minimum deposit of $1000.
Monthly Fees: $0
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? There’s only one branch of CIT bank in Texas and hundreds of free ATMs to carry out the withdrawals. However, it provides online banking services for a seamless experience.
Featured Product Offerings: Along with savings and checking account with the best APYs, it also provides money market account with extra benefits.
Pros:
- No monthly fees
- Best savings APY
Cons
- Have to deposit $100 monthly or maintain the balance of $25000.
The CIT bank was founded in 2000 and is headquartered in Pasadena, California. Even though the bank has been only serving for the past 22 years, it has built trust like any other big bank. Besides savings, checking, and CDs, it also provides us with the banking services like loans, investments, and even mortgages. All the ATM transactions are free and the bank reimburses up to $30 for out-of-network transactions.
10. Frost Bank
Savings APY: 0 to 0.75% with a minimum deposit of $50.
CD APY: 12-month – 3.05%, 24-month – 3.10%, and 180 days – 2.85% with a minimum deposit of $1000.
Monthly Fees: $0 to $30 (waivable)
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)How many branches in the State
How many branches are in the State? There are over 130 branches and 1200 ATMs across Texas to make it easier for its customer to carry out banking transactions.
Featured Product Offerings: The money market of Frost bank offers both liquidity and yield, it also offers high interest rates than a savings account. Direct deposits of a minimum amount are required to waive monthly fees.
Pros:
- Best customer service
- Great CD rates
- Choose from a variety of accounts
Cons
- Has monthly fees
- Low savings APY
The Frost bank was founded in 1868 and is headquartered in San Antonio, Texas. It is the fourth largest bank in Texas and holds the 50th position nationwide. It offers the best technological services including human customer service, that most big banks can’t. If we talk about the assets, the valuation goes over $42.39 billion and it has served around 400,000 customers.
11. Alliant Credit Union
Savings APY: 2.60% with a minimum balance of $100
CD APY: 1-year – 4.20%, 3-year – 4.50%, and 5-year – 4.25% with a minimum deposit of $1,000.
Monthly Fees: $0 (waivable)
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? It doesn’t have any physical branch in Texas, however, you can have free access to over 80,000 ATMs in Texas. You can also carry out operations via online banking and get help through email, or phone.
Featured Product Offerings: It offers Savings accounts, Checking accounts, Consumer Loans, Credit Cards, Investments, and Online Banking. Among them, there are Teen checking accounts for 13 to 17 years old teenagers and Kids’ savings accounts.
Pros:
- High APY on all accounts
- Fee transparency
- Easy to join
- Nationwide availability
- Awesome customer service
Cons
- No physical branch
- Doesn’t participate in shared banking
Alliant Credit Union is a not-for-profit financial cooperative based in Chicago, Illinois and is considered one of the best banks in Texas. It was founded in 1935 by a group of United Airlines employees with the idea that people who work together can create something powerful: a force for good that improves the financial lives of our members and helps make our communities stronger.
Since then, the credit union has grown to become one of the country’s largest credit unions, serving over 600,000 members nationwide. In total, it has assets worth US$15 billion. It offers the full range of financial products and services you’d expect from a big bank, but with the personal attention and commitment to its members that only a credit union can provide.
12. PNC Bank
Savings APY: 0.01% for balance $1 to $2,499.99 and 0.03% for balance $2,500.00 and above
CD APY: 0.01% to 3.60% depending on term and minimum deposit
Monthly Fees:
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? PNC Bank has approximately 2000 branches and 18,000 ATMs located in the Southeast, Mid-Atlantic, and Midwest
Pros:
- Online-only savings accounts have the best APY
- It has a network of 260+ branches
- The digital banking features of the bank are exemplary
Cons
- Complex online appearance with difficult navigation
- High overdraft fees
- High yield on accounts available in specific states only
Another one of the best banks in Texas, PNC bank was founded in 1852 and is one of the oldest banks in America. Headquartered in Pittsburgh the bank offers personal and small business banking solutions. It is a digital leader in the industry for being quick to adapt to digital banking requirements and offering exemplary customer services.
PNC Bank is a one-stop shop for banking and financial solutions for consumers and businesses. The bank deals in savings accounts, checking accounts, virtual wallets (savings and checking accounts rolled into one), certificates of deposit (CDs), purchase mortgages, refinance mortgages, credit cards, auto loans, life insurance, financial planning, small business banking, small business loans, military banking, personal loans and lines of credit, student loans, student loan refinancing, and much more, making it one of the best banks in Texas for those who want options.
With $334 billion of assets and 9 million customers, the bank makes one of the largest banks in the country.
13. Chase
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.
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? The Chase Bank has 4700+ branches all over the country, about 16000 ATMs, and 124 branches in Texas state.
Featured Product Offerings: It offers very single service a big bank would offer its member. However, the featured product of Chase bank is definitely the Chase Total Checking, it is a full-featured account and you can get the monthly fee waived in many different ways!
Pros:
- Waivable monthly fees
- Branches and ATMs all over the country
Cons
- Low savings and CD APY.
- $3 fee at non-Chase ATMs in the U.S for basic checking accounts.
Chase is the largest bank in Florida with US $4 trillion in assets. The bank offers a variety of banking products and services and is present in around 100 countries all over the world.
Chase was founded in 1799. It is one of the oldest banks in the United States and it has been serving customers for over 223 years now. It was originally called the Manhattan Company and it was created by Aaron Burr, who served as its first president, and Samuel Tilden, who served as its first treasurer.
The company got its current name from an earlier merger with J.P Morgan & Co., which took place in 2000. It merged with Chemical Bank to form JPMorgan Chase & Co., which is still its legal name today.
It is also the largest U.S. credit card issuer by purchase volume and offers services like Amazon Prime Rewards Visa Signature Card (credit card), Chase Freedom Unlimited (credit card), etc. Chase is one of the best banks in Texas for people who can keep their account balance high, aren’t looking for high-interest rates, and are in need of a bank with more branches all over the world and the US!
14. 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
Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? Among Navy Federal Credit Union’s 350 branches, many are located near military bases in places like Virginia, Maryland, and California. It also has 30,000+ free ATMs.
Featured Product Offerings: The Navy Federal credit union offers savings accounts, checking accounts, CDs, loans, investments, mortgages, money market accounts, and security as well.
Pros:
- No monthly fee
- Free ATMs
- Competitive interest rates
Cons
- Very few branche
The Navy Federal Credit Union was founded on March 13, 1933, as Navy Department Employees’ Credit Union. It has a total of $158.85 Billion in assets and around 11 million customers. The CO-OP Network offers free access to more than 30,000 ATMs. Its headquarter is in Vienna, Virginia, United States.
The Navy Federal Credit Union has competitive interest rates that benefit many potential customers. Even though it has a small number of branches around the USA, it helps its customers via mobile applications and provides the best customer support.
15. Capital One
Savings APY: 0.10% for checking account and 3.00% for savings account
CD APY: 1-year – 4.00%, 3-year – 4.15%, and 5-year – 4.25% with a minimum deposit of $0.
Monthly Fees: $0
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? In addition to 755 branches and 2,000 ATMs, Capital One has 30 café-style locations as well.
Pros:
- No minimum balance necessary
- No monthly fees
- Good interest rates on savings and CDs
Cons
- There are only 7 banking locations in Florida and others are cafes and ATMs.
Another one of the best banks in Texas, Capital One is a bank that is headquartered in McLean, Virginia. It was founded in 1994 by Richard Fairbank and Nigel Morris. Capital One, also known as COF, is a diversified financial services company. It has more than 8 million customers and is the ninth-largest bank in the United States.
Capital One is an American multinational banking corporation. Capital One is a financial services company that offers banking, credit cards, mortgages, and personal loans. In 2018, the company announced that it would be acquiring GE Capital healthcare finance unit for $9.
It has assets of US$421.602 billion as of 2020 and 50,000+ employees. The cafe-style location of Capital One bank is one of the unique styles to serve customers and make them feel good.
16. USAA Federal Savings Bank
Savings APY: 0.01%
CD APY: 1-year – 0.03%, 3-year – 3.30%, and 5-year – 2.02% with a minimum deposit of $1,000
Monthly Fees: $0
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? There are only a few branches of USAA Federal Savings Bank in the states (in total 5). However, you will find 5,800 branded take and deposit ATMs.
Pros:
- No monthly fees.
- No minimum balance requirement.
- Online tool with budget tracking feature.
Cons
- Low-interest rates on accounts
- Only 5 branches in the USA location.
Wrapping up our list of the best banks in Texas, The USAA Federal Savings Bank was founded on June 20, 1922, following a meeting of 25 United States army officers. It is headquartered in San Antonio, Texas, US, and has a total of $35.327 billion in assets and around 13 million customers. The no-minimum balance requirement attracts customers, especially the salaried person. Apart from that it also has an online mobile banking app that helps its customers to track their spending and manage their finances.
The USAA Federal Savings Bank allows customers to free the first 10 transactions to withdraw money at USAA-preferred ATMs. After that, it charges $2 per transaction. Even though it has very few branches around the USA, the branded ATMs allow customers to withdraw and deposit money from and to their bank account.