Best Banks in Alabama

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The Online Savings Account from Ally Bank offers a 4.00% APY, which the bank claims is about 10x the national average. This rate also compounds on a daily basis, which will help your account accrue interest as fast as possible. As an example, a $10,000 balance at this interest rate would earn $1,698.59 over a four-year span. There are no fees or minimums attached to this account either.

If you’re looking for a checking counterpart to pair with your Online Savings Account, the Ally Spending Account is a solid choice. Not only is it completely devoid of all fees and minimums, but it earns interest as well. Accounts with a minimum daily balance of less than $15,000 receive a 0.10% APY, while anyone above that threshold secures a 0.25% APY.

Being that Ally is strictly an online/mobile bank, its mobile services are highly-rated. In fact, between its Apple and Android offerings, Ally’s app holds a 4.35-star rating out of 5. Although cash withdrawals may be difficult with a bank like Ally, it’s part of the Allpoint ATM network which has 55,000 fee-free ATMs around the world. If you encounter out-of-network ATM fees, Ally will reimburse you up to $10 per statement cycle.

Save more with these rates that beat the National Average

• Savings & MMAs
• CDs

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With almost 1,500 branches around the country and 221 in Alabama, Regions Bank has perhaps its most significant presence in the state of its headquarters. Regions alone controls nearly 23% of the wealth in Alabama, far outranking its runner-up, Wells Fargo. With nearly 2,000 ATM locations in operation—a large portion of which is in Alabama—banking with Regions is particularly easy in the Yellowhammer state. 

If you’re looking to put all your assets under one roof, Regions is a strong choice. It doesn’t just feature multiple checking accounts, savings accounts, mortgage loan plans, IRAs and CDs. On top of all of those account options, Regions also provides its customers with access to frequent rewards, secured credit cards, home and auto loans and top-of-the-line financial advisors.

If you’re looking for mobile or online banking, Regions has you covered there, too. With the Regions Mobile App for iPhone, iPad, and Android, you can make a deposit, send money using Personal Pay, access your rewards, locate ATMs and branches, check your account balances and transaction history, transfer funds, pay bills and even search for your recent transactions. 

For customer service rankings of banks with physical locations in Alabama, Regions topped the J.D. Power list. Regions boasts a full-fledged electronic customer service set-up, coupled with an enormous presence statewide. Customer service is never difficult to access, and even if you’re not looking for help with a certain dilemma, the ability to take your banking operations into your own hands is easy, especially with your smartphone. 

Checking and savings accounts, additionally, are a huge selling point for Regions. Its accounts are known for coming with opening deposits 10 to 20 times lower than most national banks, coupled with easy-to-meet monthly fee waiver requirements. In short, those qualities make Regions a quality choice for your banking needs.

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Interest rates are notoriously low at traditional, branch-based banks. At CIT Bank, though, the Savings Builder account comes with a 1.00% APY. To put things into perspective, five years of this rate on a $10,000 deposit would garner $510 in interest earnings. If you want to take full advantage of this, all you need to do is deposit at least $100 monthly or keep your account balance at or above $25,000. Failure to meet these requirements will result in your APY falling to 0.40%.

CIT Bank has a solid mobile app that holds a 3.85-star rating out of 5 based on over 2,500 Apple and Android customer reviews. Through these platforms, you can view your account statements and up-to-date transaction histories, deposit checks remotely and move money between your CIT accounts.

Conscientious savers have more than just one savings account to their name. CIT can aid you in this venture with the following accounts:

• Money market account
• Premier High-Yield Savings account
• 6-month to 5-year term CDs
• 2-year to 5-year jumbo CDs
• No-Penalty/11-Month CD
• 1-year to 4-year “RampUp” CDs

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PNC Bank, which has several locations in Alabama, is among the best national banks you could ask for in terms of sheer number of options for students. Regardless of what state you reside in—or where you choose to go for school—PNC likely has you covered. 

PNC excels in offering a set of services for students and families preparing to leave for college. One of its most popular account plans is their Virtual Student Wallet® account, which is comprised of three different accounts working as one online money management tool. Any kind of pre-professional student can use this account, but it’s most popular among undergraduates. 

Beyond just students working toward their bachelor’s degree, PNC offers personalized accounts for a vast array of people enrolled in school, including:

• Graduate or professional students who are enrolled at least half time in a degree or certificate program.
• Undergraduate or graduate students enrolled at least half time in an accelerated program for a degree in a PNC-approved health-related field of study
• MD, DDS, DO and DVM residents needing funds to cover interview, relocation and living expenses.
• Law students within six months of taking the BAR exam

PNC doesn’t stop just at countless offers at varying terms and specifications. It also has created an exhaustive list of resources for individuals looking to take out the loans listed above. This is called the ELLC, or Education Lending Learning Center, and it serves to help customers make the most out of their financial decisions as they pertain to education spending and saving.