Finding the Best Banks in Arizona
With hundreds of banks to choose from in the state of Arizona, picking the right one is no simple task. But luckily for you, the research experts at SmartAsset conducted an in-depth analysis of banks throughout the Grand Canyon state. We zeroed in on crucial factors like accessibility, customer service, and affordability of products to bring you the best banks in Arizona.
|Ally Bank Read More||0.60%||$0|| |
|Bank of America Read More||0.01%||$100|| |
|BBVA Read More||0.01%||$25|| |
|CIT Bank Read More||0.55%||$100|| |
|First National Bank Texas Read More||0.05%||$0|| |
|MidFirst Bank Read More||0.05%||$100|| |
|BMO Harris Bank Read More||0.01%||$25|| |
|Chase Bank Read More||0.00%||$0|| |
How We Determine the Best Banks in Arizona
SmartAsset researchers started out by examining the 15 largest banks in Arizona. Next, we boiled the list down to the top performing banks, including regional and local institutions. We then composed our final list by selecting the banks that stood out in different categories such as best savings accounts, most affordable checking accounts and customer service. Of course, we focused on important ranking factors like interest rates, minimum deposits, and overall fee structures. We also looked out for ease of access to both your funds and customer support. Read on the learn more about what the best banks in Arizona have to offer.
Ally Bank: The Top Savings Account
Ally’s Online Savings Account has one of the best interest rates in the banking industry. Regardless of the balance of your account, you’ll receive a high-end 0.60% APY. To further maximize your financial gains, Ally will compound all earnings on a daily basis. Just about anyone can become an account holder as well, as Ally eliminates all fees and minimums for the Online Savings Account.
Banking customers often have both a savings account and a checking account, as the former is for long-term saving and the latter is for short-term spending. But with Ally’s Interest Checking Account, the need for a debit card doesn’t limit you to non-interest-bearing options. If your minimum daily balance is less than $15,000, you’ll earn a 0.10% APY. Should you surpass that requirement, Ally will boost your rate to 0.25%.
Ally’s mobile app is available for both Apple and Android devices. Its features include mobile check deposit, online account statements and transaction histories and a money transfer program called Zelle®. You can also take advantage of the app’s ATM locator, which will aid you in finding one of the Allpoint ATM network’s 55,000 fee-free ATMs in the U.S. and abroad. Ally reimburses out-of-network ATM fees, up to $10 per statement cycle.
Best National Bank With Branches in Arizona: Bank of America
With more than 100 Bank of America offices sprinkled throughout the Copper State, Arizona residents can easily find a branch with fee-free ATMs and trained customer service specialists. And when you walk through any of their doors, you can find just about any financial product you’d expect from a giant firm like Bank of America.
The bank offers checking accounts and savings options designed for all types of customers from those just starting to build their finances to people who want to save for their retirement or invest their wealth.
Bank of America has three checking accounts. The Advantage SafeBalance account is the most basic option, with a waivable $4.95 monthly fee upon meeting certain criteria. The Advantage Plus account has a waivable $12 fee and has more functionality. The Advantage Relationship account is designed for those with higher balances. The bank also offers checking account fee waivers designed for students and another one account geared toward local businesses. Those planning for retirement can open everything from a rollover 401(k) to an individual retirement account (IRA).
Bank of America also offers access to investment products including mutual funds through Merrill Edge.
And for customers on the go, Bank of America offers a top-ranking app certified by J.D. Power. The firm applauded the app for its user friendliness and presentation of key information. The app offers features like mobile check deposit, bill pay and fingerprint scan. You can also transfer money through Zelle. Similar to options like Venmo, this app allows you to transfer funds to another person using just their email address or phone number.
Best Regional Bank: BBVA
BBVA serves several communities throughout the Southwest including Arizona, where it runs more than 70 full-service branches. However, you can find everything you’d expect from a national bank at BBVA. The bank offers checkings, savings and certificate of deposit (CD) accounts. You can also apply for a loan or a mortgage.
The bank charges no monthly service charge for its Free checking account. And you can open one with as little as $25. BBVA also provides two different savings accounts and a money market account (MMA). You can waive the monthly service fee for each of these options by meeting certain requirements. For example, the bank will waive the $15 quarterly service charge on the ClearChoice Savings account if you establish a recurring minimum transfer of $25 into the account from a BBVA checking account. The bank will also eliminate the fee if you keep a minimum collected balance of $500.
Furthermore, BBVA gives its customers access to a comprehensive mobile banking app as well as MoneyFit, an online personal finance resource center. If you sign up for a checking account online, you get enrolled in Remote Banking free of charge. You can contact BBVA financial advisors through text, email, chat or phone. So if you prefer to handle all your banking online, BBVA has you covered.
Best Savings Account Rate: CIT Bank Savings Builder Account
Having a strong interest rate from your bank can really help boost your long-term savings. The Savings Builder account from CIT Bank is a prime example of this, as a $100 initial deposit gets you a 0.55% APY. This doesn’t come without strings attached, though. To gain eligibility for the aforementioned rate, account holders must either preserve a $25,000 account balance or deposit $100 a month. All other accounts get a 0.31% APY.
CIT is an online/mobile bank, so it does not have branches where customers can talk to a bank representative. As a result, you’ll need to manage your account through CIT’s website and mobile app. Services include mobile check deposit, inter-account money transfers, digital account statements and up-to-date transaction histories. If you have trouble, CIT provides customer service by phone and email.
Although the 0.55% APY of the Savings Builder account is nothing to scoff at, CIT has many great savings products. You can open the following:
- 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
Runner-up for Best Savings Account Rate: First National Bank Texas
1st National Bank Texas offers the most affordable savings accounts we’ve encountered in our study. You can open a Savings Account with with no deposit required. The bank also gives you several options to avoid the $5 monthly service fee. Just do one of the following:
- Maintain minimum daily balance of $100
- Establish a monthly recurring direct deposit of at least $100 from an external account not with 1s National Bank Texas
This account generates an APY of 0.05% but with a balance of $50,000 and over, you can earn a 0.10% APY. And although you shouldn’t expect to get rich off the interest in a savings account, this option offers a very inexpensive way to start building a good savings habit.
Furthermore, you can open a Kids Count savings option designed for customers younger than age 21 with no deposit. This account collects a tiered interest rate, which means it can climb as the balance breaches certain thresholds. It starts off with a current 0.05% APY and can reach 0.10%. However, you may be able to find more suitable options by exploring our study of the best savings accounts for kids.
Best Customer Service: MidFirst Bank
Following a U.S. Retail Banking Satisfaction Study by J.D. Power, MidFirst Bank ranked highest in the Southwest region. The study ranked customer satisfaction across factors like problem-solving capabilities, the versatility of products and overall fee structures.
This Oklahoma-based bank manages 25 branches throughout Arizona. Through MidFirst Bank, you can find a range of products designed for individuals as well as businesses of all sizes. MidFirst Bank offers four checking accounts, three savings accounts, CDs and IRAs. You can also apply for auto, boat, RV and motorcycle loans in addition to credit cards and unsecured loans. If you have kids, you may be interested in its iSave Savings account designed for children under 17. The bank charges no monthly service fee for this FDIC-insured savings account, and you can open one with $25. The bank also offers several online and educational resources.
You can contact general customer support by dialing 888-643-3477 Monday through Friday from 7 a.m. to 7 p.m. as well as Saturday 7 a.m. to 4 p.m. and Sunday from 11 a.m. to 2 p.m. CT. The contact section on the bank’s website displays a clear breakdown of how to get in touch with different departments.
Best Affordable Checking Accounts: BMO Harris
BMO Harris bank currently manages 50 branches throughout Arizona. When you walk in, you can open one of three different checking accounts. The bank charges no monthly service fee for the SmartAdvantage checking account as long as you opt-in for eStatements. Otherwise, you’d only face a $2 fee for paper statements. And even though it serves as the bank’s basic checking account, it does offer some useful perks. For instance, you’d have fee-free access to more than 40,000 nationwide ATMs through the AllPoint network.
If you want some overdraft protection, you can sign up for the BMO Harris Smart Money account. The bank charges no overdraft or insufficient fund fees. You can also waive the $5 monthly service fee if you’re younger than 25.
But if you’re tired of non-network ATM fees, you may be interested in the BMO Harris Premier account. With this account, balances under $5,000 will earn a 0.01% APY, and balances over that will also earn 0.01%. Every month, you get up to $25 back in ATM fees charged by other banks. Furthermore, BMO Harris waives the following fees for Premier account holders:
- Cashier’s checks
- Money orders
- Paper statements
- Check images
You can waive the $30 monthly service fee by maintaining a daily minimum balance of $25,000. The bank will also terminate the fee if you have a BMO Harris Financial Advisor account or a combined $50,000 minimum balance with relationship waiver.
In addition to mobile banking, customers also have access to BMO Harris Total Look®. This interactive tool allows you to view all your banking accounts through a single interface regardless of where they are held.
Best for Students: Chase
If you’re embarking upon your college days, you may be interested in opening a Chase College Checking account. The bank charges no monthly fee for customers who are 24 years old or younger and can prove enrollment.
The account also comes with a wealth of digital features including mobile banking with bill pay and photo deposit. In addition, you can easily transfer money through the Zelle app. All you need is the recipient's phone number and email address.
And you can keep the account open once you turn 25. However, the bank will charge you a $6 monthly service fee. You can waive this fee by establishing direct deposit or by keeping an average balance of least $5,000. Direct deposits can come in the form of ACH credits through payroll, pension or government benefits such as Social Security.
Arizona is home to more than 200 Chase branches. You can also find this banking giant at more than 4,000 locations throughout the country.
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