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Best Banks in Dallas

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by Lauren Perez Updated

Finding the Best Banks in Dallas

The best banks in Dallas are those that offer residents a convenient and manageable banking experience. This list provides a tailored look at the area’s banks, helping Dallas residents get the most out of their banking whether from a wide-reaching national bank or a smaller, local institution. Read on to find which of the best banks in Dallas offer the best interest rates, the lowest fees and minimums and most accessible locations.

Bank APY Minimum Deposit Highlights
Chase Compare Offers Read More 0.01% $25
  • Best National Bank
  • 200+ Dallas branches
BBVA Compass Compare Offers Read More 0.05% $25
  • Best Regional Bank
  • 100 branches in the Dallas area
Frost Bank Compare Offers Read More 0.15% $50
  • Best Customer Service
  • Human customer service guaranteed
Capital One 360 Compare Offers Read More 0.20% $0
  • Best Free Checking Account & Best High Yield Checking Account
  • Competitive interest rates
Capital One 360 Compare Offers Read More 1.00% $0
  • Best Savings Account
  • No account fees or minimums
BB&T Bank Compare Offers Read More 0% $0
  • Best for Students
  • No minimums or fees for students 

How We Determined the Best Banks in Dallas 

To find the best banks in Dallas, SmartAsset started with a list of the 15 banks with the most branches in the Dallas metro area. From there, we were compared each bank’s account offerings. We looked at account options, fees, minimums and interest rates to determine the best banks. The big bank with the most Dallas branches ranked as the best national bank while a smaller bank ranked as our best regional bank. 

Best National Bank: Chase Bank

A big advantage of banking with a big, national bank is the convenience of having access to thousands of branches and ATMs all over the world. This is exactly the case with Chase Bank. If you’re in the Dallas area, you have 236 branches to choose from, whether you’re going to open an account, withdraw money or just ask a question. With this kind of reach, Chase offers customers an accessible banking experience. The bank also offers some of the most thorough online and mobile interfaces for further convenience. 

When looking for the right bank account, it’s important you tailor it to yourself and your financial situation. Chase offers a variety of accounts for you to choose from, like two different savings accounts or four checking account options. With this kind of variety, you could mix and match your accounts to unlock relationship benefits, all while keeping your money in the same place. Each different account does have its own minimum deposit requirement and a monthly fee, but, depending on the account, there are ways to have the monthly fee waived. 

With the cost of maintaining hundreds of Dallas locations, and thousands more around the world, Chase doesn’t have the most favorable interest rates. Its basic savings and interest-earning checking accounts only carry an APY (annual percentage yield) of 0.01%, well below the national average. You can potentially secure higher rates with higher account balances (think over $100,000). The highest rate you can find with a Chase bank account is with its 120-month CD account at the highest balance tier.

Best Regional Bank: BBVA Compass

Big banks like Chase, Wells Fargo and Bank of America take over most of Dallas with their branches and ATMs. However, local names like BBVA Compass, are holding their own. With beginnings a few states away in Alabama, BBVA Compass operates about 100 branches in the Dallas area and over 300 in the state of Texas. You can also find branches while traveling in Alabama, Arizona, California, Florida, Colorado and New Mexico. Along with these branches, you’ll also have access to both BBVA Compass and Allpoint® brand ATMs, still allowing for easy and convenient banking. 

BBVA Compass does outperform bigger banks with its interest rates. Already its basic savings account earn at a higher rate of 0.05% APY. Better yet, this applies to all balances and doesn’t require you to jump through any extra hoops. However it’s certainly possible to find more competitive interest rates at other banks, particularly online-only banks. 

On the plus side, BBVA offers four different checking accounts, from a fee-free account to an interest-earning checking account. This kind of variety allows you to find the right account for yourself according to your own preferences.

Best Customer Service: Frost Bank

As one of the best banks in Texas, Frost Bank also makes an appearance on this best banks in Dallas list. Frost ranks as the best in overall satisfaction in Texas, according to a customer satisfaction study. For starters, the bank prides itself on answering its customer calls with a human representative. It won’t make you sift through an automated phone tree to get to the department you need to speak with. Human help is a big plus in the banking experience, especially with the frustration that can stem from automated customer service. Frost also gives you the option of requesting a phone call or email so you can address your concerns or questions on your own time. 

Offering personable service is even more exceptional when you consider the number of services Frost Bank provides. In addition to its many insurance policies and investment opportunities, Frost offers checking, savings, money market and CD accounts. Its checking account comes with a low $8 fee, with a $4 discount for students, as well as free overdraft protection. Is savings account earns at a higher rate than Chase’s, with a lower monthly fee, too. Frost also offers a health savings account (HSA) option. This kind of account allows you to grow your money toward medical expenses.

Overall, Frost is dedicated to giving its customers a community and personal feel to banking. As a smaller bank, though, it does lack the physical range of Chase or BBVA. There are only 37 Frost Bank locations in the Dallas area. This makes its easily navigable and top-rated mobile apps all the more important.

Best Free Checking Account & Best High Yield Checking Account: Capital One

For one of the best free checking accounts out there, Dallas residents should consider heading to Capital One. The Capital One 360 Checking Account doesn’t charge a monthly fee, nor does it require a minimum to open. The bank doesn’t even charge you for using an ATM that’s not in-network. This frees you up to use your money as you choose and not worry about fees that might pop up unexpectedly. 

The Capital One 360 Checking account is also Dallas’ best bet for a high-yield checking account. The account earns interest at rates well above its other big-name competitors. You can grow your money no matter your balance, but having a larger balance will help earn at even better rates. Most customers will typically earn at a 0.20% APY, as this is the lowest tier. If you have more than $50,000 in your account, you can boost that APY to 0.75%. Got more than $100,000? You’ll be growing that large balance at a 1.00% APY, which easily surpasses Chase’s rates. 

Largely an online operation, Capital One does have branch locations and ATMs in select cities. Dallas residents are lucky to be included among them, with 35 Capital One locations in the Dallas metro area. Having physical locations nearby makes your banking experience much more convenient, especially when opening an account for the first time. Capital One also provides excellent online and mobile features, so you can access your accounts wherever you are.

Best Savings Account: Capital One

Capital One offers the highest savings account APY in the Dallas area. You can start by opening the account with as little as $0. However, you’ll need some money in the account in order to grow it. Once you’ve made a deposit, your money will start growing at a 1.00% APY. Luckily, you won’t need to worry about paying a monthly fee with this account. 

To boost your savings, you can set up Capital One’s Automatic Savings Plan. This allows you to set your account’s preferences to your liking and then forget about it while it grows. For example, you can set recurring deposits from another account, to keep your balance growing. 

Again, Capital One offers 35 branch locations in the Dallas area. If you’re the kind of person who’s wary of online or over-the-phone banking, this will be a plus for you.

Best for Students: BB&T Bank

Students have enough to worry about nowadays, without the added hassle of managing their money. Luckily, there are banks out there that work to make banking easier for students. BB&T Bank is one of those, offering its Student Checking account. It’s made for students aged 23 and under, and if you’re under 18, you’ll also need an adult co-signer.

The account makes it easy for students to manage their finances, without having to worry about a minimum balance requirement or a monthly fee.

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Best Places to Save

SmartAsset’s interactive map highlights the places in the country where people have the opportunity to save money. Zoom between states and the national map to see the best places to save.

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Rank County Median Household Income Cost of Living Purchasing Power Estimated Tax Rate

Methodology

Where you live can have a big impact on how easy it is to save money based on several regional factors. Our study aims to find the most suitable places for people to save based on median household income, average living expenses and income tax burden.

First, we calculated the average cost of living in each county for a household with two adults (one working). We then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living.

To better compare income tax burdens across counties, we applied relevant deductions and exemptions before calculating federal, state and local income taxes for a family making $50,000 annual income in each location. Next, we created an effective tax rate index for each county, which reflects the counties with the lowest ratio of income taxes to the assumed $50,000 annual income.

Finally, we calculated the weighted average of the indices to yield an overall best places to save score. We used a three-fourths weighting for purchasing power and a one-fourth weighting for tax rates. We indexed the final number so higher values reflect places that are better to save.

Sources: US Census Bureau 2015 5-Year American Community Survey, MIT Living Wage Study