Best Banks in Dallas

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Do you find yourself visiting bank branches less and less? If so, perhaps a transition to an online bank isn’t out of the question. Ally has a strong online and mobile presence, as well as some of the top interest rates on the market. The bank’s premier account, the Online Savings Account, has a 4.00% APY, while its Spending Account offers an APY of up to 0.25%. In addition to these solid benefits, Ally avoids monthly maintenance fees and opening minimums.

All of your Ally account management is done through its online and mobile banking systems. Through the Ally mobile app, customers can complete mobile check deposits, view their account balances, initiate money transfers to friends and family through Zelle®and more. Apple and Android users have sent in more than 20,000 reviews of this app, giving it a 4.35-star rating out of 5 in the process.

If you need to take out cash from your Ally accounts, simply stop by any one of the Allpoint ATM network’s 55,000 ATMs. Don’t know where to find one? Ally’s mobile app includes a fee-free ATM locator. Though you can technically visit any ATM to make a withdrawal, Allpoint offers fee-free access to Ally account holders. Should you be forced to use an out-of-network ATM, Ally will reimburse you for up to $10 in ATM fees per statement cycle.

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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 three different savings accounts or eight 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.

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If saving money is your top priority, the CIT Savings Builder account should be near the top of your list. Its 1.00% APY is one of the top rates around, but it doesn’t come without strings attached. To maintain your eligibility for this APY, you must deposit $100 on a monthly basis or keep your balance at or above $25,000. Accounts that reside outside the confines of these stipulations are handed a 0.40% APY. To become an account holder, you need to make a $100 deposit.

Just to be clear, CIT does not have any branches whatsoever. In turn, every bit of your account management will be handled through the bank’s Apple and Android mobile apps and its website. On average, customers have given these apps a combined rating of 3.85 stars out of 5. Its features are fairly ordinary, though, as they include inter-account transfers, mobile check deposit and digital account statements and transaction histories.

It’s important to avoid placing all your eggs in one basket when it comes to saving. In an effort to follow this mantra, CIT has put together an entire suite of savings products, including the following:

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

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Capital One offers one of the highest savings account APYs 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 4.00% APY (as of 10/23/24). 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.

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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. There are only 35 or so Frost Bank locations in the Dallas area. This makes its easily navigable and top-rated mobile apps all the more important.

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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 0.10% APY, as this is the lowest tier. If you have more than $50,000 in your account, you can boost that APY to 0.10%. Got more than $100,000? You’ll be growing that large balance at a 0.10% APY (APYs as of 8/1/24), 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.