Best Banks in Florida

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The 4.25% APY attached to Ally Bank’s Online Savings Account offers significant savings potential. The bank states on its website that this rate is about 10x the national average. This account also boasts daily compounding interest, which will allow your balance to grow as fast as possible. Ally has no monthly fees, which helps keep your savings in your wallet. You can open the Online Savings Account with a deposit of any size.

The major difference between Ally and most of the other options on this list is that the bank does not operate any branch locations. Because of this, you’ll manage your Ally accounts through either the bank’s website or Apple and Android mobile apps. Between the two competing app stores, Ally’s app averages a rating of 4.35 stars out of 5. Features of the app include mobile check deposit, an ATM locator, online statements and transaction histories and a peer-to-peer money transfer program called Zelle®.

Ally Bank has many account options, most notably the Spending Account. If you have a minimum daily balance below $15,000, your APY will be 0.10%. Those who can manage to get their minimum daily balance above $15,000 will boost their rate to 0.25%. Withdrawing money from the Spending Account is as easy as swiping your Ally debit card at one of 55,000 fee-free ATMs in the Allpoint ATM network. Ally will reimburse up to $10 per statement cycle for fees charged at out-of-network ATMs.

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Banking mammoth Wells Fargo currently has 608 branches and 1,128 ATMs across the state, including locations in every major city in Florida and even many small towns. This level of accessibility is virtually unseen throughout the state. And if you travel domestically, you’ll likely be able to access a branch wherever you are, as there are only 10 states that lack a Wells Fargo.

The bank has eight account options split among checking, savings and CDs. Its checking account offers include everything from the common Everyday checking account to the interest-earning Preferred checking account and the Teen checking account for anyone between 13 and 17. When it comes to savings, there is the goal-based Way2Save® Savings account and the high-interest Platinum Savings account. If you're looking to earn interest at a rate better than what these low-APY accounts have to offer, a CD is essentially your only option. 

Wells Fargo boasts a convenient banking experience, with lots of mobile and online systems available. You can take advantage of an ATM/branch locator, the Zelle® transfer service and online bill pay. It even has a direct connection to your Wells Fargo investment account to give you real-time updates on your invested assets.

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With a wide variety of account options, BankUnited is likely to meet your financial needs. The Value and Vertical Rewards Elite checking accounts are some of its most popular choices among consumers. The Value account has a manageable monthly fee of $7, though you can avoid it just by maintaining a $500 average balance.

The increasingly common health savings account (HSA) is an offer at BankUnited. In addition, if you want a traditional savings option, the Value savings account calls for a $300 average daily balance to get rid of its $2.50 monthly fee. Just as with Wells Fargo, though, CDs remain the sole way to receive high APYs. These start rather low but has a 5.25% 6 Month CD.

Your online banking experience with BankUnited will be pretty standard, as features like online bill pay, internal account transfers and mobile check deposit are included. But what you might not expect is its unique FinanceWorks™ system. This connects all your accounts, even those at outside institutions, so you can get a full view of your finances to create a budget with.

If you own a home at the time your account is opened, you'll gain access to a few of this bank’s beneficial programs. You’ll find homeowners assistance programs, loan modification services and repayment plans, depending on your personal situation.

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There are few, if any, accounts on the market that offer a more beneficial savings environment than the Savings Builder account from CIT Bank. The account features a $100 minimum and a 1.00% APY that you can gain eligibility for in two distinct ways. More specifically, account holders that maintain an account balance of at least $25,000 or make $100 or more in monthly deposits will earn that rate. If you do not meet either of these stipulations, CIT will shift your APY to 0.40%. 

Because CIT is an online/mobile bank, the quality of its apps and website is incredibly important. The app includes a bunch of features, most notably mobile check deposit, digital account statements and transaction histories and inter-account transfers. Between the Apple and Android app stores, CIT’s app has garnered an average rating of 3.85 stars out of 5.

In an effort to help its customer base save, 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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My eBanc™ is BAC Florida Bank’s online-only branch that serves customers all over Florida and the U.S. If you’re a prospective savings account holder interested in this bank, the SuperSaver money market account is where you’ll want to turn your attention. The account includes a rather impressive no minimum 3.90% APY, a rate easily above the market average. Still, you must have at least $5,000 lying around to deposit if you have your sights set on the SuperSaver MMA.

Aside from the lack of in-person interactions, My eBanc™ has just about everything you’d need for a successful basic banking experience. For example, you can transfer money between your internal bank accounts and on a person-to-person basis through the bank’s app and website too. There’s also online bill pay, mobile check deposit and a free ATM card.

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According to J.D. Power’s most recent U.S. Banking Satisfaction Study, Fifth Third Bank ranked as the top banking experience specifically for customers in Florida. This study not only analyzed how many branches and ATMs banks had, but also how well they resolved customer problems, how many fees they charged and their overall offers. The bank took home the title ahead of alternatives like TD Bank, Citibank and Chase.

Fifth Third Bank’s mobile iOS and Android-based app is one of the most popular on the market today. It features an ATM/branch finder, up to six months of account history, mobile check deposit and Now Balance®, a widget that allows customers to check their account balances without logging in. The app also includes Zelle®, a person-to-person mobile deposit service that you can use internally at Fifth Third or with any other U.S. bank account.

If you’re looking for a checking account, this bank has a multitude of choices that stretch from a typical low-fee account to military- and student-specific ones. Savings accounts and CDs are similarly varied, with money market accounts (MMAs), 529 college savings plans and a Goal Setter savings account also available, among other options.

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The Virtual Wallet Student® banking package from PNC Bank is as complete an offering as any Florida financial institution can offer. What the account lacks in APY (0.01%), it more than makes up for in financial education and university-centric benefits. PNC has forged a banking relationship with almost 50 major universities across the U.S., including institutions in the Sunshine State such as Florida Institute of Technology and Palm Beach State College. Students will reap perks like an ID/ATM combination card, fee-free ATMs on campus and personalized debit cards.

PNC uses a unique pairing of two systems to ensure that students can track their spending and current balance. You can do the majority of this via a calendar-based system that shows the account’s activity on a daily basis. The “Spending Zone” is the second half of this equation, though, and affords you a way to categorize your spending so that it’s easy to see where you’re overdoing it. If you want some help learning to manage your finances, you can set up parent alerts to let your folks know when the account’s balance gets low.

College students are notoriously short on cash, so PNC eliminated monthly fees as part of this account. All you’ll need is a measly $25 deposit to open an account. As long as you continue to provide proof that you’re a full- or part-time student, the bank will allow you to keep your account for up to six years.

Runner-up: Wells Fargo