Finding the Best Banks in Texas
The best banks in Texas are those that provide the easiest and most convenient access, affordable account minimums and fees and the best interest rates in the industry. Read on as we explore which banks provide the best banking experiences.
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How We Determined the Best Banks in Texas
To find the best banks in Texas, SmartAsset’s team of personal finance experts rounded up the top 20 banks in the state according to number of bank branches. The banks with the most branches were chosen as the best national and best regional banks, respectively. To determine the best individual accounts, we looked at each bank’s account offerings including fees, minimums and interest rates.
Ally Bank: The Top Savings Account
Ally Bank is a mobile- and web-based bank, which makes it a bit less traditional than a branch-centric bank. But because Ally has lower operating costs than many of its counterparts, it can afford to offer a 0.50% APY on its Online Savings Account, which is roughly 10x the national average. If you’re looking for a checking account to pair with this, you can open an Interest Checking Account with Ally. For this account, minimum daily balances under and over $15,000 receive 0.10% and 0.25% APYs, respectively.
One of the best perks of Ally is its complete lack of monthly fees and minimum opening deposits. This makes the bank easily accessible, even for those who are just starting to save. If you’re interested in other accounts as well, Ally also provides a money market account (MMA), certificates of deposit (CDs) and individual retirement accounts (IRAs).
Anyone seriously considering opening an account with Ally need to be prepared to manage their accounts solely through the bank’s website and mobile apps. Don’t fret, though, as Ally’s mobile app holds an average rating of 4.35 stars out of 5 between the Apple and Android app stores. Through these online and mobile platforms you’ll be able to view your balances and transactions histories, initiate a money transfer through Zelle® and more. If you need cash, Ally is partnered with the Allpoint ATM network, which provides 55,000 fee-free ATMs to customers. Ally will reimburse up to $10 per statement cycle for fees charges at out-of-network ATMs.
Best National Bank With Branches in Texas: Wells Fargo
A big factor when choosing the right bank is its availability. If you find yourself constantly needing an ATM or to visit a branch, you’re going to want a bank with lots of locations near you. Wells Fargo offers the best option in Texas with over 640 branches and 1,200 ATMs. The bank also operates in 39 other dates and Washington, D.C. Additionally Wells Fargo provides thorough online and mobile services, meaning you can access your money virtually anywhere.
As a big bank, Wells Fargo is able to offer a variety of bank accounts including two savings accounts, three CD types, five checking accounts and retirement accounts. This allows you to keep all your bank accounts in one place if you wanted to do so. There’s even a Teen Checking account so your teens can learn how to manage their money alongside you.
However, being a big bank also means that Wells Fargo can’t offer the highest-earning savings accounts. Its most basic rate lands at 0.01%, the lowest you can go. To earn at the highest rate, you’ll have to open a long-term CD.
Best Regional Bank: BBVA
If banking with a nationwide name just isn’t your pace, BBVA provides another great banking option. Although BBVA began a few states over in Alabama, the bank has had an increasing presence in Texas since the 1980s. Today, you can find over 340 branches in Texas. You’ll also have worldwide access to BBVA and Allpoint® ATMs.
BBVA offers its customers four different checking accounts, two savings accounts, a money market account and four varying CD terms. Providing a wide variety of bank accounts helps each customer find the right account for themselves, whether that’s a free checking account, a 36-month CD or both. Plus, most BBVA accounts lack minimum requirements and monthly fees. If there are fees or minimums, the bank keeps these amounts low, making each account more widely accessible. The bank also provides MoneyFit, a resource for financial advice and tips to further help its customers.
The bank has a checking account with a 0.01% APY, fairly average for today's interest-earning checking accounts. Then the bank’s highest rate comes with its 36-month CD with a 0.05% APY.
Best Savings Account Rate: CIT Bank Savings Builder Account
If you’re short on money, but want to start saving, the CIT Bank Savings Builder account calls for just a $100 minimum deposit. As long as you can continually contribute at least $100 in monthly deposits to your account, you’ll hold onto CIT’s high-end 0.40% savings APY. Accounts with a balance over $25,000 will automatically earn this rate as well. Accounts that fall outside of these guidelines receive a meager 0.28% APY.
As long as you’re comfortable joining forces with a bank that has no branches, CIT is a great choice. This means that every bit of your account management will have to pass through either the bank’s Apple and Android mobile apps or its online banking website. You’ll be able to transfer funds between your CIT accounts, deposit checks remotely and take a look over your digital statements and account histories at any time.
While the Savings Builder account is CIT’s premier banking product, it has more than 15 other CDs and savings accounts to pick from. Check them out below:
- 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
Runner-up for Best Savings Account Rate: Capital One 360 Performance Savings
Capital One 360 savings accounts also offer the same great benefits with competitive rates, no monthly fees and no balance minimums to meet. You can open a standard 360 Performance Savings® to earn at a 0.40% APY or Kids Savings Account to earn at a 0.30% APY on all balances. Finally, for a more strict take on savings accounts, you have access to nine different CD terms from six to 60 months, each with a competitive interest rate.
Best Customer Service: Frost Bank
In a customer satisfaction study by J.D. Power, Frost Bank secured the best scores for overall satisfaction in all of Texas. This is due to a number of factors, especially the bank’s transparency with its customers about the benefits and fees of their accounts. Frost promises human customer service “right here in Texas” when you call any of the service numbers. You can also request for a representative to call or email you regarding your banking concern. Want to speak to someone face to face? Frost has over 145 branches throughout Texas, including San Antonio, Houston and Dallas. The bank also commits itself to being active in the communities it exists in, providing financial workshops and resources to those in the community.
When looking at Frost Bank accounts, you’ll be pleased to see that the bank charges low fees that are easily waivable. Plus, every student who opens a Frost checking account will only ever pay $4 a month. You’ll also find savings account interest rates that perform better than the industry average, whether through a CD, savings or money market account.
Best Free Checking Account & High-Yield Checking Account: Capital One
Although a household name, not everyone throughout the U.S. can benefit from Capital One branches in their state. Texas residents, however, have access to over 100 Capital One locations, including Capital One cafes. This means Texans can visit a Capital One Cafe to open an account, make deposits and more while enjoying a freshly made latte. Plus with its Kids Savings and MONEY teen checking account, Capital One opens its benefits to youngsters.
The Capital One 360 suite offers some of the best bank accounts in the industry. For starters, the Capital One 360 Checking® account is one of the best free checking accounts. It doesn’t charge a monthly maintenance fee, nor is there a minimum balance requirement. This means you can use the account as you please without worrying about recurring charges.
Plus, the account earns interest at competitive rates, further boosting your savings. The rate at which your money will grow doens not depend on your account balance. All balances earn at a 0.10% APY. Even the Capital One MONEY checking account, tailored for teenage users, earns at a decent rate of 0.10%.
Best for Students: Chase Bank
When it’s time to go to college, the least of your worries should be where to find an ATM. Banking with a big bank like Chase takes care of that for you, with thousands of accessible branches and ATMs throughout the country. This especially helps students attending school out of state since it can be hard to find local bank branches elsewhere.
College students can benefit from the Chase College Checking account, which is meant for college students 17 to 24 years old with proof of student status. There is a small monthly fee of $6, although you can waive this fee for five years while in college, with a direct deposit each statement cycle or with an average daily balance of at least $5,000.
If you’re not quite college age yet, Chase also has its Chase High School Checking account. This account also has a monthly service fee of $6. You can have this fee waived by linking a qualifying personal parent or guardian’s checking account, making a direct deposit to this account each statement cycle or maintaining an average daily balance of at least $5,000. This account is meant for students aged 13 to 17 who have an adult co-signer.
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