10 Best Banks in Arizona:This article highlights the Best Banks in Arizona.
Arizona is home to a number of financial institutions. Residents in the state can choose from a wide range of banks, but it’s not always easy to select the right one.
So, what are the most crucial factors to consider while selecting a bank?
There are several factors to consider and we will be looking at those factors in this guide.
The state of Arizona currently has over 1,800 banks across different cities. In Arizona, you will find commercial banks, Investment banks, as well as retail banks.
These financial institutions offer savings accounts, checking accounts, and savings builder accounts. If you prefer online banking or want loans to finance a business, check out the Best Banks in Arizona.
Check out: 20 Best Banks in the U.S
How the Best Banks in Arizona are Determined
SmartAsset.com experts carried out a survey and came up with a result to show the best banks in the Grand Canyon state.The experts examined the largest banks in the state and they also looked at the top-performing banks.
After carrying out their research, a final list was composed indicating banks that stood out in different categories like best savings accounts, most affordable checking accounts, and customer service.
Other ranking factors that were considered when selecting the best banks in the state include interest rates, overall service fee structure, and minimum deposits.
In addition, the experts also looked out for easy access to customers’ funds and support.
List of the Best Banks in Arizona
The following is a list of the Best Banks in Arizona:
1. Ally Bank
Ally Bank is one of the banks in the United States offering online savings accounts to customers. Ally Bank offers online savings accounts with one of the highest interest rates in the banking business.
Ally offers its consumers a high interest rate. You can start an Ally Bank account with zero dollars. Regardless of a customer’s account balance, Ally offers an APY of 3.30 percent.
By choosing Ally as your bank, top you can get these benefits. Ally Bank has additional offerings for customers. This Best Banks in Arizona increases customers’ financial advantages by daily compounding all of their earnings.
Choosing to bank with Ally is a choice. It is simple to start an online savings account with Ally, and there are no monthly fees or minimums associated with the account.
Ally Bank offers a novel online banking experience. You will get an annual percentage yield of 0.10% if your minimum daily balance is less than $15,000. Ally Bank will increase your rate to 0.25% if you are able to maintain a higher credit score.
The mobile application of Ally is accessible online and includes intriguing features. Online account statements and transaction histories, mobile check deposits, and a unique money transfer program known as Zelle® are some of the features of the mobile app.
The mobile application also includes an ATM locator that enables users to locate one of the Allpoint ATM networks in the United States and overseas.
The Ally mobile app is available for download on Android and iOS devices.
2. Bank of America
Bank of America has a significant presence in Arizona. It is one of the Best Banks in Arizona, with over 100 branches.
This is one among the nation’s largest banks, with assets exceeding $2 trillion. It is a dependable financial organization in which many Americans have placed their trust over the years.
Arizona residents can easily locate a branch of this bank in their neighborhood. Contact any branch today to receive exceptional customer service.
Bank of America provides three different checking accounts. There are the Advantage Relationship Account, the Advantage Secure Balance Account, and the Advantage Plus Account.
The Advantage Safe Balance account has a monthly fee of $4.95 that can be waived if certain requirements are met, whereas the Advantage Relationship account is targeted for consumers with bigger balances.
Bank of America also offers fee-free checking accounts created exclusively for students. In addition, This Best Banks in Arizona is an excellent choice for those who wish to save for retirement.
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Next on our list of the Best Banks in Arizona.
There are more than 70 full-service branches throughout the state of Arizona. This bank satisfies all requirements for a national bank.
BBVA, one of the Best Banks in Arizona, offers savings accounts, checking accounts, and CDs. In addition, it allows Arizona residents to apply for loans and mortgages.
BBVA’s minimum opening deposit for a checking account is $25, and there are no monthly service fees. Moreover, the bank provides two varieties of savings accounts and a money market account (MMA).
The monthly service price for any of these alternatives may be waived if specific conditions are met. For example, BBVA will forgo the $15 quarterly service fee on the ClearChoice Savings account if you make a minimum recurring deposit of $25 from the bank’s checking account.
Keep in mind that BBVA will also waive the fee if your collected balance is at least $500.
The BBVA mobile application is compatible with both Android and IOS smartphones.
4. CIT Bank
CIT is an online/mobile bank that provides high-yield savings accounts, money market accounts, CDS accounts, and custodial accounts. This Best Banks in Arizona also offers savings builder accounts with an APY of 1.00% for an initial deposit of $100.
To qualify for this rate, you must maintain a $25,000 minimum balance or make a monthly deposit of $100. CIT also offers 0.40 percent APY to other account holders.
CIT Bank operates solely online and has no physical locations. Clients of CIT can manage their accounts via the company’s websites and mobile application. The features of their mobile app include inter-account money transfers, digital account statements and up-to-date transaction histories, and mobile check deposits.
Moreover, as one of the Best Banks in Arizona, CIT provides:
- CDs with two- to five-year terms
- No punishment; 11-month CD
- One- to four-year Compact Discs
- High-yield premier savings accounts
- Currency exchange accounts
5. BMO Harris
Presently, BMO Harris bank maintains over 50 branches throughout Arizona. BMO Harris gives users three distinct checking account options.
If you open a SmartAdvantage checking account and want to get eStatements, there is no monthly service charge. Paper account statements incur a $2 cost from the bank.
Moreover, this Best Banks in Arizona offers a Smart Money account. Once you open this account, you will not incur any overdraft or insufficient funds fines.
BMO Harris has approximately 40,000 Allpoint ATMs across the United States. Yet, if you are fed up with non-network ATM fees, you can consider opening a BMO Harris Premier account.
After opening this account and maintaining a balance of less than $5,000, you will receive 0.10% APY. Individuals with account balances over this threshold will also earn an APY of 0.10%.
Premier account holders at BMO Harris are exempt from the following charges:
- Currency orders
- Paper statements
- Check images
- Certified checks
Also, if you maintain a minimum daily balance of $25,000, you can avoid the $30 monthly service fee.
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6. Chase Bank
Chase Bank is one of the Best Banks in Arizona, particularly for college students. The bank offers college checking accounts to students under 24 years of age.
Chase Bank allows Arizona college students within the specified age range to open checking accounts. Chase does not charge account holders under the age of 24 a monthly fee.
The Chase college checking account includes exclusive digital capabilities such as mobile banking and the Zelle application. With the Zelle app, it is simple to transfer money at any moment.
The monthly service cost for Chase is $6. You can avoid this cost, though, by keeping an average balance of $5,000 or by setting up direct deposit.
Presently, Chase has over 4,000 branches in the United States, including over 200 in Arizona alone.
7 Arizona National Bank
The National Bank of Arizona was founded in 1984 and remains one of the state’s most trustworthy financial companies. The bank is dedicated to protecting the health and safety of its customers, communities, and staff.
With about $4.5 billion in assets, the National Bank of Arizona is one of the Best Banks in Arizona. It presently has approximately 59 full-service locations throughout the state of the Grand Canyon.
Over the years, Arizonans have placed their trust in this bank. State residents can obtain deposits, loans, and other essential services from National Bank of Arizona. It gives state residents access to digital banking, vehicle loans, and mortgage loans.
The National Bank of Arizona is included in the S&P 500 index and the NASDAQ 100 index. Zions Bancorporation is the bank’s owner.
8. BOK Finance
Despite having its headquarters in Tulsa, Oklahoma, BOK Financial is one of the major Arizona-based banks. Also, it is the largest bank in Oklahoma, having been founded in 1910.
Moreover, BOK Finance operates in Colorado, New Mexico, Texas, Kansas, Missouri, and Arkansas. BOKF, NA, the company’s banking subsidiary, operates in Arizona, Colorado, Arkansas, Kansas, and Missouri as BOK Finance.
It operates in Oklahoma as Bank of Oklahoma, in Texas as Bank of Texas, and in New Mexico as Bank of Albuquerque.
BOK Financial offers mortgage products in addition to checking accounts, IRAs, savings accounts, and CDs. Also, the bank offers one of the highest savings rates available in the banking market.
9. U.S Bank
U.S. Bank is the second-largest bank in Arizona, with more than 75 locations around the state. U.S. Bank is one of the top solutions for Arizona’s small companies.
The silver checking account of the bank allows customers to conduct around 150 transactions per month without incurring monthly maintenance fees. However, exceeding the monthly transaction limit incurs a $0.4 charge.This is another Best Banks in Arizona.
10. Wells Fargo
Wells Fargo is one of the best global financial services organizations in the United States. It has over 7,000 branches and over 13,000 ATMs in the United States and abroad.
Wells Fargo, regarded as one of the world’s largest banks in terms of market capitalization, was also named as the third-best bank for bank deposits in 2017.
Wells Fargo is one of the finest Arizona banks for teenagers. It offers a checking account for teenagers with a $25 minimum initial deposit. Teenage checking accounts have no monthly fees.
Wells Fargo is, like U.S. Bank, one of the top solutions for small businesses in Arizona. They provide loans to assist small enterprises and new ventures.
There are numerous Wells Fargo ATMs located around the state of Arizona.
FAQs On Best Banks in Arizona
What bank is better than Wells Fargo?
With 4,000 more ATM locations than Wells Fargo, reduced fees and a wider variety of welcome bonuses, Chase is a better option for most customers.10 Feb 2023
What is the biggest bank in AZ?
With more than 4,700 locations, Wells Fargo has the largest physical presence of any bank in the United States. Arizona houses 170 of them, making it a great option if you're looking for in-person customer support and branch access throughout the state.
Is Bank of America or Chase better?
On the whole, Bank of America and Chase charge similar fees for their accounts. Bank of America has a higher monthly fee for its savings account. However, most its checking accounts have much lower monthly fees. This is due to Chase's many checking accounts increasing in rewards levels, making the fees more expensive.
Is Chase Bank a good bank?
Chase maintains a strong digital footprint with its popular mobile app and online banking platform. Yet, it still offers an extensive local presence for individuals who prefer in-person banking services. If you can avoid the monthly fees, Chase is a solid option for your personal banking needs.
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