Best Banks In Arizona In 2022: Top 13 Choices

What are the best banks in Arizona?

If you know what you’re looking for, it’s not difficult to locate a reputable bank in Arizona. Think about using a national bank like Bank of America for accessibility across the country and the most banking options.

Consider a flexible bank like PNC if you want a variety of services. You should probably choose a large national bank like Wells Fargo, Chase, or US Bank if convenience is your top priority.

Consider WaFD or BMO Harris Bank for low-cost checking options.

Please continue reading so I can go into more detail about the best banks in Arizona.

Bank Of America: Best National Bank With Branches In Arizona

Pros

• Multitude of offerings from basic checking accounts to investment products
• Certified mobile app

Cons

• Low interest rates on savings accounts

Arizona residents can easily locate a Bank of America branch with fee-free ATMs and knowledgeable customer service personnel thanks to the Copper State’s more than 100 Bank of America locations. You can find pretty much any financial product you’d anticipate from a sizable company like Bank of America when you enter one of their doors.

The bank provides checking accounts and savings options for a wide range of customers, from those who are just starting to build their finances to those who want to save for retirement or invest their wealth.

There are three checking accounts offered by Bank of America. The most basic option is the Advantage SafeBalance account, which has a $4.95 monthly fee that can be waived when certain requirements are met. A $12 fee is waivable and there are more features with the Advantage Plus account. With higher balances, the Advantage Relationship account is intended. Additionally, the bank provides student-specific checking accounts with waived fees and a different account for small businesses in the neighborhood. Anyone who is preparing for retirement has the option of opening anything from an IRA to a rollover 401(k).

Merrill Edge is another channel through which Bank of America provides access to investment products, such as mutual funds.

And for users who are constantly on the go, Bank of America provides a J.D. The app’s user friendliness and information presentation were praised by the company. The app includes functions like fingerprint scanning, bill payment, and mobile check deposit. Through Zelle, money transfers are also possible. This app lets you send money to someone using just their phone number or email address, similar to services like Venmo.

BBVA: Best Regional Bank

Pros

• Checking accounts with low opening deposits and waivable service fees
• Remote banking capabilities

Cons

• Low interest rates on savings and money market accounts

With more than 70 full-service branches in Arizona, BBVA provides services to a number of communities throughout the Southwest. The BBVA, on the other hand, has everything you’d want from a major bank. Checking, savings, and certificate of deposit (CD) accounts are available from the bank. Also available are loan and mortgage applications.

The bank’s Free Checking account has no monthly service fees. Furthermore, you can open one for as little as $25. In addition, BBVA offers a money market account (MMA) and two different savings accounts. If you fulfill certain criteria, you can get rid of the monthly service charge for each of these choices. For instance, if you set up a recurring minimum transfer of $25 into the ClearChoice Savings account from a BBVA checking account, the bank will waive the $15 quarterly service charge on the account. Should you maintain a minimum collected balance of $500, the bank will also waive the fee.

Additionally, BBVA offers its clients access to MoneyFit, an online hub of personal finance information, as well as a comprehensive mobile banking app. Online checking account applications automatically include free enrollment in Remote Banking. Financial advisors at BBVA can be contacted by text, email, chat, or phone. So, if you prefer to manage all of your banking online, BBVA has you covered.

See also: What Are Certified Funds

CIT Bank: Savings Account Rate

Pros

• One of the best APYs on the market
• No monthly fees
• Low $100 minimum

Cons

• Must make $100 in monthly deposits or maintain a balance of at least $25,000 to earn top APY

Your long-term savings can increase significantly if your bank offers a high interest rate. This is best demonstrated by the CIT Bank Savings Builder account, which offers a 0.85% APY on a $100 initial deposit. However, there are conditions associated with this. Account holders must either maintain a $25,000 account balance or make a monthly deposit of $100 in order to qualify for the aforementioned rate. APY is 0.37% for all other accounts.

Due to the fact that CIT is an online/mobile bank, customers cannot speak with a bank representative in any of the bank’s branches. You must therefore manage your account using the CIT website and mobile app. Digital account statements, inter-account money transfers, mobile check deposit, and recent transaction histories are all included in the services. If you need assistance, CIT offers phone and email customer service.

Although the Savings Builder account’s 0.85% APY is nothing to laugh at, CIT offers a variety of excellent savings products. The following can be opened:

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

Texas First National Bank: Very Low Opening Deposit Requirements

Pros

• Low but waivable monthly service fees

Cons

• APYs not as strong as those offered by online-only banks

1st The most cost-effective savings accounts we found during our research are provided by National Bank Texas. You don’t need to make a deposit to open a savings account. You have a number of options from the bank to avoid the $5 monthly service charge. Just choose one of the following:

• Maintain minimum daily balance of $100
• Establish a monthly recurring direct deposit of at least $100 from an external account not with 1s National Bank Texas

With a balance of $50,000 or more, you can earn an APY of 0.10% in addition to the account’s current 0.05% yield. And even though you shouldn’t anticipate becoming wealthy from interest on a savings account, this choice provides a very affordable way to begin forming a sound saving habit.

A Kids Count savings account, which is intended for users under the age of 21, can also be opened without a deposit. As the balance exceeds specific thresholds, the interest rate on this account, which is tier-based, may increase. It has a current APY of 0.05% and a maximum APY of 0.10%. Examining our study of the top savings accounts for children, however, may help you locate more appropriate choices.

Midfirst Bank: Best Customer Service

Pros

• Vast amount of products and loan options
• Checking accounts specifically designed for students and kids younger than 17 years old

Cons

• Moderate rates on savings and money market accounts

J.D. Power’s U.S. Retail Banking Satisfaction Study was followed. MidFirst Bank was ranked first in the Southwest. According to factors like product adaptability, problem-solving skills, and general fee structures, the study ranked customer satisfaction.

This bank has 25 locations across Arizona and is headquartered in Oklahoma. A variety of products created for both individuals and companies of all sizes are available through MidFirst Bank. Four checking accounts, three savings accounts, CDs, and IRAs are all offered by MidFirst Bank. In addition to credit cards and unsecured loans, you can also apply for loans for cars, boats, RVs, and motorcycles. You might be interested in its iSave Savings account for kids under 17 if you have kids. You can open an FDIC-insured savings account with $25 at the bank, and there is no monthly service fee. Additional online and educational resources are provided by the bank.

Call 888-643-3477, Monday through Friday beginning at 7 a.m., to reach general customer support. to 7 p.m. as well as 7 a.m. to 4 p.m. on Saturday and Sunday from 11 a.m. to 2 p.m. CT. A detailed breakdown of how to contact each department is provided in the bank’s website’s contact section.

See also: How To Add Visa Gift Card To Venmo?

BMO Harris: Affordable Checking Accounts

Pros

• Three checking options with waivable monthly service fees and additional benefits
• Fee-free access to more than 40,000 fee-free ATMs through the AllPoint network

Cons

• High minimum deposit for money market account with low APY

50 branches are currently under BMO Harris bank’s management across Arizona. You can open one of three checking accounts when you walk in. If you choose to receive eStatements, the bank does not charge a monthly service fee for the SmartAdvantage checking account. If not, the cost of paper statements would be only $2. Furthermore, it provides some helpful benefits even though it is the bank’s standard checking account. Through the AllPoint network, for instance, you would have cost-free access to more than 40,000 ATMs located all over the country.

You can open a BMO Harris Smart Money account if you’d like some overdraft protection. Insufficient funds or overdraft fees are not assessed by the bank. If you’re under 25, you can also avoid paying the $5 monthly service charge.

However, if you’re sick of paying non-network ATM fees, the BMO Harris Premier account might be of interest to you. The APY for this account is 0.01% for balances under $5,000 and 0.01% for balances over $5,000. You can receive up to $25 back each month in ATM fees incurred by other banks. In addition, BMO Harris exempts holders of Premier accounts from the following fees:

• Cashier’s checks
• Money orders
• Paper statements
• Check images

Maintaining a daily minimum balance of $25,000 will allow you to avoid the $30 monthly service charge. If you have a BMO Harris Financial Advisor account or a combined balance with a relationship waiver of $50,000, the bank will also stop charging you.

Customers have access to BMO Harris Total Look in addition to mobile banking. No matter where your banking accounts are held, you can view them all using this interactive tool’s single interface.

Chase Bank: Waivable Monthly Maintenance Fees

Pros

• Mobile app with high customer ratings
• Lucrative new account bonuses
• Self-directed investing, robo-advisor services or investment advisors available

Cons

• Low yields on savings and CDs

As the largest bank in the United States, Chase Bank oversees assets worth more than $3 billion. It is a one-stop shop for banking services prepared to assist you in managing your money. There are an impressive variety of account options and financial services available. You can do banking, borrow money, use credit cards, plan for retirement, do business banking, invest, and manage your wealth. You’ll find over 200 Chase branches in 56 Arizona cities if branch accessibility is important to you.

Use all of Chase Bank’s services, such as its checking and savings accounts, mortgage loans, and other products to qualify for better relationship rates and waived monthly maintenance fees.

Wells Fargo: Customer Service Available 24/7

Pros

• Highly-rated mobile banking app
• Accounts available with low opening deposit minimums at $25 and waivable monthly maintenance fees
• Order foreign currency for pickup

Cons

• Low APY of 0.01% on most accounts

In the US, Wells Fargo has the most locations. There are 498 ATMs and 173 banks in Arizona. Additionally, you can replace a human teller for almost all of your financial needs if you’re comfortable with digital banking thanks to the abundance of ATMs and a reliable mobile app.

Although the low-entry bank accounts are a benefit, be aware of any additional fees that may apply, such as overdraft fees. In the event that your balance is negative, Bank of America may assess up to three $35 overdraft fees per day. You can save money by disabling overdraft protection on your debit card and checking account.

U.S. Bank: Higher-yield Interest Rates

Pros

• Access to U.S. Bank and MoneyPass ATMs nationwide
• Choose from 15 debit card designs for your checking account
• Accounts have minimal opening balance requirements of $25 to $100

Cons

• Can charge up to four overdraft fees per day of $36 each

Arizona residents can easily open an account with U.S. Bank. A checking account can be opened by almost anyone with a small opening balance requirement and no monthly maintenance fees. In comparison to many other banks, U.S. Bank also provides higher yield interest rates. Platinum checking offers rates of 0.05%-0.05% to account holders. The bank’s certificates of deposit have lucrative high APYs if you can keep your money in them for a long time, especially for the 59-month term.

The Elite Money Market Account was named one of the Best Money Market Accounts of 2022. One can be opened for just $100, and interest can be earned right away. A daily balance of $10,000 entitles you to a $10 monthly maintenance fee waiver.

First Citizens: User-friendly Mobile Banking App

Pros

• Free checking with a $50 minimum to open
• Better-than-average interest rates for savings, CDs and money market accounts
• Unlimited transfers and withdrawals allowed at branches for money market account holders

Cons

• Only three physical locations in Arizona
• Minimal APY of 0.05% on premium checking accounts

Another excellent bank in Arizona for those just getting into banking is First Citizens. With low opening balance requirements, First Citizens Bank offers free checking and savings account options. You’ll find that First Citizens offers unlimited transactions for money market account holders as long as the transfers and withdrawals are made at the Tucson, Scottsdale, or Chandler branch if you’re ready to try your hand at more sophisticated banking, such as a money market account.

Apart from the high-quality money market accounts, opening a Free Checking account with the bank is a smart way to get started. Overdraft protection is included, there are no monthly fees, and it will help you avoid costly non-sufficient funds fees. No minimum balance is required; just start with $50 or more.

Ally Bank: The Top Savings Account

Pros

• High APY
• Great customer service
• No fees or minimums

Cons

• No branches

One of the best interest rates in the banking sector is offered by Ally’s Online Savings Account. You will receive a premium 1.85% APY no matter how much money is in your account. Ally will daily compound all earnings in order to further increase your financial gains. Due to Ally’s elimination of all fees and minimums for the Online Savings Account, just about anyone can open an account.

As the former is for long-term saving and the latter is for short-term spending, banking customers frequently have both a savings account and a checking account. The need for a debit card does not, however, restrict you to only non-interest-bearing options with Ally’s Interest Checking Account. You will receive a 0.10% APY if your minimum daily balance is under $15,000. If you go over that limit, Ally will increase your rate to 0.25%.

Both Apple and Android-compatible mobile devices support Ally’s app. Its features include mobile check deposit, online account statements and transaction histories, and the Zelle® money transfer app. The app’s ATM locator can also be used to help you locate one of the 55,000 fee-free ATMs in the United States that are part of the Allpoint ATM network. and abroad. Up to $10 per cycle of statements, Ally will pay back out-of-network ATM fees.

Bank Of The West: Socially Responsible Banking

Pros

• Checking and savings accounts with no minimum balance requirements
• Open accounts online or at one of the 17 branches in the state
• Choice money market savings earn 0.16% to 0.18% APY

Cons

• Minimal 0.01% APY on savings-account balances

One of the top regional banks and one of the top banks in Arizona is Bank of the West. The bank’s efforts to support environmental causes and prevent deposits from funding industries like big tobacco, arctic drilling, and others are something that sustainability-minded people who care about the environment will appreciate. When you require specialized assistance, the state has 17 branches. The mobile app and website have all the resources you need to manage your accounts for routine banking tasks.

You can save $75 or more each month by using Bank of the West’s autosave feature. It’s a fantastic way to increase your emergency fund. Your balance determines the tiered rate of interest. Prior to reaching $10,000, start with 0.02% to 0.03%. For larger balances, receive interest at a higher rate.

Firstbank: 15 Branches In Nine Arizona Cities

Pros

• Highly-rated mobile banking app
• Accounts with no minimum opening requirements available
• Approximately 100 ATMs in addition to 15 branches

Cons

• Low APY yields

Individuals new to banking or on a tight budget will value the accounts offered by FirstBank. The only other highlights are low to no minimum opening requirements and no monthly fees. The bank’s digital account is called the Anywhere account. You can manage to bank anywhere if you pair it with the mobile app. Additionally, you can program roundups and automatic savings transfers to transfer spare change from debit card purchases to your savings account.

Another excellent option for beginners is the Bloom package, which offers interest-bearing basic checking and savings. There are no monthly maintenance fees or minimum opening requirements, even though the accounts have a low-interest rate for balances under 19,9999.99.

Final Words

The article concentrated on Arizona’s top banks.

If you’re looking for friendly service, MidFirst Bank might be the right choice for you—provided that they have a branch nearby.

Are you familiar with Arizona’s top banks now that you’ve read the post? If you have any inquiries about the top banks in Arizona, kindly leave a comment. I will answer right away.

Last but not least, I want to say thanks for reading.