Listen to this articleInsider’s specialists choose the best merchandise and suppliers to help make smart selections collectively together with your money (here’s how). In some situations, we get hold of a charge from our our partners, nonetheless, our opinions are our private. Terms apply to offers listed on this internet web page.
We chosen Ally, Bank of America, PNC Bank, Navy Army Community Credit Union, and GECU as a result of the best banks and credit unions in Texas.
All our prime picks are federally insured by the NCUA and FDIC, which signifies that your money is safe it doesn’t matter what happens to the institution. These banks are moreover each extensively obtainable all through the state or have distinctive accounts with spectacular choices.
Savings fees on the biggest banks in Texas
Below, you will note the monetary financial savings fees from the biggest banks in Texas. To give you an idea of comparability, the nationwide widespread APY for monetary financial savings accounts as of October 2022 is 0.17%, according to the FDIC.
While a number of of those institutions aren’t featured, you might nonetheless want to consider banking with one in each of those institutions do you have to’re conversant in them.
| Bank | Savings APY | Number of TX branches | Next steps |
| Wells Fargo | 546 | ||
| Chase | 520 | ||
| Bank of America | 358 | ||
| PNC Bank | 340 | ||
| Prosperity Bank | 299 | ||
| Woodforest National Bank | 207 | ||
| Frost Bank | 134 | ||
| IBC Bank | 136 | ||
| Comerica Bank | 127 | ||
| Truist Bank | 102 |
Best monetary establishment for opening a monetary financial savings account: Ally High Yield Savings Account
Why it stands out: Ally is a steady contender do you have to’re making an attempt for a monetary financial savings account. It pays
If you beforehand struggled to attain buyer assist in the earlier, you would possibly like Ally’s technique — it offers 24/7 customer support over the phone and by way of live chat.
What to look out for: As an online-only monetary establishment, Ally doesn’t have a direct methodology to deposit cash. (Although you need to make the most of direct deposit and deposit checks.) You’ll want to modify your money from one different account to deposit cash.
Best monetary establishment for opening a checking account: Bank of America Advantage Plus Checking Account
Why it stands out: Bank of America nabbed a spot on our best national banks guide as a result of the best nationwide monetary establishment in the Southwest. It’s matched with Chase for having crucial ATM group by a brick-and-mortar monetary establishment and has one among many largest division networks amongst US banks.
Bank of America has a variety of checking account selections. With the
What to look for: Be cautious of overdrawing out of your account. Bank of America charges a $35 overdraft value. While it offers overdraft security, you’ll nonetheless pay a value do you have to change money from a monetary financial savings account.
Another value to watch out for is out-of-network ATM fees. You’ll have to pay a $2.50 value each time you use an ATM that’s not from Bank of America.
Best monetary establishment for opening a checking and monetary financial savings account: PNC Bank Standard Savings Account
Why it stands out: PNC Bank is the fourth-largest financial institution in Texas. Its
The
What to look out for: Customer help is restricted. Other on-line banks present 24/7 purchaser help, nevertheless PNC representatives are solely obtainable all through select hours in the course of the week.
Best credit union: Navy Army Community Credit Union Liberty Checking Account
Why it stands out: Navy Army Community Credit Union is a Hispanic American-led institution that doesn’t value month-to-month service fees.
Navy Army Community has 19 branches, and it is part of the CO-OP Share Network, which provides entry to over 30,000 free ATMs and 5,600 shared division locations.
The
- Maintain a stability beneath $25,000
- Make ten debit card transactions each month
- Schedule one direct deposit or computerized value each month
- Enroll in digital e mail statements
What to look out for: To develop to be a member, it’s advisable reside, work, or go to highschool in South Texas. You’ll should maintain not lower than $25 in your monetary financial savings account every day to care for membership.
Best native monetary establishment: GECU Savings Account
Why it stands out: GECU is a superb different do you have to’re exploring native banking selections.
GECU is a licensed group enchancment financial institution and Juntos Avanzamos designated credit union. It’s been licensed to make it possible for it provides merchandise and suppliers that serve all people in the group, irrespective of immigration standing or income.
The credit union lets you use a eternal resident card, worldwide passport, or Matricula Consular as {a photograph} ID. Instead of a social security amount, you would possibly share your ITIN amount.
GECU offers free checking and monetary financial savings accounts with low minimal opening deposits. Its CDs moreover pay extreme charges of curiosity.
What to look out for: To be eligible for membership at GECU, you or a member of the household ought to reside in an eligible county or work for a specific employer. If you’re looking for a extreme monetary financial savings value, totally different institutions may present a better value.
Other institutions that didn’t make our file and why
- Wells Fargo: Wells Fargo has in all probability probably the most division locations in the state, nevertheless its trustworthiness and purchaser satisfaction rankings are lower than Bank of America. Read the full review of Wells Fargo here.
- Chase: Chase has a variety of accounts and a sturdy division and ATM group, nevertheless it is form of extra sturdy to waive the month-to-month repairs fees at Chase than it is at Bank of America. Read the Chase checking accounts review here.
Prosperity Bank Personal Savings Account : Prosperity Bank requires the following minimal opening deposit than most of the totally different selections on our file and moreover has a withdrawal value do you have to make better than three withdrawals on the monetary financial savings account per 30 days.Woodforest National Bank Savings Account : Woodforest National Bank has a variety of accounts, nevertheless you will want to carry a certain amount in your account month-to-month or pay a month-to-month service value.Frost Bank Savings Account : Frost Bank may be a worthwhile chance do you have to’re wanting for CDs, nevertheless its monetary financial savings and checking have month-to-month service fees ought to you don’t attain a certain amount each month.- IBC Bank: International Bank of Commerce has a free checking account, nevertheless its monetary financial savings account is far much less aggressive. Read the full review of International Bank of Commerce here.
Comerica Bank Statement Savings Account : Comerica Bank has an enormous division and ATM presence in the state, nevertheless its monetary financial savings accounts earn a low fee of curiosity and have month-to-month repairs fees.Truist One Savings : Truist Bank has low minimal opening deposits on its accounts, nevertheless its monetary financial savings accounts earn a fairly low fee of curiosity.- Bank of South Texas: This Hispanic American-led monetary establishment pays better charges of curiosity than most brick-and-mortar banks, nonetheless it solely has 5 branches in the state. Read the full review of Bank of South Texas here.
- Border Federal Credit Union: This Hispanic American-led credit union is a Juntos Avanzamos designated credit union, nonetheless it solely has 5 branches in the state. Read the full review of Border Federal Credit Union here.
- Citizens State Bank: You might like Citizens State Bank do you have to reside in Roma or Rio Grande City, Texas, and want to uncover native banking. It solely has two branches and ATMs, though. Read the full review of Citizens State Bank here.
- CoastLife Community Credit Union: This Hispanic American-led credit union pays extreme charges of curiosity on its accounts, nonetheless it is solely obtainable to residents in select counties near Corpus Christi or Portland, Texas. Read the full review of CoastLife Community Credit Union here.
- Edinburg Teachers Credit Union: This Hispanic American-led credit union has low minimal opening deposits on its accounts and zero month-to-month fees, nonetheless it doesn’t have a cell app. Read the full review of Edinburg Teachers Credit Union here.
- evolve Federal Credit Union: evolve has a superb high-yield checking account. You would possibly have to pay a month-to-month service value in the event you can not meet the requirements, though. Read the full review of evolve Federal Credit Union here.
- Falcon International Bank: You might like this Hispanic American-led monetary establishment ought to you don’t want to pay month-to-month service fees. However, its monetary financial savings fees are low. Read the full review of Falcon International Bank here.
- Freedom Bank: This Hispanic American-owned monetary establishment lets you earn a extreme fee of curiosity, nevertheless solely has three branches. Read the full review of Freedom Bank here.
- GulfCoast Credit Union: You’ll earn the following fee of curiosity with this Hispanic American-led credit union than you will at a typical brick-and-mortar monetary establishment, nevertheless branches are solely obtainable in Corpus Christi, Alice, and Portland, Texas. Read the full review of GulfCoast Credit Union here.
- Laredo Federal Credit Union: Laredo has free checking and monetary financial savings accounts nevertheless pays low charges of curiosity. Read the full review of Laredo Federal Credit Union here.
- La Joya Area Federal Credit Union: This Hispanic American-led credit union solely has two branches in the state. You may like this Hispanic American-led institution do you have to reside in Hidalgo County, Texas, though. Read the full review of La Joya Area Federal Credit Union here.
- Lone Star National Bank: Lone Star has low minimal opening deposits on accounts, nevertheless you’ll have to fulfill a certain amount month-to-month to waive the service value. Read the full review of Lone Star National Bank here.
- Members First Credit Union: This Hispanic American-led institution is barely obtainable do you have to reside in Nueces or Cameron County. Other institutions on our file could be discovered in further locations. Read the full review of Members First Credit Union here.
- Naft Federal Credit Union: Naft Federal pays low charges of curiosity on monetary financial savings accounts and requires you to care for a certain amount in your account each month to waive a service value. Read the full review of Naft Federal Credit Union here.
- Rio Bank: Rio Bank requires you to care for a certain amount each month, in any other case you will have to pay a month-to-month service value. Read the full review of Rio Bank here.
- River City Federal Credit Union: River City Federal Credit Union is an efficient different if you need to monetary establishment with a Hispanic American institution, nonetheless it has fewer branches than a number of of the credit unions talked about in our file. Read the full review of River City Federal Credit Union here.
- Security First Credit Union: Security First Credit Union doesn’t value any month-to-month fees nevertheless pays a low monetary financial savings value. Read the full review of Security First Credit Union here.
- SouthWest Heritage Credit Union: This Hispanic American-led institution solely has 5 division locations obtainable in Odessa or Wink, Texas, whereas totally different credit unions featured on our file have further locations. Read the full review of SouthWest Heritage Credit Union here.
- Texas National Bank: Texas National Bank pays better charges of curiosity than most brick-and-mortar banks, nonetheless it has fewer division locations than the institutions we chosen. Read the full review of Texas National Bank here.
- United Bank El Paso del Norte: While this Hispanic American-owned monetary establishment has low minimal opening deposits on its accounts, it doesn’t have an ATM group. Read the full review of United Bank El Paso del Norte.
- Unity Bank: This Black-owned monetary establishment has low minimal opening deposits, nevertheless it’s advisable meet positive requirements to waive month-to-month service fees. Read the full review of Unity Bank here.
- Zapata National Bank: Zapata has only one division location in Zapata, Texas, and two free ATMs. Read the full review of Zapata National Bank here.
Banks trustworthiness and BBB rankings
We use rankings from the Better Business Bureau to help current how financial institutions deal with purchaser factors and cope with transparency.
| Financial institution | BBB rating |
| Ally | C- |
| Bank of America | A+ |
| PNC Bank | A+ |
| Navy Army Community | A+ |
| GECU | A+ |
All the financial institutions on our file have an A+ rating from the BBB moreover Ally. According to the BBB, Ally has a C grade on account of it obtained 312 purchaser complaints and hasn’t responded to 2 of them.
An awesome BBB rating doesn’t primarily suggest that your relationship with the enterprise could be the an identical as others’ relationships. Consider talking to family or buddies who’re members or study on-line purchaser evaluations.
Bank of America and PNC Bank have been involved in only a few newest public scandals.
In 2020, the Department of Justice required Bank of America to pay $300,000 to people with disabilities on account of claims that people licensed for Bank of America’s loans nevertheless have been denied. In 2019, the Department of Labor charged Bank of America $4.2 million in a settlement that claimed the monetary establishment discriminated in the direction of African Americans, Hispanic Americans, and women in the course of the hiring course of.
In 2020, US Bank, Nationstar Mortgage, and PNC Bank paid $74 million in an agreement with the Department of Justice. According to the press launch, the Department of Justice said the three mortgage suppliers didn’t observe chapter regulation and had service errors that impacted debtors.
Why perception our solutions?
At Personal Finance Insider, our goal is to create helpful content material materials that may help you make good selections about your money. Every explicit individual is completely totally different, so we provide ample selections so you’ll uncover in all probability probably the most acceptable financial product or account for you.
We evaluation extensively to only keep in mind to know the standout choices and limitations of a financial institution.
Methodology: How did we choose the best banks in Texas?
We regarded on the prime 10 largest banks and credit unions in the state, plus state financial institutions featured in our Black-owned banks and credit unions guide and Hispanic American-owned banks and credit unions info.
When wanting for the best accounts, we honed in on individuals who paid high-interest fees and equipped distinctive choices.
For the best credit union and the best native monetary establishment, we chosen institutions that supplied the strongest complete banking experience: good buyer assist availability, simple membership requirements, and accounts with low minimal opening deposits and zero month-to-month fees.
Frequently requested questions
What is the No. 1 monetary establishment in America?
The best monetary establishment for you will depend on what your preferences are. There are many banking selections — on-line banks, nationwide banks, native banks — so chances are you’ll uncover various picks sooner than settling with one financial institution.
If you’re looking for a monetary establishment with a national presence, Wells Fargo, Chase, and Bank of America have in all probability probably the most branches in the US.
For extreme monetary financial savings fees and low fees, you’ll probably uncover online banks or credit unions further attention-grabbing.
If you prioritize purchaser experience and shut ties to the group, native banks could be your best wager. For event, FDIC-designated minority depository institutions (MDIs) sometimes deal with boundaries in disadvantaged communities like language or entry.
What’s probably the most safe monetary establishment to position money in?
Financial institutions are safe in the event that they’re federally insured by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA).
When a checking account is federally insured by one in each of those institutions, as a lot as $250,000 is protected in explicit individual monetary establishment accounts and as a lot as $500,000 is protected in joint monetary establishment accounts. If a monetary establishment shuts down, you’ll nonetheless have your money.
