10 Best Banks in Arizona in 2023

Here is an article that discusses the best banks in the state of Arizona.

The state of Arizona is home to several 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 important things to consider before choosing 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.

Best Banks in Arizona

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.

Also Read: 10 Best Banks in Tennessee in 2023

10 Best Banks in Arizona

Here, we will show you the best banks in Arizona and what they have to offer to residents.

#1. Ally Bank

Ally Bank is one of America’s finest banks that provides online savings accounts to customers. The online savings accounts offered by Ally Bank have one of the best interest rates you can find in the banking industry.

Ally offers a high-interest rate to its customers. With $0, you can open an account with Ally Bank. Irrespective of a customer’s account balance, Ally offers a 3.30% APY.

You can benefit from this by choosing to bank with Ally. Ally Bank has more to offer to customers. The bank maximizes the financial gains of customers by compounding all their earnings on a daily basis.

It’s a choice to bank with Ally. It’s easy to open an online savings account with Ally and by doing so, you don’t have to worry about monthly fees and minimums for the account.

With Ally Bank, you get a new experience in online banking. You will earn a 0.10% APY, provided your minimum daily balance is less than $15,000. If you are able to maintain something better than that, Ally Bank will boost your rate to 0.25%.

Ally’s mobile app is available online and comes with interesting features. Some of the mobile app features include online account statements and transaction histories, mobile check deposits, and a unique money transfer program known as Zelle®.

The mobile app also comes with an ATM locator, which helps you find one of the Allpoint ATM networks across the United States and abroad.

You can download the Ally mobile app on your Android or Apple devices.

#2. Bank of America

Bank of America has a large presence in the state of Arizona. With over 100 branches, it’s one of the best banks in Arizona.

This is one of the largest banks in the country with an asset of over $2 trillion. It’s a reliable financial institution trusted by many Americans over the years.

As a resident of Arizona, you can easily find a branch of this bank in your area. Talk into any branch today and experience outstanding customer care service.

Bank of America offers three checking accounts. They include the Advantage Safe Balance Account, the Advantage Plus Account, and the Advantage Relationship Account.

The Advantage Safe Balance account comes with a $4.95 monthly fee, which can be waived once you meet certain criteria, while the Advantage Relationship account is designed for customers with higher balances.

Bank of America also offers checking account fee waivers, which are designed specifically for students. Besides that, Bank of America is also the perfect option for those who want to save for their retirement.

#3. BBVA

BBVA is next on our list of best banks in Arizona.

In the state of Arizona, you can find over 70 full-service branches. This bank offers everything you would expect from a national bank.

As one of the best banks in Arizona, BBVA offers savings accounts, checking accounts, and CD accounts. It also offers Arizona residents the opportunity to apply for a loan or a mortgage.

With $25, you can open a checking account with BBVA and you don’t have to worry about paying monthly service charges. The bank also offers two types of savings accounts and a money market account (MMA).

Your monthly service fee for each of these options can be waived once you meet certain requirements. For instance, BBVA will waive the $15 quarterly service charge on the ClearChoice Savings account once you establish a recurring minimum transfer of $25 into the account from the bank’s checking account.

Keep in mind that BBVA will also eliminate the fee if you maintain a minimum collected balance of $500.

BBVA’s mobile app is available for both Android and Apple devices.

#4. CIT Bank

CIT is an online/mobile bank that offers high-yield savings money market, CDS, and custodial accounts. This bank also offers savings builder accounts and with an initial deposit of $100, you get a 1.00% APY.

However, to get this rate, you are required to maintain an account balance of $25,000 or deposit $100 each month. CIT also offers other account holders a 0.40% APY.

CIT Bank is exclusively online, so there are no branches anywhere. Customers of CIT manage their accounts through its websites and mobile app. Their mobile app features include inter-account money transfers, digital accounts statements and up-to-date transactions histories, and mobile check deposits.

As one of the best banks in Arizona, CIT also offers

  • Two-year to five-year term CDs
  • No penalty/eleven-month CD
  • One-year to four-year CDs
  • Premier high-yield savings accounts
  • Money market accounts

#5. BMO Harris

Currently, BMO Harris bank operates about 50 branches across the state of Arizona. BMO Harris offers three different checking accounts to its customers.

If you open the SmartAdvantage checking account and opt-in for eStatements, you don’t have to worry about any monthly service fee. The bank charges a $2 fee for paper account statements.

BMO Harris also offers a Smart Money account. Once you sign up for this account, expect to pay no charges for overdraft or insufficient fund fees.

BMO Harris has over 40,000 ATMs across the U.S. through the Allpoint network. However, if you are tired of non-network ATM fees, perhaps it’s time you open the BMO Harris Premier account.

Once you open this account and maintain an account balance below $5,000, you will earn a 0.10% APY. Those with an account balance above this mark will also earn a 0.10% APY.

Premier account holders with BMO Harris do not have to worry about the following fees;

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

Also, by maintaining a daily minimum balance of $25,000, you can waive the $30 monthly service fee.

Also Read: How Much Money Is in an ATM? All you need to know

#6. Chase Bank

Chase Bank is one of the best banks in Arizona, especially for college students in the state. The bank offers a college checking account to students who are still under the age of 24.

If you are a college student in Arizona within the age range, you can open a checking account with Chase Bank. Chase charges no monthly fee for account holders under the age of 24.

Chase college checking account comes with unique digital features like mobile banking and the Zelle app. With the Zelle app, you can easily transfer money, anytime you want.

Chase has a monthly service fee of $6. However, you can waive this fee by maintaining an average balance of $5,000 or establishing a direct deposit.

Currently, Chase has over 4,000 branches across the United States, with over 200 branches in the state of Arizona.

#7. National Bank of Arizona

The National Bank of Arizona was established in 1984 and remains one of the most reliable financial institutions in the state. The bank is committed to safeguarding the well-being and health of its customers, communities, and employees.

With an asset of over $4.5 billion, the National Bank of Arizona is one of the best banks in the state. It currently has about 59 full-service branches across the Grand Canyon state. 

Residents of Arizona have trusted this bank over the years. National Bank of Arizona offers deposits, loans, and different important services to residents of the state. It provides residents of the state with options for digital banking, auto loans, and home loans.

Just so you know, the National Bank of Arizona is a member of the S&P 500 and NASDAQ 100 index. Zions Bancorporation is the owner of the bank.

#8. BOK Financial

Although BOK Financial is headquartered in Tulsa, Oklahoma, it’s one of the largest banks operating in the state of Arizona. It’s also the largest bank in Oklahoma, established in 1910.

BOK Financial also operates in states like Colorado, New Mexico, Texas, Kansas, Missouri, and Arkansas. The company’s banking subsidiary, BOKF, NA, operates as BOK Finance in Arizona, Colorado, Arkansas, Kansas, and Missouri.

In Oklahoma, it operates as Bank of Oklahoma, Bank of Texas in the lone star state, and Bank of Albuquerque in New Mexico.

BOK Financial offers checking accounts, IRAs, savings accounts CDs, as well as mortgage products. The bank also offers one of the best savings rates you can find in the banking industry.

#9. U.S Bank

With over 75 branches across the state of Arizona, U.S Bank is the second-largest bank in the Grand Canyon state. U.S. Bank is one of the best options for small businesses in Arizona.

The bank’s silver checking account allows customers to complete about 150 transactions in a month with no monthly maintenance fees. However, exceeding the monthly transaction limit attracts a penalty fee of $0.4.

#10. Wells Fargo

Wells Fargo is one of America’s finest multinational financial services companies. It currently has over 7,000 branches and about 13,000 ATMs across the United States and abroad.

Regarded as one of the largest banks in the world in terms of market capitulation, Wells Fargo was also ranked as the third-best bank in 2017 in terms of bank deposits.

Wells Fargo is one of the best banks for teens in Arizona. It offers a checking account for teens which requires an opening deposit of just $25. The checking account for teens has no monthly fees.

Just like U.S Bank, Wells Fargo is also one of the best options for small businesses in Arizona. They offer loans to support small businesses and start-ups.

Across the state of Arizona, you can find a large number of Wells Fargo ATMs.


The best banks in Arizona are determined by the variety of accounts they offer to customers and the services they provide. Other factors considered when selecting these banks include interest rates, minimum deposits, and overall structures.

Banks that grant customers easy access to their funds and provides the best customer services are also considered a reliable financial institution.

We hope this article on the best banks in Arizona was helpful.



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