Here is an article that discusses the best banks in the state of Tennessee.
When it comes to selecting the best financial institutions, it’s always difficult to choose one because several banks offer a variety of accounts. If you are a resident of Tennessee or you intend to relocate to the state anytime soon, it’s important you find out the best banks in the state.
Generally, there are more than 100 state-chartered banks in the state of Tennessee. The state is also home to several credit unions, and online and national banks. But what are the best banks in the state of Tennessee?
Well, to answer that question, kindly read this guide to find out the best financial institutions in Tennessee.
If you are also concerned about the Annual Percentage Yield (APY) and what these banks have to offer, we will show you what you stand to earn baking with these financial institutions.
How the Best Banks in Tennessee are Determined
According to SmartAssest.com, their banking experts carried out a survey and they were convinced with the performance of 15 banks in Tennessee.
These banks were considered the best banks in Tennessee because of the number of branches they had in the state. Out of the 15 banks, the best national and regional financial institutions were selected.
Other factors that were considered in selecting these banks include minimum balance requirements, overall accessibility, fee structures, and annual percentage yields (APYs).
10 Best Banks in Tennessee
Here are the best banks in the state of Tennessee and what they have to offer. We will also look at the annual percentage yields (APYs) offered at these banks and more.
#1. Ally Bank
Since 2009, Ally Bank has been that financial institution where Americans save their funds. Banking with Ally Bank comes with a benefit.
Ally’s Online Saving Account offers a 3.30% annual percentage yield (APY). This bank also offers an Interest Checking Account, which comes paired with a 0.10% annual percentage yield (APY) for accounts with a daily balance below $15,000.
Accounts with a minimum daily balance above $15,000 are offered a 0.25% annual percentage yield (APY). There are no monthly maintenance fees and no minimum initial deposit for both accounts.
Currently, Ally Bank has developed a mobile banking app. The app is available for both Android and iOS users, so you can download it on your device.
Ally’s mobile app comes with a unique feature. With Ally’s mobile app, you can send and receive payments through a program known as Zelle. The mobile app also comes with an ATM locator, digital account statements, and lots more.
Account holders at Ally Bank can use AllPoint ATMs across the United States free of charge.
#2. CIT Bank
CIT Bank is another financial institution in Tennessee with benefits for customers. Saving Builder account is a high-interest account that offers benefits to CIT savings account holders.
Whether customers have significant savings or not, they can access the CIT top tier 1.00% annual percentage yield (APY). Now if you meet up with the bank’s $100 minimum and deposit the same amount monthly or at least maintain an account balance of $25,000 you will earn the 1.00% APY.
If you don’t meet this standard, expect a 0.40% APY.
Just like Ally Bank, CIT Bank also has a mobile app for customers to complete a specific transaction, and view account balances and transaction histories.
If you have ever considered diversifying your banking portfolio, CIT has a wide range of options which includes money market accounts, two to five-year jumbo CDs and six months to five-year standard term CDs.
#3. Fifth Third Bank
Next on our list of best banks in Tennessee is Fifth Third Bank.
Fifth Third Bank is regarded as a financial institution with the top banking experiences around the state of Tennessee according to J.D Power’s Retail Banking Satisfactory Study.
If you are looking for a bank that offers a wide range of account options, Fifth Third Bank is the ideal financial institution for you. Fifth Third Bank offers free checking accounts to customers.
The bank also offers special accounts to students and military personnel. Fifth Third Bank offers Savings accounts, CDs as well as MMAs. Students can benefit from the bank’s 529 college savings plans.
Fifth Third Bank’s mobile app has a unique feature. With the bank’s mobile app, you can check your account history for the last six months, locate the nearest branch ATM, and complete other transactions.
The app also comes with a widget that allows account holders to check their account balances without signing in.
With about 40 branches across the state of Tennessee, FSBNB remains one of the best banks in the Volunteer State.
FSNB has other branches across nine states in the country. If you are someone who travels across states in the U.S. perhaps you will find an FSNB branch there.
FSNB is one the finest banks in the state of Tennessee that offers good basic banking options. If you have ever considered pairing a savings account with a basic checking account, FSNB is the ideal bank for you.
You can do that if you want to, as FSNB allows it. All you have to do is open a savings account with just $5 and you will earn a 0.10% annual percentage yield (APY). But make sure you maintain at least an account balance of $25.
If you maintain an account balance of at least $75, you will avoid any monthly fees. Additionally, if you maintain an account balance over $5,000 you earn a higher rate of 02.5%.
FSNB is one of the banks where you can open an account with just $5. Maintaining a $75 account balance will save you from paying any monthly service charges.
Lastly, once you maintain an account balance of at least $500, you will earn an interest of 0.05% APY.
FirstBank boasts several branch locations across the state of Tennessee. Regardless of the size of FirstBank, it remains one of the banks that offer a strong suite of accounts.
As one of the best banks in Tennessee, FirstBank allows customers to build savings through basic savings or money market accounts. Also, the bank allows customers to pair either basic savings or MMAs with a checking account.
Account holders with less than a $25,000 daily balance in their account qualify for a 1.5% APY. In addition, if you have an account with a daily balance of over $25,000, you will earn a 0.15% APY.
That is not all FirstBank has to offer to its customers. The bank also offers several credit card options and you can benefit from the FirstBank card cash-back reward.
#6. U.S Bank
U.S. Bank is one of the best banks in Tennessee. This bank offers a wide range of checking and savings accounts. It’s a bank that offers a variety of accounts, so whatever type of account you are looking for, you can find it at U.S Bank.
US. Bank got you covered on loans, mortgages, credit cards and investments. It’s a reliable financial institution trusted by many Americans over the years.
Across the United States, you can find other U.S. bank branches. The over 100 branches in Tennessee are nothing compared to the thousands of branches scattered across the country.
Currently, there are over 3,000 U.S. Bank branches in different states across the United States. Just so you know, U.S. Bank has low annual percentage yields (APYs).
#7. Truist Financial Corporation (Merger of BB&T and SunTrust Banks)
Truist Financial Corporation is one of the best banks in Tennessee. Currently, Truist Financial Corporation is among the ten largest banks in the United States.
With over 2,000 branches in different states across the U.S., including Washington D.C, Truist Financial Corporate is currently the eighth largest bank in the country.
Truist is a reliable financial institution that offers commercial banking, mortgage, insurance product and services and lots more. This bank also offers something for students with its BB&T Student Checking account.
Across the state of Tennessee, students can locate one of the 48 BB&T branches. If you are a student in Tennessee and you are below the age of 23, the BB&T Student Checking account is available for you.
As a student, you can open an account with Truist without depositing a dime. In addition, students are not required to pay any fee to keep their accounts active.
#8. Regions Bank
Next on our list of best banks in Tennessee is Regions Banks.
Across Tennessee, you will find several branches of Regions Bank. It’s one of the banks in the state that offers one of the best checking accounts for students.
Regions Bank offers checking accounts for students who are below the age of 25. As a student, you can open an account with just $50 at Regions Bank. This bank remains one of the reliable financial institutions where customers can get loans and other financial services.
#9. Bank of America
Bank of America is a reliable financial institution that makes banking easy and flexible. It allows customers to switch between its 3 tiers of checking accounts based on their needs.
Safe balance is the basic checking account, while advantage relationship checking is the top tier.
Bank of America has several branch locations in Tennessee. Across the state, you will find about 30 branches in different cities and towns. Bank of America also has other branch locations across the United States.
#10. First Citizens Bank
This completes our list of best banks in Tennessee.Bank
First Citizens Bank offers one of the best and most flexible money market accounts. If you live near a branch of First Citizens, you can take advantage of this opportunity.
In the United States, most money markets have federally mandated limits to the number of withdrawals an account holder can make. However, with First Citizens Bank, you have access to unlimited transfers as well as withdrawals.
Just recently, First Citizens Bank announced to the public that they will reduce or eliminate overdraft and non-sufficient funds fees.
The bank will no longer charge the $36 NSF fee for returned or unpaid transactions. Currently, the overdraft fee is $10 and no longer $36.
The state of Tennessee is home to several Financial institutions that provide savings and checking accounts. We have listed the best banks in Tennessee and what they have to offer to customers.
So if you are a resident of Tennessee or you intend to relocate there soon, these are the best banks in the state you can rely on.
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