What Are The Best Banks By State? A Closer Look at Asset Sizes, APYs, and Monthly Fees

Choosing the right bank can feel overwhelming. With various options available nationwide, each state presents its unique banking landscape featuring diverse asset sizes, competitive annual percentage yields (APYs), and fee structures. For those passionate about finance, comprehending these aspects is vital when selecting a bank. This article examines the best banks in each state, highlighting their assets, APYs, and monthly fees to help you make an informed choice.

Factors in Choosing the Best Bank

Before we explore each state, let’s examine the key features to evaluate when assessing banks:

1. Asset Size: This figure reflects the total value of a bank’s holdings. A larger asset size often signifies greater stability and resources for customers. For instance, banks with assets in the hundreds of billions can support a wide range of services and products.

   
   

2. Annual Percentage Yield (APY): This percentage indicates the interest earned on deposits. A higher APY can greatly enhance your savings. For example, an account with a 2% APY versus one with a 0.1% APY could yield significantly more over time due to compound interest.

   
   

3. Monthly Fees: Many banks charge fees for account maintenance. Seeking banks with lower or no monthly fees can improve your overall savings. Some banks allow you to waive these fees by meeting specific conditions, such as maintaining a minimum balance.

   
   

By focusing on these aspects, you can identify which banks excel in your area.

Best Banks by State

Alabama: Regions Bank

Regions Bank leads in Alabama with assets of about $155 billion. They offer a solid APY of 0.05% on savings accounts, and there are no monthly maintenance fees, making them a favorable choice for many customers.

Alaska: First National Bank Alaska

In Alaska, First National Bank Alaska is a top pick, holding assets of around $3 billion. They provide a competitive APY of 0.10% without monthly fees, appealing to local savers looking for reliable options.

Arizona: Desert Financial Credit Union

Desert Financial Credit Union boasts assets of approximately $3 billion in Arizona, offering an attractive APY of 0.30% on savings accounts. Their focus on excellent customer service and low fees enhances their reputation.

Arkansas: Arkansas Federal Credit Union

Arkansas Federal Credit Union has assets totaling about $1 billion. They provide an APY of 0.15% with no monthly fees, making them a strong option for residents seeking value.

California: Wells Fargo

Wells Fargo maintains a robust presence in California with assets near $1.8 trillion. They feature various APYs based on account types but often charge average monthly fees around $10.

Colorado: FirstBank

FirstBank stands out in Colorado with assets of $18 billion and offers an APY up to 0.05%. Their low monthly fees at $5 provide solid value for everyday banking needs.

Connecticut: People's United Bank

People's United Bank (now M&T Bank) in Connecticut showcases an asset size of $60 billion. They offer competitive APYs close to 0.01%. Monthly fees vary but are often waived with qualifying account conditions.

Delaware: WSFS Bank

WSFS Bank is a strong player in Delaware with $10 billion in assets, offering a 0.20% APY and average monthly fees of about $5.

Florida: Bank of America

Bank of America leads in Florida, handling over $2.3 trillion in assets. Their APY averages 0.01% on savings accounts, with monthly fees around $12, avoidable through certain conditions.

Georgia: PNC Bank

PNC Bank in Georgia has assets totaling $450 billion. With an APY of 0.02% and no monthly fees for certain account types, they present a compelling option for consumers.

Hawaii: Bank of Hawaii

In Hawaii, the Bank of Hawaii claims assets of $20 billion. They provide an APY of 0.05% while maintaining a monthly fee of $5 for standard checking accounts.

Idaho: Idaho Central Credit Union

Idaho Central Credit Union shines with its $7 billion in assets and an enticing APY of 0.15%. Importantly, they have no monthly fees, making banking straightforward for residents.

Illinois: JPMorgan Chase

JPMorgan Chase leads in Illinois with approximately $3 trillion in assets. They offer various APYs based on account types, but typical monthly fees hover around $12.

Indiana: Old National Bank

Old National Bank stands strong in Indiana, handling around $21 billion in assets. They provide an APY of 0.05%, with a $5 monthly fee if a certain balance isn’t maintained.

Iowa: Community First Credit Union

Community First Credit Union has assets of about $600 million and offers an appealing APY of 0.25%. They charge no monthly fees, making them an attractive option for savers.

Kansas: Capitol Federal Savings Bank

Capitol Federal in Kansas boasts $7 billion in assets and a competitive 0.10% APY on savings. Their average monthly fees can be structured to avoid charges with careful account management.

Kentucky: Republic Bank

Republic Bank serves Kentucky well with nearly $5 billion in assets. They provide an APY of 0.05% along with a minimal monthly fee of $5, ensuring great customer service.

Louisiana: Hancock Whitney Bank

Hancock Whitney Bank offers about $20 billion in assets, featuring an APY of approximately 0.05% and minimal monthly fees of $5.

Maine: Bangor Savings Bank

With assets around $4 billion, Bangor Savings Bank offers an APY of 0.10% and a monthly fee of $5, making them a reliable choice in Maine.

Maryland: M&T Bank

In Maryland, M&T Bank leads with assets exceeding $200 billion. They feature APYs starting at 0.02% and charge monthly fees around $12.

Massachusetts: Eastern Bank

Eastern Bank in Massachusetts maintains an asset size of $10 billion, providing an APY of 0.05% and often waiving monthly fees for basic accounts under qualifying conditions.

Michigan: Huntington Bank

Huntington Bank stands out in Michigan with $180 billion in assets, offering an APY of 0.01% and standard monthly fees around $10.

Minnesota: U.S. Bank

With assets near $500 billion, U.S. Bank is crucial in Minnesota's banking sphere. They provide varying APYs depending on account types but typically charge $6 for monthly maintenance.

Mississippi: BancorpSouth

BancorpSouth (now Cadence Bank) presents a solid option in Mississippi with about $15 billion in assets. They offer an APY of 0.05%, with monthly fees generally around $10.

Missouri: Commerce Bank

Commerce Bank leads in Missouri with $30 billion in assets, providing an APY of 0.01% and a standard monthly fee around $7.

Montana: First Interstate Bank

First Interstate Bank excels in Montana, boasting assets close to $15 billion. They offer a competitive 0.15% APY with reasonable monthly fees of $5.

Nebraska: First National Bank of Omaha

First National Bank of Omaha showcases approximately $27 billion in assets and an APY of 0.05% while maintaining a modest monthly fee of $4.

Nevada: Wells Fargo

In Nevada, Wells Fargo offers robust services with substantial assets. Their APY is around 0.01%, and average monthly fees typically sit around $10.

New Hampshire: Benchmark Community Bank

Benchmark Community Bank features $1.5 billion in assets and provides a 0.05% APY with no monthly fees, promoting a user-friendly banking experience.

New Jersey: TD Bank

TD Bank handles assets of roughly $350 billion, offering competitive APYs ranging from 0.01% to 0.05% based on account type. Standard monthly fees are around $15, though these can be waived.

New Mexico: New Mexico Bank & Trust

New Mexico Bank & Trust maintains an asset size of approximately $1 billion. They provide an appealing APY of 0.15% along with no monthly fees, beneficial for the local population.

New York: Citibank

Citibank leads in New York with assets nearing $1.5 trillion. They offer an APY of 0.01% on checking and savings accounts, along with monthly fees around $12.

North Carolina: Bank of America

Returning to Bank of America in North Carolina, they present a solid APY of 0.01% and keep standard fees around $12 per month.

North Dakota: Gate City Bank

Gate City Bank stands out in North Dakota with $2 billion in assets, delivering an attractive 0.15% APY, all without monthly fees.

Ohio: KeyBank

KeyBank holds approximately $140 billion in assets and features a 0.01% APY with a modest monthly fee of $10.

Oklahoma: BancFirst

BancFirst boasts about $5 billion in assets, offering an APY of 0.10% with monthly fees of about $5, depending on account setup.

Oregon: Oregon State Credit Union

In Oregon, Oregon State Credit Union stands out with assets around $1 billion. Their 0.25% APY is attractive, and they do not charge monthly fees.

Pennsylvania: Wells Fargo

Wells Fargo continues to lead in Pennsylvania with strong assets, offering a 0.01% APY and maintaining monthly fees of about $12.

Rhode Island: Washington Trust

Washington Trust in Rhode Island holds $4 billion in assets, providing notable features such as a 0.05% APY and modest monthly fees.

South Carolina: South State Bank

South State Bank leads in South Carolina with about $10 billion in assets. Their APY is 0.01%, with a nominal monthly fee of $10.

South Dakota: First National Bank

First National Bank in South Dakota has assets of $5 billion. They offer a competitive 0.05% APY with low monthly fees of $2 for basic checking accounts.

Tennessee: Regions Bank

In Tennessee, Regions Bank maintains a strong position with an APY of 0.05% and manageable fees for residents.

Texas: JPMorgan Chase

In Texas, JPMorgan Chase excels with $3 trillion in assets, featuring various APYs and standard monthly fees around $12.

Utah: America First Credit Union

America First Credit Union holds $12 billion in assets and offers an appealing 0.15% APY with no monthly fees for savings accounts.

Vermont: Northfield Savings Bank

Northfield Savings Bank boasts assets of about $1 billion and offers a 0.10% APY with minimal monthly fees around $5.

Virginia: Atlantic Union Bank

Atlantic Union Bank claims approximately $10 billion in assets. They offer a competitive 0.05% APY without monthly fees for qualifying accounts.

Washington: Columbia Bank

Columbia Bank leads in Washington with $20 billion in assets, providing competitive APY rates at 0.02% and low monthly fees.

West Virginia: United Bank

United Bank completes our list with assets of roughly $18 billion in West Virginia. They present an appealing 0.05% APY and manageable monthly fees.

Wisconsin: BMO Harris Bank

BMO Harris Bank leads in Wisconsin with $160 billion in assets, offering an attractive APY of 0.01% and monthly fees around $10.

Wyoming: First Northern Bank

First Northern Bank is an important player in Wyoming, managing around $800 million in assets. They offer a 0.10% APY and provide no-fee banking options.

Making the Right Choice

With so many banks available across the United States, understanding asset size, APY, and monthly fees can greatly help you narrow down your choices. Whether you prioritize higher interest rates or lower fees, there’s a bank that meets your needs in your state. So next time you're unsure where to deposit your money, consider the information shared here. You might discover an ideal banking option right around the corner.