12 Best And Most Popular Banks In Alabama

If you are just moving to Alabama or live in Alabama and are looking for the best banks in Alabama to save or keep your money, this post got your back.

The yellowhammer state has lots of financial institutions that offer fantastic account options and an extensive physical presence.

It can be very difficult to know the best place to keep your money especially in the state of Alabama with over 2,000 banks.

Finding a good bank in Alabama depends on what you are looking for. Are you looking for a bank with 24/7 customer service? High-interest rates? Various local branches? Or looking for a bank with ample account options?

Wherever your priorities lie, just take a look at the banks listed below to find the best savings and checking accounts and most accessible banks in the Heart of Dixie.

In this our list of banks in Alabama, you’ll see the best national and regional banks, banks with the best savings and checking accounts based on their minimum balance requirements, banks APYs (Annual Percentage Yields), their customer accessibility, and fee structures.

 

1. BBVA Compass Bank –Best Regional Bank

BBVA Compass Bank is a bank with headquarters is in Birmingham, Alabama. Since 2007this bank has been a subsidiary of Spanish multinational Banco Bilbao Vizcaya Argentaria. It has branches in Arizona, California, Colorado, Florida, New Mexico, and Texas.  

This bank’s low account fees and nationwide reach makes it the best bank to find free and convenient checking in Alabama.

To open a fee-free checking account, all you need do is to deposit a reasonable payment of $25. This makes BBVA more affordable than other banks in the state.

This bank’s website, mobile apps, phone, and email customer service are highly rated by its customers, ensuring quality customer experiences.

With BBVA, you’ll have convenient free withdrawals through Allpoint ATMs, which are present in supermarkets, pharmacies, and convenience stores.

This bank is ideal for individuals with a preference for in-person banking.

Things to Note

• Account Type:  ClearChoice Savings Account
• APY:  0.05%
• Minimum Deposits: $25

Pros

• 24/7 ATM access
• Investing, loan, and credit card options

Cons

• Low -interest rate
• Restricted account selection

 

2. Ally Bank – The Top Savings Account  

The Online Savings Account from this bank offers a 1.60% annual percentage yield (APY), which it claims is about 15 times the national average. This rate also compounds on a daily basis and will help your account accumulate interest quickly.

For example, if your account balance is $10,000 at this interest rate, it would earn you $782 after four years. Also, there are no fees or minimums attached to this account.

The Ally interest Checking Account is a great choice if you are looking for a checking account to pair with your Online Savings Account. It is completely free from fees and minimums and also earns interest.

If your account has a minimum daily balance of less than $15,000 you will get a 0.10% APY and if it is above that amount, you will receive a 0.50% APY.

Ally Bank is strictly an online/mobile bank with highly-rated mobile services and it is best for people who are comfortable with online and mobile banking.

Ally Bank is one of the best online banks in the United States.

Things to Note

• Account Type: Online Saving Account
• APY: 1.60%
• Minimum Deposit: $0

Pros

• Excellent customer service
• High APY
• No fees/minimums

Cons

• It does not have branches

 

3. Regions Bank – Best Branch Access & Best Customer Service 

Regions bank is ideal for individuals who like the security of a large bank and local headquarters and for those who like to handle their banking in person.

With about 1,500 branches nationwide and 221 in Alabama, this bank may be the most significant bank in Alabama. This bank controls about 23% of Alabama’s wealth.

The headquarters is in Birmingham and it has about 2,000 ATM locations in operation – with most of them in Alabama, banking with Regions is made easy.

If you are looking forward to putting your assets under one roof, Regions Bank is the best choice. This bank features multiple checking accounts, savings accounts, IRAs, Mortgage loan plans, and CDs.

Regions customers have access to secured credit cards, frequent rewards, home and auto loans, and professional financial advisors.

Regions also offer online or mobile banking. With its Mobile App for both iOS and Android, you can make deposits, send money, use Personal Pay, access your rewards, locate ATMs & branches, check your account balance & transaction history, pay bills, transfer funds, and search for your recent transactions.

This bank has excellent customer service and boasts of a full-fledge electronic customer service set-up.

Opening a checking or savings account at this bank will cost you less than other national banks. To open a LifeGreen Checking Account you will need to deposit a little amount coupled with an easy-to-meet monthly fee waiver requirements.

Things to Note

• Account Type: Lots of account options
• APY: 0.01%
• Minimum Deposit: $50.00 online or $5.00 in-branch

Pros

• Lots of branches across Alabama, and about 1,500 locations nationwide
• Highly-ranked mobile banking app
• Wide range of banking services and account options

Cons

• Low APY

 

4. Peoples Bank of Alabama – Best Free Checking Account  

Opening of an eCheckinPlus account at Peoples Bank of Alabama just $50 and this eCheckingPlus account has no fees/minimum balances.

With the eCheckingPlus checking account, you are eligible to receive extra interest once your balance reaches $25,000. Also, you can receive a monthly refund of about $6 worth of AT fees if you elect to receive e-statements or make 10 or more debit card purchases during the statement period.

This bank only allows residents of Alabama to open an account with them. You can also apply to open an account online.

Peoples Bank of Alabama offers a free checking option to its customers, as well as various checking and savings account plans that can cater to your needs.

One good thing about this bank is that it has a program called myEasyAdvisor program which is a personalized, automated financial advising tool, where you can receive free financial advice about your accounts and savings.

If you are looking for a strong balance of convenience and want personalized financial advising, this bank is for you.

Things to Note

• Account Type: Checking Account
• APY: 0.00%
• Minimum deposit: $50

Pros

• It offers myEasyAdvisor, a personalized online financial advisor
• This bank has five checking options, including one targeted towards students
• It offers its customers CDs, MMAs, and overdraft services

Cons

• Its physical presence is limited to Alabama
• Sizeable balances required for APYs

 

5. CIT Bank  – Best Savings Account Rate  

Interest rates are very low at traditional, and other branch-based banks here in Alabama but at CIT Bank, you’ll get the best savings rate in Alabama.

The CIT Savings Builder account comes with a 1.75% APY and with an account balance of $10,000 you might get interest earnings of $1,300 after five years.

To open your online CIT account, you will deposit a minimum of $100 and if you want to benefit from its interest rate, you also need to deposit at least %100 monthly or have an account balance above $25,000.

This bank also has a highly-rated Mobile App available for both iOS and Android users. Through this online bank and its Mobile App, you can view your account statements, recent transaction histories, deposit checks remotely, and move money between your CIT accounts.

If you are a conscientious saver that need more than just one savings account to your name, CIT bank can help you get savings accounts like;

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

Things to Note

• Account Type: Savings Building Account
• APY: 1.75%
• Minimum deposit: $100

Pros

• No monthly fees required
• One of the best APYs on the market
• Get up to $300 when you open an account.

Cons

• Must make at least $100 monthly deposits or maintain a balance of $25,000 to earn a top APY.
• Lack of a Checking account option

 

6. PNC Bank – Best for Students  

PNC is among the best national banks in terms of a complete number of options for students. It has several locations in the Yellowhammer state.

PNC is best for offering a set of services for students and families preparing to leave for college. One of PNC’s most popular account plans is its Virtual Student Wallet Account.

This account is comprised of three different accounts working as one online money management tool. Though this account is most popular among undergraduates, a pre-professional student can also use it.  

Aside from students working on a bachelor’s degree, this bank also offers personalized accounts for lots of people enrolled in school like;

• Graduate/professional students who are enrolled at least half time in a degree or certificate program.
• Law students within 6 months of taking the Bar exam
• Undergraduate/graduate students enrolled at least halftime in an accelerated program for a degree in a PNC- approved health-related field of study

MD, DO, DDS, and DVM residents needing funds to cover relocation, interview, and living expenses.

Consider banking with PNC bank if you are a student under the age of 17 with an eligible adult to co-sign or a college and advanced degree student.

Things to Note

• Account type:  Standard Savings
• APY: 0.01%
• Minimum deposit: $25

Pros

• Excellent customer service, including detailed guides to all things student loans on their website
• Offers different education loans
• Low monthly maintenance fees

Cons

• Average interest rates.

 

7. Wells Fargo – Best for Small Businesses    

Wells Fargo is a bank in Alabama that offers three types of business checking accounts and different types of loans and services to small businesses.  

It is very easy to open Wells Fargo’s Simple Business Checking account and the waiver fee is relatively low. This account is also supported by different loans and the bank’s extensive branch presence gives small business owners access to cash deposits and in-person service.

This Simple Business Checking account also includes 50 free transactions and $3,000 of cash deposits monthly.

Consider banking with Wells Fargo if you need free and easy-to-access business checking.

Things to Note

• Account type: Business checking account
• APY: 0.01%
• Minimum deposit: $25

Pros

• Offers three different types of business checking accounts
• Great customer service
• Small businesses have access to different types of loans and services

Cons

 

8. BB&T Bank – Best for Students

This bank is ideal for students under the age of 24. Its Student Checking account offers the best set of terms and features for students at colleges including the University of Alabama and Auburn.

This Student Checking account does not have a minimum opening deposit, monthly maintenance fee/minimum balance requirement thus making it an affordable bank for student’s budgets.

BB&T also has a customizable online/mobile banking experience that allows students to bank according to their needs.

Things to Note

• Account type: Checking Account
• APY: 0.01% – 0.03%
• Minimum deposit:

Pros

• Offers the best services to students
• Great customer service

Cons

• Does not allow student older than 23 to open an account.

 

 

Other Top Banks in Alabama Include;

 

9. First Community Bank of Central Alabama

This bank has free checking, different loan offerings, and about 26 branches in Alabama. Its Community Free account offers you unlimited check writing with no minimum balance requirements.

You can apply for a credit card with tiered cash rewards and no annual fee. You can even apply online with your social security number, ID, and address.

 

10. Liberty Bank

This bank’s saving account earns interest and to open an account, you will need to deposit a minimum of $25.  The monthly fee for its checking account is $5 if you have a balance lower than $400 and the fee increases by $1 for each additional $100 drop-in your daily balance.

Liberty Bank also offers personal loans, but its credit card has some limitations like

• $35 annual fee on the rewards card
• No rewards for the basic card
• Maximum of 1% cashback on your first $60,000 of reward card spending

 

11. First Citizens Bank

This bank allows individuals to open checking and savings accounts with no monthly fee. You can open a free checking account by depositing $50 and get a free Visa debit card, free online banking, and unlimited bill pay.

To open online savings account just deposit a minimum of $25. First Citizens Bank allows its customers to have access to different types of insurance such as homeowners insurance, auto insurance, renters insurance, and umbrella insurance policies.

 

12. AloStar Bank of Commerce

AloStar Bank of Commerce offers free checking and savings accounts with low minimums and certificates of deposits to aid you to save more.  Its Personal Checking account does not charge a maintenance fee and also offers several benefits including

• First set of checks for free
• Unlimited check writing
• Low $5 monthly fee for online bill pay

This bank offers a 1.3% APY on a 12-month high-yield CD and even higher rates for longer terms. One drawback of this bank is that it does not give out a loan.

 

 

Conclusion

With hundreds of banks in Alabama, here is our list of the best banks that you can keep your money in Alabama.

 Like I earlier mentioned, searching for the best bank depends on what you are looking for. If you want to keep your money in the best regional bank go for BBVA.

If you are a student go for either PNC or BB&T. As a small business owner, consider Wells Fargo and if you need a bank with the best customer service with lots of branches then Regions bank is for you.

Just go through this list and find the bank that fits you.

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