Best Regional Banks of 2024

Introduction

Most of the best regional banks for 2024 offer high returns for customers on deposits, along with low account fees, and low to reasonable minimum balance requirements, as well as digital banking service benefits. Many of them also provide user-friendly and convenient mobile apps and online banking services.

Best Regional Banks

Bankrate has gathered data on the top regional banks in the country and evaluated them based on a variety of factors, such as annual percentage yield (APY), account fees, product offerings, digital banking features, and more. Here are Bankrate’s picks for the best regional banks for 2024:

CFG Bank

CFG Bank maintains very few branches, all located in Maryland, although some of its accounts can be opened online. The private bank is also a member of the Allpoint ATM network, which provides over 55,000 ATMs nationwide.

The bank offers a full range of deposit products, and its money market accounts and certificates of deposit (CDs) earn competitive returns. The free checking account requires no minimum balance.

In 2021, CFG Bank launched a nonprofit organization that helps individuals lacking opportunity pursue careers in healthcare. The bank also contributes to community organizations that support education, recreation, and poverty alleviation.

Why We Chose It:

• Highest competitive APY rates: CFG Bank’s money market accounts and high-yield certificates of deposit (CDs) earn top-tier rates.
• Digital banking features: CFG’s online and mobile banking features allow you to manage bill payments, deposit checks, transfer funds, and conduct other banking tasks. Customers have access to a highly-rated mobile app as well as person-to-person payments through Zelle.
• Checking account options: CFG offers a free checking account that can be opened with less than a penny and does not impose monthly fees. It also offers interest-bearing checking accounts and student checking accounts.

Read our review: CFG Bank

Cross River Bank

Cross River Bank, headquartered in Fort Lee, New Jersey, with only two branches, offers fee-free and unlimited accounts with rates above the national average. It provides checking accounts, money market accounts, savings accounts, as well as certificates of deposit (CDs). There are no minimum balance requirements except for a reasonable minimum to open a certificate of deposit.

There are only a few Cross River ATMs, but customers also have free access to about 40,000 ATMs in the MoneyPass network nationwide. The bank also reimburses up to $6 in out-of-network ATM fees per month.

Why We Chose It:

• Above-average APY rates: If you’re looking for a savings account rate that significantly exceeds the national average, Cross River might be the right choice. All of the bank’s CDs also earn above-average rates.
• No monthly banking fees: Cross River offers savings accounts, checking accounts, and money market accounts with no monthly fees that impact your earnings.
• No barriers to opening deposits: There are no minimum deposit requirements for checking accounts, savings accounts, and money market accounts.

Read our review: Cross River Bank

The Federal Savings Bank

The Federal Savings Bank has two branches in Illinois. Although it specializes in mortgages, the bank also offers a full range of deposit products and a network of about 55,000 ATMs nationwide.

Many terms for certificates of deposit (CDs) are available. Promotional CDs, ranging from one year to five years, earn very competitive returns. The bank offers two checking accounts: one that earns interest and requires a minimum balance of $100, and another that does not earn interest and requires only $25 to open.

It offers

The bank also features digital banking and mobile banking services, including Zelle.

Why we chose it:

• High CD rates: All promotional certificate of deposit terms available at the bank earn competitive rates. A minimum deposit of $5,000 is required to open them.
• Checking account options: Customers can open a free checking account with just $25. Additionally, the interest-bearing checking account option requires only $100 to open and earns interest.
• No monthly fees: There are no monthly fees for the value checking account, as long as the minimum opening deposit of $25 is met.

Read our review: The Federal Savings Bank

Frost Bank

Frost Bank was established in 1868 and offers 191 branches throughout Texas. Its advantages include a highly-rated mobile app and 24/7 customer service support via phone.

Frost offers competitive rates for certificates of deposit (CDs) and money markets, rewarding those with higher balances with better returns. Three checking accounts are available, featuring early direct deposit, over 1,700 ATMs across Texas, and a $100 overdraft cushion.

Frost supports the communities it serves by providing time and resources to nonprofit organizations in areas such as education, economic development, arts, and health and humanitarian services. The bank also offers educational grants for Texas students.

Why we chose it:

• Digital banking features: Customers have access to Zelle, digital wallets, and a highly-rated mobile app available in app stores.
• Available customer service: Customer support is available via phone 24/7, and customers enrolled in online banking or the mobile app can access live chat with a representative at any time.
• Checking account options: Frost offers three checking accounts, all of which can earn interest if requirements are met. The personal account has a monthly fee that can be easily waived through minimum balance or direct deposit requirements, or if the account holder is under 25 years old.

Read our review: Frost Bank

Huntington National Bank

Huntington National Bank has more than 1,000 branches in 11 states in the Midwest, along with Florida and Colorado. The bank was established in 1866 and offers deposit accounts, wealth management products, and insurance.

Huntington’s deposit products include several savings accounts, money market accounts, and certificates of deposit with a wide range of terms, in addition to free checking accounts and interest-bearing checking accounts.

Huntington stands out for its digital tools. All checking accounts come with early direct deposit and Zelle. The mobile banking app also includes built-in budgeting tools that can track spending and allow you to set limits for specific spending categories.

Why we chose it:

• Checking account options: Huntington offers a free checking account with no added perks, and two other interest-bearing accounts that waive some or all out-of-network ATM fees.
• Overdraft forgiveness: No fees are charged for overdrafts of $50 or less, and customers who withdraw higher amounts are given a 24-hour grace period before fees are applied.
• Digital banking features: Customers have access to account alerts and can link debit cards to digital wallets to pay for purchases using their smartphones. The bank also offers an innovative mobile app with useful budgeting tools.

Read our review: Huntington National Bank

NBKC Bank

With four branches in the Greater Kansas City area, NBKC Bank offers personal and mortgage loans, certificates of deposit (CDs), a money market account, and a checking account.

The bank’s “Everything” account, which is a checking account, has very high ratings. It provides access to over 37,000 ATMs, plus reimbursement of up to $12 monthly for out-of-network ATM fees. The account earns a competitive rate for checking accounts on all balances, and there are no monthly service fees.

The account earns

مدد 7 أشهر أو أكثر عوائد تنافسية. تتطلب شروط الفترات من سنتين إلى خمس سنوات فقط 250 دولارًا للفتح. تتوفر أيضًا سبع شهادات إيداع للمعاش الفردية.

لماذا اخترناه:

• High-Interest Checking Account: The “Everything” account earns a high interest rate, and you only need one cent to earn APY.
• No monthly fees: There are no monthly fees for the checking account and no fees for the money market account.
• ATM fee reimbursement: Up to $12 in out-of-network ATM fees is reimbursed monthly.

Read our review: NBKC Bank

PNC Bank

PNC Bank has a significant regional presence, with over 2,000 branches in the Northeast, South, and Midwest. Customers can schedule appointments at branches in advance through the bank’s website.

The bank offers a wide range of certificates of deposit (CDs), with terms ranging from seven days to ten years. All CDs require $1,000 to open, and many terms are promotional and pay above-average APY.

The high-yield checking account at PNC earns a very competitive APY for those living outside the bank’s footprint. There are no monthly fees or minimum balance requirements.

According to the PNC website, the bank donates more than $65 million annually to charitable trusts and institutions. The bank also has its own foundation, PNC Foundation, which works with local nonprofit organizations to enhance educational programs, fund the arts, and promote economic development.

لماذا اخترناه:

• CD Options: PNC Bank offers several certificates of deposit across a wide range of terms. Some CDs are promotional and offer above-average rates.
• Competitive savings rate: Those without PNC branches in their state can open a high-yield online savings account and earn a top-tier rate.
• Community assistance: PNC funds a number of initiatives that help communities by enhancing educational programs and supporting economic development.

Read our review: PNC Bank

Ridgewood Savings Bank

Ridgewood Savings Bank offers its customers competitive rates along with a variety of products and digital features. The bank provides a competitive interest savings account, a large ATM network, and a rewards debit card.

Ridgewood supports local charities through corporate donations, matching employee donations, and volunteer hours. The bank also offers a program for financial literacy education for students and seniors in the area.

لماذا اخترناه:

• Competitive APYs: You’ll find a competitive rate on the Smart Move online savings account, which requires only one cent to open and has no monthly service fees.
• Digital leader: Ridgewood offers a highly rated mobile app, as well as digital tools like Alexa Voice Banking and money management for budgeting and person-to-person payments using Zelle.
• Large ATM network and debit card rewards: Customers have access to over 90,000 ATMs worldwide through the Allpoint and MoneyPass networks. Debit card users can also earn cash back or rewards points that can be used for travel, events, and other purchases.

Read our review: Ridgewood Savings Bank

Spring Bank

Spring Bank has only two branches, both in the Bronx, New York, but it is a member of the MoneyPass ATM network, which has about 40,000 fee-free ATMs nationwide and provides fee-free access to ATMs in Citibank branches. It also boasts a highly rated mobile app.

The U.S. Department of the Treasury has designated Spring Bank as a Community Development Financial Institution (CDFI), recognizing the investments and loans the bank provides in low- to moderate-income communities in New York City.

The bank offers competitive returns on checking, savings, money market accounts, and certificates of deposit (CDs). The minimum opening deposit requirements are low for most accounts.

Why

We chose it:

• Competitive APYs: Spring Bank offers competitive returns on its deposit products, including an interest-bearing checking account.
• Comprehensive accessibility: Spring Bank has a small physical footprint, but it has a wide digital presence through online banking, its mobile app, and access to the person-to-person payment platform Zelle.
• No overdraft fees: The fee-free paper checking account is accessed with a debit card and does not incur fees for overdrafts or insufficient funds.

Read our review: Spring Bank

Texas Capital Bank

Texas Capital Bank has branches in five of the largest cities in Texas and offers deposit products, credit cards, and loans. Texas Capital Bank was named the best regional bank as part of Bankrate’s 2024 awards.

The bank’s accounts feature relatively low minimum deposit requirements, and interest rates on certificates of deposit are competitive. The Star Plus Checking account does not charge a monthly fee, and ATM cardholders get free access to over 55,000 Allpoint ATMs throughout the United States.

The Texas Capital Bank Foundation invests time and financial resources into nonprofits that support low- and moderate-income families in the markets where the bank operates.

Why we chose it:

• Low minimum deposit requirements: Initial deposit minimums are low for many accounts, including the Star Plus Checking account, money market account, and savings account.
• Competitive CD rates: Certificate of deposit terms range from one month to two years, all paying competitive returns or at least above the national average.
• Interest-bearing checking account: The Star Plus Checking account earns some interest and provides some refunds for ATM fees. It also charges no monthly fees.

Read our review: Texas Capital Bank

Pros and Cons of Regional Banks

Pros:

• Personalized service: Regional banks often provide a more personalized and customer-focused approach compared to larger institutions.
• Community involvement: Regional banks are typically part of the communities they serve, meaning they will provide greater community involvement, support for local businesses, and a better understanding of the local economy.
• Local branch access: Unlike online-only banks, regional banks usually have a few branches in specific areas where customers can build relationships with bankers. Banks may have a strong online presence in addition to their limited branch presence.

Cons:

• Limited access: Regional banks may have a smaller network of branches and ATMs compared to large national banks, which can be a drawback for customers who prefer wide access to physical locations.
• Technology limitations: Some regional banks may lag behind larger competitors and online-only banks regarding technological advancements.
• Limited international services: If you need international banking services, regional banks may not be as well-equipped as larger institutions with a global presence.

How to Choose a Regional Bank

When considering regional banks, you will first want to define your financial needs. See if you need basic checking and savings accounts, loans, investment services, or specific features such as digital banking tools. Not all regional banks offer these products and services.

If you care about branch access, make sure the bank has a presence in your area. You should also consider access to fee-free ATMs, so you don’t incur any ATM charges.
Source: https://www.aol.com/best-regional-banks-2024-051054821.html