If you're seeking the best bank in Alabama to suit your financial needs, you're in luck. Alabama offers a plethora of banks and financial institutions, including credit unions, providing excellent banking services. Finding the ideal bank for you depends on the services you require and your preferences. Whether you prefer national or community banks, seek the highest APY rates, or require small business banking services, Alabama has an array of options to fulfill your needs. This article will present the top 10 banks in Alabama and provide an overview of their offerings, ensuring your money (up to $250,000) is protected as they are all FDIC-insured.

1.First Citizens Bank

• First Citizens Bank is an excellent option for banking in Alabama. It offers personal and business banking services with a top-rated mobile app. The bank provides a free checking account with no minimum balance requirement for paperless statements, along with bill pay and 24/7 mobile deposits. They offer overdraft protection with a $10 transfer fee. Savings options include basic savings accounts, MMAs, and CDs, with the Money Market Account providing an APY ranging from 0.05% to 0.15%.

Pros:

• No monthly fees on savings or checking accounts
• Highly-rated mobile banking app

Cons:

• Interest rates could be improved
• Overdraft protection fee

2.PNC Bank

• PNC Bank is a national bank, offering accessibility regardless of your location. Particularly beneficial for students in Alabama, PNC provides various financial products, including education loans, low monthly maintenance fees, and top-rated customer service. Their Virtual Student Wallet® account offers personalized plans, serving as a comprehensive digital money-management tool. While PNC offers a wide range of accounts and loan options, their CD and savings account rates may not be the most competitive.

Pros:

• Wide range of education loans.
• Over 60,000 fee-free ATMs and 2,600+ branches.
• Grace period before incurring overdraft fees.

Cons:

• Rates depend on location, with some being relatively low.
• Expensive overdraft fee ($36).

3.Regions Bank

Regions Bank is a regional institution offering a diverse range of financial services and account options throughout the South and Midwest. It stands as a convenient choice for those seeking a single financial institution to fulfill all their needs. With a vast network comprising over 1,500 offices and 2,000 ATMs across 16 states, including over 180 branches in Alabama, Regions Bank ensures widespread accessibility.

Pros:

• Rewards programs available on savings and checking accounts.
• Comprehensive account options and financial services.
• Significant presence in Alabama.

Cons:

• Interest rates on the lower side.
• Fee for withdrawals from savings accounts.

4.Peoples Bank of Alabama

Peoples Bank of Alabama stands out as a top local community bank in the state. The eCheckingPlus account offers a convenient option for everyday purchases, with no monthly maintenance fees or minimum balances required. A minimum deposit of $50 is needed to open the account, and balances reaching $25,000 or more earn interest. Additionally, customers can get a monthly refund of $6 for ATM fees by opting for e-statements or making 10+ debit card purchases. The bank's myEasyAdvisor program offers automated, personalized financial advice, catering to saving and financial management needs.

Pros:

• Personalized financial advice through myEasyAdvisor.
• Diverse checking account options available.
• Wide variety of other financial products.

Cons:

• Higher balances required to earn APY.
• Limited bank branches, only available in Alabama.

5.Wells Fargo

Wells Fargo emerges as a formidable contender for those seeking a bank with an extensive branch network. With over 4,700 branches and 13,000 ATMs across the U.S., the bank offers widespread accessibility. Although monthly maintenance fees (starting from $10) apply, they can be easily waived with the right criteria. However, it's worth noting that savings interest rates could be higher, currently standing at 0.01% for the Way2Save account, below the average. Wells Fargo offers a broad range of financial services, including bank accounts, investments, personal and auto loans.

Pros:

• Massive branch network across the U.S.
• Comprehensive selection of financial services.
• Monthly maintenance fees can be easily waived.

Cons:

• $35 overdraft fee.
• APY on a standard savings account could be higher.

6.First Community Bank of Central Alabama

Established in 2001, First Community Bank of Central Alabama is a reputable commercial bank that prioritizes community understanding and serves the financial needs of its customers. The bank offers a range of services, including a free checking account, various savings accounts, loan options, wealth management services, and business accounts suitable for small businesses. Most accounts require a minimum deposit of $100, and the checking account offers variable interest on balances exceeding $2,500.

Pros:

• Interest-bearing checking account available.
• Free cashier's checks.
• Monthly fees are relatively easy to waive.

Cons:

• Need to maintain a balance of $2,500 to waive fees.
• Minimum deposit required.

7.Liberty Bank

Liberty Bank presents another viable option for opening a bank account in Alabama. The bank's savings account rates are higher than those of most brick-and-mortar banks, though high-yield accounts at online banks may offer more competitive rates. A minimum deposit of $25 is required to open a savings account. However, it's important to note that the bank allows only two withdrawals from the savings account before incurring a fee, unlike the six times per month permitted by federal regulation in most banks.

Liberty Bank's checking account has a $5 monthly maintenance fee, which can be waived if your balance remains above $400. The fee increases by $1 for each additional $100 drop in the balance. The bank also offers personal loans, but credit card options could be improved.

Pros:

• Decent rates for savings accounts.
• The monthly maintenance fee can be waived.
• Low minimum deposit for the savings account.

Cons:

• Limited credit card options.
• The annual fee increases with a lower balance.
• No credit card rewards or perks.

8.Bryant Bank

Bryant Bank, recognized as the best small bank in Alabama by Newsweek in 2020, offers a personalized banking experience for those who prefer a community-focused approach over large national banks. Alabamians can benefit from personal, business, and mortgage banking services provided by the bank, which prides itself on exceptional customer service. The bank's mobile banking app facilitates convenient online banking.

For personal banking, Bryant Bank offers checking and savings accounts, personal loans, instant-issue debit cards, and credit cards. The Basic Savings Account requires a minimum deposit of $100, allowing six quarterly withdrawals. While the savings account earns interest, specific rates are not available online, requiring contact with a customer representative.

Small business owners can explore Bryant Bank's business banking services tailored to their needs.

Pros:

• Overdraft protection
• Highly rated by customers
• Delivers a personalized experience

Cons:

• Saving account rates are not available online

Most Popular Bank in Alabama

Regions Bank is the most popular bank in Alabama, with over 220 branches and controlling more than 20% of the state's wealth.

Largest Banks in Alabama

Alabama has over 100 banks, and among the biggest ones in terms of branches are Regions Bank, PNC Bank, BBVA Bank (formerly BBVA Compass), and Wells Fargo.

Discover the 2023 Top Savings Accounts: High Interest and Great Benefits by watching this video.