Best Banks in Alabama | Rates, Account Types, Min. Deposit

In the event of a financial emergency, your savings could protect you. One popular rule of money states – save money today and money will save you tomorrow.

To build wealth through savings, you need to establish good banking relationships. Either for savings, parking emergency funds, or just lending money, you need a bank that offers a reasonable rate. And, this article on the best banks in Alabama compiles top banks in Alabama offering different services that will suit your financial need at every point.

With over 156 banks in Alabama, selecting the best bank to keep your money, get a loan, or even get a checking account to pay bills can be difficult.

In choosing a good bank in Alabama, you should look out for account fees, interest rates, and minimum deposits. These factors are put into consideration in selecting these top banks. The table of contents below highlights the order in which these banks offer their amazing service.

Which is the Number 1 Bank in Alabama?

With an annual percentage yield of 0.60% and a minimum deposit of $0, Smart asset opines that Ally Bank is the number 1 bank in Alabama.

Ally is the JPMorgan-Chase of America. It offers the best APY with no fees or minimums and great customer service.

Which Banks are Most Reliable in Alabama?

CIT Bank has the best savings rates while BBVA offers the best money market rates. And, it tops the chart for most reliable banks in Alabama and America at large.

How many Bank Accounts Do I Need in Alabama?

Basically, you should have the number of accounts you can manage and keep track of.

Different accounts help you organize and attain your set financial goals but when they become too much, it is quite overwhelming to manage.

So, having enough bank accounts to manage your finances effectively should be the bedrock. The question remains – how many is enough bank accounts?

A single checking account for your paycheck, a savings account, and a money market account is the basics. If need be, you could get a health savings account, credit cards, and a home equity line of credit.

Generally, Experian statistics show that an average American owns around four credit cards.

What are The Best Banks In Alabama to Put Money In?

Depending on your financial need cum goals, there are good banks in Alabama to satisfy your desires.

Certainly, if you find a bank that offers all you need, it is a better option than seeking satisfaction for different services in different banks. Top banks in Alabama offer online-banking, and a range of other banking products/services that may benefit you.

Among the top banks in Alabama, you are bound to find online-only banks, local banks with few branches, and banks with as many as 1, 500 branches.

Based on their account types, minimum deposit and rates, best banks in Alabama include:

#10. First Jackson Bank

This is one of the top banks in Alabama. Customers need to deposit a minimum of $500 for Regular Checking accounts. With this minimum deposit, customers are not required to a monthly fee of $6.

In addition to a regular checking account, First Jackson also allows individuals to run a savings account and even an account that allows you to save up just for holiday shopping.

The Val-You checking account attracts an $8 monthly fee that attracts additional services like basic accidental insurance and checking service.

It offers a 0.60% interest APY after 24 months and 30 months on $1k minimum deposit. For 91 days, the ApY drops to 0.20%.

Bank Website

#9. First Citizens Bank

This Alabama bank allows clients to open checking and savings accounts. These accounts can be opened with no monthly fees. So, with a minimum initial deposit of $50, you can open a free checking account with First citizen bank.

This gets a free visa debit card, free access to online banking and unlimited pay bill.

In addition, First citizens banks offer several types of insurance to customers. The offers include Homeowners, renters, auto, and umbrella insurance policies. To enjoy 0.25% APY for a business account with a minimum deposit of $500, open an account online with First Citizens now with the following particulars:

  • Driver’s license
  • Current home address
  • Social security number
  • Credit or debit card for your initial deposit.

Bank Website

#8. FNB Bank

This is one of the top banks in Alabama. It offers a checking account with no monthly charges alongside other financial products to meet your financial goal.

To open a free checking account at FNB, you need to apply for an account in person at your local FNB bank branch. However, you need to deposit a minimum of $50 which could fetch you $5, 000 of identity theft insurance.

If you need a loan for any reason, FNB offers a series of loan services ranging from mortgage to car, personal and agricultural loans.

Bank Website

#7. Liberty Bank

Liberty offers a savings account and a regular checking account. Its savings account earns interest and requires just $25 while its regular account attracts a monthly fee of $5 whenever your balance drops below $400.

Sadly, every $100 drop in your daily balance attracts a $1 increment in your monthly service fee.

Also, Liberty customers offer personal loan services to its customers although there are some limitations on its credit cards. Apply for an in-person account to enjoy a 0.40% interest rate on a 30-month deposit.

Bank Website

#6. BBVA

This is one of the best banks in Alabama and is currently the best regional bank. With headquarters in Birmingham, BBVA is the best local bank because of its low minimum deposit for a checking account.

Also, BBVA does not charge monthly fees on a regular account; however, you need to make an initial deposit of $25 to open checking accounts.

BBVA offers very low-interest rates (0.1%) but makes up for this through its highly accessible and straightforward deposit accounts. BBVA remains one of the best banks in Alabama with its user-friendly website, easy-to-use mobile apps, and excellent customer service skills.

Bank Website

#5. CIT Bank

CIT offers low-interest rates yet the best bank for savings in Alabama. It offers customers a variety of savings options to choose from: a Money market account, a premium high yield savings account, and a no-penalty/11 month CD.

The savings builder account offers a 0.45% APY. Other services you may enjoy include a solid mobile app that allows you to view your account statement at all times, up-to-date transaction histories, and even deposit checks remotely.

Bank Website

#4. Peoples Bank of Alabama

This top bank in Alabama is best for people seeking to balance convenience and financial advising.

It offers a checking Plus account with no fees, no minimum balances, and is free to run. However, you need to make a $50 payment to open an account and be eligible to receive extra interest rates once you have $25, 000 and above.

It also offers a juicy interest rate; it’s one of the most impressive rates in the country. With a balance of $25, 000, you can earn 0.60% while over $25, 000 accounts earn 0.25%.

Bank Website

#3. Regions Bank

This bank has over 1. 500 branches around the country. In just Alabama, there are over 221 branches Alabama.

It is the best bank for individuals seeking to put all assets under one roof. It offers multiple checking accounts, savings accounts, and mortgage loan plans. In addition, clients can run IRAs and CDs too.

If you’re opening an account online, you need to make an initial deposit of $50 or $5 in a branch. It offers APY of 0.01%. on its LifeGreen Savings account.

Bank Website

#2. WellsFargo

This best bank in Alabama offers three different types of business checking accounts. It is currently the best for small businesses and offers different types of loans and services to small businesses throughout Alabama.

You need to pay some fees and features to open a simple business checking account at Wells Fargo. It offers a 2,625% interest rate on a 30-year fixed rate.

Bank Website

#1. Ally Bank

Ally is the number 1 bank in Alabama. It offers a 0.60% APY for its online savings accounts with a $0 minimum deposit.

Ally banks claim that this offer is 10x the national average. It is an online mobile bank and is best for individuals comfortable with mobile and online banking. When compared to Robinhood, Ally bank is best for investment purposes.

It offers a 0.01% APY to accounts with a minimum daily balance of $15, 000 while accounts that hold more than that attract a 0.25% APY.

Bank Website


The best banks in Alabama are summarized in the table below. It captures their minimum deposit, the type of accounts they offer, and the interest rate.

RankingBankMinimum DepositTypes of AccountsInterest rates/ APY
10First Jackson Bank$25Savings and Checking0.20% -savings
9First Citizens Bank$50Savings and Checking$0
8FNB Bank$100Savings and Checking accountnil
7Liberty Bank$500Saving and Checking0.10%
6BBVA$25 Savings and Money Market0.01%
5CIT Bank$100Savings, CDs, and IRAs 0.30% -spring savings
4Peoples Bank of Alabama$50Checking Account and Savings 0.1% for $100
3Regions Bank$50 -online , $5 at any branchChecking Account and Savings0.1%
2WellsFargo$25Checking, saving, CDs and IRAs0.1%
1Ally Bank$100Checking, Saving, and Money Market0.60%



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