Nashville, also known as the “Music City” is not just globally known for country music, they also have a major center for the banking industry. With 139 banks and over 1,140 branches, it may be quite an uphill task to determine the best banks in Nashville.
You can determine the best banks for you by looking out for the minimum deposit, account types they offer, and their interest rates.
This article has put together the best banks in Nashville for your perusal. So, stay with me as we find out the perks they offer.
Table of contents
Best Banks In Nashville
Here are the best banks in Nashville:
#1. Regions Bank
Regions Bank is one of the best banks in Nashville with 24 branches in Nashville and 225 branches across the state.
The bank offers flexibility not only in location but also in product offerings as well, featuring accounts, loans, and services for both individuals and businesses.
It also offers one of the best checking accounts for students which has no monthly fee for five years if you’re 25 or younger and enrolled in school. However, it requires a minimum of $50 to open an account, which is higher than other major banks in the USA.
#2. Fifth Third Bank
Founded in 1858, Fifth Third Bank is one of the best banks in Nashville with about 15 branches.
This study takes different factors into account, like a bank’s ability to handle customer issues, the frequency of its branches and ATMs, its fees, and its product offerings.
Fifth Third Bank also has several account options for its checking accounts, savings accounts, CDs, and MMAs respectively. However, it offers low interest on savings.
#3. U.S. Bank
The U.S. Bank is the fifth-largest bank in the country, with over 70,000 employees and $495 billion in assets as of December 31, 2019.
The checking account has three tiers; silver, gold, and platinum. There is also a savings account, credit card, money-market, and loan accounts.
Moreover, you can also find branches in most places as there are about 3,000 U.S. Bank locations across the country and 86 of them in Nashville.
The U.S. Bank is one of the best banks in Nashville that offers a variety of checking and savings accounts, CDs, and more.
#4. FirstBank
First Bank is a local company with most of its branch locations are in Tennessee. It is the third-largest Tennessee-headquartered bank with headquarters in Nashville, Tennessee, and 87 full-service branch locations.
Founded in 1906 as Farmers State Bank in West Tennessee, FirstBank is the best regional bank with 87 branch locations in Nashville.
They also have multiple credit card options, including a card with cashback rewards. Furthermore, the bank gives you access to financial advisors who will help you save for long-term goals, like retirement.
#5. Chase Bank
Chase is one of the best banks in Nashville with over 4,700 bank branches in the U.S. offering a range of financial products. Although it offers low APY’s, it offers a variety of products that makes it easier for a customer to meet all financial needs.
Besides its banking services, customers can leverage on its company investment services as part of JPMorgan Chase & co to balance for investments. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000.
The bank offers a range of services – online banking, credit cards, chase checking accounts, mortgage, and savings accounts. Majorly, there are 2 types of account options it provides its customers. They are: savings account and checking accounts.
Its savings account attracts 0.01 APY and requires a minimum deposit of $25.
#6. SunTrust Bank
SunTrust’s Essential Savings account offers no interest, but it also has no minimum deposit and no monthly fees (as long as you choose not to receive paper statements as they cost $3 per month).
The bank does not take monthly service fees. However, they have online and mobile banking features, with a 0.01% annual percentage yield (APY) offer on your balance.
They have a checking account available for students and wave monthly service fee up to five years after you open it. This applies to high school, college, university, technical, or trade school students with proof of enrollment.
#7. Wells Fargo
Wells Fargo Company is an American based company with 6 branch locations in Nashville. This company is the third-largest bank in the US by assets.
They also have the 26th rank in Fortune 500 rankings. Also, they provide student loans for students and undergraduates for their educational purpose.
Wells Fargo bank offers services like Checking accounts, Savings account and CDs, Debit & Credit cards, Foreign Exchange, and Global Remittance Services.
The premium savings account has an APY of up to 0.02% for customers with a linked Wells Fargo Portfolio account and a 0.01% for its Way2save product and a minimum opening deposit of $25.
#8. Bank of America
The bank of America was founded in 1998 when the Nations Bank acquired Bank America. Now, they have 58 locations in Tennessee, and 16 of them are in Nashville.
According to the website, Bank of America offers services like checking, savings, credit cards, home loans, auto loans, and investing.
Savings attract an interest rate of 0.01%. Also, users need to have a minimum balance of $500 to avoid fees.
Conclusion
Here’s a summary of the best banks in Nashville, their minimum deposits, types of accounts, and their APY.
| Bank | Account Type | Minimum Deposit | Interest Rate |
| Regions Bank | Savings, Checking, money market accounts, CDs | $50 | 0% |
| Fifth Third Bank | Checking, Savings, and CDs | None | 0% |
| US Bank | Checking, Savings, CDs, and Credit | $25 | 0.01% |
| FirstBank | Checking, Savings, and Money market accounts | None | 1.51% |
| Chase Bank | Checking and Saving | $25 | 0.01% |
| SunTrust Bank | Checking, Savings, CDs, and Credit | None | 0.01% |
| Wells Fargo Bank | Checking, Savings, CDs, and Credit | $25 | 0.01% |
| Bank of America | Checking | $300 | 0.01% |
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