According to Pennsylvania’s Department of Banking and Securities DOBS, their work is to regulate financial services and ensure consumers and businesses are well-informed about the marketplace.
Part of this job is what The Wealth Circle aims to achieve with this post; educating the residents of Pennsylvania on the best banks in the state.
There are over 200 banks resident in Pennsylvania and DOBS manages them to comply with statutory laws. However, efficiency isn’t guaranteed by these laws just effectiveness.
In a bid to bridge this gap, we have provided the best banks in Pennsylvania for customers to have efficient financial security.
In addition to this, we have also discussed their interest rates, minimum deposits, and the types of accounts each bank operates. Stay with us.
How to Choose the Best Banks in Pennsylvania?
The perfect bank depends majorly on your individual banking preferences. Whether you’re looking for a high-yield savings account, a low-fee checking account, or a CD, there are general factors to consider. These are features that you value. They are:
Rates and Fees: Banks charge for monthly service fees, ATM usage, overdraft, transfers, and lots more. You have to check the fees against the annual percentage yields to see if you’ll end up losing some funds or gain interest.
Account Types: The account types are typical, checking, saving, money market, Certificate of deposit, credit cards, loans, etc. If you’ll like to keep all your money in one bank, check the banks that offer all services you’ll require.
ATM and Branches: Do you love personal contact with the bank or is an online transaction convenient? This will determine if the best bank for you in Pennsylvania will be an online bank or a physical bank.
Technology: This involves budgeting tools, automated saving plans and security measures.
Similarly, for effective budgeting, you need to separate bank accounts. Read how to do this.
Safety: Insurance is another key factor that makes the best banks in PA. Look for banks whose deposits are backed by the Federal Deposit Insurance Corp. You can check the websites of the FDIC or NCUA to see if your bank is covered.
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Best Banks in Pennsylvania PA in 2022 | Rates, Account Types, Min. Deposit
There are lots of banks in Pennsylvania but we have brought the creme de la creme in this article. We also focused on the interest rates, account types, and minimum deposits these best banks in PA accept. We promise that the article will be worthwhile.
Here are the best banks in Pennsylvania PA.
#1 – Santander Bank
Santander is one of the biggest and best banks in Pennsylvania with over 150 physical locations in the city alone. It is a good option for residents who travel frequently.
If you’re looking for a bank with free checking, Santander Bank is here for you. The minimum opening account is $25. You’ll get free checking as long as you make one transaction a month, otherwise, a $10 fee awaits you.
Customers can use online banking, mobile banking, and business banking with an APY of 0.3%.
#2 – BB&T
Branch Banking and Trust Company is one of the best banks in PA for students. They have excellent savings and checking accounts for students in Pennsylvania and even postgraduation packages.
The students checking account has a zero-fee saving account and two free cash withdrawals from the B&T ATMs.
BB&T has a 0.01% APY on savings and a minimum deposit of $0.
In addition, there are banks that give teens a high interest.
#3 – PNC Bank
PNC is the largest bank in Pennsylvania PA for consumers, small businesses, and corporate customers. It has over 400 locations in the state.
Their checking account can be opened with as little as $25 with a monthly fee of $7 that can be waived when you save an average of $5,000 monthly.
Customers can basically make a pick from a wide array of personal banking products, including checking, savings, credit cards, and its Virtual Wallet banking packages.
The APY for virtual wallet reserve is 0.01%.
#4 – Citizens Bank
Citizens bank is another best and large bank in Pennsylvania with over 329 branches in PA.
The minimum opening deposit for Citizens bank is $1 and your interest increases from 0.03% to 0.07% APY as you deposit more money.
The Platinum Plus savings account offers no monthly service fee. Balances lower than $25,000 earns a 0.03% interest while higher balances earn up to 0.07%.
Generally, there are 4 checking accounts at Citizens namely: Students, Platinum, One Deposit, and Platinum Plus accounts.
It is a best bank in PA for financial planning.
#5 – TD Bank
Small business owners in Pennsylvania should use TD Bank.
One of the advantages of TD Bank over other banks in Pennsylvania is that with a minimum balance of $1,500 across all your accounts, the $25 monthly fee for the checking account can be waived.
The checking account is opened with a $100 initial deposit and it allows 500 transactions a month.
#6 – Axos Bank
In Best Banks in Denver, we mentioned that online banks give the best rates, same is true for Axos.
Axos is an online bank that offers numerous services to personal banking customers. They have checking, savings accounts, and CDs. There are many checking accounts available.
For instance, essential checking is free. The Cashback checking account gives 1% cash back on purchases. Reward checking account which is the most popular account is a high-yielding checking account.
All accounts have no minimum deposit balance and monthly fee.
#7 – BBVA
BBVA offers an appealing APY of 0.05% for the premium checking balance. The customer will have a minimum balance of $4,000 to get a $19 monthly service fee waived.
For personal banking in this best bank in Pennsylvania, there are saving, checking accounts, credit cards, and loans amongst others.
The minimum deposit to get access to various products including 2 checking accounts in PA is $25.
#8 – CIT Bank
CIT bank offers checking, savings accounts with a deposit of $100. It has one of the best savings accounts in PA.
There are 3 accounts available namely the savings builder, premium high yield savings, and money market accounts.
If you’re for an online checking account, by all means, go for the eChecking account. You earn interest for saving $25,000 in your account plus, the account is free.
There are many banks in Pennsylvania but we have successfully reduced the search to the best 8 banks in PA. Below we have also tabulated the essential features of these best PA banks for easy assimilation. Check it out.
|Bank||Account Types||Interest Rate||Min Deposit|
|#1 Santander Bank||Checking||0.3%||$25|
|#2 BB&T||Checking and Savings accounts||0.01%||$0|
|#3 PNC Bank||Savings, Checking, Virtual Wallet accounts||0.01%||$25|
|#4 Citizens Bank||Checking account||0.03%||$1|
|#5 TD Bank||Checking Account||$100|
|#6 Axos Bank||Savings, Checking accounts, CDs||1%||N/A|
|#7 BBVA Bank||Checkings||0.05%||$25|
|#8 CIT Bank||Savings & CDs||0.45%||$100|