Best Banks In Tennessee | Rates, Account Types, Min. Deposit

Finding the right bank from the 2265 banks in 277 different cities in Tennessee(as seen on Search-banks.com) can be a bit tasking. So, we’ve gathered the necessary information on some of the best banks in Tennessee, TN.

Here you’ll find the best account type to open with each of these banks, their expected APRs, and the minimum amount you can deposit in each of them.

What are the Best Banks in Tennessee (,TN), 2022?

Here is a list of the best banks in Tennessee:

U.S. Bank 

The U.S. Bank’s history dates back to 1863 when the First National Bank of Cincinnati opened for business. Today, the U.S. Bank is the fifth-largest bank in the country, with more than 70,000 employees and $495 billion in assets as of December 31, 2019.

With more than 100 branches in Tennessee, the U.S. Bank is seen as the best national bank with branches in the state. In fact, you can also find branches in most places as there are about 3,000 U.S. Bank locations across the country.

The U.S. Bank offers a variety of checking and savings accounts, CDs, and more. That is, no matter the type of account you’re looking for, the U.S. Bank probably has it. They also offer a range of accounts and services which makes life a bit easier because you can keep all of your finances under one roof. So, if you need credit cards, loans, mortgages, or help with investing in Tennessee, this is the right bank for you.

Who is U.S. Bank Best For?

The U.S. Bank is best for those who want to keep all finances with one bank.

FirstBank

Founded in 1906 as Farmers State Bank in West Tennessee, FirstBank is the best regional bank with the best checking accounts in the State.

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.

However, regardless of its size, FirstBank still offers a strong suite of accounts. So, you can build savings through a basic saving account or money market accounts (MMAs). You can also pair any of those with a checking account.

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.

Who is FirstBank Best For?

FirstBank is best for those who want to keep all their finances with one bank while retaining a local feel

Ally Bank

Ally Bank, a full-service online bank founded in 2009 is said to be the best option when it comes to top savings accounts.

As saving money is a primary concern of many Americans, Ally’s Online Savings Account can help with a 0.60% APY. In addition, they offer an interest checking account and this comes paired with a 0.10% APY for accounts with a minimum daily balance below $15,000 and a 0.25% APY for accounts above that mark.

Note that both accounts have no monthly maintenance fees and no minimum initial deposits, meaning anyone can open an account.

Also, Ally has developed a solid mobile offering for both Apple and Android users which lets you send and receive payments through a program called Zelle alongside its standard features (such as mobile check deposit, an ATM locator, digital account statements, and automatic bill pay).

Who is Ally Bank Best For?

Ally Bank is best for those comfortable with online and mobile banking.

CIT Bank

Most banks in Tennessee do not offer great rates for savings accounts, and money market accounts that do offer good rates have high maintenance requirements. This is quite different for CIT Bank.

CIT, a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals, has the best savings account rate among banks in Tennessee.

To be more precise, CIT Bank offers one of the highest savings account interest rates of any bank in the USA, online or traditional. 

Here, account holders who meet the $100 minimum and either deposit $100 on a monthly basis or maintain an account balance of at least $25,000 will earn a 0.45% APY. Other than this, you’ll earn a 0.29% APY.

As a customer, you can diversify your banking portfolio with available options such as a money market account, two- to five-year jumbo CDs and six-month to five-year standard term CDs.

The major drawback to CIT Bank is the lack of a checking account option, which can be inconvenient if you’re used to banking on a single platform or like to transfer money quickly.

Who is CIT Bank Best For?

CIT Bank is best for those who already have a large savings balance or can contribute often.

FSNB

FSNB, formerly Fort Sill National Bank, has a 70-year tradition of distinguished banking service to both the military and civilian communities. FSNB is a good option for those who travel within the USA. The reason is that aside from its strong presence across Tennessee with about 40 branches, its presence is also felt in nine other states. 

Currently, FSBN is one of the Tennesse banks with the best savings account rate. It offers good basic banking options. For instance, you can open a basic checking account or consider pairing a savings account with a Basic checking account.

You only need $5 to open a savings account and you will earn a 0.10% APY if you maintain a minimum account balance of $25. You can also avoid any monthly fees if you maintain a balance of $75 and by receiving electronic statements. Also, if you keep more than $5,000 in your account, you’ll earn a higher rate of 0.25%.

Additionally, you can open a basic checking account with $5 and avoid monthly service fees if you maintain a $75 balance. The checking account comes with unlimited check writing and a free Visa CheckCard (similar to a debit card) and if you can maintain a balance of $500, you’ll earn 0.05% APY on that money.

Who is FSNB Best For?

FSNB is best for basic banking with checking and savings accounts.

Fifth Third Bank

Founded in 1858, Fifth Third Bank is one of the largest consumer banks in the Midwestern United States. It is currently listed among the top banking experiences in and around Tennessee according to J.D. Power’s U.S. Retail Banking Satisfaction Study.

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.

Now, aside from its excellent customer service, Fifth Third Bank also has a multitude of account options. It offers various options for its checking accounts, savings accounts, CDs, and MMAs respectively. And it wouldn’t force you to keep a minimum balance. Additionally, the bank offers opportunities to in stocks, bonds, or mutual funds.

Fifth Third bank also allows you to combine your checking account with a savings or money market account if you want but, it offers low interest on savings.

Who is Fifth Third Bank Best For?

Fifth Third Bank is best for those who prioritize customer experience.

Truist Financial Corporation (Merger of BB&T And SunTrust Banks)

Truist Financial Corporation is an American bank holding company formed in December 2019 as the result of the merger of BB&T (Branch Banking and Trust Company) and SunTrust Banks.

It is currently the eighth-largest US bank operating 2,049 branches in 15 states and Washington, D.C., and offers consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services.

Truist is said to have the best student account with its BB&T Student Checking. So, if you’re a student in Tennessee, you may want to look for one of BB&T’s 48 branches in the state. 

The BB&T Student Checking account is available for students 23 and younger. With $0, you can successfully open an account here and no monthly service fee is required to keep it running. Additionally, it offers free transactions at BB&T ATMs, and also waive the fee for two non-BB&T ATM transactions each month.

Aside this, Truist offers  great savings accounts for students.

Who is Truist Financial Corporation Best For?

Truist Financial Corporation is best for students near BB&T branches.

Regions Bank

Regions Financial Corporation is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. 

Regions Bank is said to have the best branch access in Tennessee with 25 more branches than First Tennessee Bank and 225 branches across the state.

The bank provides 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  $50 to open, which is higher than other major banks in the USA.

Who is Regions Bank Best For?

Regions Bank is best for those looking for accessible bank in the state.

Conclusion

Here is a summary of the best banks in Tennessee, as well as their account types, minimum deposits, and savings APY rate.

References

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