If you’re considering opening a bank account in Florida and are seeking information on the top 10 best banks in Florida, you’ve come to the right place. We understand that finding the ideal financial institution can be challenging given the numerous options available. However, you can rely on us to provide guidance.
We have thoroughly researched and evaluated the top financial institutions in Florida to identify those that offer exceptional banking experiences. After careful analysis, we have curated a list of the seven best options for you.
Our selection encompasses a diverse range of institutions, including large national banks, community banks, and credit unions. This ensures that you have a variety of choices tailored to your specific preferences and needs. Rest assured, we’re here to assist you in making an informed decision about the right financial institution for your banking requirements.
Wells Fargo: Most Accessible bank branch in Florida
Wells Fargo emerges as the leading accessible national bank in Florida, securing the top position. With an extensive network of 608 branches and 1,128 ATMs spread across the state, it surpasses other national banks in terms of convenience. Bank of America, with its 510 branches in Florida, is the only other national bank that comes close to matching this level of accessibility.
Wells Fargo’s presence is notable not only in major cities like Miami and Jacksonville but also in numerous smaller towns such as White Springs and Lake Placid. Whether you are in a bustling urban area or a more remote location, chances are Wells Fargo will be within reach to serve your banking needs.
Furthermore, if you happen to be traveling within the United States, you can rest assured knowing that Wells Fargo operates branches in nearly every state. With just ten states lacking a Wells Fargo branch, the bank’s coverage extends across the country, ensuring you have access to its services wherever you go.
To assist customers in locating the nearest branch or ATM, Wells Fargo provides a dedicated ATM and branch locator tool. This user-friendly feature makes it easy for individuals to find the most convenient banking facilities in their vicinity.
Wells Fargo provides a range of options for individuals looking to open a checking account. With a minimum deposit requirement of $25, customers can choose from regular checking accounts, premium interest-bearing accounts, or specialized teen checking accounts designed for teenagers aged 13 to 17.
- When it comes to savings accounts, Wells Fargo offers the Way2Save account, which allows customers to set and work toward their financial goals. Alternatively, they can opt for the Platinum Savings Account, which offers a higher Annual Percentage Yield (APY). However, it’s worth noting that the interest rates on these savings accounts are not particularly impressive. For those seeking higher interest rates, a CD (Certificate of Deposit) account is recommended.
- CD accounts provided by Wells Fargo are considered safe investments as they are FDIC-insured. They offer an excellent opportunity to earn a higher APY on saved funds. It’s important to remember that CD accounts are designed for long-term savings and should be treated as “out of sight, out of mind.” Withdrawing funds from a CD account earlier than planned can result in financial losses. It’s worth mentioning that CD accounts can only be opened at physical Wells Fargo branch locations, which shouldn’t pose a problem given the bank’s extensive branch network across the country.
- Wells Fargo ensures a positive banking experience both online and offline. Customers can benefit from convenient features such as mobile banking, online bill payment services, and Zelle, a reliable money transfer service. Additionally, real-time updates on investments are available, providing customers with timely information on their financial status.
| Pros | Cons |
| Good number of branches in Florida | Minimum deposit amount opening |
| Wider choice of account types | Low APY on accounts |
| High interest-bearing premium accounts | |
| It is known for good customer service |
First Citizens Bank: Best Family-Controlled Bank
Founded in 1889 in North Carolina, First Citizens Bank has established itself as a prominent financial institution in the United States. Following its merger with CIT Bank in 2022, the bank has experienced substantial growth, now ranking among the top 20 banks nationwide with assets exceeding $100 billion.
This impressive track record of longevity and stability offers customers reassurance that they have entrusted their hard-earned funds to a reliable and trustworthy institution.
With a network of 31 branches, primarily situated along the Florida coast, First Citizens Bank ensures convenient access for its customers.
Physical branch locations and ATMs can be found in various towns such as Tampa, Jacksonville, Naples, and Coconut Grove. To locate the nearest brick-and-mortar branch, individuals can utilize the branch locator tool provided by First Citizens Bank.
First Citizens Bank caters to a wide range of financial needs, providing an extensive selection of products and services for personal, business, commercial, and wealth management purposes.
These offerings include but are not limited to savings accounts, checking accounts, credit cards, mortgages, loans, insurance, retirement planning, and investment opportunities.
This comprehensive range of options ensures that customers can find suitable solutions tailored to their specific financial requirements.
First Citizens Bank provides a range of checking accounts to suit your needs. They offer three tiers, including a free account that becomes fee-free when you opt for paperless statements and make a minimum deposit of $50.
- The Premier and Prestige accounts have a monthly fee ranging from $18 to $25, but this charge can be waived if you maintain combined assets of at least $5,000 or have a loan exceeding $10,000 financed by the bank.
- When it comes to savings, First Citizens Bank offers an online savings account without any required minimum balance. For those seeking higher interest rates, they provide the option of a Money Market account or a CD account. Both choices necessitate a minimum deposit of $500.
- First Citizens Bank offers a comprehensive online banking service that can be accessed conveniently through their mobile banking app or using any web browser on your preferred device.
| Pros | Cons |
| 31 branches in Florida | Monthly fees for high end accounts |
| Has free checking and savings account | Low APY fees |
| Controlled by three generations of a family. | |
| Regularly publishes reports to support. |
Chase: Highest number of ATMs
Chase Bank boasts an extensive presence in Florida with a whopping 411 branches, ensuring convenient access for customers even when traveling out of state. With a remarkable network of 16,000 ATMs nationwide, their coverage is truly commendable. One of their standout features is their diverse range of checking account options, all of which provide convenient features like mobile banking, mobile pay, and secure debit cards.
Among their checking options, Chase Total Checking® is their basic account choice, accompanied by a reasonable monthly fee that can be easily avoided through various methods. Additionally, they offer an enticing bonus offer for this account.
For those seeking a basic savings account, Chase Savings℠ fits the bill. While it incurs a $5 monthly fee, this can be effortlessly waived by maintaining a minimum balance of $300. However, it’s worth noting that the annual percentage yield (APY) for this account is relatively low at 0.01%.
Chase takes pride in providing a wide range of customer service channels to cater to the needs of their account holders.
Whether you prefer face-to-face assistance at a branch, phone conversations, email correspondence, traditional mail, or even reaching out via Twitter, Chase ensures multiple avenues for support. Moreover, their online banking and mobile app are thoughtfully designed, offering seamless digital experiences.
When it comes to banking services, Chase excels in offering a comprehensive suite of options. Whether you’re looking for checking and savings accounts, credit cards, loans, mortgages, or even investment opportunities, Chase can be your go-to financial institution. Their commitment to providing a diverse range of services truly sets them apart.
| Pros | Cons |
| Has a large variety of accounts | Has a monthly fees |
| Fees can be waived easily | Low APY when compared to other banks |
| More number of branches and ATMs | |
| Has great bonus offers |
Fifth Third Bank: Known for Customer Service
A recent study focused on customer satisfaction in Florida examined popular banks like CitiBank, Chase, and TD Bank. The analysis took into account various factors such as the availability of branch locations and ATMs, the responsiveness of the banks to customer inquiries, fees charged by the banks, and the offerings related to checking and savings accounts.
Fifth Third Bank offers a range of checking account options, including a regular account with low fees, a specialized account for military personnel, and an exclusive account designed for students.
One notable strength of this bank lies in its highly regarded mobile app, which stands out in today’s competitive market. The app enables convenient features like mobile check deposits, an ATM/branch locator, access to account history, and the ability to utilize Zelle, a service facilitating direct person-to-person deposits.
| Pros | Cons |
| Good customer service | Fewer number of ATMs when compared with other banks |
| Has a nice mobile app | |
| Different type of account options are available |
Regions Bank: Best Regional Bank
If you’re a Floridian seeking banking services close to home, you might want to consider Regions Bank. It’s a well-established regional bank based in Birmingham, Alabama, serving the South, Midwest, and Texas.
Despite not being as large as some of the major national banks, Regions Bank still boasts an impressive presence in Florida, with 354 branches and 585 ATMs conveniently located throughout the state. They also have branches in neighboring states, ensuring accessibility even when you’re traveling.
Regions Bank offers a comprehensive range of services tailored to meet your banking needs. From personal checking and savings accounts to loans, lines of credit, investments, and financial planning, they have you covered. Additionally, they provide various options for business owners.
So, whether you’re an individual or a business, Regions Bank can be a reliable choice for your banking requirements.
Bank Of America: Best National Bank
If Wells Fargo doesn’t meet your needs but you’re interested in a larger US bank, Bank of America could be a great choice. While it has slightly fewer branches in Florida, they still have an impressive presence, currently operating 492 branches.
Bank of America offers extensive access to your finances with numerous ATMs and financial centers spread across the country. Whether you’re in your home state or traveling nationwide, you can rely on their widespread coverage for convenient and immediate financial services.
Moreover, visiting a branch isn’t always necessary with Bank of America. Their user-friendly mobile app, which boasts over 56 million verified users, empowers customers to conveniently handle most banking tasks on the go. From bill payments to check cashing and managing accounts, you can easily take care of your financial needs with just a few taps.
With their size, experience, and commitment to delivering quality banking services in the digital era, Bank of America stands out as an excellent choice for Florida residents and individuals everywhere else.
Suncoast Credit Union: Best Credit Union in Florida
When it comes to choosing between a credit union and a bank, there are some distinct advantages to opting for a credit union like Suncoast Credit Union in Florida. While credit unions may not offer as many features as larger banks, they excel in providing cost-effective services, minimal fees, and exceptional customer service.
Suncoast Credit Union, specifically, stands out as a top credit union in Florida. It has branches conveniently located across western Florida and extends membership to residents of the region, Florida College alumni, and family members of current members.
One of the notable offerings from Suncoast Credit Union is their Smart Checking account. This account not only allows you to earn dividends, but it also comes with no monthly fees or minimum balance requirements.
However, it’s important to note that if you prioritize higher interest rates on your savings, Suncoast Credit Union may not be the best option.
Online-only banks like Ally tend to offer more competitive returns. Nevertheless, if you’re interested in earning favorable returns through a certificate of deposit (CD), Suncoast Credit Union offers attractive rates for deposits ranging from 1 to 5 years and requiring a minimum of $500.
Capital One: Best Free Checking and Savings
Capital One is a well-known bank that you might be familiar with, as it offers a mix of online and traditional banking services. It emphasizes the convenience of online banking while also providing physical branch locations.
One of the attractive features is the option for customers to sign up for free checking and savings accounts, which offer competitive returns compared to other banks.
The Capital One 360 Checking account stands out for its lack of monthly fees and the ability to earn a modest amount of interest, even without maintaining a minimum balance. This makes it quite appealing as a checking account option.
While Capital One has fewer ATMs of its own compared to some other major banks, customers enjoy access to the extensive Allpoint and MoneyPass networks. This means that they can use over 70,000 ATMs in total, offering convenience and accessibility.
For savings, the Capital One 360 Performance Savings account offers slightly higher interest rates, without requiring a minimum balance. Although their rates may be lower than those of Ally, Capital One’s comprehensive range of services and features can make it a worthwhile choice for customers seeking a well-rounded banking experience.
| Capital One: 360 Checking Account |
| 40,000+ Allpoint ATMs |
| No minimum balance requirement |
| No monthly service fee |
| $0 opening minimum |
| 0.10% APY |
PNC Bank: Best Suited for Students
PNC has an excellent range of student-oriented services available in Florida. They have partnered with 50 prominent universities in the state, including the Florida Institute of Technology, to provide tailored offerings.
One fantastic benefit of their student checking account is the availability of free ATMs across campus. Additionally, students can request a convenient ID/ATM combination card and even personalize their debit card.
PNC goes beyond basic banking by offering various smart tools to help students track their balances and manage their savings and checking accounts. These tools are designed to foster financial literacy and help students learn about personal finance.
A notable feature is the option to set up alerts that notify parents when the account balance is running low, potentially allowing for timely assistance.
Opening this account requires proof of student status and a minimum initial deposit of $25. The best part is that there are no service fees whatsoever—this checking account is entirely free.
Apart from student banking, PNC offers a wide range of financial services, including money market accounts, retirement savings, investment options, loans, and much more.
| Pros | Cons |
| One of the best banks for students | For some benefits they need your student ID. |
| Have a wide range of services | They give low interest rates. |
| Lower fees and no maintenance fess |
Ally Bank: Has the Best APY on Online Savings
Ally Bank is a digital bank that operates exclusively online, without any physical branches in Florida or elsewhere. To open an account with them, it’s important to be comfortable with basic technology, particularly online and mobile banking solutions.
The great news is that navigating Ally’s banking services is straightforward, and they provide excellent customer support through a 24/7 phone line and live chat.
Ally’s mobile app offers convenient features like mobile check deposits, an ATM locator, a history archive of your balances, and Zelle, a service for transferring money between individuals.
When it comes to checking accounts, Ally highly recommends their Interest Checking Account. With a minimum daily balance below $15,000, you can earn an annual percentage yield (APY) of 0.10%. If you can maintain an average daily balance of $15,000 or more, the interest earned increases to 0.25% APY.
You have the flexibility to withdraw funds from your checking account at any time, free of charge. Ally utilizes the Allpoint ATM network, providing access to 55,000 ATMs, and they reimburse up to $10 in out-of-network ATM fees charged by other financial institutions per statement cycle.
In terms of savings accounts, Ally doesn’t disappoint. Their online savings account offers a competitive 0.50% APY. This account compounds interest on a daily basis, which is crucial for growing your balance in the long run.
There is no minimum balance requirement to get started, and there are no fees to maintain the account. It’s undoubtedly one of the most attractive savings account options available in Florida.
| Pros | Cons |
| Gives high yield savings account | Only online presence, does not has brick and mortar branches |
| Convenient for those who want only online services | |
| Good customer service despite being online only bank. |
How we chose the top 10 best banks in Florida
We conducted a thorough evaluation of more than 80 financial institutions and financial service providers in the United States. Our assessment considered factors such as assets, online search popularity, and other relevant criteria. The institutions included major banks, leading credit unions, and emerging players in the industry. We assessed them based on various aspects, including annual percentage yields, minimum balances, fees, digital experience, and more.
The surveyed financial institutions and providers are as follows:
- Affirm
- Alaska USA Federal Credit Union
- Alliant Credit Union
- Ally Bank
- America First Credit Union
- American Express National Bank
- Axos Bank
- Bank of America
- Bank of the West
- Bank5 Connect
- Bank7
- Barclays
- BB&T (now Truist)
- BMO
- Boeing Employees Credit Union
- BrioDirect
- Capital One
- Charles Schwab Bank
- Chase
- Chime
- CIBC U.S.
- CIT Bank
- Citibank
- Citizens
- Citizens Bank
- Comenity Direct
- ConnectOne Bank
- Connexus Credit Union
- Consumers Credit Union
- Current
- Discover Bank
- E-Trade
- Fifth Third Bank
- First Foundation
- First Tech Federal Credit Union
- FNBO Direct
- GO2bank
- Golden 1 Credit Union
- HSBC Bank
- Huntington Bank
- Industrial Bank
- KeyBank
- Lake Michigan Credit Union
- LendingClub Bank
- Live Oak Bank
- M&T Bank
- Marcus by Goldman Sachs
- Monifi
- Nationwide (by Axos)
- Navy Federal Credit Union
- NBKC
- One
- OneUnited Bank
- Pentagon Federal Credit Union
- PNC
- Popular Direct
- PurePoint Financial
- Quontic Bank
- Redneck Bank
- Regions Bank
- Revolut
- Salem Five Direct
- Sallie Mae Bank
- Santander Bank
- Scarlet
- SchoolsFirst Federal Credit Union
- Security Service Federal Credit Union
- Service Credit Union
- SoFi
- State Employees’ Credit Union of North Carolina
- Suncoast Credit Union
- SunTrust Bank (now Truist)
- Synchrony Bank
- TAB Bank
- TD Bank
- TIAA Bank
- Truist Bank
- U.S. Bank
- UFB Direct
- Union Bank
- Upgrade
- USAA Bank
- Varo
- Vio Bank
- Wells Fargo
- Zynlo Bank
FAQs
What is the oldest bank in Florida?
The Union Bank of Tallahassee is the oldest bank in Florida.
Who owns the Bank of Florida?
As a mutual bank, our unique advantage lies in being owned by our valued customers instead of stockholders. This distinctive ownership structure empowers us to prioritize our customers’ needs wholeheartedly, enabling us to deliver exceptional service and tailored solutions.
What is the most common bank in Florida?
Wells Fargo emerges as the triumphant champion in Florida’s banking landscape, boasting an impressive tally of 608 branches. With this remarkable feat, Wells Fargo firmly secures its position as the bank with the highest number of locations across the sunny state. To provide a comprehensive overview, here is a complete chart showcasing the esteemed financial institution with the most extensive presence in Florida: Wells Fargo.
How many bank do we have in Florida?
According to the Federal Deposit Insurance Corp., which safeguards bank deposits, Florida boasts an impressive count of over 90 banks currently in operation within its borders, as of May 1st, 2023.
Hi there, my name is Shivani and I’m the founder of Fuelcoin and co-founder of Thefinanceopedia. I created this blog to share my knowledge and experience in cryptocurrency, banking, personal finance, and the stock market, and to help others build wealth.
