Our experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
We chose Ally, First Citizens Bank, First National Bank, Mechanics & Farmers Bank, and State Employees Credit Union as the best banks and credit unions in North Carolina.
These banks stand out because they have minimal bank fees and offer appealing features. These institutions have stayed as our top picks for the last few months because they continue to stand out for their minimal bank fees and unique perks. Learn more about our top picks below.
The Best Banks and Credit Unions in North Carolina
Ally: Best for opening a savings accountFirst Citizens Bank: Best for opening a checking accountFirst National Bank: Best for opening a savings and checking accountState Employees Credit Union: Best local credit unionMechanics & Farmers Bank: Best local bank
All of the financial institutions on our list are protected by FDIC or NCUA insurance. Although First Republic Bank was recently shut down, bear in mind your money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.
To determine the best banks in North Carolina, we reviewed the 10 biggest banks and credit unions in the state, as well as local financial institutions that are recognized as minority depository institutions by the FDIC or NCUA. We also considered online banks regarding our top pick for savings accounts.
Compare Financial Institutions in North Carolina
Why You Should Trust Us: Experts’ Advice on Choosing the Best Financial Institution
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best financial institution in North Carolina for your needs.
Insider
Tania Brown, certified financial planner at SaverLifeRoger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance InsiderMykail James, MBA, certified financial education instructor, BoujieBudgets.com
When choosing a bank, our experts say there are a few areas in particular to look closely:
Fees
Some banks charge monthly maintenance fees for their checking and savings accounts. However, they can typically be waived by actions like a keeping a minimum balance in the account. While researching banks, make sure you know which fees are charged and if you’d qualify to waive them.
Accessibility
Your bank and your money should be accessible in the way that works for you. That might mean local branches so you can walk in, or a seamless online interface so you can easily transfer money. It should also include access to customer service: When is it available, and how can you contact it?
Priorities
If you’re hoping to earn money on your savings, for instance, you’ll need a high-yield savings account that pays more than average interest. Remember that your priorities might change over time. Ideally, you’ll choose a bank that can accommodate a single 20-something as well as a 40-something parent.
Methodology: How Did We Choose the Best Banks in North Carolina?
Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so under each section, we outline the advantages and limitations of each account or institution. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.
We reviewed the 10 biggest banks and credit unions in the state and financial institutions included in our Black-owned banks and credit unions guide and Hispanic American-owned banks and credit unions guide.
We sought out accounts with minimal banks and unique features. For example, some of the accounts featured offer a competitive interest rate or budgeting tools to help track your spending.
For our best credit union and best local bank, we chose financial institutions that offered great customer service, easy membership requirements, and low minimum opening deposits.
Best Banks in North Carolina: Frequently Asked Questions
What bank is most popular in North Carolina?
Truist is probably the most popular bank in North Carolina, because it has the most branches in the most cities.
What do I need to open a bank account in North Carolina?
To open a bank account in North Carolina, you’ll likely need a government-issued ID (like a driver’s license or passport), proof of address (like a utility bill that has been mailed to your home), and your Social Security number.
What bank is headquartered in North Carolina?
Some major banks have headquarters in North Carolina. Bank of America and Truist Financial are headquartered in Charlotte, and First Citizens Bank’s headquarters is in Raleigh.
Best Bank for Opening a Savings Account
Ally
Why it stands out: Brick-and-mortar banks in North Carolina pay pretty low interest rates, around the national average. If you’d like to open a high-yield savings account, Ally is an excellent online option. It pays a competitive rate and doesn’t charge standard bank fees.
You may also like the Ally High Yield Savings Account if you’d like to open a bank account that comes with budgeting tools. The account lets you separate money into individual savings goals through savings buckets.
Ally customer service is available over the phone and through live chat 24/7.
What to look out for: As an online-only institution, you’ll have to transfer money from another bank account if you’d like to deposit cash.
Best Bank for Opening a Checking Account
First National Bank
Why it stands out: First National Bank offers a solid free checking account. If you open the First National Bank Freestyle Checking Account at a local branch, you won’t need to make an initial deposit. If you open it online, you’ll need to deposit at least $50. The bank has a solid ATM network — you’ll have access to 800 ATMs in 7 states on the East Coast.
See Insider’s picks for the best checking accounts in the US overall »
What to look out for: You might have to deal with fees if you accidentally take too much from your account. There’s a $37 overdraft fee if you overdraw from your account. The bank has overdraft protection that lets you link to another bank account, but you’ll have to pay a $10 transfer fee if you use it.
Best Bank for Opening a Checking and Savings Account
First Citizens Bank
Why it stands out: First Citizens Bank is a great choice if you prefer traditional banking. It’s the third-largest financial institution in the state, and it offers a free savings and checking account.
The First Citizens Bank Free Checking Account is one of the bank’s strongest products. It has a budgeting tool that helps you track expenses, create a budget, and monitor debt.
The First Citizens Bank Online Savings Account has a First Citizens Bank Online Savings Account minimum opening deposit, and you won’t need to fulfill any minimum balance requirements.
What to look out for: You might have to deal with overdraft fees if you take out more money than you have in your checking account. First Citizens Bank offers overdraft protection, but you’ll have to pay a $10 transfer fee if you utilize it.
There’s a also $3 excess withdrawal fee if you exceed two withdrawals per month from your savings account.
Best Local Credit Union
State Employees Credit Union
Why it stands out: State Employees Credit Union is a good option if you’d like to bank with a credit union over a bank. It has over 270 locations and 1,100 free ATMs, making it one of the biggest financial institutions throughout the state.
The State Employees Credit Union Share Account earns a slightly higher rate than most brick-and-mortar bank accounts. Its CDs also pay a decent rate and require a low minimum opening deposit of $250.
The credit union’s checking account has a low minimum opening deposit, but there’s a $1 monthly service fee that can’t be waived.
What to look out for: To be eligible for membership at SECU, you or an immediate family member need to be working or formerly employed by one of the following:
The state of North CarolinaA state agency in North CarolinaThe North Carolina public board of educationNorth Carolina National GuardSocial Services, Health, Mental Health, and Civil Defense of North Carolina countiesAny agencies or departments part of the North Carolina State Personnel Act
To become a member, you’ll need to open a share account with at least $25.
Best Local Bank
Mechanics & Farmers Bank
Why it stands out: Mechanics & Farmers Bank is a Black-owned bank with eight branches in Charlotte, Durham, Greensboro, Raleigh, and Winston-Salem.
Local banks are an ideal option if you’re looking for an institution with close ties to its community. Mechanics & Farmers Bank hosts financial literacy workshops in each city with a branch. Employees and management also attend around 80 community events yearly.
The Mechanics & Farmers Bank Dash Checking Account is the bank’s standout account. The account doesn’t charge monthly service fees and has a low minimum opening deposit. It lets you earn up to 3.00% Annual Percentage Yield (APY) on balances below $10,000 if you meet the following criteria monthly:
Make at least 15 debit transactions that total a minimum of $350Log into mobile or online banking Get an e-statementReceive at least $500 in direct deposits
If you meet these requirements, you’ll also be eligible for up to $15 in out-of-network ATM refunds.
What to look out for: The bank’s savings account requires a minimum opening deposit of $100 and has a $6 monthly service fee if you don’t keep at least $200 in your account daily.
Other Institutions That Didn’t Make Our List and Why
Truist Bank: Truist Bank has the most branches in the state, but its accounts don’t stand out as much as our top picks. It savings accounts pay low interest rates, and checking accounts have monthly service fees. Read the full review of Truist Bank here. Wells Fargo: Wells Fargo has a substantial branch and ATM network throughout the US. However, it has received a poor BBB rating and has been involved in several public controversies, including settlements that claimed the bank engaged in racial discrimination and unauthorized account creation. Read the full review of Wells Fargo here.Bank of America: Bank of America has a variety of accounts and a large branch and ATM network, but you’ll need to meet certain requirements to waive monthly maintenance fees. Read the full review of Bank of America here.PNC Bank: You aren’t eligible for the PNC high-yield savings account in North Carolina, which is the bank’s strongest product. Read the full review of PNC Bank.First Bank: First Bank has a variety of accounts, including age-specific accounts for college students and seniors. However, most bank accounts have monthly service fees, unless you qualify to waive them.Woodforest National Bank: Woodforest may be a worthwhile option if you want to open accounts with low minimum opening deposits. It may not be the strongest choice if you frequently use mobile banking, though. Read the full review of Woodforest National Bank. Southern Bank: Southern Bank has a decent-sized branch and ATM network, but its savings accounts earn a low interest rate and may have monthly service fees.Fifth Third Bank: Fifth Third Bank has a free checking account, but its savings account isn’t as strong. Read our full review of Fifth Third Bank. Coastal Federal Credit Union: Coastal Federal Credit Union has a free checking account and solid savings accounts, but some of our top picks make it easier to qualify for membership.Truliant Federal Credit Union: Truliant has free checking and savings accounts, but our top picks offer more competitive interest rates and unique features. Read the full review of Truliant here.Latino Community Credit Union: This Hispanic American-led financial institution might be worth considering if you’d like financial literacy services that are specifically for immigrant and low-income Latinos. However, when it comes to bank accounts, our top picks offer more unique perks and higher rates. Read our full review of Latino Community Credit Union.
Banks and Credit Unions Trustworthiness and BBB Ratings
We use ratings from the Better Business Bureau to evaluate how financial institutions address customer issues and handle transparency.
Financial institutionBBB ratingAllyAFirst Citizens BankBFirst National BankA+Mechanics & FarmersA+SECUC
Ally, First Citizens Bank, and SECU ratings are because of unresolved customer complaints and receiving customer complaints on the BBB website.
A good BBB rating won’t guarantee your relationship with a business will be perfect. Consider talking to current customers or reading online customer reviews.
On the bright side, none of the financial institutions featured have recent public scandals.
Savings Rates at the Largest Banks in North Carolina
Below, you’ll find the savings rates from the biggest banks in North Carolina. In August 2023, the national average for interest rates on savings accounts is FDIC National Deposit Savings Rates – APY APY, according to the FDIC.
None of these banks offered a competitive interest rate, so we didn’t end up choosing any of these banks for our best savings account category. However, you may still decide one of these banks is a good fit for you.
Financial institutionSavings APYNumber of NC branchesNext stepsTruist BankTruist One Savings295Truist One SavingsWells FargoWells Fargo Way2Save® Savings Account227Wells Fargo Way2Save® Savings AccountFirst Citizens BankFirst Citizens Bank Online Savings Account216First Citizens Bank Online Savings AccountBank of AmericaBank of America Advantage Savings Account114Bank of America Advantage Savings AccountPNC BankPNC Bank Standard Savings Account106PNC Bank Standard Savings AccountFirst BankFirst Bank Everywhere Savings Account104First Bank Everywhere Savings AccountWoodforest National BankWoodforest National Bank Savings Account91Woodforest National Bank Savings AccountFirst National BankFirst National Bank FirstRate Savings Account86First National Bank FirstRate Savings AccountFirst Horizon BankFirst Horizon Bank Traditional Savings Account – APY85First Horizon Bank Traditional Savings Account – CTA TextFifth Third BankFifth Third Bank Momentum Savings Account73Fifth Third Bank Momentum Savings Account