What do you look for in a bank or credit union to know you’ll have a good banking experience? For us, it’s having easy and convenient access, excellent interest rates, and affordable account minimums.
And that’s what we looked for when compiling this list of the best banks and credit unions in Texas.
6 Best Banks and Credit Unions in Texas
Here are the top banks and credit unions in Texas you can open an account with today:
- First Citizens Bank: Best Product Variety
- First National Bank of Texas: Best for Small Businesses
- Frost Bank: Best Local Customer Service
- Ally Bank: Best Online Bank
- Wells Fargo: Most Branches in Texas
- Alliant Credit Union: Best Credit Union in Texas
1. First Citizens Bank
🏆 Best Product Variety
If you’re looking for a full-service bank with a large suite of products to match your banking and investment needs, take a look at First Citizens Bank.
Founded in North Carolina in 1898, First Citizens has now extended to 19 states, with locations in the following Texas cities:
- Cedar Park
- Round Rock
- Sugar Land
- West Lake Hills
While larger banks have far more locations, residents of the cities above might find First Citizens’ top-notch customer service and a roundup of products worth their while. After a recent merger with CIT, the bank has solidified itself as a great bank even more.
First Citizens members have access to a long lineup of products, including three checking accounts, two savings accounts, money market accounts, CDs, and credit cards.
- The free checking account doesn’t have any minimum balance requirements but does require a $50 deposit to open your account. You can waive monthly service fees by enrolling in paperless billing.
- The premier checking account offers interest and preferred rates on CDs and home equity lines of credit. You can avoid the monthly fee with a $5,000 balance or at least $4,000 of monthly direct deposits.
- The bank also offers small business and commercial loans, along with retirement and insurance planning services. With a First Citizens Account, you can manage all your finances in one place.
Additionally, First Citizens stands out for its great user experience. The company’s mobile app has earned high ratings in the iOS and Google Play stores and makes account management extremely easy.
The bank has a customer helpline open from 7 am to 11 pm ET and an online tool to connect you to local branch representatives.
- Long lineup of products
- Interest-bearing checking accounts
- Free checking and savings accounts
- Lower CD rates for premier accounts
- Financial planning resources
- Fewer than 10 Texas branches
- Service fees can be hard to waive
- Less competitive APY on savings
2. First National Bank of Texas
🏆 Best for Small Businesses
Are you starting a small business? You’ll be glad to hear what First National Bank offers! There are many perks for small business owners just like you.
First National Bank of Texas offers many business banking solutions for private citizens and businesses. However, it is on small business banking solutions that it really shines. Their business offer includes five different types of checking accounts and one money market account, each one specifically made to accompany your business’ growth.
Their Small Business Checking Account lets you avoid the $11.97 maintenance fee by making ten debit card purchases each month.
There is a suite of financial tools to help business owners create financial statements, build and maintain credit and assist them with their business plans. Loans and other merchant services are also available.
Regarding locations, First National Bank only has a little over 300 branches and 300 ATMs in Texas, which is definitely not comparable to larger banks’ numbers. Still, it does provide an advantage in terms of localization, flexibility, and attention to your particular neighborhood.
You’ll need to open an account at a brick-and-mortar location and talk to a Texas-focused bank representative who will help you find the best, personalized solution for you.
Customer service is available in person, online via live chat, and by phone as well.
- Small business tools
- Localized experience
- Choice of accounts
- Low fees
- Not many branches
- A limited number of ATMs
- Can’t open an account online
|Citi® Enhanced Direct Deposit
|July 8, 2024
|J.P. Morgan Self-Directed Investing
|up to $700
|April 12, 2024
3. Frost Bank
🏆 Best Local Customer Service
If you’ve had a negative banking experience and want to upgrade to a friendly bank, this is your chance. Consumer satisfaction surveys done by J.D. Power and Pew Charitable Trusts repeatedly show that Frost Bank offers the best customer service in Texas.
First of all, it has a policy of transparency regarding benefits and fees, which account holders appreciate.
Frost also makes it super easy to talk to a bank representative. Calling customer service will let you speak directly to a person, avoiding the risk of getting lost in annoying automated messages.
Frost has over 145 branches in the state of Texas if you prefer face-to-face interaction. Locations include Dallas, San Antonio, and Houston, among others.
The Frost Personal Account charges a low monthly fee of $8 that can be easily waived by:
- $100 monthly direct deposit
- $1,000 minimum daily balance
- $5,000 combined average daily balances of personal deposit accounts
- The account owner is under the age of 25
Much better than most larger banks. Its accounts, including checking, savings, CD, and money market, earn an average APY, lower than online banks but better than the industry average of larger brick and mortar banks such as Chase, Bank of America, and Wells Fargo.
Frost doesn’t offer many checking account options, making it very good and easy for the average consumer. However, it might not be the best if you have more specific needs. If you are looking for another bank with great customer service in Texas with more varied account options, I suggest Comerica Bank.
- 5-star customer service
- Higher APY than most brick-and-mortar banks
- Personal local experience
- Not many account options
- Lack of branches outside of Texas
- They’re low and easy to waive – but many banks offer free accounts.
4. Ally Bank
🏆 Best Online Bank
Ally is an online-only bank, which means you will have to manage your finances entirely online or with the mobile app.
Features include mobile check deposits, direct deposits, an ATM locator, and your balance history. There’s also Zelle – the person-to-person money transfer service we’ve mentioned previously.
Ally has excellent online and mobile banking solutions and excellent customer service with 24/7 phone and live chat. Its app averages a rating of 4.35 on five stars!
Ally is the best online bank because of its service and also because of its high-interest-earning accounts.
The Interest Checking Account is a free checking account with a different yield depending on the balance you can maintain. It features a 0.10% APY with a minimum daily balance below $15,000 and 0.25% APY if you keep an average daily balance of $15,000+.
You can withdraw money from your checking account at any time and at no cost. Ally uses Allpoint ATM networks (55,000 ATMs) and reimburses up to $10 in out-of-network ATM fees charged by other financial institutions per each statement cycle.
Ally’s savings account earns a 0.50% APY, which is 10x the national average! Interest is compounded daily, a fundamental feature to help you grow your future balance.
Ally promises no minimum balance and no fees. The trade-off is that you won’t deposit cash – Ally doesn’t support this feature being online-only.
If you want to explore another good online bank for Texas, try Capital One.
- High-yield savings account
- Convenient online only
- Customer service
- Access to Allpoint ATM network
- No minimums
- No brick-and-mortar branch locations
- No cash deposits
5. Wells Fargo
🏆 Most Branches in Texas
Wells Fargo is the bank with the most branches in Texas. It has hundreds of locations covering every main region of the state (640 branches and 1,200 ATMs, to be exact!).
Wells Fargo has offices in 195 cities all over Texas, and if you are traveling, you won’t have to worry either! There are only ten states in the USA that don’t have a Wells Fargo branch, so you will be covered wherever you go.
Wells Fargo even has a convenient ATM and branch locator, which helps you find the nearest office or ATM to you.
One of Wells Fargo’s selling points is its variety of financial products. It offers a wide range of checking and savings accounts, credit cards, mortgages, and investment options. If you are concerned about keeping all of your finances in one place, you have found the right bank.
Wells Fargo offers five different options for opening a checking account, including one dedicated to teens.
Its standard checking account costs $10 a month and requires a minimum deposit of $25. To waive the monthly maintenance fees, you will have to make at least ten debit card transactions each month or make sure to keep a minimum daily balance of $1,500.
There are two savings account options: the regular goal-based Way2Save account or the premium Platinum Savings Account with higher APY.
Both of these accounts only earn an average annual percentage yield. If you want to get more interest, it’s better to choose a CD account.
CD accounts are notoriously safe FDIC-insured investments. They are a great opportunity to earn higher APY on your money saved. Wells Fargo gives you five options to consider.
Wells Fargo offers a positive banking experience both online and offline. It has mobile banking, direct deposit, online bill pay, and money transfers using the Zelle service, plus real-time updates on your investments.
- Large quantity of bank branches
- Variety of accounts
- Interest-bearing premium accounts
- All of your financial services in one place
- Minimum opening deposit
- Service fee
- Average APY on most accounts
6. Alliant Credit Union
🏆 Best Credit Union in Texas
Alliant credit union, unlike many of the other credit unions out there, doesn’t strictly require their members to be residents of a specific region or serve a specific industry.
It is open to any U.S. citizen or resident nationwide.
Alliant Credit Union is attractive because of its high-yield accounts, low service fees, and outstanding customer service. The credit union’s online banking also has plenty of positive reviews.
That’s important because Alliant doesn’t have any brick-and-mortar locations in Texas.
You’ll need to get all your financial tasks done through online banking, so if you prefer in-person help, Alliant might not be for you. You can still speak to a representative – it’ll just have to be over email or by phone.
With Alliant, you will get access to over 80,000 free ATMs so that you won’t have a problem withdrawing your money at your convenience. It also reimburses ATM charges from other financial institutions for out-of-network ATM operations (up to $20 a month).
There is a limit with ATMs, depending on your withdrawal habits – you can’t withdraw more than $500 a day. Bear in mind that the bank could further limit this amount if you have a history of overdrafts.
Alliant’s checking accounts, savings accounts, and C.D.s all offer great APY. They’re on the same level as major banks in the country, or even better, making this the most common reason for Texans to choose Alliant.
Another great thing about this credit union is transparency. There will never be hidden costs since they do a great job at informing their members of every fee they are incurring and why.
They even give you a list of all their fees before opening an account so that you can have a better idea. I think this is very important and gains major trust points.
- High APY on all accounts
- Fees transparency
- Free ATMs and refunds
- Customer service
- Open to every citizen
- Online banking
- No brick-and-mortar branches in Texas
- Limit on ATM withdrawals
Choosing The Best Banks and Credit Unions in Texas for Your Needs
Here are eight things to keep in mind when looking for the best banks and credit unions in Texas that will be a perfect fit for your banking needs:
- Bank or Credit Union? It depends on the individual institution, of course, and there will always be trade-offs. Brick-and-mortar banks may have more branch locations in your area and be more updated with current trends and technologies. In contrast, credit unions usually have better customer service and pay higher APYs.
- Look for low monthly service and overdraft fees. No one wants to pay extra money when the same service is offered for free somewhere else. If there is a fee, check if you can find easy options to waive it.
- Consider which credit card and debit card providers are linked to the bank. As we know, there are more widely accepted credit cards than others. For example, more stores accept a Visa than American Express.
- Customer service. If you have a problem, how easy is it to get in touch with someone? How helpful will they be? You might not think about these questions beforehand, but they will be important for your future relationship with the bank.
- How many branches and ATMs are there in the country (and your area)? Finding yourself in the tricky situation of not being able to locate a free ATM or local bank when you need it could be annoying. Make sure the bank/ credit union has a branch within a reasonable distance if you think you might need to visit a branch at some point.
- Easy online banking and a good mobile app. Nowadays, it is fundamental for financial institutions to have a good app and mobile banking. We want to be independent and always have ways to check and manage our finances, wherever we are.
- Annual interest rates matter. Make sure you’re getting the best deal out there. Don’t settle for mediocre interest rates – they can take your money so much further.
- Prioritize security. Choose a bank that takes security seriously – and takes the extra steps to prevent fraud and protect your account, and money. Ideally, go for a financial institution that’s member-FDIC, or is insured by NCUSIF (if it’s a credit union).
Frequently Asked Questions
What is the best bank in Texas?
There are many good options in Texas when it comes to banking services. The best online-only bank would be Ally – but if you’re looking for a bank with many local branches, have a look at Wells Fargo.
Is the Bank of Texas a good bank?
First National Bank of Texas is an excellent option, especially if you are looking for a Texas-focused localized experience for a small business owner.
What is the best credit union in Texas?
The best credit union in Texas is Alliant if you don’t mind it being online-only. If you’d prefer a credit union with physical locations, we recommend Randolph-Brooks.
What is the largest credit union in Texas?
The largest credit union in Texas is Randolph-Brooks Federal Credit Union, with 938,318 members and $13.25 Billion in assets.
How We Chose the Best Banks and Credit Unions in Texas
We reviewed the top financial institutions, going from the largest banks in America to community banks and credit unions.
We looked at things like:
- Checking and savings account interest rates
- Minimum balances
- Low fees
- Customer service
- Online experience