Best Banks in Louisiana

Louisiana is home to large international and small local banks serving selected communities. The banking services available are as diverse as Louisiana’s cultural heritage.

Whether in Baton Rouge, New Orleans, Lafayette, Shreveport, Lake Charles, or anywhere else within state lines, you’re bound to find a bank or credit union that fits like a glove.

9 Best Banks in Lousiana

Here are the top 9 banks in Louisiana right now.

Ally Bank

Ally Bank is an online bank with no physical branches. These lower overheads translate to better rates than those many traditional brick-and-mortar banks offer.

Ally Bank’s only savings product is its Online Savings Account. It has no monthly maintenance fees or minimum opening deposit requirement.

The APY (Annual Percentage Yield) is a whopping 2.35%. Account features include Buckets and Surprise Savings.

Ally Bank also offers an Interest Checking Account. The account has no monthly maintenance fees and no minimum balance requirements. It also offers an APY of 0.25% and fee-free withdrawals from over 43.000 Allpoint ATMs. This online savings account’s features include eCheck deposit, eStatements, round-ups, and CoverDraft, among others.

Ally Banks offers CDs, MMAs, mortgages, auto loans, personal loans, and investment options.

  • Pros: Higher than average APY rate
  • Cons: No branches

 

Capital One

Capital One is a national bank serving customers across the U.S.

While it’s mostly known for its credit cards and auto loans, you’ll find that it provides a wide range of banking products and services to suit different needs.

Capital One offers one checking account called 360 Checking Account. It has no monthly fees and offers mobile deposits and early pay, among other things. You can also deposit cash at any CVS location and withdraw money from over 70,000 ATMs.

If you’re looking to start saving, Capital One also has a 360 Performance Savings Account. The account has a 3% APY rate, making it one of the highest interest rates paid on a savings account. It has no monthly fees or minimum deposit requirement and can be opened online in as little as five minutes.

Capital One offers CDs (Certificate of Deposit), credit cards, and auto loans.

  • Pros: One of the best savings accounts around due to high APY payout
  • Cons: Does not offer home loans but can refer you to loanDepot

 

Gulf Coast Bank

Gulf Coast Bank & Trust Company is a regional bank serving customers in southeastern Louisiana, including Baton Rouge and New Orleans. Its primary focus is being innovative while retaining the old-fashioned banking values of a local bank.

Gulf Coast Bank has several specialized savings accounts, but their Traditional and Interest Savings accounts are designed for day-to-day use.

The Traditional Savings account has no monthly fee and requires an initial deposit of $20. APY rates vary between 0.20% and 0.40%, depending on your balance.

The Interest Savings Account charges a monthly fee of $3.00, which the bank will waive should you meet their requirements. The account earns up to 0.55% APY, which depends on you meeting pre-set criteria.

Gulf Coast Bank also has a selection of free, rewards, and interest-bearing checking accounts. The rewards checking account is the only one out of the three to charge a monthly maintenance fee. The bank will waive this $9.95 fee when you meet the account’s requirements.

All bank accounts require a minimum opening deposit of $20, while features and perks vary between accounts.

Gulf Coast Bank offers CDs, IRAs, credit cards, loans, and wealth management.

  • Pros: Large selection of savings and checking accounts
  • Cons: Low APY interest rates

Regions Bank

Regions Bank is a regional bank serving customers in the Midwest, South, and Texas, including Louisiana. Despite its concentrated customer base, it is still considered one of the largest banks in the U.S.

Regions Bank offers three traditional checking accounts and three tailored to specific needs. The LifeGreen Checking account (with a monthly fee of $8) is the most popular.

The bank will waive this fee when your average monthly balance reaches $1,500, or you make $500 worth of qualifying direct deposits. The minimum opening deposit requirement is $50.

Regions Bank also has a selection of savings accounts. The Regions LifeGreen Savings has an opening deposit requirement of $50 and requires you to have a qualifying checking account. This account does not have a monthly fee.

The Regions Savings account, on the other hand, also requires a $50 opening deposit but has a monthly fee of $5.00. You can avoid this fee by maintaining a daily balance of at least $300. The APY is 0.01% on all balances.

Regions bank also offers CDs, prepaid cards, credit cards, loans, lines of credit, mortgages, and investment options.

  • Pros: Large selection of accounts
  • Cons: Low APY rate

 

Chase Bank

Chase Bank is the largest bank in the U.S. by asset value and number of branches. As a full-service bank, it offers all the financial products and services you’ll find at any bank, and new customers can get a bonus of up to $200.

Chase offers three everyday checking accounts. New customers get a welcome bonus of up to $200 – depending on which account you choose and subject to meeting qualifying criteria.

Depending on the account, monthly service fees vary between $4.95 and $25. Standard features across the board include access to over 16,000 ATMs and 4,700 branches, Autosave, Zelle, and a free minors account.

Chase also offers a savings account called Chase Savings. It has a monthly fee of $5.00, which the bank will waive when you meet the qualifying criteria. The APY is 0.01% across all balances. Account features include Automatic Savings Program, account alters, and mobile and online banking.

Chase offers CDs, credit cards, auto loans, mortgages, and investment options.

  • Pros: Large network of branches
  • Cons: Low APY rate

 

Red River Bank

Red River Bank is a community bank based in Louisiana. This state bank is incorporated as a Louisiana banking corporation by the Louisiana Office of Financial Institutions and is FDIC-insured.

Red River Bank offers quite a few excellent checking accounts. The Totally Free Checking Account is one such account that has no monthly service charges and no minimum balance requirements. The minimum deposit required to open this account is $50. The bank also offers interest-bearing checking accounts with waivable monthly fees.

Red River Bank also offers general and specialized savings accounts. The Personal Savings account has no monthly charges and requires a $100 opening deposit. You get three free monthly withdrawals and interest on balances over $1.00. Other options are available; however, you’ll find limited information on their website.

Red River Bank offers CDs, IRAs, loans, credit cards, and investment options.

  • Pros: Large selection of accounts
  • Cons: Some services, such as credit card application, require a branch visit

CIT Bank

CIT Bank is a division of First Citizens BancShares, which it acquired in January 2022. It operates several branches at the formerly Mutual of Omaha Bank, which First Citizens acquired in 2020.

CIT Bank offers one checking account called eChecking. This online checking account has no monthly or overdraft fees and offers interest to account holders. APY is paid out at 0.10% on balances of up to $25,000 and 0.25% if your balance exceeds this threshold.

CIT Bank also offers two savings accounts – Savings Connect and Savings Builder. Both accounts have a minimum opening deposit requirement of $100 and no monthly maintenance fees. The Connect account has an APY of 3.00%, while the Builder account has an APY rate of 1.00%.

CIT Bank also offers CDs, money market accounts, and home loans.

  • Pros: High APY rate
  • Cons: Limited selection of products and services.

 

Hancock Whitney Bank

Hancock Whitney Bank is a regional bank operating in several states, including Louisiana. It is headquartered in Mississippi and has been operating for over a century.

Hancock Whitney Bank offers three personal checking accounts. Monthly service charges range between $7.00 and $20.00 and come with different fee-waiving criteria.

The minimum deposit required to open a checking account is $25. Some features and perks include credit score tracking, direct deposits, ATM fee rebates, and free wire transfers – depending on which account you choose.

Hancock Whitney Bank also offers an interest-bearing savings account called Savings Builder. It has a minimum opening deposit requirement of $25,00 and a monthly service charge of $5.00. The bank will waive the fee if you link it to a qualifying checking account or maintain a minimum balance of at least $200.

Hancock Whitney Bank also offers specialized savings accounts, CDs, money market accounts, loans, mortgages, credit cards, insurance, and investment services.

  • Pros: A wide range of products and services
  • Cons: APY rate difficult to find on the website

First Horizon Bank

First Horizon is a regional bank serving the Southeast. Its headquarters are in Memphis, Tennessee, and it operates 417 locations in the states it serves.

First Horizon offers three checking accounts. FirstView Checking is the most basic and comes with no monthly fees and fee-free withdrawals from over 600 ATMs. It has a minimum opening deposit requirement of $50.

If you’re after more features, then you can opt for SmartView Checking or TotalView Checking instead. These two accounts have a monthly fee which can be waived and earn bonus interest when meeting qualifying criteria.

First Horizon Bank also offers a Traditional Savings account. It has a quarterly maintenance fee of $5.00, which the bank will waive when maintaining a daily balance of at least $250. It earns an APY of 0.30% and has an opening deposit requirement of $50.

First Horizon Bank also offers CDs, MMAs, mortgages, loans, customizable debit cards, and credit cards.

  • Pros: Good account selection
  • Cons: APY rate is relatively low

How to choose the best bank in Louisiana

Before you decide which bank to go with, you’ll need to consider a few key things.

Identify your goals

Clearly defining your personal and financial goals at the start will help you find a bank or credit union which will suit you long-term. Ensure that the range of financial services offered by the banks you’re considering can keep up with your plans. Also, consider features such as advanced online banking, fraud protection, customer care, and travel services.

Compare Financial Institutions

Once you’ve identified several banks or credit unions that meet your essential criteria, it’s time to size them up against one another. Each institution has pros and cons, so while one might offer the best savings accounts or no fees, another might offer free debit cards and rewards features. It may come down to you choosing what is more valuable to you in the end.

Consider Federal Credit Unions

Most Credit Unions offer the same range of financial services that banks do. The main difference is that Credit Unions are not-for-profit financial institutions. Since Credit Unions aren’t after making a profit, it usually translates to lower fees and better interest rates.

Both Navy Federal Credit Union and Barksdale Federal Credit Union are solid options in Louisiana.

Things to avoid

Some things to steer clear of are high-interest rates, sub-par online banking services, no mobile banking features, high monthly fees, and penalties should account balances fall below a pre-set minimum.

Frequently Asked Questions

What is the best bank to bank within Louisiana?

There is no one size fits all answer regarding the best financial institutions. Choosing one bank or federal credit union over another depends on your current financial needs and long-term goals.

What major banks are in Louisiana?

Chase, CIT, Capital One, and Regions banks are some of the better-known banks that operate in Louisiana. Some of these banks are considered national household names for certain financial services.

What is the largest bank in Louisiana?

Chase bank is a national bank that operates more than 110 brick-and-mortar bank locations across Louisiana. Hancock Whitney and Regions banks have also established quite a physical presence in the state.

What is the largest credit union in Louisiana?

Barksdale Federal Credit Union is the largest credit union in Louisiana. It has over $1.8 billion in assets and is larger than 94% of all Louisiana-headquartered banks.