Best Banks in Tennessee

With over 7,000,000 residents, Tennessee is home to a wide selection of financial institutions, as many banks and credit unions are headquartered in the state. In addition, many major banks from other parts of the country have opened brick-and-mortar branches across TN.

The digitization of the financial sector has also led to a drastic increase in online-only banks that offer a range of services to customers irrespective of where they live.

Choosing the right financial institution to meet your personal or business needs may seem daunting. However, with so many quality credit unions and banks in Tennesee available, you are sure to find one that fits your requirements.

Search for a bank with branches conveniently located in your area, but keep in mind that if you frequently travel to other states, you might be better off choosing a major national bank or online-only institution. Another key to making the right choice is carefully evaluating the different financial products and services each bank offers.

15 Best Banks in Tennessee

Here are the best banks in Tennessee you can open an account with today:

  1. U.S. Bank
  2. First Citizens Bank
  3. Bank of America
  4. Regions Bank
  5. FSNB
  6. Wells Fargo
  7. Bank of Tennesee
  8. Fifth Third Bank
  9. Truist Financial Corporation
  10. First Horizon
  11. Wilson Bank & Trust
  12. Chase
  13. CIT Bank
  14. Axos Bank
  15. Ally Bank

1. U.S. Bank us bank logo

U.S. Bank is one of the nation’s six largest banks. It’s been operating in the United States since the Lincoln Administration and it is currently led by Chairman, CEO, and President, Andy Cecere.

U.S. Bank has a significant presence in Tennessee, but its 68 branches are mostly located in the Nashville Metropolitan and South Central area of the state.

Customers can turn to U.S. Bank for their personal banking needs as well as wealth and business management products.

Its suite of personal banking products includes bank accounts (CDs, Money Market, checking, and saving), credit cards, investing and retirement, personal loans, lines of credit, mortgages, and auto loans.

U.S. Bank’s longevity in the financial sector should give consumers confidence that their money is well-managed and secure. Customers can easily monitor their accounts online using U.S. Bank’s desktop or smartphone app, but they can also easily find a branch or ATM using the branch locator tool.

It also maintains educational resources to help American consumers build their Financial IQ so they can learn smart money practices, such as budgeting, saving, and investing.

2. First Citizens Bank First Citizens Bank Logo

First Citizens Bank is an FDIC-insured national bank headquartered in North Carolina. Customers will find branches across Tennessee in Knoxville, Millington, Nashville, Franklin, and Arlington. The bank regularly runs financial education programs to increase the level of financial literacy of its customers and is an equal housing lender.

First Citizens Bank offers a variety of financial products, including CDs, IRAs, loans, and credit and debit cards. You may open checking and savings accounts online or through one of their branch locations, and customers can access both online and mobile banking.

First Citizens Bank’s questionnaire is one notable feature when looking to open a checking or savings account online. The questionnaire aims to guide customers to an account type that suits them best.

Some accounts are free, while others come with monthly fees that many customers can avoid if they meet the criteria.

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3. Bank of America Bank of America Logo

Bank of America has quite a strong presence in Tennessee and has been operating in the state for over 100 years. You can find bank branches and ATMs statewide. Their website includes a branch locator to help customers find their nearest branch or ATM.

Like most banks, Bank of America offers customers online and mobile banking services for easy access. One noteworthy perk of being a customer is unlimited access to videos and tips on managing your money in the best way possible.

The bank offers extensive personal and business financial services and credit and debit cards and loans to suit almost any customer’s needs. Customers looking to open a checking account can access flexible, tiered checking account options with differing fee and reward structures.

At the same time, those looking to save can choose from a range of savings accounts, CDs, and IRAs. Merrill also offers investment, retirement planning, and wealth management services.

4. Regions Bank “Regions

Regions Bank was founded in the 1970s and offers services across the South, the Midwest, and Texas. The bank has a substantial footprint in Tennessee, which it obtained through its merger with Union Planters Bank in 2004.

Regions Bank provides financial services to its customers through its physical bank branches and online banking. Bank customers can open savings or checking accounts online and apply for credit cards.

Accounts come with email, text, or mobile app notifications. The bank offers loans, lines of credit, and mortgage options to its personal and business banking clients. Account holders may also benefit from wealth management and digital investment services.


FSNB, formerly Fort Sill National Bank, has 36 branches across 26 cities in Tennessee. FSNB is a full-service bank that offers extensive online and mobile banking features.

The bank offers various checking and savings accounts to serve different customer demographics, and you may open them online.

Some checking and savings accounts on offer come with no monthly maintenance fees, earn varying interest rates and free direct deposits.

Some noteworthy accounts available through FSNB are their dedicated military and veteran accounts.

6. Wells Fargo “Wells

Wells Fargo is a multinational financial institution with more than 7,200 branch locations nationwide and overseas. With such an expansive network, clients who travel frequently will have their banking needs met nationwide. Wells Fargo is a full-service financial institution for both personal and commercial banking.

The bank offers all the services one would expect from a major U.S. bank, as well as retirement planning services, lending, and investment options.

Their online banking services and mobile app are highly rated and offer full user visibility, account alerts, bill payment facilities, and check deposit features, to name a few.

Wells Fargo offers savings and checking accounts with relatively low minimum opening deposit requirements.

7. Bank of Tennessee

Bank of Tennessee is a mid-sized financial institution established in 1974. It is headquartered in Kingsport and offers its services through 21 branches across Tennessee and North Carolina.

Bank of Tennessee provides the full range of accounts and services, including CDs, money market accounts, IRAs, and brokerage accounts.

Some account types on offer earn a variety of rates of APY and come with different balance requirements and monthly maintenance fees.

ATMs and drive-through Interactive Teller Machines (ITMs) are available for customers who would rather avoid visiting their brick-and-mortar branches.

8. Fifth Third Bank Fifth Third Bank Logo

Fifth Third Bank is a nationally-chartered financial institution and one of the largest banks that services the Midwestern U.S. Fifth Third Bank is a one-stop shop for personal and business banking.

You’ll find 40 branch locations across 13 cities in Tennessee, and customers can access network and partner ATMs to facilitate cash withdrawals.

Areas not directly served by a local Fifth Third branch may use digital banking to bridge the gap. The range of financial products on offer includes investment and wealth management services, checking and savings accounts, CDs, money market accounts, and financing options.

Some bank accounts through Fifth Third Bank come with no minimum balance requirements or fees.

9. Truist Financial Corporation (SunTrust Bank and BB&T) Truist Logo

Truist Financial Corporation is the result of a merger between BB&T and SunTrust Bank in 2019.

Truist is an equal housing lender and is FDIC-insured. Customers can access standard banking features such as different checking and savings accounts and asset management, lending, and insurance services.

Some checking accounts on offer do not have overdraft fees.

10. First Horizon (formerly First Tennessee Bank) First Horizon Bank Logo

First Horizon Bank is headquartered in Memphis, Tennessee, formerly First Tennessee Bank. First Horizon has more than 180 branches in and around Tennessee.

The bank serves both personal and business banking clients.

Bank customers can choose between the multiple checking and savings accounts on offer, debit cards, and credit cards. The bank also offers loans, mortgages, and investment options.

11. Wilson Bank & Trust

Wilson Bank & Trust is a full-service local bank with 29 branches across middle Tennessee. The bank offers all the standard financial products and services and a range of digital banking services.

Wilson Bank & Trust customers can access savings and checking accounts, CDs, IRAs, and debit cards.

The bank’s website and mobile app offer loan payment, balance checking facilities, and mobile deposits. Wealth management, investment options, and insurance services are also available.

12. Chase Bank “Chase

Chase is a subsidiary of the multinational financial institution JPMorgan Chase. Chase is a household name for financial services across the United States.

Customers who travel frequently can rest easy that they will find network ATMs and bank branches in most states. Chase offers mortgage and lending services, debit and credit cards, and checking and savings accounts.

Chase customers can also access investment and financial planning services through self-led investment accounts and may invest in ETFs, stocks, mutual funds, and options.

13. CIT Bank Cit Bank Logo

CIT Bank is an FDIC-insured online-only bank. CIT Bank stands for Commercial Investment Trust Bank and forms part of the organization CIT Group.

CIT Bank offers most of the same services customers would have access to through a traditional physical bank. Online and mobile banking allows instant access to account balances, bill payment facilities, and transaction histories.

Interest rates are higher than those offered by many other financial institutions. Customers may apply for checking accounts, savings accounts, money market accounts, and CDs online or through CIT’s mobile app.

14. Axos Bank Axos Bank Logo

Axos Bank is an online bank that made the list of the best online banks in 2020. The bank offers services through its extensive website and mobile app for customers’ convenience.

The range of financial services on offer doesn’t differ much from local banks, even though all business is conducted online. The Axos app has security features such as fingerprint, voiceprint, and facial recognition options to safeguard your financial data and bank accounts.

Axos offers a range of personal and business checking and savings accounts with different customer profiles in mind. Personal loans, auto loans, and mortgages are available as well as CDs, money market accounts and investment options.

Bill automation services and peer-to-peer transactions are seamless. Furthermore, they offer 24/7 customer service for personal banking customers in case something goes wrong.

15. Ally Bank Ally Bank Logo

Ally Bank is an online-only bank that offers most services offered by traditional banks. Ally Bank is renowned for paying higher interest rates than many other financial institutions.

Online savings accounts come with no monthly fees, minimum deposit, or minimum balance requirements and pay an APY of 1.60%.

Ally Bank’s checking accounts also pay out an APY of 0.25% on accounts holding a daily balance above $15,000 and 0.10% APY on accounts holding amounts below $15,000.

Choosing the Best Banks in Tennessee

Choosing between a local or national bank in Tennessee depends on what matters most to you as a customer. Both have pros and cons, so each customer needs to evaluate which financial institution will better suit their needs.

Local Banks

Local banks offer a more personal touch and likely have the local community’s interest at heart. Customers have the opportunity to develop face-to-face relationships with bank staff and, in turn, get a more tailored financial service.

Local banks will likely have a degree of flexibility to customize financial products to suit their personal and business banking clients’ needs. This personal approach to banking may make local bank customers feel more cared for by their financial advisors. Personal relationships will be invaluable if sensitive or tricky financial situations arise.

On the other hand, since local banks tend to service a small area or region, customers may have issues finding network ATMs when they travel. Some local banks also don’t offer the same range of services offered by national banks.

Therefore, customers with their hearts set on a particular banking feature or service may have no option but to seek the services of more expansive national banks or online banks.

National Banks

National banks generally offer a larger range of financial products and services than local banks and have an extensive branch and ATM networks. Major national bank customers who travel frequently will likely find local branches and network ATMs in many places they visit. National banks may also have branches with extended opening hours within grocery stores like Walmart or Kroger.

Since national banks serve the needs of larger customer demographics, financial products are usually packaged in more of an “off-the-shelf” style with little to no room for personalization. The personal touch you would get with a local bank is generally lost when dealing with a national bank.

If you are still unsure whether to choose a local or national bank, you should consider looking into online-only banks.

Online-Only Banks

As with national banks, online banks don’t offer the same personal relationship that local banks do. However, many online banks nowadays provide the same services that brick-and-mortar banks offer and, in some cases, additional features.

There are plenty of perks when choosing an online bank. Most digital-only banks offer higher interest rates when compared to both local and national banks. Their customer service is usually available 24/7, which offers far more flexibility. Security features such as encryption and biometric authentication have become standard to safeguard client data.

The best savings accounts may be offered by online banks, too, due to higher interest rates. It is advisable to evaluate all options available and read the fine print before committing to a financial institution, whether traditional or online.

Frequently Asked Questions

What are the most popular banks in Tennessee?

Tennessee is quite a large state; therefore, banking customer demographics vary significantly, which may affect your choice of financial institution. The sheer size of the local population makes it difficult to accurately distinguish the most popular bank.

Regions Bank, First Horizon Bank, and U.S. Bank are all contenders for being the most popular in the state. Online banks are also becoming increasingly more popular since the Covid-19 pandemic shifted many banking services online.

What are the largest banks in Tennessee?

The financial institution with the largest number of brick-and-mortar branches in Tennessee is Regions Bank. Truist Bank, First Horizon Bank, and First Tennessee Bank also have a substantial footprint in Tennessee.

Which banks are located in Nashville?

Over 150 financial institutions are operating across Nashville. Furthermore, at least 86 credit unions, and banks are headquartered in Nashville. Many of the banks listed in this article offer their services to customers based in Nashville.

What major banks are in Tennessee?

Many major national banks service the state of Tennessee, including First Citizens Bank, Chase, Wells Fargo, BBVA, and U.S. Bank. The main benefit of choosing a major national bank is accessing network ATMs across the country.

Is Tennessee State Bank a good bank?

Tennessee State Bank offers a full range of services to its customers. Financial products include CDs, IRAs, checking and savings accounts, and credit and debit cards.

However, it only offers 15 branch locations and 40 network ATMs across the state. It also doesn’t receive stellar online reviews, leaving much to be desired. You may want to check out our full list of the best Tennessee banks before deciding which bank’s right for you.

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