Washington, DC has many banks, so how do you decide which one is right for you?
The good news is you have many options, from large national banks to small community banks and everything in between. It comes down to the products and services you want and the technological capabilities you need.
We’ve created a list of the top 9 best banks in Washington, DC, to help you decide.
9 Best Banks in Washington DC
DC has some great banks, but here are the top nine options you can open an account with today:
- PNC Bank
- Bank of America
- United Bank
- Wells Fargo
- National Capital Bank
- FVC Bank
- Presidential Bank
- Sandy Spring Bank
See the Best Bank Bonus Offers & Promotions in Washington, DC
1. PNC Bank
PNC Bank is a national bank with many bank account options, including checking, savings, personal loans, and mortgages. It has an extensive ATM network and offers many mobile banking options, making it easy to bank anywhere.
PNC has excellent programs for students and seniors but offers many great banking products for the average person.
PNC’s most notable product is the Virtual Wallet, a combination of checking, short-term, and long-term savings products. There aren’t any minimum balance requirements, and the $7 monthly fee can be waived if you meet one of the following criteria:
- You’re over 62
- Have $500 or more in your monthly Spend and Reserve accounts
- Have $500 or more monthly direct deposit to the Spend account
2. Bank of America
Bank of America is one of the largest banks in the country and has over 4,000 branches nationwide with a 17,000 ATM network. In addition, Bank of America has recently embraced online banking technology, making it easy to bank from anywhere.
If you’re looking for a bank with excellent customer service, Bank of America offers top-notch service with representatives available seven days a week.
You’ll find checking, savings, CDs, IRAs, credit cards, home loans, auto loans, and investing options at Bank of America.
3. United Bank
United Bank has been around since 1839, offering competitive products and services to some of the larger banks in Washington, DC.
United Bank has 222 local branches and 22 loan origination offices. Each office focuses on customer service and relationships, giving you the service you desire when working with a bank.
United Bank offers many banking products, including five checking accounts, a handful of savings, CDs, and IRAs, and many investment and lending products to help you meet your financial needs.
4. Wells Fargo
Wells Fargo is another large national bank, but they’ve closed many of their physical branches in recent years. However, to make up for the lack of physical locations, they have ramped up their online and mobile banking options, making it much easier to bank online.
Wells Fargo’s banking products align with most national banks, including checking, savings, CDs, personal loans, and auto loans.
Wells Fargo runs specials quite often, paying new account holders bonuses when they open a new checking account with direct deposit.
Eagle Bank is a community bank in Washington, DC. They started when they realized larger banks were failing local communities. So they set out to provide a banking experience that honored the community and their needs.
Eagle Bank offers personalized service to its customers, making each one feel like a person, not just a number. The representatives at Eagle Bank know everyone that walks through their doors and does everything possible to make them feel supported.
Eagle Bank offers banking products that compete with larger banks, including checking, savings, money market, CDs, and investment services.
6. National Capital Bank
National Capital is another community bank in Washinton, DC that values the community and all of its customers. Every employee at National Capital Bank is invested in each banking customer, knowing them by name and helping them achieve their financial goals.
National Capital Bank offers a small selection of products to provide the personalized service customers desire. The accounts include checking, savings, loans, and lines of credit.
7. FVC Bank
FVC Bank is a newer bank than most on this list, as it opened in 2007. Their focus is not only on personal banking products, like checking and savings accounts, but also on helping their clients build financial worth and handling things like opening a new business, saving for retirement, or paying for college.
FVC is also committed to giving back to the community, and like most community banks on this list, they are committed to providing personalized attention. FVC Bank offers a large selection of products for a community bank, including checking, savings, IRAs, CDs, HSAs, and mortgage loans.
8. Presidential Bank
Presidential Bank strategically places their branches in areas of high traffic to limit the number of locations they have, so they can keep costs down and interest rates high.
They serve the Washington, DC community with innovative methods, including online banking and many lending products that ‘mega banks’ don’t offer.
For a community bank, you’ll be surprised at the robust online and mobile options they offer, helping the Washington, DC community achieve their financial dreams.
9. Sandy Spring Bank
Sandy Spring Bank has been in business for over 150 years and has always been deeply committed to its community. Despite their tremendous growth, they’ve always remained 100% committed to their customers.
Sandy Spring Break offers in-person and online services, helping the people of Washington, DC reach their financial goals.
Despite being a smaller bank, Sandy Spring Bank offers a large selection of checking accounts, savings, and loans. They also have robust online and mobile banking options while always providing top-notch, personalized customer service.
Banking In Washington DC
People use many banks in and outside of Washington, DC. You can bank in-person, online, or both with most banks. People in DC want banks that cater to their needs, offering as many conveniences as possible, such as online banking, mobile deposit, an extensive ATM network, and low fees with high-interest rates.
It may sound like a pipe dream to want all these things in one bank, but I found nine of the best banks in Washington, DC, to help you get what you need.
Local vs. National Banks
As mentioned above, there are local banks and national banks in Washington, DC, and our list includes a combination of the two.
Of course, like any banking decision, there are pros and cons for each type of bank.
Pros of Local Banks:
- More personalized service and banking options based on the community’s needs
- Lower fees to keep the banking services affordable for the local community
- Local banks usually get involved in the community
Cons of Local Banks:
- Fewer branches to visit to conduct your banking
- Fewer ATMs to handle your banking needs without fees
Pros of National Banks
- More convenient since you may find branches almost anywhere you go
- May use more advanced technology
- They may have more programs available because of their more extensive reach
Cons of National Banks
- Most national banks have higher fees and make it harder to avoid them
- Large banks aren’t as personal; you are a number versus a person
Bank Factors to Consider
When choosing the best bank in Washington, DC, here are some top factors to consider.
Locations are vital if you do a lot of banking in person, including at the branch or ATM. Most banks charge a fee if you use an out-of-network ATM or don’t allow many transactions at the ATM besides withdrawing cash.
The right bank for you is one with convenient locations to your home, work, or where you travel so you can efficiently conduct your banking transactions.
Fees and Interest Rates
Many banks charge fees, but there are often ways to avoid them. First, look closely at the fees banks charge and determine if you can meet the requirements to waive them. Of course, it’s best to find a bank that doesn’t charge fees, but most banks that don’t charge fees are online only.
Also, pay close attention to the bank’s interest rates. This is especially important if you’re opening a savings account, but some checking accounts pay interest too. The higher the APY, the faster your money grows.
Many banks offer bonuses when you sign up for a new account. Look for banks with a bonus you can achieve. For example, if a bank offers a $200 cash bonus if you open a new savings account with $1,000 and leave that balance for at least three months, make sure that’s something you can do before choosing that bank.
Today’s bank customer service is different than in the past. For example, many banks have gone completely teller-less, using ATMs and automated systems to handle banking. However, that doesn’t mean they don’t offer certain customer service methods, such as phone support, online chat options, or in-person support by appointment.
Which Bank is Best for You in Washington, DC?
Choosing a bank in Washington, DC, is easy when you have many great options. Be sure to select the bank with the convenience you need while providing the products that help you achieve your financial goals.