Best Banks and Credit Unions North Carolina, December 2022

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We choose Ally, First Citizens Bank, First National Bank, Mechanics & Farmers Bank, State Employees Credit UnionNorth Carolina’s top banks and credit unions 

These banks stand out also because they have minimal bank feesThey offer attractive features. Find out more about our top picks.

The largest banks in North Carolina offer the highest savings rates

Below you will find the savings rates of the top North Carolina banks. The national average interest rate on savings accounts was 0.24% APY in December 2022. according to the FDIC.

We didn’t find any bank offering a competitive rate of interest, so we didn’t choose any of these banks to be our best savings account category. You may still choose one of these banks to be a good fit.

Best bank to open a savings account Ally

Why it stands out North Carolina brick-and mortar banks offer low interest rates that are comparable to the national average. If you would like to open a bank account, high-yield savings accountAlly is an excellent option online. It offers a competitive rate and doesn’t charge any standard bank fees.

You might also enjoy the Ally High Yield Savings AccountIf you would like to open a bank accounts that includes budgeting tools, You can use the account to separate your money into savings goals by using savings buckets. 

Ally customer service can be reached by phone or through email. live chat 24/7. 

What to watch out for: If you want to deposit cash, you will need to transfer money from another account as an online-only institution. 

Why it stands out First National Bank offers a solid checking account for free. You can open the First National Bank Freestyle Checking AccountYou don’t need to make a deposit at the local branch. Online, you will need to deposit at minimum $50. The bank has a solid ATM network — you’ll have access to 800 ATMs in 7 states on the East Coast.

What to watch out for: In the event that you take too much out of your account, fees may be required. Overdrawing from your account will result in a $37 penalty. You can link to another bank account through overdraft protection. However, you’ll need to pay a $10 transfer fee.

The best bank to open a savings and checking account First Citizens Bank

It stands out: First Citizens Bank is a great choice for traditional banking. It is the third-largest state financial institution and offers free checking and savings accounts. 

The First Citizens Bank Free Checking AccountIt is one of the strongest products at the bank. It includes a budgeting tool that allows you to track expenses, create a budget and monitor your debt.

The First Citizens Bank Online Savings AccountThere is a $50 minimum deposit required, and you don’t have to meet any minimum balance requirements. 

What to watch out for: If you take out more money from your checking account than you have, you might be subject to overdraft fees. First Citizens Bank offers overdraft coverage, but you will need to pay a $10 transfer charge if you use it.

If you withdraw more than two savings accounts per month, there is an additional $3 fee.

Best credit union: State Employees Credit Union 

Why it stands out State Employees Credit Union can be a great option if you prefer to bank with a credit cooperative over a bank. It boasts over 273 locations, 1,100 free ATMs and is one of the largest financial institutions within the state. 

The State Employees Credit Union Share AccountIt earns a slightly higher interest rate than other brick-and-mortar bank accounts. The CDs pay a decent rate, and they require a minimum $250 opening deposit. 

The minimum deposit required to open a checking account at the credit union is low, but there is a $1 monthly service charge that cannot be waived.

What to watch out for: For SECU membership, you or a family member must be currently employed or formerly employed by any of the following:

• North Carolina is the state
• A state agency of North Carolina
• The North Carolina public education board
• North Carolina National Guard
• Social Services, Health, Mental Health, and Civil Defense of North Carolina Counties
• Any agencies or departments that are part of the North Carolina State Personnel Act

You will need to open a share fund with at least $25 to become a member. 

Why it stands out Mechanics & Farms Bank is a Black-owned bank with eight branches in Charlotte,  Durham, Greensboro, Raleigh, and Winston-Salem. 

If you’re looking to establish close ties with your local bank, local banks can be a good option. Mechanics & Farmers Bank hosts financial literacy workshops in each city with a branch. Around 80 community events are attended each year by employees and management. 

The Mechanics & Farmers Bank Dash Checking AccountThis is the bank’s most distinguished account. The account has no monthly service fees and a low minimum deposit.  If you meet the following criteria monthly, you can earn up to 1.05% Annual Yield (APY), on balances less than $10,000. 

• Minimum 15 debit transactions of $350 or more
• Log in to mobile banking or online banking 
• Get an estatement
• Direct deposits of at least $500 are eligible

You may also be eligible to receive up to $15 in non-network ATM reimbursements if you meet these conditions.

What to watch out for: The minimum opening deposit for the bank’s savings account is $100. There is a $6 monthly service charge if you don’t keep at least $200 per day in your account. 

Other institutions that did not make our list. Why

• Truist Bank:Truist Bank is the largest bank in the state with over 100 branches. However, it doesn’t have the same appeal as our top picks. Its savings accounts have low interest rates while checking accounts have monthly service charges. Read the full review of Truist Bank here. 
• Wells FargoWells Fargo has an extensive network of ATMs and branches throughout the US. It has a poor BBB rating, and has been involved with several public controversies including settlements that claimed the bank was involved in criminal activities. racial discrimination unauthorized account creation. Read the full review of Wells Fargo here.
• Bank of AmericaBank of America offers a variety of accounts, as well as a large ATM network and branch network. However, you will need to meet certain requirements in order to waive your monthly maintenance fees. Read the full review of Bank of America here.
• PNC BankThe PNC high-yield savings accounts in North Carolina are not available to you. This is the bank’s strongest product. Read the full review of PNC Bank.
• First BankFirst Bank offers a variety accounts, including accounts that are age-specific for seniors and college students. Unless you qualify, most bank accounts have monthly fees.
• Woodforest National BankIf you are looking for low minimum opening deposits, Woodforest might be worth considering. However, it won’t be a great option if you use mobile banking frequently. Read the full review of Woodforest National Bank. 
• Southern BankSouthern Bank has an ATM network and a decent-sized branch. However, the savings accounts earn a low interest and may be subject to monthly service fees.
• Fifth Third BankFifth Third Bank offers a checking account for free, but not a savings account. Read our full review of Fifth Third Bank. 
• Coastal Credit UnionCoastal Federal Credit Union offers a solid savings and checking account as well as a free checking account. But, there are some top picks that make it easier for you to become a member.
• Truliant Federal Credit UnionTruliant offers free checking or savings accounts. Our top picks however offer more competitive interest rates as well as unique features. 
• Latino Community Credit UnionThis Hispanic American-led bank might be worth looking into if you are looking for financial literacy services that are specific to Latino immigrants or low-income Latinos. Our top picks have higher rates and unique perks when it comes to bank account accounts. Read our full review of Latino Community Credit Union. 

Trustworthiness of banks and credit unions and BBB ratings

We use ratings from Better Business Bureau to assess how financial institutions handle customer issues and handle transparency. 

All of our top picks have at minimum an A rating from Better Business Bureau, with the exception of Ally and SEU. Ally and SECU ratings result from unresolved customer grievances and receiving customer complaints via the BBB website. 

A good BBB rating doesn’t guarantee a perfect relationship with a business. Talk to customers and read reviews online about your experience. 

Fortunately, none of these financial institutions have been the subject of recent scandals.

Trust our recommendations.

Personal Finance Insider’s mission it to help smart people make the best financial decisions. We understand that the definition of “best” can vary from one person to another, so we provide information under each section about the pros and cons of each account. We spent hours comparing and contrasting the features and fine prints of different products so you don’t have to.

Methodology: How did you choose the best banks of North Carolina?

We reviewed the top 10 banks and credit cooperatives in the state, as well as financial institutions. Black-owned banks and credit unions guide and Hispanic American-owned banks and credit unions guide. 

We sought out accounts with minimal banks unique features. Some accounts feature a competitive interest rate, budgeting tools, and other features to help you track your spending.

We chose local banks and credit unions that offer great customer service, low minimum opening deposits, and easy membership requirements. 

Frequently Asked Questions

What is the No. What is the No. 1 bank in America?

It all depends on your search criteria. The US has the most branches of Wells Fargo, followed closely by Chase and Bank of America. An online bank is the best option if you are looking for high savings rates with low fees. (See our picks for the best online banks here.)

Which bank is the most secure to deposit your money?

As long as an institution has federal insurance, your money should be safe. Federal Deposit Insurance Corporation (FDIC), must insure banks. Credit unions should be insured by National Credit Union Administration.

A joint account can be insured up to $500,000. An individual account is covered up to $250,000. This means that you won’t lose all your money if the bank goes under.

Expert advice on how to choose the best financial institution

Four experts shared their insights on the qualities of a bank or credit cooperative and how to choose the right fit.

We are focusing our efforts on what makes a bank the most useful. This includes customer service, fees and rates. Here’s what they had a to say about choosing a bank. (Some text may have been lightly edited to improve clarity.

How can someone decide if a bank is right for them?

Mykail James, CFEI:

“The No. The number one rule for a checking account is to know the origin of the debit card. A lot of people don’t think about this because there are places which don’t accept MasterCards or won’t accept Amex.

Laura Grace Tarpley Personal Finance Insider:

“I would choose the bank that charges the lowest fees. This means that you are eligible to waive monthly fees or have no monthly fees. If you don’t overdraw your account often, the bank’s overdraft fee won’t be of much importance to you. If you do overdraw occasionally, I would look into the fees or overdraft protection alternatives.

What should one look for when looking for a brick-and mortar bank?

Tania Brown, CFP:

“How can a bank grow with you?” If you’re 25 and single or newly married, all you need is a bank account. It’s likely that your life will look very different 15-years from now.

Mykail James, CFEI:

“How easily it’s. So where are the branches? What about if I want to travel out of the city or somewhere else?

What should an online bank look for?

Tania Brown, CFP:

Online banking is able to provide customer service 24/7, as you don’t have to go in person to speak with a human being. How often can you get them? What are their hours of operation?

Roger Ma, CFP:

“How difficult is the transfer process of transferring money in or out? Is it possible to do it next day? Is it easy to link a brick-and mortar checking account to this high-yield savings bank?

Mykail James, CFEI:

Online banks should be more stringent about the type of interest rates they offer. This is because online banks don’t have to pay the overhead of brick-and mortar banks. It’s important to ensure that the rate is well above the national average. What type of securities does the company offer? Do they offer two-factor identification? If it’s an online bank, they should definitely have — at the bare minimum — two-factor authentication in how easy it is to change your passwords and things like that, because you want to be a little more hypersensitive about the cyber security for a strictly online bank.”