North Carolina is experiencing a boom these days, with record employment growth and an increasing population. If you live in the state, you already know there’s plenty to offer, including beautiful tourist attractions, breathtaking scenery, and a rich history that makes it unique.
But North Carolina also has plenty to offer when it comes to banks and credit unions. Whether you’re looking for an interest-bearing checking account or retirement accounts that offer the biggest bang for your buck, the best bank is the one that suits your needs.
15 Best Banks in North Carolina
If you’re on the hunt for a new bank or credit union, you’re in luck. North Carolina has a little of everything when it comes to bank accounts, from that small local bank with a focus on community service to large banks with branches in the state. This list of the best banks in North Carolina covers a variety of areas to ensure you find the best place to park your cash.
1. U.S. Bank
U.S. Bank offers customers the unique combination of local access with the extensive services of a nationwide bank. By opening a Bank Smartly® Checking account with U.S. Bank, clients can potentially earn up to $300. The qualification process involves two steps within the first 90 days of opening the account online:
- Ensure at least two direct deposits totaling $6,000 or more
- Register for online banking or download the U.S. Bank Mobile App
This promotional offer is subject to specific terms and restrictions and will remain valid until July 11, 2023. As a member of the FDIC, U.S. Bank ensures customer deposits are protected up to the FDIC’s established limits.
Fees:
- $0 – $6.95
- No-fee overdraft protection
Balance requirements:
- $1,500 minimum balance or $1,000 direct deposit to qualify for free checking
- $25 opening deposit
ATMs:
- No ATM transaction fees at U.S. Bank ATMs
- No surcharge fees at MoneyPass® Network ATMs
Interest rates:
- Up to 4.50% APY on money market accounts
- Up to 4.75% on fixed-rate CDs
Additional perks:
- $300 bonus
- Competitive rates on money market accounts & CDs
2. First Citizens Bank
Founded in North Carolina in 1898, First Citizens Bank has expanded over the years. You’ll find First Citizens Bank branches in 21 states, but the majority of its locations are in North Carolina and South Carolina.
If you frequently travel, though, check the service area. You’ll pay a $2.50 out-of-network ATM transaction fee if you can’t locate a First Citizens ATM while you’re away from home.
Fees:
- No monthly fees
- $10 overdraft fee
Balance requirements:
- $50 minimum opening deposit
- No minimum monthly balance
ATMs:
- Fee-free at 500+ First Citizens Bank ATMs
- $2.50 for out-of-network ATM transactions
Interest on balance:
- 0.03% APY on savings accounts
- Up to 0.15% APY on CDs
- Up to 0.15% APY on money market accounts
Additional perks:
- Credit cards offer generous rewards
- Robust mobile banking solutions
3. Chime
Chime is ideal for those who do most of their banking virtually. While you won’t find any brick-and-mortar locations, Chime does offer 24/7 phone support and access to cash through more than 60,000 ATMs nationwide. You can also deposit cash at more than 90,000 retail partners, including CVS and Walmart.
Fees:
- No service fee
- No overdraft fee
Balance requirements:
- No deposit to open
- No minimum balance required
ATMs:
- Fee-free at 60,000+ ATMs nationwide
- $2.50 for each out-of-network ATM transaction
Interest on balance:
- 2.00% APY on savings account balances
Additional perks:
- Access to direct deposits up to 2 days early
- SpotMe covers up to $200 in overdrafts
4. CIT Bank
North Carolina residents interested in online banks should take a look at CIT Bank, which is based in Raleigh, North Carolina. This national bank recently merged with First Citizens Bank, which means CIT Bank customers can enjoy brick-and-mortar banking at any CIT location.
You’ll get everything you need to manage your money in CIT’s mobile banking app, as well as refunds of up to $30 in out-of-network ATM fees each month.
Fees:
- No monthly fees
- No overdraft fees
Balance requirements:
- $25 minimum deposit to open
- No minimum daily balance required
ATMs:
- No ATMs provided
- Up to $30 in ATM fees reimbursed monthly
Interest on balance:
- Up to 0.25% APY on checking
- Up to 4.736% APY on savings accounts
- Up to 5.00% APY on CDs
- Up to 1.538% APY on money market accounts
Additional perks:
- Competitive rates on business loans
- Award-winning customer service
5. Coastal Federal Credit Union
Credit unions tend to offer perks you won’t find with banks, and Coastal Federal is no exception. You can qualify if you’re with one of the employers or associations approved for membership or if you live or work in one of the North Carolina cities CFCU services.
As with many credit unions, though, CFCU’s real value comes with its interest rates. Not only will you enjoy an interest checking account, but you can also find great rates on share certificates, which are the credit union version of CDs.
Fees:
- No monthly service fees
- $31 overdraft fee
Balance requirements:
- No minimum opening deposit
- No minimum daily balance required
ATMs:
- Fee-free at CFCU ATMs
- Fee-free at CO-OP ATMs nationwide
- $2 out-of-network ATM fee (waived for first five per month)
Interest on balance:
- Up to 3.00% APY on savings account balances
- Up to 5.00% APY on share certificates
- Up to 3.50% APY on money market accounts
Additional perks:
- Competitive rates on loans
- Financial planning assistance available
6. GO2bank
Another online-only bank is GO2bank, which stands out for its cash accessibility. Not only can you withdraw cash, fee-free, at any Allpoint ATM, but you can deposit cash at more than 90,000 retailers nationwide.
All you need to waive monthly maintenance fees is at least one direct deposit monthly, either from an employer or the government. Those looking to build credit should check out the secured credit card, which you can get with no credit check. Pay your bill on time each month and GO2bank will report your activity to the three credit bureaus, helping you boost your score.
Fees:
- $5 monthly fee (waived with requirements)
- $15 overdraft fee
Balance requirements:
- No minimum deposit to open
- No minimum daily balance required
ATMs:
- Fee-free at Allpoint ATMs nationwide
- $3 for each out-of-network ATM transaction
Interest on balance:
- 4.50% APY on savings accounts
Additional perks:
- Deposit cash at 90,000+ retailers nationwide
- Secured credit card helps you build credit with no credit check required
7. Ally Bank
Ally Bank is an online and mobile banking option that puts a priority on budgeting and wealth building. The fee-free checking account comes with no minimum requirements and gives you access to more than 53,000 ATMs nationwide. But one of the best features of Ally Bank is its annual percentage yield on savings and CDs. You’ll earn 4.00% APY on savings and up to 5.00% APY on CDs.
Fees:
- No monthly fees
- No overdraft fees
Balance requirements:
- No minimum opening deposit
- No minimum balance requirements
ATMs:
- Fee-free at 53,000+ Allpoint ATMs nationwide
- No out-of-network ATM fees
- Up to $10 in ATM fee refunds monthly
Interest on balance:
- Up to 0.25% APY on checking accounts
- 4.00% APY on savings accounts
- Up to 5.00% APY on CDs
- 4.15% APY on money market accounts
Additional perks:
- Spending buckets make it easy to save money
- Robo Portfolios help automate investing
8. Chase
Like Bank of America, Chase Bank is one of the biggest banks in North Carolina, with more than 4,700 branches and 16,000 ATMs across the country. Currently, Chase is offering a $100 bonus for new checking account customers as long as you complete at least 10 qualifying transactions within the first 60 days.
Whether you go with Chase for your regular banking or not, though, take a look at Chase’s credit card offerings. Chase has multiple card options, with each offering perks like bonuses and cash back rewards.
Fees:
- $12 monthly maintenance fee
- $34 overdraft fee
Balance requirements:
- No deposit to open
- No minimum balance required
ATMs:
- Fee-free at 16,000 Chase Bank ATMs nationwide
- $3-$5 for each out-of-network ATM transaction
Interest on balance:
- 0.01% APY on savings account balances
- Up to 3.75% APY on CDs
Additional perks:
- $100 bonus for new checking accounts
- Multiple credit card options with bonuses and generous rewards
9. First Horizon Bank
First Horizon Bank is a regional bank with branches in 11 states across the Southeast, including a heavy presence in North Carolina. One standout feature of First Horizon is its money market rates, which currently go as high as 5.38%. You’ll find ATMs throughout the Southeast, but you can also use your debit card at any Allpoint ATM nationwide without a fee.
Fees:
- No monthly service fee
- $37 overdraft fee
Balance requirements:
- $50 minimum deposit to open
- No minimum balance required
ATMs:
- Fee-free at more than 600 First Horizon ATMs
- Fee-free at Allpoint ATMs nationwide
- $3 for each out-of-network ATM transaction
Interest on balance:
- Up to 2.78% APY on savings accounts
- 0.10% APY on CDs
- Up to 5.38% APY on money market account
Additional perks:
- Business banking options available
- Wealth management help available
10. Truist Bank
In 2019, BB&T and SunTrust Banks merged to become Truist Bank. Although Truist has a limited ATM footprint, the Truist One checking account makes it worth it. You’ll get a 10% loyalty bonus based on your monthly balance in addition to a 10% bonus if you choose a Truist credit card.
The interest rates also make Truist a suitable option, since you’ll earn 5.00% APY on 7-month CDs. To waive the $12 monthly service fee on your checking account, you’ll need at least $500 in direct deposit activity each month.
Other options include a combined daily balance of $500 across all your Truist accounts, a Truist credit card or qualifying loan, or a linked business checking account. Students 25 and younger also qualify for a fee-free checking account.
Fees:
- $12 monthly service fee (waived with requirements)
- No overdraft fees
Balance requirements:
- $50 minimum deposit to open
- No minimum balance required
ATMs:
- Fee-free at Truist Bank ATMs
- $1 for each out-of-network ATM transaction
Interest on balance:
- 0.01% APY on savings accounts
- Up to 5.00% APY on CDs
Additional perks:
- Generous cash rewards with Truist Bank credit card
- Checking balances earn rewards
11. Mechanics & Farmers Banks
You may know it as M&F Bank, but it actually started under the name of Mechanics & Farmers Bank in 1907. Throughout the 1900s, it was known as one of the most influential Black-owned businesses in the state of North Carolina. Today, M&F has locations throughout North Carolina and access to 44,000 ATMs nationwide, thanks to partnerships with Bank of America, JPMorgan Chase, and Wells Fargo.
Fees:
- No service fee
- $35 overdraft fee
Balance requirements:
- $50 deposit to open
- No minimum balance required
ATMs:
- Fee-free at M&F Bank ATMs
- Fee-free at Bank of America, JPMorgan Chase, and Wells Fargo ATMs
- $3 for each out-of-network ATM transaction
Interest on balance:
- Rates not publicly disclosed
Additional perks:
- Rewards on debit card transactions
- Robust business banking options
12. First National Bank
First National Bank has branches throughout North Carolina, as well as in DC, Maryland, Ohio, Pennsylvania, South Carolina, Virginia, and West Virginia. The free checking account is Freestyle Checking, but it does come with overdraft fees, and the exact fee amount isn’t disclosed until you sign up for an account.
You’ll also only get fee-free transactions at First National Bank ATMs, and they’re limited to the First National Bank service area.
Fees:
Balance requirements:
- $50 minimum deposit to open
- No minimum balance required
ATMs:
- Fee-free at 1,500+ First National Bank ATMs
Interest on balance:
- Up to 0.05% APY on savings accounts
- Up to 5.00% APY on CDs
- Up to 1.25% APY on money market account
Additional perks:
- Cash and check deposit available at Smart Deposit ATMs
- The site makes ordering banking products and scheduling branch appointments easy
13. PNC Bank
PNC Bank has branches in 29 states, including 107 branches in North Carolina. Currently, new customers are eligible for bonuses of up to $400. You’ll get a $50 bonus simply for opening a Virtual Wallet with a basic checking package, but that bonus bumps up to $200 if you add a Performance Spend checking account and $400 if you upgrade to a Performance Select account.
The PNC Bank basic account only requires $500 in monthly direct deposits or a combined $500 balance between accounts.
Fees:
- $7 monthly fee (waived with requirements)
- $36 overdraft fee
Balance requirements:
- $25 minimum deposit to open
- No minimum balance required
ATMs:
- Fee-free at PNC Bank ATMs
- Fee-free at 60,000+ partner ATMs nationwide
- $3 for each out-of-network ATM transaction
Interest on balance:
- Up to 0.03% APY on savings accounts
- Up to 4.00% APY on CDs
Additional perks:
- Up to $400 bonus for new virtual wallet customers
- Financial planning tools built into the app
14. Fifth Third Bank
Fifth Third Bank focuses operations on the Midwest and Southeast U.S. regions, with 1,087 full-service locations in 11 states. You’ll find a variety of banking products, from savings and checking accounts to investment and retirement accounts. Fifth Third Bank offers competitive interest rates on CDs, with a 7-month CD currently offering 5.00% APY.
Fees:
- No monthly maintenance fee
- $37 overdraft fee
Balance requirements:
- No minimum deposit to open
- No minimum balance required
ATMs:
- Fee-free at 2,100+ Fifth Third Bank ATMs
- Fee-free at 40,000+ partner ATMs nationwide
- $3 for each out-of-network ATM transaction
Interest on balance:
- 0.01% APY on savings account balances
- Up to 5.00% APY on CDs
Additional perks:
- Early Pay gives you access to direct deposit two days early
- Grace period to resolve overdrafts
15. Bank of America
If you prefer what national banks have to offer, you can’t go wrong with Bank of America, which is one of the biggest banks in the country. You’ll find ATMs and branches across the country, as well as a wide variety of services. Although Bank of America does have competitive interest rates on CDs, the basic checking account comes with a $12 monthly fee and a $100 deposit to open.
Fees:
- $12 monthly fee
- $10 overdraft fee
Balance requirements:
- $100 deposit to open
- No minimum balance required
ATMs:
- Fee-free at 15,000+ Bank of America ATMs nationwide
- $5 for each out-of-network ATM transaction
Interest on balance:
- Up to 0.04% APY on savings account balances
- Up to 4.75% APY on CDs
Additional perks:
- Generous bonus on new credit cards
- Wealth planning services available
Our Methodology: How We Chose the Best Banks in North Carolina
North Carolina has a large selection of banks, some paying more in interest than the national average. In putting together this list, we kept in mind that each person has different criteria when choosing savings and checking accounts. Your choice of bank will largely depend on your own banking habits. If you tend to do all your banking online, a user-friendly app might be a top priority, while those who prefer the in-person experience might put nearby branches first.
Our top goal was to bring a variety of banking options to this list. We’ve combined local, regional, online, and national banks to help you choose. We also looked at fees and interest rates to help you protect and grow your earnings.
Frequently Asked Questions
You have questions, and we have answers. Here are some of the most frequently asked questions about banks in North Carolina.
What is the safest bank for your money?
Lately, financial security has been a top priority for account holders in search of a new bank. The top thing to look at is a bank’s Federal Deposit Insurance Corporation coverage. This insurance protects each deposit holder for up to $250,000 if a financial institution goes belly up.
Once you’ve verified a bank is FDIC insured, pay attention to any news of mergers or buyouts involving your bank. Selling can be a sign of financial distress.
See also: Safest Banks in the U.S. for 2023
What is the best bank in North Carolina?
That’s a tough question because the definition of “best bank” can vary from one person to another. If you think the best checking accounts come with an annual percentage yield and a mobile app to manage it all, you’ll be looking at different criteria from someone who wants a local bank with personalized customer service.
If you’re going for customer satisfaction ratings, J.D. Power gives high marks to both Capital One and Chase, which both have a heavy presence in North Carolina. But if you’re looking for that local banking experience, you can’t go wrong with First Citizens Bank or M&F Bank.
What is the best credit union in North Carolina?
There are several credit unions in North Carolina, but the one that impressed us most was Coastal Federal. CFCU’s fee-free checking and annual percentage yield on savings and share certificates makes it stand out. But it’s also important to take a look at the interest rates on personal loans and compare them to banks in the area to make sure you’re getting the best deal.
One issue with credit unions is that they tend to come with strict membership requirements. You may find you’re limited to only those that will accept your employer or city of residence, and those credit unions might not have financial accounts that meet your needs. However, there are also some credit unions that anyone can join.
Which bank has the most branches in North Carolina?
If you do most of your banking in North Carolina, you might not care if your debit card works at ATMs across the country. In that case, you’ll need a bank with plenty of branches and ATMs in the areas where you work and live.
When it comes to sheer branch numbers, take a look at Truist Bank and Wells Fargo. Both have a heavy branch presence throughout the state. For smaller banks, First Citizens and First Horizon both have substantial branch coverage in North Carolina.
However, you’ll also need to check your neighborhood. If you’re interested in that in-person bank experience, you’ll be disappointed if you have to drive a half hour or more to get to the closest branch.
What banks are in Charlotte, NC?
North Carolina isn’t just a thriving state filled with business opportunities. The state is a financial center in itself. Not only does Charlotte have smaller banks like M&F Bank and First Citizens Bank, but both Bank of America and Truist Bank are headquartered in North Carolina, as well.
This heavy financial presence has made North Carolina great for finding banking services. The many banks in the state are eager to win your business and offer competitive rates to ensure it happens. That means it’s more likely that checking accounts come with low fees and savings accounts earn top-dollar interest rates. When combined with the many online bank options, the biggest issue will be narrowing the list to just one.
From high-yield savings accounts to fee-free checking accounts, North Carolina has it all. Shopping around will help you choose from the best banks so that you can find the perfect banking partner for you.
