Megan Brooks
North Carolina is home to several banks, including Truist Bank, which is arguably the most popular bank in the state due to its extensive branch network. The state also boasts 35 state-chartered banks, such as Mechanics & Farmers Bank, First Citizens Bank, and First National Bank. With rising interest rates and a subdued housing market, North Carolina's financial institutions have faced challenges. However, many banks have demonstrated resilience, with over half of the state's top 50 banks and credit unions reporting a return on assets exceeding the industry benchmark of 1%. This article will explore the key banks in North Carolina, considering their performance, offerings, and popularity.
| Characteristics | Values |
|---|---|
| Number of state-chartered banks | 35 |
| Most popular bank | Truist Bank |
| Best bank for opening a checking account | First National Bank |
| Best bank for a savings account | Synchrony |
| Best bank for a high-yield savings account | Ally Bank |
| Best bank for a checking account with interest | PNC Bank |
| Best bank for customer service | Fifth Third Bank |
| Largest community bank | First Bancorp |
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What You'll Learn
Largest banks in North Carolina
North Carolina's banking sector is diverse, with around 82 local and national banks offering services to citizens. The state's economy benefits from the presence of these banks, which provide residents and businesses with a wide range of options for managing their finances.
The largest banks in North Carolina, ranked by the number of branches, are Truist Bank with 283 offices, Wells Fargo Bank with 216, First Citizens Bank with 203, Bank of America with 104, First Bank with 103, PNC Bank with 102, and First National Bank with 93 offices.
Other major players in the state include HERTFORD SAVINGS BANK SSB, which leads the market in terms of net interest income, and ServisFirst Bank, a local bank that offers tailored banking solutions with an emphasis on technology-driven financial services.
The presence of these banks, with their extensive branch networks and comprehensive service offerings, contributes to a dynamic and competitive banking landscape in North Carolina, catering to the diverse financial needs of its citizens and businesses.
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Best banks for checking accounts
When it comes to choosing the best bank for a checking account in North Carolina, there are several options to consider. Here are some of the top contenders:
First National Bank
First National Bank stands out for its low-fee checking account offering. While many other brick-and-mortar banks in the state charge monthly service fees, First National Bank offers a competitive alternative. You can open an account with no upfront deposit, avoiding the typical $25 fee charged by some other banks. Additionally, First National Bank has a solid reputation and a wide network of branches across North Carolina, making it a convenient choice for many residents.
Synchrony Bank
Synchrony Bank is an excellent choice for those who prefer online banking. Their high-yield savings account is one of the best among well-known online banks, offering a competitive interest rate. Synchrony also provides an ATM card for their savings account, making it convenient to access your funds. However, it's important to note that Synchrony does not offer a checking account, so you may need to pair it with a checking account from another institution.
Wells Fargo
Wells Fargo is a large, national brand with an extensive network of branches and ATMs, not just in North Carolina but across the United States. This makes it an attractive choice for those who travel frequently or may be relocating out of state. Wells Fargo offers a full suite of financial services, including simple savings and checking accounts, retirement accounts, credit cards, loans, and more. They also provide robust mobile and online banking services, keeping up with the latest trends in digital banking.
Ally Bank
Ally Bank is at the forefront of online and mobile banking, offering a user-friendly app for both Apple and Android devices. Their app includes features such as mobile check deposit, peer-to-peer money transfers, digital account statements, and transaction histories. Additionally, Ally Bank has joined the Allpoint ATM network, providing their customers with access to 55,000 fee-free ATMs nationwide. This combination of digital innovation and accessibility makes Ally Bank a compelling choice for those seeking a modern banking experience.
First Citizens Bank
First Citizens Bank is a reputable financial institution that offers a comprehensive range of services. While they excel in both savings and checking accounts, they are particularly notable for their recent acquisition of Silicon Valley Bank, demonstrating their stability and capacity for growth. First Citizens Bank provides competitive rates and a secure platform for your financial needs.
When deciding on a bank, it's essential to consider your unique needs and preferences. Compare factors such as interest rates, fees, accessibility, and the range of financial products offered to make an informed decision that aligns with your financial goals.
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Best banks for savings accounts
North Carolina is home to over 20 banks and almost 70 credit unions, so there are plenty of options for those looking to open a savings account. Synchrony Bank is a popular choice for those comfortable with online banking. Synchrony offers one of the highest interest rates among well-known online banks, and there are no monthly service fees or minimum deposit requirements. Bread Savings, formerly Comenity Direct, is another online bank that offers a high-yield savings account with flexible terms and no monthly fees. For those who prefer in-person banking, First Citizens Bank offers both savings and checking accounts, and Mechanics & Farmers Bank is a good local option. If you're looking for a bank with a strong mobile app, Fifth Third Bank provides a top-notch banking experience in North Carolina, with free checking accounts and special accounts for students and military personnel. For those seeking impressive interest rates, Ally Bank's Online Savings Account is a good choice.
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Credit unions in North Carolina
Credit unions are financial institutions that operate under the philosophy of "people helping people," providing personalised advice and prioritising the financial well-being of their members. They offer similar products and services to banks but are not driven by profits, answering directly to their members instead of stockholders.
In North Carolina, there are several credit unions serving the financial needs of their communities. Here is some information about a few of them:
Coastal Credit Union
Coastal Credit Union is a dedicated community-focused cooperative that aims to uplift its neighbours and communities in North Carolina. They offer a range of financial products and services, including checking and savings accounts, IRAs, credit cards, mortgages, and loans. Coastal Credit Union provides convenient teller hours from 7 a.m. to 7 p.m., seven days a week, and prioritises the security of its members' financial information.
Truliant Federal Credit Union
Truliant Federal Credit Union has branches in North Carolina, South Carolina, and Virginia. They offer higher savings rates and lower loan rates, along with personalised advice to help their members achieve their financial goals. Truliant provides qualified borrowers the option to defer payments for up to 90 days after loan signing, with interest accruing from the loan date.
Local Government Federal Credit Union
The Local Government Federal Credit Union (LGFCU) is based in Raleigh, North Carolina. It was established in 1983 as an offshoot of the State Employees' Credit Union. LGFCU has a digital-first emphasis and plans to rely on ATM, digital, and telephone services rather than operating physical credit union branches. Members can access the larger State Employees' Credit Union's 250+ offices.
These are just a few examples of the credit unions serving North Carolina. Each credit union has its own unique offerings and services, catering to the diverse financial needs of their members and communities.
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Online banks in North Carolina
When it comes to online banks in North Carolina, there are a few options to consider. Here is an overview of some of the top choices:
Synchrony
Synchrony is a well-known online bank that offers competitive rates on high-yield savings accounts. It is often recommended for those seeking online banking in North Carolina. One of the benefits of Synchrony is that it has lenient opening and maintenance requirements. There are no monthly service fees, and you can open an account with no minimum deposit. Synchrony also provides a well-rated mobile banking app, allowing for convenient banking on the go. However, it's important to note that Synchrony does not offer checking accounts, so it may not be suitable for those looking for a single financial institution.
First National Bank
First National Bank is a good choice for those seeking a low-fee checking account in North Carolina. While it is not exclusively an online bank, it offers online banking services. With First National Bank, you can open a Freestyle Checking Account online with a minimum deposit of $50. The bank provides access to a solid ATM network, including 800 ATMs in seven East Coast states. However, it's important to be mindful of potential overdraft fees if you withdraw more than your account balance.
LendingClub LevelUp Savings Account
LendingClub offers a high-yield savings account with competitive rates. With the LevelUp Savings Account, you can earn a 4.40% APY when you deposit at least $250 per month. If you don't meet the minimum deposit requirement, you can still earn a standard APY of 3.40%. LendingClub is worth considering if you're looking for an online savings option in North Carolina.
SoFi Checking and Savings
SoFi is another online banking option in North Carolina that offers both checking and savings accounts. Eligible customers can take advantage of promotions like earning up to a $300 bonus with qualifying direct deposits. SoFi also provides competitive rates, with up to a 3.80% annual percentage yield (APY) on savings balances, including Vaults, with direct deposit or qualifying deposits.
Coastal Credit Union
Coastal Credit Union is a community-focused financial institution serving North Carolina. While it has physical branches, it also provides online banking services. Coastal Credit Union offers checking and savings accounts, IRAs, credit cards, mortgages, and loans. They prioritize security with state-of-the-art chip technology in their cards, secure digital payment options, and automatic fraud alerts. As a credit union, they are member-owned and not-for-profit, which means they focus on the financial well-being of their members.
When choosing an online bank in North Carolina, it's important to consider your specific needs and preferences. Compare factors such as fees, interest rates, accessibility, and the range of financial products offered to find the best fit for your banking requirements.
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Frequently asked questions
Yes, there are Key Banks in North Carolina.
Key Banks are located in Raleigh, North Carolina.
Some other banks in North Carolina include Wells Fargo, PNC Bank, Fifth Third Bank, First National Bank, Mechanics & Farmers Bank, and First Citizens Bank.
Some of the best banks in North Carolina include Synchrony, First National Bank, State Employees Credit Union, Truliant Credit Union, and Coastal Credit Union.
