Best Banks in Tennessee
Written by
Rudri Patel
Edited by
Elizabeth Constantineau
Choosing a bank in Tennessee may mean selecting First Horizon Bank, which is headquartered in Memphis. Another choice, FSNB, has been a staple of Tennessee banking for the last 80 years and offers a fee-free checking account. Check out this GOBankingRates guide to the best Tennessee banks with top options for checking, savings and certificates of deposit (CDs).
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GOBankingRates' editorial team is committed to bringing you unbiased bank reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our in-depth bank review methodology.
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TOP TENNESSEE BANKS AT A GLANCE
Bank/Institution
Savings APY
Notable Features
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Detailed Reviews of the Best Banks in Tennessee
Here’s a closer look at GOBankingRates’ selection of the top banks in Tennessee.
Gold Winner: FSNB
FSNB has been family-led for more than 80 years, blending traditional banking services with modern digital tools. The bank is known for its strong customer service and fee-free checking options, with special attention to military members. Many of its branches are conveniently located inside grocery stores.
Best For
Mobile App
Investment Services
Low Monthly Fees
Low Minimum Deposits
Credit Cards
Fee-Free Checking and Savings Accounts
FSNB stands out because of its accessibility and its fee-free checking account. The bank also caters to the military. FSNB has been a mainstay for many decades and has a good reputation and customer service. 
Total Branch Locations
Over 70
Mobile App Rating
3.7 on the Apple App Store and 4.2 on Google Play
Other Products Offered
Checking, savings, CDs, debit and credit cards, personal loans, auto loans and mortgage loans
Pros
- Fee-free checking
- Solid mobile app
- Good accessibility
Cons
- Limited ATM network 
- Savings and money market accounts have lower APYs
- Limited to a smaller geographic concentration
Why We Like FSNB
FSNB is known for its accessible banking because many of the branches are located in grocery stores. The bank also offers fee-free checking accounts and a convenient banking app.
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Silver Winner: First Horizon Bank
First Horizon Bank offers checking accounts, savings accounts, money market accounts and CDs. First Horizon Bank also has an extensive ATM network. To open a savings account, First Horizon Bank requires only a $50 minimum opening deposit. 
Best For
Vehicle Loans
Digital Banking
Low Monthly Fees
Personal Loans
Credit Cards
Refunded ATM Fees
Although First Horizon Bank primarily caters to the Southeastern United States, you can still withdraw from ATMs throughout the country. For some accounts, the bank will also refund foreign ATM fees and surcharges that you may incur along the way.
Total Branch Locations
Over 410
Mobile App Rating
4.8 on the Apple App Store and on Google Play
Other Products Offered
Checking, savings, money market, CDs, IRAs, home loans, auto loans, wealth management, business banking, credit cards
Pros
- Reward Tenure Interest rewards people who use the bank for many years
- Some accounts come with ATM fee refunds
- Low minimum opening deposit
Cons
- Low APYs for savings accounts
- $1,000 minimum deposit for CDs
- Most of its branches are in the Southeastern United States
Why We Like First Horizon Bank
First Horizon Bank offers better rates and rewards based on your tenure. For some accounts, it will also refund any foreign ATM and surcharge fees that you may incur. Each checking account has a low $50 minimum opening deposit and easy ways to waive the monthly maintenance fee.
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Bronze Winner: Fifth Third Bank
Fifth Third Bank offers one of the best checking accounts in Tennessee, with a fee-free option and specialized products for military members, retirees, students, minors, college students and individuals with disabilities. Its mobile app is also highly rated on both the Apple App Store and Google Play.
Best For
Mobile Banking
No Minimum Deposit
Low Monthly Fees
Loan Options
Wealth Management
Resources for All Areas of Your Financial Life
Fifth Third Bank stands out for its Momentum Banking, which helps you set up your new account for direct deposit, gives you a free 90-day overdraft window, and then pays your direct deposit two days early. There's no minimum deposit and no monthly service fee.
Total Branch Locations
Over 1,000
Mobile App Rating
4.8 on the Apple App Store and 4.6 on Google Play
Other Products Offered
Checking, savings, CDs, credit cards, loans and wealth management services
Pros
- Help transfer your old account and set up direct deposit
- Different banking programs for all kinds of needs
- Award-winning mobile app
Cons
- Savings interest rate is low
- Express Checking has a $5 per month fee that can't be waived
Why We Like Fifth Third Bank
First Third Bank is among the top banks because it offers holistic banking services that can help you take charge of your finances. From help transferring your direct deposit to checking and savings accounts that work together, this is a bank that grows with you.
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Best Banks
Checking Accounts
Savings Accounts
CD Account Rates
Money Market Accounts
Research Methodology
To discover the Best Banks by state, GOBankingRates analyzed the top institutions (excluding online banks and neobanks) by state branch locations. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighed 0.5 times, factor (5) was weighed 2.5 times and factor (7) was weighed 1.5 times. All products and offerings had to be available as of Nov. 8, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Aug. 28, 2025.
To qualify as one of the Best Banks in the state, the institution needed at least five branch locations in the respective state, with some exceptions for larger and/or smaller states.
How To Choose the Right Bank in Tennessee 
Finding the right bank in Tennessee comes down to matching your banking habits with the services each institution offers. Here are a few points to consider:
- Local vs. national banks: If you prefer doing your banking in person, you may want to consider a local bank. Those who want accessibility to an expansive network of branches and ATMs should consider a national bank. 
- Digital banking: Look at the bank’s mobile app to see how user-friendly it is and whether it connects easily with your other accounts.
- Branch and ATM access: Do you travel frequently and want ATM access? You may want to go with a bank with a wide network of ATMs. Also, if you like to conduct business in person, then having branches will be helpful for you. 
- Fee structures and waivers:  Check the bank’s fee schedule and determine if the charges are reasonable. Read the fine print to see if waivers are available.
- Community involvement: Check the bank’s About Us page to see how it supports local and national charities or community initiatives.
Conclusion 
Choosing the right bank in Tennessee depends on what aligns with your financial needs. Do you want access to ATMs? Are you tech-savvy? Do you want a checking account with minimum deposit requirements or a high-yield savings account? Evaluate your top banking needs to pick the best bank in Tennessee for you.
FAQs About Banking in Tennessee
Choosing the right bank for you can be overwhelming. Here are the answers to a few frequently asked questions about banks in Tennessee to help you decide.- What is the best bank for high-yield savings in Tennessee?
- FSNB offers savings rates that go as high as 7.00% APY, making it a strong choice for high-yield savings in Tennessee.
- Which banks have the most ATMs in Tennessee?
- First Horizon Bank has an extensive ATM network across the Southeast and even refunds some foreign ATM fees.
- Are there any banks in Tennessee with no monthly fees?
- Yes. Both FSNB and Fifth Third Bank stand out for their fee-free checking accounts, making them great options for those looking to avoid monthly service charges.
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