Best Banks in Rhode Island
Written by
Rudri Patel
Edited by
Elizabeth Constantineau
Rhode Island is the nation’s smallest state and one of the least-populated, but its residents’ banking needs are diverse. Fortunately, you’ll find a wide variety of banks and credit unions in Rhode Island, including national behemoths as well as regional and local financial institutions. GOBankingRates reviews some of your top options for checking, savings and certificates of deposit (CDs) in this guide to the best Rhode Island banks.
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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 RHODE ISLAND BANKS AT A GLANCE
Bank/Institution
Savings APY
Notable Features
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Detailed Reviews of the Best Banks in Rhode Island
The best Rhode Island banks have accounts for people who only need basic services and for those who keep higher balances and want extra perks.
Gold Winner: Citizens Bank
Citizens Bank is a super-regional financial institution serving Rhode Islanders with banking, credit, investment and wealth management services. Citizens offers 50 branches and over 120 ATMs in Rhode Island, plus online-only accounts through Citizens Access.
Citizens has an A rating from the Better Business Bureau.
Best For
Mobile App
No Minimum Deposit
Wealth Management
Loan Options
Credit Cards
The More You Save, the More You Earn
Citizens Bank stands out for its blend of nationwide reach in key regions and perks for loyal customers. Whether you're managing everyday banking, planning a major purchase or running a business, the bank's wide product lineup and personalized guidance make it a versatile choice for a variety of financial needs.
Total Branch Locations
More than 1,100
Mobile App Rating
4.7 on the Apple App Store and Google Play
Other Products Offered
Checking, savings, credit cards, home loans, student loans, wealth management, business accounts, investment management
Pros
- Many branch and ATM locations
- CitizensPlus loyalty program offers benefits for your checking account if you have a larger balance
- Complimentary personalized guidance from a Citizens Bank professional
Cons
- Low APYs for Citizens Bank's savings accounts
- High $25,000 minimum deposit requirement to get the highest CD rates, and they aren't the most competitive
- Branches aren't spread throughout the country
Why We Like Citizens Bank
Citizens Bank has a vast footprint in the New England, Mid-Atlantic and Midwest regions with more than 1,100 branches and 3,400 ATMs. The CitizensPlus loyalty program opens a lot of opportunities to save money, such as with mortgage discounts, home equity line of credit discounts, a credit card fee reduction, student loan discounts and personalized financial advice.
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Silver Winner: BankNewport
BankNewport is a full-service deposit and lending institution with over 200 years of experience serving Rhode Islanders’ banking needs. As a mutual bank, BankNewport’s community banking roots run deep, as does its commitment to local residents and businesses.
The Better Business Bureau rates BankNewport an A+.
Best For
Mobile App
Low Monthly Fees
Low Minimum Deposits
Loan Options
Competitive CD Rates
Earn Cash Back With BN Plus Checking
BankNewport’s well-rounded account selection includes basic offerings for everyday saving and bill paying as well as premium accounts with more bells and whistles. The bank is also noteworthy for its promotional CDs, which currently earn annual percentage yields (APYs) of up to .
Total Branch Locations
21
Mobile App Rating
4.8 on the Apple App Store and Google Play
Other Products Offered
Checking, savings, money market, CDs, home and boat loans, wealth management
Pros
- Highly transparent website
- Personal teller machines (PTMs) with live teller assist
- Checking rewards available
- Excellent mobile app
Cons
- No branches or PTMs west of Coventry
- Low APYs on deposit accounts other than CDs
- No Sunday customer service hours
Why We Like BankNewport
BankNewport’s account selection addresses every need, from free and inexpensive basic banking, to rewards and other perks for customers who maintain high balances. Although you’ll need $100 to open a basic savings account, maintaining that balance gets your $3 monthly fee waived.
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Bronze Winner: Centreville Bank
Centreville Bank is a community-focused bank serving Rhode Island and eastern Connecticut. Established in Rhode Island in 1928, Centreville Bank recognizes Rhode Island’s diverse people and culture with financial products and services that meet residents’ unique needs.
Best For
Credit Cards
Investment Services
Low Monthly Fees
Mobile Banking
Great APYs
High-Yield Savings and Rewards Checking Accounts
Centreville Bank stands out for its high-yield savings account, which earns tiered rates that go up to . You’ll also find a broad selection of Rhode Island checking accounts that are eligible for rewards and, in some cases, discounts and mortgage closing costs credits.
Total Branch Locations
Over 20
Mobile App Rating
4.8 on the Apple App Store and 4.6 on Google Play
Other Products Offered
Checking, savings, money market, CDs, home and consumer loans
Pros
- Excellent rates on high-yield savings, money market and CDs
- Four checking accounts to choose from, including low-fee checkless checking and $0 fee basic checking
- Interactive teller machines (ITMs) for live access to bankers during business hours
Cons
- Monthly maintenance fee only waivable on some accounts
- High minimum balances needed to earn interest
- No Sunday customer service
Why We Like Centreville Bank
ln addition to offering an impressive collection of checking checking and savings accounts in Rhode Island, Centreville Bank provides an expansive learning library with financial literacy resources, calculators and how-to guides to help customers get the most from their accounts.
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Best Banks
Find the Best Checking Accounts
Best Savings Accounts
CD Account Rates
Best 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. 21, 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 Rhode Island
Keep the following considerations in mind when choosing the best Rhode Island bank for you.
- Local vs. regional vs. national: Community banks like BankNewport and Centreville Bank offer more personalized service and they might have more active community involvement. But larger banks like Citizens often have more fee-free ATMs.
- Account selection: Look for accounts that suit your priorities, such as no monthly fees, high yields or cash-back rewards.
- Other bank products: If you anticipate needing a loan, investment services, insurance or other financial product or service, consider a bank that provides it along with deposit accounts — both for convenience and to potentially earn relationship benefits.
- Fees: Most banks have some fees, but they should give you realistic ways to avoid or minimize them. Low minimum balance requirements, out-of-network ATM fee reimbursements and no overdraft fees are some things to look for.
- Digital platforms: Full-featured online and mobile banking make for more convenient banking. Look for digital wallet compatibility and advanced security features.
- Community involvement: Banks are vital to the needs of local residents and businesses. It makes sense to choose one that supports both your financial needs and the needs of your community.
Conclusion
Rhode Islanders are fortunate to have plenty of banks and credit unions to choose from. Keep your financial goals and priorities in mind as you review GOBankingRates’ top picks, then apply for the accounts that best meet your needs.
FAQs About Banking in Rhode Island
Here's more information to help you find the best Rhode Island bank for your needs.- What is the best bank for high-yield savings in Rhode Island?
- Centreville Bank is the best among the banks GOBankingRates reviewed. Its high-yield savings account earns up to 3.00% APY. However, you’ll need a balance of at least $100,000 to earn the highest rates.
- Which banks have the most ATMs in Rhode Island?
- From GOBankingRates' top picks, Citizens Bank has the most ATMs.
- Are there any banks in Rhode Island with no monthly fees?
- No bank reviewed by GOBankingRates is completely without fees, but each of the top Rhode Island banks above have certain accounts with no fees or fees that are easily waived.
More Resources for Banking
Best Banks
Find the Best Checking Accounts
Best Savings Accounts
CD Account Rates
Best Money Market Accounts
Daria Uhlig contributed to the reporting for this article.
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