Finding the best bank in Birmingham, Ala., that offers affordable banking rates and competitive services could help you improve your finances. Not all banks are equal; the best banks provide competitive features such as free checking, low fees and high yields to grow your wealth.
Birmingham financial institutions offer more than double the national average savings account rates. Dividends and interest rates, however, are only part of the package when it comes to affordable banking. Other factors affecting Birmingham residents’ financial concerns include a dynamic local economy and changing infrastructure in part due to the World Games scheduled to be held there in 2021.
In order to help consumers sift through the various banking options available to them, GOBankingRates scrutinized more than 120 financial institutions as part of its annual “Best Banks” series. One category of the study identified the best brick-and-mortar banks. Each bank was examined for a range of criteria including financial strength, favorable rates and terms on deposit accounts, and available products and services. Birmingham-based BBVA Compass Bank made list of the top 10 best banks in the country.
Why BBVA Compass Bank Ranked No. 2 Best Bank of 2015
BBVA Compass qualified as the No. 2 best bank due to its variety of products and services targeted for personal, small business and commercial banking needs. BBVA Compass also provides a range of online and mobile banking, lending, investment, insurance, wealth management and international banking options. Customers have online access to market research, economic outlooks and goal-based financial planning advice to lead them down the path of smarter money management.
BBVA Compass helps Birmingham depositors decide which checking account will be best for them by asking three simple questions online that will match their spending habits with the bank’s checking features. Additionally, BBVA Compass savings accounts consist of the following products, including accounts specifically designed for Bama or Dynamo sports fans:
- ClearChoice Savings and Money Market accounts
- ClearConnect Savings
- NBA Savings
- Bama Savings
- Dynamo Savings
- CDs and IRAs
The BBVA brand first emerged in 2000, and today, the international group is headquartered in Birmingham. Operating since 1837 with Spanish origins, BBVA Compass serves seven states, including Alabama. The bank has more than 30 branches and ATMs in Birmingham alone.
Institution selection: In order to determine its “Best Brick-and-Mortar Bank” rankings, GOBankingRates examined the top 100 banks by asset size according to the FDIC, excluding non-active institutions, those with less than $1 billion in assets, investment banks and any institutions that require customers to use investment services to access commercial bank accounts.
Criteria for rankings: Banks were scored from most to least favorable in the following categories: (1) BauerFinancial Star Ratings for overall financial strength, and the rankings previously assigned through our survey of (2) checking accounts, (3) savings accounts, and (4) one-year certificates of deposit. Each criterion was individually scored from most to least favorable in comparison to the category average (weighted equally). Banks were then scored according to whether they offered each of the following services, all of which contributed to a single weighting: (5) auto loans, (6) mortgage loans, (7) credit cards, (8) investment services and (9) insurance services. Banks were then ranked according to overall score. Data was compiled via the GOBankingRates interest rate database and verified against the individual institutions’ websites.
Photo credit: Álvaro Ibáñez