Best Banks in Austin
Austin, Texas is a great city with a booming economy. As a result, there are many banks and credit unions to choose from when looking for the right institution to handle your finances.
The eight best banks — Chase, Bank of America, Wells Fargo, Truist Bank, PNC Bank, First Citizens, Regions, and Capital One — have branches throughout the city and offer various products and services to meet your needs. To find the best banks in Austin, GOBankingRates ranked the top 100 banks in the U.S. and filtered the results by location. These financial institutions were ranked using the following factors:
- Total assets
- Number of branch locations
- Annual checking account fee
- Savings account annual percentage yield
- 12-month CD APY
- Customer service products offered
- Bauer rating
- Product/service offerings
- Average mobile app rating
8 Best Banks in Austin
Here are the best banks in Austin.
Chase
Why it stands out: Its 5,000 branches and 16,000 ATMs in the U.S. make Chase one of the largest banks in the country. The bank offers a range of products and services, including checking and savings accounts, CDs, mortgages, home equity loans, and credit cards. Chase was awarded a Bauer Financial rating of 5 stars and an average mobile app rating of 4.5, making it a great choice for those looking for a large bank with excellent customer service and products.
Pros:
- Large ATM and branch network
- $225 sign-up bonus on Chase Total Checking, if all requirements are met
- Extensive range of products and services
- Low APYs on savings and 12-month CDs
- $12 monthly service fee for checking accounts
Bank of America
Why it stands out: Bank of America is one of the largest banks in the U.S., with over 4,000 branches nationwide, and several branches and ATMs throughout Austin. Its extensive mobile app comes with Erica, a virtual assistant that can help you with tasks such as tracking expenses, depositing checks, and sending money. Bank of America also offers a three-tiered Preferred Rewards Program, which gives customers perks such as interest rate discounts on auto loans and home equity and reductions in mortgage origination fees. With a 0.03% 12-month CD APY, it's also one of the best banks for short-term savings.
Pros:
- Financial planning assistance from Erica
- Three-tiered Preferred Rewards Program
- 0.03% 12-month CD APY
- $12 monthly checking fee
- 0.01% savings APY
Wells Fargo
Why it stands out: Wells Fargo has the most branch locations in the U.S., making it a great choice for those looking for convenient access to their finances. Offering perhaps the best mobile app for banking with a rating of 4.8, you can quickly sign in without a password using facial- or fingerprint recognition and add cards to your digital wallet. You can also use the app to send and receive money within minutes via Zelle, making it a convenient choice for those looking to transfer money.
strong>Pros:
- Many branch locations
- Digital wallet capabilities
- Extensive app for banking
- Low savings and 12-month CD APY
- $10 monthly checking fee
Truist Bank
Why it stands out: Truist Bank offers free savings accounts with no minimum opening deposit and has over 2,500 banks and 3,500 ATMs in the U.S. With such accessibility and a Bauer rating of 5, Truist is great for in-person banking. Truist also offers mobile check deposits, making it easier to deposit checks without going to a physical bank location. You can also send money quickly with Zelle and control your debit card by locking it and setting spending limits.
Pros:
- Possible to waive fees on some accounts
- Wide range of CD terms
- Send money in minutes with Zelle
- Average app rating of 3.2 on Google Play
- Overdraft protection transfer fees
PNC Bank
Why it stands out: With over 2,000 locations in the U.S. and a low monthly checking account fee, PNC Bank offers an extensive range of products and services. Its standout feature is the Virtual Wallet, which combines checking, short-term savings and long-term savings with its trio of products: Spend, Reserve and Growth. You can also use the Virtual Wallet to quickly transfer money between you accounts. It also gives new customers a $200 bonus for opening a qualifying business checking account and meeting specific requirements.
Pros:
- Virtual Wallet with Spend, Reserve and Growth products
- 4.7 average app rating
- Low checking fee
- 0.01% APY on Standard Savings
First Citizens Bank
Why it stands out: With 600 branches available in 21 U.S. states, First Citizens Bank provides a full range of banking products and services to meet individual and business financial needs. Offering a $0 checking fee, First Citizens is perfect for those looking for an account with no required monthly account fees.
Pros:
- No checking fee
- 0.03% APY on savings
- 4.5 average app rating
- 0.10% APY on 12-month CD
Regions Bank
Why it stands out: With branches and free ATMs in 15 states throughout the South and the Midwest, Regions Bank provides a full range of services. Regions offers a rewards program for checking and savings accounts to help customers make the most of their money. One of its standout offerings is the LifeGreen Savings account which has no minimum balance requirement, no monthly fee, and allows customers to earn an annual savings bonus.
Pros:
- Extensive presence in the South and the Midwest
- Rewards program for checking and savings accounts
- LifeGreen savings account
- Low APYs on savings and CDs
Capital One
Why it stands out: Capital One operates over 750 branches in the U.S. and provides a wide range of products and services, including personal banking, small business banking, credit cards and more. It offers no-fee checking services, a savings APY of 0.60% and a 12-month CD APY of 1.20%. Its app also has an average rating of 4.7, making it an excellent choice for mobile banking.
Pros:
- No monthly checking fees
- 0.60% APY on savings account
- 1.20% APY on 12-month CD
- Money market accounts not available
How To Choose a Bank in Austin
Once you’ve decided that you need to find a new bank, the next step is to determine which bank is the best fit for you. Here are some factors to consider:
Check the Fees
Bank fees can vary significantly, so reviewing them before opening an account is essential. Some banks have no monthly fees, but others may charge upwards of $15 per month. Be sure to review the fees for overdrafts, transferred funds and ATM withdrawals to ensure that you won’t have to pay any unexpected charges.
Look at the Interest Rates
Interest rates that a bank offers can vary widely, so it’s important to compare them before opening an account. The interest rate on a savings account is especially significant, as it can affect how much money you earn on your deposited funds. However, you should also look at the interest rates on CDs, as they can provide a higher yield than a savings account.
Check the Customer Service
Some banks offer excellent customer service, while others may not be as responsive. Therefore, it’s vital to consider how important customer service is to you and find a bank that offers the level of support that you need. You can typically check the customer service ratings by reading online reviews.
Check the Fine Print
The fine print of a bank’s account agreement can be filled with important information. It’s essential to read these documents carefully to know what to expect. To avoid surprises, be aware of any special requirements, such as minimum balances or direct deposits. Finally, it’s important to note that the information in these documents can change at any time, so you should always review them before making any changes to your accounts.
FAQs About Banks in Austin
Here are some of the most common questions and answers about banks in Austin.- How do I choose a bank in Austin?
- When choosing banks in Austin, consider the fees that each bank charges, the interest rates they offer and the customer service they provide. It would help if you also read through the fine print of account agreements to ensure that you're aware of any special requirements or restrictions.
- What is the difference between large and small banks in Austin?
- Large banks in Austin are generally national or regional institutions, while small banks are often local. Small banks may have more personal services, but they may also have fewer ATMs and branches.
- How do I find the best banks near me in Austin?
- To find the best banks near you in Austin, you can use a bank comparison website or an app. These websites and apps allow you to compare the interest rates, fees and customer service of different banks to find the one that fits your needs.
Final Take
Choosing a bank in Austin can be difficult, but it’s financially prudent to find one that’s right for you. Consider the fees, interest rates and customer service that each bank offers to ensure you’re getting the most out of your account. As long as you’ve read the fine print, you should be able to choose a bank that’s perfect for your needs.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of March 14, 2022.
GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack Inc., an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.
GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.
To discover the Top 100 Best Banks, GOBankingRates looked at all institutions with available published data (National, Regional, Local, and Online) from the 2022 Best Banks categories as well as all Credit Unions with over $1 billion in total assets and accessible to a wide audience. GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC and NCUA; (2) number of branch locations as sourced from the FDIC and NCUA; (3) checking account annual fee; (4) savings account APY rate; (5) 12-month CD APY rate; (6) customer service products offered (24/7 customer service and live chat with a human); (7) Bauer rating (out of 5 stars); (8) products/services offered (auto loans, mortgage loans, credit cards, investment services, and insurance); and (9) the average mobile app rating between the android and apple stores. All factors were then scored and combined, with the lowest score being best. Factors (1) and (4) were weighted 1.5 times in final scoring, factor (2) was weighted 2 times, factor (6) was weighted 0.5 times, and factor (8) was weighted 2.5 times. For all Savings and Checking Account data only the basic accounts/products offered at each institution were analyzed. Rates and fees subject to change.
Editorial Note: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.
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