The 20 Best Regional Banks of 2022

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If you’re searching for a bank that offers higher rates than a national bank but still has more locations than a community bank would, a regional bank may be ideal for you. For the purposes of this ranking, GOBankingRates defined a regional bank as one with institutions in five or more states, but less than 20 states.

GOBankingRates’ Top Picks: Best Online Banks of 2022
And More: Best National Banks of 2022

To find the Best Regional Banks of 2022, GOBankingRates ranked nearly two dozen financial institutions across the following factors:

  • Total assets
  • Number of branch locations
  • Checking account annual fee
  • Savings account APY
  • 12-month CD APY
  • Customer service products offered
  • Bauer rating
  • Products/services offered
  • Average mobile app rating

Based on these criteria, these are GOBankingRates’ Best Regional Banks of 2022.

Our Best Regional Bank

KeyBank: Best Regional Bank

Why it stands out: KeyBank has no monthly checking fees, an excellent Bauer Rating, and a wide range of services offered to help you do more of your banking in one place.

Pros:

  • No checking fee
  • Wide range of products offered

Cons:

  • Savings and CD APYs aren't the best in the category

What to look for: KeyBank offers no monthly checking fees and a wide range of services that includes auto and mortgage loans, credit cards, investment services and more. It also has more than 1,000 branch locations if you want to bank in-person. Its savings and one-year CD rates are not the strongest at 0.01% and 0.05%, respectively.

READ OUR FULL REVIEW
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More of the Best Regional Banks 2022

Truist Bank

Why it stands out: Truist Bank has more than 2,500 locations, the most of any regional bank on the list.

Pros:

  • Many locations
  • Wide range of products offered

Cons:

  • $12 monthly checking account fee

What to look for: Truist Bank ranks highly on the regional banks list because it offers over 2,000 branch locations. It also has a good variety of products that includes insurance, credit cards, and various loans. Its checking account does come with a $12 fee. And this bank doesn't have the strongest rates at 0.01% and 0.05% for its savings account and one-year CD, respectively.

READ OUR FULL REVIEW

    Fifth Third Bank

    Why it stands out: Fifth Third Bank has no monthly checking fees and an excellent Bauer Rating. Plus, it offers auto loans, mortgage loans, credit cards, investment services and insurance.

    Pros:

    • No checking fee
    • Wide range of products offered

    Cons:

    • 12-month CD APY isn't the best in the category

    What to look for: Fifth Third Bank's checking account has no monthly fee. It also has over 1,100 branch locations for all your needs. The rates on its savings account and one-year CD are not the strongest at 0.01% for both. However, this bank does offer a good variety of products and services such as investments, mortgage loans, credit cards and more.

    READ OUR FULL REVIEW
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    Huntington National Bank

    Why it stands out: Huntington National Bank has no monthly checking fees, an excellent Bauer Rating, and a wide range of services offered.

    Pros:

    • No checking fee
    • Wide range of products offered

    Cons:

    • Savings APY isn't the best in the category

    What to look for: This bank's checking account doesn't come with a monthly fee. It also provides customers with a solid range of products like auto and mortgage loans, insurance, credit cards and more. And while it has over 1,300 branches to use, its rates aren't as strong as some of the others. Its savings account has an APY of 0.01% and its one-year CD has an APY of 0.30%.

    READ OUR FULL REVIEW

    BMO Harris Bank

    Why it stands out: BMO Harris Bank has no monthly checking fees and great mobile app ratings, both of which keep it competitive with other banks on this list..

    Pros:

    • Strong mobile app ratings
    • Wide range of products offered

    Cons:

    • Savings and one-year CD APYs aren't the best in the category

    What to look for: BMO Harris Bank offers a wide range of products to compete with other banks on this list, including auto and mortgage loans, credit cards and investment services. It also has strong mobile app ratings if that's your preferred method of banking. Its rates on its savings and one-year CD are not the strongest at 0.01% and 0.05%, respectively. However, if you're looking for a checking account, this account doesn't have a monthly fee.

    READ OUR FULL REVIEW
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    Capital One Bank

    Why it stands out: Capital One Bank has an excellent annual percentage yield of 0.40% on its savings account and no checking fee.

    Pros:

    • No checking fee
    • 0.40% APY for savings
    • Strong mobile app ratings
    • 0.20% APY for 12-month CD

    Cons:

    • Not many locations

    What to look for: Capital One Bank offers some strong rates on its products. Its savings account has a 0.40% APY and its one-year CD APY comes in at 0.20%. Along with that, it doesn't have a fee for its checking account. However, it has fewer branch locations with only 337. But you will get a wide range of services here with auto loans, credit cards, investment services and more being offered.

    READ OUR FULL REVIEW

    Regions Bank

    Why it stands out: Regions Bank has an excellent Bauer Rating and a wide range of services offered if you're looking for a one-stop shop type of banking experience.

    Pros:

    • Wide range of products offered
    • Many locations

    Cons:

    • $8 checking fee

    What to look for: Regions Bank has over 1,300 locations for customers' in-person needs. Along with all those locations, it also offers a wide range of products and services like credit cards, mortgage loans, investment services and more. However, Regions Bank's checking account does have an $8 fee, and its rates are not some of the strongest. Its savings account has an APY of 0.01% and its one-year CD has an APY of 0.03%.

    READ OUR FULL REVIEW
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    TD Bank

    Why it stands out: TD Bank has great mobile app ratings and offers a wide range of services.

    Pros:

    • Great mobile app ratings
    • Wide range of products offered

    Cons:

    • $15 checking fee

    What to look for: TD Bank has strong mobile app ratings if you prefer banking that way. It also has over 1,100 locations for anyone who prefers in-person banking. However, its checking account does have a higher fee at $15. Its savings account also has a farily low APY at 0.02% and its one-year CD isn't much better at 0.05% APY. You will have access to a large amount of products here like insurance, auto loans and more.

    READ OUR FULL REVIEW

    First Citizens Bank

    Why it stands out: First Citizens Bank has no monthly checking fees, an excellent Bauer Rating, and a wide range of services offered.

    Pros:

    • No checking fee
    • Wide range of products offered

    Cons:

    • 12-month CD APY isn't the best in the category

    What to look for: First Citizens Bank offers a solid range of products including credit cards, investment services and more. It also has no monthly fee for its checking account. It only has over 500 branch locations. It also doesn't have the strongest rates on its savings account and one-year CD at 0.03% and 0.01%, respectively.

    READ OUR FULL REVIEW
    A Better Way to Bank

    Citibank

    Why it stands out: Citibank has a great mobile app and a strong annual percentage yield of 0.10% for a 12-month CD compared to other banks on this list.

    Pros:

    • Great mobile app ratings
    • Wide range of products offered
    • 0.10% APY for 12-month CD

    Cons:

    • $12 checking fee

    What to look for: Citibank has a better APY on its one-year CD compared to others on this list at 0.10%. It also offers a good amount of products and services, and it also has over 600 branch locations. Although that isn't the most, it's more than many on this list. However, the checking acocunt here does have a $12 fee, and the savings account APY is low at 0.04%.

    READ OUR FULL REVIEW

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    Manufacturers & Traders Trust Company

    Why it stands out: Manufacturers & Traders Trust Company has no monthly checking fees and a wide range of services offered.

    Pros:

    • No checking fee
    • Wide range of products offered

    Cons:

    • Savings and one-year CD APYs aren't the best in the category

    What to look for: This regional bank has no fee on its checking account. It also offers a good range of products that include auto and mortgage loans, credit cards and more. With over 700 branch locations, customers should have plenty of options for in-person banking. The rates on its savings account and one-year CD are not the strongest on this list at 0.01% and 0.05%, respectively.

    READ OUR FULL REVIEW
    A Better Way to Bank

    HSBC Bank USA

    Why it stands out: HSBC Bank USA has the best annual percentage yield for a 12-month CD on our list, at 0.30%.

    Pros:

    • 0.30% APY for 12-month CD
    • Wide range of products offered

    Cons:

    • $15 checking fee

    What to look for: Although HSBC Bank USA's savings APY isn't the strongest at 0.01%, it does have a solid one-year CD APY at 0.30%. Its checking account does come with a $15 fee, but the bank has a good range of products and services. It offers investment services, insurance, auto and mortgage loans and more. There are only 149 branch locations for HSBC.

    READ OUR FULL REVIEW

    Bank of the West

    Why it stands out: Bank of the West has an excellent Bauer Rating and a wide range of services offered.

    Pros:

    • Wide range of products offered
    • Strong Bauer Rating

    Cons:

    • $10 checking fee

    What to look for: Bank of the West comes with a strong product range that includes credit cards, various loan options and insurance. Its rates aren't as high as other banks in regards to savings (0.01%) and its one-year CD (0.05%). Its checking account also comes with a $10 monthly fee. As far as branch locations, this bank has over 500, which isn't the highest, but not the lowest either.

    READ OUR FULL REVIEW

    Best Banks icon green

    Fulton Bank

    Why it stands out: Fulton Bank has high mobile app ratings and no checking fee, which makes it a good option if you're looking to avoid fees as other banks on this list don't offer the same.

    Pros:

    • No checking fee
    • High mobile app ratings

    Cons:

    • Not many locations

    What to look for: Fulton Bank's checking account comes with no fee so more of your money stays with you. This bank doesn't have strong rates for its savings account, 0.02% APY, or its one-year CD, 0.05%. If you like banking by phone, this bank has high mobil app ratings. It also has a wide range of services that include auto and mortgage loans, credit cards and more. It does not have as many branch locations as some of the others at just 211.

    READ OUR FULL REVIEW

    Cathay Bank

    Why it stands out: Cathay Bank has a strong 12-month CD annual percentage yield of 0.25% and a wide range of services offered.

    Pros:

    • 0.25% APY for 12-month CD
    • Wide range of products offered

    Cons:

    • Not many locations

    What to look for: Cathay Bank offers a stronger rate on its one-year CD at 0.25%. Its savings APY is not as strong at 0.03%. While this bank offers a good variety of products and services, including auto and mortgage loans, credit cards, investment services and more, it doesn't have many locations -- only 63. Also, it does charge a $10 checking fee.

    READ OUR FULL REVIEW

    First Horizon Bank

    Why it stands out: First Horizon Bank has a good 12-month CD annual percentage yield of 0.15% and a wide range of services offered, plus there is no checking fee.

    Pros:

    • No checking fee
    • Wide range of products offered
    • 0.15% APY for 12-month CD

    Cons:

    • Savings APY isn't the best in the category

    What to look for: First Horizon Bank's one-year CD has a solid APY compared to others on this list at 0.15%. There also isn't a checking fee for this bank's account. However, the savings account here doesn't have the highest APY at just 0.01%. This bank also has 500 branch locations, which isn't the highest or lowest.

    READ OUR FULL REVIEW

    Comerica Bank

    Why it stands out: Comerica Bank has an excellent Bauer Rating and a wide range of services offered.

    Pros:

    • Wide range of products offered

    Cons:

    • $13 checking fee

    What to look for: Comerica Bank offers a good range of products and services that include auto and mortgage loans, credit cards, investment services, insurance and more. Its checking fee is $13, on the higher end compared to other banks. It does offer 436 branch locations, but its rates are not as competitive. Its savings account has an APY of 0.01% and its one-year CD has a rate of 0.05%.

    READ OUR FULL REVIEW

    Best Banks icon green

    MUFG Union Bank

    Why it stands out: MUFG Union Bank Bank has a good 12-month CD annual percentage yield of 0.15% and a wide range of services offered, plus there is no checking fee.

    Pros:

    • No checking fee
    • Wide range of products offered
    • 0.15% APY for 12-month CD

    Cons:

    • Savings APY isn't the best in the category

    What to look for: MUFG Union Bank has a solid APY on its one-year CD at 0.15%. Its savings account rate is not as strong at 0.01%. The checking account here does not come with a fee, but there are only just over 300 branch locations for those who prefer in-person banking. A wide range of products is offered here including mortgage loans, credit cards, insurance and more.

    READ OUR FULL REVIEW

    Washington Federal Bank

    Why it stands out: Washington Federal Bank has no checking fee and a good 12-month CD annual percentage yield of 0.20%.

    Pros:

    • No checking fee
    • Wide range of products offered
    • 0.20% APY for 12-month CD

    Cons:

    • Not many locations

    What to look for: There is no checking fee at Washington Federal Bank. Another perk is that is that its one-year CD offers a competitive rate of 0.20%. Its savings rate is also decent at 0.10%. And while Washington Federal Bank offers a good variety of products and services, it only has 225 locations.

    READ OUR FULL REVIEW

    First National Bank of Pennsylvania

    Why it stands out: First National Bank of Pennsylvania has no checking fee and a wide range of services offered.

    Pros:

    • No checking fee
    • Wide range of products offered

    Cons:

    • Savings APY isn't the best in the category

    What to look for: First National Bank of Pennsylvania offers a wide range of products including auto and mortgage loans, investment services and more. Its checking account does not have a fee. Its rates on its savings and one-year CD are not the strongest at 0.01% APY and 0.05% APY, respectively. This bank only has 346 locations, which is not among the highest.

    READ OUR FULL REVIEW

    How To Choose a Regional Bank

    Regional banks can be a good option for customers who like visiting physical branches but don’t want the impersonal feel that large, multinational banks sometimes have. Generally, you can find a wide array of available products at a regional bank, but be careful of account and service fees, which can be high. Regional bank APYs may be competitive with national banks but typically can’t keep up with those offered by online banks.

    Location

    Regional banks by definition only operate in certain areas of the country, so be sure a bank you’re interested in has a nearby location.

    Availability

    Check the operating hours, including holidays, of your regional bank. Some may not have the availability of a national or online bank.

    Bank Health

    Some regional banks prefer to remain small and local, but others are limited from expanding nationally because they aren’t raising enough assets or generating enough profit. Look at your bank’s financials to ensure they’ll be there for the long haul.

    Rewards and Promotions

    Regional banks are often good at offering rewards and promotions; compare the current offers at the regional bank you’re considering with other available bank offers.

    Account Offerings

    Some regional banks are limited in terms of their product lines, so be sure that the regional bank you’re considering offers everything you’ll need.

    FAQs About Regional Banks

    Still trying to decide if a regional bank is the best fit for your needs? The answers to these frequently asked questions may help you decide.

    What Is Considered a Regional Bank?

    A regional bank is one that has branches clustered in one or a handful of regions in the United States. These banks are not necessarily small; some are part of the largest banks in the world, but they don’t have locations in every town in the U.S.

    What Is the Difference Between a Regional Bank and a Community Bank?

    A regional bank serves a segment of the country. A community bank serves people in a particular city or state. Both offer services targeted for the places where they operate. Many regional banks are growing through the acquisition of community banks, so the lines are getting blurry.

    Are Regional Banks Safe To Use?

    You generally don’t have to worry about safety when it comes to regional banks. All legitimate regional banks, like the ones on this list, share the same FDIC insurance as traditional banks. However, you should still check your bank’s financials to see that it is not on the edge of insolvency.

    Are There Bank Account Promotions or Sign-Up Bonuses I Can Take Advantage Of?

    Regional banks often promote certain products with higher rates or sign-up bonuses. Many Americans leave free money on the table by not checking for current banking promotions, but it’s definitely worth the effort to look.

    How Can I Open an Online Bank Account?

    Most regional banks have the capacity to open accounts online. You can also call the bank or visit a branch if you need to open an account.

    More From GOBankingRates

    Ann Logue and John Csiszar contributed to the reporting for this article.

    Methodology: To discover the Best Regional Banks, GOBankingRates looked at the top regional institutions (located in 5 or more states but in less than 20). To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (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 (5) and (9) were weighted 1.5 times, factors (1), (2) and (8) were weighted 2 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed. All data is up to date as of Nov. 11, 2021. Rates and fees are subject to change.

    About the Author

    Gabrielle joined GOBankingRates in 2017 and brings with her a decade of experience in the journalism industry. Before joining the team, she was a staff writer-reporter for People Magazine and People.com. Her work has also appeared on E! Online, Us Weekly, Patch, Sweety High and Discover Los Angeles, and she has been featured on “Good Morning America” as a celebrity news expert. 

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