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.

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: Based in Cleveland, KeyBank has over 1,000 full-service branches in the Northeast, Midwest, Central and Pacific regions of the U.S. KeyBank's basic checking account has no monthly checking fees, and fees on other accounts are waivable. The bank has an excellent Bauer Rating and a wide range of services to help you do more of your banking in one place.

Pros:

  • No fees/waivable fees on checking and savings accounts
  • Wide range of products offered
  • EasyUp automated savings

Cons:

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

What to look for: KeyBank offers no monthly checking fees that can't be waived. Its basic savings and one-year CD rates are not the strongest at 0.01% APY and 0.05% APY, respectively. An EasyUp feature automates saving by linking your KeyBank checking and savings accounts.

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. And as a commercial and investment bank, it also has the kinds of products and services offered by the big national banks. You'll likely find everything you need here, from deposit, investment and retirement accounts to loan products and insurance.

Pros:

  • Many locations
  • Wide range of products offered

Cons:

  • $5 monthly checking account fee for Fundamental Checking can't be waived
What to look for: Truist Bank ranks high on the regional banks list because it offers over 2,500 branch locations. Its basic checking account does come with a $5 fee ($3 in New Jersey) that can't be waived. And this bank doesn't have the strongest rates at 0.01% APY and 0.05% APY for its savings account and one-year CD, respectively. READ OUR FULL REVIEW

    Fifth Third Bank

    Why it stands out: Fifth Third Bank has over 1,000 locations throughout the Southeast and in Illinois, Ohio and Michigan. The bank has an excellent Bauer Rating. Plus, it offers auto loans, mortgage loans, credit cards, investment services and insurance. Three different banking programs Express Banking, Momentum and Preferred make it easy to find the right combination of features and account minimums and fees.

    Pros:

    • No checking fee on Express Banking accounts
    • Wide range of products offered
    Cons:
    • 12-month CD APY is lower than some other banks offer
    What to look for: Fifth Third Bank's Express Banking checking account has no monthly fee. The rates on its savings accounts and one-year CD are low at 0.01% APY. READ OUR FULL REVIEW
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    Huntington National Bank

    Why it stands out: Huntington National Bank has over 1,000 branches in 11 states, mostly in the Midwest, offering a comprehensive selection of products and services. The bank has an excellent Bauer Rating, and its mobile app has ranked No. 1 in customer satisfaction for regional banks by J.D. Power for three years in a row. Pros:
    • No checking fee with basic account
    • Wide range of products offered
    • Excellent mobile app
    • Standby Cash no-interest loans
    Cons:
    • Low Savings APY
    What to look for: This bank's basic checking account has no monthly fee. All checking accounts come with an overdraft grace period. Also of note is Standby Cash, a short-term no-interest loan of $100 to $1,000. However, rates aren't as strong as some of the other banks'. Its Premier Savings account has an APY of 0.01% and its one-year CD has an APY of 0.10%. READ OUR FULL REVIEW

    BMO Harris Bank

    Why it stands out: Although BMO Harris Bank is a regional bank, with branches in the Midwest and in Florida and Arizona, it's also the eighth-largest bank in North America. As such, it has a lot to offer, including a Smart Advantage checking account with no monthly fees and and a mobile app that gets great ratings, both of which keep BMO Harris competitive with other banks on this list.

    Pros:

    • Strong mobile app ratings
    • Wide range of products offered

    Cons:

    • Low savings and one-year CD APYs compared to other banks

    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. Rates on its basic savings and one-year CD are not the strongest at 0.01% and 0.05%, respectively, and the base rate of 0.05% APY money market rate is similar. Watch for CD specials with promotional rates.

    READ OUR FULL REVIEW
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    Capital One Bank

    Why it stands out: Capital One Bank is one of America's largest full-service financial institutions, but its branches and cafes are all located in the Northeast and Mid-Atlantic states plus Louisiana and Texas. Capital One has very competitive savings rates and no checking fees. Eno, the Capital One digital assistant, helps you manage and track spending, even alerting you when a trial subscription is about to end so you can cancel it before you're charged.

    Pros:

    • No checking fee
    • 1.50% APY for savings
    • Strong mobile app ratings
    • 2.30% APY for the 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 1.50% APY and its one-year CD APY comes in at 2.30%. Along with that, it doesn't have a fee for its checking account. 

    READ OUR FULL REVIEW

    Regions Bank

    Why it stands out: With over 1,500 branches in the South, Midwest and Texas, Regions Bank has an excellent Bauer Rating and a wide range of services for a one-stop-shop type of banking experience, including credit cards, mortgage loans and investment services. Standout products include LifeGreen accounts with special features for customers ages 25 and younger and 62 and up, and a checkless eAccess Account that's fully online.

    Pros:

    • Wide range of products offered, including some especially for younger and older customers
    • Selection of no-fee savings accounts
    • Annual savings bonus with some accounts
    • Online-only accounts

    Cons:

    • Checking fee

    What to look for: Regions Bank's Now Checking account has a $5 fee, but it doesn't charge overdraft fees. Savings and CD APYs vary by location. CDs are eligible for relationship rates.

    READ OUR FULL REVIEW
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    TD Bank

    Why it stands out: TD Bank, which has branches along much of the Eastern Seaboard, has great mobile app ratings and offers a wide range of services, including credit cards, personal loans, IRAs, mortgage loans and home equity loans and lines of credit in addition to its deposit accounts. Some accounts qualify for relationship "bump rates."

    Pros:

    • Great mobile app ratings
    • Wide range of products offered
    • Relationship rates on some accounts

    Cons:

    • Non-waivable fees on some checking and savings accounts

    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, some of its checking and savings accounts have fees that can't be waived. Its standard savings account also has a fairly low APY at 0.02% and its one-year CD isn't much better at 0.05% APY.

    READ OUR FULL REVIEW

    First Citizens Bank

    Why it stands out: First Citizens Bank is America's largest family-controlled bank, with 600 branches in 19 states covering every region of the U.S. First Citizens has an excellent Bauer Rating and a range of products that include everything from deposit accounts to insurance.

    Pros:

    • Free Checking account
    • No fees with online savings accounts and CDs
    • Wide range of products offered
    • Monthly interest credits with online savings account

    Cons:

    • Minimum deposits for all checking accounts
    • Low rates on CDs

    What to look for: All three checking accounts have minimum opening deposit requirements. The standard 12-month CD APY is only 0.10%. The online savings account receives monthly interest credits.

    READ OUR FULL REVIEW
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    Citi®

    Why it stands out: Citi has all the products and services you'd expect from America's fourth-largest bank, but it's actually a regional bank with branches in the Northeast and Mid-Atlantic, plus Florida, California and Nevada. In addition to providing one-stop banking and financial services, Citi has a great mobile app and decent rates on its CDs.

    Pros:

    • Great mobile app ratings
    • Wide range of products offered
    • 2.50% APY for 12-month CD

    Cons:

    • Fees on checking and savings accounts

    What to look for: Citi has a better APY on its one-year CD compared to some others on this list at 2.50%. The basic checking account has a $12 fee you can have waived by scheduling direct deposits or maintaining a $1,500 balance across Citi accounts. The basic savings account APY is 1.40%. Maintain a $500 balance to avoid a $4.50 monthly fee.

    READ OUR FULL REVIEW

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    Manufacturers & Traders Trust Company

    Why it stands out: Manufacturers & Traders Trust Company, more commonly known as M&T Bank, has over 1,100 branches in the Eastern United States after its acquisition of People's United Financial. The bank is a full-service financial institution with plenty of deposit accounts to choose from, plus credit cards, a variety of loan types and insurance. M&T has no monthly fees on its basic checking and savings accounts.

    Pros:

    • No fees on basic checking and savings
    • Wide range of products offered

    Cons:

    • Lackluster rates on savings and CDs
    • Must open some accounts in person at a branch location

    What to look for: This regional bank has no fee on its basic checking account and ways to waive fees on other accounts. The rate on its basic savings account is 0.01% APY, and the promotional 12-month CD rate is 0.05% APY. You'll have to contact the branch for rates on other CDs or to open a CD or basic savings account. Other accounts can be opened online.

    READ OUR FULL REVIEW
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    HSBC Bank USA

    Why it stands out: HSBC Bank USA is a full-service financial institution that in May 2021 announced it would be transitioning out of mass-market retail banking to focus on international banking and wealth management. It will close many branch locations in the process. However, you can still bank with HSBC if you qualify for a Premier relationship by maintaining balances of at least $75,000.

    Pros:

    • 2.00% APY for 12-month CD for qualifying customers
    • Wide range of products offered

    Cons:

    • Need exorbitant balance to waive checking fees
    • Bank will stop servicing personal accounts

    What to look for: Existing Premier customers and customers opening a CD through an HSBC Wealth Center or by phone can earn 2.00% APY on a 12- or 2.25% APY on a 24-month CD. Savings rates above 0.01% APY are available with an account balance of at least $25,000.

    READ OUR FULL REVIEW

    Bank of the West

    Why it stands out: Bank of the West is an environmentally responsible financial institution with over 500 branch locations throughout the Western, Southwestern and Midwestern U.S. The bank has an excellent Bauer Rating and a full range of services, including credit cards, loans and investments.

    Pros:

    • Wide range of products offered
    • Strong Bauer Rating

    Cons:

    • Checking and savings fees
    • Low APYs on checking and savings products

    What to look for: Bank of the West's savings account and interest-bearing checking account APYs are just 0.01% and 0.01% respectively, and both account types have fees. 12-month CDs have 0.05% APYs. CD APYs max out at 0.15%.

    READ OUR FULL REVIEW

     

    Fulton Bank

    Why it stands out: Fulton has over 200 financial centers in the Mid-Atlantic region and a good selection of products, including health savings accounts and IRA money market accounts. It has high mobile app ratings and two checking accounts with no fees and premium rates for Premier Relationship Banking customers.

    Pros:

    • No checking fee on some accounts
    • High mobile app ratings

    Cons:

    • Not many locations

    What to look for: This bank has a low 0.02% APY on its statement savings account, but the Platinum Money Market Account earns between 0.06% APY and 0.06% APY, depending on the balance. A one-year CD earns 0.05% APY.

    READ OUR FULL REVIEW

    Cathay Bank

    Why it stands out: Cathay Bank was founded over 50 years ago to serve the Chinese American community in Los Angeles. It now has 60 branches located in nine U.S. states and a presence in Hong Kong and China, which could make it a good choice for those who bank across borders. The bank offers a wide range of services covering most financial needs.

    Pros:

    • Good rates on money market accounts and CDs
    • Can waive monthly fees on most accounts
    • Wide range of products offered

    Cons:

    • Not many locations
    • Low savings interest for account balances under $50,000

    What to look for: Cathay Bank offers a stronger rate on its one-year CD at 0.25%. Its savings APY for accounts other than the money market is just 0.03% for balances of less than $50,000. Cathay's interest-bearing checking account has a $2,000 minimum opening deposit.

    READ OUR FULL REVIEW

    First Horizon Bank

    Why it stands out: First Horizon Bank has over 400 locations and 600 ATMs in the Southeast U.S. and a full stable of offerings, including trusts and other financial planning services. One notable product that sets it apart from competitors is an add-on CD that lets you make unlimited deposits during the term of the CD plus one penalty-free withdrawal every six months.

    Pros:

    • No checking fee with FirstView Checking account
    • Wide range of products offered
    • Add-on CD

    Cons:

    • Need high balances to earn more than minimal interest

    What to look for: First Horizon Bank's one-year standard CD has a lower APY compared to others on this list at 0.03%. Its traditional savings account offers 0.01% APY, and you'll need a $25,000 balance to reach the top money market APY of 0.02%. The bank has a free checking account.

    READ OUR FULL REVIEW

    Comerica Bank

    Why it stands out: Comerica Bank's primary U.S. locations include Texas, Arizona, California, Florida and Michigan, but its service area extends into Canada and Mexico. That makes it a valuable resource for Americans who need to bank in Canadian dollars or Mexican pesos. In addition, Comerica has a well-organized website that makes it easy to compare accounts. The bank has an excellent Bauer Rating and a wide range of services.

    Pros:

    • Good selection of products
    • Ability to bank across Canadian and Mexican borders

    Cons:

    • Fees and account minimums are disproportionately high for rates offered

    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 Access Checking account doesn't earn interest, but there's no monthly fee. The basic savings account has an APY of 0.01% and its one-year fixed rate CD has a rate of 0.05% APY.

    READ OUR FULL REVIEW

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    MUFG Union Bank

    Why it stands out: Union Bank is the consumer banking arm of Mitsubishi UF, or MUFG. It has branches in California, Oregon and Washington. Although its physical footprint is small, it's part of a major international financial institution that also operates in Canada, Mexico and throughout Latin America. In addition to deposit accounts, credit cards and investing, Union Bank offers home loans, including standard and seven-year fixed-rate home equity lines of credit a loan many banks have suspended temporarily due to the pandemic.

    Pros:

    • Low minimum balance requirements for most CDs
    • Good selection of basic account types
    • Waivable fees on most accounts

    Cons:

    • Low savings rates
    • Limited physical locations
    • Must schedule an in-person appointment to open the account

    What to look for: MUFG Union Bank has a solid APY on its one-year CD at 0.15%. Its savings and money market rates are not as strong at 0.01% and 0.05%, respectively, but the savings account offers limited rebates for out-of-network ATM fees. The free checking account has no overdraft fees for overdrawn balances of less than $5.

    READ OUR FULL REVIEW


    Washington Federal Bank

    Why it stands out: Washington Federal Bank has over 200 branches across eight states in the West and Southwest, plus over 37,000 free ATMs. The bank offers credit cards, home loans and an excellent selection of checking and savings accounts, including a high-interest account for kids. Some checking accounts include My WaFd Wins perks like shopping, health and travel discounts, mobile phone protection and extended product warranties.

    Pros:

    • My WaFd Wins perks on checking accounts
    • Good interest rates on savings accounts and eligible checking account
    • High-interest special CD

    Cons:

    • Some monthly checking account fees can't be waived

    What to look for: Stellar Plus Checking and Green Checking accounts offer valuable My WaFd discounts and other benefits, although they also have fees that can't be waived. The Minor Savings account has a 5.00% APY on the first $10 to $100 and 0.10% APY thereafter. The savings APY is 0.10%. The Gold Money Market rate is 0.15% to 0.20% APY, depending on the account balance. Standard 12-month CDs have a 0.20% APY, but the 13-month CD special APY is 0.35% APY  0.40% with eligible checking.

    READ OUR FULL REVIEW

    First National Bank of Pennsylvania

    Why it stands out: Despite its name, First National Bank of Pennsylvania serves a number of metropolitan areas in the Mid-Atlantic and Southern states. Its deposit accounts include IRA savings and CDs, and the bank also offers mortgage and consumer loans, investing and insurance. Some deposit accounts come with a free safe deposit box.

    Pros:

    • No checking fee
    • Wide range of products offered, including IRA savings accounts and CDs

    Cons:

    • No credit cards
    • Low rates across the board

    What to look for: First National Bank of Pennsylvania's most noteworthy accounts are the CD specials, which offer up to 0.30% APY. A 12-month standard CD earns 0.03% on balances of $500 or more. Savings accounts earn 0.01% APY and interest-bearing checking accounts may earn 0.01% APY, depending on balance.

    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.

    Best Banks By Region

    FAQs About Regional Banks

    • 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. For many customers, cybersecurity is also a concern with regional banks; in fact, it ranks as Americans' greatest fear when it comes to banking, according to a recent GOBankingRates study. Reputable regional banks, like the ones on the top 10 list here, offer advanced customer protection, such as two-factor authentication.
    • 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. For example, TD Bank currently offers a $300 sign-up bonus for one of its checking accounts, and other banks offer promotional rates on certain CDs. 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.

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

    Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of August 9, 2022.

    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.

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    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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