Best Regional Banks of 2020

Regional banks offer a localized focus with broad product lines.

Regional banks are something of a hybrid between community banks and national banks. Regional banks usually serve multi-state areas with nearly as many account offerings and services as the big multi-nationals, all while maintaining a more localized focus.

To help you choose which might be the best regional bank for you, GOBankingRates undertook a study of regional banks with a presence in at least five states but fewer than 20. Banks were ranked according to a number of features, including checking account fees, savings account and CD rates, and financial strength. Other factors, such as the depth of a bank’s product line, also carried a weighting.

If you’re looking for specific information about the best regional banks of 2020, click on one of the following links to jump ahead to your section of interest:

Here’s a quick look at GOBankingRates’ list of the Best Regional Banks of 2020:

Best Regional Banks of 2020
BankChecking FeeSavings APY12-Month CD APYAccess (ATMs)
Capital One Bank$01.80% 2.10%Use over 39,000 Capital One or Allpoint ATMs at zero cost. 
BBVA Bank$0-$190.050% 1.50%No ATM fees at more than 64,000 AllPoint®, participating 7-Eleven® and BBVA USA ATMs
KeyBank$0-$500.10%-0.20%0.050%-0.25%1,500+ ATMs, out-of-network ATM fee rebate varies by account
Fulton Bank$0-$100.02%0.05%Free Fulton Bank ATMs; $2.50 at non-Fulton ATMs, plus any third-party fees
Commerce Bank$8-$200.02%0.25%Free Commerce ATMs; some accounts refund up to $10/month in third-party ATM fees
TD Bank$15-$250.05%-1.15%1.00%No charge at all ATMs; third-party fees reimbursed if you maintain a $2,500 balance
The Huntington National Bank$0-$250.05%-0.25%0.10%No charge at Huntington ATMs; $3 charge at non-Huntington ATMs, plus any third-party fees
Regions Bank$5-$180.01%0.15%No charge at Regions ATM; $2.50 charge for domestic non-Regions ATMs; $5 charge for international non-Regions ATMs, plus any third-party fees

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    Best Regional Banks of 2020

    To determine the Best Regional Banks of 2020, GOBankingRates evaluated regional banks based on the following factors:

    • Average checking account fee
    • Average savings account APY
    • 12-month CD APY
    • BauerFinancial Star Rating for financial strength

    Availability of the following products and services was also taken into consideration: 

    • Auto loans
    • Mortgage loans
    • Credit cards
    • Investment services
    • Insurance services

    Accessibility was also considered, including 24/7 customer service with a live person and live chat capability. To qualify for the list, a regional bank had to have a physical presence in more than five states but fewer than 20. 

    Here’s a deeper look at each individual bank’s particulars to help you decide which one may best serve your financial needs. 

    Find Out: What Is a Money Market Account?

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    Capital One Bank

    Where It’s Located: Louisiana, Maryland, New Jersey, New York, Texas and Virginia.

    Why We Like It: Capital One has a great combination of no-fee accounts and vast fee-free ATM access, coupled with a well-known industry name.

    Products Offered: Checking, savings, IRAs and loans

    Benefits:

    • No minimum balance accounts
    • No-fee accounts
    • Highly rated mobile app
    • 39,000 fee-free ATMs

    Drawbacks:

    • Limited geographic footprint

    Fees: $0

    Minimum Deposit: 

    • Checking: $0 
    • Savings: $0 
    • CD: $0 

    Minimum Balance: 

    • Checking: $0 
    • Savings: $0 
    • CD: $0

    Rates (APY): 

    • Checking: 0.20%-0.75%
    • Savings: 1.80% 
    • 12-Month CD: 2.10% 

    Access (ATM): Use over 39,000 Capital One or Allpoint ATMs at zero cost. 

    How To Open an Account: You can open an account online in about five minutes by providing personal, financial and employment information.

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    BBVA Bank

    Where It’s Located: Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas. 

    Why We Like It: BBVA has free checking account options and a high 12-month CD rate.

    Products Offered: Checking, savings, loans and investments

    Benefits:

    • Fee-free access at up to 64,000 ATMs at higher account levels
    • High 12-month CD rate

    Drawbacks:

    • High fees for some accounts

    Fees: $0-$19

    Minimum Deposit: 

    • Checking: $25 
    • Savings: $25 
    • CD: $500 

    Minimum Balance: 

    • Checking: $0; up to $4,000 needed to avoid fees on some accounts
    • Savings: $0
    • CD: $500 

    Rates (APY): 

    • Checking: N/A  
    • Savings: 0.050% 
    • 12-Month CD: 1.50% 

    Access (ATM): More than 64,000 AllPoint®, participating 7-Eleven® and BBVA USA ATMs 

    How To Open an Account: You can open an account online if you’re a U.S. citizen. You’ll need to provide personal, financial and employment information, along with a funding source.

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    KeyBank

    Where It’s Located: Alaska, Colorado, Connecticut, Idaho, Indiana, Maine, Michigan, Minnesota, New York, Ohio, Oregon, Pennsylvania, Tennessee, Utah, Vermont and Washington.

    Why We Like It: KeyBank has broad coverage for those looking to open one of the bank’s numerous account options, with branches from Alaska to Pennsylvania.

    Products Offered: Checking, savings, loans, investing and insurance

    Benefits:

    • Extensive branch network for a regional bank
    • Fee-free “checkless” checking account
    • Broad array of account types
    • Educational services

    See: 9 Types of Checking Accounts

    Drawbacks:

    • High fees

    Fees: $0-$50

    Minimum Deposit: 

    • Checking: $10-$50 
    • Savings: $10
    • CD: $2,500

    Minimum Balance: 

    • Checking: $0; $0-$50 to avoid fees 
    • Savings: $0; $300 to avoid fees 
    • CD: $2,500 

    Rates (APY):  

    • Checking: N/A 
    • Savings: 0.10%-0.20% 
    • 12-Month CD: 0.05%-0.25% 

    Access (ATM): 1,500+ ATMs, out-of-network ATM fee rebate varies by account 

    How To Open an Account: You can open an account online in about 10 minutes. You’ll need your Social Security number, driver’s license or other government-issued ID, and a minimum opening deposit for checking and savings accounts.

    Learn: Pros and Cons of Online Savings Accounts

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    Fulton Bank

    Where It’s Located: Delaware, Maryland, New Jersey, Pennsylvania and Virginia 

    Why We Like It: Unlike many regional banks, Fulton Bank offers a completely free checking account with no minimum balance requirement and a free debit card.

    Products Offered: Checking, savings, CDs, loans, IRAs and health savings account (HSA)

    Benefits:

    • Low fees
    • Low minimums
    • Current promotional CD rate up to 1.76%, otherwise up to 0.70%

    Drawbacks:

    • Low APYs
    • Limited geographical footprint
    • High non-network ATM fees

    Fees: $0-$10

    Minimum Deposit: 

    • Checking: $25
    • Savings: $25
    • CD: $1,000

    Minimum Balance: 

    • Checking: $0-$2,000 to avoid fees
    • Savings: $0; $100 to avoid monthly fee
    • CD: $1,000

    Rates (APY): 

    • Checking: 0%-0.03%
    • Savings: 0.02%
    • 12-Month CD: 0.05%

    Access (ATM): Free Fulton Bank ATMs; $2.50 at non-Fulton ATMs, plus any third-party fees

    How To Open an Account: You can open an account online in about 15 minutes with your Social Security number, government-issued ID and funding deposit of at least $25.

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    Commerce Bank

    Where It’s Located: Colorado, Illinois, Kansas, Missouri and Oklahoma 

    Why We Like It: Commerce Bank offers a wide range of accounts, with fees that can be mostly avoided with direct deposits or larger balances.

    Products Offered: Checking, savings, CDs, money market, loans, insurance and investments

    Benefits:

    • Wide product line

    Drawbacks:

    • Low savings rate
    • High account fees

    Fees: $8-$20

    Minimum Deposit: 

    • Checking: $100
    • Savings: $0
    • CD: $1,000

    Minimum Balance: 

    • Checking: $0
    • Savings: $300
    • CD: N/A

    Rates (APY): 

    • Checking: 0%-0.05%
    • Savings: 0.02%
    • 12-Month CD: 0.25%

    Access (ATM): Free Commerce ATMs; some accounts refund up to $10 a month in third-party ATM fees

    How To Open an Account: You can open a Commerce Bank account online with personal and financial information and a funding deposit of at least $25.

    Learn More: How to Open a Bank Account Online: Everything You Need to Know

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    TD Bank

    Where It’s Located: Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont and Virginia.

    Why We Like It: TD Bank has a relatively broad reach for a regional bank, and many fees can be waived with direct deposits or a balance of at least $2,500.

    Products Offered: Checking, savings, CDs, loans and IRAs

    Benefits:

    • $300 sign-up bonus for new TD Beyond Checking customers
    • CD rates above-average for a regional bank

    Drawbacks:

    • Low savings APY
    • May be fees for non-TD ATMs

    Fees: $15-$25

    Minimum Deposit: 

    • Checking: $0
    • Savings: $0 
    • CD: $250 

    Minimum Balance: 

    • Checking: $0
    • Savings: $0; $300 to avoid fee unless you are under 18 years old or over 62
    • CD: $250 

    Rates (APY): 

    • Checking: 0.01%-0.05%  
    • Savings: 0.05%-1.15%
    • 12-Month CD: 1.00%

    Access (ATM): No charge at all ATMs; third-party fees reimbursed if you maintain a $2,500 balance

    How To Open an Account: You can open a TD Bank account online in about 5-10 minutes. You’ll need your Social Security number, date of birth, government-issued ID, basic contact info and source account numbers for funding purposes.

    Read: Are High-Yield Savings Accounts Worth It? Here’s Everything You Need to Know

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    The Huntington National Bank

    Where It’s Located: Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia. 

    Why We Like It: The Huntington National Bank offers a diverse product line and pays higher rates for larger accounts, but it also has free account options.

    Products Offered: Checking, savings, CDs, loans, insurance and IRAs

    Benefits:

    • Free checking account option

    Drawbacks:

    • Low CD rates
    • High fees for out-of-network ATMs
    • High account fees for many accounts with smaller balances

    Fees: $0-$25

    Minimum Deposit: 

    • Checking: $0; $5,000 or $25,000 to avoid fees with Huntington 5 or Huntington 25 Checking
    • Savings: $50
    • CD: $1,000 

    Minimum Balance: 

    • Checking: $0; $5,000 or $25,000 to avoid fees with Huntington 5 or Huntington 25 Checking
    • Savings: $0.01; $2,500 to avoid fees on certain accounts
    • CD: $1,000 

    Rates (APY): 

    • Checking: 0%-0.10% 
    • Savings: 0.05%-0.25%
    • 12-Month CD: 0.15%

    Access (ATM): No fee at Huntington ATMs; $3 fee at non-Huntington ATMs, plus any third-party fees

    How To Open an Account: You can open an account online in about 10 minutes if you are a U.S. citizen age 18 or older and a resident of one of the seven states in which the bank operates. You’ll need your Social Security number and a government-issued ID.

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    Regions Bank

    Where It’s Located: Regions Bank is located in 14 states across the South, Midwest and Texas. 

    Why We Like It: Regions Bank has a fairly broad reach for a regional bank, covering 14 states. It offers a Relationship Rewards program and access to over 1,900 ATMs across its regions.

    Products Offered: Checking, savings, CDs, money market and IRAs

    Learn: Money Market Accounts vs. Savings Accounts: What’s the Difference?

    Benefits:

    • Good regional coverage
    • Relationship Rewards program

    Drawbacks:

    • Low interest rates
    • High third-party ATM fees

    Fees: $5-$18

    Minimum Deposit: 

    • Checking: $25 
    • Savings: $50 online (or $5 in-branch for some accounts)
    • CD: $500; $2,500 for shorter-term CDs; $10,000 for promotional CDs

    Minimum Balance: 

    • Checking: $0; up to $5,000 to avoid fees
    • Savings: $0; $300 for some accounts to avoid fees
    • CD: N/A

    Rates (APY): 

    • Checking: 0%-0.01%
    • Savings: 0.01% 
    • 12-Month CD: 0.15% 

    Access (ATM): No fee at Regions ATM; $2.50 fee for domestic non-Regions ATMs; $5 fee for international non-Regions ATMs, plus any third-party fees

    How To Open an Account: You can open an account online with your Social Security number, email address and personal identification.

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    How To Choose a Regional Bank

    There are other important considerations when it comes to choosing a regional bank beyond fees and rates. Take a look at some of the other factors that should play a role in your decision.

    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.

    Related: 15 Best New Bank Promotions and Bonuses: November 2019

    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.

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    Regional Banks vs. National Banks

    Regional banks have both strengths and weaknesses when compared with national banks. Here’s a look at some of the most important distinctions.

    Advantages of Regional Banks 

    • Regional banks often have a community feeling rather than the impersonality of some large national banks
    • Regional banks may have promotional rates or products specific to a local area
    • National banks may not have a presence in some smaller communities served by regional banks

    Disadvantages of Regional Banks 

    • The product lines at regional banks may not be as complete as at national banks
    • Regional banks often charge high fees 
    • There may not be a bank in your area

    Also Consider: Investing In Certificates of Deposit

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    Summary

    Regional banks can be a good option for customers that 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. Still, they can be a good option to get you started if you’re one of the 58% of Americans that don’t have even $1,000 in savings.

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    FAQ

    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.

    What Banks Are Giving Money For New Accounts?

    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.

    More From GOBankingRates

    Methodology: GOBankingRates identified the Best Regional Banks of 2020 based on the following factors: (1) average monthly fee across all checking account offerings, (2) average APY across all savings accounts, (3) the APY for 12-month certificates of deposit and (4) BauerFinancial Star Rating for overall financial strength. 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. Next, banks were scored on their accessibility, including (10) 24/7 customer service with a live person and (11) live chat availability. Banks were then ranked according to their total score. In order to be considered a Best Regional Bank of 2020, all banks in this category had to have a physical branch presence in fewer than 20 states but more than five. GOBankingRates’ rankings for the Best Banks of 2020 were based on rates and other information compiled from individual institutions’ websites and/or conversations with representatives from the financial institutions throughout September 2019 and October 2019. All rates and other information pertaining to each account listed in the article were last verified in November 2019. All costs, terms and conditions are subject to change at the discretion of each financial institution. For more information, see the complete methodology for the rankings.

    About the Author

    After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.