Everything’s bigger in Texas, including the features and benefits of these top 10 banks, as determined by GOBankingRates. That said, no single state bank is the absolute best in every category. The top choice for best interest rates might differ from the bank with the lowest mortgage rates, for example, and features like 24/7 bank customer service or a selection of personal and commercial loan rates might tip the scales in your eyes if that’s what you need.
To select the best banks in Texas, GOBankingRates used a methodology focused on bank asset size, accessibility, monthly checking account fee, savings account interest rate, and available products. The following list represents standouts in these categories so you can use the list to help you choose the right bank for your needs.
10 Best Banks in Texas
Always check directly with the bank for current terms before you open an account or take out a bank loan. The best banks in Texas are:
- Prosperity Bank
- Independent Finance Bank
- Wells Fargo
- Frost Bank
- PlainsCapital Bank
- LegacyTexas Bank
- USAA Federal Savings Bank
- Comerica Bank
- Texas Capital Bank, National Association
- Southside Bank
The Prosperity Bank Savings account is a standout, offering a high 0.30% APY and waiving the $3 monthly service fee if you keep a balance of at least $200. The account offers the following free features:
- Online and mobile banking
- Unlimited ATM withdrawals at all Prosperity ATMs
- Up to three free debit transactions per month, with each additional transaction costing $2
Prosperity also offers a free checking account that carries no monthly service fee and has no minimum balance requirement when you open the account with at least $100. You can also find competitive mortgage loan rates, credit cards, auto loans and investment services.
Independent Finance Bank
Independent Finance Bank offers a 0.50% APY, which is the highest savings account yield in the GOBankingRates Texas ranking, and the account automatically pairs with your Free Rewards Checking account. You must have the checking account activity to earn the high interest rate, as well as meet the following terms: 12 or more posted debit transactions per month, enrollment in e-statements, and have at least one posted and cleared direct deposit or ACH payment per month. Meet those requirements and you’ll also enjoy:
- No monthly service charge
- No minimum balance requirement
The bank’s Free Rewards Checking pays a 1.50% APY on balances up to $10,001 if the above requirements are met. The account requires a $100 minimum opening deposit.
Wells Fargo is a leader when it comes to Texas bank branches and overall services. Wells Fargo offers over 6,000 branches, and the bank is one of only two on the GOBankingRates top 10 list for Texas offering financial services across five verticals: auto loans, home mortgages, credit cards, investment services and insurance.
Wells Fargo has an Everyday Checking account that features:
- Online financial tools like My Money Map
- Full services of Wells Fargo
- Elimination of $10 monthly fee if you make a $25 minimum opening deposit and 10 or more debit card transactions per month and keep $1,500 in the account or link a Wells Fargo Campus ATM or Campus debit card
Frost Bank is a local Texas bank that boasts over $30 billion in assets. The bank prides itself on customer service and offers:
- A live person in Texas answering your phone calls
- High mobile deposit limit of $25,000 daily
The $8 monthly service charge for an account can be waived with a $100 direct deposit, a $1,000 minimum daily balance or a combined balance of $5,000 across all of your Frost Bank accounts.
Frost Bank’s savings account pays a 0.05% APY and has a $3.50 monthly fee that’s waived with a $500 minimum daily balance. Other products include home and auto loans, insurance and investment services.
Although PlainsCapital Bank doesn’t offer auto loans or insurance, the bank does feature a choice of six different checking accounts. The free option, Simply Free Checking, has no minimum balance or monthly fee, and the minimum to open is just $50. The following services are free:
- Unlimited check writing
- Free mobile, voice and text banking
- Five monthly bill payments
The bank also offers a free savings account that pays 0.05% APY on balances of at least $100.
LegacyTexas Bank offers a free checking account that you can open with a minimum deposit of $100. The account features:
- No monthly service charge
- No minimum balance required
- Mobile and online banking
- Free debit card
- Free online bill pay
The account also provides various money management tools and additional benefits, such as a 0.50 percent discount on select personal loan rates with autodebit. The bank provides a host of additional traditional banking services, from home mortgages and auto loans for new and used vehicles to credit cards and budgeting tools.
USAA Federal Savings Bank
USAA Federal Savings Bank is one of the largest on this list in terms of asset size, with over $80.5 billion in customer funds. USAA Bank’s free checking account is a standout, charging no annual fee and requiring no minimum balance after you open the account with $25. The account offers:
- Up to 10 free monthly transactions at nationwide USAA ATMs
- $15 in monthly ATM fee reimbursements from non-USAA ATMs
- Free mobile tools
- Industry-leading security measures
- Overdraft protection for customers with a second USAA account
- Special features for military recruits
Comerica Bank is a giant, both in terms of size and service, with almost 440 branches and over $71.5 billion in assets. Along with Wells Fargo, Comerica is one of only two banks on the top 10 Texas banks list that provides customers with options for auto loans, home mortgages, credit cards, investment services and insurance.
The bank’s most basic checking account, Access Checking, carries a $13 monthly fee, which is the highest monthly service fee on this list, but this can be waived if you:
- Maintain a daily balance of at least $1,000
- Initiate one direct deposit of at least $250 per month
- Are a full-time college student age 26 or younger
- Own a business and have a specific open checking account, the Comerica Business Checking Account
- Are an active or retired member of the U.S. military
Comerica’s offerings include:
- Mobile banking app
- Knowledge center
- Rate discount on a Comerica Home Equity Flexline when using autopay
Texas Capital Bank, National Association
Texas Capital Bank offers nearly all commonly needed banking services except home mortgages. The bank does provide mortgage services for businesses, along with credit solutions and global services. Private wealth solutions and a range of investment options are available for individuals.
The bank’s Smart Checking Account is its fee-free option, which requires a $100 opening deposit but provides the following for free:
- First 50 checks
- Visa CheckCard
- Online and mobile banking
The bank’s Regular Savings Account requires $100 to open but charges no fees and offers a 0.10% APY.
With about $8.5 billion in assets, Southside Bank is the smallest bank on this top 10 list. The bank’s Regular Savings Account pays a 0.06% APY on balances under $2,500, but that increases with deposit size, topping out at 0.35% APY for deposits of $250,000 and above, at the time this ranking’s research was conducted. A $300 balance is enough to avoid the $3 monthly service fee.
Southside’s Classic Checking Account features:
- No fees
- Online banking with bill pay
- Advantage Check Card
- Overdraft privileges
- Detailed statements
There is a $5 inactivity fee if there is no activity on the account for 90 days and the balance is less than $500. Additional services include home mortgages, investments, auto loans and credit cards.
Methodology: To determine the best banks in the state, GOBankingRates ranked the top 10 banks based on (1) asset-size, with $100 million minimum in assets held, according to the FDIC; (2) monthly checking account service fee; (3) savings account annual percentage rate, which was either a flat rate or the lowest tiered rate available from the bank for non-specialty savings account products; (4) bank accessibility, based on the approximate number of branches; and (5) products, with banks being scored on selection of products offered, including auto loans, mortgage loans, credit cards, investment services, and insurance.
Data for this ranking was compiled from and verified against the individual institutions’ websites between Sept. 21 and Sept. 26, 2017. Rates, terms and conditions are subject to change at the discretion of the individual financial institutions. APY was based on the minimum deposit required to open the account. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Please verify terms and conditions before opening an account.
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 banks mentioned in this ranking are clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement.
Related: The Best Banks of 2018