- Best Banks in Texas
- Compare the Best Banks
- FAQs
- Best Financial Institutions in Texas Reviews
- Why You Should Trust Us
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To determine the best banks in Texas, we reviewed the 10 biggest banks and credit unions in the state, as well as local financial institutions that are recognized as minority depository institutions by the FDIC or NCUA. We also considered online banks regarding our top pick for savings accounts. We selected Ally, Bank of America, Rally Credit Union, and GECU as our top picks for Texas residents.
These banks have remained our best banks for Texas for the last few months because they continue to stand out for their unique accounts and impressive features. Learn more about our top picks below.
Best Banks in Texas
- Ally: Best for opening a savings account
- Bank of America: Best for opening a checking account
- Rally Credit Union: Best local institution, tied
- GECU: Best local institution, tied
Our top picks have bank accounts that are FDIC- or NCUA-insured. Bear in mind your money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.
Compare the Best Banks in Texas
Best bank for opening a savings account Ally Savings Account Start saving Ally Bank, FDIC Insured
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksFeesno monthly service fee
Annual Percentage Yield (APY)4.20%
Minimum Opening Deposit$0
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. High APY
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Savings buckets help you save for different goals
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Surprise savings transfers help you save extra money from your checking account
- con icon Two crossed lines that form an 'X'. No physical branch locations
- con icon Two crossed lines that form an 'X'. No way to deposit cash
The Ally High Yield Savings Account is a great option for anyone who wants savings tools to help save for specific financial goals, or prioritizes an account that doesn't charge standard bank fees.
Ally Savings Account Product Details- Create separate savings buckets in a savings account
- Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
- Interest compounded daily, paid monthly
- FDIC insured
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksFees$12 monthly service fee
Annual Percentage Yield (APY)None
Minimum Opening Deposit$100
Bonus Info icon New Bank of America customers may receive a $200 bonus when you open a Bank of America Advantage Banking account with a Bank of America associate who enrolls you in offer, and set up direct deposit for $2,000 or more within the first 90 days of opening the account (offer expires May 31, 2024)$200
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Multiple ways to waive monthly service fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Link to savings for free overdraft protection
- con icon Two crossed lines that form an 'X'. $100 minimum opening deposit
- con icon Two crossed lines that form an 'X'. $12 monthly service fee
- con icon Two crossed lines that form an 'X'. $10 overdraft fee
- con icon Two crossed lines that form an 'X'. $2.50 out-of-network ATM fee
- New Bank of America customers may receive a $200 bonus when you open a Bank of America Advantage Banking account with a Bank of America associate who enrolls you in offer, and set up direct deposit for $2,000 or more within the first 90 days of opening the account (offer expires May 31, 2024)
- Access to over 3,900 branches and 15,000 ATMs
- Waive $12 monthly service fee by doing one of the following: receive $250/month in direct deposits, keep $1,500 minimum daily balance, enroll in Preferred Rewards, or be a student under age 25
- If you use Balance Connect and link your checking account to a backup account, there's a $0 overdraft protection transfer fee
- FDIC insured
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Feesno monthly service fee
Annual Percentage Yield (APY)0.01% to 3.01%
Minimum Opening Deposit$20
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. High APY
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. $20 minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Unlimited out-of-network ATM reimbursements if you meet qualifications
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Overdraft protection
- con icon Two crossed lines that form an 'X'. Must meet qualifications to earn high APY
- con icon Two crossed lines that form an 'X'. $30 non-sufficient funds fee
- con icon Two crossed lines that form an 'X'. $1.50 out-of-network ATM fee
- Hispanic American-owned credit union
- To become a member, you'll need to live, work, or go to school in South Texas county and pay $25 to Navy Army to open a savings account OR $45 if you open a savings and checking account
- 21 branches in Texas (Corpus Christi, Aransas Pass, Beeville, Calallen, Kingsville, Portland, Rockport, Brownsville, Edinburg, McAllen, Mission, Weslaco, Pharr)
- Access to 30,000 free ATMs through the Co-Op Shared Network
- Earn 3.01% APY on balances under $25,000 by making 10 debit card transactions monthly, scheduling one direct deposit or automatic payment monthly, and enrolling in electronic email statements
- Earn 0.50% APY on balances over $25,000 if qualifications are met
- Earn 0.01% APY if requirements aren't met
- Unlimited reimbursements on out-of-network ATM fees if you meet APY requirements
- Interest compounded and deposited monthly
- Federally insured by the NCUA
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Feesno monthly service fee
Annual Percentage Yield (APY)0.15%
Minimum Opening Deposit$10
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. $20 minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- con icon Two crossed lines that form an 'X'. Need $100 in your account daily to earn APY
- con icon Two crossed lines that form an 'X'. Interest compounded quarterly, not daily
- con icon Two crossed lines that form an 'X'. Low APY compared to online banks
- con icon Two crossed lines that form an 'X'. Only 4 free transactions per month, then $3 per transaction
- Credit union that serves a Hispanic American community
- 27 locations in El Paso, Texas, and part of the CO-OP Shared network
- To become a member, you or a family member need to work or live in El Paso County, Dona Ana County, or Hudspeth County
- To earn APY, you need to maintain $100 in your account daily
- Interest compounded and deposited quarterly
- Federally insured by the NCUA
Best Banks in Texas FAQs
What is the No. 1 bank in Texas? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Depending on your banking needs, you might consider Ally or Bank of America to be the best bank in Texas. However, there are also strong credit unions: Rally Credit Union and GECU are insured by the NCUA, have low fees, and are local institutions.
What is the most common bank in Texas? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Wells Fargo is probably the most common bank in Texas, because it has the most branches in the most cities.
What bank has the most branches in Texas? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Wells Fargo has the most branches in Texas, with over 500 locations in 177 cities. Chase isn't far behind, though.
What's the best bank to have in Texas? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.The best bank in Texas for you depends on what you want out of a bank. We chose Bank of America as the best bank for opening a checking account in Texas, and we chose both GECU and Rally Credit Union as the best local institutions.
What bank is popular in Texas? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.There are several popular banks in Texas. You can expect large, nationwide banks, such as Bank of America, to be popular in Texas, as well as in other states. We named Bank of America as one of the best banks in Texas for its checking account.
Does Texas have credit unions? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Yes, Texas has credit Unions. We chose Rally Credit Union and GECU as the best local credit unions in Texas.
What banks are available in Texas? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Several banks are available in Texas. We selected Ally and Bank of America as our top picks for banks that operate in Texas.
Best banks and credit unions in TexasAlly Bank
Bank of America
Best Financial Institutions in Texas Reviews
The best banks and credit unions in Texas will offer strong interest rates, good perks, and low monthly fees. They'll also be accessible to Texas residents and offer many different types of bank accounts, such as money market accounts, savings accounts, checking accounts, and CDs.
Here are the best banks and credit unions in Texas as picked by Business Insider editors in 2024.
Best Bank for Opening a Savings Account
Ally is a solid contender if you're looking for a savings account. It pays 4.20% APY, requires no minimum opening deposit, and doesn't charge monthly fees. The Ally Savings Account has online tools that help you separate your money into savings buckets.
If you previously struggled to reach customer service in the past, you may like Ally's approach — it offers 24/7 customer support over the phone and through live chat.
As an online-only bank, Ally doesn't have a direct way to deposit cash. (Although you can use direct deposit and deposit checks.) You'll have to transfer your money from another account to deposit cash.
Best Bank for Opening a Checking Account
Bank of America is matched with Chase for having the largest ATM network by a brick-and-mortar bank and has one of the largest branch networks among US banks.
Bank of America has a variety of checking account options. With the Bank of America Advantage Plus Checking Account, there are several ways to waive the monthly service fee.
Be careful of overdrawing from your account. Bank of America charges a $35 overdraft fee. While it offers overdraft protection, you'll still pay a fee if you transfer money from a savings account.
Another fee to watch out for is out-of-network ATM fees. You'll have to pay a $2.50 fee each time you use an ATM that's not from Bank of America.
Best Local Institution, Tied
Rally Credit Union is a local Hispanic American-led institution that doesn't charge monthly service fees.
Rally has 21 branches, and it is part of the Co-op Share Network, which provides access to over 30,000 free ATMs and 5,600 shared branch locations.
The Rally Credit Union Liberty Checking Account is the bank's strongest product. It lets you earn up to Rally Credit Union Liberty Checking Account if you meet the following requirements:
- Maintain a balance under $25,000
- Make ten debit card transactions each month
- Schedule one direct deposit or automatic payment each month
- Enroll in electronic email statements
To become a member, you need to live, work, or go to school in South Texas. You'll need to keep at least $25 in your savings account daily to maintain membership.
Best Local Institution, Tied
GECU is an excellent choice if you're exploring local banking options.
GECU is a certified community development financial institution and Juntos Avanzamos designated credit union. It's been certified to ensure that it provides products and services that serve everyone in the community, regardless of immigration status or income.
The credit union lets you use a permanent resident card, foreign passport, or Matricula Consular as a photo ID. Instead of a social security number, you may share your ITIN number.
GECU offers free checking accounts and savings accounts with low minimum opening deposits. Its CDs also pay high interest rates.
To be eligible for membership at GECU, you or a family member must live in an eligible county or work for a specific employer. If you're searching for a high savings rate, other institutions may offer a better rate.
Banks Trustworthiness and BBB Ratings
We use ratings from the Better Business Bureau to help show how financial institutions address customer issues and handle transparency.
| Financial institution | BBB rating |
| Ally | A |
| Bank of America | A- |
| Rally | A+ |
| GECU | A+ |
All the financial institutions on our list have strong ratings overall from the BBB. According to the BBB, Ally has an A grade because it has a few unresolved complaints on the BBB website. Bank of America has an A- rating due to government action against the bank.
Bank of America has been involved in three recent public controversies.
In 2023, Bank of America paid over $100 million to customers in a settlement when accused of repeatedly charging a $35 overdraft fee for the same transaction, withholding credit card rewards, and enrolling customers in credit card accounts without them knowing or authorizing it. In 2022, the Consumer Financial Protection Bureau required Bank of America to pay $225 million, claiming the bank mishandled state unemployment benefits during the pandemic.
Also in 2022, the CFPB ordered Bank of America to pay $10 million. The CFPB says that Bank of America was illegally garnishing customers' accounts.
Why You Should Trust Us: Experts' Advice on Choosing the Best Bank in Texas
To learn more about what makes a good bank and how to choose the best fit, four experts weighed in:
- Tania Brown, CFP, vice president of coaching strategy at OfColor
- Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life"
- Sophia Acevedo, banking editor, Business Insider
- Mykail James, MBA, certified financial education instructor, BoujieBudgets.com
Here are five questions you'll want to ask yourself when choosing a bank:
Methodology: How Did We Choose the Best Banks in Texas?
At Business Insider, our goal is to create helpful content to help you make good decisions about your money. Every person is different, so we provide ample options so you can find the most suitable financial product or account for you.
We research extensively to make sure that you know the standout features and limitations of a financial institution.
We looked at the top 10 biggest banks and credit unions in the state, plus state financial institutions featured in our Black-owned banks and credit unions guide and Hispanic American-owned banks and credit unions guide.
When searching for the best accounts, we honed in on those that paid high-interest rates and offered unique features.
For the best credit unions, we chose institutions that provided the strongest overall banking experience: great customer service availability, easy membership requirements, and accounts with low minimum opening deposits and zero monthly fees.
Sophia Acevedo Banking Editor Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia's expertise includes:- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
Evelyn He Compliance and Operations Associate Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Read more Read less Top Offers From Our Partners 
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