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We selected Ally, Bank of America, Rally Credit Union, and GECU as the best banks and credit unions in Texas.
These banks have remained our top picks 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 accountBank of America: Best for opening a checking accountRally Credit Union: Best local institution, tiedGECU: 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.
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.
Compare the Best Banks in Texas
Best Banks in Texas: Frequently Asked Questions
What is the No. 1 bank in Texas?
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?
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?
Wells Fargo has the most branches in Texas, with over 500 locations in 177 cities. Chase isn’t far behind, though.
Best Financial Institutions in Texas Reviews
Best Bank for Opening a Savings Account
Ally
Ally is a solid contender if you’re looking for a savings account. It pays Ally High Yield Savings Account APY, requires no minimum opening deposit, and doesn’t charge monthly fees. The Ally High Yield 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
Bank of America nabbed a spot on our best national banks guide as the best national bank in the Southwest. It’s 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
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 – Product Name Only is the bank’s strongest product. It lets you earn up to Rally Credit Union Liberty Checking Account – Product Name Only if you meet the following requirements:
Maintain a balance under $25,000Make ten debit card transactions each monthSchedule one direct deposit or automatic payment each monthEnroll 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
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 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.
Other Institutions That Didn’t Make Our List and Why
Wells Fargo Savings Account – Editorial Name Only: Wells Fargo has the most branch locations in the state, but its trustworthiness and customer satisfaction ratings are lower than Bank of America. Read the full review of Wells Fargo here.Chase Savings℠ – Editorial Name Only: Chase has a variety of accounts and a robust branch and ATM network, but it’s a bit harder to waive the monthly maintenance fees at Chase than it is at Bank of America. Prosperity Bank Personal Savings Account: Prosperity Bank requires a higher minimum opening deposit than most of the other options on our list and also has a withdrawal fee if you make more than three withdrawals on the savings account per month.Woodforest National Bank Savings Account: Woodforest National Bank has a variety of accounts, but you’ll have to keep a certain amount in your account monthly or pay a monthly service fee. Frost Savings Account – Product Name Only: Frost Bank may be a worthwhile option if you’re searching for CDs, but its savings and checking have monthly service fees if you don’t reach a certain amount each month. Read Insider’s review of Frost Bank.IBC Bank: International Bank of Commerce has a free checking account, but its savings account is less competitive. Comerica Bank Statement Savings Account: Comerica Bank has a large branch and ATM presence in the state, but its savings accounts earn a low interest rate and have monthly maintenance fees. Truist One Savings: Truist Bank has low minimum opening deposits on its accounts, but its savings accounts earn a pretty low interest rate. Bank of South Texas: This Hispanic American-led bank pays higher interest rates than most brick-and-mortar banks, but it only has a few branches in the state.Border Federal Credit Union: This Hispanic American-led credit union is a Juntos Avanzamos designated credit union, but it only has a few branches in the state.Citizens State Bank: You might like Citizens State Bank if you live in Roma or Rio Grande City, Texas, and want to explore local banking. It only has a couple of branches and ATMs, though. CoastLife Community Credit Union: This Hispanic American-led credit union pays high interest rates on its accounts, but it’s only available to residents in select counties near Corpus Christi or Portland, Texas. Edinburg Teachers Credit Union: This Hispanic American-led credit union has low minimum opening deposits on its accounts and zero monthly fees, but it doesn’t have a mobile app. evolve Federal Credit Union: evolve has a good high-yield checking account. You might have to pay a monthly service fee if you can’t meet the requirements, though. Falcon International Bank: You might like this Hispanic American-led bank if you don’t want to pay monthly service fees. However, its savings rates are low. Freedom Bank: This Hispanic American-owned bank lets you earn a high interest rate, but only has a few branches. GulfCoast Credit Union: You’ll earn a higher interest rate with this Hispanic American-led credit union than you would at a typical brick-and-mortar bank, but branches are only available in Corpus Christi, Alice, and Portland, Texas.Laredo Federal Credit Union: Laredo has free checking and savings accounts but pays low interest rates. La Joya Area Federal Credit Union: This Hispanic American-led credit union only has a couple of branches in the state. You may like this Hispanic American-led institution if you live in Hidalgo County, Texas, though. Lone Star National Bank: Lone Star has low minimum opening deposits on accounts, but you’ll have to meet a certain amount monthly to waive the service fee. Members First Credit Union: This Hispanic American-led institution is only available if you live in Nueces or Cameron County. Other institutions on our list are available in more locations. Naft Federal Credit Union: Naft Federal pays low interest rates on savings accounts and requires you to maintain a certain amount in your account each month to waive a service fee. Rio Bank: Rio Bank requires you to maintain a certain amount each month, or you’ll have to pay a monthly service fee.River City Federal Credit Union: River City Federal Credit Union is a great choice if you’d like to bank with a Hispanic American institution, but it has fewer branches than some of the credit unions mentioned in our list.Security First Credit Union: Security First Credit Union doesn’t charge any monthly fees but pays a low savings rate.SouthWest Heritage Credit Union: This Hispanic American-led institution only has a few branch locations available in Odessa or Wink, Texas, while other credit unions featured on our list have more locations. Texas National Bank: Texas National Bank pays higher interest rates than most brick-and-mortar banks, but it has fewer branch locations than the institutions we chose. United Bank El Paso del Norte: While this Hispanic American-owned bank has low minimum opening deposits on its accounts, it doesn’t have an ATM network.Unity Bank: This Black-owned bank has low minimum opening deposits, but you need to meet certain requirements to waive monthly service fees.Zapata National Bank: Zapata has only one branch location in Zapata, Texas, and two free ATMs.
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 institutionBBB ratingAllyABank of AmericaA-RallyA+GECUA+
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 3 unresolved complaints on the BBB website. Bank of America has an A- rating due to government action against the bank.
A good BBB rating doesn’t necessarily mean that your relationship with the business will be the same as others’ relationships. Consider talking to family or friends who are members or read online customer reviews.
Bank of America has been been involved in a few recent public scandals.
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 2020, the Department of Justice required Bank of America to pay $300,000 to people with disabilities due to claims that people qualified for Bank of America’s loans but were denied. In 2019, the Department of Labor charged Bank of America $4.2 million in a settlement that claimed the bank discriminated against African Americans, Hispanic Americans, and women during the hiring process.
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:
Insider
Tania Brown, certified financial planner at SaverLifeRoger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance InsiderMykail James, MBA, certified financial education instructor, BoujieBudgets.com
Here are five questions you’ll want to ask yourself when choosing a bank:
Is it FDIC insured? If it’s a credit union, is it NCUA insured?What does the account charge in fees?How can your bank grow with you?How accessible is it, in person or online?What type of security does it provide for online access?
Methodology: How Did We Choose the Best Banks in Texas?
At Personal Finance 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 union and the best local bank, 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.
