Finest North Carolina Financial Institutions for March 2023

When you have a question about banking, one of our experts will provide a thorough and objective response (here's how we evaluate banking products). Although we may earn a commission from our affiliates, we always give our honest opinion. Prices and availability subject to change.

Banks and credit unions in North Carolina that we recommend include Ally, First Citizens Bank, First National Bank, Mechanics & Farmers Bank, and State Employees Credit Union.  

Checking accounts of today vs.

These financial institutions stand out from the rest due to their low banking costs and convenient extras. These financial institutions have remained at the top of our recommendations list for the past few months due to their low banking costs and other noteworthy features.

Read on to find out why the following options made our list.

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Savings Rates at the Largest Banks in North Carolina

The top North Carolina banks' savings rates are listed below. No savings account in the United States will earn interest in March 2023. According to the FDIC, 35% APY is a good rate of return

Our research revealed that none of these financial institutions provided a particularly attractive interest rate on savings accounts, so we didn't end up selecting any of them as the best overall. Nonetheless, you might find that one of these financial institutions is ideal for your needs.

Ally is the best place to start a savings account.

The top financial institution for establishing a bank savings account
4.75 /5
A star with five points, then another star with five points, and yet another star with five points.
Yield to Maturity (YM) or Annual Percentage Yield (APY)
4.75 /5
An infinite number of five-pointed stars
Yield to Maturity (APY)
Ally's website Funds Guaranty Institution
An Ally High Interest Savings Account
The Pluses and Minuses If you see this, it means that the section or menu you're viewing can be expanded, or that there are previous and subsequent links available.
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High APY
A tick in the box It's a confirmation of the communication you had planned.
No initial deposit is required.
That's a Yes! It's a confirmation of the communication you had planned.
There are no subscription costs
Indicated by a tick It's a confirmation of the communication you had planned.
Divide your savings up between various objectives with the help of "savings buckets."
The presence of a checkmark That's a confirmation of your planned communication.
Transferring money out of your checking account into your savings account unexpectedly is a great way to save more money.
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The absence of any actual branch offices
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There is no means of making a deposit at this time.
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  • Make use of a savings account's multiple subaccounts.
  • To automatically put aside money from your Ally checking account three times a week, sign up for surprise savings transfers.
  • Daily interest compounded, interest paid once per month
  • Insured by the FDIC
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One reason it stands out is because North Carolina's traditional banks offer below-average interest rates. Ally is a great online choice for those seeking a high-yield savings account. It offers a rate comparable to that of major banks and does not impose any of the usual banking fees.

If you're looking for a savings account that also includes helpful financial management tools, the Ally High Yield Savings Account might be a good option for you. You can use the account's "savings buckets" to keep track of your money and allocate it to various objectives.  

Ally offers around-the-clock phone and online chat support for customers.  

One thing to keep in mind is that, because this bank is only accessible online, you will need to make a transfer from another account if you want to deposit cash.  

First National Bank is the Top Choice for a New Checking Account.

Best place to open a checking account
4 /5
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Payback in terms of a percentage each year.
There is a $50 online fee, but there is no in-store fee.
4 /5
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Payback in terms of a percentage each year.
It costs $50 to make a purchase on the web, but nothing at the local branch.
At the online branch of First National Bank
Free Checking Account at First National Bank
Pluses and Minuses To expand this section or menu, or to access previous or subsequent pages, click here.
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Reduced Required Initial Deposit
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There are no subscription costs
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A safeguard against overdrafts
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$2 ATM withdrawals cost .50 when used outside of the network.
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Amount: $37.00
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If you use overdraft protection, there is a $10 transfer fee.
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  • With over 800 ATMs and 339 retail locations across 7 eastern states.
  • Affiliate of the FDIC

This bank stands out because it provides a great free checking account and it is owned by a reputable national institution. No minimum deposit is required to open a First National Bank Freestyle Checking Account at a local branch. You'll need to deposit at least $50 to open one online. The bank has an extensive network of automated teller machines (ATMs), with 800 locations across seven East Coast states.

Review Insider's top-recommended US checking accounts »

Caution: if you withdraw too much money from your account, you may incur fees. If you overdraw your account, you'll be charged $37. If you go over your limit, you can transfer money to another bank account through the bank's overdraft protection system; however, doing so will cost you $10.

First Citizens Bank is the best bank in which to open a checking and savings account.

Where to open a checking and savings account with the highest ratings
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Yield to Maturity (APY)
4 /5
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Yield to Maturity (YMY) or Annual Percentage Yield (APY)
Over at the First Citizens Bank webpage FDIC-Guaranteed First Citizens Bank
Free Checking Account at First Citizens Bank
Ins and Outs It denotes a pull-down menu, expandable section, or back/forward controls.
Indicated by a tick It's a confirmation of the conversation you had in mind.
Deposit Required to Open Account: $50
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There are no subscription costs incurred monthly.
It's a done deal It's a confirmation of the communication you had planned.
Planning and forecasting aids
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Choices aplenty for warding off overdraft fees
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The overdraft fee is $10.
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Money transferred overdrawn by $10
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$1 There is a $50 fee for using an ATM that is not part of your financial institution's network.
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  • We have over 550 locations in 22 different states: AZ, CA, CO, FL, GA, HA, KS, MD, MI, NE, NV, NC, OK, OR, SC, TN, TX, VA, WA, WV, WI
  • There are over 600 no-fee ATMs.
  • Several choices exist for covering unexpectedly large purchases: either linking to a savings account or applying for a revolving line of credit.
  • With overdraft protection, a $10 transfer fee is applied.
  • Affiliated with the FDIC
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Your top choice for a new checking and savings account
3.75 /5
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Rate of interest expressed as a percentage earned each year.
3.75 /5
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Yield to Maturity (APY)
Accessible via the First Citizens Bank website Founded in 1889, First Citizens Bank is a member of the Federal Deposit Insurance Corporation.
Savings Account at First Citizens Bank, Available Online
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Puttin' Something In The Box This confirms that you want to have that conversation.
Put in a minimum of $50
That's a Yes! It's a confirmation of the communication you had planned.
There are no ongoing fees
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Disappointingly low interest rate
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Expenses beyond reason for each withdrawal exceed $3.
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  • Over 550 locations in 22 different states (AZ, CA, CO, FL, GA, HA, KS, MD, MI, NE, NV, NC, OK, OR, SC, TN, TX, VA, WA, WV, WI).
  • There are more than 600 free ATMs available.
  • When you make more than two withdrawals from your bank account per month, a $3 fee will be assessed.
  • Daily interest deposited once per month with a compounding schedule
  • FDIC Participant

The First Citizens Bank stands out because it is an excellent option for those who value the classic style of banking. It's the third-largest bank in the state, and its checking and savings accounts are completely free.  

One of First Citizens Bank's best features is their free checking account. It has a budgeting feature that can be used to keep tabs on spending, set financial goals, and track debt.

There is no minimum balance requirement for the First Citizens Bank Online Savings Account, and the opening deposit is only $50.  

To avoid overdraft fees, be wary of making withdrawals from your checking account when there is insufficient funds. If you go over your limit at First Citizens Bank, you can pay a $10 transfer fee.

If you make more than two withdrawals from your savings account each month, you'll be charged $3.

Where to open a checking and savings account with the highest ratings
3.5 /5
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The yield expressed as a percentage per year.
3.5 /5
A star with five points a star with five points a star with five points
Yield to Maturity (YM) or Annual Percentage Yield (APY)
Funds in the State Employees Credit Union
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Assuredness; a tick As such, it serves as confirmation of your intended communication.
Minimal required initial deposit is relatively small
That's a Yes! It's a confirmation of the communication you had planned.
Absolutely no subscription costs ever
Indicated by a tick It's an affirmation of the communication you had planned.
A higher rate of interest than is offered by some traditional banks
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The interest rate offered by online banks is higher.
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A minimum balance of $25 is required to maintain membership.
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  • 273 locations in the Tar Heel State.
  • North Carolina has 1,100 ATMs for your convenience.
  • Monthly interest compounding and deposit
  • NCUA-insured, which means it has federal backing.

This credit union stands out because it caters to people who would rather bank with a cooperative than a traditional bank. It is one of the most widespread financial institutions in the state, with more than 273 branches and 1,100 free ATMs.  

Compared to traditional savings accounts, the rate paid on a Share Account at the State Employees Credit Union is slightly more attractive. CDs can be opened with as little as $250, and the rate it offers is respectable.  

The credit union's checking account has a low initial deposit requirement but comes with a fixed monthly service fee of $1.

What to watch out for: SECU membership requires current or former employment with one of the following companies or organizations for you or a family member to qualify.

  • Geographical region encompassing the state of North Carolina
  • Authority within North Carolina's state government
  • North Carolina's State Board of Education
  • For the North Carolina National Guard
  • Counties in North Carolina's social services, health care, mental health, and emergency preparedness
  • Any State Department or Agency under the North Carolina State Personnel Act

Opening a share account with a minimum of $25 is required for membership.  

Mechanics and Farmers Bank is the Finest Regional Bank.

Favorite Neighborhood Bank in Your Area
4.25 /5
An infinite number of five-pointed stars
Percentage of interest earned each year
4.25 /5
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APY stands for "annual percentage yield."
Website of the Mechanics and Farmers' Union Contractors & Farmers, Federal Deposit Insurance Corporation
Instant Access Checking Account at Mechanics & Farmers Bank
Ins and Outs When you see this symbol, it means that the section or menu you're viewing can be expanded, or that there are previous and subsequent pages available.
Assuredness; a tick It's a confirmation of the communication you had planned.
The bare bones of any initial deposit is $50.
It's a done deal It serves as an affirmation of your desire to engage in conversation.
There is no ongoing charge.
That's a Yes! The confirmation of your intended interaction is indicated.
Interest is paid on
That's a Yes! It serves as confirmation of your intended communication.
If you are eligible, you can get a monthly $15 ATM fee reimbursement.
Assuredness; a tick As such, it serves as confirmation of your intended communication.
With an available overdraft line of credit
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There is a dismal rate of interest and no ATM fee refunds unless certain monthly requirements are met.
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Foreign ATM usage will cost you an extra $2.
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There is a $35 overdraft fee.
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No complimentary overdraft protection
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  • Charlotte, Durham, Greensboro, Raleigh, and Winston-Salem-based bank that is majority-owned by people of color.
  • You'll get a better interest rate and up to $15 back in ATM fees every month if you make 15 purchases totaling at least $350 using your debit card, use mobile/online banking at least once, get an e-statement, and receive at least $500 in direct deposits. The annual percentage yield (APY) on the entire balance is 0.05%.
  • Earn 3 (if conditions are met) APR of 0% on balances over $10,000; 0% on balances under $10 000 55% to 0 There will be a 56% annual percentage rate applied to any funds left over.
  • Daily accumulating interest
  • FDIC Participant
In-Depth Research It denotes a pull-down menu, a section that can be expanded, or sometimes back and forth arrows.

Mechanics & Farms Bank is notable because it is a Black-owned bank with locations in the five major North Carolina cities of Charlotte, Durham, Greensboro, Raleigh, and Winston-Salem.  

If you want a financial institution that has deep roots in the neighborhood, look no further than a community bank. Each branch location of Mechanics & Farmers Bank offers free financial education classes to the local community. Around eighty community events per year are also attended by employees and management.  

One of the best accounts offered by Mechanics & Farmers Bank is the Dash Checking Account. There are no maintenance fees charged on a monthly basis, and the account's initial deposit requirement is modest. You can potentially gain 3 0% APY on balances under $10,000 if you meet the monthly requirements listed below:

  • Participate in 15 debit transactions with a combined minimum of $350
  • Do your banking from your phone or computer.
  • Convert your paper statement into an electronic one.
  • Get a direct deposit of at least $500

You can get up to $15 back from ATMs that aren't part of your network if you meet these criteria.

Be aware that the bank's savings account has a $100 minimum opening deposit requirement and a monthly service fee if you don't maintain a daily balance of $200 or more.  

Additional Educational Facilities That Didn't Make the Cut and Their Justification

  • Truist Bank (Member FDIC): With the most locations throughout the state, Truist Bank is a popular option, but its accounts don't compare favorably to those of our other top picks. The interest rates on savings accounts are low, and checking accounts charge fees on a regular basis. The full Truist Bank review is available here.  
  • (Insured by the Federal Deposit Insurance Corporation) Wells Fargo has a widespread branch and ATM presence across the United States. However, it has a low rating from the Better Business Bureau and has been at the center of numerous scandals, such as payouts related to claims of racial discrimination and improper account opening. Here's the full Wells Fargo review.
  • Bank of America (Member FDIC) offers a wide range of accounts and a comprehensive branch and ATM network, but there are conditions that must be met in order to avoid paying the bank's standard monthly maintenance fee. Check out this detailed analysis of Bank of America.
  • PNC Bank (Member FDIC): Unfortunately, North Carolina residents cannot open a PNC high-yield savings account, the bank's most competitive offering. Learn More About PNC Bank Here.
  • First Bank (Member FDIC): First Bank provides a number of different accounts, including those tailored to younger and older customers. The monthly service fees that come with most checking and savings accounts are not free unless you meet certain requirements.
  • If you're looking for a bank with low minimum opening deposits, Woodforest National Bank (Member FDIC) might be a good choice. For those who rely on their mobile banking apps, this is not the best option. Check out the complete report on Woodforest National Bank here.  
  • Southern Bank (Member FDIC) has a sizable branch and ATM network but offers a pitiful interest rate on savings accounts and potentially charges monthly maintenance fees.
  • Free checking accounts are available at Fifth Third Bank (Member FDIC), but the bank's savings accounts aren't as secure. Check out our in-depth analysis of Fifth Third Bank.  
  • National Credit Union Administration-insured Coastal Federal Credit Union offers free checking and competitive savings accounts, but it may be more difficult to join than some of our other top picks.
  • Even though Truliant Federal Credit Union (NCUA-insured) offers free checking and savings accounts, the options we've highlighted above provide better interest rates and more enticing extras. Here is the full Truliant review for your perusal.
  • Consider the Latino Community Credit Union (NCUA-insured), a Hispanic American-led financial institution, if you're looking for financial literacy services tailored to the needs of newcomers and those with modest incomes. The best bank accounts, on the other hand, have more interesting features and better interest rates than the rest. Find out everything there is to know about Latino Community Credit Union in our in-depth review!  

BBB Trusted Ratings and the Reliability of Banks and Credit Unions

To determine how well banks and other financial institutions respond to consumer complaints and maintain open communication, we consult BBB ratings.  

Except for Ally and SEU, all of our top picks have an A+ rating from the BBB. The BBB gave Ally and SECU failing grades because of the number of customer complaints they received and the number of complaints that were never resolved.  

Even if a company has an A+ rating with the BBB, that doesn't mean your experience with them will be problem-free. Think about getting feedback from existing customers or reading reviews posted by previous clients.  

Fortunately, no featured financial institutions have been the subject of any high-profile scandals recently.

How Did We Determine Which North Carolina Financial Institutions Are the Best?

The goal of Personal Finance Insider is to educate its readers so that they can make sound financial decisions. Since "best" is often a matter of opinion, we've included a discussion of the benefits and drawbacks of each account and financial institution under its respective heading. We researched the products' features and fine print for hours so you wouldn't have to.

We looked at the top 10 financial institutions in the state, as well as those listed in our guides on Black-owned and Hispanic-owned financial institutions.  

We looked for accounts that had few or no banks and some sort of interesting feature. Some of the accounts highlighted, for instance, offer an enticing interest rate while others provide convenient budgeting features for keeping tabs on your cash flow.

We looked for credit unions and community banks with friendly staff, low entry barriers to membership, and reasonable opening deposit requirements when selecting our top picks.  

Frequently Asked Questions About the Finest Financial Institutions in North Carolina

Is there a No.1 U.S. financial institution

You have to be specific about your needs. The three largest American financial institutions, Wells Fargo, Chase, and Bank of America, all have numerous locations across the country. An online bank is a good option if you're looking for a place to save money that offers competitive interest rates and few fees. To find out which online financial institutions made our top picks, click here. )

Should you put your money in this bank or that bank?

Your funds ought to be secure in a financial institution so long as it has federal insurance. The FDIC's insurance is mandatory for banks. The National Credit Union Administration (NCUA) provides insurance for credit unions.

Accounts held jointly are insured up to $500,000 and those held individually up to $250,000. If the bank fails, you won't lose everything.

How to Find the Finest Financial Institution, According to the Experts

PFI Banking Expert Panel that includes Tania Brown, Roger Ma, Laura Grace Tarpley, and Mykail James
Insider

The following are the opinions of four industry professionals on what makes a good bank or credit union, and how to go about finding the right one for you:

The most important aspects of a bank to us are customer service, fees, rates, and more. Take a look at what they had to say about selecting a bank below. (For readability, some minor textual changes may be made. )

Is there a way to evaluate a bank's suitability to one's needs?

To quote Mykail James, CFEI:

"The No Know which bank issues your debit card before opening a checking account. Many people overlook the fact that some businesses refuse to accept Visa, Mastercard, or American Express cards. "

Finance expert Laura Grace Tarpley:

A bank with low fees is the one I would recommend. This either means that there are no monthly fees or that you are exempt from paying them. There is no point in worrying about a bank's overdraft fees if you never go over your limit. However, if you regularly go over your withdrawal limit, you may want to investigate overdraft fees and protection plans. "

Inquiring minds want to know, what qualities does a good traditional bank

The Hon. Tania Brown, CFP

"How can that financial institution expand alongside your needs?" The needs of a 25-year-old who is either newly married or has never been employed will be vastly different from those of a person who has been in the workforce for 15 years and has multiple jobs, an IRA, and a desire to consult with a financial advisor. "

The CFEI's Mykail James:

Affordability and ease of use Which begs the question, "Where are the Branches?" How easily can I get my hands on my money if I need to leave town for a while? "

When choosing an online bank, what features are most important?

CFP Tania Brown:

Since you can't benefit from walking into a branch and speaking with a real person, "with an online bank, absolutely online customer service." How frequently do you manage to obtain them When are they open/closed "

To the CFP, Roger Ma:

How difficult it is to put money in and take money out of the system Is it today, tomorrow, or later? Is it simple to link a traditional bank account with this high-interest savings account? "

The CFEI's Mykail James:

It's important to be especially careful about the interest rates offered by online banks. That's the most important part, as conventional wisdom holds that online banks offer a superior rate of interest due to their lower operating costs. In general, you want it to be significantly higher than the average in the rest of the country. Just what sort of safety measures do they implement How about two-factor authentication? You want to be a little more hypersensitive about the cyber security for a strictly online bank, so they should at least make it easy to change your password using a combination of a username and a special code sent to your phone. "

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