The state of Arkansas is home to some of the most reliable banks in the US. When it comes to banks, reliability is one of the first things people notice before choosing them.
Some banks might offer amazing rates and no maintenance fees, but still, nobody would choose them if they aren’t viewed as reliable. How well a bank is run, how well it manages its resources, what kind of reputation it has and the quality of customer service it provides determine the reliability of a bank.
The most reliable banks based on their credibility and reputation in Arkansas are listed below.
1. Ally Bank
Ally Bank is the best full-service online-based bank in Arkansas, and one of Arkansas’ most reliable banks. Ally Bank is the best option for those who prefer online or mobile banking. Along with Ally’s high APY of 0.50%, it also provides excellent customer service.
Additionally, Ally requires no fees for minimum deposits. The only real drawback of Ally is that, it does not have any branches and offers an online-only service. Due to its high APY, Ally has a very high interest-earning potential. Those looking to open a savings account, should definitely choose Ally Bank.
2. Regions Bank
Regions Bank, one of the best national banks in the state of Arkansas, is the best option for those who are looking for out-of-state access. Regions Bank offers a full suite of bank accounts for those who are looking to open different types of accounts.
Moreover, Regions Bank has 85 branches all across Arkansas, making it one of the most accessible banks on this list. But one stumbling block for Regions Bank is that it has low interest rates, APY is 0.01%. The minimum for deposits at Regions Bank is $50.
3. Arvest Bank
Arvest Bank is one of the most reliable banks in Arkansas in terms of providing a wide range of banking accounts. One of Arvest’s unique features is it has the option of opening a kids account. Impressively enough, it is one of the accessible banks in Arkansas with 139 branches in the state.
For residents who prefer in-person banking, Arvest Bank is a top choice. Arkansas is one of only four states where Arvest Bank is operating right now. Furthermore, it has no ATM locations in Arkansas. Its customer service is one of the best in Arkansas, and has a minimum deposit fee of $100, and the APY is 0.05%.
4. CIT Bank
CIT Bank, a full-service online-based bank, which has excellent customer service and high interest rates. CIT Bank is an amazing choice for those who are trying to save large sums of money or maintain a very good balance.
For those who maintain a balance higher than $25,000 or deposit $100 or more per month, the APY is significantly higher at 0.40%. This high APY makes CIT Bank one of the best banks to save money. Furthermore, CIT requires no monthly fees at all. Furthermore, CIT Bank customers can open a Money Market account as well.
5. First Arkansas Bank & Trust
First Arkansas Bank & Trust, referred to as FAB&T, offers one of the best interest rates in Arkansas. FAB&T has a very uniquely distributed APY for those who are able to meet its requirements and have a balance of $15,000 or under will receive an APY of 1.50%.
The customers unable to meet its requirements will earn APY of 0.025%, which is significantly lower. FAB&T is the best option for those willing to use its checking account as their main account, as they can take advantage of FAB&T’s high-yield features. Moreover, this bank offers refunds on ATM fees of up to $25.
6. Bank of America
Bank of America, one of America’s most renowned banks, is also one of the best banks in Arkansas for students. For students requiring out-of-state banking, Bank of America’s branches across 36 states in the US will prove highly beneficial.
Bank of America’s Advantage Plus account for students has a monthly maintenance of only $12, making it a very convenient choice for students. Additionally, Bank of America’s online and mobile banking facilities will prove to be highly effective for students. Bank of America is not just one of the most reliable banks in Arkansas, but in the US.
7. Bank OZK
Previously referred to as the Bank of Ozarks, Bank OZK is one of the best banks for opening a checking account. Bank OZK’s MY Choice Checking account provides customers with amazing features including unlimited check writing and online banking.
Additionally, Bank OZK’s checking account requires no monthly maintenance fees. Furthermore, those with direct deposit connected to their accounts will enjoy interest on their checking balance. Bank OZK is one of the most reliable banks in Arkansas, having served there for over 100 years.
8. Centennial Bank
Centennial Bank is the best choice on this list for small businesses. Centennial Bank offers 375 free transactions per month, and requires no monthly maintenance fees. Additionally, any transactions over the limit cause a fee of just $0.40.
Along with all these amazing features, Centennial Bank has many branches all across Arkansas, making it one of the best choices for small businesses. Moreover, Centennial Bank offers business services and products as well.
9. AXOS Bank
AXOS Bank is an amazing bank for opening a checking account, full of excellent features and services. AXOS Bank provides a full variety of checking accounts. Firstly, its Essential Checking account is an everyday account with no monthly fees.
Secondly, AXOS’s CashBack Checking account is a no-fee account that returns 1.00% cash back on each signature transactions, making it a perfect choice for those who require frequent transactions. But AXOS’s most popular choice is it high-yield account, the Rewards Checking account.
This account offers all sorts of features that include $1,000+ in eligible deposits and 15+ monthly transactions with AXOS Visa debit card.
10. BBVA Compass Bank
BBVA Compass Bank, a full-service online bank, is one of the largest online-based banks in the US. Not only is BBVA a reliable bank, it is also one of the most innovative banks in Arkansas. BBVA is the best choice for those who are comfortable with online banking.
Moreover, BBVA has an award-wining mobile app which is very user-friendly and creative. Furthermore, BBVA’s customers can open 2 checking accounts with just $25. Although BBVA doesn’t have any physical branches at Arkansas, residents of this state can easily manage their accounts online and make ATM transactions.
The banks listed above offer some unique sets of features that make each of them different from the others. Suppose, Ally Bank is the best bank for those who want online banking. But then again, for people who require out-of-state banking services, Bank of America is the much better choice. So, choices vary based on specific needs, but reliability is always a top priority when choosing a bank.