12 Best Banks in Alabama [Update 2024]


When it comes to making transactions and savings online, banks are your best bet. Every financial institution competes with one another to attract customers by varying their regulations, rate of interest, card services, load issuance, and other aspects of their current transaction facilities.

Based on the amenities that are offered to clients, the characteristics, and the annual percentage yield, these are the best banks in Alabama.

1. Peoples Bank of Alabama

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Peoples Bank of Alabama is one of the best banks in Alabama. Peoples Bank of Alabama allows free checking of your account for personal usage or business transactions and serves you seamlessly. You must get the loan, mortgage and expert financial advice from them. Peoples Bank of Alabama offers modern and digital banking like online transactions and ATM facilities too!

But for opening an account, you have to be a resident of Alabama. Peoples Bank of Alabama has five checking options, offers CDs, MMAs, and overdraft services to its customers. You need to keep the minimum deposit of $50 in your account. Its Annual Percentage Yield (APY) is 0.00%.

2. CIT Bank

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CIT Bank is one of the renowned banks of Alabama. If you are looking for a bank for savings purposes, CIT Bank is on the top of the list.  No monthly fees are required to open an account with them.

CIT Bank allows customizable debit card use restriction, digital check deposits, free ATM use, accessibility of Zelle, Apple Pay and Samsung Pay etc. You need to deposit a minimum of $100 and its APY is 1.30%.

3. BBVA Compass Bank

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Since 1964, BBVA Compass Bank has offered services to its customers with dedicated associates who genuinely care about your banking goals and needs. It is considered one of the best regional banks in Alabama. The bank is also known for free account checking services.

BBVA Compass Bank is beneficial for individuals who prefer in-person transactions. It allows 24/7 ATM access—different types of loans for business investment or more. You also have lower interest rate here. APY of  BBVA Compass Bank is 0.05% and the minimum money you need to deposit is $25.

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4. Axos Bank

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Axos Bank is a sister organization of Axos Financial. It delivers quality services that help you stay up to date with the pace of your company. You will get a bonus for welcoming your friend to open an account with them.

Axos Bank offers peer to peer payment system, a modern & digital debit card management system, biometric authentication and so on. It requires a minimum balance of $50 for deposit and APY is up to 1.25%. If you are looking for higher interest, Axos Bank is a good option to choose!

5. Ally Bank

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Ally Bank is one of the renowned bank of Alabama. Its headquarter is in Sandy, Utah. Ally Financial is the parent organisation of Ally bank. The bank was founded in 2009.

Ally Bank offers the best facilities for its users with an online saving account, providing financial advices, easy mortgage, easy loans, etc. Most of the people likes it because of providing highly-rated mobile banking services. Ally Bank allows $0 deposit money. Its APY is 1.60%.

6. PNC Bank

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PNC Bank was founded in 1983, subsidized with Merchant Banking. It is considered one of the best banks for students. If you are a student, a Virtual Student Wallet Account is for you. PNC Bank allows a minimum deposit of $25 with 0.01% APY.

You will get excellent customer service, reduced monthly maintenance fees and different education loans in average interest rates. Get a card from PNC bank just giving your information and transaction easily.

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7. Regions Bank

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With 6.672 USD revenue, Regions Bank is one of the best banks, headquartered in Birmingham, Alabama. It provides best customer service as well as flexible loan policy, easy banking and digital transaction.

You will also get secured credit cards, frequent rewards, home and auto loans and professional financial advisors. You need to keep atleast $50 in your account. APY of Regions Bank is 0.01%.

8. First Citizens Bank

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First Citizens Bank is a well known bank. It is one of the oldest banks, founded in 1898. You can open a free check account by depositing $50. First Citizens Bank allows minimum deposit of $25. The banks offers free Visa debit card, free online banking, and unlimited bill pay.

Digital Banking policy of First Citizens Bank is very advanced enough that allows seamlessly move your money, track your spendings and set allert for every transactions.

9. Wells Fargo

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If you are thinking of starting a small business, Wells Fargo bank is always there to help you with its advanced financial advice and easy loan procedures.

The bank offers three different types of business checking accounts, various loan and service features, simplified banking, outstanding customer services and a digital transaction system. Wells Fargo allows a minimum deposit $25 with 0.01& of APY.

10. AloStar Bank of Commerce

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AloStar Bank of Commerce bank is another well-known bank. It provides free checking and savings accounts with low fees and certificates of deposit. You will get a $5 monthly fee for online bill pay.

Also, AloStar Bank of Commerce has a high-yield CD, customer-friendly interest rate, comfortable loan facility for investors etc. Its APY is 1.30%.

11. First Community Bank of Central Alabama

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First Community Bank of Central Alabama is another renowned bank that offers low-interest home loans, comfortable mortgage facilities, free account checking, etc.

The bank has Community Free account to check writing with no minimum balance requirements. First Community Bank of Central Alabama has 26 branches. Its card issue procedures are elementary.

12. Liberty Bank

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Liberty Bank is one of the oldest banks in Alabama. It is preferable among small business and startup owners because of offering personal loans.

Though there are some limitations in its card transactions, you will get rewards too! Monthly charge for checking an account is $5. Liberty Bank’s APY is 0.05%. Minimum amount you need to deposit is $25.

Finding out the best bank is quite tricky as different banks follow different policies. For example, PNC bank is suitable for students, where Wells Fargo is a good option for small businessmen.

Check the interest rates and APY of each bank before creating an account. Enjoy digital and secured transaction facilities with the best banks of Alabama.

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