Montana, known for its breathtaking landscapes and tight-knit communities, has various personal banking options catering to diverse financial needs. From locally-owned community banks offering personalized service to larger institutions providing modern, tech-driven solutions, finding the best personal banks in Montana can significantly impact your financial well-being.
This article highlights the best banking options in the state, focusing on their unique services, customer satisfaction, and commitment to supporting local economies, helping you make informed decisions to manage your finances efficiently.
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7 Best Personal Banks in Montana
Axos – Best Personal Montana Banks Overall
In Montana, Axos Bank is distinguished by its digital-first banking approach. This bank provides appealing APYs on high-yield savings accounts, no-fee domestic ATM reimbursements, and several no-monthly-charge checking accounts.
Axos makes business banking straightforward with a simplified cash deposit process. Montana-based clients can deposit cash at any Allpoint or MoneyPass ATM without extra fees, and Axos reimburses all ATM fees within the U.S.
Pros
- No monthly maintenance fees or minimum deposit requirements
- Unlimited transactions free of fees and free incoming wire transfers
- Reimbursement for all domestic ATM fees
Cons
- No interest in the Essential Checking account
- A limited number of brick-and-mortar branches
- Lower APY on Money Market and CD accounts compared to other financial institutions
>> Axos – Top Personal Bank Montana >>
Chime – Best User-Friendly Interface
In Montana, Chime Bank excels as a top-notch personal banking option with its easy-to-use interface, extensive ATM coverage, and progressive financial solutions. It’s favored by online banking enthusiasts who value modern features designed for tech-savvy individuals and those wishing to skip typical banking fees.
Chime’s early direct deposit feature lets Montanans receive their paychecks up to two days sooner than traditional banking entities, providing significant convenience and financial flexibility. Montanans can effortlessly locate a nearby ATM by boasting over 60,000 fee-free ATMs through the Allpoint and MoneyPass networks, avoiding unnecessary fees during cash withdrawals.
Pros
- No fees for monthly maintenance, overdrafts, or international transactions
- Early paycheck access up to two days sooner
- Competitive APY to increase savings
Cons
- Solely online operation, which might not be suitable for everyone
- Cash deposits at Green Dot locations might incur fees
>> Apply for a Chime Bank Account Today! >>
SoFi – Best for Saving Accounts
In Montana, SoFi stands out with its high-interest savings accounts, offering rates that exceed those of many traditional banking institutions. This benefit positions SoFi as an attractive choice for Montanans aiming to enhance their savings.
Montanans who bank with SoFi can accelerate the growth of their savings and more efficiently meet their financial targets. Beyond typical banking services, SoFi enriches its offerings with various member benefits to improve financial health.
Benefits for Montanans include access to career coaching, financial planning, and exclusive events. Becoming a SoFi member in Montana means gaining access to vital tools and support necessary for pursuing personal and professional ambitions.
Pros
- Competitive interest rates on savings accounts to foster savings growth
- Free from monthly maintenance fees, overdraft fees, or minimum balance demands
- Provide student loan refinancing, personal loans, mortgages, and various investment options
Cons
- Mainly operates online, which may not align with traditional banking users’ preferences
- Cash deposit processes can be more cumbersome than with traditional banks
- Lack of face-to-face customer service may pose difficulties in handling complex issues
>> Apply for a SoFi Bank Account Today! >>
Bank of America – Best for Opening a Checking Account
In Montana, Bank of America (BofA) is a dependable choice for personal banking, backed by its legacy as one of the U.S.’s largest and most established banks. Its comprehensive service offerings meet a range of banking needs. For those less keen on digital banking, Bank of America offers an appealing option as a major national bank.
With its wide presence in Montana, the bank ensures easy access, allowing customers to locate ATMs or seek in-person help when required conveniently. Although Bank of America’s savings APY may not rival online banks, it compensates with various other financial products, including credit cards, home and auto loans, and investment options through its Merrill collaboration.
Pros
- Broad accessibility to a comprehensive network of branches and ATMs throughout Montana
- Offers checking and savings accounts, credit cards, loans, mortgages, and investments
- User-friendly online and mobile banking platforms with enhanced security measures
Cons
- Monthly maintenance fees apply unless balance or activity benchmarks are met
- Savings and CD interest rates are lower than some online banking offers
- Multiple service charges that need meticulous attention to avoid cumulative costs
>> Apply for a Bank of America Account Today! >>
Upgrade – Best for Personal Loans
In Montana, Upgrade stands out as a top selection for personal banking, blending modern digital services with user-centric features. A standout feature is the high-yield savings account, which significantly surpasses the interest rates of traditional banks, appealing to savers interested in maximizing their savings potential.
Upgrade’s commitment to excellent customer service and numerous support options further increase its attractiveness. The bank’s straightforward, transparent approach to banking ensures that customers can easily grasp terms and avoid hidden charges and intricate contracts.
Choosing Upgrade for personal banking in Montana means opting for a modern banking solution that aligns with the current financial environment. It offers high savings returns, accessible credit solutions, and superior customer support, making it a smart option.
Pros
- Higher savings interest rates than traditional banks
- Free from monthly maintenance fees and minimum balance requirements
- Offers personal loans and the Upgrade Card, blending loan and credit card features
Cons
- Mostly operates online, which may not be ideal for those who prefer banking in person
- No dedicated ATM network for cash deposits, requiring alternative methods
>> Apply for an Upgrade Bank Account Today! >>
U.S. Bank – Best Customer Service
U.S. Bank ranks No. 1 in overall customer satisfaction for Wealth Management in the J.D. Power 2024.
It boasts the lowest monthly fees among national banks and straightforward waiver options for greater customer convenience. Its acclaimed digital tools, including a mobile app voted best in the industry for three years by Keynova Group, significantly improve the banking experience.
Ranked second in the 2017 J.D. Power U.S. Retail Banking Satisfaction Study, U.S. Bank is celebrated for its ability to resolve customer issues, branch accessibility, fair fees, and comprehensive range of products. These accolades show the bank’s commitment to excellent service.
Banking with U.S. Bank in Montana offers a reliable choice. It offers a comprehensive selection of financial products, from standard savings and checking accounts to money market accounts, credit cards, and various loan options.
Pros
- No monthly service fee for the Silver Business Checking account
- New clients can receive a welcome bonus (conditions apply)
- Free access to 4,700 U.S. Bank ATMs and 2,900 branches nationwide
- Overdrafts under $50 don’t trigger overdraft fees
Cons
- Limited cash deposit allowances
- Ambiguous terms and fees on the bank’s website
- Only 125 transactions per month are free
>> Apply for a U.S. Bank Account Today! >>
In Montana, Discover Bank is recognized as a strong contender for personal banking, especially favored by customers who appreciate the ease of online transactions and compelling interest rates. A key highlight for Montanans is Discover’s high-yield savings account, which provides interest rates considerably higher than the national average, appealing to those intent on effective savings growth.
Additionally, Discover offers attractive rates on Certificates of Deposit (CDs), allowing Montanans to achieve higher returns over set periods. This blend of high-yield options sets Discover apart from traditional banks in Montana.
Pros
- Offers high interest rates on savings, exceeding the national average
- No monthly fees, overdraft fees, or minimum balance requirements
- High CD returns are ideal for long-term savings
Cons
- As an online bank, Discover may not suit those who prefer in-person services
- A comprehensive ATM network is needed to make cash deposits easier
>> Apply for a Discover Bank Account Today! >>
Best Personal Banks in Montana – Buyers Guide
Tips on Banking in Montana
Banking in Montana offers a unique experience due to the state’s rural landscape, strong community values, and emphasis on local financial institutions. The state’s banking sector is characterized by a combination of local community banks, regional banks, and credit unions that play a vital role in supporting individuals, families, and businesses. Many Montanans prefer community-focused banks for their personal banking needs, as these institutions often provide a more personalized touch and deeper understanding of the local economy.
Montana also has a range of member-owned credit unions that offer a strong sense of local involvement. Credit unions provide competitive rates on loans and savings accounts, with the added benefit of customer ownership, which means profits are often reinvested to benefit members rather than shareholders.
For larger financial needs, such as corporate banking or complex investments, national banks like the U.S. Bank are in the state, offering a full suite of services from mortgages to wealth management. However, Montanans often value face-to-face interactions, and rural banking can sometimes pose challenges with access to branches, making online and mobile banking services essential.
As a result, many banks in the state have invested heavily in their digital platforms, ensuring that even customers in remote areas can easily access their accounts, make payments, and apply for loans.
The state’s economy, driven by agriculture, tourism, and energy, influences the financial products offered by local banks, such as specialized agricultural loans and business lines of credit aimed at supporting these industries. Banking in Montana blends modern digital services with a strong emphasis on community-driven financial institutions.
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How to Choose the Right Bank in Montana
Choosing the right bank in Montana, like anywhere else, depends on various factors based on your personal and financial needs. Here’s a guide to help you make the best decision:
Assess Your Banking Needs
- Account Types: Do you need a simple checking account, a high-yield savings account, or both? Make sure the bank you choose offers the types of accounts that suit your financial goals.
- Loans and Credit: If you’re considering a loan (e.g., personal, auto, or home), compare the loan options available, including interest rates and terms.
- Business Accounts: If you are a business owner, ensure the bank offers business checking accounts, credit lines, and other business services.
2. Compare Fees and Rates
- Account Fees: Check for monthly maintenance fees, ATM fees, overdraft fees, and transaction fees. Some banks waive these if you meet certain requirements, like maintaining a minimum balance.
- Interest Rates: Compare the interest rates on savings accounts, Certificates of Deposit (CDs), and loans. Even small differences in rates can greatly impact your finances.
3. Evaluate Accessibility
- Branch and ATM Locations: If in-person banking is important to you, choose a bank with branches and ATMs conveniently located near you. In Montana, where rural areas are common, proximity to banking services can be essential.
- Online and Mobile Banking: If you prefer to bank online, ensure the bank has a robust mobile app and online banking features. Look for features like mobile check deposits, bill pay, and account alerts.
4. Customer Service and Support
- Customer Service Reputation: Research customer reviews and consider factors like ease of getting help, response times, and overall customer satisfaction.
- Local vs. National Banks: Local banks may offer more personalized services, while larger banks often provide a broader range of services and more extensive ATM networks. Consider your preference for a personal touch vs. convenience.
5. Specialized Services
- Agricultural or Small Business Banking: If you’re involved in agriculture or a small business, check if the bank offers specialized services, such as agricultural loans or small business accounts.
- Community Involvement: Some banks are more involved in local communities, supporting local causes or offering educational resources. If this is important to you, choose a bank that aligns with these values.
6. Security and Stability
- FDIC or NCUA Insurance: Ensure the bank is insured by the Federal Deposit Insurance Corporation (FDIC) for banks or the National Credit Union Administration (NCUA) for credit unions. This protects your deposits up to $250,000.
- Bank Reputation: Research the bank’s history and stability. Avoid banks with a history of financial issues or poor regulatory compliance.
7. Credit Union vs. Traditional Bank
- Credit Unions: Members-owned credit unions typically offer lower fees and better customer service. However, they may have fewer services or locations than larger banks.
- Traditional Banks: Banks often offer a wider range of financial products and a larger network of ATMs and branches, but they may charge higher fees or offer less personalized service.
You can make an informed decision by comparing these factors and focusing on what aligns with your lifestyle and financial goals.
>> Axos – Top Personal Bank Montana >>
Frequently asked questions
Personal banks in Montana typically offer a range of services, including checking and savings accounts, loans (personal, auto, home, etc.), credit cards, investment services, and online or mobile banking.
Yes, most banks require basic identification (like a driver’s license or passport), proof of residency, and a Social Security number. Some banks may also have minimum deposit requirements.
Yes, many banks in Montana offer online account opening services. You may start the process online, but some banks require you to visit a branch to verify or sign documents.
Common fees include monthly maintenance fees, overdraft fees, ATM fees (for using out-of-network ATMs), and wire transfer fees. Some banks offer fee waivers if you meet certain account conditions, such as maintaining a minimum balance.
Online banking services in Montana, like elsewhere, usually include security measures like encryption, two-factor authentication, and account alerts to ensure that your information remains safe. It’s important to use strong passwords and avoid public Wi-Fi when accessing your accounts.
Many banks provide options like secured credit cards or small personal loans to help individuals rebuild their credit. Some may also offer financial counseling or credit-building tools.
Yes, non-residents can often open accounts in Montana, but they will typically need to provide valid identification, proof of address, and possibly a reason for needing an account in the state (e.g., property ownership or work).
Many personal banks in Montana support local communities through charitable contributions, sponsorships, and programs aimed at financial education or small business support.
Interest rates on savings accounts vary by bank, but rates are generally influenced by national trends and the specific policies of each bank. Some offer higher rates for larger deposits or special accounts.
Consider factors like fees, interest rates, customer service, accessibility (branch locations and online services), and the range of financial products they offer.
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Bottom Line
In conclusion, choosing the right personal bank in Montana depends on your specific financial goals and preferences, whether you prioritize personalized service, competitive rates, or advanced digital banking features. The best banks in the state offer a blend of traditional customer care with modern conveniences, ensuring you have access to the financial tools and support you need.
By carefully evaluating the options available, you can select a bank that meets your current needs and supports your long-term financial growth in Montana’s unique economic landscape.
>> Axos – Top Personal Bank Montana >>
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