Choosing the right bank can make all the difference when managing your finances. Ohio, with its diverse economy and vibrant communities, offers a range of banking options tailored to meet the needs of its residents. Whether you’re looking for exceptional customer service, low fees, or robust online banking tools, Ohio’s top personal banks have something for everyone.
In this article, we’ll explore the best personal banks in Ohio, highlighting their unique features, benefits, and why they stand out in the Buckeye State.
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Best Personal Banks in Ohio
Axos – Best Personal Ohio Banks Overall
Ohio-based Axos Bank wins best overall for its digital-first approach to banking. Axos offers a competitive APY on its high-yield savings account, and customers enjoy convenient access and free domestic ATM fee reimbursements on multiple checking accounts without monthly maintenance fees.
Axos is one of the few online business banks that make it easy for business owners to deposit cash. Account holders can use any compatible Allpoint or MoneyPass ATM to make deposits with no additional fee. And if you’re ever charged an ATM fee in the U.S., Axos will automatically refund it.
Pros
- No monthly fees or minimum opening deposit
- Unlimited fee-free transactions and free incoming wires
- Automatic refunds of all ATM fees (domestic)
Cons
- No APY on Essential Checking account
- Limited brick-and-mortar branches
- Low APY on Money Market and CDs compared to other banks
>> Axos – Top Personal Bank Ohio >>
Chime – Best User-Friendly Interface
For Ohio residents, Chime Bank offers an attractive choice for personal banking, noted for its user-friendly interface, widespread ATM availability, and advanced financial tools. As a leading figure among online banks, Chime provides numerous advantages that resonate with those who are tech-savvy and those aiming to bypass conventional banking charges.
Chime’s early direct deposit feature is a standout benefit, allowing users to receive their paychecks up to two days sooner than traditional banks. This feature is particularly valuable for those seeking faster access to their funds, enhancing their financial agility.
Chime also provides access to more than 60,000 fee-free ATMs via the Allpoint and MoneyPass networks, ensuring that Ohio residents can conveniently find an ATM nearby without extra charges.
Pros
- No monthly maintenance, overdraft, or foreign transaction fees
- Early access to your paycheck, up to two days ahead
- Competitive APY to accelerate savings growth
Cons
- Fully online, which may not appeal to everyone
- Cash deposits need to be made at Green Dot locations, which may involve fees
>> Apply for a Chime Bank Account Today! >>
SoFi – Best for Saving Accounts
One of the main attractions of SoFi for Ohio residents is its high-interest savings accounts. SoFi provides competitive interest rates that often surpass those available from many traditional banks, making it an attractive option for individuals aiming to maximize their savings growth. By opting for SoFi, Ohioans can enhance their savings more swiftly and reach their financial objectives more efficiently.
SoFi extends its offerings beyond conventional banking by providing a variety of member benefits intended to improve the financial well-being of its clients. These perks include access to career coaching, financial planning, and exclusive events. By joining SoFi, customers can access valuable resources and support that aid in achieving both personal and professional goals.
Pros
- Offers competitive interest rates on savings accounts, accelerating your savings growth
- No monthly maintenance fees, overdraft fees, or minimum balance requirements
- Provides a broad range of financial products, including student loan refinancing, personal loans, mortgages, and investment options
Cons
- Primarily, an online bank may not be preferable for those who favor in-person banking services
- Less convenient for making cash deposits compared to traditional banks
- While customer service is generally good, some users might prefer in-person interactions for handling complex issues
>> Apply for a SoFi Bank Account Today! >>
Bank of America – Best for Opening a Checking Account
Bank of America (BofA) stands as a solid choice for personal banking in Ohio for numerous reasons. As one of the most prominent and well-established financial institutions in the United States, Bank of America provides a variety of benefits that meet diverse banking needs.
For those who prefer traditional banking methods, Bank of America offers extensive services. Being one of the largest national banks in the U.S., it provides significant convenience and accessibility.
One of the primary advantages of banking with a national institution like Bank of America is the widespread availability of its services. With numerous branches throughout Ohio, accessing ATMs and receiving in-person assistance is remarkably convenient.
Although the savings APY may not match those offered by online banks, Bank of America compensates with a broad array of other products, such as credit cards, home and auto loans, and investment opportunities through Merrill.
Pros
- Convenient access to a wide network of branches and ATMs across Ohio
- Comprehensive range of financial products, including checking/savings accounts, credit cards, loans, mortgages, and investment options
- User-friendly online and mobile banking platforms with robust security features
Cons
- Monthly maintenance fees for some accounts if certain balance or activity requirements aren’t met
- Comparatively lower interest rates on savings accounts and CDs than some online banks
- Various service fees can accumulate and become costly if not carefully managed
>> Apply for a Bank of America Account Today! >>
Upgrade – Best for Personal Loans
Upgrade has become a notable choice for personal banking in Ohio, offering a mix of innovative digital banking services with features designed to cater to the needs of modern consumers.
A key highlight of Upgrade is its high-yield savings account, which provides interest rates significantly above those typically offered by traditional banks. This positions it as an excellent option for those aiming to efficiently grow their savings.
The bank’s commitment to customer service further bolsters its attractiveness. With a focus on excellent support, customers can access help through various channels, ensuring assistance is readily available when needed.
Upgrade’s transparent and straightforward approach to its financial products helps users easily comprehend the terms and conditions, steering clear of the pitfalls associated with hidden fees and complex agreements.
As a personal banking choice in Ohio, Upgrade combines high returns on savings, accessible credit options, and exceptional customer service, making it a contemporary solution that meets today’s financial demands.
Pros
- Offers competitive interest rates on savings accounts, providing a prime opportunity for faster financial growth compared to traditional banks
- No monthly maintenance fees or minimum balance requirements
- Provides a diverse range of financial products, including personal loans and the Upgrade Card, which merges the features of a personal loan with a credit card for flexible spending and efficient debt management
Cons
- Upgrade primarily operates online, which might not suit those who prefer face-to-face banking interactions
- Depositing cash can be challenging, as Upgrade doesn’t have a network of ATMs for cash deposits, necessitating alternative deposit methods
>> Apply for an Upgrade Bank Account Today! >>
U.S. Bank – Best Customer Service
For three consecutive years, U.S. Bank has topped the rankings for Customer Satisfaction, according to J.D. Power. It boasts the lowest monthly fee among national banks, which can be easily waived. U.S. Bank’s digital banking tools provide a seamless banking experience. In fact, Keynova Group, an industry benchmarking firm, ranked U.S. Bank’s mobile app as the best for three years running.
The 2017 J.D. Power U.S. Retail Banking Satisfaction Study placed U.S. Bank second, assessing various factors such as customer issue resolution, branch availability, fee structures, and product offerings. This rating offers valuable insight into the bank’s customer service quality.
Banking with U.S. Bank also means access to a diverse array of financial products. Beyond standard savings and checking accounts, customers can explore money market accounts, credit cards, and various loan options.
Pros
- No monthly service fee for the Silver Business Checking account
- Welcome bonus for new customers (terms apply)
- Access to 4,700 U.S. Bank ATMs and 2,900 branches nationwide without fees
- No overdraft fees for amounts of $50 or less
Cons
- Low cash deposit limits
- Terms and fees aren’t readily accessible on the bank’s website
- Limit of 125 fee-free transactions per month
>> Apply for a U.S. Bank Account Today! >>
Discover Bank stands out as an excellent choice for personal banking in Ohio, especially for those who value the convenience of online banking alongside competitive interest rates. A key highlight is Discover’s high-yield savings account, which offers interest rates well above the national average, making it an appealing choice for individuals aiming to maximize their savings.
Discover’s certificates of deposit (CDs) also feature competitive rates, allowing customers to secure higher interest for fixed periods. This blend of advantageous returns on savings products distinguishes Discover from many traditional banks.
Pros
- Discover provides competitive interest rates on savings accounts, significantly higher than the national average, facilitating quicker growth of your funds
- There are no monthly maintenance fees, no overdraft fees, and no minimum balance requirements, which simplifies financial management and avoids unexpected fees
- Discover’s Certificates of Deposit (CDs) offer high returns for fixed terms, which is ideal for long-term savings goals
Cons
- Discover operates primarily online, which might not meet the needs of those who prefer face-to-face banking interactions
- Depositing cash can be challenging, as Discover doesn’t have a network of ATMs for cash deposits
>> Apply for a Discover Bank Account Today! >>
Best Personal Banks in Ohio – Buyers Guide
Tips on Banking in Ohio
Choosing the right bank in Ohio is a personal decision that depends on your individual needs and preferences. The ideal bank for one person might not suit another, so it’s important to consider what aspects of banking are most important to you.
Ohio offers a variety of banking options, from large national banks with extensive branch networks to local community banks and credit unions that provide personalized service. If you value face-to-face interaction and support, researching local banks and credit unions in your area can help you find one that aligns with your needs.
For those comfortable with digital banking, many traditional banks in Ohio now offer online services, though they may lack the competitive Annual Percentage Yields (APYs) available at dedicated online banks. Online banks can be an excellent choice if you want to avoid fees and take advantage of higher interest rates. Credit unions in Ohio, which often have specific membership requirements, can offer competitive rates and a community-focused approach.
You don’t need to limit yourself to a single bank for all your financial needs. Using multiple banks can be advantageous if you find different features and benefits that suit your preferences at various institutions.
Whether you choose a traditional bank, an online bank, or a credit union, Ohio’s diverse banking landscape provides ample options to meet your financial goals.
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How to Choose the Right Bank in Ohio
Choosing the right bank in Ohio is a crucial financial decision that can significantly impact your day-to-day banking experience, savings potential, and access to financial services. With numerous options ranging from local credit unions to large national banks, finding the right fit requires careful consideration of several factors. Here are some essential tips to help you make an informed choice:
1. Assess Your Banking Needs
Before diving into the specifics of different banks, take a moment to evaluate your financial needs. Consider the following questions:
- Do you need a basic checking and savings account, or are you looking for more specialized services like loans, mortgages, or investment options?
- How often do you visit a physical branch versus relying on online and mobile banking?
- Do you frequently travel, requiring access to a wide ATM network?
2. Compare Fees and Charges
Banks vary widely in their fee structures. Look for:
- Monthly Maintenance Fees: Some banks charge a fee just for maintaining an account. Check if these fees can be waived under certain conditions, such as maintaining a minimum balance.
- ATM Fees: If you use ATMs frequently, consider a bank with a large ATM network or one that reimburses out-of-network ATM fees.
- Overdraft Fees: Understand the bank’s policy on overdrafts. Some banks offer overdraft protection, while others charge hefty fees for overdrawing your account.
3. Explore Interest Rates
Interest rates on savings accounts, certificates of deposit (CDs), and loans can vary significantly:
- Savings and CDs: Compare the Annual Percentage Yield (APY) offered by different banks. Higher APYs mean better returns on your deposits.
- Loans and Mortgages: If you’re planning to take out a loan or mortgage, shop around for the best interest rates and terms.
4. Check for Convenience and Accessibility
Convenience is key in banking. Consider:
- Branch Locations and Hours: Ensure the bank has branches conveniently located near your home or workplace. Also, check if their hours align with your schedule.
- Online and Mobile Banking: Evaluate the bank’s digital offerings. A robust online and mobile banking platform can make managing your finances more convenient.
5. Investigate Customer Service
Good customer service can make a significant difference in your banking experience. Look for:
- Customer Reviews: Read reviews and ratings from other customers. This can give you insights into the bank’s customer service quality.
- Support Channels: Ensure the bank offers multiple support channels, such as phone, email, and live chat, and that they have a reputation for resolving issues promptly.
6. Consider the Bank’s Reputation and Stability
A bank’s reputation and financial stability are critical factors:
- Reputation: Research the bank’s history and any recent news. Look for awards, recognitions, or any past controversies.
- Stability: Choose a bank that’s FDIC insured, which means your deposits are protected up to $250,000 per depositor.
7. Evaluate Special Offers and Promotions
Many banks offer sign-up bonuses, cashback rewards, or other promotions to attract new customers. While these offers can be appealing, ensure that they align with your long-term banking needs and don’t come with hidden fees or conditions.
8. Look Into Additional Services
Beyond basic banking, consider the additional services offered:
- Financial Planning: Some banks offer free financial planning services, which can be valuable if you need help managing your finances or planning for the future.
- Investment Services: If you’re interested in investing, look for banks that offer comprehensive investment services.
By following these tips, you’ll be well-equipped to make an informed decision and choose a bank that best suits your financial lifestyle in Ohio.
>> Axos – Top Personal Bank Ohio >>
Frequently asked questions
Credit unions often offer:
- Lower Fees: Generally lower account maintenance fees compared to traditional banks
- Higher Interest Rates: Better rates on savings accounts and CDs
- Personalized Service: More personalized customer service and community focus
- Member Ownership: As a member, you have a say in how the credit union is run
You can verify if a bank is FDIC insured by:
- Checking the Bank’s Website: Most banks prominently display their FDIC insurance status
- Visiting the FDIC Website: Use the FDIC’s BankFind tool to search for your bank
- Inquiring at the Bank: Ask bank representatives directly about their FDIC insurance status
Yes, many banks offer services tailored for seniors, such as:
- Senior Checking Accounts: Accounts with no monthly fees and free checks
- Retirement Planning Services: Financial advice and products geared towards retirement savings
- Discounts and Benefits: Discounts on safe deposit boxes and other banking services
Follow these steps:
- Contact the Bank: Notify your bank immediately to report the disputed transaction
- Submit a Written Dispute: Provide a written statement with details about the transaction
- Follow-up: Keep track of your dispute status and follow up as necessary
Yes, switching banks is relatively straightforward:
- Open a New Account: Start by opening an account at your new bank
- Transfer Funds: Move your funds from the old account to the new one
- Update Direct Deposits and Payments: Ensure all direct deposits and automatic payments are redirected to your new account
- Close the Old Account: Once all transactions have cleared, close your old account
Bottom Line
Ohioans have a wealth of choices when selecting a bank or credit union. For those desiring broad access and nationwide reach, institutions like Axos, Bank of America, Chime, and SoFi are commendable options.
In the end, the optimal bank for you hinges on your specific financial objectives and way of life. Whether you prioritize competitive interest rates, clear fee structures, digital ease, or strong customer support, Ohio offers a variety of excellent banking solutions to suit your preferences.
>> Axos – Top Personal Banking Services in Ohio >>
Aeron Rupar
