Selecting the right bank is a crucial step in achieving financial stability and growth. In Pennsylvania, a state known for its rich history and dynamic economy, there are numerous personal banking options available to cater to diverse financial needs.
Whether you seek superior customer service, attractive interest rates, or advanced financial products, finding the best personal bank in Pennsylvania is essential for managing your finances effectively.
This article delves into the leading personal banks in the state, showcasing their standout features and how they can help you reach your financial aspirations.
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Best Personal Banks in Pennsylvania
- Axos – Best Personal Pennsylvania Banks Overall
- Chime – Best User-Friendly Interface
- SoFi – Best for Saving Accounts
- Bank of America – Best for Opening a Checking Account
- Upgrade – Best for Personal Loans
- U.S. Bank – Best Customer Service
- Discover – Best CD Rates
Axos – Best Personal Pennsylvania Banks Overall
Based in Pennsylvania, Axos Bank is recognized as the top choice for its commitment to digital banking. Axos provides a compelling APY on its high-yield savings accounts, easy access, and free reimbursements for domestic ATM fees across various checking accounts that carry no monthly maintenance charges.
Axos stands out among online business banks for its streamlined cash deposit process at any Allpoint or MoneyPass ATM without incurring extra fees. Axos automatically reimburses any ATM fees charged within the U.S..
Pros
- No monthly fees or required minimum to open an account
- Unlimited transactions without fees and complimentary incoming wire transfers
- All domestic ATM fees are automatically refunded
Cons
- No APY on the Essential Checking account
- Limited physical branches
- Lower APY on Money Market and CD accounts compared to competitors
>> Axos – Top Personal Bank >>
Chime – Best User-Friendly Interface
Chime Bank stands out as a top choice for personal banking in Pennsylvania thanks to its user-centric design, extensive ATM network, and advanced financial features. It has become a favorite among online banks for its appeal to both tech enthusiasts and those seeking to bypass conventional banking fees.
Chime’s early direct deposit service allows customers to receive their paychecks up to two days earlier than traditional banks, offering increased financial flexibility. Chime provides access to over 60,000 ATMs across the Allpoint and MoneyPass networks without any fees, ensuring that Pennsylvania residents can conveniently withdraw cash without extra charges.
Pros
- No fees for monthly maintenance, overdraft, or international transactions
- Early paycheck access for improved cash flow
- Attractive APY for quicker savings accumulation
Cons
- Entirely digital, which might not appeal to all users
- Cash deposits are restricted to Green Dot locations, which may involve fees
>> Apply for a Chime Bank Account Today! >>
SoFi – Best for Saving Accounts
SoFi is highly regarded for its high-interest savings accounts, offering rates that significantly surpass those of many traditional banks. This makes SoFi an attractive option for those in Pennsylvania aiming to enhance their savings growth and achieve financial goals more effectively.
Furthermore, SoFi enriches its traditional banking services with additional member benefits, including career coaching, financial planning, and exclusive events. These perks provide substantial value, helping members navigate their personal and professional aspirations more successfully.
Pros
- Competitive interest rates on savings accounts accelerate money growth
- No fees for monthly maintenance, overdrafts, or maintaining a minimum balance
- Broad array of financial products like student loan refinancing, personal loans, mortgages, and investment opportunities
Cons
- Predominantly online, which might not appeal to those preferring traditional, in-person banking services
- More cumbersome for cash deposits compared to brick-and-mortar banks
- Some customers might find the online interaction insufficient for addressing more complex banking needs
>> Apply for a SoFi Bank Account Today! >>
Bank of America – Best for Opening a Checking Account
Bank of America (BofA) stands out as a viable choice for personal banking in Pennsylvania for numerous reasons. As one of the largest and most established banks in the U.S., it provides a wide array of services suited to diverse banking needs.
For those who prefer traditional banking, Bank of America offers significant advantages, including nearly 450 branches throughout Pennsylvania. This extensive network ensures easy access to ATMs and face-to-face customer support whenever necessary.
While the savings APY at BofA might not compete with those offered by online banks, the bank compensates with a broad selection of financial products, including credit cards, home and auto loans, and investment opportunities through Merrill.
Pros
- The wide availability of branches and ATMs across Pennsylvania
- Extensive range of financial products, including checking and savings accounts, credit cards, loans, mortgages, and investments
- Accessible and secure online and mobile banking
Cons
- Monthly maintenance fees on certain accounts unless specific balance or activity criteria are met
- Savings accounts and CDs feature lower interest rates compared to 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 an attractive option for personal banking in Pennsylvania by combining modern digital banking services with features that cater to the contemporary consumer. A notable feature of Upgrade is its high-yield savings account, which offers interest rates significantly above those of traditional banks, making it an ideal choice for those looking to efficiently grow their savings.
The bank’s dedication to customer service enhances its overall appeal, with a focus on excellent support available through multiple channels, ensuring help is always accessible. Upgrade’s transparent and straightforward handling of financial products makes it easy for customers to navigate terms and conditions, steering clear of hidden fees and complex contracts.
As a personal bank in Pennsylvania, Upgrade combines high returns on savings, easy access to credit options, and superior customer service, presenting a modern banking solution that meets the needs of today’s financial landscape.
Pros
- Competitive interest rates on savings accounts allow for faster growth of funds compared to traditional banks
- No monthly maintenance fees or minimum balance requirements
- A variety of financial products are available, including personal loans and the Upgrade Card, which merges the benefits of a personal loan with the flexibility of a credit card for spending and debt management
Cons
- Primarily an online operation, lacking physical branches for those who prefer face-to-face interactions
- Cash deposits can be challenging as Upgrade doesn’t have an ATM network for this purpose, necessitating alternative deposit methods
>> Apply for an Upgrade Bank Account Today! >>
U.S. Bank – Best Customer Service
U.S. Bank has been honored with the highest ranking in Customer Satisfaction for three consecutive years by J.D. Power, demonstrating its commitment to excellence in service. Its monthly fees are among the lowest for national banks and are readily waivable, adding to its appeal. Moreover, the bank’s digital tools, including a mobile app that was top-ranked by Keynova Group for three years straight, provide a seamless banking experience.
The 2017 J.D. Power U.S. Retail Banking Satisfaction Study placed U.S. Bank second, evaluating aspects such as customer issue resolution, branch availability, fee structures, and product variety. This rating reflects the bank’s effective customer service and operational strategies.
Banking with U.S. Bank is reassuring due to its comprehensive range of financial products, which includes everything from standard savings and checking accounts to money market accounts, credit cards, and various loan options.
Pros
- No monthly service fees for the Silver Business Checking account
- A welcome bonus is available for new customers (subject to terms)
- Free access to 4,700 U.S. Bank ATMs and 2,900 branches nationwide
- Overdrafts of $50 or less aren’t penalized with fees
Cons
- Low limits on cash deposits
- Bank terms and fee details aren’t readily accessible
>> Apply for a U.S. Bank Account Today! >>
Discover Bank is an excellent choice for personal banking in Pennsylvania, especially for those who value the ease of online banking and competitive yields. A key highlight is Discover’s high-yield savings account, which offers interest rates well above the national average, appealing to savers aiming to maximize their returns.
Furthermore, Discover’s certificates of deposit (CDs) offer attractive rates, enabling customers to secure higher interest over fixed periods. This blend of high-return savings options distinguishes Discover from traditional banking institutions.
Pros
- Discover provides competitive interest rates on savings accounts, significantly surpassing the national average, which facilitates quicker growth of your savings
- There are no monthly maintenance fees, overdraft fees, or minimum balance requirements, allowing for straightforward financial management without unforeseen expenses
- The bank's certificates of deposit (CDs) offer robust returns for set durations, ideal for those planning long-term savings
Cons
- Discover primarily operates online, which might not appeal to those who prefer face-to-face banking interactions
- Cash deposits can be challenging since Discover doesn’t have a dedicated ATM network for such deposits
>> Apply for a Discover Bank Account Today! >>
Best Personal Banks in Pennsylvania – Buyers Guide
Tips on Banking in Pennsylvania
Navigating the banking system in Pennsylvania requires a strategic approach to finding the best services and rates that meet your needs. Pennsylvania offers many banking options, including large national banks and numerous regional banks, which often provide a more personalized experience. Credit unions are known for their competitive rates and lower fees, making them attractive alternatives for many residents.
One of the first steps in optimizing your banking experience in Pennsylvania is to be mindful of the various fees banks may charge. Standard fees include monthly maintenance, overdraft, and ATM fees, mainly when using out-of-network ATMs.
Many banks offer ways to waive these fees if you meet certain conditions, such as maintaining a minimum balance or setting up direct deposits. It’s worth taking the time to understand these requirements and choose a bank that offers fee structures aligned with your financial habits.
Digital banking services are increasingly important in today’s fast-paced world, and Pennsylvania banks are no exception in providing robust online and mobile banking options. These services enable you to easily manage your accounts, pay bills, and transfer money, adding a layer of convenience to your financial management. Keeping an eye on the interest rates different banks offer for savings accounts, CDs, and loans can help you maximize your returns and minimize your borrowing costs.
For those considering loans or mortgages, Pennsylvania banks and credit unions offer a variety of products. It’s beneficial to compare interest rates, terms, and eligibility criteria across different institutions to ensure you get the best deal. State-specific programs, such as those offered by the Pennsylvania Housing Finance Agency (PHFA), can provide financial assistance or more favorable loan terms, especially for first-time homebuyers.
Staying informed about the economic conditions and legislative changes in Pennsylvania that might impact banking is crucial. The state’s economy, which includes strong sectors in manufacturing, healthcare, and education, can influence banking trends and stability. By carefully selecting your financial institution, managing fees, and leveraging digital tools, you can effectively navigate the banking system in Pennsylvania and enhance your financial health.
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How to Choose the Right Bank in Pennsylvania
Choosing the right bank in Pennsylvania involves considering several key factors to ensure your financial needs and preferences are met. Here are some tips to guide you through the process:
1. Determine Your Banking Needs
- Personal vs. Business Banking: Identify if you need personal banking services, business banking, or both. Different banks may specialize in one area or offer better terms for specific services.
- Services Required: Consider the types of accounts and services you need, such as checking and savings accounts, credit cards, loans, mortgages, investment services, and online banking.
2. Research Banks and Credit Unions
- National vs. Local Banks: Decide whether you prefer a national bank with a broad network of branches and ATMs or a local bank/credit union with potentially better customer service and community focus.
- Credit Unions: Often offer competitive rates and lower fees but may have membership requirements.
3. Compare Fees and Rates
- Account Fees: Look for banks with low or no fees for checking and savings accounts. Be aware of potential charges for overdrafts, ATM usage, and account maintenance.
- Interest Rates: Compare interest rates for savings accounts, certificates of deposit (CDs), and loans. Higher rates on savings and lower rates on loans can save you money in the long run.
4. Evaluate Accessibility and Convenience
- Branch and ATM Locations: Ensure the bank has conveniently located branches and ATMs, especially if you frequently withdraw cash or need in-person services.
- Online and Mobile Banking: Assess the quality and user-friendliness of the bank’s online and mobile banking platforms. Check if they offer essential features like mobile check deposit, bill pay, and money transfers.
5. Consider Customer Service
- Reviews and Ratings: Read customer reviews and ratings to get an idea of the bank’s customer service reputation.
- Customer Support: Evaluate the availability and responsiveness of the bank’s customer support, including phone support, online chat, and in-person assistance.
6. Examine Additional Services and Benefits
- Special Offers: Some banks offer promotions, such as cash bonuses for opening new accounts or special rates on loans and mortgages.
- Financial Planning Services: If you need financial planning or investment advice, look for banks that offer these services, either in-house or through partnerships.
7. Security and Stability
- FDIC or NCUA Insurance: Ensure the bank is insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA) for credit unions, protecting your deposits up to $250,000.
- Financial Health: Research the financial stability and health of the bank.
By taking the time to research and compare different options, you can find a bank that best fits your financial goals and lifestyle.
>> Axos – Top Personal Bank Pennsylvania >>
Frequently asked questions
Traditional banks might offer lower interest rates on savings accounts and tend to have higher fees compared to online-only banks. Nevertheless, they provide the advantage of physical branches for in-person services and the convenience of cash deposits.
Most major banks in Pennsylvania offer comprehensive online and mobile banking services. These services include:
- Mobile Check Deposit: Deposit checks using your smartphone
- Online Bill Pay: Pay bills electronically from your account
- Money Transfers: Easily transfer money between accounts or to other people
- Account Alerts: Set up alerts for account activity, low balances, and upcoming bills
- Checking Accounts: Typically used for everyday transactions. Some banks offer interest-bearing checking accounts.
- Savings Accounts: Used for saving money and earning interest. Look for accounts with higher interest rates and lower fees.
- Money Market Accounts: A type of savings account with higher interest rates and check-writing privileges.
- Certificates of Deposit (CDs): Time deposit accounts that offer higher interest rates in exchange for leaving your money in the account for a fixed term.
- Individual Retirement Accounts (IRAs): Savings accounts designed for retirement, offering tax advantages.
Yes, many banks in Pennsylvania offer specialized programs for students and seniors:
- Student Accounts: Often come with lower fees, no minimum balance requirements, and features like free online banking.
- Senior Accounts: May offer perks such as reduced fees, higher interest rates on savings, and specialized financial advice.
Switching banks involves several steps:
- Research and Choose a New Bank: Compare different banks and choose one that best suits your needs.
- Open a New Account: Visit the bank or open an account online.
- Transfer Funds: Move your money from the old account to the new one.
- Update Direct Deposits and Automatic Payments: Notify your employer and any other entities of your new bank account details.
- Close the Old Account: Ensure all checks have cleared and automatic payments have been transferred before closing the old account.
Considering these factors and options, you can find the best personal bank in Pennsylvania that fits your needs and lifestyle.
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Bottom Line
Residents of Pennsylvania are presented with a wide selection of outstanding banking options. Those seeking extensive access and national coverage can rely on Axos, Bank of America, Chime, or SoFi.
Ultimately, the best bank for you will depend on your specific financial goals and lifestyle. Whether you value high interest rates, fee transparency, digital convenience, or robust customer service, Pennsylvania has excellent banking options to suit your needs.
>> Axos – Top Personal Banking Services in Pennsylvania >>
Aeron Rupar
