Countless banking options are available in Tennessee, but how do you know which ones are reliable and worth it? That is the task this article will tackle for you. I’ve compiled a list of the best personal banks in Tennessee that have great reputations and reviews.
Read the article to learn which one is best for you.
>> Apply for an Axos Account Today! >>
Best Personal Banks in Tennessee
- Axos – Best Personal Tennessee 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 Tennessee Banks Overall
Axos is one of the most popular banking choices for individuals and small businesses in Tennessee. It’s a pioneer digital bank that offers a wide range of products and services with the highest security. Axos offers its users high-yield savings accounts, free checking accounts, and innovative financial products.
Moreover, Axos has a very reliable and effective mobile banking service that enables you to manage your account, deposit checks, transfer funds, and wire transfers. You also get budgeting tools to stay on top of your finances.
Pros
- Unlimited transaction
- No minimum requirement
- 24/7 customer service
- Welcome bonus for new customers
Cons
- No physical banks
- No-third party integration
>> Axos – Top Personal Bank Tennessee >>
Chime – Best User-Friendly Interface
In Tennessee, Chime Bank is an excellent choice for personal banking with its user-friendly interface, extensive ATM network, and cutting-edge financial solutions. It attracts online banking users with its modern features designed for tech-savvy customers who wish to avoid traditional banking fees.
Tennesseans can use Chime’s early direct deposit feature, which enables them to obtain their paychecks up to two days before traditional banks, offering vital convenience and financial agility. With over 60,000 fee-free ATMs across the Allpoint and MoneyPass networks, Tennesseans can conveniently find an ATM nearby without extra fees, making cash withdrawals hassle-free.
Pros
- No fees for monthly maintenance, overdrafts, or international transactions
- Ability to receive paychecks up to two days earlier
- Competitive APY for increased savings
Cons
- Operates entirely online, which may not be preferred by all
- Cash deposits at Green Dot locations are required and may involve fees
>> Apply for a Chime Bank Account Today! >>
SoFi – Best for Saving Accounts
In Tennessee, SoFi stands out with its high-interest savings accounts that deliver interest rates superior to many traditional banking options. This benefit makes SoFi an attractive choice for Tennesseans aiming to optimize their savings efforts.
Tennesseans who bank with SoFi can thus foster faster growth in their savings and more efficiently fulfill their financial plans. Beyond typical banking services, SoFi enhances its offerings with various member benefits to boost customers’ financial health.
These benefits include access to career coaching, financial planning, and exclusive events. Becoming a SoFi member means gaining access to essential tools and support needed to pursue their personal and professional goals.
Pros
- Competitive interest rates on savings accounts enhance savings growth
- Free from monthly maintenance fees, overdraft fees, or minimum balance demands
- Provides an array of financial services such as student loan refinancing, personal loans, mortgages, and various investment options
Cons
- Primarily operates online, which might not meet the preferences of traditional banking users
- More cumbersome process for making cash deposits compared to traditional banks
- Although customer service is typically effective, the lack of face-to-face support may be felt when handling intricate issues
>> Apply for a SoFi Bank Account Today! >>
Bank of America – Best for Opening a Checking Account
In Tennessee, Bank of America (BofA) provides a robust personal banking option, upheld by its status as one of the largest and most established banks in the U.S. The bank serves various banking needs with its wide array of services. It’s especially appealing to those who are less enthusiastic about online banking, offering a solid traditional banking alternative.
With almost 500 branches throughout Tennessee, the accessibility of services is a significant perk, allowing customers to conveniently locate ATMs or get in-person assistance as needed.
While Bank of America’s savings APY may fall short of those provided by online banks, it compensates with an extensive range of other financial products, including credit cards, home and auto loans, and investment opportunities through its partnership with Merrill.
Pros
- Extensive network of branches and ATMs throughout Tennessee
- Wide range of financial products, including various accounts, credit cards, loans, and investments
- Enhanced security features in its online and mobile banking services
Cons
- Monthly maintenance fees on certain accounts unless balance or activity thresholds are met
- Savings and CD rates are lower than those offered by some online banks
- Various service fees can be complex and accumulate, requiring vigilant oversight
>> Apply for a Bank of America Account Today! >>
Upgrade – Best for Personal Loans
In Tennessee, Upgrade has become a favored option for personal banking, merging cutting-edge digital banking services with user-centric features. Its high-yield savings account, which provides significantly higher interest rates than those offered by traditional banks, is a key advantage for individuals aiming to maximize their savings efficiently.
The emphasis on excellent customer service increases its allure, with multiple channels of customer assistance readily available. Upgrade’s straightforward and transparent financial product offerings make it easy for users to grasp terms and avoid hidden fees or complex agreements.
As a personal banking choice in Tennessee, Upgrade is recognized as a modern solution well-suited to the current financial landscape. Offering high savings returns, accessible credit options, and superior customer service, it stands as a wise choice.
Pros
- Competitive interest rates on savings accounts allow for faster growth of savings
- Exempt from monthly maintenance fees and minimum balance requirements
- Provides diverse financial products, including personal loans and the Upgrade Card, blending the benefits of a personal loan with a credit card for efficient spending and debt control
Cons
- Mainly an online institution, possibly unsuitable for those who favor traditional banking interactions
- No dedicated ATM network for cash deposits, making depositing cash more cumbersome, necessitating the use of alternative methods
>> Apply for an Upgrade Bank Account Today! >>
U.S. Bank – Best Customer Service
For three consecutive years, U.S. Bank has ranked first in the J.D. Power Customer Satisfaction rankings and has the lowest monthly fees among national banks in Tennessee, with easily waived conditions. Its digital offerings, including a mobile app acclaimed as the best in the industry by Keynova Group for three years, significantly improve customer banking experiences.
U.S. Bank secured second place in the 2017 J.D. Power U.S. Retail Banking Satisfaction Study, recognized for efficiently resolving customer problems, the accessibility of its branches, reasonable fee structures, and extensive product offerings. This recognition emphasizes the bank’s dedication to top-tier customer service.
Choosing U.S. Bank in Tennessee offers a reliable banking choice with an extensive range of financial products, from basic savings and checking accounts to money market accounts, credit cards, and various loan types.
Pros
- No monthly service fees on the Silver Business Checking account
- A welcome bonus is available for new customers (conditions apply)
- Fee-free access to 4,700 U.S. Bank ATMs and 2,900 branches nationwide
- Overdrafts of $50 or less do not incur overdraft fees
Cons
- Low cash deposit limits
- Terms and fees are not clearly outlined on the bank’s website
- Only 125 transactions are free each month
>> Apply for a U.S. Bank Account Today! >>
Discover Bank is a prominent choice for personal banking, especially favored by customers who value online banking convenience and strong interest rates. Its high-yield savings account, which offers rates well above the national average, is designed for those looking to effectively boost their savings.
In addition, Discover offers Certificates of Deposit (CDs) with competitive rates, enabling Tennesseans to lock in higher returns for specific periods. This mix of high-return savings products sets Discover apart from conventional banks in Tennessee.
Pros
- Notably, high interest rates on savings accounts surpass the national average, which enhances savings growth
- No monthly maintenance fees, overdraft fees, or minimum balance requirements, promoting straightforward financial management and avoiding unexpected charges
- Competitive returns on Certificates of Deposit (CDs) for set periods make it an attractive choice for those planning for long-term savings
Cons
- Mainly operates online, which may not appeal to those who prefer traditional banking services
- The absence of a comprehensive ATM network makes depositing cash challenging
>> Apply for a Discover Bank Account Today! >>
Best Personal Banks in Tennessee – Buyer’s Guide
Tips on Banking in Tennessee
Banking in Tennessee offers an array of financial services, from traditional brick-and-mortar branches to advanced digital platforms, catering to both individuals and businesses. The state is home to a mix of local community banks, regional institutions, and national banks, providing customers with options to suit diverse financial needs.
For personal banking, Tennessee’s financial institutions offer standard services such as checking and savings accounts, credit cards, loans, and mortgages. Local community banks like First Tennessee and Pinnacle Bank are popular for personalized services, especially for individuals looking for relationship-based banking. Many banks also offer competitive rates for auto and home loans, with customer service designed to assist clients in managing their financial health.
Business banking in Tennessee is robust, with many banks offering tailored solutions for small and medium-sized enterprises (SMEs). From business checking accounts to lines of credit, Tennessee banks provide a range of financial products to support local businesses in their operations and growth. In particular, many banks emphasize small business loans and have dedicated teams to assist business owners in navigating financial challenges.
With the rise of FinTech, many banks in Tennessee are focusing on expanding their digital banking services. This includes mobile apps and online banking platforms that make it easier for customers to manage accounts, pay bills, and transfer funds remotely. Security features such as two-factor authentication and fraud protection services are also becoming more advanced.
In rural areas, community banks play a crucial role in offering financial services that cater to agricultural businesses, helping farmers with loans and specialized services such as crop financing. Meanwhile, major cities like Nashville and Memphis provide more sophisticated investment services and wealth management solutions through large banking institutions.
Overall, the banking sector in Tennessee is marked by a balance between traditional customer service and the adoption of modern banking technologies, ensuring that customers have access to reliable and innovative financial solutions.
Whether you’re an individual, a small business owner, or someone looking for high-level financial planning, Tennessee’s banking landscape is equipped to meet a broad range of needs.
>> Start Banking With Axos >>
How to Choose the Right Bank in Tennessee
Choosing the right bank in Tennessee, or anywhere else, involves evaluating several key factors to ensure the bank meets your financial needs and preferences. Here’s a step-by-step guide to help you make the best choice:
1. Understand Your Needs
- Daily banking services: Consider what types of services you’ll need frequently, such as checking accounts, savings accounts, ATMs, or online banking.
- Specialty accounts: If you need business accounts, student accounts, or specific savings vehicles (e.g., certificates of deposit, money market accounts), look for banks that offer these.
- Loans and credit: Evaluate your future needs for loans (mortgages, auto loans, personal loans) or credit cards. Depending on your credit score or history, some banks offer better terms or benefits.
2. Research Account Fees
- Monthly maintenance fees: Check for any recurring charges, and find out if they can be waived (e.g., by maintaining a certain balance).
- ATM fees: Consider whether the bank has a wide network of ATMs and whether there are fees for using them out-of-network.
- Transaction fees: Investigate potential fees for exceeding transaction limits, overdrawing an account, or using certain services like wire transfers.
3. Accessibility
- Branch locations: Determine if you need physical branches nearby, especially if you prefer in-person banking.
- Online and mobile banking: Ensure the bank offers a user-friendly app or website that meets your needs for tasks like mobile deposits, bill pay, and account management.
- ATM network: Look for a large ATM network or options for fee-free withdrawals at ATMs.
4. Interest Rates
- Savings accounts: Compare the interest rates offered on savings accounts. Higher rates can help you grow your savings faster.
- Loans and mortgages: If you plan to take out a loan, compare interest rates on personal loans, auto loans, or mortgages.
- Credit cards: Evaluate the interest rates on credit cards if you plan to carry a balance.
5. Reputation and Security
- Customer service: Check online reviews, talk to current customers, or visit the branch to get a sense of the bank’s customer service quality.
- Financial stability: Research the bank’s financial health to ensure your money is safe. Look for indicators like credit ratings or a bank’s financial history.
- Security features: Ensure the bank uses strong security protocols, like two-factor authentication for online banking or fraud protection.
6. Products and Services
- Variety of services: If you need wealth management, investment services, retirement accounts, or insurance, check to see if the bank offers these services.
- Specialized accounts: Some banks offer accounts with extra perks (e.g., student accounts, senior citizen accounts) or low fees, so look for accounts that match your profile.
- Loans and credit card benefits: Look for competitive loan rates, low fees, and potential perks on credit cards (e.g., cashback, travel rewards).
7. Community and Local Focus
- Support for local businesses: If you value supporting local businesses and community banks, choose a regional or community bank.
- Corporate social responsibility: Some banks contribute to community development or support charitable causes. If this aligns with your values, consider a bank that gives back to the local community.
8. Promotions and Incentives
- Sign-up bonuses: Some banks offer cash incentives for opening a new account and meeting specific criteria (e.g., direct deposit or maintaining a balance).
- Referral programs: If you refer friends or family members, you might earn rewards through referral programs.
9. Ease of Switching
- Account transfer services: Some banks offer a service that helps you transfer your account from another bank, including automatic bill payment transfers and direct deposits.
- Minimum balance requirements: Check if there are minimum balance requirements when switching to avoid potential fees.
By considering these factors and how they align with your financial needs, you can choose a bank in Tennessee that best supports your personal or business goals.
>> Axos – Top Personal Bank Tennessee >>
Frequently asked questions
Local banks may offer more personalized service and better rates for the community, while national banks might provide more widespread ATM access and a broader range of products.
Mobile banking is crucial, especially if you prefer handling your finances digitally. Consider banks with user-friendly mobile apps for tasks like transferring money, paying bills, and checking balances.
- Monthly maintenance fees
- Overdraft fees
- ATM fees (out of network)
- Minimum balance requirements
Savings interest rates can vary widely, so compare rates across several banks to find the most competitive. Sometimes, local or online banks may have better rates than larger institutions.
Credit unions often have lower fees and better interest rates than traditional banks. They are member-owned, which can make them a good alternative for personal banking needs.
To switch banks, first open a new account, then gradually transfer your direct deposits and automated payments to the new bank. Once all transactions are cleared, close your old account.
Many banks offer overdraft protection, but terms vary. Check with your bank about overdraft fees and how protection works, such as linking to a savings account or Line of Credit.
A joint account is useful for shared finances between spouses or partners, while an individual account allows you to manage your own finances independently. Consider your needs before deciding.
Ensure your bank is FDIC-insured, covering deposits up to $250,000 per depositor. This information is typically available on the bank’s website, or you can ask directly.
Bottom Line
In conclusion, the best personal banks in Tennessee offer a balance of personalized service, modern banking conveniences, and competitive financial products. Focusing strongly on customer relationships, these banks provide flexible solutions for everyday banking, loans, and long-term financial planning.
Their commitment to innovation and accessibility ensures that Tennesseans can manage their finances efficiently through digital platforms or in-person services. These institutions are well-positioned to meet the diverse banking needs of individuals across the state.
>> Axos – Top Personal Banking Services in Tennessee >>
Aeron Rupar
