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Did you know that the median household income for Washington, D.C. residents in 2021 was $93,547? Like every other American, Washington, D.C. residents need a trustworthy place to store and manage their funds.
The best banks in Washington, D.C. respect and support that need with various financial products and services. They offer everything from checking and savings accounts to investment, money market, and retirement accounts.
Below is a list of the best banks in Washington, D.C. These banks serve the state’s residents dutifully, offering community perks that compete with the best national banks.
If you’re looking for a new bank in Washington, D.C., this list can help you narrow down your options to find the best accounts for your situation. Some banks even offer welcome bonuses that make it all worthwhile.
Are you ready to learn more about the best banks in Washington, D.C.? Let’s get started!
14 Best Banks in Washington, D.C.
Local banks now compete with the best digital banks for customers within their respective regions.
This competition benefits you with competitive interest rates, low fees, and many other valuable financial products and services.
1. Bank of America
Bank of America (BofA), one of the nation's leading financial institutions, boasts an extensive network of 3,900 branches and 16,000 ATMs nationwide. Many consider Bank of America to be the best bank that offers a robust suite of online and mobile banking services.
BofA's excellent customer service is available seven days a week. You can choose from several checking and savings account options with this national bank.
If you want to avoid overdraft fees, the Bank of America Advantage SafeBalance Banking account can help. If you want to earn interest on your checking account balance, Bank of America offers the Advantage Plus Banking account.
You can also waive the Advantage Plus Banking monthly fees when you make a qualifying direct deposit. Open an Advantage Relationship Banking that offers higher interest rates and fee waivers for even more perks.
Bank of America provides Rewards Savings, Custodial Savings, and Minor Savings accounts. The Rewards Savings account offers a competitive interest rate, and the Custodial and Minor Savings accounts are designed for minors.
Bank of America's Preferred Rewards Program is another standout feature. This program offers interest rate boosts on savings accounts, credit card reward bonuses, and fee waivers.
2. SoFi
SoFi is an online bank that simplifies money management with features like its combined Checking & Savings account, giving you the convenience of checking and the high yields of savings.
There are no minimum balances, monthly or overdraft fees, making it budget-friendly. With a direct deposit setup, you can get up to a $250 bonus.
The savings yield is a solid 4.60% annually, while the free checking offers 0.50% annually. Your funds are insured up to $2 million by the FDIC.
With access to over 55,000 Allpoint® ATMs globally, cash withdrawals are easy. Plus, direct depositing your paycheck can get you funds two days early.
SoFi Checking and Savings is a combination checking and savings account offered by SoFi Bank. SoFi is an online bank that offers a variety of financial services, including loans, investments, and insurance. Right now you can earn more on your money with up to a 4.60% APY on all your savings balances and .50% APY on all your checking balances, too. Plus, pay no account or overdraft fees, get 2-day-early-paycheck, a $300 welcome bonus and more.
3. National Capital Bank
National Capital Bank has been deeply rooted in the community for 130 years. This bank offers a thoughtful selection of financial products, including checking, savings, personal loans, and lines of credit.
This Washington, D.C.-based bank provides mobile and online banking services. If you’re concerned that online banking might be unsafe, National Capital Bank incorporates several safety features to protect your account.
For checking account options, National Capital Bank presents an array of choices, including:
- eChecking
- Personal Checking
- Interest Checking
- Silver Checking
- Platinum Checking
With an affordable $100 minimum opening deposit, these accounts cater to diverse banking needs. Monthly fees range from $5 to $15 but can be waived in some instances, such as maintaining a direct deposit or a daily balance of $500+.
Convenience extends to account openings, with eChecking and Platinum Checking available for opening online. Additionally, this bank supports Zelle.
For savings, National Capital Bank provides:
- Personal Savings account with a $100 minimum deposit
- Kid's Club Savings with a nominal $1 deposit
- Premium Money Market account requiring $2,500
Monthly fees are $2 for Personal Savings and $5 for Premium Money Market, with the option to avoid fees by maintaining a daily balance.
4. GO2bank
DC residents looking for seamless digital banking should consider GO2bank by Green Dot. With no minimum deposit or balance, they offer easy-to-open checking and savings accounts. The savings account yields 4.50% APY up to $5,000.
Depositing cash is simple with 90,000 retail locations, and over 55,000 Allpoint ATMs providing fee-free withdrawals. Customers can receive paychecks and government benefits up to two and four days earlier, respectively.
A monthly $5 fee is waived with a direct deposit, and there's overdraft protection up to $200. For those aiming to boost their credit, GO2bank's Secured Visa Card helps in credit building.
GO2bank, a digital bank by Green Dot, offers a checking account with savings subaccounts called vaults. Its biggest perks include a high savings rate on up to $5,000 and the ability to deposit cash at select retailers.
5. First National Bank
First National Bank (FNB) operates in Washington, D.C. and has over 350 branches and 1,350 ATMs in the District of Columbia and seven other states.
This regional bank offers some of the best checking accounts for a full-service bank. You can choose from five checking accounts in total, including:
- Freestyle Checking
- Lifestyle Checking
- eStyle Checking
- eStyle Plus Checking
- Premierstyle Checking
Choose the Premierstyle Checking account, and you can get your first order of checks free and earn interest on balances of $1,000 or greater. First National Bank also offers savings accounts, mortgages, loans, investment planning, insurance, and business accounts.
FNB is a good option for customers who live near one of its branches and want to avoid fees and balance requirements.
6. Chase
Chase has 40 branches in the District of Columbia and the surrounding Maryland and Northern Virginia communities.
Among the largest banks in the U.S., Chase offers some of the best welcome bonuses you can find. You have your pick of several checking and savings accounts, in addition to credit cards, loans, mortgages, CDs, business accounts, and more.
The Chase Total Checking account is a popular one. You can earn up to $300 if you complete the following criteria:
- Open a Chase Total Checking® account and set up direct deposit
Yes, it’s as simple as that! Plus, Chase gives you access to 4,700 branches and over 16,000 ATMs. It’s also a member-FDIC.
Chase Total Checking® is the bank’s most popular account and best for everyday use. While there’s no minimum deposit to open the account, it does have a $12 monthly maintenance fee that can be waived. This account also comes with Overdraft Assist and Zero Liability Protection, along with online and mobile banking. New customers can qualify for a $300 intro bonus by opening a new account and receiving $500 via direct deposits within 90 days.
7. Library of Congress Federal Credit Union
If you’re looking for some of the best free checking accounts in Washington, DC, look no further than the Library of Congress Federal Credit Union. This credit union’s Free Checking account requires no minimum balance and has no monthly fees.
When you open a Free Checking account, you get unlimited check writing, a free Visa debit card, and access to up to 10 free transactions at non-network ATMs monthly. The Library of Congress Federal Credit Union also offers a free program called the Balance Financial Fitness program to help you learn about budgeting.
LCFCU also offers an Advantage Checking account that earns interest and offers free checks and discounts on safe deposit boxes. You can also open one of several accounts to save for special occasions.
For example, the Holiday and Vacation Club accounts help you plan for the future. The Regular Savings account also offers competitive interest rates.
LCFCU offers IRAs and CDs as well. You can access your funds online or via your mobile device.
You can join the Library of Congress Federal Credit Union if you are an employee of over 40 participating businesses. If you have a family member who is already an LCFCU member, you can also join.
8. PNC Bank
Known as one of the best national banks, PNC Bank offers several financial products and services to cater to personal and business banking needs. This bank is most known for its Virtual Wallet accounts that combine checking and savings account features.
Virtual Wallet accounts have no minimum balance requirements. You can also waive the $7 monthly fee if you:
- Have $500 or more between your Spend checking and Reserve savings accounts
- Have $500 or more in monthly direct deposits
PNC Bank also offers mobile and online banking in addition to an extensive ATM network. You can open one of many CDs or take out a personal loan or mortgage with this bank.
If there's one bank you trust with your funds, it could be PNC Bank. This bank is committed to fostering lasting relationships with a focus on supporting local Washington, DC residents in achieving their financial goals.
9. Presidential Bank
Presidential Bank, established in 1985, strategically places its branches in high-traffic areas, ensuring easy access for its valued customers. This best bank also offers comprehensive online banking services.
Presidential Bank stands out as a reliable community bank for customers seeking a community-focused banking approach. Presidential Bank provides lending products beyond what most national banks typically offer.
Presidential Bank's checking account options include Classic Checking, offering a no-frills and straightforward banking experience. In addition, the Premier Checking account adds an interest-earning feature and unlimited check writing.
Statement Savings and Money Market Savings accounts help you save for the future. You can also open CDs at Presidential Bank.
10. Sandy Spring Bank
Sandy Spring Bank offers a diverse range of banking services available both in-person and online. The 150-year-old bank provides checking, savings, and loan options to Washington, D.C. residents.
Sandy Spring Bank's checking account offerings include Direct Banking, My Free Banking, Premier Banking, and Senior Interest Banking. All accounts have online and mobile banking features, including bill pay and mobile deposit capabilities.
In addition, customers enjoy the convenience of a debit Mastercard and access to a vast network of over 55,000 Allpoint ATMs. Account holders also receive account alerts and online statements.
Sandy Spring Bank offers Regular Savings, money market accounts, CDs, and IRAs for those seeking to save and grow their funds. Applying for these accounts is easy through the bank's online application process.
Regular Savings account holders can take advantage of the Auto Save feature, helping them achieve their savings goals effortlessly. It's important to note that the Regular Savings account incurs a $5 monthly fee if the daily balance falls below $300.
11. United Bank
Opened in 1839, United Bank supports over 200 local branches with a handful of financial services and products. You can choose from five checking accounts, including:
- Free Checking: This no-frills account offers basic services
- Advantage Checking: This interest-bearing account offers ATM fee refunds.
- Rewards Checking: Waive the $10 monthly fee if you use your debit card 15 times within a month or have $500 or more directly deposited into your account. You can also reduce the monthly fee by $2 if you opt for eStatements.
- Essential Checking: This account features no minimum balance requirements or overdraft fees.
- Veterans Checking: This unique account serves those who serve our country.
You can also open several savings accounts, CDs, investment accounts, IRAs, and money market accounts. United Bank also offers lending solutions to local customers.
You must have a $50 initial deposit when you open a Platinum Savings account. However, the account has tiered interest rates and no minimum balance requirements.
12. Wells Fargo
This national bank paves the way with online and mobile banking and a bevy of financial products and services to support your financial needs. Wells Fargo was founded in 1852 but continues to serve Washington, D.C. residents with a personalized approach.
Wells Fargo offers several checking and savings accounts. The Way2Save savings account is your basic account, while the Platinum Savings account offers higher interest rates on your balance.
You can also open an Everyday Checking or Preferred Checking account. Meet specific criteria each month, and you can waive the monthly fees.
Wells Fargo’s Preferred Checking lets you earn interest on your balance. You can also waive fees for certain financial services when you open this account.
In addition, Wells Fargo offers personal and auto loans and CDs. If you feel safest with a national bank you can access from practically any state, Wells Fargo should be at the top of your list.
13. EagleBank
This community bank offers personalized services and the following checking accounts:
- Relationship Checking: This everyday checking account has no monthly fee when you meet the required minimum balance or account activity qualifications. You also get unlimited check writing.
- Relationship Interest Checking: This interest-bearing account offers competitive interest rates. Again, you can waive the monthly fee if you meet specific requirements.
- Premium Interest Checking: This top-tier checking account offers a bonus rate when you open an EagleBank money market or savings account and complete five or more transactions each statement cycle. You also receive unlimited ATM fee refunds and free cashier’s checks, Wallet checks, stop payments, non-sufficient funds (NSF) items, and a three-inch by five-inch safe deposit box (if available).
Each checking account comes with a free debit card, free bill pay with eBanking, and unlimited ATM fee refunds each statement cycle. You can also access your account online and on your mobile device.
EagleBank also offers savings, CDs, money markets, and investment accounts. The Eagle Savings account is free and allows unlimited use of EagleBank ATMs.
14. FVC Bank
FVC Bank is a newer bank that was established in 2007. This Washington, D.C.-based bank offers several financial services for both personal and business banking needs, including:
- Checking accounts
- Savings accounts
- Retirement planning
- College savings
- IRAs
- CDs
- HSAs
- Mortgage loans
- Credit cards
- HELOCs
For those seeking the best checking accounts, FVC Bank is probably the best bank that presents attractive options. Their Free Checking account stands out with no monthly fees.
In addition, FVC Bank's Interest Checking account allows clients to earn interest on their balances. The interest checking account does have a monthly fee if your balance falls below $1,000.You can also choose from a variety of savings and money market accounts.
The Statements Savings account allows clients to earn interest on their savings. The Money Market Savings account offers higher interest rates for customers with higher balances.
FVC Bank also offers mobile and online banking services. Convenient access to your bank account makes FVC Bank one of the best banks in Washington, DC.
Pros and Cons of Local Banks
Local banks prioritize personal service and community initiatives to compete with larger national banks. Here are the pros and cons of banking with a local bank in Washington, D.C
Pros
- Lower fees than national banks
- Involved in community efforts
- Faster decisions on loans and other approval processes
- Personalized service
- Local discounts and additional perks
Cons
- Fewer physical branch locations
- Struggle to compete with national and online-only banks that offer higher interest rates
- Smaller service selection than larger banks
- Few, if any locations or ATMs outside of the state
- Limited international services
- Online and mobile platforms may not be as technologically advanced
FAQs
What do you need to open a bank account in Washington, D.C.?
When you open a bank account in Washington, D.C., you must show identification, proof of mailing address, and evidence of your Social Security number. You may also have to make an initial deposit to open the account, but some banks waive this requirement.
What are some of the best banks in Washington, D.C.?
Some of the best banks in Washington, D.C. include EagleBank, FVC Bank, United Bank, and Presidential Bank. You can also bank with national banks like Wells Fargo, Bank of America, and PNC Bank.
What is the largest bank in Washington, D.C.?
Bank of America is the largest bank in Washington, D.C. Wells Fargo is a close second, with many locations throughout the state.
Bank Better in the District of Columbia
Washington, D.C. is known for many things, from the Smithsonian Institution and the White House to the National Cherry Blossom Festival. While many people recognize it for its past, it also stands at the center of many residents’ financial futures.
Washington, D.C. residents enjoy a mix of banks, from local and community banks to national banks like Bank of America and Wells Fargo. You can also find several of the best credit unions in this state.
We hope this article helps you find some of the best banks in Washington, D.C. to support your financial goals. Whether you’re just starting or are well into building your financial empire, these banks offer the products and services you need to flourish.
Which of the best banks in Washington, D.C. will you choose?
A free account with unlimited ATM fee reimbursements. You don't have to worry about keeping a minimum balance with Axos' Rewards Checking. As with the bank's other checking accounts, there are no monthly fees, and all fees charged by domestic ATM operators are reimbursed. Axos doesn't charge any ATM fees itself.
