11 Best Banks in Alabama for 2023 

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Banking in the Yellowhammer state doesn’t require prayer. Call on the best banks in Alabama to deliver you from inferior banking and take charge of your finances today.

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Mobile banking is on the rise. In just four years, mobile banking has increased by 20% or more

As more of us are on our phones, we tend to think about banking through an app when we absolutely need it. This is usually when physical branches or ATMs aren’t open. 

With our list of the best banks in Alabama below, you’re sure to find a bank that suits your needs. These banks cater to Alabamans to make southern life that much easier. 

Plus, our list includes several insights and welcome bonuses you can use to add to your savings. Pretty soon you’ll be closer to that savings goal than you think. 

Are you ready to learn more about the best banks in Alabama? Let’s get started!

11 Best Banks in Alabama

Comparing your choices when it comes to banking in Alabama can be challenging unless you know who offers the best checking accounts or savings accounts. Take a look at the list below to see which banks offer the best features for your needs. 

1. CIT Bank

CIT Bank (which stands for Commercial Investment Trust Bank) is an online-only bank. However, it offers several traditional banking services, from checking and savings accounts to CDs and money market accounts along with lucrative CIT bank promotions.

Its CIT Bank Savings Connect has an attractive annual percentage yield, which is higher than the national average interest rate on most savings accounts. This account does not charge a monthly Service Charge.

Savings Connect
5.0

Savings Connect from CIT Bank is a great choice for people who want to save money. It has a high APY of 4.65% and you only need $100 to start and earn that rate. This makes it really good for anyone looking to grow their savings. Plus, there are no monthly fees with this account, so you won't have extra costs to worry about.

Open Account

You can also open a CIT eChecking account. This account offers online and mobile banking is easy and convenient with an eChecking account. CIT customers can access checking accounts 24 hours a day online or through the mobile app. Checking accounts can be opened with a $100 minimum opening deposit.

CIT eChecking
3.9

Online and mobile banking is easy and convenient with an eChecking account. CIT customers can access checking accounts 24 hours a day online or through the mobile app. Checking accounts can be opened with a $100 minimum opening deposit.

Learn More CIT Bank Promotions

You can visit CIT Bank virtually with a desktop or smartphone. CIT Bank is part of the CIT Group and offers higher interest rates than you’ll find at most national and regional banks. 

 
 
 
 
 

CIT Bank Savings Connect has an annual percentage yield of up to 4.65%, which is higher than the national average interest rate on savings accounts. This account does not charge a monthly Service Charge.

Experience a convenient and secure all-digital way to grow and access your money. Earn a competitive interest rate. Easily pay people and bills, with no monthly fees.

Interest that adds up in your family's best interest. Open an account today and start earning. Open an account with $100 to earn up to 1.00% APY.

Online and mobile banking is easy and convenient with an eChecking account. CIT customers can access checking accounts 24 hours a day online or through the mobile app. Checking accounts can be opened with a $100 minimum opening deposit.

CIT Bank CDs provide a safe, secure way to grow your savings. Choose from a selection of CD rates and terms to help you stay on target for your savings goals.

CIT Bank Savings Connect has an annual percentage yield of up to 4.65%, which is higher than the national average interest rate on savings accounts. This account does not charge a monthly Service Charge.

Experience a convenient and secure all-digital way to grow and access your money. Earn a competitive interest rate. Easily pay people and bills, with no monthly fees.

Interest that adds up in your family's best interest. Open an account today and start earning. Open an account with $100 to earn up to 1.00% APY.

Online and mobile banking is easy and convenient with an eChecking account. CIT customers can access checking accounts 24 hours a day online or through the mobile app. Checking accounts can be opened with a $100 minimum opening deposit.

CIT Bank CDs provide a safe, secure way to grow your savings. Choose from a selection of CD rates and terms to help you stay on target for your savings goals.

2. First Citizens Bank

If you enroll in paperless billing, you can open a free checking account with First Citizens Bank and waive any monthly fees. Free checking accounts are some of the best checking accounts because you don’t have to worry about spending money as you’re trying to manage and save it. 

First Citizens Bank is known for its full-service spread available in almost 20 states. It has less competitive APY rates on savings accounts than online-only banks but offers small business and commercial loans. 

You can also experience hassle-free banking with the First Citizens Checking Account. No fees, no minimum balance requirement, and the convenience of 24/7 digital banking, bill pay, and mobile deposits. Enroll in paperless statements to avoid the monthly fee. Make your life easier with better banking.

You can also open several CDs and money market accounts with First Citizens Bank. If you’re looking for credit cards, this bank offers several to help you make the most of your purchases. 

Free checking account
 

Experience hassle-free banking with a free checking account. No fees, no minimum balance requirement, and the convenience of 24/7 digital banking, bill pay, and mobile deposits. Enroll in paperless statements to avoid the monthly fee. Make your life easier with better banking.

Open a First Citizens online savings account for easy access and mobility. Enjoy convenience with no minimum balance requirement and no monthly service charges. Earn interest on your daily balance and receive monthly credits with competitive rates.

Free checking account

Experience hassle-free banking with a free checking account. No fees, no minimum balance requirement, and the convenience of 24/7 digital banking, bill pay, and mobile deposits. Enroll in paperless statements to avoid the monthly fee. Make your life easier with better banking.

Open a First Citizens online savings account for easy access and mobility. Enjoy convenience with no minimum balance requirement and no monthly service charges. Earn interest on your daily balance and receive monthly credits with competitive rates.

3. Liberty Bank

You won’t find Liberty Bank locations anywhere else but Alabama. In fact, physical locations are limited to the following areas: 

  • Sardis City
  • Albertville
  • Collinsville
  • Crossville
  • Altoona

Liberty Bank offers several personal banking services, including checking and savings accounts, credit cards, CDs, IRAs, and more. You can also set up business banking with Liberty Bank. 

When you open a personal account with Liberty Bank, you can waive the monthly maintenance fees. Check the specifics for each account to see exactly how to avoid those costly fees. 

Liberty Bank also offers its Overdraft Privilege service, which covers your overdrafts up to a certain amount. You can also open a savings account with a $25 minimum balance. 

4. Bryant Bank

This bank calls Alabama home, with over 15 branches available to visit. Bryant Bank is a small community bank, but minimizing its services is a disservice. 

Bryant Bank’s Basic Savings Account requires $100 to open. You can make six withdrawals per month for free. 

If you want to make more withdrawals after that, you’ll pay for the privilege. You can also use Bryant Bank for your business banking needs. 

Mobile banking makes using this bank for your finances easy. You get overdraft protection and a more personalized experience with a small community bank. 

You’ll need to visit a physical branch to open a Bryant Bank savings account. However, you can earn interest on your balance with this account. 

Newsweek recognized Bryant Bank as the best small bank in Alabama in 2020. Bryant Bank continues to serve its customers in Alabama with pride.

5. Regions Bank

You’ll find several Regions Bank locations in Texas as well as Alabama. There are over 20 branches located in Alabama that provide several financial services. 

You can open a checking and/or savings account online and apply for Regions Bank credit cards. These credit cards offer travel points, merchandise, gift cards, and cashback.

Regions Bank also specializes in wealth management. The InvestPath program connects you to skilled financial advisors who can help answer your financial questions. 

You can also use Regions Bank’s My GreenInsights to monitor your account balance, set up a budget, track your spending, and create various savings goals. Set up notifications to monitor your account as well. 

6. Wells Fargo

Besides Chase and Bank of America, Wells Fargo is one of the largest banks in the U.S. It has over 640 branches and 1,200 ATMs nationwide and partners with Zelle to help you manage your money. 

You’ll need a minimum of $25 to open most Wells Fargo accounts. You can waive the monthly fees if you meet specific requirements that vary between accounts. 

If you open a long-term CD with Wells Fargo, you can earn up to 0.15% APY. Savings accounts come with a 0.01% APY. 

Wells Fargo also has five checking and retirement accounts you can choose from. You can even open a Teen Checking account to help teach your child more about money. 

7. First Community Bank of Central Alabama

Based out of Wetumpka, Alabama, First Community Bank of Central Alabama offers free cashiers checks and waives monthly fees on its accounts if you have a balance of $2,500 or more. It also requires $100 to open an account. 

First Community Bank of Central Alabama was founded in 2001. It’s well-known for its exceptional customer service and wealth of financial products. 

You can open an interest-bearing checking account with this Alabaman bank. Savings accounts, mortgages, business banking, and wealth management are all areas where First Community Bank of Central Alabama shines. 

8. PNC Bank

PNC Bank has been ranked among some of the best national banks out there. It requires a $25 minimum opening deposit for most savings accounts and offers checking accounts as well. 

Virtual Wallet checking accounts let you pay bills and track deposits. You can also set up notifications if you are close to overdrafting. 

PNC Bank offers several bonuses from $50 to $400. For example, if you open a Performance Select Checking account by June 30, you can earn up to $400 if you deposit $5,000 or more into your account within 60 days of opening it. 

You can also waive the monthly fees associated with your checking account if you have $300 or more in your account, connect your savings and checking accounts, or are under 18 years of age. 

9. Peoples Bank of Alabama

Many Alabamans turn to the Peoples Bank of Alabama for personal and small business needs. The bank offers five checking accounts, one catering to students. 

Open an eCheckingPlus account, and you could earn a high interest rate. However, you’ll need at least $25,000 to deposit into the checking account to earn that interest rate. 

Peoples Bank of Alabama also offers money market accounts, CDs, lines of credit, and loans. The myEasyAdvisor automated program helps you improve your finances with personalized financial advice.

Only residents of Alabama can open a Peoples Bank of Alabama account. You can receive up to $6 monthly in ATM reimbursements if you choose e-statements or make at least 10 debit card purchases. 

10. Ally Bank 

Banks with no branches are becoming more popular these days, and Ally Bank is no exception. Even though Ally Bank is an online-only bank, it offers 24/7 customer support and FDIC-insured accounts. 

For example, you can open an Interest Checking account and earn 0.25% APY if you have over $15,000 in the account. Otherwise, you can still earn 0.1% APY if you have at least some type of balance. 

Savings accounts earn up to 4% APY with Ally Bank. You can also use Zelle and an extensive ATM network to transfer and receive money

Depositing cash is impossible with Ally Bank. However, you can set up savings “buckets” to reach your savings goals, with up to 10 available at a time. 

11. Redstone Federal Credit Union

Government employees, military service members, and employees of over 1,500 partner organizations are eligible for Redstone Federal Credit Union membership. This credit union offers a wide variety of services, such as: 

  • Checking accounts
  • Savings accounts
  • Money market accounts
  • Mortgages
  • Personal loans
  • CDs
  • Credit cards

If you open a Brighter Day Savings account, you can earn up to 3.03% APY on balances up to $2,500. You can also earn up to 0.45% APY on balances over that amount. 

The Visa Signature credit card from Redstone Federal Credit Union offers 5% cash back on restaurants and gas. You can also earn 3% cash back on groceries, utilities, phone service, and streaming services. 

Common Bank Account Fees 

Here is a list of common fees that may be associated with a bank account:

  • Monthly Maintenance Fee: A fee charged monthly to maintain the account.
  • Overdraft Fee: Charged when you spend more money than you have available in your account.
  • Non-Sufficient Funds (NSF) Fee: Charged when you attempt to make a payment or withdrawal but don't have enough funds in your account.
  • ATM Withdrawal Fee: Charged when using an ATM your bank does not own.
  • Foreign Transaction Fee: Applied to transactions made in a foreign currency or outside your home country.
  • Account Closure Fee: Charged when you close your bank account.
  • Account Balance Inquiry Fee: Charged for checking your account balance at an ATM.
  • Incoming or Outgoing Wire Transfer Fee: Charged for sending or receiving funds via wire transfer.
  • Card Replacement Fee: Charged to replace a lost or stolen debit or credit card.

Specific fees and amounts may vary depending on the bank and type of account. Review the fee schedule provided by your bank for accurate and up-to-date information.

FAQs

How old do you have to be to open a bank account in Alabama?

You must be at least 19 years old to open a bank account in Alabama. Depending on where you bank, you may be able to open an account sooner with your parent’s permission. 

Which banks in Alabama offer fee-free checking?

First Citizens Bank and First Community Bank of Central Alabama offer free checking accounts. You can also open free checking accounts with other banks if they offer a way to waive the monthly fees. 

Can you have more than one bank account in Alabama?

Yes, you can have more than one bank account in Alabama. Many people open multiple bank accounts to take advantage of promotions, and you can easily do the same if you have enough funds.  

Do any banks in Alabama offer welcome bonuses?

Welcome bonuses fluctuate depending on which bank you choose. While none of the banks on our list offer welcome bonuses at the time of this writing, check back in the future to see if that changes.  

Benefit from Some Southern Hospitality with These Banks 

Banking in the state of Alabama can be challenging if you’re not sure where to begin. We hope our list of the best banks in Alabama has opened your eyes to the many banks you can work with to reach your financial goals. 

Regional banks like those in Alabama can help you take advantage of local perks that large national banks can’t offer. However, online-only banks do present enticing offers with high APYs on their savings accounts. 

In the end, it’s up to your preferences as to which banks offer the best accounts. You may find that going with a regional bank is better than a national one or that you can’t beat online-only banks' high interest rates. 

Whatever bank you choose, it’s all about working toward a goal. If a bank can get you at least one step closer, it’s worth checking out. 

Which of the best banks in Alabama will you work with? 

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Axos Bank® Rewards Checking
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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.

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About the author

Brian Meiggs
Hi, I'm Brian Meiggs! A personal finance expert, entrepreneur, and the founder of My Millennial Guide. My drive is to help others unlock the wealth of freedom and pave the path to financial success. With my bachelor's degree in finance, I help millennials follow the smart money in order to increase their earning potential and start building wealth for the future. I write regularly about side hustles, investing, and general personal finance topics aimed to help anyone earn more, pay off debt, and reach financial freedom. I have been quoted in major publications including Business Insider, Yahoo Finance, NASDAQ, Discover, GoDaddy, BiggerPockets, Fox News, Debt.com, Quick Sprout, Money Geek, MSN Money and many more!