From lone branches in sleepy beachside towns and suburban neighborhoods to larger offices in metropolitan cities like Miami, Orlando and Tampa, Florida offers its residents and business owners several banking options. 

                By                    Imelda Lo
  • Choosing the Right Bank

In 2022, there are around 187 banks and 67 credit unions available across the Sunshine State. National banks like JPMorgan Chase, Wells Fargo, and Bank of America have a strong presence, with hundreds of branches available. Those who prefer community banks or credit unions have several choices, too. 

  • Availability (number of branch locations)
  • Checking account annual fee
  • Customer service products offered
  • Savings account APY
  • Bauer rating
  • Services and products offered
  • Total assets

Here are the top banking options the Sunshine State offers.  

Chase

  • More than 16,000 ATMs across the U.S.

  • Various account types, credit cards and services to choose from

  • Multiple bonus offers

  • Low interest rates and high monthly fees

  • Low rates on Certificates of Deposit

  • Depending on location, APY on Chase’s basic account can be very low

Choosing the Right Florida Bank

The Sunshine State offers many personal and commercial banking options to its residents. While everyone’s banking needs are different, availability and convenience as well as interest rates and fees are among the top factors anyone should consider when choosing the right bank.

The Huntington National Bank

  • $50 overdraft buffer

  • 24-hour overdraft grace period

  • Fee-free basic checking account

  • Only has one Florida branch located in Naples

  • Low CD rates

  • High overdraft fees

  • Low APY

  • A basic checking account doesn’t pay interest

  • Many accounts with interest require a high balance (for example, $5,000 for Huntington 5 Checking®) to waive monthly fees

Bank of America

  • 4,200 locations and 16,000 ATMs

  • Credit card shopping awards

  • Automatic savings program

  • Account fees can be difficult to avoid

  • Low APY rates

  • Slow customer service

  • Low CD rates

MIDFLORIDA

  • Full suite of financial products and services, including great options for students

  • The ability to transfer funds between MIDFLORIDA accounts and those from other financial institutions

  • The option to send money to friends and family directly from account through mobile banking

  • Mobile app can be unreliable and slow

  • Low dividend rates compared to other credit unions

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Raymond James Bank

  • Comprehensive suite of services, including and especially robust financial advisory services

  • CD rates increase as the term increases

  • Only has one Florida branch office located in St. Petersburg

  • CD rates could be higher

  • High opening deposits

  • Account management and setup fees can add up

VyStar Credit Union

  • Has 54 full-service branches in 26 cities in Central and North Florida

  • No-fee checking and savings accounts

  • Low opening deposit requirements

  • Free withdrawals from over 20,000 ATMs nationwide for VyStar ATM and debit cardholders

  • High interest rates on CDs

  • Only available to military members and people living or working in Central or North Florida

  • Low interest rates for savings accounts

Lake Michigan Credit Union

  • High-yield savings and checking accounts

  • Membership is free for those living or working in the Florida communities it services or are immediate family of LMCU members

  • Individuals who don’t qualify for free membership can become members by making a $5 donation to the ALS Foundation

  • Low credit card and loan rates, such as Prime Platinum Visa Credit Card

  • Only has 14 branches along Florida’s Gulf Coast

  • Must meet four requirements before getting the Max Checking Rate:

  • Sign up to receive eNotices and eStatements

  • Make a minimum of one direct deposit into the Max Checking account every month

  • Make a minimum of 10 posted credit card or debit card purchases per month

  • Log in to online banking a minimum of four times per month

Space Coast Credit Union

  • Expansive suite of financial services, including credit cards, checking accounts, auto loans, CDs and mortgages

  • Competitive mortgage rates

  • Fee-free checking account that only requires a $25 minimum opening deposit

  • Money market account requires a monthly low balance fee of $15 and a minimum opening deposit of $2,500

Good To Know

Credit unions and banks offer similar services, but there are clear differences between them. Credit unions are nonprofit organizations that put their members first, which is why they’re widely known for their great customer service. They also tend to have higher financial benefits than traditional banks.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of May 16, 2022.

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