North Carolina boasts a growing population and a flourishing economy. National and major regional banks serve both individual and business customers. A resident searching for banking services in Raleigh, Charlotte or any other city in North Carolina has dozens of options available. 

                By                    Thomas Streissguth
  • Choosing the Right Bank

Choosing the right bank involves matching individual needs to the financial institution’s strengths, whether that means low fees, convenient checking, physical branch availability, or readily available and helpful customer service. The new era of digital banking also means customers researching banks may want to consider online platforms, which vary in their features and ease of use. 

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

Here are some of the best banks in North Carolina based on these metrics.

Chase

  • Customer service line, which operates 24/7

  • Wide range of products and services, including commercial and wealth management

  • Mobile platform offering Zelle person-to-person payments and other conveniences

  • Overdraft protection that eliminates overdraft fees on checks

  • Interest rates on Chase savings accounts and CDs are on the low side

  • Checking account monthly fees as high as $25

  • Not engaging in overdraft protection will cost you, as overdraft fees are steep

Choosing the Right North Carolina Bank

North Carolina is one of the country’s most important banking centers in the U.S., with Charlotte serving as the country’s second-largest financial center after New York City. While everyone’s banking needs vary, customers have several personal and commercial banking options to consider in the Tar Heel State.

Bank of America

  • Large network of ATMs and physical branches in North Carolina

  • “Keep the Change” automatic savings program that rounds up and saves debit card purchases

  • Mobile and online platforms with robust security features, including a personal photo on the debit card

  • Self-directed brokerage accounts available through Merrill Edge

  • Low interest paid on savings accounts, typical of a big bank

  • A confusing system of overdraft and monthly fees that can be costly

  • No high-yield savings accounts are available

Wells Fargo

  • Branches throughout North Carolina

  • A full suite of financial services available, including standard savings and checking, retirement accounts, credit cards, certificates of deposit and brokerage services

  • Wide range of consumer and business loans

  • Personal financial advisors to consult with customers on their money issues and savings goals

  • Low interest on its savings accounts

  • Hefty overdraft fees that can quickly run a low-balance checking account into the red

  • A $2,500 minimum set on certificates of deposit, putting them out of reach for some low-income savers

Truist Bank

  • A good variety of checking accounts tailored to customers with different financial and life profiles

  • Accounts geared to students, seniors, and employees of certain companies who have joined the bank’s BB&T@Work checking plan

  • Health savings accounts, with which depositors can save tax-exempt money for medical expenses

  • Relatively low interest on its savings accounts

  • Steep overdraft fees

  • Maintenance fees on the checking accounts can also get expensive if they aren’t carefully monitored for the required minimum balances

First Horizon Bank

  • One of the industry’s more user-friendly account platforms

  • The app offers budgeting, financial planning services, money transfer, bill pay and mobile deposit

  • Four varieties of no-fee credit cards, which a holder can link to a checking account to protect against overdrafts

  • First Horizon sets different conditions on waiving monthly checking account fees, making the whole process of choosing an account challenging

PNC Bank

  • Out of network ATM fees can be waived

  • Cash back up to 5% offered on some debit card transactions

  • PNC Pay on Android devices offered as an alternative to debit and credit cards

  • Smaller network of ATMs compared to big national banks

  • High overdraft fees

First Citizens Bank

  • Broad geographic presence across North Carolina

  • Full range of banking services, including business loans and wealth management

  • Community association banking, equipment and vendor financing

  • Community reinvestment programs serving low- and moderate-income borrowers through small business lending and affordable housing

  • Relatively low rates of interest on its savings accounts

  • The bank also charges fees when checking balances don’t meet minimums, which can be avoided in higher service tiers

Capital One Bank

  • No fees charged on checking or savings accounts

  • Rates paid on savings accounts and CDs are competitive

  • The bank gets good ratings for its mobile app

  • An intriguing chain of Capital One Café branches offering a space to unwind, bank and enjoy crafted food and beverages

  • Expanding but still limited physical presence

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of May 17, 2022.

Best Banks By Region

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