Arizona is a state in the western United States known for iconic landscapes, the Grand Canyon, and its arid climate. Further, Arizona is home to some of the best commercial, investment, and retail banks in the US. There are around 114 cities and over 1800 banks spread across Arizona.

Every state in the US has a complex tax system, and taxes in Arizona are no exception.

Choosing a bank account is not an easy task. One should list expected features down and consider choices based on preferences.

12 Best Banks in Arizona

12 Best Banks in Arizona 2022 Listed Below

Bank NameFeaturesNumber of Branches
Chase BankBest Bank for Students228
Academy Bank of ArizonaCommercial lending10
National Bank of ArizonaBest Bank of Arizona59
Bank of AmericaLarge national presence129
BMO Harris BankAffordable Checking Accounts48
JP Morgan Chase & CoWealth management and automatic savings account205
US BankFinancing for small businesses and startups59
Western Alliance Bank CorporationBest Performing Bank9
BBVA Compass BankBest Regional Bank70
Ally BankBest Digital Bank10
MidFirst BankBest Customer Service25
Wells FargoBest Bank for Teens182

1. Chase Bank

The Chase Bank is the largest consumer bank in Arizona across 228 branches in 56 cities in Arizona. The bank provides increased access and convenience to customers because of its innumerable branches across the state.

Chase Bank - Banks in arizona

Bank accounts in Chase charge $12 as a monthly fee, but the amount can be waived off with a minimum deposit of $500.

The bank is known for its customer service and was ranked second in a research study or survey by JD National Bank. It also has high ratings in JDPower.com Power Circle ratings.

Chase bank is recognized as the Best Bank For Students. It operates around 16,000 branches fee-free ATMs in the US.

The only con linked is the low rate of interest on the savings accounts of Chase Bank.

2. Academy Bank Arizona

This bank has over 10 locations in Arizona and is one of the most popular local banks in Arizona. It offers various financial services like savings accounts, checking accounts, mortgages, loans, and investment schemes.

The bank has $1 billion in assets and was established in 1881 in Kansas. It has over 20+years of financial expertise.

The bank is a commercial lending specialist and offers innumerable mortgages and schemes. It also provides online banking services and is ranked #95 in the US.

The bank accepts telecommunication calls throughout the week, including TTY Relay Service and Video Relay Service. The academy credit card has rates ranging from 9.99% to 15.60% and has a low maintenance fee.

Academy Bank of Arizona is known for commercial lending and mortgages.

The moderate interest rate is a major con of the Academy Bank of Arizona.

The Academy Bank is listed as one of the best banks in Arizona.

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3. National Bank of Arizona

The National Bank of Arizona was founded in 1884 and is one of the most renowned banks in Arizona. The Bank has about 59 branches in Arizona across 114 cities and has $4.7 billion as assets. Zions Corporation owns the National Bank Of Arizona.

National Bank of Arizona

National Bank of Arizona is known to provide offerings such as deposits, loans, and other services. It offers digital banking services, car loans, and home loans at decent interest rates. It also has active and responsive customer service.

The Bank is a member of the S&P 500 and NASDAQ 100 indexes. National Bank of Arizona has been ranked as the best Bank in America for the last 15 years.

Interest rates offered by the Bank are pretty low at 0.02% and are a major con. However, the national average rate of interest is 0.25%.

4. Bank of America

The Bank of America is a multinational investment banking and financial holding service in Charlotte, North Carolina, holding over 100 branches spread across the state of Arizona. The net revenue of Bank of America is about $89.11 billion.

Bank of America

The bank offers various ranging from basic accounts to investment schemes. A host of investment products are managed, sponsored, distributed, and provided by Bank of America. The minimum deposit amount is $100.

It has a certified banking app with apt features and certification by JD Power. Transfer of money is possible via Zelle, and the bank offers fee-free ATM services.

Bank of America has a strong national presence across the US. It has offices, headquarters, and ATMs spread across the country. The bank provides trust and fiduciary services through indirect subsidiaries like the US Trust Company of Delaware.

The cons associated with Bank of America are the low-interest rates charged on the savings account.

5. BMO Harris Bank

BMO Harris Bank is a part of the Federal Reserve System and has branches in most of the renowned cities of the US. BMO is best known for college and school students, and this bank has over 50 branches in the state of Arizona.

Harris Bank

Smart Money account can be opened for students of 25 years of age and below with $25 as an opening deposit and no monthly charges. Smart Money does not charge any NFS (Non-sufficient Fund fees) charges or overdraft fees making it very useful for students with less income.

BMO Harris Bank falls in the top 10 largest banks in the state. About 40,000 fee-free ATMs operate across the US with AllPoint Network, and no monthly service fee is charged for people below 25 years of age.

Along with mobile banking, the BMO Harris Bank has access to BMO Harris total look that allows viewing accounts and details interactively.

The major con associated with BMO Harris Bank is the high minimum deposit for the APYs, and market accounts.

6. JP Morgan Chase & Co

This bank is the largest in the US, ranking 4th globally based on assets of $3.38 trillion.

JP Morgan Chase & Co. is best known for wealth management, commercial banking, and investment banking. It offers community banking services to major businesses and consumers.

JP Morgan Chase & Co

JP Morgan offers services in lending, asset management, and wholesale payments. The bank is included in the top 10 banks in Arizona, having an international presence and branches spread across the globe.

The minimum deposit amount is high in JP Morgan Chase & Co and a big con. Efforts have been made by the bank authorities to reduce the minimum amount and give free online trades to customers in recent times. The minimum deposit amount for initial asset management is $1000.

Arizona is home to some of the most popular banks in the US. Read reasons to moving Arizona to know more about the state’s natural and financial attractions.

7. US Bank

This bank is the second-largest in Arizona and has over 80 branches spread across the state of Arizona. The bank offers services from personal and consumer banking services involving key deposit features. US bank is known as the best bank for small businesses in Arizona.

US Bank

The silver checking account permits over 150 transactions with no maintenance fees, and the extra transaction fee for more than 150 transactions is just $0.40 per transaction. This special service makes it ideal for small businesses and startups to start their accounts in US Bank to reap benefits early.

A platinum checking account can make transactions up to $500 per month with a monthly charge of $25. These charges can be waived by maintaining a balance of $25,000.

US Bank is best known for financing small startups and businesses in Arizona.

Low-interest rates and hard to waive fees over $1000 are the cons associated with US Bank.

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8. Western Alliance Bancorporation

This corporation is one of the best performing banks in the US. The bank is known for commercial lending to small and mid-size businesses. The Western Alliance Bancorporation provides financial services to niche industries.

Western Alliance Bancorporation

Sanctioning loans and other services consumes less time in this bank corporation due to few people involved in the middle of the process. The bank has a digital footprint.

A minimum daily balance of $0.01 is mandatory to earn interest, and the bank asks for a  minimum deposit of $100.

The  Western Alliance Bank has fewer chargeoffs than other banks, thus helping lend high-quality services to businesses. The bank is known to finance some high-quality businesses.

The only con with Western Alliance Bank Corporation is lending money that is not reimbursed.

9. BBVA Compass Bank

BBVA is one of the top banks in the US based on assets and is managed by PNC Financial Services. The bank provides an array of services, from deposit accounts and current deposits to checking accounts.

BBVA Compass Bank

Fee-free ATMs, full-fledged online services, a digital banking app, and 24*7 services are offered by the BBVA Compass Bank. Monthly fees are evaded by large balances in accounts.

BBVA provides services to its customers through an award-winning app. It has a strong digital foothold and is recognized as the most innovative bank in the US. It offers financial outlooks and services via the Moneyfit app. All the services are provided at just a click away.

BBVA is the best regional bank in Arizona and has over 70 branches spread across the state. No monthly charges are levied on Free Checking Accounts or above $500 in accounts. The other two accounts are savings accounts and money market accounts.

The cons are low-interest rates on money market accounts and savings accounts.

10. Ally Bank

Ally Bank offers various services like personal lending, deposits, and investments. This bank furnishes the best digital services in the sector in the US and provides the best deals on savings and checking accounts for the people of Arizona. Ally Bank offers the best interest rates for savings bank accounts in the US. For checking accounts in Ally, no monthly charges are levied.

Ally Bank

No minimum requirement fee or overdraft fee is charged by Ally. 24*7 service can be enjoyed by everyone as the bank has a robust digital presence. Free standard checks and free pay bill service are two prime features of the digital space.

Investment can be made for as little as $100, and free direct trading with $0 commission can be started with ease. No overdraft fees are charged. Financial investments and advisories are issued by the Ally Bank.

Low-interest rates are a significant disadvantage of Ally Bank.

11. MidFirst Bank

MidFirst Bank is one of the largest privately-owned banks in the US, and there are around 25 branches in Arizona. This bank ranked the highest in a customer satisfaction survey by US Retail Banking Satisfaction Study. The study assessed properties like problem-solving capabilities, different products, and fee structure.

MidFirst Bank

The bank offers checking accounts, savings accounts, and IRAs. Many options for loans and other finance-related products are available. There is a special account feature for students and children below 17 years of age. One can open bank accounts at only $25, and no monthly charges are levied on this FDIC-insured savings account.

Several online and educational resources are offered by MidFirst Bank.

MidFirst Bank is known for its customer services, and the support center is open from Monday to Friday from 7 am to 7 pm. On weekends, support is available from 7 am to 4 pm.

The major con involved with MidFirst Bank is the moderate rate on savings and money market accounts.

12. Wells Fargo

Wells Fargo is an international financial service company with over 7200 branches and 13,000 ATMs worldwide. It has a higher ranking based on capitalization and was ranked third basis bank deposits in 2017.

Wells Fargo

Checking accounts require $25 as an opening fee, but no monthly charges are imposed on customers. This makes it one of the best banks for teens. Wells Fargo is an ideal option for small businesses as well as it is easy to acquire loans here.

The large number of ATMs makes it the most accessible banking option in Arizona. The banks in Phoenix, Arizona, include Chase Bank, US Bank, Bank of America, and Wells Fargo.

Moderate Interest rates on savings and checking accounts seem to be a con for Wells Fargo.

You might also want to read more about the Arizona economy. The economic insights will help us make apt financial choices for the future.

Conclusion

Choosing a bank is not an easy task at all. Every bank offers different offerings and services at varied offer rates. Some banks provide high-interest rates, whereas others keep the interests at lower rates. Some banks provide great offers on checking accounts, whereas others issue offers on savings accounts.

It is vital to review and assess expectations concerning the opening of bank accounts and choose the best possible option to suit the needs. Thus, choosing a bank account is about evaluating the features and services the bank provides and its alliance with our expectations.

BMO Harris is ideal for students, whereas the US bank is perfect for small businesses and startups.

Now that we have listed and explained popular banks in Arizona, which bank would you choose for savings and investments? Let us know.

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