Best Banks in Arizona

There are over 100 banks in Arizona state. Well, with multiple options, choosing the right fit might be confusing. 

Apart from the numerous options, the other problem is the type of services you are looking for. Whether you prefer local banks or banks in Arizona with free checking, we’ve got you covered.

Our editors have done detailed research and have handpicked only the best ones with the best service and features. 

[elementor-template id=”13257″]

Top 10 Banks In Arizona 

Here’s our list of best banks in Arizona based on customer service, number of branches, and special features.

Bank Name	Branches In AZ	Special Feature
National Bank Of Arizona	55	Best Local Bank Of Arizona
Commerce Bank Of Arizona	5	Best For Small Businesses
Alliance Bank Of Arizona	10	Best Bank In Phoenix
Bank of America	40	Best Bank For Home Equity Loans
Wells Fargo Bank	244	Largest Bank In Arizona
PNC Bank	64	Best Bank For Business Account
BMO Harris Bank	45	Best For Digital Banking
Chase Bank	200	Best Banks For Young Adults
MidFirst Bank	20	Best Bank For Checking Accounts
US Bank	24	Best Bank For Freelancers

1. National Bank of Arizona

Founded in 1884, National bank is one of the most renowned banks in AZ. It has 55 branches with five different checking account options, two savings, and three money market options.

It also offers digital banking services, car loans, and home loans at decent interest rates. Overall, the interest rate of the NBA stands at 0.32% APY.

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

2. Commerce Bank Of Arizona

Known for its business-friendly services, Commerce bank of AZ has branches in all major cities, including Gilbert, Oro Valley, Tucson, Scottsdale, and Green Valley.

One of the best services is “zero balance accounts,” where companies can open multiple accounts and concentrate them into one centralized account.

Founded in 2002, the commerce bank is booming as one of the best local banks in Arizona.

3. Alliance Bank Of Arizona

As a division of Western Alliance Bancorporation, it is one of the best-performing banks in the US. It is known for commercial lending to small and mid-size businesses. 

With only 10 branches in the largest cities of AZ, it is based in Phoenix. A minimum daily balance of $0.01 is mandatory to earn interest, and the bank asks for a  minimum deposit of $100.

Due to quick loan services and digital banking, it is popular among the business community of Phoenix. The only con is their mobile app is painfully slow.

4. Bank of America

The Bank of America is a multinational investment banking and financial holding service in Charlotte, North Carolina, holding over 40 branches spread across the state of Arizona. 

It offers various services ranging from basic accounts to home equity loans and investment scheme services. The minimum required deposit amount is $100.

The con associated with BoA is the low-interest rates charged on the savings account.

[elementor-template id=”13247″]

5. Wells Fargo Bank

Wells Fargo is an international financial service company with over 7200 branches and 13,000 ATMs worldwide. 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. With over 244 branches, it stands as one of the largest banks in Arizona.

Excessive ATM locations and friendly customer service make it the most accessible option in AZ.

6. PNC Bank

PNC used to operate only in the Mid-Atlantic region, but now they have grown by buying BBVA USA (formerly known as BBVA Compass) in 2020.

Now with 64 branches, Fee-free ATMs, full-fledged online services, and a digital banking app, they are modifying all of the previous policies, making it the best bank for business accounts.

The cherry on top is that you get a sign-up bonus and access to an all-in-one account, the PNC virtual wallet. The only downside is it offers only a 0.05% interest rate for a savings account.

7. BMO Harris Bank

BMO Harris Bank is a part of the Federal Reserve System and is considered one of the major banks in Arizona, with over 45 branches. Its easy-to-use mobile app makes it a top pick for citizens who prefer digital banking. 

A smart Money account can be opened for students with only $25 as an opening deposit, and no monthly charges are required (for people below 25 years of age). 

With over 40,000 ATMs nationwide, it falls among the 10 largest banks in the United States.

8. Chase Bank

With over 200 branches in 56 cities in AZ, Chase bank is the most easily accessible bank for young adults. Bank accounts in Chase charge $12 as a monthly fee, but the amount can be waived off with a minimum deposit of $500.

From the chase banking app to customer service, everything is perfect and customer friendly. With spending rewards and several options, it stands out with its credit cards.

With over 10 branches in the capital, it is undoubtedly the best bank in phoenix. The only downside is that the bank charges a heavy fee to its customers.

9. MidFirst Bank

MidFirst Bank is one of the largest privately-owned banks in the US. There are 20 branches and 60 ATMs in Arizona. It ranked the highest in a customer satisfaction survey by US Retail Banking Satisfaction Study. 

The bank offers checking accounts, savings accounts, and IRAs. Many options for loans and other finance-related products are available. A special account feature for students and children below 17 years of age. 

In a nutshell, MidFirst’s best feature is that it offers some of the highest interest rates compared to other banks in Arizona, which is a great selling point for customers.

[elementor-template id=”13252″]

10. US Bank

US bank offers services from personal and consumer banking services involving key deposit features. It is known as the best bank for small businesses and freelancers in Arizona.

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. 

A customer has to pay a monthly fee, but in return, they’ll get a reward depending on their account type. With over 2000 locations in the US, it is also the best bank for travelers.

Our Honorable Mentions

Due to the booming economy, low tax ratio, and affordable housing, many residents from other states, particularly Californians moving to Arizona. 

This resulted in a spike in demand in the banking sector. That’s why recently, several private banks have started operations in Arizona. 

So, if you want to open a savings or checking account, here’re a few other options to consider:

1. Academy Bank Arizona

It is one of the most popular local banks in Arizona that 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 moderate interest rate is a major con of the Academy Bank of Arizona.

2. Ally Bank

Ally Bank offers various services like personal lending, deposits, and investments. For checking accounts in Ally, no monthly charges are levied.

No minimum requirement fee or overdraft fee is charged by Ally. Investment can be made for as little as $100, and free direct trading with $0 commission can be started with ease. 

[elementor-template id=”13242″]

Banks In Arizona That don’t Use ChexSystems

Even though most banks in Arizona rely on ChexSystem to check customers’ banking history. But fortunately, there are plenty of banks that don’t use ChexSystem. 

The most prominent ones are:

• Chase Bank
• US Bank
• AXOS Bank
• 1st Convenience Bank 
• Western State Bank

Credit Unions That Don’t Use ChexSystems

• Chime
• Current (a financial company)
• Alhambra Credit Union
• America First Credit Union
• Banner Federal Credit Union
• Copper State Credit Union

Banks In Arizona With Free Checking

Nobody wants to pay the hefty bank monthly fees and charges per transaction. Luckily, there are some banks in AZ that offer free checking. These are:

• Ally Bank
• AXOS Bank
• Arizona Bank & Trust
• MidFirst
• Republic Bank

The Arizona bank & trust is widely known as the best bank in Phoenix with free checking (as it has most branches there). Similarly, SunWest credit union and Academy banks are equally popular in Tucson, AZ.

Both Phoenix and Tucson have branches of every major bank. That’s why these cities are regarded as the best places to live in Arizona for families and business owners.

Best Banks In Arizona FAQs

Conclusion

Alike the hot weather in Arizona, the banking sector is also booming with several private and business banks. 

And due to the numerous options, it can be confusing to pick the best option, especially if you’re looking for the best banks in phoenix or a savings account.

That’s why it is essential to review and assess expectations concerning the opening of bank accounts and choose the best possible option to suit the needs. 

We hope that with this article we were able to guide you with the best banks in Arizona State. Well, in the meantime, be happy and keep on winning your dreams.

[elementor-template id=”13252″]