Written by
Gabrielle Olya
Edited by
Melanie Grafil
Are you looking for a bank that offers higher rates than a national bank but still has more locations than a community bank? It may be ideal for you to work with a regional bank. For the purposes of this ranking, GOBankingRates defined a regional bank as one with institutions in fewer than 25 states.
To find the Best Regional Banks of 2024, GOBankingRates ranked financial institutions across a wide range of factors. These factors include total assets, checking account minimum deposits, monthly checking fees, savings account minimum deposits, APYs, Bauer ratings, range of products and services offered and mobile app ratings. Based on these criteria, these are GOBankingRates’ Best Regional Banks of 2024, broken down by region.
How we broke down the regions
*To be considered for a region, a bank had to have a branch in one of the states listed and be headquartered in that state/region.
West
AK, CA, CO, HI, ID, MT, NV, OR, UT, WA, WY
Midwest
IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI
Southwest
AZ, NM, OK, TX
Northeast
CT, DE, MA, MD, ME, NH, NJ, NY, PA, RI, VT
Southeast
AL, AR, DC, FL, GA, LA, KY, MS, NC, SC, TN, VA, WV
Best Regional Banks in the West in 2024
These distinguished institutions can be found in Alaska, California, Colorado, Hawaii, Idaho, Montana, Nevada, Oregon, Utah, Washington and Wyoming.
- Competitive interest rates
- Full range of products for all banking needs
- APY of up to on Smart Money Market account
- Broad product line for those who want all accounts in one place
- Most accounts can be opened with just $25
- Up to 5.00% APY on 4-5 Month CD Special
- Also a winner in the Best Premium Checking Accounts and Best CD Accounts categories
- Several checking and savings options
- Up to Online Money Market APY
Learn More About Best Regional Banks in the West
Best Regional Banks in the Northeast in 2024
Located throughout Connecticut, Delaware, Massachusetts, Maryland, Maine, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, these financial institutions are the best of the best in the region.
- Good variety of checking accounts
- Easy ways to avoid most fees
- APY for Premierstyle Checking
- Many types of accounts available
- 200 branches for regional customers
- Savings APY
- Sign-up bonuses for checking accounts
- Rewards for having multiple accounts
- Up to APY on TD Signature Savings
- No monthly fees on basic checking accounts
- Competitive rates on select CDs
- Up to APY on Money Market Savings
Learn More About Best Regional Banks in the Northeast
Best Regional Banks in the Southeast in 2024
If you’re looking for a bank located in Alabama, Arkansas, Florida, Georgia, Louisiana, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia or Washington, D.C., consider one of these winners.
- Wide range of services, including checking and savings accounts, investing and mortgage loans
- Special CD rates available
- Online Savings Account APY
- Variety of checking options
- Affordable minimum deposits
- Up to APY on TotalView Money Market Savings
- Easy-to-waive monthly maintenance fee for standard checking account
- Round Up to Save makes saving easy and automatic
- APY on Savings
Learn More About Best Regional Banks in the Southeast
Best Regional Banks in the Southwest in 2024
Our top institutions in this category are located in Arizona, New Mexico, Oklahoma and Texas.
- Free checking available
- Wide variety of banking products to choose from
- Up to APY on Money Market Account
- Multiple types of accounts available
- Highly-rated mobile app
- Up to APY for 6-month CD
- Also a winner in the Best Money Market Accounts category
- Offers a variety of deposit accounts and CDs
- Up to APY on Star Money Market Account
Learn More About Best Regional Banks in the Southwest
Best Regional Banks in the Midwest in 2024
The best banks in the Midwest region can be found in Iowa, Illinois, Indiana, Kansas, Michigan, Minnesota, Missouri, North Dakota, Nebraska, Ohio, South Dakota and Wisconsin.
- Multiple options for personal, business and commercial accounts
- Surcharge-free access to more than 30,000 ATMs
- Money Market Account APY
- Also a winner in the Best Premium Checking Accounts category
- Wide variety of products, including investments and insurance
- APY on 5 Month CD Promo
- Overdraft fee protections for checking accounts
- Standby Cash provides an automatic, interest-free personal loan when you pay it back within 3 months
- APY on Online Savings Account
Learn More About Best Regional Banks in the Midwest
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Research Methodology
To discover the Best Regional Banks, GOBankingRates looked at the top regional institutions (excluding online banks and neobanks) located in under 25 states. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple app stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) weighed 0.5 times, factor (5) weighed 2.5 times; and factor (7) weighed 1.5 times. All data is up to date as of April 17, 2024; rates and fees are subject to change.
For regional breakdowns, the same methodology as above was used. The following is how we broke down the regions: West (AK, CA, CO, HI, ID, MT, NV, OR, UT, WA, WY); Southwest (AZ, NM, OK, TX); Midwest (IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI); Southeast (AL, AR, DC, FL, GA, LA, KY, MS, NC, SC, TN, VA, WV); and Northeast (CT, DE, MA, MD, ME, NH, NJ, NY, PA, RI, VT). To be considered for a region, a bank had to have a branch in one of the states listed and be headquartered in that state/region.
What To Know About Regional Banks
For the purposes of this ranking, GOBankingRates defined a regional bank as one with institutions in five or more states but less than 25 states. A regional bank differentiates itself from a national bank by offering higher rates. It is different from a community bank in that it has more locations.
What Is a Regional Bank?
A regional bank can basically be boiled down to a financial institution that has branches or a presence in one or multiple regions within the United States but not as many as a national bank. For all intents and purposes, a regional bank is a bank offering traditional services.
What Products Do Regional Banks Offer?
The answer will differ depending on the regional bank and its product line. Various deposit accounts should be available, including checking accounts, savings accounts, money market accounts and certificates of deposit. Other offerings may include debit cards, credit cards, loans, mortgages and other financial products. Be sure the regional bank you’re considering offers everything you need.
GOBankingRates reported that 60% of people who participanted keep only $500 and in checking. Less than 50% of those keep $500 in savings. There may several reasons for that as well; if you’re wanting to bank with a branch that’s local to you, you might find that having a regional bank that caters to the people in your community could help you save more money than the average.
Who Should Use a Regional Bank?
Regional banks are best for customers who prefer options in the following areas:
- ATM and branch locations
- Local community involvement
- Competitive rates and fees
Regional Bank Features
Consider the following features when determining whether to open your bank account at a regional bank.
- Location/branches: By definition, regional banks only operate in certain areas. Be sure the bank you’re interested in has a nearby location and visit this location, or branch, before opening your bank account.
- Mobile app: You may be able to fulfill a variety of in-person banking tasks via online banking. Check to see if the regional bank offers a mobile app you can download for your banking needs.
- ATM networks: If you regularly withdraw cash, make sure your regional bank has ATM networks that service your area.
- Interest rates: You should compare interest rates and fees offered by regional banks on their savings accounts to best select the savings account that fits your needs.
- FDIC insurance: Choosing a bank with FDIC insurance will ensure your assets are insured in the event of an unforeseen circumstance.
Regional Bank Fees
Some studies show that people are spending $150 and even more on bank fees. Can it be avoided? The types of fees you may anticipate at a regional bank depend on the specific financial institution. You may potentially pay monthly fees, overdraft fees and/or ATM fees, depending on the regional bank and its location.
Dawn Alcott, John Csiszar, Nicole Spector, Will Healy, Melanie Grafil and Daria Uhlig contributed to the reporting for this article.
See Best Banks Winners From All Categories
See More Banks by Region
Frequently Asked Questions
Although the basic idea behind a regional bank can be simple to understand, there are still many common questions surrounding them. Here are the answers to some of the most frequently asked questions regarding regional banks.- Are regional banks better?
- The answer to this question depends on your banking needs. When determining whether to use a regional bank, one should factor in considerations such as convenience, cost, services and community, as banking with a local institution may help support the local economy.
- Is there a bank that operates in all 50 states?
- There are big banks that operate across the 50 states. However, a regional bank is not designed in the same manner. Regional banks will have institutions in fewer than 25 states.
- What are the best community banks?
- Review GOBankingRates' Best Banks list by region to discover the best community banks across the United States.
