Written by
Gabrielle Olya
Edited by
Levi Leidy
If you’re looking for a more personal banking experience, you might consider a regional bank, defined by GOBankingRates as an institution with locations in under 25 states. The Best West Regional Banks are located in Alaska, California, Colorado, Hawaii, Idaho, Montana, Nevada, Oregon, Utah, Washington and/or Wyoming.
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Compare the Best Regional Banks in the West
Bank
Best For
Products Offered
Fees
Savings APY
Branch Access
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Cathay Bank
Best for Multilingual Service
Checking, savings, CDs, money markets, etc.
$0-$15 monthly, can be waived
Up to , depending on account and balance
CA, MA, NY, TX, WA, IL, NJ, NV, MD and Hong Kong
Washington Federal Bank
Best for Broad Product Line
Checking, savings, CDs, money markets, etc.
$0-$10 monthly, depending on account and balance
, or for qualifying minors
200 branches across AZ, ID, NV, NM, OR, TX, UT and WA
Zions Bancorporation, N.A.
Best for Range of Accounts
Checking, savings, CDs, money markets, etc.
$0-$20 monthly, can be waived
121 branches across UT, ID and WY
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GOBankingRates Best Regional Banks in the West
Best for Multilingual Service
Cathay Bank
Products Offered
Checking, savings, CDs, money markets, etc.
Savings Account APY
Up to
Branch Access
CA, MA, NY, TX, WA, IL, NJ, NV, MD and Hong Kong
WHY WE LIKE CATHAY BANK
Ranked as one of GOBankingRates’ Best West Regional Banks, Cathay Bank is committed to seeing its customers prosper at every stage of their lives. Open checking and savings accounts tailored for your financial needs right now, receive lending assistance to purchase your dream home and choose from a suite of credit cards designed for your lifestyle and needs. Plus, you can simply manage your finances from anywhere in the world with its digital banking services.
First opened to serve the Chinese-American community in the Los Angeles area, the bank has expanded to several other areas in the U.S. that also have large Asian American populations. Its website is available in English, Chinese and Spanish.
Best for Broad Product Line
Washington Federal Bank
Products Offered
Checking, savings, CDs, money markets, etc.
Savings Account APY
, or for qualifying minors
Branch Access
200 branches across AZ, ID, NV, NM, OR, TX, UT and WA
WHY WE LIKE WASHINGTON FEDERAL BANK
It’s not easy to find a free checking account at a bank with brick-and-mortar branches, but Washington Federal Bank has that option. You just need $25 to open the account. You don’t need to worry about a minimum balance, either.
The WaFd savings account delivers an APY of and a minimum balance of $25. That APY jumps to for minors with a minimum balance of just $10. These rates aren’t the best you’ll find, but they are impressive for a traditional bank. WaFd earned high marks from the GOBankingRates team for its breadth of products, which also includes three money market accounts, CDs, credit cards and commercial services for business owners.
Best for range of products
Zions Bancorporation, N.A.
Products Offered
Checking, savings, CDs, money markets, etc.
Savings Account APY
Branch Access
121 branches across UT, ID and WY
WHY WE LIKE ZIONS BANCORPORATION
We like Zions Bank’s wide range of products, including multiple choices in checking accounts. The bank shows its support of U.S. military members with a specialized checking account with no monthly fee for those who qualify.
Headquartered in Salt Lake City, Utah, the bank has over 100 branches across Utah, Idaho and Wyoming. A robust online banking platform, which serves residents in states where Zions operates, helps the traditional financial institution compete with neobanks. We like that the bank offers both traditional and online money market options, with the online account offering a higher interest rate.
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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 Nov. 8, 2023; 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
A regional bank is a financial institution that has branches or a presence in one or multiple regions within the United States. For all intents and purposes, a regional bank is a bank offering traditional services.
Regional banks differentiate themselves from national banks by offering higher rates. They are different from community banks in that they have more locations.
Who Should Use a Regional Bank
Regional banks are best for customers who are looking for convenient ATM and branch locations, competitive rates and fees, and a tie to the local community.
Pros and Cons of Regional Banks
Before deciding on a regional bank, consider the advantages and disadvantages.
Pros
- Variety of account options
- Broad network of ATM and branch locations
- Investment in the local community
- Lower fees than national banks
Cons
- Less convenient when traveling outside of the region
- Less product depth than larger national banks
How Regional Banks Compare to Other Banks
Here’s a look at how regional banks compare to other financial institutions.
Regional Banks vs. National Banks
Regional banks will have fewer locations throughout the country outside of their designated region, whereas a national bank will have more presence throughout the entire U.S. National banks also are typically backed with trillions of dollars in assets. Regional banks operate on a smaller scale and are more locally invested.
Regional Banks vs. Retail Banks
Retail banking is the segment of a bank’s services that deals directly with retail customers. This is also referred to as consumer banking or personal banking. As retail banking is simply the visible component of banking the public sees, the difference between regional banks and retail banks will vary by location.
Regional Banks vs. Investment Banks
Investment banks provide financial services for corporate clients, such as mergers, acquisitions or raising capital. Regional banks tend to be more for everyday banking needs, whereas investment banks deal with larger-scale banking services for institutional investors and enterprises.
Regional Banks vs. Credit Unions
A credit union is a financial institution that is similar to a commercial or regional bank. However, the main difference is that credit unions are nonprofit institutions that are owned by their members. Credit unions also tend to be smaller than most regional banks.
How To Choose a Regional Bank
When selecting a regional bank, consider the following factors:
- Location: Regional banks only operate in certain areas of the country, so be sure the bank you’re interested in has a location that’s convenient for you.
- Availability: Check the operating hours and holiday closures of your regional bank. Some may not have the same availability of a national or online bank.
- Bank health: Some regional banks prefer to remain small and local, but others are limited from expanding nationally because they aren’t raising enough assets or generating enough profit. Examine your bank’s financials to ensure they’ll be around for the long haul.
- Rewards and promotions: Regional banks often offer appealing rewards and promotions. Compare the current offers at the regional bank you’re considering with other available bank offers.
- Account offerings: Some regional banks are limited in terms of their product lines, so be sure that the regional bank you’re considering offers all of the accounts you’ll need.
Heather Taylor contributed to the reporting for this article.
Recap of Winners
- Cathay Bank – Best for Multilingual Service
- Washington Federal Bank – Best for Broad Product Line
- Zions Bancorporation, N.A. – Best for Range of Products
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