Written by
Gabrielle Olya
Edited by
Molly Sullivan
Regional banks — defined by GOBankingRates as banks with locations in under 25 states — typically offer a wide range of products and services as well as competitive rates. Banks in the Southeast Regional category have locations in Alabama, Arkansas, Florida, Georgia, Louisiana, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia and/or Washington, D.C.
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Compare the Best Regional Banks in the Southeast
Bank
Best For
Products Offered
Fees
Savings APY
Branch Access
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Arvest Bank
Best for Account Options
Checking, business checking, savings, loans, CDs, money market, etc.
$0-$18 monthly, can be waived
200+ branches across AR, KS, MO and OK
First Horizon Bank
Best for Interest Checking
Checking, savings, loans, CDs, money market, etc.
$0-$25 monthly, can be waived
AL, AR, TN, FL, GA, LA, MS, NY, NC, SC, TX and VA
SouthState Bank, N.A.
Best for Checking Accounts
Checking, savings, loans, CDs, money market, etc.
$0-$15, can be waived
256 branch and ATM locations in AL, FL, GA, NC, SC and VA
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GOBankingRates Best Regional Banks in the Southeast
Best for Account Options
Arvest Bank
Products Offered
Checking, business checking, savings, loans, CDs, money market, etc.
Savings Account APY
Branch Access
200+ branches across AR, KS, MO and OK
WHY WE LIKE ARVEST BANK
With a variety of financial services and products to choose from, it’s no wonder we like Arvest Bank almost as much as its customers do. It makes your regular or online banking simple and user-friendly. Its offerings make it competitive with even bigger banks, but it still maintains its community-driven core.
For a regional bank, Arvest offers some great rates for its CD and money market accounts. If you want a bank with a local presence, we highly recommend Arvest Bank for those living in the Southwest.
Best for Interest Checking
First Horizon Bank
Products Offered
Checking, savings, loans, CDs, money market, etc.
Savings Account APY
Branch Access
AL, AR, TN, FL, GA, LA, MS, NY, NC, SC, TX and VA
WHY WE LIKE FIRST HORIZON BANK
First Horizon is an affordable, full-service bank with rates that beat out many of the offerings you’ll get at national banks. You only need a small minimum deposit to open most accounts, and monthly maintenance fees are waived when you meet qualifying activities. Plus, as a regional bank, you’ll get more personal service than you would at larger institutions.
But just because it’s regional doesn’t mean you don’t get access to a large range of products and services. Whether you want to take out a mortgage loan, open a credit card or purchase life insurance, you can do that at First Horizon Bank. In addition, you can choose from three checking account options (including interest checking), open a Traditional Savings Account or open a CD or money market account. With an impressive suite of services, First Horizon Bank is a savvy option for those who live in the Southeast region.
Best for Checking Accounts
SouthState Bank, N.A.
Products Offered
Checking, savings, loans, CDs, money market, etc.
Savings Account APY
Branch Access
256 branch and ATM locations in AL, FL, GA, NC, SC and VA
WHY WE LIKE SOUTHSTATE BANK
We think that folks who live in the Southeast will find everything they need for banking at SouthState Bank, which has branch and ATM locations across the Southeast but also mobile and online banking.
SouthState Bank offers a comprehensive selection of banking products, but its checking selection is particularly impressive with five different checking options, including one for people who work in healthcare, law enforcement, education or the military. These include interest-bearing checking accounts, something not commonly offered at regional banks. SouthState also has low fees, which can be easily waived with qualifying account balances/activity.
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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 (percent the minimum to avoid 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 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 is 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 as well as be headquartered in that state/region.
What To Know About Regional Banks
Regional banks offer traditional banking products and services, with physical locations typically concentrated in one region of the U.S. Though backed by fewer assets than national banks, regional banks typically offer lower fees and higher rates.
Who Should Use a Regional Bank
Customers who value financial institutions that offer numerous ATM and bank locations, local community involvement, and competitive rates and fees would benefit from using a regional bank.
Pros and Cons of Regional Banks
It’s important to consider the pros and cons of regional banks before selecting one as your financial institution of choice.
Pros
- An array of account options
- ATM and branch locations throughout a given region
- Local community contributions
- Competitive fees and rates
Cons
- Inconvenient for frequent travelers
- Limited products and services compared to national banks
How Regional Banks Compare to Other Banks
Here’s what to know about regional banks as compared to other types of banks.
Regional Banks vs. National Banks
A national bank will have more locations around the U.S. and may offer a wider range of products and services. On the other hand, regional banks will typically offer better rates and lower fees. They are also more closely tied to the local community.
Regional Banks vs. Retail Banks
Retail banking refers to bank services that deal directly with retail customers. The difference between regional banks and retail banks will vary by location.
Regional Banks vs. Investment Banks
Investment banks handle financial services that include mergers, acquisitions and raising capital. Regional banks tend to handle the more everyday financial services that the typical consumer would need.
Regional Banks vs. Credit Unions
Credit unions and regional banks are similar. However, credit unions are nonprofit corporations while regional banks are not.
How To Choose a Regional Bank
When choosing a regional bank, you may want to consider the following features:
- Locations: Regional banks only operate in certain areas, so make sure that there is a branch and/or ATM near you.
- Mobile app: Mobile apps make it easy to bank right from your phone. If this is an important convenience for you, make sure the bank has a mobile app available, and check ratings and reviews to find out if it’s user-friendly.
- ATM network: If you regularly withdraw cash, make sure your regional bank has ATM networks that service your area.
- Interest rates: Check to see how the interest rates offered on the various savings products compare to those at other financial institutions.
- FDIC insurance: Make sure the institution is FDIC-insured so that your money stays safe no matter what.
Heather Taylor contributed to the reporting for this article.
Recap of Winners
- Arvest Bank – Best for Account Options
- First Horizon Bank – Best for Interest Checking
- SouthState Bank, N.A. – Best for Checking Accounts
See Best Banks Winners From All Categories
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