Written by
Gabrielle Olya
Edited by
Amber Barkley
Regional banks can appeal to those who are looking for a financial institution with a local feel that still has a wide array of products and services available. While the definition of what constitutes a regional bank may vary, to be eligible in this category, GOBankingRates only considered banks with locations in fewer than 25 states.
The banks in the Best Midwest Regional Banks category have locations in Iowa, Illinois, Indiana, Kansas, Michigan, Minnesota, Missouri, North Dakota, Nebraska, Ohio, South Dakota and/or Wisconsin.
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GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
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Compare the Best Regional Banks in the Midwest
Bank
Best For
Products Offered
Fees
Savings APY
Branch Access
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Associated Bank, N.A.
Best for Range of Products
Checking, savings, CDs, money market, etc.
$0-$25 monthly, can be waived
IL, MN and WI
Fifth Third Bank, N.A.
Best for Specialized Accounts
Checking, savings, CDs, money market, etc.
$0-$5 monthly, can be waived
1,000+ branches across OH, FL, GA, IL, IN, KY, MI, NC, SC, TN and WV
The Huntington National Bank
Best for Banking Perks
Checking, savings, CDs, money market, etc.
$0-$25 monthly, can be waived
1,000+ branches across CO, FL, IL, IN, KY, MI, MN, OH, PA, WV and WI
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GOBankingRates Best Regional Banks in the Midwest
Best for range of products
Associated Bank, N.A.
Products Offered
Checking, savings, CDs, money market, etc.
Savings Account APY
Branch Access
IL, MN and WI
WHY WE LIKE ASSOCIATED BANK
Associated Bank brings the Midwest great checking options, which you can link to your money market, CD or savings accounts to earn higher interest rates. We like that it gives you a variety of financial options and products for your personal, business or commercial needs.
If you live in Illinois, Minnesota or Wisconsin, Associated Bank may be just the right fit for you financially. Be sure to note the ways you can waive the monthly service fees or get overdraft protection to make the most out of your checking and savings. The bank also gives customers access to a network of over 30,000 fee-free ATMs and has debit and credit card perks for sports fans.
Best for Specialized Acounts
Fifth Third Bank, N.A.
Products Offered
Checking, savings, CDs, money market, etc.
Savings Account APY
Branch Access
Over 1,000 branches across OH, FL, GA, IL, IN, KY, MI, NC, SC, TN and WV
WHY WE LIKE FIFTH THIRD BANK
If you live in the Midwest and are looking for a single institution that can cover all your banking needs, you should think about Fifth Third Bank.
We consider Fifth Third Bank one of the best in the region thanks to its wide array of banking products, including checking accounts, savings accounts, college funds, retirement accounts and investment accounts. While it offers a range of specialized checking and savings accounts, the account that truly stands out is the Preferred Checking account, a winner in the Best Premium Checking Accounts category.
Best for Banking Perks
The Huntington National Bank
Products Offered
Checking, savings, CDs, money market, etc.
Savings Account APY
Branch Access
Over 1,000 branches across CO, FL, IL, IN, KY, MI, MN, OH, PA, WV and WI
WHY WE LIKE THE HUNTINGTON NATIONAL BANK
Location matters when you want a comprehensive full-service bank experience, and Huntington Bank has a strong presence in the Midwest with over 1,000 branches and more than 1,600 ATMs in the U.S.
What sets Huntington Bank apart is its broad range of banking products (including interest checking), along with perks you don’t often find at regional banks, like overdraft fee relief, no-interest lines of credit and all-day deposits.
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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 and be headquartered in that state/region.
What To Know About Regional Banks
As the name suggests, regional banks are concentrated primarily in one U.S. region. This distinguishes them from national banks, which have a presence throughout the country. While smaller than national banks, regional banks are typically larger than community banks and may offer more products and services, as well.
Who Should Use a Regional Bank
If you would like to bank with an institution with strong ties to your local community, a regional bank may be a good option. Regional banks typically have numerous ATM and bank branches within a given area and also may offer high interest rates and low fees, particularly when compared to national banks.
Pros and Cons of Regional Banks
Regional banks come with their own unique set of advantages and disadvantages.
Pros
- Many account options are typically available
- Numerous ATM and branch locations throughout a given region
- Contributes to the local community
- Lower account fees and higher APYs than national banks
Cons
- Not convenient if you frequently travel outside your region
- Smaller range of products and services compared to national banks
How Regional Banks Compare to Other Banks
There are many types of banks available. Here’s what to know about how regional banks stack up to other types of financial institutions.
Regional Banks vs. National Banks
The biggest difference between regional banks and national banks is the number of locations. National banks will have locations throughout the U.S., while regional banks have locations concentrated in a specific region. Because national banks are larger in scope, they often offer a wider range of products and services and have more assets behind them.
Regional Banks vs. Retail Banks
Retail banks serve the general public. Many regional banks are retail banks, so the differences between these two bank types will depend on the specific banks you are considering.
Regional Banks vs. Investment Banks
Regional banks serve everyday banking clients, while investment banks serve corporate clients and institutions.
Regional Banks vs. Credit Unions
Credit unions are nonprofit entities that are owned by their members. While regional banks may offer similar products and services as credit unions, the overall business model is different. Credit unions are also often smaller than regional banks.
How To Choose a Regional Bank
When selecting a regional bank, pay attention to the following factors:
- Location: Does the bank have ATMs and branch locations near you?
- Availability: Do the bank’s hours of operation match your needs? What holidays are they closed for?
- Bank health: Is the bank raising enough assets and generating enough profit to remain solvent?
- Rewards and promotions: How do sign-up bonuses, reward programs and other promotions compare to what’s available at other institutions?
- Account offerings: What bank accounts does the bank offer? Does it serve all of your banking needs?
Heather Taylor contributed to the reporting for this article.
Recap of Winners
- Associated Bank, N.A. – Best for Range of Products
- Fifth Third Bank, N.A. – Best for Specialized Accounts
- The Huntington National Bank – Best for Banking Perks
See Best Banks Winners From All Categories
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