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Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

We selected Ally, Bank of America, PNC Bank, Navy Army Community Credit Union, and GECU as the best banks and credit unions in Texas.

All our top picks are federally insured by the NCUA and FDIC, which means that your money is safe regardless of what happens to the institution. These banks are also either widely available across the state or have unique accounts with impressive features. 

Best banks and credit unions in Texas

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Best savings and checking account

Best local financial institution


Learn more


On Navy Army Community Credit Union’s website

Savings rates at the largest banks in Texas

Below, you’ll see the savings rates from the biggest banks in Texas. To give you an idea of comparison, the national average APY for savings accounts as of October 2022 is 0.17%, according to the FDIC.

While some of these institutions aren’t featured, you might still want to consider banking with one of these institutions if you’re familiar with them. 

 

Best bank for opening a savings account: Ally

Ally High Yield Savings Account


Annual Percentage Yield (APY)

2.25% APY


Minimum Deposit Amount

$0

Ally Ally High Yield Savings Account

Ally High Yield Savings Account


Annual Percentage Yield (APY)

2.25% APY


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

2.25% APY


Minimum Deposit Amount

$0

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Why it stands out: Ally is a solid contender if you’re looking for a savings account. It pays 2.25% APY, requires no minimum opening deposit, and doesn’t charge monthly fees. The Ally High Yield Savings Account has online tools that help you separate your money into savings buckets. 

If you previously struggled to reach customer service in the past, you may like Ally’s approach — it offers 24/7 customer support over the phone and through live chat.

What to look out for: As an online-only bank, Ally doesn’t have a direct way to deposit cash. (Although you can use direct deposit and deposit checks.) You’ll have to transfer your money from another account to deposit cash. 

Best bank for opening a checking account: Bank of America

Bank of America Bank of America Advantage Plus Checking Account

Bank of America Advantage Plus Checking Account


Annual Percentage Yield (APY)

None


Minimum Deposit Amount

$100

Bank of America Bank of America Advantage Plus Checking Account

Bank of America Advantage Plus Checking Account


Annual Percentage Yield (APY)

None


Minimum Deposit Amount

$100

On Bank of America’s website


Annual Percentage Yield (APY)

None


Minimum Deposit Amount

$100

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Why it stands out: Bank of America nabbed a spot on our best national banks guide as the best national bank in the Southwest. It’s matched with Chase for having the largest ATM network by a brick-and-mortar bank and has one of the largest branch networks among US banks.

Bank of America has a variety of checking account options. With the Bank of America Advantage Plus Checking Account, there are several ways to waive the monthly service fee.

What to look for: Be careful of overdrawing from your account. Bank of America charges a $35 overdraft fee. While it offers overdraft protection, you’ll still pay a fee if you transfer money from a savings account.

Another fee to watch out for is out-of-network ATM fees. You’ll have to pay a $2.50 fee each time you use an ATM that’s not from Bank of America.

Best bank for opening a checking and savings account: PNC Bank

PNC Bank PNC Bank Standard Savings Account

PNC Bank Standard Savings Account


Annual Percentage Yield (APY)

0.01% to 0.03% APY


Minimum Deposit Amount

$25

PNC Bank PNC Bank Standard Savings Account

PNC Bank Standard Savings Account


Annual Percentage Yield (APY)

0.01% to 0.03% APY


Minimum Deposit Amount

$25


Annual Percentage Yield (APY)

0.01% to 0.03% APY


Minimum Deposit Amount

$25

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Why it stands out: PNC Bank is the fourth-largest financial institution in Texas. Its PNC Bank Standard Savings Account has a low minimum opening deposit. There’s a $5 monthly service that can be waived in several ways. One way is if you connect your savings account to a PNC checking account. 

The PNC Bank Virtual Wallet® is the bank’s online checking account. It has a budgeting tool that keeps tabs on when you get money deposited into your account and when you have to pay bills. It will also notify you if you’re likely to overdraw from your account.

What to look out for: Customer support is limited. Other online banks offer 24/7 customer support, but PNC representatives are only available during select hours during the week. 

Navy Army Community Credit Union Navy Army Community Credit Union Liberty Checking Account

Navy Army Community Credit Union Liberty Checking Account


Annual Percentage Yield (APY)

0.10% to 3.01% APY


Minimum Deposit Amount

$20

Navy Army Community Credit Union Navy Army Community Credit Union Liberty Checking Account

Navy Army Community Credit Union Liberty Checking Account


Annual Percentage Yield (APY)

0.10% to 3.01% APY


Minimum Deposit Amount

$20

On Navy Army Community Credit Union’s website


Annual Percentage Yield (APY)

0.10% to 3.01% APY


Minimum Deposit Amount

$20

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Why it stands out: Navy Army Community Credit Union is a Hispanic American-led institution that doesn’t charge monthly service fees. 

Navy Army Community has 19 branches, and it is part of the CO-OP Share Network, which provides access to over 30,000 free ATMs and 5,600 shared branch locations. 

The Navy Army Community Credit Union Liberty Checking Account is the bank’s strongest product. It lets you earn up to 3.01% APY if you meet the following requirements: 

  • Maintain a balance under $25,000
  • Make ten debit card transactions each month
  • Schedule one direct deposit or automatic payment each month
  • Enroll in electronic email statements

What to look out for: To become a member, you need to live, work, or go to school in South Texas. You’ll need to keep at least $25 in your savings account daily to maintain membership. 

Best local bank: GECU

GECU GECU Savings Account


Annual Percentage Yield (APY)

0.15% APY


Minimum Deposit Amount

$20

GECU GECU Savings Account


Annual Percentage Yield (APY)

0.15% APY


Minimum Deposit Amount

$20


Annual Percentage Yield (APY)

0.15% APY


Minimum Deposit Amount

$20

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Why it stands out: GECU is an excellent choice if you’re exploring local banking options.  

GECU is a certified community development financial institution and Juntos Avanzamos designated credit union. It’s been certified to ensure that it provides products and services that serve everyone in the community, regardless of immigration status or income.

The credit union lets you use a permanent resident card, foreign passport, or Matricula Consular as a photo ID. Instead of a social security number, you may share your ITIN number. 

GECU offers free checking and savings accounts with low minimum opening deposits. Its CDs also pay high interest rates.

What to look out for: To be eligible for membership at GECU, you or a family member must live in an eligible county or work for a specific employer. If you’re searching for a high savings rate, other institutions may offer a better rate. 

Other institutions that didn’t make our list and why

Banks trustworthiness and BBB ratings

We use ratings from the Better Business Bureau to help show how financial institutions address customer issues and handle transparency. 

All the financial institutions on our list have an A+ rating from the BBB except Ally. According to the BBB, Ally has a C grade because it received 312 customer complaints and hasn’t responded to two of them.

A good BBB rating doesn’t necessarily mean that your relationship with the business will be the same as others’ relationships. Consider talking to family or friends who are members or read online customer reviews. 

Bank of America and PNC Bank have been involved in a few recent public scandals.

In 2020, the Department of Justice required Bank of America to pay $300,000 to people with disabilities due to claims that people qualified for Bank of America’s loans but were denied. In 2019, the Department of Labor charged Bank of America $4.2 million in a settlement that claimed the bank discriminated against African Americans, Hispanic Americans, and women during the hiring process.

In 2020, US Bank, Nationstar Mortgage, and PNC Bank paid $74 million in an agreement with the Department of Justice. According to the press release, the Department of Justice said the three mortgage services didn’t follow bankruptcy regulation and had service errors that impacted borrowers.

Why trust our recommendations?

At Personal Finance Insider, our goal is to create helpful content to help you make good decisions about your money. Every person is different, so we provide ample options so you can find the most suitable financial product or account for you.

We research extensively to make sure that you know the standout features and limitations of a financial institution.

Methodology: How did we choose the best banks in Texas? 

We looked at the top 10 biggest banks and credit unions in the state, plus state financial institutions featured in our Black-owned banks and credit unions guide and Hispanic American-owned banks and credit unions guide

When searching for the best accounts, we honed in on those that paid high-interest rates and offered unique features.

For the best credit union and the best local bank, we chose institutions that provided the strongest overall banking experience: great customer service availability, easy membership requirements, and accounts with low minimum opening deposits and zero monthly fees.

Frequently asked questions

What is the No. 1 bank in America? 

The best bank for you will depend on what your preferences are. There are many banking options —  online banks, national banks, local banks — so you can explore a lot of choices before settling with one financial institution.

If you’re searching for a bank with a national presence, Wells Fargo, Chase, and Bank of America have the most branches in the US. 

For high savings rates and low fees, you’ll likely find online banks or credit unions more appealing.

If you prioritize customer experience and close ties to the community, local banks will be your best bet. For instance, FDIC-designated minority depository institutions (MDIs) often address barriers in disadvantaged communities like language or access. 

What’s the safest bank to put money in? 

Financial institutions are safe if they are federally insured by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA).

When a bank account is federally insured by one of these institutions, up to $250,000 is protected in individual bank accounts and up to $500,000 is secure in joint bank accounts. If a bank shuts down, you’ll still have your money. 



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