Best Banks and Credit Unions in North Carolina
The Tar Heel State has experienced rapid growth in recent years. In fact, the U.S. Census Bureau reported that North Carolina’s population grew by over 140,000 people in 2023, one of the highest growth rates in the country. With that growth comes additional banking needs for residents. Fortunately, there are over 150 credit unions and banks operating in the state.
To help you find the best option, Money researched the leading financial institutions’ account offerings, annual percentage yields (APYs), rates and fees to identify the best banks and credit unions in North Carolina for 2024-2025:
Synchrony – Best Overall
Bank of America – Best for CDs
First Citizens – Best for Digital Banking
PNC – Best for Checking Accounts
State Employees Credit Union – Best for Customer Satisfaction
*Rates and APYs are subject to change. All information provided was accurate as of Oct. 8, 2024.
Synchrony Bank has a strong presence in North Carolina; although the company’s corporate headquarters is in Connecticut, it has a large office in Charlotte, and its accounts are available to customers online. Synchrony offers savings accounts, money market accounts and certificates of deposit (CDs) with higher-than-average APYs. For those looking to maximize their savings, the bank’s deposit accounts offer significantly higher-than-average APYs, with no minimum balance requirements or monthly fees.
However, Synchrony is a digital bank, so there aren’t any physical locations. Also, Synchrony doesn’t offer checking accounts, so you’ll need another option for an account to pay your bills and withdrawal cash.
Pros
High APYs on CDs and money market accounts
High-yield savings without a monthly fee
No minimum balance requirements
Cons
Doesn’t offer checking accounts
Limited CD terms
No physical branches
With Bank of America, you can open a CD, and your money can earn a much higher-than-usual APY on your account. Compared to some banks, which require a minimum deposit of $2,500 or more, Bank of America has a relatively low minimum deposit requirement. Its headquarters are in Charlotte, a city which referred to as the banking capital of the South, and there are about 70 branches across the state, so you likely have a branch near you if you need to ask questions or want personalized assistance.
However, most of Bank of America’s checking and savings accounts have monthly fees, and its savings accounts have lower APYs than you’ll find elsewhere. Additionally, Bank of America has less-than-stellar customer satisfaction ratings. It was ranked seventh out of nine major banks in the J.D. Power U.S. National Banking Satisfaction Study.
Pros
Higher-than-average APYs on CDs
Relatively low minimum deposit requirement
Widespread branch access
Cons
Comparatively lower APYs on savings accounts
Monthly maintenance fees apply
Lower ratings for customer satisfaction
With First Citizens Bank, you can use its mobile app or digital banking platform to manage all of your bank accounts in one place. You can deposit checks, pay bills, transfer money or send money to friends via Zelle. Although First Citizens Bank has powerful digital tools available, it also operates over 250 locations in North Carolina, so it’s a convenient choice for those who prefer to handle their banking in person.
Despite those perks, there are some drawbacks. The bank tends to have lower-than-usual APYs on savings accounts, money market accounts and CDs, and its money market accounts have monthly fees.
Pros
Multiple checking account options
Robust digital banking tools
Hundreds of branch locations
Cons
Lower-than-average APY on savings and CDs
Monthly fees on money market accounts
With PNC’s Virtual Wallet, you can choose a checking account type that matches your needs. It has three options, but all three are interest-bearing accounts. Existing customers can qualify for special rate boosts. PNC has over 100 branches in North Carolina, and you can earn higher-than-usual APYs on select CD terms, locking in a rate for months at a time.
However, PNC’s checking, savings and money market accounts do charge monthly fees. Additionally, its savings accounts offer relatively low APYs.
Pros
Interest-bearing checking accounts available
Existing customers can qualify for special rates
Higher-than-usual APYs on some CD terms
Cons
Charges monthly fees
Fairly low APY on savings accounts
As a credit union, the State Employees’ Credit Union (SECU) is focused on solutions for its members. It has a variety of account options, including special holiday savings accounts, accounts for kids and teens and summer cash accounts for teachers. Plus, it has many online and mobile banking tools, making it easy to manage your money or reach customer support when you need to do it. SECU has hundreds of branches in North Carolina, and customers have access to a broad network of ATMs through the CashPoints ATM network.
Be mindful, though, that not everyone is eligible for membership to the credit union, and it does have lower-than-average rates on savings accounts.
Pros
Specialty accounts available
Interest-bearing checking accounts
Low fees
Cons
Membership not open to everyone
Lower-than-usual APYs on savings accounts
How we chose the Best Banks of 2024-2025
To determine our list of best banks for 2024-2025, Money evaluated hundreds of the largest retail banks, credit unions, regional and state banks and online banks ranked by assets. We then compared opening balance requirements, interest paid, fees and features to determine our top picks.
To select the best banks and credit unions in North Carolina, we researched the largest banks and credit unions operating in the state. We looked at what types of accounts they offer, their minimum deposit requirements, fees and APYs. We also considered other factors, such as branch and ATM access, and digital banking tools.
You can read our full methodology here.
More from Money
North Carolina, also known as the Tar Heel State, has seen a significant increase in population in recent years. According to the U.S. Census Bureau, the state’s population grew by over 140,000 people in 2023, making it one of the fastest-growing states in the country. As the population continues to grow, so do the banking needs of its residents. Luckily, there are over 150 credit unions and banks operating in North Carolina, providing a variety of options for financial services. To help you find the best option, Money conducted research on the leading financial institutions in the state, considering factors such as account offerings, annual percentage yields (APYs), rates, and fees. Here are the top banks and credit unions in North Carolina for 2024-2025:
Synchrony – Best Overall
Bank of America – Best for CDs
First Citizens – Best for Digital Banking
PNC – Best for Checking Accounts
State Employees Credit Union – Best for Customer Satisfaction
*Please note that rates and APYs are subject to change and all information provided was accurate as of October 8, 2024.
Synchrony Bank has a strong presence in North Carolina, with a large office in Charlotte and its accounts available online. The bank offers savings accounts, money market accounts, and CDs with higher-than-average APYs. For those looking to maximize their savings, Synchrony’s deposit accounts offer significantly higher APYs with no minimum balance requirements or monthly fees. However, as a digital bank, Synchrony does not have physical branches, and it does not offer checking accounts. Customers will need to find another option for paying bills and withdrawing cash.
Pros:
– High APYs on CDs and money market accounts
– High-yield savings without monthly fees
– No minimum balance requirements
Cons:
– No checking accounts offered
– Limited CD terms
– No physical branches
Bank of America, headquartered in Charlotte, is known as the banking capital of the South. The bank has about 70 branches across the state, making it easily accessible for customers. Bank of America offers CDs with higher-than-average APYs and a relatively low minimum deposit requirement. However, most of its checking and savings accounts have monthly fees, and its savings accounts have lower APYs compared to other banks. Additionally, Bank of America has lower customer satisfaction ratings, ranking seventh out of nine major banks in the J.D. Power U.S. National Banking Satisfaction Study.
Pros:
– Higher-than-average APYs on CDs
– Relatively low minimum deposit requirement
– Widespread branch access
Cons:
– Comparatively lower APYs on savings accounts
– Monthly maintenance fees apply
– Lower ratings for customer satisfaction
First Citizens Bank offers a convenient digital banking platform and mobile app for managing all bank accounts in one place. Customers can deposit checks through the app, making banking more accessible and convenient. However, the bank’s savings accounts have lower APYs compared to other options, and its customer satisfaction ratings are not as high as other banks. First Citizens Bank also has a limited number of physical branches in North Carolina.
Pros:
– Digital banking platform and mobile app for convenience
– Ability to deposit checks through the app
– Manage all bank accounts in one place
Cons:
– Lower APYs on savings accounts
– Lower customer satisfaction ratings
– Limited number of physical branches
PNC offers a variety of checking accounts with different features and benefits, making it a great option for those looking for a checking account. The bank also has a widespread presence in North Carolina, with over 200 branches across the state. However, PNC’s savings accounts have lower APYs compared to other banks, and its customer satisfaction ratings are not as high as other options.
Pros:
– Variety of checking accounts with different features
– Widespread branch access
– Over 200 branches in North Carolina
Cons:
– Lower APYs on savings accounts
– Lower customer satisfaction ratings
State Employees Credit Union (SECU) is a member-owned credit union that offers a variety of financial services to its members. SECU has a strong presence in North Carolina, with over 260 branches across the state. The credit union also has high customer satisfaction ratings, making it a top choice for those looking for personalized and reliable customer service. However, SECU has limited account options compared to other banks and credit unions.
Pros:
– Member-owned credit union
– Strong presence in North Carolina
– High customer satisfaction ratings
Cons:
– Limited account options
– Limited branch access compared to other banks
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