Choosing a bank might sound like a basic thing to many people. They are just banks, and you can pick any, just like picking one apple from a bushel in a grocery store. But in the real sense, the choice of bank is not that basic. Your unique financial needs should determine your choice of a bank. This includes but is not limited to interest rates, loan limits, branch accessibility, transaction fees, digital features, and other financial products.
With that being said, you must evaluate the features and services that a bank offers, at what cost, and how fast, and then compare that to your unique needs. In the back of your mind, you need to be aware that everyone has their own custom needs, many of which cannot be fulfilled by one banking institution. For example, you might value digital banking services that are mobile accessible because they are instant. However, the transaction fees might be a bit higher than in ATMs or the face-to-face banking system. This post evaluates the four best Banks in Texas by reviewing the features and services that make them the most preferred in the financial market.
If you like online banking, you should check out Ally bank. This is an exclusively online banking platform that offers a variety of financial services such as mortgage and money market products. You can open checking, savings, or loan accounts with the platform. Ally Bank gives a 1.15% annual yield on the savings account. The savings account does not have the minimum required amount, so you can start with any amount. In addition, they give the interest without attracting any monthly maintenance fees on the savings account. The platform has other special savings subcategories in which one can set target amounts and deadlines. You can comfortably save towards your activities such as vacation, education, and investment.
Furthermore, Ally bank has one of the highest certificates of deposit rates at a 2.4% annual rate without a minimum deposit. When it comes to the money market, Ally Bank gives you 24/7 access to the market, giving you a chance to analyze different markets against your portfolio and invest in the comfort of your location without hustle.
You can trade Stock and ETFs at 0% commission, and no minimum required amount to start trading. On the other hand, Ally bank offers other money market resources at significantly low pricing rates, such as 1% per bond with a minimum of , .95 per trade on mutual funds, and .95 for stocks priced lower than .
Of the cons of Ally Bank is that it lacks physical branches where members can practice physical banking or seek support. Management of a bank account is entirely upon the account owner.
Wells Fargo is one of the biggest banks operating in Texas, offering various digital and physical banking services. One of the dominant features of Wells Fargo is its diversity of banking services. They offer checking, fixed deposit and investment, credit card, and savings accounts. Wells Fargo also offers digital banking services, including mobile banking.
Wells Fargo has more than 500 branches and more than 12000 ATMs all over Texas. They charge a maximum of 25% monthly maintenance fees on accounts, and all funds are insured by Federal Deposit Insurance Corporation (FDIC).
When it comes to loans, Wells Fargo offers a variety of loans from student loans, mortgage finance loans, recreational loans for recreational boats and campers, and several auto loans. They require a minimum deposit of on a checking account.
Wells Fargo offers 24/7 support services to their members, which makes handling major issues such as Identity theft timely. However, Wells Fargo offers relatively lower interests in savings. Their interest rates are not only lower than other banks but lower than the average.
Chase bank has one of the highest numbers of ATMs in Texas and other states across the USA. It is also one of the biggest financial institutions giving a variety of banking services to members. Chase bank guarantees convenient banking to its members with exceptional customer service and a variety of features that covers the needs of most customers.
Chase bank is renowned for its unique package offers to college students. This is particularly the checking accounts provided to college students who can prove their identity as students. Even though they charge a monthly maintenance fee of 6% on accounts, students can waive the fees by meeting minimum achievable requirements. Additionally, there is no minimum required deposit on the checking account. Chase bank is Ideal for students looking to travel to other states because they can easily access their accounts through thousands of ATM and Chase bank branches around the country. Students between 13 and 17 can open an account with Chase bank if they have an adult co-signer. Chase bank also offers mobile banking services through its top-rated app. In addition, Chase bank is ideal for students seeking different types of loans.
You should consider checking out Frost bank if you run a business with many daily transactions. Recent research rated Frost bank as having the highest level of customer service. In addition, Frost bank is one of the most transparent banks with members on their benefits and any fees on their accounts. Frost bank customer service staff are highly responsive on phone calls, on digital platforms, or in person. Frost bank has more than 100 branches in Texas, and its commitment to the communities they exist in is impeccable. Apart from business owners, Frost bank is ideal for students and people who wish to open a savings account. Frost Bank offers an interest rate significantly higher than the average value. In addition, they charge a low monthly maintenance fee with a special offer of $4 to students.
However, Frost bank offers a limited variety of bank account suites. In addition, they have a limited number of branches across Texas.
Every bank has unique features that make it stand out. Before opening an account with any bank, take a moment and think through your financial needs. In addition, do not just open a bank account. Instead, take some time to review the types of accounts, their benefits, and fees. It would also help if you compared several bank options as you will be guided by information before settling on one decision.