The best banks in Tennessee offer appealing terms and a variety of account options to suit every need. Whether you’re looking for a bank with an extensive branch network, competitive interest rates, low fees or top-notch customer service, the Volunteer State has it all.
Best Banks In Tennessee July 2024
We analyzed dozens of institutions when building our list of the best banks in Tennessee. The following banks were selected for their exceptional products and customer satisfaction.
Annual percentage yields (APYs), interest rates and other account details are accurate as of June 5, 2024.
Summary of Best Banks in Texas for 2024
Methodology
To compile our list of the best banks in Tennessee, we heavily weighed the number of bank branches and ATMs each institution has within the state, along with J.D. Power banking customer satisfaction scores in the South Central region, which includes Alabama, Arkansas, Louisiana, Mississippi and Tennessee.
Because local presence was a key factor in ranking the best banks in Tennessee, online banks did not make the list, even though many offer appealing accounts and allow Tennessee residents to apply. Credit unions were not considered either.
In addition to these primary criteria, we also considered data from Google search trends to gauge the popularity and relevance of each bank in Tennessee. Other significant features like annual percentage yields (APYs) and fee structures were also taken into account.
For a deeper understanding of our rating and review methodology, as well as our editorial process, explore our detailed guide on How Forbes Advisor Reviews Banks.
Types of Banks in Tennessee
There are several different types of banks Tennessee residents may come across.
- National banks are regulated by the Office of the Comptroller of the Currency and have branches across multiple states. Some large national banks operating in Tennessee include Bank of America, Wells Fargo and Chase Bank.
- State banks are chartered through the Tennessee Department of Financial Institutions and usually only have locations within the state. Many community banks fall into this category.
- Credit unions are nonprofit, member-owned financial cooperatives. Tennessee credit unions can range in size from small local operations to larger ones like Eastman Credit Union and Ascend Federal Credit Union.
- Online-only banks like Ally and Discover Bank also serve Tennessee residents completely via digital platforms. They operate without branches and typically offer competitive interest rates and lower fees due to lower overhead costs.
Tips on Banking in Tennessee
Banking in Tennessee can be a smooth and rewarding experience with the right approach. Here are some key tips:
- Take the time to compare multiple options. The best bank in Tennessee will have a good mix of services that fit your needs and lifestyle. So take note of the features that matter most to you—whether that includes low fees, a good interest rate or branch access—and choose a bank that fits those criteria.
- Don’t rule out online banks. Online banks tend to offer higher interest rates on savings and lower rates on loans. An online bank may also offer more convenient features if you don’t visit branches often.
- Make developing good financial habits a priority. No matter which bank you choose, use it as an opportunity to improve your financial health. Tracking your balances, reviewing your bank statements for accuracy each month and keeping an eye out for unauthorized transactions can help you manage your money and catch fraud early.
Find The Best Banks Of 2024
How To Compare Banks In Tennessee
When comparing banks in Tennessee, consider these factors to find the best fit:
- Products offered. List the products and services you need, like checking accounts, savings accounts, loans or investment advice. Ensure the bank offers them.
- Fees. Compare bank fees for account maintenance, ATM usage, overdrafts and other services. Look for banks with few fees or fee waivers that have easy-to-meet requirements.
- Interest rates. Check the interest rates for savings accounts, CDs and loans. Higher savings rates and lower loan rates are worth prioritizing if you plan to save or borrow money.
- Customer service. Research customer reviews and ratings to gauge the quality of customer service, including how responsive and willing each bank is when problems occur.
- Convenience. Assess the number of branches, where branches are located, ATM availability and the quality of online and mobile banking services.
- Extra perks. Consider any special promotions, rewards programs or other unique features that may set one bank apart from another.