Best Banks and Credit Unions in North Carolina of June 2024 (2024)

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No matter where you live, it's important to choose a bank or credit union that operates in your state. We chose Ally, First Citizens Bank, First National Bank, Mechanics & Farmers Bank, and State Employees Credit Union as the best banks and credit unions for people who live in North Carolina.

These banks stand out because they have help you avoid bank fees and offer appealing features. These institutions have stayed as our top picks for the last few months because they continue to stand out for their minimal bank fees and unique perks. Learn more about our top picks below.

The Best Banks and Credit Unions in North Carolina

• Ally: Best for opening a savings account
• First Citizens Bank: Best for opening a checking account
• First National Bank: Best for opening a savings and checking account
• State Employees Credit Union: Best local credit union
• Mechanics & Farmers Bank: Best local bank

All of the financial institutions on our list are protected by FDIC or NCUA insurance. Money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.

Compare the Best Financial Institutions in North Carolina

Best Banks in North Carolina FAQs

North Carolina Bank Reviews

The best North Carolina banks and credit unions will offer strong interest rates, good perks, and accessibility to North Carolina residents. The best banks and credit unions will also offer many different banking products, such as money market accounts, savings accounts, checking accounts, and CDs.

Here are the best North Carolina banks as picked by Business Insider editors in 2024.

Best Bank for Opening a Savings Account

Ally's high-yield savings account is an excellent online optionbecause it pays a competitive rate and doesn't charge standard bank fees. Brick-and-mortar banks in North Carolina pay pretty low interest rates, around the national average.

You may also like the Ally Savings Account if you'd like to open a bank account that comes with budgeting tools. The account lets you separate money into individual savings goals through savings buckets.

Ally has 24/7 customer service over the phone and through live chat.

As an online bank, you'll have to transfer money from another bank account if you'd like to deposit cash.

Best Bank for Opening a Checking Account

First National Bank offers a solid free checking account. If you open the First National Bank Freestyle Checking Account at a local branch, you won't need to make an initial deposit. If you open it online, you'll need to deposit at least $50. The bank has a solid ATM network — you'll have access to 800 ATMs in 7 states on the East Coast.

You might have to deal with fees if you accidentally take too much from your account. There's a $37 overdraft feeif you overdraw from your account. The bank has overdraft protection that lets you link to another bank account, but you'll have to pay a $10 transfer fee if you use it.

Best Bank for Opening a Checking and Savings Account

First Citizens Bank is a great choice if you prefer traditional banking. It's the third-largest financial institution in the state, and it offers a free savings and checking account.

The First Citizens Bank Free Checking Account is one of the bank's strongest products. It has a budgeting tool that helps you track expenses, create a budget, and monitor debt.

The First Citizens Bank Online Savings Account has a $50 minimum opening deposit, and you won't need to fulfill any minimum balance requirements.

You might have to deal with overdraft fees if you take out more money than you have in your checking account. First Citizens Bank offers overdraft protection, but you'll have to pay a $10 transfer fee if you utilize it.

There's a also $3 excess withdrawal fee if you exceed two withdrawals per month from your savings account.

Best Local Credit Union

State Employees Credit Union is a good option if you'd like to bank with a credit union over a bank. It has over 270 locations and 1,100 free ATMs, making it one of the biggest financial institutions throughout the state.

The State Employees Credit Union Share Account earns a slightly higher rate than most brick-and-mortar bank accounts. Its CDs also pay a decent rate and require a low minimum opening deposit of $250.

The credit union's checking account has a low minimum opening deposit, but there's a $1 monthly service fee that can't be waived.

To be eligible for membership at SECU, you or an immediate family member need to be working or formerly employed by one of the following:

• The state of North Carolina
• A state agency in North Carolina
• The North Carolina public board of education
• North Carolina National Guard
• Social Services, Health, Mental Health, and Civil Defense of North Carolina counties
• Any agencies or departments part of the North Carolina State Personnel Act

To become a member, you'll need to open a share account with at least $25.

Best Local Bank

Mechanics & Farmers Bank is a Black-owned bank with eight branches in Charlotte, Durham, Greensboro, Raleigh, and Winston-Salem.

Local banks are an ideal option if you're looking for an institution with close ties to its community. Mechanics & Farmers Bank hosts financial literacy workshops in each city with a branch. Employees and management also attend around 80 community events yearly.

The is the bank's standout account. The account doesn't charge monthly service fees and has a low minimum opening deposit. It lets you earn up to 3.00% Annual Percentage Yield (APY) on balances below $10,000 if you meet the following criteria monthly:

• Make at least 15 debit transactions that total a minimum of $350
• Log into mobile or online banking
• Get an e-statement
• Receive at least $500 in direct deposits

If you meet these requirements, you'll also be eligible for up to $15 in out-of-network ATM refunds.

The bank's savings account requires a minimum opening deposit of $100 and has a $6 monthly service fee if you don't keep at least $200 in your account daily.

Banks and Credit Unions Trustworthiness and BBB Ratings

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

First National Bank and Mechanics & Farmers both have A+ BBB ratings. Ally has an A rating due to a few unresolved customer complaints.

First Citizens Bank has a B rating due to unresolved complaints, as well as one complaint it has not responded to.

Mechanics & Farmers has an NR rating from the BBB because the BBB doesn't have enough information about the bank.

SECU has a D rating due to some unresolved complaints against the company, as well as a few complaints it has not responded to.

In 2024, the Justice Department and the state of North Carolina announced an agreement with First National Bank for First National Bank to pay $13.5 million in response to claims that it practiced redlining and lending discrimination towards Black and Hispanic American neighborhoods.

Why You Should Trust Us: Experts' Advice on Choosing the Best Financial Institution

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best financial institution in North Carolina for your needs.

• Tania Brown, certified financial planner and vice president of coaching strategy at OfColor
• Roger Ma, certified financial planner withlifelaidout®and author of"Work Your Money, Not Your Life"
• Sophia Acevedo, certified educator in personal finance, banking editor, Business Insider
• Mykail James, MBA, certified financial education instructor,BoujieBudgets.com

When choosing a bank, our experts say there are a few areas in particular to look closely:

Fees

Some banks charge monthly maintenance fees for their checking and savings accounts. However, they can typically be waived by actions like a keeping a minimum balance in the account. While researching banks, make sure you know which fees are charged and if you'd qualify to waive them.

Accessibility

Your bank and your money should be accessible in the way that works for you. That might mean local branches so you can walk in, or a seamless online interface so you can easily transfer money. It should also include access to customer service: When is it available, and how can you contact it?

Priorities

If you're hoping to earn money on your savings, for instance, you'll need a high-yield savings account that pays more than average interest. Remember that your priorities might change over time. Ideally, you'll choose a bank that can accommodate a single 20-something as well as a 40-something parent.

Methodology: How Did We Choose the Best Banks in North Carolina?

Business Insider's mission is to help smart people make the best decisions with their money. We understand that "best" is often subjective, so under each section, we outline the advantages and limitations of each account or institution. We spent hours comparing and contrasting the features and fine print of various products so you don't have to.

We reviewed the 10 biggest banks and credit unions in the state and financial institutions included in our Black-owned banks and credit unions guideandHispanic American-owned banks and credit unions guide.

We sought out accounts with minimal banks and unique features. For example, some of the accounts featured offer a competitive interest rate or budgeting tools to help track your spending.

For our best credit union and best local bank, we chose financial institutions that offered great customer service, easy membership requirements, and low minimum opening deposits.

See our full ratings methodology for checking, business checking, savings, and money market accounts »