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Best Online Banks Of March 2023
Online banking offers a host of benefits that can make managing your financial life much easier. If you're interested in finding the best online bank—but you're on the fence about whether online banking is right for you—here are some of the most significant advantages to consider.
ConvenienceOne of the chief benefits of online banking is the ability to access your accounts from practically anywhere. As long as you're able to log in to online banking or mobile banking, you can check your balances, pay bills or transfer money between accounts.
You can also deposit checks remotely and set up notifications or alerts, all without visiting a branch. If your debit card is lost or stolen, you may be able to log in to your mobile app to deactivate the card so no new purchases can be made. These are tasks you can do with the tap of just a few buttons.
While online banks may lack branches, many of them offer ATM access if you need to withdraw cash. In short, online banking keeps you in touch with your money whether you're at home, out to dinner or taking an extended trip.
Added FeaturesOnline banking and mobile banking allow you to perform a wide range of functions. But you may get more than simple account management.
Some of the best online bank accounts include features such as:
All those features can help you feel more in control of where your money is going. Having built-in trackers or automated savings can also help you get into a regular savings habit if that's something you've been struggling with.
CostOnline-only banks don't have the same overhead costs that traditional banks do. That can be a huge benefit if you're tired of paying high fees.
Many of the best banks online charge no:
Some of the best online banks even refund your foreign and domestic ATM surcharges up to a certain amount each billing cycle. The less you pay in fees, the more of your hard-earned money you get to keep.
Online banking can pay off in a different way if you take the money you save on fees and deposit it into a high-yield savings account. Online banks can offer rates that are much more competitive than brick-and-mortar banks, owing to their lower overhead costs.
Record KeepingKeeping track of expenses is crucial for creating—and sticking to—a realistic budget. Online banking simplifies that task by letting you review credit and debit transactions at a glance.
You can easily filter your account details to look for specific transactions or review purchases made over a certain period. As mentioned, some of the best online bank accounts offer digital tools that let you categorize expenses for easier budgeting.
Other Benefits of Online BankingOnline banking offers many advantages. Here's a quick look at some of the pluses of banking online:
Online banking can take some of the hassle and frustration out of keeping up with your accounts. And it's a secure way to manage your money.
Online banks may use the same level of encryption as brick-and-mortar banks and they can offer enhanced security features, such as multifactor authentication. Those measures, along with taking basic steps to protect your online banking security, can keep your account information safe and out of the hands of hackers.
Best Banks And Credit Unions In North Carolina Of March 2023
Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
We chose Ally, First Citizens Bank, First National Bank, Mechanics & Farmers Bank, and State Employees Credit Union as the best banks and credit unions in North Carolina.
These banks stand out because they have minimal 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 of April 2023Compare Today's Banking Offers
The Best Financial Institutions in North CarolinaAlly High Yield Savings Account
Annual Percentage Yield (APY)
3.75%
Minimum Deposit Amount
$0
Ally High Yield Savings Account
Annual Percentage Yield (APY)
3.75%
Minimum Deposit Amount
$0
On Ally's site. FDIC Insured.
Ally High Yield Savings Account
On Ally's site. FDIC Insured.
Details
Annual Percentage Yield (APY)
3.75%
Minimum Deposit Amount
$0
Pros & Cons It indicates an expandable section or menu, or sometimes previous / next navigation options.
Pros
A check mark. It indicates a confirmation of your intended interaction.
High APYA check mark. It indicates a confirmation of your intended interaction.
No minimum opening depositA check mark. It indicates a confirmation of your intended interaction.
No monthly service feesA check mark. It indicates a confirmation of your intended interaction.
Savings buckets help you save for different goalsA check mark. It indicates a confirmation of your intended interaction.
Surprise savings transfers help you save extra money from your checking accountCons
A dash. It often indicates an interaction to shrink a section.
No physical branch locationsA dash. It often indicates an interaction to shrink a section.
No way to deposit cashHighlights It indicates an expandable section or menu, or sometimes previous / next navigation options.
More Information
Additional Reading It indicates an expandable section or menu, or sometimes previous / next navigation options.
Read our review
A looong arrow, pointing right
First National Bank Freestyle Checking Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$50 (online); $0 (in-branch)
First National Bank Freestyle Checking Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$50 (online); $0 (in-branch)
On First National Bank's website
First National Bank Freestyle Checking Account
On First National Bank's website
Details
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$50 (online); $0 (in-branch)
Pros & Cons It indicates an expandable section or menu, or sometimes previous / next navigation options.
Pros
A check mark. It indicates a confirmation of your intended interaction.
Low minimum opening depositA check mark. It indicates a confirmation of your intended interaction.
No monthly service feesA check mark. It indicates a confirmation of your intended interaction.
Overdraft protectionCons
A dash. It often indicates an interaction to shrink a section.
$2.95 out-of-network ATM feeA dash. It often indicates an interaction to shrink a section.
$37 overdraft feeA dash. It often indicates an interaction to shrink a section.
$10 transfer fee if you use overdraft protectionHighlights It indicates an expandable section or menu, or sometimes previous / next navigation options.
More Information
First Citizens Bank Free Checking Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$50
First Citizens Bank Free Checking Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$50
On First Citizens Bank's site. First Citizens Bank, FDIC Insured
First Citizens Bank Free Checking Account
On First Citizens Bank's site. First Citizens Bank, FDIC Insured
Details
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$50
Pros & Cons It indicates an expandable section or menu, or sometimes previous / next navigation options.
Pros
A check mark. It indicates a confirmation of your intended interaction.
$50 minimum opening depositA check mark. It indicates a confirmation of your intended interaction.
No monthly service feesA check mark. It indicates a confirmation of your intended interaction.
Budget and trends toolsA check mark. It indicates a confirmation of your intended interaction.
Multiple overdraft protection optionsCons
A dash. It often indicates an interaction to shrink a section.
$10 overdraft feeA dash. It often indicates an interaction to shrink a section.
$10 overdraft transfer feeA dash. It often indicates an interaction to shrink a section.
$1.50 fee if you use an out-of-network ATMHighlights It indicates an expandable section or menu, or sometimes previous / next navigation options.
More Information
Additional Reading It indicates an expandable section or menu, or sometimes previous / next navigation options.
Read our review
A looong arrow, pointing right
State Employees Credit Union Share Account
Annual Percentage Yield (APY)
0.10%
Minimum Deposit Amount
$25
State Employees Credit Union Share Account
Annual Percentage Yield (APY)
0.10%
Minimum Deposit Amount
$25
On State Employees Credit Union's website
State Employees Credit Union Share Account
On State Employees Credit Union's website
Details
Annual Percentage Yield (APY)
0.10%
Minimum Deposit Amount
$25
Pros & Cons It indicates an expandable section or menu, or sometimes previous / next navigation options.
Pros
A check mark. It indicates a confirmation of your intended interaction.
Low minimum opening depositA check mark. It indicates a confirmation of your intended interaction.
No monthly service feesA check mark. It indicates a confirmation of your intended interaction.
Better interest rate than some brick-and-mortar banksCons
A dash. It often indicates an interaction to shrink a section.
Online banks offer a higher interest rateA dash. It often indicates an interaction to shrink a section.
Must have $25 in account to maintain membershipHighlights It indicates an expandable section or menu, or sometimes previous / next navigation options.
More Information
Mechanics & Farmers Bank Dash Checking Account
Annual Percentage Yield (APY)
0.05% to 3.00%
Minimum Deposit Amount
$50
Mechanics & Farmers Bank Dash Checking Account
Annual Percentage Yield (APY)
0.05% to 3.00%
Minimum Deposit Amount
$50
On Mechanics & Farmers' site. Mechanics & Farmers, FDIC Insured
Mechanics & Farmers Bank Dash Checking Account
On Mechanics & Farmers' site. Mechanics & Farmers, FDIC Insured
Details
Annual Percentage Yield (APY)
0.05% to 3.00%
Minimum Deposit Amount
$50
Pros & Cons It indicates an expandable section or menu, or sometimes previous / next navigation options.
Pros
A check mark. It indicates a confirmation of your intended interaction.
$50 minimum opening depositA check mark. It indicates a confirmation of your intended interaction.
No monthly service feeA check mark. It indicates a confirmation of your intended interaction.
Pays interestA check mark. It indicates a confirmation of your intended interaction.
Refunds up to $15 per month in out-of-network ATM fees (if you qualify)A check mark. It indicates a confirmation of your intended interaction.
Overdraft line of credit availableCons
A dash. It often indicates an interaction to shrink a section.
Low interest rate and no ATM fee refunds if you don't meet monthly criteriaA dash. It often indicates an interaction to shrink a section.
$2 out-of-network ATM feeA dash. It often indicates an interaction to shrink a section.
$35 overdraft feeA dash. It often indicates an interaction to shrink a section.
No free overdraft protectionHighlights It indicates an expandable section or menu, or sometimes previous / next navigation options.
More Information
Additional Reading It indicates an expandable section or menu, or sometimes previous / next navigation options.
Read our review
A looong arrow, pointing right
Experts' Advice on Choosing the Best Financial InstitutionWe 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.
InsiderWe're focusing on what will make a bank most useful, including customer service, fees, rates, and more. Here's what they had to say about finding a bank. (Some text may be lightly edited for clarity.)
How can someone determine whether a bank is the right fit for them?Mykail James, MBA, certified financial education instructor, BoujieBudgets.Com:
"The No. 1 thing about a checking account is you should know what provider the debit card is coming from. And a lot of people don't think about that, because there are places that don't accept MasterCard or don't accept an Amex."
Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:
"I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I'm searching for an interest-earning bank account I'll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account."
What should someone look for in a brick-and-mortar bank?Tania Brown, certified financial planner at SaverLife:
"How can that bank grow with you? If you are 25, single or newly married, and all you need is a checking account, that's going to look very different 15 years from now when you may have had a couple of jobs, you may have an IRA roll over, or you may want a financial adviser."
Mykail James, CFEI:
"How accessible it is. So where are the branches? And if I am to go out of town or something, how accessible is my money to me?"
What should someone look for in an online bank?Tania Brown, CFP:
"With an online bank, absolutely online customer service, because you do not have the advantage of walking inside and talking to a human being. How often are you able to get them? What are their hours?"
Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life":
"How onerous the transfer process is, transferring money in and transferring money out. Is it same day, next day? Is it pretty easy to sync a brick-and-mortar checking account to this particular high-yield savings account?"
Mykail James, CFEI:
"When it comes to online banks, you want to be a little bit more strict about what type of interest rates they're providing. That's the biggest thing, because online banks are supposed to have the higher interest rate because they don't have the overhead of the brick-and-mortar. You want to make sure that it's well above the national average. What type of securities do they provide? Do they have two-factor identification? If it's an online bank, they should definitely have — at the bare minimum — two-factor authentication in how easy it is to change your passwords and things like that, because you want to be a little more hypersensitive about the cyber security for a strictly online bank."
Methodology: How Did We Choose the Best Banks in North Carolina?Personal Finance 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 guide and Hispanic 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 »
Best Banks in North Carolina: Frequently Asked QuestionsIt depends on what you're looking for. Wells Fargo, Chase and Bank of America have the most branches throughout the US. If you're looking for high savings rates and low fees, then you'll probably want to go with an online bank. (See our picks for the best online banks here.)
As long as an institution has federal insurance, your money should be safe. Banks need to be insured by the Federal Deposit Insurance Corporation (FDIC). Credit unions need to be insured by the National Credit Union Administration (NCUA).
An individual account is insured for up to $250,000, and a joint account is insured for up to $500,000. This means you won't lose all of your money should the bank go under.
Best banks and credit unions of North Carolina
State Employees Credit Union
It indicates an expandable section or menu, or sometimes previous / next navigation options.
It indicates an expandable section or menu, or sometimes previous / next navigation options.
Best savings and checking account
Best local financial institution
Learn moreOn State Employees Credit Union's website
Best Bank for Opening a Savings Account AllyWhy it stands out: Brick-and-mortar banks in North Carolina pay pretty low interest rates, around the national average. If you'd like to open a high-yield savings account, Ally is an excellent online option. It pays a competitive rate and doesn't charge standard bank fees.
You may also like the Ally High Yield 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 customer service is available over the phone and through live chat 24/7.
What to look out for: As an online-only institution, 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 BankWhy it stands out: 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.
See Insider's picks for the best checking accounts in the US overall »
What to look out for: You might have to deal with fees if you accidentally take too much from your account. There's a $37 overdraft fee if 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 BankWhy it stands out: 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.
What to look out for: 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 Credit Union State Employees Credit UnionWhy it stands out: State Employees Credit Union is a good option if you'd like to bank with a credit union over a bank. It has over 273 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.
What to look out for: 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:
To become a member, you'll need to open a share account with at least $25.
Best Local Financial Institution Mechanics & Farmers BankWhy it stands out: Mechanics & Farms 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 Mechanics & Farmers Bank Dash Checking Account 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:
If you meet these requirements, you'll also be eligible for up to $15 in out-of-network ATM refunds.
What to look out for: 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.
Other Institutions That Didn't Make Our List and WhyWe use ratings from the Better Business Bureau to evaluate how financial institutions address customer issues and handle transparency.
Ally, First Citizens Bank, and SECU ratings are because of unresolved customer complaints and receiving customer complaints on the BBB website.
A good BBB rating won't guarantee your relationship with a business will be perfect. Consider talking to current customers or reading online customer reviews.
On the bright side, none of the financial institutions featured have recent public scandals.
Savings Rates at the Largest Banks in North CarolinaBelow, you'll find the savings rates from the biggest banks in North Carolina. In April 2023, the national average for interest rates on savings accounts is 0.37% APY, according to the FDIC.
None of these banks offered a competitive interest rate, so we didn't end up choosing any of these banks for our best savings account category. However, you may still decide one of these banks is a good fit for you.
Sophia Acevedo, CEPF
Banking Reporter
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