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Bank of America, Ally, and VyStar Credit Union are our picks for the best banks if you live in Florida.
Below is more information about our three top picks for January 2025.
Overview of Banking in Florida
If you're seeking banking options in Florida, choosing the right institution can depend on what type of account you need to open. If you're opening a checking account, you might want to focus on a bank's ATM network and overdraft fees; these will probably matter less to you if you're interested in opening a savings account.
We've broken down some of the best banks to work with in Florida by account type. We've also included our top local credit union, in case you want to work with a member-owned financial institution for your general banking needs.
Best Banks and Credit Unions in Florida
To determine the highest rated banks in Florida, we reviewed the biggest banks and credit unions in the state. We also considered online banks regarding our top pick for savings accounts.
- Bank of America: Best bank for opening a checking account
- Ally: Best bank for opening a savings account
- VyStar Credit Union: Best credit union
Compare Financial Institutions in Florida
The best banks in Florida have a wide variety of banking products and are also accessible throughout the state. For our top savings account pick, we chose an online bank with a competitive savings account interest rate.
These institutions have stayed as our top picks for the last few months because they offer a variety of bank products with notable features. 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.
$12 monthly service fee
None
$100
$300
- Multiple ways to waive monthly service fee
- Link to savings for free overdraft protection
- $100 minimum opening deposit
- $12 monthly service fee
- $10 overdraft fee
- $2.50 out-of-network ATM fee
- New Bank of America customers may receive a $300 bonus when you open a new eligible personal checking account online using offer code LHR300CIS, and set up direct deposit for $2,000 or more within the first 90 days of opening the account (offer expires January 31, 2025)
- Access to over 3,900 branches and 15,000 ATMs
- Waive $12 monthly service fee by doing one of the following: receive $250/month in direct deposits, keep $1,500 minimum daily balance, enroll in Preferred Rewards, or be a student under age 25
- If you use Balance Connect and link your checking account to a backup account, there's a $0 overdraft protection transfer fee
- FDIC insured
no monthly service fee
3.80%
$0
- High APY
- No minimum opening deposit
- No monthly service fees
- Savings buckets help you save for different goals
- Surprise savings transfers help you save extra money from your checking account
- No physical branch locations
- No way to deposit cash
The Ally High Yield Savings Account is a great option for anyone who wants savings tools to help save for specific financial goals, or prioritizes an account that doesn't charge standard bank fees.
Ally Savings Account- Create separate savings buckets in a savings account
- Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
- Interest compounded daily, paid monthly
- FDIC insured
no monthly service fee
0.10%
$5
- No monthly service fee
- $5 minimum opening deposit
- Link to checking for overdraft protection
- Mediocre APY
- Interest compounds monthly, not daily
- Must maintain $50 balance to earn APY
- Join VyStar by living or working in certain parts of Florida or Georgia, or by having a relative who is already a member; Active military and veterans are also eligible
- Free access to over 20,000 ATMs in the US, Canada, and Mexico
- Earn interest with a $50 minimum account balance
- Interest compounded monthly, paid monthly
- Federally insured by the NCUA
Best Banks in Florida Reviews
Best Bank for Opening a Checking Account
Bank of America has nearly 450 branches around Florida and offers many different products.
Because Bank of America is a major, nationwide bank, it has more product options than many local banks do. For checking accounts, it has a student checking account and a business checking account in addition to its regular bank account. It also has savings accounts, CDs, IRAs, credit cards, mortgage options, and loans. If you want to open a checking account with a bank you use for most of your banking needs, Bank of America might be a good choice for you.
Depending on which checking account you open, you could pay $4.95, $12, or $25 per month. There are several ways to waive the monthly fee, though.
Best Bank for Opening a Savings Account
Ally pays 3.80% APY, which is a strong rate among national brands. The bank also doesn't charge any monthly bank maintenance fees or require a minimum opening deposit.
When it comes to savings accounts, you probably want a bank that is going to pay a high interest so that you can earn more than a couple hundred dollars in the long run. This means an online bank like Ally is probably going to be your best bet.
The Ally Savings Account has been a power player in the high-yield savings space for a few years now, and it consistently nabs top awards for online banking. Although it's an online bank, you can use over 40,000 Allpoint ATMs for free around the U.S.
Ally makes it easy to save for specific savings goals. You may decide to open a separate account for each goal, but Ally has a bucket feature that allows you save for multiple goals in one account. Assign each one a nickname, like "Emergency Fund" or "Travel Account" to track your progress and stay motivated.
While Ally is competitive, other banks offer similar online high-yield savings accounts. Depending on your needs and your existing banking, you may find you prefer a different bank, such as Capital One 360, Varo, or Discover.
Best Credit Union
VyStar is a good choice if you're looking for a credit union in Florida. It's available in over 20 cities, and you contact customer service seven days per week. SunCoast Credit Union is another good choice if you live in certain parts of Florida, but VyStar still pays higher rates on checking and savings.
There are more than 50 branch locations around Florida, and you have free access to over 20,000 ATMs around the U.S., Mexico, and Canada.
VyStar pays lower rates on some accounts than online banks, but higher than many brick-and-mortar banks.
Like most credit unions, VyStar compounds interest monthly rather than daily, which will affect how much money you earn in the long run. VyStar is one of the largest credit unions in Florida, but branches are lacking from certain regions of the state. If you don't have a branch nearby, then you may want to go with a local credit union.
Bank Trustworthiness and BBB Ratings
We review the ethics of each company so you can see if a specific financial institution aligns with your values.
We also include the settlement history of the last three years so you're aware of any recent public controversies involving the bank.
The Better Business Bureau grades companies based on customer complaints, advertising, and transparency about business practices. Here are the BBB scores for our favorite banks and credit unions in Florida:
| Institution | BBB grade |
| Bank of America | A |
| Ally | A+ |
| VyStar Credit Union | A+ |
Bank of America received an A rating because of government action taken against the bank.
A strong BBB grade doesn't guarantee you'll have a smooth relationship with a bank, though. You may want to read online reviews or ask family and friends about their experiences. You also might want to consider any recent scandals — Bank of America has had some issues in the past few years.
In 2023, Bank of America also paid over $100 million to customers in a settlement when accused of repeatedly charging a $35 overdraft fee for the same transaction, withholding credit card rewards, and enrolling customers in credit card accounts without them knowing or authorizing it.
The Consumer Financial Protection Bureau also fined Bank of America for freezing customers' accounts because its automatic fraud filter incorrectly detected fraud on accounts. In 2022, The CFPB claimed that the bank made it difficult for customers to un-freeze their accounts.
You may prefer to use Ally or VyStar if any of these scandals worry you, or bank with another institution in Florida.
Tips for Choosing the Best Bank in Florida
In addition to the tips listed below, make sure you're eligible to join the bank or credit union before you settle on your top choice.
Some credit unions let anyone join, but others might limit membership to people who have certain jobs or live in specific counties. When you open a bank account you'll also need documentation to verify your identity. Some banks require a U.S. ID while others allow immigrants and non-U.S. citizens to open an account with a Matricula Consular or foreign passport.
Comparing Florida Banks' Services and Fees
You'll want to decide ahead of time what services you're looking for in a bank. There are many unique features you can find in bank accounts, so one thing you can do is make a list of the features you want in bank accounts and what you want your overall banking experience to look like. You can use this list to narrow down your choices. For example, not every savings account is a savings account with buckets; If you want that feature, you'll want to check ahead of time that the bank you're interested in offers it.
No matter what, you'll want to open an account that's low on fees. To avoid bank fees, look for accounts that have no monthly service fees or low, easily waivable fees. You'll also want to consider how much you're likely to accrue ATM or overdraft fees and look for banks that don't charge those fees or offer reimbursement options.
Online and Mobile Florida Banking Features
Whether you're interested in a bank with physical branches or not, you'll probably do at least some of your banking online. To see whether a bank has a good mobile banking app, you can check reviews on the Apple App store or the Google Play store. A high score indicates that the mobile banking app is useful and easy to use. And if you're more likely to use the bank's website, spend some time exploring the website to see how difficult it is to navigate.
Florida Branch and ATM Accessibility
If you want to bank in person, you'll want a bank with plenty of Florida branches, especially near you. No matter if you're banking in person or not, using one of the best banks to avoid ATM fees will keep you from paying extra if you need to get cash. Key features to look for are large ATM networks, no in-network ATM fees, and out-of-network ATM fee reimbursements.
Best Banks in Florida FAQs
The best banks to bank with in Florida from our list are Ally for strong savings products and Bank of America for a solid checking account.
Two of the best banks in Florida for customer service are Ally and Bank of America. If you know you'll need to bank at non-standard hours, a bank with 24/7 customer service like Ally might be a good pick. If you want in-person customer support at one of the most reliable banks in Florida, a big nationwide bank like Bank of America might be your best bet. And if you want more personalized support, a credit union could work best for you.
Our top picks for minimal bank fees are Ally Bank and VyStar Credit Union.
Yes, there are banks in Florida that offer good interest rates on savings accounts. Online banks like Ally can be great for earning high interest rates, and local credit unions often give better rates than standard brick-and-mortar banks.
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 Florida for your needs.
When asked what someone should be looking for in a bank, these experts shared the following:
"The No. 1 thing about a checking account," says Mykail James, MBA, certified financial education instructor, BoujieBudgets.com, is being clear on which provider issues your debit card. MasterCard and Amex aren't universally accepted.
"I would create a list of what I prioritize most in a bank account," says Sophia Acevedo, banking editor, Business Insider. That will be different for everyone; perhaps it's the ability to waive fees, or maybe you want to earn significant interest on your savings.
"How can that bank grow with you?" asks Tania Brown, CFP® professional and vice president of coaching strategy at OfColor. A single 25-year-old has very different needs from a 40-something who does an IRA rollover or wants professional help with their money.
Make sure you know "how onerous the transfer process is," to transfer money in and out of your account, says Roger Ma, CFP® professional and author of "Work Your Money, Not Your Life". How long does it take? How easy is it to sync with your other accounts?
Methodology: How We Chose the Best Banks in Florida
Business Insider's personal finance team looked at the banks and credit unions with the most branches in the state. Then we zeroed in on those that offered appealing features, like sign-up bonuses or high interest rates. None of the biggest banks in Florida paid high rates on savings accounts, so we chose an online bank, Ally, as our top choice for a savings account.
For the best credit union, we chose one that is easy for Florida residents to join and has branches in multiple parts of the state.
See our bank account methodology to learn more about how we rate bank accounts. We assign each category a rating between 0 and 5, and star ratings can be anywhere from one to five stars. We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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