Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.

To determine the best banks in North Carolina, we reviewed the 10 biggest banks and credit unions in the state, as well as local financial institutions that are recognized as minority depository institutions by the FDIC or NCUA. We also considered online banks regarding our top pick for savings accounts. We chose Ally, First Citizens Bank, First National Bank, Mechanics & Farmers Bank, and State Employees Credit Union as the best financial institutions in North Carolina.

These banks stand out because they 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

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

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.

You may like First Citizens Bank if you don't want to deal with monthly services fees on checking or savings accounts. But if your goal is to earn competitive interest rates, online banks with the best high-yield savings accounts will probably be more suitable options.

Best Banks in North Carolina FAQs

Truist is probably the most popular bank in North Carolina, because it has the most branches in the most cities.

What you need to open a bank account in North Carolina will depend on the financial institution you're going to, but you'll likely need a government-issued ID (like a driver's license or passport), proof of address (like a utility bill that has been mailed to your home), and your Social Security number.

Some major banks have headquarters in North Carolina. Bank of America and Truist Financial are headquartered in Charlotte, and First Citizens Bank's headquarters is in Raleigh.

There are 35 state-chartered banks in North Carolina, according to the North Carolina Commissioner of Banks . We chose Mechanics & Farmers, First Citizens Bank, SECU, and First National Bank as a few of our most highly-rated banks with branches in North Carolina.

We chose State Employees Credit Union as the best local credit union in North Carolina. However, some of the best credit unions let anyone in the US join them, so check to see if one of those is a better fit for you.

Any bank that offers FDIC insurance is safe to put your money in, as the FDIC insures your money up to $250,000 per person, per account type. If you're worried about whether a bank is trustworthy, you can also check its BBB scores and research whether it has been involved in recent lawsuits or controversies.

Which credit union is most popular will probably depend on where you live in North Carolina, as many credit unions limit their customers to specific communities. However, we chose State Employees Credit Union as the best credit union in North Carolina.

Several big banks are in North Carolina, including Bank of America and Truist Financial.

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 option because 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 that will help you with planning how to budget . 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 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 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 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.

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.

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.

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?

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 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.