Best Banks In Tennessee For May 2024 (2024)

Best Banks In Tennessee May 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 May 2, 2024.

Best Bank for Saving

BMO

Products

Savings, checking, money market accounts, CDs

Fees

Monthly maintenance, paper statement, out-of-network ATM and overdraft fees

ATM Network

40,000+

Learn More

Read Our Full Review

Savings, checking, money market accounts, CDs

Monthly maintenance, paper statement, out-of-network ATM and overdraft fees

40,000+

Editor's Take

We selected BMO as the best bank for saving due to its impressive array of features designed to help customers stash away money. With branches in over 160 Tennessee cities, it’s a convenient choice for residents across the state.

The BMO Savings Builder Account product incentivizes consistent saving by offering a $5 monthly reward each month you increase your balance by $200 or more. This reward is available for the first year of account opening.

For savers looking for higher yields, BMO Alto Online Certificates of Deposit rates are competitive on certain terms. Its 12-month CD currently has an APY of 4.90% (can vary depending on ZIP code). Likewise, its BMO Relationship Plus Money Market account account earns up to 3.56% with a quarterly combined balance of $250,000+ when you link a BMO Relationship Checking account.

Read our full BMO Review.

Pros & Cons

  • Wide variety of account options
  • Competitive CD rates
  • Options for free checking and savings accounts
  • Monthly fees on certain accounts
  • Savings Builder account has a 0.01% APY

Details

BMO Smart Advantage Checking and Savings Builder accounts have no monthly fee. BMO Smart Money Checking has a $5 monthly fee, waived for individuals under 25. The BMO Relationship Checking account carries a higher $25 monthly fee that can be waived by meeting certain balance requirements. BMO’s Relationship Plus Money Market account has a $10 monthly fee that’s waived with a $5,000 minimum daily balance.

Best Bank for Branch Access

Regions Bank

Best Banks In Tennessee For May 2024 (4)

Products

Savings, checking, money market accounts, CDs

ATM Network

2,000+

Best Banks In Tennessee For May 2024 (5)

Savings, checking, money market accounts, CDs

Monthly maintenance, out-of-network ATM and overdraft fees

2,000+

Editor's Take

Regions Bank stands out for having a large branch network in Tennessee—it offers almost 200 full-service branches spread across 93 cities in the Volunteer State and even more ATM locations. This widespread presence is good for anyone who prefers to bank in person.

Regions Bank has many specialized accounts, including options for seniors and students. There are also Regions Bank bonuses and promotions available for new customers.

The biggest downside is that Regions Bank’s CD rates and savings account rates aren’t the most competitive unless you nab a promotional rate. Still, the bank ranked highly in J.D. Power’s customer satisfaction survey, which speaks volumes about its commitment to customer service.

Pros & Cons

  • Extensive branch network in Tennessee
  • High customer satisfaction ratings
  • Variety of account options
  • Bank bonuses and promotions for new customers
  • Monthly fees on most accounts
  • Low savings rates

Details

Regions Bank’s fee structure is relatively standard for brick-and-mortar banks. Its LifeGreen checking accounts have monthly fees ranging from $5 (on the Regions Now Checking® to $18 (on the Regions LifeGreen Preferred Checking® account). However, most of these fees can be waived by meeting specific transaction requirements.

For instance, the LifeGreen Checking account fees can be avoided by receiving at least $500 in direct deposits each month or by maintaining an average monthly balance of $1,500. The Regions Now Checking® account has a fixed $5 monthly fee, which can’t be waived.

Best Community Bank

First Horizon Bank

Best Banks In Tennessee For May 2024 (6)

Products

Savings, checking, money market accounts, CDs

Fees

Monthly maintenance, overdraft, paper statement, non-network ATM and dormant account fees

ATM Network

600

Best Banks In Tennessee For May 2024 (7)

Savings, checking, money market accounts, CDs

Monthly maintenance, overdraft, paper statement, non-network ATM and dormant account fees

600

Editor's Take

First Horizon Bank, based in Memphis, shines as a community-focused bank. It has a strong presence in Tennessee, boasting over 130 branches in the state. This extensive network, coupled with its high ranking in J.D. Power’s customer satisfaction survey, makes it a favorite among Tennesseans. The full-service bank also offers a variety of personal and business financial products, from checking and savings accounts to CDs, credit cards and loans.

First Horizon Bank’s savings rates aren’t anything special though. Its traditional savings account and money market savings account both earn rates below the national average, and the First Horizon Bank Certificates of Deposit rates max out at 0.10%APY. That said, this bank does sometimes offer promotional CDs with competitive rates.

Pros & Cons

  • High J.D. Power customer satisfaction ratings
  • Headquartered in Tennessee with 135 branches in the state
  • Competitive promotional APYs
  • Small ATM network
  • Limited presence outside of Tennessee
  • Low standard savings and CD rates
  • Strict withdrawal rules for traditional savings accounts

Details

First Horizon Bank has three checking accounts:

  • First Horizon Bank TotalView Checking charges a $25 monthly fee, and the requirements to avoid it may be difficult for some people to meet. To get the fee waived, you must maintain a $15,000 average balance and receive at least one direct deposit per month or transfer at least one bill payment per month. You must also have a total relationship balance of at least $100,000 across First Horizon Bank accounts, or you must have $5,000 in debit or credit card transactions per month.
  • First Horizon Bank SmartView Checking costs $15 per month, but you can avoid this fee if you have at least one monthly direct deposit or bill payment and meet one of these requirements: $5,000 minimum balance, $25,000 in total relationship balances or $2,500 in monthly credit card spending.
  • First Horizon Bank FirstView Checking has no monthly fee.

For savings:

  • The First Horizon Money Market Savings account costs $9 per month, but this fee is waived if you have a combined balance of $5,000.
  • First Horizon Traditional Savings has a $5 quarterly maintenance fee that you can avoid by keeping at least $250 in the account. But if you make more than six withdrawals per quarter, you’ll be charged $2 for each additional withdrawal. This rule is strict compared to most banks, which typically allow six free withdrawals per month.

Best Bank for ATM Fee Rebates

Truist Bank

Best Banks In Tennessee For May 2024 (8)

Products

Savings, checking, money market accounts, CDs

Fees

Monthly maintenance, non-network ATM, excessive withdrawal and overdraft fees

ATM Network

3,000+

Best Banks In Tennessee For May 2024 (9)

Savings, checking, money market accounts, CDs

Monthly maintenance, non-network ATM, excessive withdrawal and overdraft fees

3,000+

Editor's Take

Truist Bank stands out as the best bank for overdrafts in Tennessee. Both of its checking accounts—Truist Confidence and Truist One—offer easy ways to avoid overdraft fees. This is especially appealing if you’re worried about dragging your balance into the red.

Both of Truist’s checking accounts handle overdrafts differently. Truist Confidence is designed to help you spend only what you have, so it denies charges that would bring your balance below $0. The Truist One Checking account has several ways to avoid overdraft fees, including a $100 Negative Balance Buffer and overdraft protection from a linked account.

Truist doesn’t have the most competitive interest rates compared to online banks. However, its approach to overdrafts can be an advantage for many customers. The bank has about 100 branches across Tennessee and ranked highly on J.D. Power’s customer satisfaction survey.

Read our full Truist Bank Review.

Pros & Cons

  • Overdraft protection on all checking accounts
  • Wide range of products
  • Large branch presence in Tennessee
  • High J.D. Power customer satisfaction ratings
  • Low interest rates on savings products
  • Not all checking accounts offer the Negative Balance Buffer feature
  • Most accounts charge monthly fees

Details

The Truist Confidence Account charges a $5 monthly fee, waivable when you’re under 25, receive at least $500 in monthly deposits, or make 10 qualifying transactions a month. The Truist One Checking account has a $12 monthly fee, which is also waivable in various ways, including maintaining a $500 balance.

Best for Customer Service

Hanco*ck Whitney Bank

Best Banks In Tennessee For May 2024 (10)

Products

Savings, checking, money market accounts, CDs

Fees

Monthly maintenance, overdrafts and non-network ATMs fees

ATM Network

Almost 300

Best Banks In Tennessee For May 2024 (11)

Savings, checking, money market accounts, CDs

Monthly maintenance, overdrafts and non-network ATMs fees

Almost 300

Editor's Take

Hanco*ck Whitney Bank was chosen because its top-notch customer service makes it well-liked among Tennesseans. The bank has won numerous awards for customer satisfaction, including ranking No. 11 in J.D. Power’s banking customer satisfaction survey for the South Central region, which includes Alabama, Arkansas, Louisiana, Mississippi and Tennessee.

Hanco*ck Whitney is a full-service bank, offering everything from checking and savings accounts to credit cards and mortgages. But unlike other institutions on our list, it doesn’t operate any physical branches in Tennessee. Hanco*ck Whitney’s branch locations are in Alabama, Florida, Louisiana, Mississippi and Texas. Still, you can open an account online if you’re a Tennessee resident.

Pros & Cons

  • Excellent customer service reputation
  • Fairly easy ways to waive monthly fees
  • Wide range of account options
  • Must enter email address to view current rates
  • No full-service banking locations in Tennessee

Details

The Hanco*ck Whitney Assure Checking has a $7 monthly fee, but it’s waived for those under 18. The Hanco*ck Whitney Freestyle Checking is $10 per month, but the fee is waived with one monthly qualifying transaction. Both have no overdraft fees on small transactions. Savings accounts start at $5 (on the Hanco*ck Whitney Christmas Club Savings account) to open and most have low fees that can be avoided by keeping a certain minimum daily balance.

Summary of Best Banks in Texas for 2024

CompanyCompany - LogoForbes Advisor RatingForbes Advisor RatingProducts Fees ATM NetworkLearn More CTA textLearn more CTA below textLearn More
BMO Best Banks In Tennessee For May 2024 (12)Savings, checking, money market accounts, CDs Monthly maintenance, paper statement, out-of-network ATM and overdraft fees 40,000+Learn MoreRead Our Full Review
Regions Bank Best Banks In Tennessee For May 2024 (13)Savings, checking, money market accounts, CDs Monthly maintenance, out-of-network ATM and overdraft fees 2,000+
First Horizon Bank Best Banks In Tennessee For May 2024 (14)Savings, checking, money market accounts, CDs Monthly maintenance, overdrafts, paper statements, non-network ATM and dormant account fees 600+
Truist Bank Best Banks In Tennessee For May 2024 (15)Savings, checking, money market accounts, CDs Monthly maintenance, non-network ATM, excessive withdrawal and overdraft fees 3,000+Learn MoreRead Our Full Review
Hanco*ck Whitney Bank Best Banks In Tennessee For May 2024 (16)Savings, checking, money market accounts, CDs Monthly maintenance, overdrafts and non-network ATM fees Almost 300

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

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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.

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Best Banks In Tennessee For May 2024 (2024)

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