Most of Bankrate’s best regional banks of 2022 offer customers higher yields on deposits, low account fees, low to reasonable minimum balance requirements and digital-banking conveniences. If they don’t have mobile apps, they offer online banking at their websites.
Some of the best regional banks have very few branches but partner with large ATM networks, which expands customers’ accessibility to their accounts without incurring ATM surcharges.
Bankrate gathered data on the most notable regional banks in the country and scored them on a variety of factors, such as annual percentage yields, account fees, product selection, digital-banking features and more. Here are Bankrate’s picks for the best regional banks of 2022.
1. Spring Bank
Spring Bank has only two branch locations, both in the Bronx, New York, but it is a member of the MoneyPass ATM network, which has 37,000 surcharge-free ATMs in the country. It also has a highly rated mobile app.
The U.S. Treasury has designated Spring Bank as a Community Development Financial Institution (CDFI), in recognition of the investments and loans the bank makes in low- and moderate-income communities in New York City.
The bank offers competitive yields on checking, savings and money market accounts and certificates of deposit. Opening deposit requirements are low.
Competitive APYs: Spring Bank pays competitive yields on its deposit products.
Broad accessibility: Spring Break has a tiny physical footprint but a broad digital reach through online banking on its website, its favorably rated mobile app and access to Popmoney, a person-to-person payment platform.
No overdraft fee: The Green Checking Account is a paperless checking option that is accessed with a debit card and doesn’t charge overdraft fees — ever.
2. Cross River Bank (tie)
Cross River Bank, which is based in Fort Lee, New Jersey, and has only two branches, offers fee-free accounts with no minimums and very appealing interest rates. The bank offers checking, money market and savings accounts as well as CDs. There are no minimum balances, except a reasonable $500 minimum to open a CD.
There are only a handful of Cross River ATMs, but customers do have access to the MoneyPass network, which has 37,000 ATMs across the country.
Competitive APYs: If you’re looking for a great rate on your savings, Cross River may be a good fit. The APY on the savings account is top-tier for all balances, and the money market account APY is also very competitive.
No monthly service fees: Cross River Bank offers savings, checking and money market accounts with no monthly service fees to eat into your earnings.
No opening deposit barriers: Beyond needing $500 to open a CD, there are no minimum deposits required to open Cross River checking, savings and money market accounts.
2. Emigrant Bank (tie)
New York-based Emigrant Bank has only two branches and no mobile app, but customers can bank online through its website, use telephone banking or access their accounts through the bank’s two large ATM network partners, NYCE and Plus. Yields on deposit accounts are competitive and fees are lower than they are at many banks. Opening deposits are low to reasonable.
Competitive rates: APYs on the savings and money market accounts are very attractive, and the one-year CD offers a competitive yield. Emigrant Bank also offers an interest-bearing checking account.
Low opening deposits: You can open a Regular Savings account for just $10 and a Basic Checking account for $25. CDs require a $1,000 deposit, which may be a little high for some, but within industry standards.
Low fees: Emigrant Bank is more fee friendly than many banks. Its overdraft/nonsufficient funds fee is only $25, which is well below the national average of almost $34. The monthly service fee for Regular Savings is just $2 unless a reasonable balance of $500 is maintained.
4. Ridgewood Savings Bank (tie)
Ridgewood Savings Bank, based in New York City, offers customers competitive rates along with a wide variety of products and digital features.
Competitive APYs: While yields are attractive across the board, you’ll find a top-tier rate on the Smart Move Online Savings Account, which requires just a penny to open and carries no monthly service fee.
Digital leader: Beyond just online banking and bill pay, Ridgewood Savings Bank offers a highly rated mobile app. Customers also get access to other digital tools, such as Alexa Voice Banking, Money Management for budgeting and person-to-person payments with Zelle.
Large ATM network and debit rewards: Customers with a Ridgewood Savings Bank debit card have access to over 90,000 fee-free ATMs worldwide through the Allpoint and MoneyPass networks. Debit card users also can earn cash back or rewards points that can be used for travel, events and other purchases.
4. The Federal Savings Bank (tie)
The Federal Savings Bank is an FDIC-insured bank that is privately owned by veterans. Its emphasis is on mortgage lending, but the bank also offers deposit products with attractive interest rates, online and mobile banking, a large ATM network through Allpoint, and person-to-person payments using Zelle.
Established in 2000 and headquartered in Chicago, TFSB is good for savers who prefer digital banking as it has only two traditional retail branches in Illinois.
Competitive APYs: TFSB offers CDs and savings and money market accounts with attractive rates. It also has an interest-bearing checking account.
Low minimum deposits: You can open a CD at the bank for just $500. The Statement Savings account and Interest Checking accounts require $100 to open. The money market account requires a steeper deposit of $1,000, but the tiered rates provide savers incentive to deposit more.
Checking account options: You can choose a fee-free checking or an interest-bearing account, both with solid perks. Value Checking has no monthly fees. Interest Checking levies a monthly fee if the account balance drops below $1,000. Both accounts come with mobile and online banking and a debit card.
4. Banesco USA Bank (tie)
Founded in 2006, Banesco USA is based in Coral Gables, Florida. It has only six branches in the United States and one in Puerto Rico, but it’s tied into the large, fee-free Allpoint ATM network and offers online and mobile banking. Its mobile app gets very favorable ratings from Android and Apple device users.
It also offers enticing APYs on deposit accounts, especially CDs, and opening deposits aren’t super-low, but neither are they prohibitive.
Competitive rates: Banesco USA’s CDs and savings and money market accounts pay attractive APYs.
Broad access to accounts: Banesco USA offers online banking with bill pay and a mobile app that gets high ratings in the Apple and Google Play app stores. It’s also part of the worldwide, fee-free Allpoint ATM network. Residents of South Florida’s Miami-Dade County also have access to five branch locations.
Supports low- to moderate-income consumers: Banesco USA is a Minority Depository Institution that supports minority-owned businesses and borrowers in South Florida and Puerto Rico. It received $238 million from the U.S. Treasury for that purpose.
7. Lone Star Bank (tie)
Lone Star Bank is an independent, privately owned community bank based in Houston, with four branches in the area. It is primarily a commercial bank, but also offers consumer deposit accounts with competitive APYs, including checking, savings, money market and CDs. Though it has few branches, it has a mobile app that rates very high with Apple and Android device users. It also allows person-to-person payments using Popmoney. Lone Star doesn’t own or operate any ATMs and pays unlimited rebates for ATM surcharges.
Competitive APYs: Lone Star Bank pays appealing rates on its savings and high-yield money market accounts and CDs.
Highly rated mobile app: The bank’s mobile app scores very high among users of Apple and Android mobile devices.
Unlimited ATM refunds: Checking and savings account customers can get ATM surcharges refunded when they withdraw money from other banks’ ATMs.
7. Northpointe Bank
Northpointe Bank is a Grand Rapids, Michigan-based bank that offers competitive interest rates and charges no fees or low fees on most accounts.
Established in 1999, the regional bank offers checking accounts, money market accounts, CDs and savings accounts. However, Northpointe supports only one branch, so expect to do most of your banking online or with the mobile app.
No fees: Northpointe’s Ultimate Savings account, Ultimate Money Market and Free Checking accounts charge no monthly maintenance fees. Other fees, including the overdraft/nonsufficient funds fee, is $29, which is lower than many banks.
High APYs on savings accounts: The Ultimate Savings account pays a yield far above the national average, but you’ll need a balance of at least $5,000 to earn it. Balances starting at $25,000 pay an even higher APY. Northpointe also offers an exceptional APY on its Kid’s Savings account for balances up to $10,000.
ATM refunds: Northpointe reimburses ATM surcharges from other banks up to $15 a month, which is important since it doesn’t have its own ATM network.
7. CFG Community Bank (tie)
CFG Community Bank, with only two locations in Baltimore and Lutherville, Maryland, is for consumers who prefer to bank online, via mobile app or by telephone with a smaller bank. CFG offers a high-yield money market account and five terms of CDs that pay very competitive rates. Its Community Checking account requires only 1 cent to open, has no minimum balance requirements and charges no monthly fees. It also offers an interest-bearing checking account and a student checking account.
Very competitive APYs: CFG Community’s high-yield money market account pays very competitive rates, especially for balances of $25,000 and higher. Likewise, the bank’s CDs earn top-tier rates.
Digital banking features: CFG has only two locations, but its online and mobile banking features allow you to take care of bill payments, check deposits, funds transfers and other banking business. The app rates highly with Apple users and gets respectable scores from Android users. CFG also allows person-to-person payments through Zelle.
Checking account options: CFG offers several checking accounts: the Community Checking account, which can be opened with a penny and charges no monthly fees; Interest Checking for those who want a transactional account that earns a yield, and Student Checking.
10. Apple Bank
Apple Bank — no relation to tech-giant Apple Inc. — traces its roots to 1863 and has 81 branches, all in New York. Its savings accounts pay top-tier yields. Its Simple Savings, for example, requires only $1 to open and earn interest and the APY is super competitive. It also offers competitive rates on CDs.
Apple Bank uses the IntraFi Network Deposits service (formerly Certificate of Deposit Account Registry Service, or CDARS) to provide extra FDIC insurance coverage to multimillion-dollar CD depositors. Its mobile app gets high marks from Android and Apple device users.
Competitive APYs: Apple Bank pays competitive yields on savings, especially its Simple Savings account. It also offers solid APYs on CDs.
Enhanced insurance protection: Apple Bank customers with multimillion-dollar CD deposits can get extra federal insurance protection through the IntraFi Network Deposits service.
Reasonable opening deposits: Apple Bank’s Simple Savings account requires only $1 to open and pays a terrific yield; the Free ExtraValue Checking requires $100 to open, but has no monthly fees; and you’ll need $1,000 to open a CD, which is common in the CD marketplace.