Best Banks In Arizona: From Big Names to Hidden Gems – 12 Banks to Check Out

There are thousands of banks in Arizona, so it’s hard to find the best ones for you. Luckily, we’ve done the groundwork for you and found the best banks in Arizona.
Updated February 2024
Fact checked by John Wayman
Image of bank overlayed with outline of state of Arizona and Arizona state flag

Arizona is a state notorious for its hot and sunny environment, its extensive Native American history, and its famous landmark: the Grand Canyon.

Likewise, Arizona is one of the biggest states in the United States, as such, it is home to a wide range of notable and reputable financial institutions.

These include investment banks, retail banks, and commercial banks.

Across the state’s 114 cities, there are over 1,800 banks situated throughout – this is a somewhat overwhelming number when you’re looking for the best one to go with.

However, don’t worry, this is where this guide comes in. Here, we researched the best banks in Arizona and considered everything from products and services to customer service, to reputation. 

Let’s get started.

1. Commerce Bank Of Arizona

Known for providing customers with business-friendly service, the Commerce Bank of Arizona has established branches in all the major cities, including Oro Valley, Gilbert, Scottsdale, Green Valley, and Tucson.

What makes this bank stand out is its service ‘zero balance accounts’, where companies are able to create multiple accounts and place them in one centralized location.

Founded in 2002, this commerce bank is quickly becoming one of the best banks in Arizona.

2. National Bank Of Arizona

In the state of Arizona, the National Bank of Arizona is considered to be among the most renowned banks.

Founded in 1984, it currently contains 59 full-service banks with more than $4.7 billion when it comes to assets.

In addition to this, it provides customers of Arizona with loans, deposits, and various other services. Moreover, you also have the option of digital banking, home loans, and car loans, too.

National Bank of Arizona is owned by Zions Bancorporation and is a member of both the NASDAQ 100 and S&P 500.

3. Alliance Bank Of Arizona

Since it is a division of the Western Alliance Bancorporation, the Alliance Bank of Arizona is one of the best-performing banks in the county. It is known for its commercial lending to both small and large businesses.

The bank is based in Phoenix with 10 other branches spread out across the state. With this bank, to earn interest, you’re required to have a minimum daily balance of $0.01. Likewise, you’ll need a minimum deposit of $100, too.

Thanks to the digital baking and quick loan service, it is popular among businesses in Phoenix.

The only disadvantage when it comes to this bank is that its mobile app is painfully slow, so they still have some work to do there.

4. BMO Harris Bank

As a member of the Federal Reserve System, BMO Harris Bank has branches all over the country. In addition, it is likely the best bank for university and college students in Arizona.

Here, those who are under 25 are able to create a Smart Money Account for only a $25 opening deposit. After this, you don’t have to worry about paying any monthly fees.

What’s better is that the account doesn’t require you to pay for any non-sufficient funds feeds (NSF) or overdrafts. This is ideal for students considering their budgets.

Currently, there are 50 branches in Arizona and is among the largest banks in the area.

5. Bank of America

The Bank of America is a financial holding service and multinational investment bank in Charlotte, North Carolina – with over 40 branches across Arizona.

The bank itself offers a range of services from home equity and investment scheme services to basic accounts. Keep in mind that you’ll need a minimum deposit of $100.

The only fallback that comes with BoA is the low-interest rates on top of savings accounts.

6. Wells Fargo

With 7,200 branches and 13,000 ATMS spread across the world, Wells Fargo is an American multinational financial service company and one of the largest banks in the world.

In fact, in 2017, according to the market capitalization, it was ranked as the third-best bank when looking at deposits.

In addition to this, they have a checking account suitable for teenagers that only requires an opening deposit of $25 without any monthly fees, either.

As such, this makes Wells Fargo one of the best banks in Arizona for teenagers. Likewise, it is also great for small businesses, too, as you can easily set up loans.

Furthermore, the number of Wells Fargo ATMs and banks in the state makes it easily accessible – there is sure to be one near you.

Quote about bankers and their credit

7. PNC Bank

Before the expansion, PNC only operated in the Mid-Atlantic region, however, they have now grown by purchasing BBVA USA in 2020.

Now the bank features fee-free ATMs, 64 branches, a digital banking app, and a full-fledged online service. In addition, they are modifying their previous policies to make sure it is the best bank for business accounts.

The best part? Upon signing up, you receive bonuses and access to an all-in-one account and the PNC virtual wallet.

However, one major downside is that the interest rate comes at 0.05% for those with a savings account. Shockingly low at at time when you can get over 4% in a money market account easily at many other financial institutions right now.

8. Chase Bank

In Arizona, Chase Bank is one of the largest consumer banks in the area with over 250 branches across the state. In terms of branch access, it could be considered one of the best options available.

That said, it does have a checking accounts fee of $12 per month. Although, this can be waived if your monthly direct deposits are at least $500.

In addition to this, the bank is known for its impeccable customer service. In fact, it was ranked as the second-best bank in the J.D Power National Bank Satisfactory Study.

Likewise, in the Power Circle Ratings, it was only one of two banks that received a perfect rating.

That said, one downside is that it offers a relatively low-interest rate when compared to other banks on this list when it comes to savings accounts.

9. MidFirst Bank

In the United States, MidFirst Bank is considered one of the biggest privately-owned banks. In Arizona alone, there are 60 ATMs and 20 branches.

In a survey conducted by the US Retail Banking Satisfaction Study, the bank was ranked the highest in terms of customer satisfaction.

In addition to this, the bank provides customers with IRAs, checking accounts, and savings accounts. Likewise, there are various options for finance-related products and loans, too.

On top of this, there is a special account feature for children and students below the age of 17 years.

Furthermore, MidFirst is one of the best banks if you’re looking for some of the best interest rates when compared to other banks – making it a great selling point for customers.

Basic facts about banking in Arizona

10. Ally Bank

If you prefer digital banking, then Ally Bank is the best banking option for you. It is an online-only bank option that ensures the best savings and checking account options for the residents of Arizona.

In terms of saving accounts, its high-yield account provides those with the best interest rates available. Plus, when looking at checking accounts, it doesn’t require any monthly fees while reserving impressive interest rates, too.

The best part? There are no minimum requirements fees for deposits. Likewise, there are no overdraft fees, either.

When you sign up with this bank, you can enjoy 24/7 customer service with a free bill pay service and access to human, free standard checks.

11. BOK Financial

Founded in 1910, BOK Financial headquarters are located in Tulsa, Oklahoma – making it one of the largest banks operating in Arizona and in Oklahoma, too.

The bank offers CDs, saving accounts, checking accounts, IRAs, and mortgage products.

Likewise, when you compare the savings rate provided by BOK Financial, it is a lot more reasonable.

If you prefer to withdraw money from ATMs, it offers an out-of-network fee of $2.00 – making it one of the best options.

12. JPMorgan Chase & Co.

JPMorgan Chase & Co. is the largest bank in the world. In fact, it has total assets of over $4T.

The bank itself is considered a full-service – providing commercial banking, wealth management, and investment banking.

Moreover, the bank offers a range of community banking services for both consumers and businesses.

Additionally, it also provides commercial banking services to the highest standards possible. This includes wholesale payments, lending, and asset management for some of its most renowned services.

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Editor's Note:

At Personal Finance Guru, we want to help you maximize your lifestyle through personal finance. You can trust the integrity of our independent financial advice. Our opinions are our own and have not been provided, reviewed, approved, or endorsed by any advertiser or financial product provider. To support and grow the site, however, we may receive compensation from the issuers of some products.

Cathy Gresham

Cathy Gresham

Editor & Author

Cathy Gresham is a finance whiz. 

After earning her MBA from The Wharton School, she has worked in strategy at some of the world’s largest and most influential financial companies for 20+ years. Notably, she has worked for the biggest credit card issuers and networks and brings an insider’s perspective to how credit card products work behind the scenes.  

Cathy is passionate about personal finance and investing, and loves helping people learn about these complex topics. Her wit and humor make learning about money fun, and she’s always happy to share her knowledge with others.

Cathy enjoys spending time with her family and friends when she’s not crunching numbers or developing investment strategies. She’s also an avid runner, and can often be found pounding the pavement on her morning jog.