Best Banks in Tennessee: Top 6 Choices for Managing Your Money in the State

In Tennessee there are many great banking options if you want something nationwide to house everything, or a modern bank, you can find them all in our list below.

Updated February 2024
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Fact checked by Cathy Gresham

image of $10 bills in the shape of Tennessee

Tennessee is one of the best states in the US, and this isn’t more true than when it comes to banking. If you are looking to start your first checking account, create a savings account for the future, or just group all your banking into one place, there is a bank in Tennessee that will be able to help you.

Whether you want to do all your banking online or in an app, or you want the friendly face of customer service to make your banking life a little easier, there are banks for this too.

Some people want to group all their banking into the same space, and this can be ideal with a regional bank, while some will simply want the comfort of a larger nationwide bank.

No matter what you’re looking for, you can get it in Tennessee. Keep reading to learn more about the banks of Tennessee and which we deem to be the best.

Find out more below.

Our picks for the best banks in Tennessee

We considered a range of factors to build this list. Including customer service score, range of products and services, the competitiveness of rates on both the deposit and lending side, as well as size, stability, and reputation. 

1. Ally Bank

If you are looking for a modern bank with one of the most competitive savings APYs in the country, there is no better place to look than Ally Bank’s nationwide, online bank.

Importantly, Ally Bank does not have any branches you can go into, but they do have a well-reviewed app available on both Android and Apple, as well as some other features that are worth discussion, with many low prices thanks to their lack of a brick-and-mortar store.

Ally Bank can offer a very competitive savings APY, perhaps one of the most accessible and highest in the country. The Interest Checking Account, one of their most premium, has a rate structure that varies with your balance.

Thanks to their lack of physical presence and personnel, Ally can offer zero monthly fees which are very attractive to many, especially those interested in a savings account.

Due to a partnership with Allpoint ATM, you can withdraw funds from hundreds of their ATMs in the state of Tennessee. Thanks to their online savvy app you can even use Zelle for money transfers safely.

Pros

  • Truly great APY for savings accounts
  • Highly rated Mobile App
  • Lack of costs thanks to being online only

Cons

  • Some won’t enjoy its lack of in-person stores

2. First Bank

First Bank is a local bank in the state of Tennessee, while they have locations everywhere, most of them are located in Tennessee.

Even for a smaller bank, it has some pretty good offerings of basic savings and money market accounts, with the opportunity to pair them with a checking account.

While it’s a community bank, it has $12B in assets and growing, so it’s starting to compete with large, regional banks too. That can be a sweet spot for wealthy individuals and small businesses, who still want to be considered important customers, but want a slightly larger bank with all the services and safety that come along with it. 

Beyond these great offers, First Bank also has loads of great credit card options including a card with cash-back awards. There are even financial advisors in the bank to help you with long-term money-saving goals.

Pros

  • Great APY
  • Lots of services and checking account options
  • Lots of card options

Cons

  • Hard to qualify for the highest APY (requires a large balance)

3. FSNB Bank

FSNB has a great presence in the state of Tennessee, with nearly 40 branches for you to go to for some quality customer service, and other branches in nearby states. FSNB can meet all your basic banking needs should you not require anything super complicated.

For those basic banking needs, they meet them well, offering a particularly good pairing of a savings account with a basic checking account. You only need $5 to start the savings account, which is great, and you need to make sure your balance doesn’t drop below $25.

While basic, the savings account here can still beat many other banks. Mainly due to the fact that more than $5,000 in your account makes you eligible for a higher APY.

A basic checking account can also be opened with only $5, allowing you the opportunity to avoid service fees as long as you maintain a $100 balance. With unlimited check writing and a free Visa CheckCard, basically a debit card, there is a lot to be gained.

Pros

  • Meets all your basic banking needs
  • If requirements are met there is a lot to gain from your accounts

Cons

  • Unwaivable fees on some accounts
Facts about the commercial banking industry in Tennessee

4. Fifth Third Bank

Fifth Third Bank has some particularly impressive customer satisfaction stats, being one of the better banking experiences in the state of Tennessee.

The bank has a great mobile app and online resources, with a useful ATM and branch finder, as well as lots of in-person stores in the state where a friendly face can meet your needs.

Fifth Third Bank also has plenty of account options to meet basically any need you may have as a customer. If you need a checking account there are free options, as well as some particularly enticing options for students, as well as veterans, and those still in the military.

You can tailor any savings account, CD, or money market account to fit your specific needs. For those students who want a bank that treats them special, there are lots of great savings plans for students such as the 529 college saving plan.

Pros

  • One of the best customer service ratings in the state
  • Great mobile app
  • Known for getting the basic things right

Cons

  • High fees if you don’t meet the requirements to waive them
  • Potentially better options for more specific and complex banking plans

5. CIT Bank

Ideal for those who want a good APY and want to benefit from having a large balance in their account. They offer relatively high (for savings accounts) rates even for lower balances, where most banks require substantially higher balances to get the highest rate 

You need to meet the $100 minimum and either deposit $100 on a monthly basis or maintain a balance of $25,000 to earn this. 

CIT doesn’t have any brick-and-mortar branches, which is the main reason it can offer such a good APY and other services. Yet, this does mean you can only manage your banking through either an online website or the mobile banking app, some people won’t enjoy this change.

Moreover, one of the great things about CIT is that there are loads of diversification options out there. Whether you are looking for a money market account, two to five-year jumbo CDs, a sex month to five-year standard term DS, and plenty more.

Those who have money market accounts can enjoy an extra mobile banking perk that allows them to send and receive money in a really easy and safe way with friends and family.

Pros

  • Easier to achieve the highest rates 
  • No monthly fees to get in the way of savings
  • Good diversification plans

Cons

  • Can be some sticky stipulations to get the very top APY but isn’t that hard for most to reach, and is still pretty decent even if you can’t access this.

6. US Bank

US Bank is a nationwide branch that represents your traditional banking process. They can handle pretty much any banking request, being such a large bank. The range of accounts means that they may be the best if you want to keep all your finances under one roof.

That said, they have a low APY which can be expected from these larger more traditional banks. But this means if you travel a lot you can access over 3,000 in-person locations across the country.

Like with anything, there is a trade-off for their ease of access which is the low APY as well as the CDs that don’t offer a competitive rate in comparison to other brands.

Pros

  • Traditional nationwide bank
  • Can meet most requests

Cons

  • Not a competitive APY as a result
quote about money and a man with a bag of money covering his face
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If you're a Tennessee resident, you've got great banking options

As you can see, Tennessee has a great offering of lots of different banks, whether you want a nationwide bank you can rely on, a more modern bank that offers competitive rates and easy to use online apps, some helpful customer service options, or you just want a bank that can offer you the best APY for savings.

There is a bank that will meet all these needs and more in the great state of Tennessee.

Now that we've covered the best banks in Tennessee, check out more like this:

Sources

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.

Author bio:

Cody Beecham

Cody Beecham

Founder/Owner/Editor/Author

Cody is the founder and owner of Personal Finance Guru. His day job is as a management consultant at one of the Top 3 firms (think Mckinsey, Bain), where he advises Fortune 500 C-suite clients on their most important and pressing business problems. He completed his business education at Harvard Business School. 

After seeing the lack of personal finance education for regular people, Cody started the website with the mission to provide everyone access to information that will help them achieve their financial goals.

Cody approaches personal finance from a maximalist perspective, shunning typical advice around simply not buying a cup of coffee instead of more effective methods like investing in yourself to quickly grow your income. 

He believes in saving money and investing for the future, but he also knows that you need to enjoy life today. That’s why Cody approaches money with a sense of humor and a positive attitude. He knows that if you’re not having fun while you’re growing your wealth, then what’s the point?

Cody approaches life with the same gusto that he brings to personal finance. He loves to travel and experience new cultures, and he is an avid reader and learner. He also enjoys playing sports (especially tennis) and spending time with his family and friends.