Top 10 Best Tennessee Banks in 2023

10 Best Tennessee Banks in 2023

The Top 10 Best Tennessee Banks are discussed in this great article. Because many banks offer a variety of accounts, it is always challenging to choose one as the best financial institution. It’s crucial to learn about the Top 10 Best Tennessee Banks whether you now reside there or want to move there in the near future.

Generally speaking, Tennessee has more than 100 state-chartered banks. Numerous credit unions, national banks, and online banks are also based throughout the state. But which Tennessee banks are the greatest ones?

Please read this guide to learn more about Tennessee’s top financial institutions in order to get the answer to that question.

We’ll show you how much money you may make by working with these banks if you’re also worried about the Annual Percentage Yield (APY) and what they have to offer.

How Tennessee’s Best Banks are Chosen

A survey was conducted by the banking professionals at, and they were impressed with the performance of 15 Tennessee-based institutions.

Because of the quantity of branches they had throughout Tennessee, these banks were regarded as the greatest in the state. The top national and local financial institutions were chosen from among the 15 banks.

Additional criteria taken into account in choosing these banks are minimal balance requirements, accessibility in general, fee schedules, and annual percentage yields (APYs).

Ten Best Tennessee Banks

Here are the top Tennessee banks and the services they provide. We shall examine these banks’ annual percentage yields (APYs) in addition to other things.

1. Ally Bank

Ally Bank has served as the banking institution where Americans save their money since 2009. There is a benefit to banking with Ally Bank.

The yield on Ally’s online savings account is 3.30% APR (APY). For accounts with a daily balance under $15,000, this bank also provides the Interest Checking Account, which comes with a 0.10% annual percentage yield (APY).

A 0.25% annual percentage yield is provided for accounts with a minimum daily balance over $15,000. (APY). Both accounts have no minimum initial deposit requirement and no monthly maintenance costs.

Ally Bank has created a mobile banking app at this time. You may download the software onto your device because it is available for both Android and iOS users.

The mobile app for Ally has a distinctive function. You can send and receive payments with Zelle through the Ally mobile app. An ATM locator, digital account statements, and many other features are included in the mobile app.

2. CIT Bank

Another financial institution in Tennessee that offers advantages to customers is CIT Bank. Holders of CIT savings accounts can take advantage of the high-interest Saving Builder account.

Customers get access to the CIT top tier’s 1.00% annual percentage yield whether or not they have substantial savings (APY). You can now earn the 1.00% APY if you meet the bank’s $100 minimum deposit requirement, deposit the same amount each month, or at the very least have your account balance above $25,000.

Expect a 0.40% APY if you don’t achieve this requirement.

Customers may execute particular transactions, check account balances, and read transaction histories on the go with CIT Bank’s mobile app, just like they can with Ally Bank’s.

If you’ve ever thought about diversifying your banking holdings, CIT offers a variety of options, including money market accounts, jumbo CDs with terms of two to five years, and normal term CDs with terms of six months to five years.

3. Fifth Third Bank

Next on our list of best Tennessee Banks is Fifth Third Bank.

According to J.D Power’s Retail Banking Satisfactory Study, Fifth Third Bank is rated as a financial institution offering the best banking experiences throughout the state of Tennessee.

Fifth Third Bank is the best financial institution for you if you’re seeking for a bank with a large selection of account options. Customers of Fifth Third Bank are given free checking accounts.

The bank also provides military members and students with special accounts. The Fifth Third Bank provides MMAs, CDs, and savings accounts. The bank’s 529 college savings plans can help students.

The mobile app from Fifth Third Bank has a distinct function. You can see your account history for the previous six months, find the closest branch ATM, and perform other tasks with the bank’s mobile app.

Additionally, the app has a widget that enables account holders to view their account balances without having to sign in.


One of the top banks in the Volunteer State, FSBNB has roughly 40 locations throughout Tennessee.

Nine states in the nation have additional FSNB locations. If you frequently travel between states in the US, you might be able to locate an FSNB branch there.

One of the best banks in Tennessee that provides decent basic banking services is FSNB. FSNB is the best bank for you if you’ve ever thought of combining a savings account with a straightforward checking account.

If you wish to do it, you can because FSNB permits it. Simply deposit $5 to create a savings account, and you will receive a rate of 0.10% every year (APY). But make sure you keep at least a $25 balance in your account.

You won’t pay any monthly fees if you keep your account balance at least $75. Additionally, you receive a higher rate of 02.5% if you keep your account balance over $5,000.

One bank where you may create an account with just $5 is FSNB. You won’t have to pay any monthly service fees if you keep your account balance at $75.

Last but not least, you will receive 0.05% APY interest whenever you maintain an account balance of at least $500.

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5. FirstBank

FirstBank has a number of branches spread out across Tennessee. Regardless of its size, FirstBank continues to be one of the banks with a robust selection of accounts.

Customers of FirstBank, one of Tennessee’s top banks, can accumulate savings through basic savings or money market accounts. Customers can also connect basic savings accounts or money market accounts (MMAs) with checking accounts at the bank.

Account holders who have a daily balance of under $25,000 are eligible for a 1.5% APY. Additionally, if your account has a daily balance of exceeding $25,000, you will receive an APY of 0.15%. Customers of FirstBank have access to more than just that. The bank also provides a variety of credit card choices, and the FirstBank card’s cash-back incentive is one of them.

6. U.S Bank

One of Tennessee’s top banks is U.S. Bank. There are numerous checking and savings accounts available from this bank. You can locate whatever kind of account you’re looking for at U.S. Bank because it offers a wide range of accounts.

With regards to loans, mortgages, credit cards, and investments, US. Bank has you covered. Many Americans have always trusted this reputable financial institution.

There are additional U.S. Bank locations spread out across the country. The thousands of branches spread throughout the nation dwarf the more than 100 branches in Tennessee.

Currently, there are more than 3,000 U.S. Bank locations spread across several states in the country. You should be aware that U.S. Bank offers low yearly percentage rates (APYs)

7. Truist Financial Corporation (Merger of BB&T and SunTrust Banks)

One of Tennessee’s top financial institutions is Truist Financial Corporation. Truist Financial Corporation is currently one of the top 10 banks in the country.

Currently the ninth largest bank in the nation, Truist Financial Corporate has more than 2,000 locations across the U.S., including Washington, D.C.

Truist is a reputable financial company that provides a wide range of services, including commercial banking, mortgages, insurance products, and more. With its BB&T Student Checking account, this bank also provides something for students.

Students can find one of the 48 BB&T branches anywhere in the state of Tennessee. The BB&T Student Checking account is accessible to you if you are a student in Tennessee and are younger than 23.

You don’t need to put any money down to start an account with Truist as a student. Additionally, there are no fees for students to pay to maintain their accounts.

8. Regions Bank

Next on our list of best banks in Tennessee is Regions Banks.

There are numerous Regions Bank locations around Tennessee. One of the greatest checking accounts for students is provided by this state’s bank.

Students under 25 who want checking accounts can get them from Regions Bank. At Regions Bank, you only need $50 to create an account if you’re a student. Customers can obtain loans and other financial services from this bank, which continues to be one of the trustworthy financial institutions.

9. Bank of America

Bank of America is a trustworthy financial company that makes banking simple and adaptable. Depending on their demands, clients can choose between its three types of checking accounts.

The entry-level checking account is called Safe Balance, while the top tier is called Advantage Relationship Checking.

Tennessee is home to multiple Bank of America branches. There are roughly 30 branches spread out over the state in various cities and villages. Additionally, Bank of America has other branch locations throughout the country.

10. First Citizens Bank

This completes our list of best banks in Tennessee.Bank

One of the greatest and most adaptable money market accounts is provided by First Citizens Bank. You can benefit from this chance if a First Citizens branch is nearby where you reside.

The majority of American money markets are required by law to impose withdrawal restrictions on account holders. On the other hand, First Citizens Bank allows for limitless withdrawals and transactions.

First Citizens Bank very recently informed the public that they would be reducing or getting rid of overdraft and non-sufficient funds fees.

The $36 NSF charge from the bank for returned or unpaid transactions is no longer applicable. The overdraft cost is now $10 instead of $36.


There are many financial institutions in Tennessee that provide checking and savings accounts. The top Tennessee banks and the services they provide are listed below. Therefore, these are the top Tennessee banks you may trust if you now reside there or want to do so soon.


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