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Best Regional Banks for Your Money

DragonImages / Getty Images/iStockphoto
DragonImages / Getty Images/iStockphoto

Regional banks are something of a hybrid between community banks and national banks. Regional banks usually serve multi-state areas with nearly as many account offerings and services as the big multi-nationals, all while maintaining a more localized focus.

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To help you choose which might be the best regional bank for you, GOBankingRates undertook a study of banks with a presence in at least five states but fewer than 20. Banks were ranked according to a number of features, including checking account fees, savings account and CD rates, and financial strength. Other factors, such as the depth of a bank’s product line, also carried a weighting. To determine the Best Regional Banks of 2021, GOBankingRates evaluated regional banks based on the following factors:

  • Average checking account fee

  • Average savings account APY

  • 12-month CD APY

  • BauerFinancial Star Rating for financial strength

Availability of the following products and services was also taken into consideration:

  • Auto loans

  • Mortgage loans

  • Credit cards

  • Investment services

  • Insurance services

Accessibility was also considered, including 24/7 customer service with a live person and live chat capability. To qualify for the list, a regional bank had to have a physical presence in more than five states but fewer than 20. Every finalist on our list could provide the perfect mix of services for you, and since they’re regional, you may need to seek out the best bank for your area. Below, here’s our list of top five banks to get you started on your search.

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5. TD Bank: Top Regional Bank

Why we like it: Strong presence on the East Coast and great customer service


  • Relatively high APYs

  • Full range of services

  • Emphasis on customer convenience


  • Little presence outside the East Coast

TD Bank is nearly always a finalist in our rankings – see why in our full review.

4. Capital One: Top Regional Bank

Why we like it: Wide range of services to meet changing customer needs


  • High APY on savings

  • Full range of services

  • Robust mobile banking app


  • Few physical locations, and they double as cafes

See how the qualitative data stacks up to the quantitative in our full review of Capital One.

3. BBVA USA: Top Regional Bank

Why we like it: BBVA’s US branches have low account fees, low minimum, and a great mobile app


  • Wide range of banking services

  • Award-winning mobile app

  • Global presence, especially in Spanish-speaking countries


  • Pending merger with PNC could change its characteristics

We dig into all of the perks and drawbacks of BBVA USA in our full review.

2. Citibank: Top Regional Bank

Why we like it: Citibank is a global bank that offers a personal touch.


  • Great face-to-face branch service

  • In-person investment services

  • Account access through mobile app

  • Personal, small business and global banking services


  • Locations are concentrated in major cities

Citibank is a terrific bank and should serve you well in many places around the country, as explored in our full review.

1. Truist Bank: Best Regional Bank

Why we like it: Formed by the merger of BB&T and SunTrust, Truist is now the sixth-largest commercial bank in the U.S. Management is committed to offering top-quality services.


  • A true regional, with strong mid-Atlantic and Appalachian presence

  • Offerings include Health Savings Accounts

  • Highly rated mobile app


  • Potential merger hiccups

Truist Bank is a hybrid of two long-respected institutions – it’s an impressive choice for a number of reasons, which you can discover in our full review. But remember – if you’re looking for something special in an app, a certain service or other features, every one of our finalists is a great choice and might give you exactly what you’re looking for. Be sure to check out the list of top contenders.

More From GOBankingRates:

Methodology: To discover the Best Regional Banks, GOBankingRates looked at the top regional institutions (located in 5 or more states, but in less than 20) in terms of total assets size that had available published data. To determine rankings GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) checking account annual fee; (4) savings account APY rate; (5) 12-month CD APY rate; (6) customer service products offered (24/7 customer service and live chat with a human); (7) Bauer rating (out of 5 stars); (8) products/services offered (auto loans, mortgage loans, credit cards, investment services, and insurance); and (9) the average mobile app rating between the android and apple stores. All factors were then scored and combined, with the lowest score being best. Factors (1) and (4) were weighted 1.5 times, factors (2) and (8) were weighted 2 times, and actor (6) was weighted 0.5 times. For all Savings and Checking Account data only the basic accounts/products offered at each institution was analyzed. All data is up to date as of November 4, 2020, rates and fees subject to change.

John Csiszar contributed to the reporting for this article.

This article originally appeared on GOBankingRates.com: Best Regional Banks for Your Money