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There’s an old saying that “everything is bigger in Texas.” This also applies to the list of options when choosing a bank or credit union in Texas. With so many options, it can be overwhelming to determine which financial institution offers the best services and benefits. But don’t worry, we’ve done the research for you.
From the best branch access and local service to the top credit unions and customer service, we’ve researched and compared the top institutions in the Lone Star State. But before making a decision, it’s important to consider your personal financial needs and priorities.
In this article, we’ll discuss our picks for the best banks and credit unions in Texas, highlighting their distinguishing features and potential drawbacks. Below, you’ll find more details on our choices and why they might not be right for you.
Our picks for the best banks and credit unions in Texas
Best Branch Access: Wells Fargo
Texas residents looking for a branch at home or when they travel need look no further than Wells Fargo Bank. Texas is the second largest state in the United States by area, and according to the Federal Deposit Insurance Corporation (FDIC), Wells Fargo has the most branches in Texas, by far.
Wells Fargo offers a full range of consumer savings accounts, from checking accounts to certificates of deposit (CDs), with multiple options within each account type. For example, Wells Fargo offers multiple checking and savings accounts, giving customers a wide range of options to choose from depending on their needs.
Another benefit of opening an account with Wells Fargo is its large nationwide branch network. The bank has branches in 39 other states and about 11,000 ATMs nationwide, so you may have access to cash and banking services wherever you are, whether you’re at home or traveling around the country.
However, if you’re looking for a balance between branch access and a competitive annual percentage rate (APY) on your savings account, you may want to consider other banks. While Wells Fargo offers some promotional CDs with competitive interest rates, most savings accounts tend to have low interest rates that do little to help you grow your savings.
Best Community Bank: Texas Capital Bank
Named Best Regional Bank in the 2024 Bankrate Awards, Texas Capital Bank is our choice as the best regional bank in Texas.
Headquartered in Dallas, Texas Capital Bank has branches in the five largest cities in Texas, including Austin, San Antonio and Houston. The bank offers a wide range of deposit products in addition to issuing credit cards.
Texas Capital Bank highlights several CDs, an interest-bearing checking account, and a savings account with a very competitive APY. Additionally, none of the bank’s accounts have monthly fees. And while the bank’s physical locations are limited to 10 locations in Texas, cardholders can use over 55,000 ATMs nationwide fee-free.
With all this in mind, the bank’s best account features are only available to Texas residents. For example, the bank’s Basic Savings Account offers a much lower yield than the Star High Yield Savings Account, which requires a Texas address to open. This, combined with the limited number of branches in Texas, means that if you don’t live in Texas, you might want to consider other banks.
Best Credit Union: Randolph Brooks Federal Credit Union
Randolph Brooks Federal Credit Union (RBFCU) is our pick for the best credit union in Texas.
Headquartered in Live Oak, Texas, RBFCU has more than 1 million members. It has approximately 60 branches, all in Texas. Membership in RBFCU is available to people who live, work, study or worship in certain areas of Texas or who are members of an institution served by the credit union. In addition, all members are required to open a savings account with RBFCU, with a minimum deposit of $1.
Whether you want a CD, checking, savings or money market account, RBFCU has you covered. Of particular note is its Really Free Checking account, which, as the name suggests, has no monthly fees, no minimum balance requirements and earns interest regardless of your balance.
The only downside is that, aside from great CD offerings, RBFCUs’ yields tend to be much lower than what you can find by comparison shopping, as you might with a savings or money market account.
RBFCU branches are primarily located in the northern and southern parts of the state, so while they have branches in many of Texas’ larger cities, such as Austin, Dallas, and San Antonio, they do not have branches in cities like Houston or El Paso.
Best Customer Service: Frost Bank
Our pick for the bank with the best customer service in Texas is Frost Bank, which ranked #1 in Texas by a wide margin in J.D. Power’s 2024 U.S. Retail Banking Satisfaction Study. This annual survey serves as a great barometer of customer satisfaction as it collects responses from over 100,000 retail banking customers from various regions of the country.
Headquartered in San Antonio, Frost Bank has more than 200 branches across Texas. The bank offers everything from multiple checking accounts to CDs, money market accounts and savings accounts.
As seen in the JD Power study, customers are highly satisfied with the bank’s digital experience, as evidenced by high user scores for Frost Bank’s mobile app in the Apple App and Google Play stores. The app was rated by more than 63,000 people combined across both platforms.
Frost Bank offers a wide variety of accounts, but you can find accounts with lower balance requirements and higher yields elsewhere. For example, to get the highest yields on a money market account, you need to have at least $20 million in deposits. Similarly, to get the highest yields on a savings account, you need $15,000, which is still a small amount. Many other brick-and-mortar and online banks offer much higher yields with lower deposit amounts.
How to choose the bank that’s right for you
The best bank for you will depend on your financial goals and priorities. Options range from traditional banks to online banks to credit unions. Here are some tips to consider when choosing a bank:
- Look for banks that offer low or no fees, especially when it comes to common charges like monthly maintenance fees, ATM fees and overdraft fees.
- When considering an account to put your savings in, look for a bank with a competitive APY.
- Consider the convenience of a local branch and digital features like mobile banking and the ability to lock your debit card.
- Read the fine print to understand the terms and conditions of your chosen bank, including potential promotional deals and federal insurance coverage.
- Research bank reviews and consider maintaining accounts with multiple banks or credit unions for a more customized banking experience.
