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The Best Financial Institutions in California Experts' Advice on Choosing the
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THE BEST BANKS AND CREDIT UNIONS IN FLORIDA FOR APRIL 2023

Written by Laura Grace Tarpley, CEPF; edited by Libby Kane; reviewed by Evelyn
He
Updated
2023-03-31T16:58:16Z
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The Best Financial Institutions in California Experts' Advice on Choosing the
Best Financial Institution Frequently Asked Questions Best Bank for Opening a
Checking Account Best Bank for Opening a Savings Account Best Credit Union
 * The Best Financial Institutions in California
 * Experts' Advice on Choosing the Best Financial Institution
 * Frequently Asked Questions
 * Best Bank for Opening a Checking Account
 * Best Bank for Opening a Savings Account
 * Best Credit Union

Redeem now

Our experts answer readers' banking questions and write unbiased product reviews
(here's how we assess banking products). In some cases, we receive a commission
from our partners; however, our opinions are our own. Terms apply to offers
listed on this page.



Bank of America, Ally, and VyStar Credit Union are our top picks for banking if
you live in Florida.

Below you'll find more information about our top picks.


THE BEST BANKS AND CREDIT UNIONS IN FLORIDA OF APRIL 2023

 * Bank of America
 * Ally
 * VyStar Credit Union

These institutions have stayed as our top picks for the last few months because
they offer a variety of bank products with notable features. 

Compare Today's Banking Offers


THE BEST FINANCIAL INSTITUTIONS IN FLORIDA

Best Bank for opening a checking account
Bank of America Advantage Plus Checking Account
3.75/5
A five pointed star A five pointed star A five pointed star A five pointed star
A five pointed star
3.75 out of 5 Stars
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$100
View Full Details
Learn more
Bank of America, FDIC Insured
Best Bank for opening a checking account
Bank of America Advantage Plus Checking Account
3.75/5
A five pointed star A five pointed star A five pointed star A five pointed star
A five pointed star
3.75 out of 5 Stars
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$100
View Full Details
Learn more
Bank of America, FDIC Insured
Bank of America Advantage Plus Checking Account

Learn more
Bank of America, FDIC Insured
Best Bank for opening a checking account
Details
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$100
Editor's Rating
3.75/5
A five pointed star A five pointed star A five pointed star A five pointed star
A five pointed star
3.75 out of 5 Stars
Pros & Cons Chevron icon It indicates an expandable section or menu, or
sometimes previous / next navigation options.
Pros
Check mark icon A check mark. It indicates a confirmation of your intended
interaction.
Multiple ways to waive monthly service fee
Check mark icon A check mark. It indicates a confirmation of your intended
interaction.
Link to savings for free overdraft protection
Cons
Dash icon A dash. It often indicates an interaction to shrink a section.
$100 minimum opening deposit
Dash icon A dash. It often indicates an interaction to shrink a section.
$12 monthly service fee
Dash icon A dash. It often indicates an interaction to shrink a section.
$10 overdraft fee
Dash icon A dash. It often indicates an interaction to shrink a section.
$2.50 out-of-network ATM fee

Highlights Chevron icon It indicates an expandable section or menu, or sometimes
previous / next navigation options.
More Information
 * Access to over 4,200 branches and 16,000 ATMs
 * New Bank of America customers may receive a $100 bonus until 12/31/2022 when
   you open a Bank of America Advantage Banking account with a Bank of America
   associate who enrolls you in offer, and set up direct deposit for $1,000 or
   more within the first 90 days of opening the account
 * Waive $12 monthly service fee by doing one of the following: receive
   $250/month in direct deposits, keep $1,500 minimum daily balance, enroll in
   Preferred Rewards, or be a student under age 24
 * If you use Balance Connect and link your checking account to a backup
   account, there's a $0 overdraft protection transfer fee
 * FDIC insured


Additional Reading Chevron icon It indicates an expandable section or menu, or
sometimes previous / next navigation options.
Read our review
Read Our Review A looong arrow, pointing right
Best bank for opening a savings account
Ally High Yield Savings Account
4.75/5
A five pointed star A five pointed star A five pointed star A five pointed star
A five pointed star
4.75 out of 5 Stars
Annual Percentage Yield (APY)
3.75%
Minimum Deposit Amount
$0
View Full Details
Learn more
On Ally's site. FDIC Insured.
Best bank for opening a savings account
Ally High Yield Savings Account
4.75/5
A five pointed star A five pointed star A five pointed star A five pointed star
A five pointed star
4.75 out of 5 Stars
Annual Percentage Yield (APY)
3.75%
Minimum Deposit Amount
$0
View Full Details
Learn more
On Ally's site. FDIC Insured.
Ally High Yield Savings Account

Learn more
On Ally's site. FDIC Insured.
Best bank for opening a savings account
Details
Annual Percentage Yield (APY)
3.75%
Minimum Deposit Amount
$0
Editor's Rating
4.75/5
A five pointed star A five pointed star A five pointed star A five pointed star
A five pointed star
4.75 out of 5 Stars
Pros & Cons Chevron icon It indicates an expandable section or menu, or
sometimes previous / next navigation options.
Pros
Check mark icon A check mark. It indicates a confirmation of your intended
interaction.
High APY
Check mark icon A check mark. It indicates a confirmation of your intended
interaction.
No minimum opening deposit
Check mark icon A check mark. It indicates a confirmation of your intended
interaction.
No monthly service fees
Check mark icon A check mark. It indicates a confirmation of your intended
interaction.
Savings buckets help you save for different goals
Check mark icon A check mark. It indicates a confirmation of your intended
interaction.
Surprise savings transfers help you save extra money from your checking account
Cons
Dash icon A dash. It often indicates an interaction to shrink a section.
No physical branch locations
Dash icon A dash. It often indicates an interaction to shrink a section.
No way to deposit cash

Highlights Chevron icon It indicates an expandable section or menu, or sometimes
previous / next navigation options.
More Information
 * Create separate savings buckets in a savings account
 * Link to your Ally checking account and enroll in surprise savings transfers
   to have extra money transferred to savings three times per week
 * Interest compounded daily, paid monthly
 * FDIC insured


Additional Reading Chevron icon It indicates an expandable section or menu, or
sometimes previous / next navigation options.
Read our review
Read Our Review A looong arrow, pointing right
Best credit union
VyStar Primary Savings Account
3.75/5
A five pointed star A five pointed star A five pointed star A five pointed star
A five pointed star
3.75 out of 5 Stars
Annual Percentage Yield (APY)
0.10%
Minimum Deposit Amount
$5
View Full Details
Learn more
On Vystar Credit Union's secure site. Vystar Credit Union, NCUA insured.
Best credit union
VyStar Primary Savings Account
3.75/5
A five pointed star A five pointed star A five pointed star A five pointed star
A five pointed star
3.75 out of 5 Stars
Annual Percentage Yield (APY)
0.10%
Minimum Deposit Amount
$5
View Full Details
Learn more
On Vystar Credit Union's secure site. Vystar Credit Union, NCUA insured.
VyStar Primary Savings Account

Learn more
On Vystar Credit Union's secure site. Vystar Credit Union, NCUA insured.
Best credit union
Details
Annual Percentage Yield (APY)
0.10%
Minimum Deposit Amount
$5
Editor's Rating
3.75/5
A five pointed star A five pointed star A five pointed star A five pointed star
A five pointed star
3.75 out of 5 Stars
Pros & Cons Chevron icon It indicates an expandable section or menu, or
sometimes previous / next navigation options.
Pros
Check mark icon A check mark. It indicates a confirmation of your intended
interaction.
No monthly service fee
Check mark icon A check mark. It indicates a confirmation of your intended
interaction.
$5 minimum opening deposit
Check mark icon A check mark. It indicates a confirmation of your intended
interaction.
Link to checking for overdraft protection
Cons
Dash icon A dash. It often indicates an interaction to shrink a section.
Mediocre APY
Dash icon A dash. It often indicates an interaction to shrink a section.
Interest compounds monthly, not daily
Dash icon A dash. It often indicates an interaction to shrink a section.
Must maintain $50 balance to earn APY

Highlights Chevron icon It indicates an expandable section or menu, or sometimes
previous / next navigation options.
More Information
 * Join VyStar by living or working in certain parts of Florida or Georgia, or
   by having a relative who is already a member; Active military and veterans
   are also eligible
 * Free access to over 20,000 ATMs in the US, Canada, and Mexico
 * Earn interest with a $50 minimum account balance
 * Interest compounded monthly, paid monthly
 * Federally insured by the NCUA


Additional Reading Chevron icon It indicates an expandable section or menu, or
sometimes previous / next navigation options.
Read our review
Read Our Review A looong arrow, pointing right


EXPERTS' ADVICE ON CHOOSING THE BEST FINANCIAL INSTITUTION

We consulted banking and financial planning experts to inform these picks and
provide their advice on finding the best financial institution in Florida for
your needs.


Insider

We're focusing on what will make a bank most useful, including customer service,
fees, rates, and more. Here's what they had to say about finding a bank. (Some
text may be lightly edited for clarity.)


HOW CAN SOMEONE DETERMINE WHETHER A BANK IS THE RIGHT FIT FOR THEM?

Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:

"The No. 1 thing about a checking account is you should know what provider the
debit card is coming from. And a lot of people don't think about that, because
there are places that don't accept MasterCard or don't accept an Amex."

Sophia Acevedo, certified educator in personal finance, banking
reporter, Personal Finance Insider:

"I would create a list of what I prioritize most in a bank account. For example,
some banks have accounts that charge monthly service fees. I would look to see
what the requirements are for waiving the monthly service fee and whether I
think I could feasibly meet those requirements each month. If I'm searching for
an interest-earning bank account I'll pay attention to interest rates. I would
make sure the account pays a higher interest rate than the average bank
account."


WHAT SHOULD SOMEONE LOOK FOR IN A BRICK-AND-MORTAR BANK?

Tania Brown, certified financial planner at SaverLife:

"How can that bank grow with you? If you are 25, single or newly married, and
all you need is a checking account, that's going to look very different 15 years
from now when you may have had a couple of jobs, you may have an IRA roll over,
or you may want a financial adviser."

Mykail James, CFEI:

"How accessible it is. So where are the branches? And if I am to go out of town
or something, how accessible is my money to me?"


WHAT SHOULD SOMEONE LOOK FOR IN AN ONLINE BANK?

Tania Brown, CFP:

"With an online bank, absolutely online customer service, because you do not
have the advantage of walking inside and talking to a human being. How often are
you able to get them? What are their hours?"

Roger Ma, certified financial planner with lifelaidout® and author of "Work Your
Money, Not Your Life":

"How onerous the transfer process is, transferring money in and transferring
money out. Is it same day, next day? Is it pretty easy to sync a
brick-and-mortar checking account to this particular high-yield savings
account?"

Mykail James, CFEI:

"When it comes to online banks, you want to be a little bit more strict about
what type of interest rates they're providing. That's the biggest thing, because
online banks are supposed to have the higher interest rate because they don't
have the overhead of the brick-and-mortar. You want to make sure that it's well
above the national average. What type of securities do they provide? Do they
have two-factor identification? If it's an online bank, they should definitely
have — at the bare minimum — two-factor authentication in how easy it is to
change your passwords and things like that, because you want to be a little more
hypersensitive about the cyber security for a strictly online bank."


METHODOLOGY: HOW DID WE CHOOSE THE BEST BANKS IN FLORIDA?

Personal Finance Insider's mission is to help smart people make the best
decisions with their money. We understand that "best" is often subjective, so in
addition to highlighting the clear benefits of a financial product or account —
a high APY, for example — we outline the limitations, too. We spent hours
comparing and contrasting the features and fine print of various products so you
don't have to.

We looked at the banks and credit unions with the most branches in the state.
Then we zeroed in on those that offered appealing features, like sign-up bonuses
or high interest rates. None of the biggest banks in Florida paid high rates on
savings accounts, so we chose an online bank, Ally, as our top choice for a
savings account.

For the best credit union, we chose one that is easy for Florida residents to
join and has branches in multiple parts of the state.

See our full ratings methodology for checking, business checking, savings, and
money market accounts »


BEST BANKS IN FLORIDA: FREQUENTLY ASKED QUESTIONS

What is the best bank in the US? Chevron icon It indicates an expandable section
or menu, or sometimes previous / next navigation options.

It depends on what you're looking for. Wells Fargo has the most branches in the
US, followed closely by Chase and Bank of America. If you're looking for high
savings rates and low fees, then you'll probably want to go with an online
bank. 

Is money safe in a bank account? Chevron icon It indicates an expandable section
or menu, or sometimes previous / next navigation options.

As long as an institution has federal insurance, then your money should be safe.
Banks need to be insured by the Federal Deposit Insurance Corporation (FDIC),
and credit unions need to be insured by the National Credit Union Administration
(NCUA).

An individual account is insured for up to $250,000, and a joint account is
insured for up to $500,000. This means you won't lose all your money should the
bank go under.

Best banks and credit unions in Florida
 * Bank of America
 * Ally
 * Vystar Credit Union

Chevron icon It indicates an expandable section or menu, or sometimes previous /
next navigation options.
Chevron icon It indicates an expandable section or menu, or sometimes previous /
next navigation options.

Editor's rating
3.5/5
A five pointed star A five pointed star A five pointed star A five pointed star
A five pointed star
Category Chevron icon It indicates an expandable section or menu, or sometimes
previous / next navigation options.
Best for a checking account
Annual Percentage Yield (APY) Chevron icon It indicates an expandable section or
menu, or sometimes previous / next navigation options.
0.01% to 0.04%
Editor's rating
4.5/5
A five pointed star A five pointed star A five pointed star A five pointed star
A five pointed star
Category Chevron icon It indicates an expandable section or menu, or sometimes
previous / next navigation options.
Best for a savings account
Annual Percentage Yield (APY) Chevron icon It indicates an expandable section or
menu, or sometimes previous / next navigation options.
3.75%
Editor's rating
3.75/5
A five pointed star A five pointed star A five pointed star A five pointed star
A five pointed star
Category Chevron icon It indicates an expandable section or menu, or sometimes
previous / next navigation options.
Best credit union
Annual Percentage Yield (APY) Chevron icon It indicates an expandable section or
menu, or sometimes previous / next navigation options.
0.10%

Learn more
On Bank of America's website
Learn more
On Ally's website
Learn more
On Vystar Credit Union's website


BEST BANK FOR OPENING A CHECKING ACCOUNT


BANK OF AMERICA

Why it stands out: Bank of America has over 500 branches around Florida and a
$100 sign-up bonus offer.

Checking accounts aren't known for paying interest, and if they do, then the
rate is often pretty low. Cash sign-up bonuses can be good tools to earn money
even if a checking account doesn't pay a good rate.

You may qualify for the $100 bonus when you open a Bank of America Advantage
SafeBalance, Plus, or Relationship Banking Checking Account through the bank's
promotional page. To earn the bonus, you must receive at least two recurring
direct deposits of at least $250 within 90 days of opening the account.

What to look out for: Depending on which checking account you open, you could
pay $4.95, $12, or $25 per month. There are several ways to waive the monthly
fee, though. 


BEST BANK FOR OPENING A SAVINGS ACCOUNT


ALLY

Why it stands out: When it comes to savings accounts, you probably want a bank
that is going to pay a high interest so that you can earn more than a couple
hundred dollars in the long run. This means an online bank like Ally is probably
going to be your best bet.

Ally pays 3.75% APY, which is one of the highest rates out there right now. The
bank also doesn't charge any monthly maintenance fees or require a minimum
opening deposit.

The Ally High Yield Savings Account has been a power player in the high-yield
savings space for a few years now, and it consistently nabs top awards for
online banking. Although it's an online bank, you can use over 40,000 Allpoint
ATMs for free around the US. 

Ally makes it easy to save for specific goals. You may decide to open a separate
account for each goal, but Ally has a bucket feature that allows you save for
multiple goals in one account. Assign each one a nickname, like "Emergency Fund"
or "Travel Account" to track your progress and stay motivated. 

What to look out for: While Ally is extremely competitive, other banks offer
similar online high-yield savings accounts. Ally is certainly one of the best
out there, but depending on your needs and your existing banking, you may find
you prefer a different bank, such as Capital One 360, Varo, or Discover.


BEST CREDIT UNION


VYSTAR CREDIT UNION

Why it stands out: Maybe you prefer a credit union over a bank. Each option
comes with trade-offs — credit unions often have higher interest rates and
better customer service, while brick-and-mortar banks may have more locations
and adapt to new technology faster.

If you're looking for a credit union in Florida, then VyStar is a good choice.
It's available in over 20 cities, and you contact customer service seven days
per week. SunCoast Credit Union is another good choice if you live in certain
parts of Florida, but VyStar still pays higher rates on checking and savings.

There are more than 50 branch locations around Florida, and you have free access
to over 20,000 ATMs around the US, Mexico, and Canada. 

VyStar pays lower rates on some accounts than online banks, but higher than many
brick-and-mortar banks.

What to look out for: Like most credit unions, VyStar compounds interest monthly
rather than daily, which will affect how much money you earn in the long run.
VyStar is one of the largest credit unions in Florida, but branches are lacking
from certain regions of the state. If you don't have a branch nearby, then you
may want to go with a local credit union.


BANK TRUSTWORTHINESS AND BBB RATINGS

The Better Business Bureau grades companies based on customer complaints,
advertising, and transparency about business practices. Here are the BBB scores
for our favorite banks and credit unions in Florida:

InstitutionBBB gradeBank of AmericaA+AllyAVyStar Credit UnionA+

Ally is the only one of our top picks without an A+ from the BBB right now. Ally
received an A rating from the BBB because it has three unresolved complaints. 

A strong BBB grade doesn't guarantee you'll have a smooth relationship with a
bank, though. You may want to read online reviews or ask family and friends
about their experiences. You also might want to consider any recent scandals —
Bank of America has had some issues in the past few years.

The Department of Justice charged Bank of America for unfairly denying home
loans to adults with disabilities, even though they qualified for loans. Bank of
America paid around $300,000 total to people who were refused loans. The
Department of Labor required Bank of America to pay $4.2 million to people who
claimed the bank discriminated against women, Black, and Hispanic applicants in
the hiring process.

You may prefer to use Ally or VyStar if any of these scandals worry you, or bank
with another institution in Florida.


SAVINGS RATES AT THE LARGEST BANKS IN FLORIDA

Here are the savings rates you'll earn with the biggest banks in Florida. Two of
these, Chase and Bank of America, made our list of the best banks in the state.

We didn't choose others because they didn't have branches in as many parts of
Florida as some of our top picks, or they lacked distinguishing features, such
as high APYs (Annual Percentage Yield) or sign-up bonuses.

However, you may still decide one of these Florida banks is a good fit for you,
and you might like banking with a widespread institution you're familiar with.

BankSavings APY (Annual Percentage Yield)No. of FL branchesNext stepsWells
Fargo0.01%568Learn moreBank of America0.01% to 0.04%510Learn moreChase0.01% to
0.02%411Learn moreRegionsVaries depending on account307Learn morePNC0.01% to
0.03%173Learn moreTD Bank0.01% to 3.00%157Learn moreFifth Third
Bank0.01%153Learn moreSouthState Bank0.15%126Learn more

As of April 2023, the average savings interest rate is 0.37%, according to the
FDIC.

Laura Grace Tarpley, CEPF
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a personal finance reviews senior editor at
Insider. She oversees coverage about mortgage rates, refinance rates, lenders,
bank accounts, investing, retirement , and borrowing and savings tips for
Personal Finance Insider. She was a writer and editor for Insider's "The Road to
Home" series, which won a Silver award from the National Associate of Real
Estate Editors. She is also a Certified Educator in Personal Finance (CEPF). She
has written about personal finance for seven years. Before joining the Insider
team, she was a freelance finance writer for companies like SoFi and The Penny
Hoarder, as well as an editor at FluentU. You can reach Laura Grace at
ltarpley@insider.com. Learn more about how Personal Finance Insider chooses,
rates, and covers financial products and services »
Read more Read less
Evelyn He
Compliance Associate
Evelyn He is a Compliance Associate at Insider who supports the Personal Finance
Insider team. Personal Finance Insider is Insider's personal finance section
that incorporates affiliate and commerce partnerships into the news, insights,
and advice about money that Insider readers already know and love. The
compliance team's mission is to provide readers with stories that are
fact-checked and current, so they can make informed financial decisions. The
team also works to minimize risk for partners by making sure language is clear,
precise, and fully compliant with regulatory and partner marketing guidelines
that align with the editorial team. Before joining Insider, she served in
various legal and compliance roles in different industries, including the legal
and pharmaceutical industries.    Evelyn obtained her M.S. degree in Marketing
at Boston University in 2022. Prior to combining and consolidating her knowledge
of law and business, she spent one year finishing 1L courses at Suffolk
University Law School to further her legal knowledge. She has also completed MBA
business law courses while working on her Bachelor of Business Administration in
Management at the University of Massachusetts, Amherst.  Outside of work, she
enjoys spending time with her 14-year-old Shih Tzu named Money, and her
4-year-old Bichon named Tibber.
Read more Read less


Editorial Note: Any opinions, analyses, reviews or recommendations expressed in
this article are those of the author’s alone, and have not been reviewed,
approved or otherwise endorsed by any card issuer. Read our editorial standards.

Please note: While the offers mentioned above are accurate at the time of
publication, they're subject to change at any time and may have changed, or may
no longer be available.

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