If you live in North Carolina, you'll want to work with a financial institution that operates in your state. We surveyed over 30 local banks and credit unions in North Carolina and reported on the best banks and credit unions for North Carolina residents.
We also considered minority depository institutions — which generally serve underserved communities — for local options that focus on specific communities.
The Best Banks and Credit Unions in North Carolina
- Synchrony Bank: Best bank in North Carolina for opening a savings account
- First National Bank: Best bank in North Carolina for opening a checking account
- First Citizens Bank: Best bank in North Carolina for opening a savings and checking account
- State Employees Credit Union: Best local credit union in North Carolina
- Mechanics & Farmers Bank: Best local bank in North Carolina
All of the financial institutions on our list are protected by FDIC or NCUA insurance. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.
Best Bank for Opening a Savings Account in North Carolina: Synchrony
no monthly service fee
4.00%
$0
- Competitive APY
- Comes with an ATM card
- No required opening deposit or minimum account balance
- No monthly service fee
- No physical branch locations
- Only reimburses up to $5 of out-of-network ATM fees per month
With a high rate and no fees, the Synchrony High Yield Savings Account is a great option for savers. But if you want to open a checking account to do all of your banking at one place, you may want to consider one of the best online banks instead.
Synchrony High Yield Savings Account- Access your cash online, by phone or via ATM
- Manage your accounts from virtually anywhere in the Synchrony app
- No minimum balance
- Interest compounded daily, paid monthly
- FDIC insured
- Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.
Synchrony is the best bank in North Carolina for a savings account if you're comfortable banking fully online.
It's featured among our top picks for the best high-yield savings accounts because the account offers one of the top rates among well-known online banks.
Its account also has lenient opening and maintenance requirements. You can open an account with $0, and there's no monthly service fee.
Other banks may require an upfront deposit, typically around $25. Brick-and-mortar banks, in particular, also usually charge monthly service fees, which is why we considered the best online banks for savings account options in the state.
Synchrony also has a well-rated mobile banking app, so if you prefer to bank from a mobile app, it might be a good choice.
The one downside to Synchrony is that it doesn't offer a checking account, so that's something to keep in mind. Synchrony's high-yield savings account comes with an ATM card, though, so you'll still be able to quickly withdraw cash from your account if you need to. It just may not be the best option if you're interested in banking solely with one financial institution.
Best Bank for Opening a Checking Account in North Carolina: First National Bank
$3.00 or $3.95 monthly service fee
None
$50 (online); $0 (in-branch)
- Low minimum opening deposit
- Overdraft protection
- $2.95 out-of-network ATM fee
- $3.95 paper statement fee and a $3.00 check image fee if you do not accept the electronic statements
- $37 overdraft fee
- $10 transfer fee if you use overdraft protection
- Offer available only online at fnb-online.com to new customers who are residents of Washington, D.C., Maryland, Ohio, Pennsylvania, North Carolina, South Carolina, Virginia and West Virginia.
- Approximately 350 branches and over 1,200 ATMs in 7 states and Washington, D.C.
- Member FDIC
First National Bank is the best bank for opening a checking account in North Carolina.
It offers a solid low-fee checking account. A lot of other brick-and-mortar banks in the state charge monthly service fees, and you'll typically need to meet certain balance requirements to waive fees.
If you open the First National Bank Freestyle Checking Account at a local branch, you won't need to make an initial deposit. If you open it online, you'll need to deposit at least $50. The bank has a solid ATM network — you'll have access to 800 ATMs in 7 states on the East Coast.
You might have to deal with fees if you accidentally take too much from your account. There's a $37 overdraft fee if you overdraw from your account. The bank has overdraft protection that lets you link to another bank account, but you'll have to pay a $10 transfer fee if you use it.
Best Bank for Opening a Checking and Savings Account in North Carolina: First Citizens Bank
no monthly service fee
None
$50
- $50 minimum opening deposit
- No monthly fees when you enroll in paperless statements
- Budget and trends tools
- Multiple overdraft protection options
- $10 overdraft fee when you overdraw by more than $5
- $10 overdraft transfer fee
- $2.50 fee if you use an out-of-network ATM
You may like First Citizens Bank if you don't want to deal with monthly services fees on checking or savings accounts. But if your goal is to earn competitive interest rates, online banks with the best high-yield savings accounts will probably be more suitable options.
First Citizens Bank Free Checking Account- To be eligible for Free Checking, you must sign up to receive First Citizens electronic statements within 60 days of account opening. If you do not sign up to receive electronic statements,your account will be converted automatically and without prior notice to you to a Select Checking account and will be subject to the fees and charges applicable to a Select Checking account.
- Over 500 branches and ATMs in AZ, CA, CO, FL, GA, KS, MD, MI, NE, NV, NM, NC, OK, OR, SC, TN, TX, VA, WA, WV, WI
- Multiple overdraft protection options: link to a savings account or apply for a revolving line of credit
- If you use overdraft protection, you'll have to pay a $10 transfer fee
- Member FDIC
First Citizens Bank is the best regional bank in North Carolina. It's the third-largest financial institution in the state, and it offers a low-fee savings and checking account, making it a great choice if you prefer traditional banking.
The First Citizens Bank Free Checking Account is one of the bank's strongest products. It has a budgeting tool that helps you track expenses, create a budget, and monitor debt. If you're looking for a budgeting app, this account could help.
The First Citizens Bank Online Savings Account has a $50 minimum opening deposit, and you won't need to fulfill any minimum balance requirements.
You might have to deal with overdraft fees if you take out more money than you have in your checking account. First Citizens Bank offers overdraft protection, but you'll have to pay a $10 transfer fee if you utilize it. The best banks for overdrafts don't charge a fee for overdraft transfer protection.
There's a also $3 excess withdrawal fee if you exceed two withdrawals per month from your savings account.
Best Local Credit Union: State Employees Credit Union
0.25%
$25
- Low minimum opening deposit
- No monthly service fees
- Better interest rate than some brick-and-mortar banks
- Online banks offer a higher interest rate
- Must have $25 in account to maintain membership
- 273 branches in North Carolina
- Access to 1,100 ATMs in North Carolina
- Interest compounded and deposited monthly
- Federally insured by the NCUA
State Employees Credit Union is the best credit union in North Carolina. It has over 270 locations and 1,100 free ATMs, making it one of the biggest financial institutions throughout the state.
The State Employees Credit Union Share Account earns a slightly higher rate than most brick-and-mortar bank accounts. Its CDs also pay a decent rate and require a low minimum opening deposit of $250.
The credit union's checking account has a low opening balance requirement, but there's a $1 monthly service fee that can't be waived.
To be eligible for membership at SECU, you or an immediate family member need to be working or formerly employed by one of the following:
- The state of North Carolina
- A state agency in North Carolina
- The North Carolina public board of education
- North Carolina National Guard
- Social Services, Health, Mental Health, and Civil Defense of North Carolina counties
- Any agencies or departments part of the North Carolina State Personnel Act
If you're interested in a credit union anyone can join, you'll need to look elsewhere. To become a member, you'll need to open a share account with at least $25.
Best Local Bank: Mechanics & Farmers Bank
0.05% to 3.00%
$50
- $50 minimum opening deposit
- No monthly service fee
- Pays interest
- Refunds up to $15 per month in out-of-network ATM fees (if you qualify)
- Overdraft line of credit available
- Low interest rate and no ATM fee refunds if you don't meet monthly criteria
- $2 out-of-network ATM fee
- $35 overdraft fee
- No free overdraft protection
- Black-owned bank in North Carolina (Charlotte, Durham, Greensboro, Raleigh, Winston-Salem)
- Earn a higher rate and up to $15 in ATM fee refunds each month if you make 15 debit card transactions that total at least $350, log into mobile/online banking at least once, receive an e-statement, AND receive $500 in direct deposits; otherwise, earn 0.05% APY on total balance
- If you meet criteria, earn 3.00% APY on balances below $10,000 and 0.55% to 0.56% APY on remaining balance
- Interest compounded daily
- Member FDIC
Mechanics & Farmers Bank is a Black-owned bank with eight branches in Charlotte, Durham, Greensboro, Raleigh, and Winston-Salem. Black-owned banks are a type of minority depository institution. MDIs provide financial services to underserved communities.
Local banks are an ideal option if you're looking for an institution with close ties to its community. Mechanics & Farmers Bank hosts financial literacy workshops in each city with a branch. Employees and management also attend around 80 community events yearly.
The Mechanics & Farmers Bank Dash Checking Account is the bank's standout account. The high-yield checking account account doesn't charge monthly service fees and has a low minimum opening deposit. It lets you earn up to 3.00% (Annual Percentage Yield) APY on balances below $10,000 if you meet the following criteria monthly:
- Make at least 15 debit transactions that total a minimum of $350
- Log into mobile or online banking
- Get an e-statement
- Receive at least $500 in direct deposits
If you meet these requirements, you'll also be eligible for up to $15 in out-of-network ATM refunds.
The bank's savings account requires a minimum opening deposit of $100 and has a $6 monthly service fee if you don't keep at least $200 in your account daily.
Banks and Credit Unions Trustworthiness and BBB Ratings
We use ratings from the Better Business Bureau to evaluate how financial institutions address customer issues and handle transparency.
| Financial institution | BBB rating |
| Synchrony | NR |
| First Citizens Bank | B |
| First National Bank | A+ |
| Mechanics & Farmers | A+ |
| SECU | C |
Synchrony has an NR rating from the BBB because it is currently responding to previously closed complaints.
First Citizens Bank has a B rating due to unresolved complaints, as well as one complaint it has not responded to.
SECU currently has a C rating because it hasn't responded to a few customer complaints and has a few unresolved complaints.
In 2024, the Justice Department and the state of North Carolina announced an agreement with First National Bank for First National Bank to pay $13.5 million in response to claims that it practiced redlining and lending discrimination toward Black and Hispanic American neighborhoods.
Synchrony has also been involved in a recent public controversy. In 2023, Synchrony was required to pay $2.6 million in a settlement when accused of calling customers about bank accounts they didn't have.
Other Products To Consider for North Carolina Banks and Credit Unions
Personal Loans and Mortgages in North Carolina
If you're looking for a North Carolina bank or credit union to use as your primary bank, it's important to consider other banking services a financial institution offers outside of just its account offerings. For example, there's a good chance you'll need to take out a mortgage or personal loan at some point in your life, so choosing a bank that offers good rates can help you down the road.
Community development financial institutions and minority depository institutions such as Hispanic American-owned banks, as well as credit unions in general, tend to offer better loan and mortgage rates to a larger group of people when compared to standard banks. If you think you'll need to take out a loan or mortgage soon, you might prefer to use one of those types of financial institutions.
Credit Cards in North Carolina
Opening a credit card from the same bank you have bank accounts with can help streamline credit card payments and make it easier to track all of your finances at the same time. If you want to open a bank account and a credit card at the same bank, check ahead of time to see if your chosen financial institution offers one of the best credit cards.
Best Banks in North Carolina Frequently Asked Questions
There are 35 state-chartered banks in North Carolina, according to the North Carolina Commissioner of Banks. We chose Mechanics & Farmers, First Citizens Bank, SECU, and First National Bank as a few of our most highly rated banks with branches in North Carolina.
The best credit union to bank with in North Carolina is the State Employees Credit Union. It's our top pick because it offers several ways to become a member and has well-rounded bank accounts with minimal bank fees. However, some of the best credit unions let anyone in the U.S. join them, so check those if you're OK with an online-only banking experience.
State Employees Credit Union, Truliant Credit Union, Coastal Credit Union, and Local Government Credit Union are among some of the most popular credit unions in North Carolina. These credit unions have the largest total assets in the state and some of the most branches, according to the NCUA.
Several banks are based in North Carolina, including Mechanics & Farmers Bank and First Citizens Bank.
Truist Bank is probably the most popular bank in North Carolina because it has the most branches in the most cities.
Why You Should Trust Us: 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 bank in North Carolina for your needs.
- Tania Brown, CFP® professional and vice president of coaching strategy at OfColor
- Roger Ma, CFP® professional and author of "Work Your Money, Not Your Life"
- Sophia Acevedo, banking editor, Business Insider
- Mykail James, MBA, certified financial education instructor, BoujieBudgets.com
When choosing a bank in North Carolina, there are a few areas in particular to look closely. Here is what our experts say about choosing the best bank for you:
Fees
Some banks charge monthly maintenance fees for their checking and savings accounts. However, they can typically be waived by actions like keeping a minimum balance in the account. While researching banks, make sure you know which fees are charged and if you'd qualify to waive them.
Accessibility
Your bank and your money should be accessible in the way that works for you. That might mean local branches so you can walk in, or a seamless online interface so you can easily transfer money. It should also include access to customer service: When is it available, and how can you contact it?
Priorities
If you're hoping to earn money on your savings, for instance, you'll need a high-yield savings account that pays more than average interest. Remember that your priorities might change over time. Ideally, you'll choose a bank that can accommodate a single 20-something as well as a 40-something parent.
Our Methodology: How Did We Choose the Best Banks in North Carolina?
Business Insider's mission is to help smart people make the best decisions with their money. We understand that "best" is often subjective, so under each section, we outline the advantages and limitations of each account or institution. We spent hours comparing and contrasting the features and fine print of various products so you don't have to.
We reviewed the 10 biggest banks and credit unions in North Carolina and financial institutions included in our Black-owned banks and credit unions guide and Hispanic American-owned banks and credit unions guide.
We sought out accounts with minimal banks and unique features. For example, some of the accounts featured offer a competitive interest rate or budgeting tools to help track your spending.
For our best credit union and best local bank in North Carolina, we chose financial institutions that offered great customer service, easy membership requirements, and low minimum opening deposits.
We rate bank products on a scale from one to five stars, with one star being the lowest rating, three stars being an in-between rating, and five stars being the highest rating possible.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience. See our bank account methodology to learn more about how we rate savings accounts.
*Annual Percentage Yield (APY). Dividends earned for first 12 months from membership open date and assume no withdrawal activity during that period. Earnings example based on a $15,000 daily average balance. Assumes Level 2 qualifications are met with earning 8.00% APY for first 3 months after account opening and 4.00% APY for remaining 9 months after account opening.
**New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1. SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
***Cash back earned on up to $3,000 a month in purchases. Outgoing wire transfers are subject to a service charge. You may be charged a fee by a non-Discover ATM if it is not part of the 60,000+ ATMs in the no-fee network.
****Earn $400 for opening a new Truist One Checking account online using code AFL2425TR1400 and receive at least one qualifying direct deposit of $500 or more and complete at least 15 qualifying debit card purchases within 90 days of account opening (offer expires April 30, 2025).