3 Best Banks and Credit Unions in Florida for June 2023

3 Best Banks and Credit Unions in Florida for June 2023 (Courtesy of Business Insider) — Bank of America, Ally, and VyStar Credit Union are our picks the best banks if you live in Florida.

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

To determine the best banks in Florida, we reviewed the biggest banks and credit unions in the state. We also considered online banks regarding our top pick for savings accounts.

The Best Banks and Credit Unions in Florida

• 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. All of the financial institutions on our list are protected by FDIC or NCUA insurance. Although First Republic Bank was recently shut down, bear in mind your money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.

Compare Financial Institutions in Florida

BEST BANK FOR OPENING A CHECKING ACCOUNT

Bank of America Advantage Plus Checking Account

3.75/5

Annual Percentage Yield (APY)

None

Minimum Deposit Amount

$100

Fees

$12 monthly service fee

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Bank of America, Member FDIC

BEST BANK FOR OPENING A SAVINGS ACCOUNT

Ally High Yield Savings Account

4.75/5

Annual Percentage Yield (APY)

4.00%

Minimum Deposit Amount

$0

Fees

no monthly service fee

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Ally Bank, Member FDIC

BEST CREDIT UNION

VyStar Primary Savings Account

3.75/5

Annual Percentage Yield (APY)

0.10%

Minimum Deposit Amount

$5

Vystar Credit Union, Member NCUA

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.

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.

Vystar Credit Union

Editor’s rating

3.5/5

Category

Best for a checking account

Annual Percentage Yield (APY)

Varies depending on account