If you’re in Iowa and considering a new bank, we’ve got your back. Whether you’re looking for a digital bank or want a nearby branch, Benzinga’s list of the best banks will help you get started.
Take a look and start banking your way today.
Best Banks in Iowa Near You:
- Best Savings Accounts: CIT Bank
- Best Checking Accounts: Axos Bank
- Best for Customer Service: Regions Bank
- Best for Mobile Banking: BBVA
Best Savings Accounts: CIT Bank
If saving is your main priority, CIT Bank’s interest-bearing savings accounts can help you earn on whatever money you stash away. Choose from the Savings Builder account, Premier High Yield Savings account and Money Market account.
Premium High Yield Savings is a basic but well-equipped account that offers a solid annual percentage yield (APY). If you plan on keeping higher balances or want to earn even more, check out the Savings Builder account. This is a tiered, interest-bearing account. Tiers are accessible when you meet certain monthly standards. This could be maintaining a minimum monthly balance or receiving a minimum amount of qualified direct deposits.
The CIT Money Market account operates like a checking and savings account in 1 — you can access funds and still earn a decent APY. Digital transfers are easy. CIT Money Market is compatible with several peer-to-peer payments and digital transfers platforms like Zelle and PayPal.
And aside from overdraft fees, you won’t pay many fees. There’s a cap on how many transactions you can perform, and you’ll pay $10 for each excessive transaction. There is a $50 cap per month.
24/7 access to CIT’s mobile banking tools is a feature of all CIT personal banking accounts. You’ll need a $100 minimum opening deposit for each.
CIT also offers its interest-bearing checking account eChecking. Any balance amount will earn an APY. If you keep over $25,000 in your account on average, you’ll reach the higher tier APY. This is a mostly fee-free account that offers ATM reimbursements.
CIT offers home loans and several certificates of deposit (CDs) options.
Best Checking Accounts: Axos Bank
Axos Bank is a digital bank with appealing personal banking products like a wide span of checking accounts tailored to fit every need.
Axos offers 5 checking accounts: Essential Checking, CashBack Checking, Reward Checking, Golden Checking and First Checking.
Essential Checking is no-frills, free account with unlimited fee reimbursements at all domestic ATMs. You’ll enjoy the same fee-free and ATM reimbursement structure with CashBack Checking, but you’ll also earn 1.00% on any purchase that requires a signature.
Axos lists Rewards Checking as its most popular account. Earn tiered interest rates on your balance without any fees, including overdraft or non-sufficient funds fees. You’ll get unlimited domestic ATM reimbursements and won’t pay maintenance fees.
With this account, you can earn interest at each tier or the full potential rate. Each of the following actions earns ⅓ of the potential total interest rate:
- Receive $1,000 or more in qualifying direct deposits monthly
- Make at least 10 monthly transactions with your Axos Visa Debit Card
- Make at least 15 monthly transactions with your Axos Visa Debit Card
The last 2 accounts from Axos tailor themselves to the unique needs of youth and senior bankers. Golden Checking is reserved for those 55 and older. This account earns interest and comes with senior-friendly incentives, such as free personal checks. First Checking is for people aged 13 to 17. This account shows teens the ropes of banking, including the benefits of earning interest on their balance.
All Axos checking accounts are enabled to accept mobile deposits, use bill pay and make peer-to-peer payments.
High Yield Savings and High Yield Money Market are interest-bearing savings accounts from Axos. These accounts are free of maintenance fees and you won’t have to meet a minimum balance to keep the account open.
Best for Customer Service: Regions Bank
Regions Bank has numerous branches throughout Iowa. It offers banking services for personal, commercial and small business customers. Regions also provides wealth and investment management services.
Regions has a checking account for basically any need. The LifeGreen Checking Account requires certain minimum actions like direct deposits but offers unlimited check writing. The LifeGreen eAccess Checking Account is best if you want to do all your banking online and use a card, not checks, to make purchases.
LifeGreen Simple Checking is a flat-rate, straightforward account that doesn’t require any sort of qualifying actions from you. LifeGreen Preferred Checking is an interest-earning account that is eligible for relationship perks with qualified linked accounts. Lastly, the LifeGreen Checking Account for Students, and the LifeGreen 62+ Checking Account provide targeted perks meant to meet the needs of their respective age groups.
Regions scores major points for its accessible, responsive customer service. You can peruse their extensive FAQ section to see if your question is already answered. Or reach out to Regions by phone, email or social media.
Best for Mobile Banking: BBVA
BBVA is a great choice if mobile banking ranks high on your list of priorities. BBVA Mobile Banking 9.0 is a top-rated app that has won the Javelin Mobile Banking Leader award.
BBVA has an expansive selection of personal, commercial, small business, commercial and wealth products meant to bring innovative banking and cutting-edge technology to its customers.
The BBVA Mobile Banking 9.0’s newly designed interface makes it easy to track your finances. Your balance for each account, along with every posted and pending transaction, provides a snapshot of your current financial standing with just a click.
If you’re in the personal banking market, BBVA provides both checking and savings accounts, credit cards and several types of loans. Depending on your area, you can access nationwide or regionally-available products.
Iowa customers have access to nationwide products. For checking, choose from Premium and Online Checking. They have many similar features, but the main difference is that Premium Checking earns an APY and can earn cash back with a debit card. Online Checking earns cash back and is for people who don’t live near a branch.
Open either account with a deposit as low as $25. In-person banking is available at more than 64,000 BBVA branches, BBVA ATMs and co-op ATMs throughout the U.S.
While BBVA has 649 branches in the United States, it doesn’t operate any in Iowa. But you can use the BBVA Mobile Banking app and eligible ATMs for in-person banking.
Frequently Asked Questions
Q: What is the difference between a bank and a credit union?
A: Banks are large financial institutions funded by investors and profit. Banks often offer numerous branches. Bank’s profitable status also means customer’s benefit from cutting-edge technology.
Credit unions are member-owned. This means profits are returned to members, often in the form of competitive rates on interest-bearing accounts and loans. A credit union is great if you’d like a personalized relationship with your bank.
Q: Is my money safe in a bank account?
A: Banks generally insure the funds you deposit, so, yes. Your funds are secure up to $250,000. Funds are insured by the Federal Deposit Insurance Corporation (FDIC).
Finding the Right Bank
Whether you want to go fully-digital or prefer a more analog approach, online and brick-and-mortar banks each have benefits. Look for a bank that offers incentives like relationship perks or rewards for spending with your bank account.
No matter our priorities, use Benzinga’s carefully-selected list of vetted banks to find the best bank for your unique needs.
To determine the best banks in Iowa, Benzinga analyzed over 100 banks and financial institutions. We gave weight to banks in Iowa with co-op ATMs and cash-back options. We also gave greater rankings to banks which offered the following: checking and savings accounts, online banking, personal loans, mortgages, educational resources, and a mobile app.