Whether you want to switch over to a new bank, open a checking account for the first time or open a business banking account, you have a wide range of banks in Rhode Island to choose from. But, finding the right choice can be a hassle. Benzinga has done the heavy lifting to uncover the best banks in Rhode Island.
Read through our selection to compare your options.
Best for Credit Cards: Bank of America
Bank of America boasts an impressive collection of 22 credit cards that offer cash rewards, travel rewards, airline rewards, low interest rates and an option to help you build your credit. Its collection also includes cards for students and no annual fee cards.
Like other major banks, Bank of America serves private individuals, small to medium-sized businesses and large corporations. It also offers individual savings accounts, checking accounts, personal loans, mortgages, auto loans, learning resources and investing services.
While Rhode Islanders can visit only 27 Bank of America’s financial centers and ATMs, you can access your money at thousands of offices and fee-free ATMs countrywide. Bank of America’s advantage savings account lets you enjoy interest rate boosters, waivers on certain banking services and up to 15% cash back at restaurants and stores.
Its advantage banking checking account comes with 3 settings to help you switch up as life changes.The mobile app lets you manage your money from almost anywhere. It also includes Zelle®, so you can send and receive money from others no matter where they bank.
Best Checking Account: Axos Bank
Axos Bank’s award-winning checking accounts have a reputation for cashback rewards, low to no monthly maintenance fees and unlimited domestic ATM fee reimbursements. Private, business and partner banking customers can also access certificate of deposits (CDs), personal loans, home purchase loans, auto refinance and income property lending.
Its standard checking accounts include:
- Rewards checking: Enjoy unlimited domestic ATM fee reimbursements, no nonsufficient or overdraft fund fees and earn up to 1.25% APY.
- Essential checking: This no-fee checking account lets you get your paycheck up to 2 days earlier with its direct deposit express.
- CashBack checking: You’re eligible for 1% cash back on eligible purchases when you maintain a $1,500 debit card balance.
Its specialized checking accounts include golden checking for ages 55+ years and first checking for ages 13–17 years.
Axos Bank is also home to low mortgage rates and products optimized for your home-buying needs. Whether refinancing or purchasing, you’ll work with an experienced mortgage specialist throughout the process. Investors can also take advantage of Axos Invest® managed portfolios for automated goal-based financial planning.
Best Savings Account: CIT Bank
Whether you want to start a college savings fund or save to buy a home, CIT Bank’s savings builder account is worth your attention. This account earns you one of the nation’s top rates — 16 times the national average. Your 1.01% interest rate kicks in immediately when you open your account through the 1st evaluation day. You can also open a premier high-yield savings account and enjoy daily compounding interest to maximize your earning potential.
You can also build an emergency savings fund through its money market account which lets you earn interest 11 times the national average. Its CD options include term CDs, no-penalty CDs and jumbo CDs.
Enjoy the convenience of online and mobile banking with an eChecking account. Other perks include 0$ ATM fee charges, check deposits via the mobile app and 24/7 account access. You can also make payments and purchases via mobile with Samsung Pay, Apple Pay, Bill Pay and Zelle®.
Best for Commercial Banking: Citizens Bank
Headquartered in Providence, Rhode Island, Citizens Bank is home to a wide range of commercial and retail banking products and services. In commercial banking, Citizens offers a vast complement of financial products and solutions, including lending and leasing, foreign exchange solutions, deposit and treasury management services and commodity risk management solutions.
Other services include merger and acquisition, corporate finance, loan syndication as well as debt and equity capital markets capabilities. Its vast customer base includes individuals, small businesses, large corporations, middle-market companies and large institutions. The bank offers its customers the convenience of about 2,900 ATMs and over 1,100 branches in 11 states in the Midwest, Mid-Atlantic and New England regions.
Citizens also eases consumer banking with a host of checking accounts that include:
- Student checking
- One deposit checking
- Citizens Platinum checking
- Citizens Platinum Plus checking
You can also save for the future with the bank’s savings accounts, money market accounts, CD or IRA savings. Bank with Citizens anytime using its mobile from your Android, iPad or iPhone.
Best for Digital Banking Services: BBVA
BBVA operates branches across the country while specializing in personal banking, small business solutions, corporate solutions, commercial solutions, investment banking and wealth management solutions. The bank stands out for its digital banking services that allow you to bank on-the-go.
Its award-winning mobile app lets you pay bills, deposit checks, transfer money and view account balances anytime, anywhere. You can also enroll BBVA Visa® Cards in Samsung Pay, Google Pay and Apple Pay and pay retailers directly from your mobile device. Other convenient services include 24/7 ATM banking and remote banking.
Visit the BBVA website to get started. Choose the type of savings or checking account and submit your online application. One of its bank representatives will get in touch to complete your account setup. You could save up to $144 per year with BBVA’s free checking account. Individuals can also access credit cards, mortgages, investments, lending and learning resources.
Frequently Asked Questions
Q: When will my debit card arrive?
A: Typically, you should receive your new debit card by mail 3 to 5 days after you request it. Contact your bank if the card hasn’t arrived within 2 weeks.
Q: How can I use my mobile device to bank online?
A: Most banks give you 3 ways to bank on your mobile device:
- Through a mobile app, you can quickly sign in using biometric authentication, pay bills, deposit checks, transfer funds, set up alerts to monitor account activity and more.
- Access the mobile website to check account balances, monitor your activity, pay bills, make transfers and more.
- Text banking lets you quickly request and receive account information as well as move money between eligible accounts through text message.
Choose a Bank that Meets Your Needs
Choosing a bank for your personal banking isn’t easy and finding one for your business needs can be more overwhelming. There isn’t a single best bank out there. Banks differ in the financial services and products they offer to their clients — fees, lending options, interest rates, features and perks vary widely. Look for a bank that offers the combination of features that best match your needs.
It’s acceptable to have more than a single bank account if you can manage them responsibly. Your objective is to secure the best combination of terms wherever you can find them.
To determine the best banks in Rhode Island, Benzinga analyzed over 100 banks and financial institutions. We gave weight to banks in Rhode Island with co-op ATMs and cashback options. We also gave greater rankings to banks which offer the following: checking and savings accounts, online banking, personal loans, mortgages, educational resources and a mobile app.
Hire a Pro: Compare Financial Advisors In Your Area
Finding the right financial advisor that fits your needs doesn't have to be hard. SmartAsset's free tool matches you with fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is legally bound to act in your best interests. If you're ready to be matched with local advisors that will help you achieve your financial goals, get started now.