Best Banks in Tennessee

By Penelope Besana
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U.S. Bank leads the pack of great picks in vibrant Tennessee. Keep reading to find out the rest.

What are the best banks in Tennessee?
Here are the top banking picks in Tennessee based on their useful features and accessibility:
  1. U.S. Bank: Best Big Bank
  2. Regions Bank: For Branch Banking
  3. First Horizon® Bank: For Checking
  4. Truist Bank: For Relationship Banking
  5. Ally Bank: Best Online Bank
  6. Fifth Third Bank: For Military Banking
  7. CIT Bank®: For Savings
  8. Bank of Tennessee: Best Local Bank

Choosing the right bank in the Volunteer State can transform how you manage your money. You'd want a partner that helps you stay aligned with your financial goals and lifestyle.

Explore your best options alongside their pros and cons, and more.

8 Best Banks in Tennessee

Even with online conveniences, preference for traditional banks remains as steadfast as biscuits and gravy in Tennessee.

Let's start with a bank you've probably already heard of.

What is your top priority when looking for a new bank?

U.S. Bank: Best Big Bank

If you live in bigger cities like Nashville and Knoxville and want a well-established national bank, look no further. U.S. Bank has many branches in urban areas, which is pretty convenient if you need frequent in-person access.

It's ideal for everyday banking, especially with the U.S. Bank Smartly Checking account. You can enjoy a Visa debit card and access to over 40,000 MoneyPass ATMs nationwide.

Their highly-rated mobile app helps keep you in control of your money. Get tools to track spending, set budgets, plan for goals, and monitor your credit. You can even link accounts from other banks to see a clear view of your finances.

While there’s no minimum balance required to maintain the account, maintaining a higher balance is one way to waive the monthly fee. The fee is also automatically waived for youth ages 13–17, young adults ages 18–24, seniors aged 65 and older, and military personnel.

Have kids? With U.S. Bank Smartly Checking, you get complimentary access to Greenlight. This lets you provide a debit card to your kids that you monitor, perfect for teaching them money management early on.

Alternatively, the U.S. Bank Safe Debit Account is a simpler option than traditional checking. It’s a checkless checking account and has no overdraft fees—perfect for those who prefer to manage spending with more control.

Pros:

  • Extensive ATM network
  • 24/7 customer support
  • Free student checking account
  • Various savings accounts, CDs, and MMAs available

Cons:

  • Higher minimum balance to waive monthly fee
  • High balance requirement to earn good savings APY

Also Read:

Regions Bank: For branch banking

Regions Bank has the most branches in Tennessee—over 200 statewide. While it doesn't have offices in rural counties, it's still easy to access from nearby towns. For example, if you live in Clay County, its branches in Cookeville are just a short drive away.

Regions Bank might be worth it for those who want to open both a checking account and a credit card. They have an excellent Rewards Multiplier program that allows you to earn cash back on eligible credit card purchases.

What's more, the higher your balance across your accounts (like checking, savings, and CDs), the more cash back you can earn—turning your deposits into extra perks.

LifeGreen Checking is a great pick if you want benefits like unlimited check writing, overdraft coverage, discounts on loans, and more.

It also lets you open a LifeGreen Savings account with no monthly fee. You also get the chance to earn an annual savings bonus, perfect for those who want to maximize their funds.

Want to explore more options? Regions Bank offers other choices like an interest-earning account, an e-checking account, and an account with no overdraft fees. Read more about it here.

Pros:

  • 2,000+ ATMs in 15 Southern and Midwestern US states.
  • 1,250+ branches in 15 Southern and Midwestern US states.
  • Option to earn Relationship Rewards
  • Potential to earn bonus on LifeGreen Savings account

Cons:

  • Higher requirements to waive monthly fees for some accounts
  • Low rates on interest-earning checking account

Although Regions Bank has a large branch footprint in Tennessee, it also offers reliable online and mobile banking services. You can view your balances, deposit checks, send money with Zelle®, etc., wherever you are.

First Horizon® Bank: For Checking

First Horizon Bank is a homegrown financial institution founded more than a century ago in Memphis. Today, it remains one of Tennessee's leading regional banks. It has over 130 branches statewide, including urban hubs like Nashville and smaller cities like Columbia.

First Horizon offers a variety of checking and savings accounts while promising to offer personalized service. One example is its FirstView Checking account. It has a low opening deposit and no monthly fee when you sign up for eStatements.

Another is the SmartView Checking, which lets you earn two types of interest on your balance. One is Reward Interest when you qualify for a monthly service charge refund. Then, once your balance reaches $25,000, you'll be awarded a Reward Tenure Interest.

Additionally, if you run a small business, BizEssentials Checking is a great starter business account. It has no monthly fee and comes with a fairly generous amount of free banking transactions and cash deposits.

Pros:

  • Free checking option
  • Sign-up checking bonus
  • Large branch presence in TN

Cons:

  • Overdraft/chargeback fees
  • No Sunday live support

Truist Bank: For Relationship Banking

Truist is another bank with an impressive presence in the state—over 90 branches across Tennessee. However, you'll find fewer of them in rural counties such as Pickett, Van Buren, and Hancock.

Truist stands out for its rewards program. For instance, if you have a Truist One Checking and a qualifying credit card, you can take full advantage of its tiered rewards structure.

Here's a sneak peek of Level 1—the entry tier for combined monthly average balance under $10,000:

  • Optional Delta SkyMiles® Debit Card (with yearly fees)
  • A Truist One Savings account (no monthly fee)
  • 10% loyalty bonus on eligible Truist credit cards
  • Free first order of 10-pack checks

And that's just from the get-go. As your relationship (and deposits) grow, so will your incentives.

Even if your Truist One Checking account doesn't earn interest, you still get a complimentary savings account that does. And you can link it to your checking account for overdraft protection.

Truist Community Checking is a free account designed specifically for nonprofit, small community, or civic organizations. You get a specific number of monthly transactions plus unlimited cash deposits at no additional cost.

Pros:

  • Instant perks for checking
  • $100 negative balance buffer for qualifying clients
  • No overdraft-related fees

Cons:

  • Few branches near rural areas
  • No Sunday live support

Ally Bank: Best Online Bank

If any bank could convince you to try fully digital banking, it would probably be Ally. It offers features you won't always find at traditional banks.

Ally Bank is a solid pick if you want strong interest rates and don't mind only banking online. It charges no monthly fees and offers competitive returns on savings.

The Ally Savings Account offers a solid 3.50% APY with no minimum balance. One standout feature is the "buckets" tool, which lets you divide your savings into different goals (like for emergencies or a new car). This helps you track your progress and stay organized.

If you need a checking account, the Ally Bank Spending Account got you covered. It has no monthly fees, no overdraft charges, and access to early direct deposit to keep your cash flow running smoothly.

With the Ally Spending Account, you get a debit card with access to 75,000+ no-fee Allpoint and MoneyPass ATMs nationwide. You’ll also be reimbursed up to $10 for out-of-network ATM fees each statement cycle.

Pros:

  • 75,000+ no-fee Allpoint and MoneyPass ATMs
  • Interest-earning checking account
  • Competitive APYs compared to traditional banks
  • Handy digital banking tools

Cons:

  • No physical branches
  • No cash deposit

If you're part of Tennessee's significant military population, thank you for your service! This next bank might be for you.

Fifth Third Bank: For Military Banking

Fifth Third Bank is a national bank whose core markets are in the Midwest and Southeast, especially in Ohio. In Tennessee, it has over 40 branches across the state.

Thanks to its century-long history and strong regional focus, you'll get the stability of a big bank coupled with a local feel.

Fifth Third Bank also offers a wide variety of financial products, including checking accounts tailored for certain customer groups. The Fifth Third Military Checking, in particular, is for:

  • Military families, including active duty, retired, reserve/guard and veterans.
  • Commissioned officers of the Public Health Service and the National Oceanic and Atmospheric Administration.

This special checking account is even more valuable if you have VA loans. If you qualify, you'll enjoy lower loan rates, little or no down payment, fewer closing costs, and other perks.

Pros:

  • Free checking option
  • Full-service banking
  • Access to extended fee-free ATMs
  • Overdraft management program

Cons:

  • High overdraft fee
  • No Sunday live support

CIT Bank®: For Savings

CIT Bank® is the online division of First Citizens Bank. It offers a range of savings accounts with comparably higher APYs. This would be a great choice if you want to grow your money and are comfortable with fully online banking.

You can begin your journey with Savings Connect, which pays a flat but very competitive rate of 3.90% regardless of your balance. But if you have at least $5,000 to stash, you can opt for the Platinum Savings instead. It offers a higher APY and has no monthly fee, letting you grow your money even more.

CIT Bank's only checking account—eChecking—also lets you earn up to 0.25% APY on your account balance. However, this account is only a good fit for debit card users since it doesn't include check-writing capabilities.

While CIT Bank doesn't have its own ATM network, it makes up for it by reimbursing ATM fees up to $30 per month.

Pros:

  • Competitive savings APY
  • No fees on many services
  • No minimum balances to earn interest

Cons:

  • No cash deposits
  • No Sunday live support

Also Read:

Bank of Tennessee: Best local bank

Bank of Tennessee is another homegrown financial institution based in Kingsport, TN. It has around 20 branches in Central and Eastern Tennessee, plus two more in North Carolina.

It serves individuals, businesses, and commercial clients with a focus on local engagement and personalized banking. For example, it actively promotes Tennessee-owned businesses through its Shop Local initiative and sponsors events that involve the community.

For personal use, it offers a line of Perfect Checking accounts for different needs, including:

  • Simply Perfect (free checking)
  • Enhanced Perfect (interest-earning)
  • Everything Perfect (premium variant)
  • Prime Perfect (for seniors)

These accounts include ATM Unlimited, which means you can use any ATM and have any associated fees reimbursed.

If you have a small business or are just starting one, try Bold Checking. It has no monthly fee and comes with a generous amount of free transactions.

Bank of Tennessee has two divisions.
Carter County Bank serves Elizabethton while Mountain Community Bank has branches in Roan Mountain and North Carolina.

Pros:

Cons:

  • Limited physical branch locations
  • No live support on weekends

Types of Banks in Tennessee

Here's a look at the different types of financial institutions available in Tennessee:

National banks
These are banking giants that operate across state lines under the laws and regulations of the Office of the Comptroller of the Currency (OCC)—a division of the U.S. Department of the Treasury. Chase and Bank of America are examples.

Regional banks
Unlike national banks, these banks focus on serving specific geographic areas like Tennessee and Florida. The Federal Reserve defines it as any bank with total assets between $10 billion and $100 billion.

Examples include First Horizon Bank ($81 billion+) and Cadence Bank ($52 billion+).

Online banks
Online banks operate entirely through websites and mobile apps, without the need for brick-and-mortar locations. This setup enables them to offer better rates and lower fees on products and services. Examples include Ally and CIT Bank.

Credit unions
As member-owned financial cooperatives, credit unions flip the traditional banking model by prioritizing service over profit. This structure can also translate to favorable savings and loan rates. Eastman Credit Union and Knoxville TVA Employees Credit Union are examples.

Community banks
Community banks are small, locally focused financial institutions that tend to be chartered at the state level. They often emphasize personalized service and usually have assets that don't exceed $10 billion. Bank of Tennessee and SouthEast Bank fall under this category.

Which type of bank is best?
National banks may be the best choice if you want a full range of services and nationwide access. Meanwhile, online banks are your go-to for high interest rates and low fees. Community banks and credit unions offer more personalized service and stronger local support.

How to Choose the Best Bank in Tennessee

Just like you're laying down roots in Tennessee, your money also needs a financial home. Here's what to consider when choosing the right bank:

Accessibility
Convenience is key. Choose a bank with branches close to your home and work, so you have easy access to ATMs and in-person support.

Checking and savings accounts
Pick a bank with the accounts and features you need. For example, some banks' checking accounts may have overdraft assistance or free budgeting tools.

Monthly fees
Some banks (especially traditional banks) charge a monthly fee unless you maintain a certain minimum balance or meet other criteria. This doesn't have to be a dealbreaker, as long as you can easily meet the requirements.

Additional services
Looking for more than banking? Banks usually also offer credit cards, loans, investment tools, and small business products. Look into the bank's other services if you want a one-stop-shop.

How to Open a Bank Account in Tennessee

Opening an account at a bank is easier and less daunting than you might think. The steps are pretty much the same everywhere. Here's how it usually goes:

  1. Go to the website or visit a physical branch.
  2. Complete the application form for your chosen product. You'll need to provide basic personal information, SSN/ITIN, and a valid ID, more or less.
  3. Submit your application and fund your account.

For credit unions, you'll need to meet their membership requirements first.

Methodology

To determine the best banks in Tennessee, we looked for ones that offer the following:

  • Federal Deposit Insurance Corporation (FDIC) insurance
  • Online and mobile banking
  • Affordable checking accounts
  • Customer phone support
  • Ways to avoid or manage overdrafts
  • Online account opening
  • Proven track record/long history

We also considered banks with multiple physical locations across the state, free checking accounts, or competitive interest rates for their savings accounts. That way, you can choose the bank that fits your lifestyle and financial goals.

Still have questions about Tennessee banking? Check out some of the answers by clicking the dropdowns below.

FAQS

  • What are the best and worst banks in Tennessee?

    U.S. Bank, Regions Bank, and First Horizon Bank are just some of the best banks in Tennessee. They have multiple products, lots of branches, and occasional sign-up bonus offers. Meanwhile, big banks that operate in the state like Chase, Wells Fargo and Bank of America can be considered less than ideal.

    While those banks have their strong points, they also have higher-than-average complaints filed with the Consumer Financial Protection Bureau (CFPB), particularly on their debanking practices. This has led to a Senate hearing in February 2025.[1]

  • Is First Horizon only in Tennessee?

    No, First Horizon Bank isn't only in Tennessee. While it's headquartered in Tennessee, it also has a couple of hundred branches across the Southeastern US, as well as in states like Arkansas, New York, Texas, and Virginia.

  • What is the largest credit union in Tennessee?

    Eastman Credit Union is the largest credit union in Tennessee. It has over 340,000 members, multiple TN branches, and nationwide ATM access through its partnership with Allpoint® and Presto! networks.

  • What is the largest bank in Tennessee?

    Chase is the largest bank in terms of assets that operates in Tennessee. But if you're talking about a bank headquartered in Tennessee, the biggest would be First Horizon Bank. Its total assets are valued at over $81 billion.[2]

  • Is One Bank of Tennessee a local bank?

    Yes, One Bank of Tennessee is purely a local bank with many physical locations in Middle and East Tennessee. It's also family-owned since its founding more than a century ago.

Bottom Line

The best banks in Tennessee are comprised of familiar names, local institutions, regional powerhouses, and even online banks.

You have U.S. Bank if you prefer the stability of a big bank. There's the homegrown First Horizon Bank with its various checking and savings accounts. Ally and CIT Bank's attractive APYs may change your mind about online-only banks.

With four other standout options, there's likely a bank that aligns with your needs. Compare them carefully to find your best match.

References

  1. ^ US Senate. Supplemental Memorandum re: Analysis of CFPB Consumer Complaints Related to Debanking, Retrieved 5/05/2025
  2. ^ Federal Reserve. Federal Reserve Statistical Release, Retrieved 5/06/2025

Penelope Besana is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Penelope Besana at penelope.besana@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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