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Published: Oct 18, 2023 4 min read

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Local banks and credit unions are often the most convenient banking option. By serving a smaller area, they can address their customer’s needs with greater agility, often providing services that are hard to find in larger banks. They can also be more flexible on fees and offer many customer perks.

At the same time, some familiar names in banks also do a fine job of serving particular states. We drew on both regional and national banking institutions to compile our picks for the best banks and credit unions in Florida for 2023-2024:

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Despite having physical locations only in the Miami area, Banesco is our pick for best overall bank because of its accounts' low opening balance requirements, low service fees that can be easily waived and higher-than-usual interest rates paid on its deposit accounts. You can earn 0.40% APY when you open a Direct Interest Checking account and over 4% APY on the bank’s certificates of deposit.

Pros
  • Low opening balance
  • Low fees
  • 0.40% APY on checking
  • 4%+ APY on CDs
Cons
  • CDs can only be opened in a branch
  • Only six branches, all in Miami area

Although Chase is a large national bank, it ranked highest in Florida in J.D. Power's 2023 U.S. Retail Banking Customer Satisfaction Study, receiving 686 points out of 1,000. Customers who bank with Chase have access to various banking products and services, plus an extensive ATM network. New customers can earn a $200 bonus when they open a checking account.

Pros
  • Sign-up bonus for new customers
  • Branches nationwide
  • 15,000 ATMs nationwide, including an expansive Florida network
Cons
  • Low APYs on accounts compared to other banks
  • High monthly fees

Achieva’s Consumer Premium Savings Account is our choice for the best rate. Depending on the account balance, it pays between 2.5% and 4% APY and only requires a $1 opening deposit. Plus, there are no monthly fees. When earning requirements are met, you can get 1% APY on Achieva’s Plus Checking account on balances up to $15,000.

Pros
  • Up to 4% APY on savings
  • 1% APY on checking
  • Broad membership requirements
Cons
  • $6.95 monthly service fee on checking account can't be waived

Amerant Bank has the lowest account fees of all the financial institutions we considered and the monthly service fees it does have are easily waived, making it our choice for best fees. The insufficient funds/overdraft fee is $10, incoming wire transfers are $12 and there are no withdrawal limits or penalties. While Amerant’s own ATMs are limited, you’ll also have access to 55,000 fee-free ATMs through other networks.

Pros
  • Low fees
  • No withdrawal limits
  • Access to fee-free 55,000-ATM network
Cons
  • APY paid on accounts is lower than some competitors

Addition Financial’s Benefits Checking account is our choice for best rewards due to the many perks provided once account requirements have been met. Benefits include a 0.375% rate discount on mortgages, a 0.40% discount on consumer loans and a 50% discount on renting a 3x5 safe deposit box. Depending on the account balance, you’ll also earn between 0.05% and 1.25% APY. Refer a friend and earn a bonus of up to $300.

Pros
  • Rate discounts on loans and mortgages
  • Referral bonus
  • Up to 1.25% APY
Cons
  • $1,000 balance required to earn higher APY
  • Account requirements include making 20 debit card transactions of $10+ or at least $2,000 in cumulative direct deposits per month

How we chose the Best Banks of 2023-2024

To determine our list of Best Banks for 2023-2024, Money staff evaluated 273 of the largest retail banks, credit unions, regional and state banks, ranked by assets, and 20 of the most popular online banks. We then compared opening balance requirements, interest paid, fees and features to determine our top picks. You can read our full methodology here.

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Back to Best Banks of 2023-2024

Best Credit Unions of 2023-2024

How to Find the Best Regional Bank for Your Needs

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