Local banks are a mainstay in many states because they tend to offer higher interest rates, annual percentage yield (APY), lower fees and more flexible terms than their much larger national counterparts. They are also better prepared to cater to the particular needs of local residents because, in many cases, bank officials live in the same neighborhoods.
Here are our picks for the best banks and credit unions in Texas for 2023-2024:
- Wellby Financial (formerly JSC Credit Union) - Best Overall
- Frost Bank - Best Customer Satisfaction
- Credit Human - Best Rates
- Texas Capital Bank - Best Fees
- Texas Trust - Best Rewards
Wellby Financial wins best overall for Texas for its variety of accounts and other financial products. Wellby also offers decent APY on its savings accounts, and there are no monthly fees for any of its account offerings. Plus, you’ll get access to online banking, direct deposit and identity theft recovery services on all accounts.
- Low opening balances
- 4.08% APY on Savings Plus account when paired with checking
- 55,000-ATM network and 5,000 shared branches
- No ATM access for savings accounts
Frost Bank has received the highest ranking in customer service in Texas by J.D. Power 14 years in a row, making it our choice for best customer service. Frost has convenient customer tools, including a 24/7 helpline available even to non-customers. You can also earn a higher-than-usual interest rate on its savings account and one-year certificate of deposit.
- 0.08% APY on checking and 1% on savings
- Easily waived low monthly service fees
- 4.3% APY on 1-year CD
- Only two free savings account withdrawals per month
Credit Human offers 6% APY on its 1-year Share Certificate, one of the best CD rates available right now and way above the national average of 1.76% APY for 1-year CDs. You’ll also earn a high interest rate on savings and money market accounts. While most credit union products are only available to a limited number of customers and usually have strict eligibility criteria, Credit Human’s CD is widely available to most Americans.
- 55,000-ATM network
- Money Market APY up to 2.10%, depending on balance
- 0.65% APY on savings
- No monthly fees
- Low APY on checking compared to others
- Limited fee-free savings withdrawals below specific minimum balance
We chose Texas Capital Bank as the best for low fees because there are no monthly service fees, reasonable overdraft fees and low wire transfer fees compared to other banks we considered. Open a Star High Yield Savings account, and earn 5% APY on balances up to $1 million. There are no monthly fees for this account.
- 5% APY for Texas residents
- 55,000+ ATMs in network
- 4 out-of-network ATM fee rebates per month
- Out-of-network ATM fees aren't disclosed
We picked Texas Trust Credit Union for the added value customers can get with its Bonus Checking account, including free telehealth. Bonus Checking from Texas Trust also offers identity theft protection, cell phone protection, overdraft forgiveness, a large ATM network and the convenience of mobile banking.
- Mobile and online banking
- 55,000-Allpoint ATM network
- Low APY compared to other credit unions
- No APY on Bonus Checking
- $0 to $10 monthly service fee, depending on balance
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.
More from Money