The best banks in Florida offer a variety of banking products and services, attractive interest rates, little to no bank fees, and modern tools to help manage your accounts. The state’s top banks offer convenient access from the Panhandle to the Keys through ATM and branch networks, and they score high among consumers for customer satisfaction.
The Best Banks in Florida for Branches
Florida has 95 banks operating within its boundaries, according to the Federal Deposit Insurance Corp., the agency that protects bank deposits. The FDIC says the state’s banks hold $274 billion in total assets.
The largest deposit markets in Florida are:
- Miami-Fort Lauderdale-Pompano Beach
- Tampa-St. Petersburg-Clearwater
- Jacksonville
- Orlando-Kissimmee-Sanford
- North Port-Sarasota-Bradenton
Several national banks maintain large presences in the Sunshine State. Banks with the most branches in Florida include Wells Fargo, Truist, Bank of America and Chase.
Banks With Most Branches in Florida
The Best Banks in Florida for Customer Service
You want a bank you can trust and that provides support when you need it. Below are the best banks in Florida for customer service, according to J.D. Power’s 2022 Retail Banking Satisfaction Study. The average customer satisfaction score among Florida banks was 659 out of a possible 1,000.
Top Florida Banks for Customer Service
Types of Banks in Florida
The right bank may depend on the type of bank you prefer. While there are several options, most banks in Florida belong to one of the following categories.
National Banks
In Florida’s major cities, it’s not hard to find America’s banking behemoths—the huge national banks with familiar names and large branch networks. The nationals offer wide assortments of banking products, including checking and savings accounts, mortgages, credit cards and investment services. The largest national banks—namely Chase, Bank of America, Citibank and Wells Fargo—each hold trillions of dollars in assets.
Regional Banks
The regional banks have chains of branches that are confined to a region of the U.S., like the Southeast or Florida and neighboring Alabama. These midsize banks typically provide a mix of banking products for both consumers and businesses. The Federal Reserve considers a bank a regional bank if it has total assets of between $10 billion and $100 billion.
Community Banks
More than 90% of U.S. banks are community banks that serve small geographic areas. Most of their depositors live in the local community, which is also where the banks make many of their loans. Florida’s community banks may have as few as one or two branches, where customers can apply for a narrow selection of banking products. The Fed says a community bank holds less than $10 billion in assets.
Online Banks
People in Florida also have the choice of banking with online banks that have no brick-and-mortar locations and operate virtually everywhere in the U.S. So, they can’t quite be described as “Florida banks.” These digital banks provide services through online and mobile access, and their low overhead from not maintaining branches allows them to offer higher interest rates and lower fees.
How To Choose the Right Bank in Florida
If you live in Florida, your preferences and needs should take the lead when choosing a bank. Here are some factors to consider in your decision.
Accounts and Services
You can find various products and services at banks. Some banks offer full-service banking, meaning they provide checking accounts, savings accounts and other bank accounts, plus lending services, credit cards and retirement and investment services. Consider the type of accounts you want to open before choosing a bank.
Fees
Some banks charge fees for specific transactions and to service accounts each month. Sometimes you can avoid fees by maintaining a minimum balance or meeting other monthly requirements.
Your bank may charge fees for wire transfers, overdrafts, excessive withdrawals, ATM transactions and late payments. Bank fees can undermine savings growth, so make sure you can meet account requirements to avoid fees, or find a bank that doesn’t charge monthly service fees.
Interest Rates
Compare interest rates to find a bank that will help you maximize your savings. The higher the APY, or annual percentage yield, the more interest you’ll earn on your deposits.
Some savings products earn the same rate for all balances, while others offer tiered interest rates based on the amount in your account. Online banks and credit unions usually offer higher APYs than traditional banks.
Convenience
Access to your money is a priority for all banking customers. Some banks make it easier to get your hands on your money when you need it.
Look for banks that offer multiple ways to access or manage your accounts. Conveniences like a large fee-free ATM network or a mobile banking app give you more freedom to withdraw or move your money. Bank apps often include helpful services like mobile check deposits and bill pay.
Customer Service
Getting support when you need it should be the goal for every bank. Determine the type of support you prefer. and compare banks to find one that meets your needs. Brick-and-mortar banks and credit unions offer in-person support you may not get elsewhere. Many banks offer modern support features like live, private messaging, virtual assistants and other digital support tools.
Tips on Banking in Florida
Compare several Florida banks to find the right fit for your needs. Consider which accounts and features matter most.
Avoid banks that charge excessive fees or don’t offer convenient ways to access your funds or get support. Use multiple banks if you don’t find one that meets all your needs.
Choosing a good bank is important, but don’t get bogged down in the details too much. You can always switch banks if you find one that better suits your needs or offers more attractive rates.
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