Best Banks in Arizona

Overview of Banks in Arizona

Arizona is not only one of the largest states in the United States by population – with 7.3 million people in the state according to the U.S. Census – but is also the one of the largest states by area given its 114,000 square miles. We estimate that there are more than 60 banks currently operating in the state with a healthy mix of national and regional banks. In addition, on average Arizonians have bank accounts to a greater degree than the average American households according a 2019 study by the Federal Deposit Insurance Corporation which showed that the unbanked rate in the state was 4% in 2019. With such a high number of banks and a high adoption of bank accounts, sifting through the banking options can be unwieldy to say the least. We created this page to help accomplish a couple things. First, to help Arizonians hoping to learn more about their banking options within their state understand what their options are. And second, to provide a vetted overview of the best banks following our assessment of the various banks operating in the state.

What are the best banks in Arizona?

You can review the methodology section below for full details on how we went about picking the best banks in the state. We limited the list to 8 banks to make it easy for consumers to go through the list while at the same time providing enough options such that regardless of where you live in the state you have at least a few good options from which to choose. With that, here’s our view of the best banks in Arizona (note that this list is in alphabetical order):

1. Bank of America

You can’t go wrong with Bank of America. Not only is it one of the largest consumer-oriented banks in the country, but it is also one of the dominant banks in the state with a deposit share of 17%. The bank has an extensive line of financial products to serve most consumer needs.

Pros
- Excellent Franchise with broad number of products and services
- Excellent online and mobile banking capabilities
- Great availability – over 16,000 ATMs and 4,000 branches nationwide
- Zelle availability
Cons
- No free checking account options
- Limited Perks on bank accounts unless you maintain a balance of $25,000 or higher
- Maximum interest rates offered on bank accounts is 0.01%

2. BMO Harris Bank

BMO Harris Bank is the United States subsidiary of the Bank of Montreal, one of the largest banks in Canada. The bank has a sizeable presence in the United States and great product offerings.

Pros
- Offers the “Smart Advantage Account” which is a totally free checking account
- $50 threshold for overdraft fees (standard threshold is $5-10)
- Excellent online and mobile banking capabilities
- Access to more than 40,000 fee-free ATMs nationwide
- Zelle availability
Cons
- Limited Perks on bank accounts unless you maintain a $25,000 or higher balance
- Maximum interest rates offered on bank accounts is 0.01%

3. BOK Financial

This bank might be under the radar to many consumers but it is one of the largest banks in the country (per the company, it is a top 25 bank) and has a full line of products and services for consumers.

Pros
- Offers the “Free Checking” account which is totally free and comes with one overdraft refund per year
- Premium checking account offering (requires $25,000 balance) is loaded with perks including:
  - Unlimited ATM rebates
  - Free wire transfers
  - Free overdraft protection
  - Free cashiers checks and much more
- Good online banking capabilities
- Zelle availability
Cons
- Maximum interest rates offered on bank accounts is 0.01%
- Overdraft threshold is $0.00

4. Chase Bank

Chase Bank is the largest bank in the United States, has one of the most recognizable brands in the country and also maintains the largest share of deposits in Arizona which stood at 26% as of June 30, 2021.

Pros
- Arguably the best banking franchise in the country
- Excellent online and mobile banking capabilities
- Great accessibility – 16,000 ATMs and 4,800 branches across the country
- $50 threshold for overdraft fees
- Zelle availability
Cons
- Limited perks on bank accounts unless you maintain $15,000 or higher balance
- Maximum interest rates offered on bank accounts is 0.01%
- No free checking account option is available

5. MidFirst Bank

MidFirst Bank is the smallest of the banks on our list and is a privately-owned bank based in the state of Oklahoma. The company claims to be the largest privately owned bank in the country.

Pros
- Offers a completely free checking account option: LiveFree Checking
- Offers a 0.15% savings account rate, which is 15 times higher than most large banks
- Good online banking capabilities
- Zelle availability
Cons
- Limited branch availability within the state

6. Union Bank

Also known as MUFG Union Bank, this bank is currently in the process of consummating a transaction where it will be acquired by US Bank, which is already one of the largest banks in the country.

Pros
- Offers a free checking account option (“Bank Freely”) which comes with 2 ATM fee rebates per statement cycle
- No charge for transfers to cover an overdrawn checking account
- Zelle availability
Cons
- Online banking capability could be better

7. Wells Fargo

Across the United States, Wells Fargo is one of the most recognizable brands in the banking industry. This is in large part due to its size and ubiquity. It is the second largest of the banks in Arizona with a deposit share of 22%.

Pros
- Excellent Franchise with a broad number of products and services
- Excellent online banking capabilities
- Great availability – over 13,000 ATMs and 4,800 branches nationwide
- “Everyday Checking Account” is one of the best value for money checking accounts available
- Zelle availability
Cons
- No free checking account option
- Maximum interest rates offered on bank accounts is 0.02% for relationship customers

8. Zions Bank

Zions Bank is a mid-sized bank that is a collection of banking brands across the mid-west United States including Zions Bank, Amegy, CB&T, NB | AZ, NSB and Vectra. The bank had $93 billion of total assets as of March 31, 2022.

Pros
- Offers “Anytime Checking” account option which has no monthly charge
- Offers “Anytime Interest Checking” account, which is a great checking account for consumers that can maintain $1,500 or more
- Excellent online banking capabilities
- Offers a 0.16% APR on its savings account, which is more than 15 times the rate offered by most large banks
- Zelle availability
- Overdraft threshold of $30 (increased from $5)
Cons
- Less accessible than national banks

How do the Best Banks in Arizona Compare Nationally

One of the more difficult questions to answer when deciding among various banks is whether the advertised and hidden fees are high, low or just about right. It is important to pay attention to the policies of your bank (or potential bank) as these fees can quickly become quite significant. For example, while most banks have limits on the number of overdraft fees that can be charged to a customer in a given time period, some banks do not, creating the potential for consumers to incur thousands of dollars of overdraft fees in just a few days. Therefore, beyond just assembling our list of the best banks in the state, we wanted to cross check our recommendations. The chart below summarizes how our recommendations compare vs. banks nationally.

The chart above shows what the 8 best banks in Arizona from our list charge on average for banking services across 10 categories. We have compared this with the median bank nationally in the United States. To compile a national median we included fees from more than 50 banks, including the most important banks in the country. What should be clear is that across all 10 categories, the banks in our list on average charge lower fees. In fact in many cases the fees charged are substantially lower as is the case for incoming wire transfers and cashier counter services such as money order and cashier’s checks. Maintaining an account at one of these banks will likely be more cost effective than the median bank in the United States.

How did we select the best banks in Arizona?

There are admittedly an endless number of factors one could consider when deciding between banks, but our belief has always been that consumers should first and foremost seek out banks that are secure, convenient and that offer the highest value.

Security – this is always the most important screening factor as if it is not safe for you to deposit your money into a bank, why would anyone consider opening or maintaining an account in the first place. On this measure we looked at bank’s insurance coverage (i.e., do they have FDIC coverage or not) and what percentage of the bank’s domestic deposits are covered by insurance and used a hard cutoff on both measures.
Convenience – for this measure we looked at two areas. First, how many branches the bank has within the area and how it compares to the overall density of banks in the state. The survey we conducted in early months of 2022 clearly indicated that bank customers still care about branch access. Second, we looked at the bank’s digital capabilities including compatibility with payment services such as Zelle and Apple Pay. In some cases having exceptional digital capabilities can make up for a smaller branch network.
Value – this represents the cost of maintaining a checking and savings account at a given bank relative to other major banks in the state and nationally. We’re concerned with measuring not just the stated costs for opening and maintaining the account, but also the less advertised costs that play a role in day to day banking, such as overdraft fees. We are also focused on the interest rates offered on accounts and how that compares to banks nationally, as well as discounts, bonuses and other perks offered on accounts.

What are the major banks in Arizona?

The below is a list of the major banks currently operating in Arizona. For each bank we’ve included important financial information to contextualize their size and importance in the state and also nationally. Overall, these banks represent 94% of the deposits held by banks in the state.

JPMorgan Chase Bank
- Total Assets: $3,307 billion
- Total Deposits in State: $52 billion
- Deposit Share in State: 25.7%
- % of Total Deposits in State: 2.6%
- JPMorgan Chase Bank is the largest of the banks in Arizona and is also the largest national bank operating in the state.
Wells Fargo Bank
- Total Assets: $1,780 billion
- Total Deposits in State: $45 billion
- Deposit Share in State: 22.2%
- % of Total Deposits in State: 3.1%
Bank of America
- Total Assets: $2,520 billion
- Total Deposits in State: $34 billion
- Deposit Share in State: 16.7%
- % of Total Deposits in State: 1.8%
Western Alliance Bank
- Total Assets: $56 billion
- Total Deposits in State: $19 billion
- Deposit Share in State: 9.2%
- % of Total Deposits in State: 44.1%
- Western Alliance Bank is the largest state bank operating in Arizona. As shown in the previous bullet almost 50% of the bank’s total deposits are derived from the state. The bank however is primarily a commercial bank serving businesses of varying sizes.
Zions Bank
- Total Assets: $93 billion
- Total Deposits in State: $7 billion
- Deposit Share in State: 3.5%
- % of Total Deposits in State: 9.4%
BMO Harris Bank
- Total Assets: $167 billion
- Total Deposits in State: $5 billion
- Deposit Share in State: 2.5%
- % of Total Deposits in State: 3.8%
MUFG Union Bank
- Total Assets: $128 billion
- Total Deposits in State: $4 billion
- Deposit Share in State: 1.8%
- % of Total Deposits in State: 3.5%
U.S. Bank
- Total Assets: $564 billion
- Total Deposits in State: $4 billion
- Deposit Share in State: 1.8%
- % of Total Deposits in State: 0.8%
MidFirst Bank
- Total Assets: $32 billion
- Total Deposits in State: $3 billion
- Deposit Share in State: 1.7%
- % of Total Deposits in State: 16.9%
BOK Financial
- Total Assets: $50 billion
- Total Deposits in State: $2 billion
- Deposit Share in State: 0.9%
- % of Total Deposits in State: 4.8%
Bank of The West
- Total Assets: $105 billion
- Total Deposits in State: $2 billion
- Deposit Share in State: 0.8%
- % of Total Deposits in State: 1.9%
UMB Bank
- Total Assets: $42 billion
- Total Deposits in State: $2 billion
- Deposit Share in State: 0.8%
- % of Total Deposits in State: 5.3%
Washington Federal Bank
- Total Assets: $20 billion
- Total Deposits in State: $2 billion
- Deposit Share in State: 0.8%
- % of Total Deposits in State: 10.1%
Glacier Bank
- Total Assets: $26 billion
- Total Deposits in State: $1 billion
- Deposit Share in State: 0.7%
- % of Total Deposits in State: 8.6%
Arizona Bank & Trust
- Total Assets: $2 billion
- Total Deposits in State: $1 billion
- Deposit Share in State: 0.7%
- % of Total Deposits in State: 100.0%
- Arizona Bank and Trust is the largest regional bank in Arizona and derives all of its deposits from within the state.
New York Community Bank
- Total Assets: $59 billion
- Total Deposits in State: $1 billion
- Deposit Share in State: 0.7%
- % of Total Deposits in State: 3.9%
The Northern Trust Company
- Total Assets: $184 billion
- Total Deposits in State: $1 billion
- Deposit Share in State: 0.5%
- % of Total Deposits in State: 1.9%
FirstBank
- Total Assets: $29 billion
- Total Deposits in State: $1 billion
- Deposit Share in State: 0.5%
- % of Total Deposits in State: 4.0%
First Fidelity Bank
- Total Assets: $3 billion
- Total Deposits in State: $1 billion
- Deposit Share in State: 0.4%
- % of Total Deposits in State: 34.7%
Western State Bank
- Total Assets: $2 billion
- Total Deposits in State: $1 billion
- Deposit Share in State: 0.3%
- % of Total Deposits in State: 49.3%
Great Western Bank
- Total Assets: $13 billion
- Total Deposits in State: $1 billion
- Deposit Share in State: 0.3%
- % of Total Deposits in State: 5.6%
Pacific Premier Bank
- Total Assets: $21 billion
- Total Deposits in State: $1 billion
- Deposit Share in State: 0.3%
- % of Total Deposits in State: 3.7%
Comerica Bank
- Total Assets: $95 billion
- Total Deposits in State: $1 billion
- Deposit Share in State: 0.3%
- % of Total Deposits in State: 0.8%
KS Statebank
- Total Assets: $2 billion
- Total Deposits in State: $1 billion
- Deposit Share in State: 0.3%
- % of Total Deposits in State: 25.4%
1st Bank Yuma
- Total Assets: $1 billion
- Total Deposits in State: $1 billion
- Deposit Share in State: 0.3%
- % of Total Deposits in State: 100.0%

What major banks are in Arizona?

We consider “major” to be synonymous with large or national. As shown in the previous section there are several national banks that have a substantial presence in Arizona including the following banks: JPMorgan Chase Bank, Wells Fargo Bank, Bank of America and U.S. Bank.

What bank does the state of Arizona use?

Bank of America currently serves as the servicing bank for the state of Arizona. Bank of America also currently serves as the Merchant Services provider for the Office of the Arizona State Treasurer.

What is the largest Bank in Arizona?

JPMorgan Chase Bank is both the largest bank operating in the state of Arizona and also the bank that has the largest share of deposits within the state of Arizona. As of July 31, 2021 JPMorgan Chase Bank had a 26% share of deposits in the state.,

How many banks are headquartered in Arizona?

Currently there are 13 banks that are headquartered in Arizona. These are the banks:

Western Alliance Bank
Arizona Bank & Trust
1st Bank Yuma
Horizon Community Bank
Metro Phoenix Bank
Commerce Bank of Arizona
Goldwater Bank
Republic Bank of Arizona
Gateway Commercial Bank
Mission Bank
Canyon Community Bank
BNC National Bank
West Valley National Bank

Western Alliance Bank is by far the largest of the 13 banks headquartered in Arizona. In total, these banks have more than $65 billion of assets and had $22.8 billion of deposits held within the state of Arizona as of March 31, 2022.

What is the largest credit union in Arizona?

The largest credit union in Arizona is Desert Financial Credit Union. This is the largest of the credit unions in Arizona in terms of both assets ($8.3 billion) and total members (397,180) – these are both as of March 31, 2022. We’ve previously highlighted the credit union as one of the great credit unions that have near statewide eligibility. Anyone that lives, works, attends school, volunteers or worships in Arizona with the exception of four counties (Apache, Graham, Greenlee and Santa Cruz) is eligible to join the credit union.

What are the major banks in Tucson Arizona?

As one would expect given the size of the Tucson, one of the two largest cities in Arizona, the major banks in Tucson are also the largest banks in the state: Wells Fargo Bank, JPMorgan Chase Bank, Bank of America and U.S. Bank.

What are the major banks in Phoenix Arizona?

Similar to Tucson, the major banks in Phoenix are also the major banks in Arizona: Wells Fargo Bank, JPMorgan Chase Bank, Bank of America and U.S. Bank. This shouldn’t be surprising as Phoenix is the largest city in Arizona with a population of over 1 million people.

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