Banks offer a variety of financial products and services, and their customers have a number of ways to compare the quality of such products and services. Some clients are bargain-hunters and prefer banks that offer the best rates, while others are more discerning and prefer faultless services, even if they are provided at a slightly higher cost. Let us look at the best banks in Alabama to see which bank scores on which count.

AloStar

This bank offers free checking accounts and savings accounts with very low minimum balance requirements. The checking accounts allow customers to issue unlimited checks per month, and the first checkbook at the time of account opening is provided free of cost. The long-term deposit rates are quite attractive. The only downside is that this bank doesn’t offer loans.

National Bank of Commerce
The minimum balance requirements are a little higher for this bank, and clients need to keep at least $200 in their savings accounts or $1000 in their money market accounts to avoid paying account maintenance charges. The bank has some innovative incentives for account holders, such as offering payment for unused checks and cash rewards for deposits into newly opened accounts. This bank offers several loan products, including loans for buying all-terrain vehicles and boats.

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People’s Bank

The eChecking Plus account is an attractive product for account holders because it has no annual fee, no minimum balance, and costs only $50 to open. The EasyAdvisor app can help customers do their financial planning easily. The first $25,000 of balance in their accounts draws additional interest. Customers are incentivised to use e-statements by having their ATM charges waived to some extent. Debit card use is also encouraged instead of withdrawing cash, and if at least 10 debit card swipes are made in a month, customers receive rewards.

Compass

This bank is among the most popular banks in Alabama on account of the low account opening charges, which are as low as $25. A checking account opened in this way is not charged any fee, and it allows the customer to apply online for loans. The speed of loan processing is also a big draw here, and personal loans are approved within a day. Customers really like the credit card offered by Compass because of its zero-annual-fee policy and because the customer has the choice of selecting a few categories in which 3x reward points can be earned.

Regions

The huge reach and depth of this bank are big draws for customers as they can can walk into any of the bank’s 1500 branches. Apart from easy accessibility and deposit accounts, Regions provides a number of other products. Credit cards, vehicle loans, home loans, insurance products, and other investment products are all part of this bank’s portfolio. Playing on its volumes, the bank has been able to keep its account fees very low, which is another reason for its elevation as the Best Bank in Alabama in 2018.

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