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The best banks in Ohio offer a wide selection of financial products to suit your needs. From Cleveland to Cincinnati, you’ll find low balance requirements, attractive APYs, and quality digital banking tools. These prominent Buckeye state banks also score highly in customer satisfaction and offer convenient locations and large ATM networks.
The best banks in Ohio for branches
The 175 banks operating in Ohio hold over $ 4.67 trillion in total assets, according to the most recent data from the Federal Deposit Insurance Corporation. Despite its moderate size, Ohio plays a significant role in the US banking sector. In fact, Ohio banks hold more wealth than California, New York and Texas combined.
The state’s largest deposit markets include these urban areas:
But no matter where you reside, you’ll find bank branches available statewide. The two banks with the most branches are based in Ohio: Huntington Bank, based in Columbus, and Fifth Third Bank in Cincinnati. These are closely followed by the large national banks PNC, Chase and US Bank.
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Excellent customer service continues to retain banks. The banks in the table below ranked first in overall customer satisfaction for the North Central Region in JD Power’s 2022 Retail Banking Satisfaction Survey. The region includes Ohio, Indiana, Kentucky, Michigan and West Virginia.
Banks in the north-central region obtained the highest average satisfaction score of all 15 surveyed regions. Additionally, three Ohio-based banks, Huntington, Fifth Third Bank, and KeyBank, made the top 10 on the list.
Types of banks in Ohio
Ohio offers a wide variety of banks serving local governments, businesses and private clients. Below are the most common types of personal banks.
National banks are large and well-known banks with branches in the United States. Their size allows them to offer a wide variety of products, including checking and savings accounts, credit cards, investment accounts, mortgages and personal loans. Five of the top 10 national banks, including Chase, PNC, and US Bank, have physical branches in Ohio.
As the name suggests, regional banks operate within a larger geographic area, but not nationwide. These midsize banks hold assets of between $ 10 billion and $ 100 billion. Regional banks operating in Ohio also serve the surrounding states and offer a good mix of personal and business products. Popular regional banks include First Financial Bank and WesBanco.
Community banks, also known as local banks, operate on a small scale with less than $ 10 billion in assets. These banks tend to tailor products to the unique needs of the community and small businesses. The major community banks in Ohio are Park National Bank and Woodforest National Bank.
Unlike the banks mentioned above, online banks are not constrained by geography. These banks have become popular with the expansion of online and mobile banking. Because they have no physical locations, online banks often offer much higher interest rates than the national average. If you prefer in-person service or need a full range of financial products, these banks may not work for you.
Ohio residents can take advantage of online banking with Capital One 360 Bank, American Express Bank, Discover Bank, and Marcus by Goldman Sachs, among others.
Find the best online banks of 2022
How to choose the right bank in Ohio
Here are some factors to consider when looking for the best bank in Ohio.
Accounts and services
When choosing the best Ohio bank, consider the types of accounts and services you need. In addition to checking and savings accounts, some banks offer a wider range of savings vehicles, including certificates of deposit (CDs), money market accounts (MMA), and personal retirement accounts (IRAs). Full-service banks generally offer mortgages, personal loans, credit cards, and investment services.
Don’t make the mistake of paying more tax than necessary. Common bank fees include monthly service fees, late fees, overdraft fees, and ATM fees. You can also pay fees for wire transfers and bank drafts. Before opening an account, it is important to understand the bank’s fee structure and make sure that your regular spending habits do not incur unnecessary fees that reduce your ability to save, invest or pay off debt.
Higher interest rates help you build your savings faster. Large domestic banks typically offer minimal interest, while online banks and community credit unions offer significantly higher rates. The annual percentage return or APY can be fixed for an account or can vary based on the account balance. Some banks, such as the Ohio-based Wright-Patt Credit Union or the Pathways Financial Credit Union, offer higher APYs on smaller balances.
A key factor in choosing the best Ohio bank is convenient access to your money. If you need to deposit cash on a regular basis or go to an ATM, consider banks with branches or ATMs close to home or work. If you prefer to do remote banking, finding a mobile banking app that supports mobile check deposits should be a priority.
If in-person customer service is critical to you, consider opening your account at a branch to get an idea of the level of service. If you prefer to interact online, many banks offer virtual assistants or in-app chats with support specialists. Most banks offer telephone and email support.
Ohio Banking Tips
Ohio has a strong banking presence, so be sure to explore all of your options. You may find that one bank is best for your checking account, while another bank offers lower mortgage rates or higher interest on savings accounts. You can always bank at more than one financial institution, and it’s easy to switch banks when needed.
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