Best Banks In Ohio – Forbes Advisor

The best banks in Ohio offer a wide selection of financial products to fit your needs. From Cleveland to Cincinnati, you’ll find low balance requirements, attractive APYs and quality digital banking tools. These top Buckeye State banks also score high on 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 U.S. banking. In fact, Ohio banks hold more wealth than California, New York and Texas combined.

The state’s largest deposit markets include these urban areas:

• Akron
• Cincinnati
• Cleveland-Elyria
• Columbus
• Toledo

But regardless of where you reside, you’ll find bank branches available throughout the state. The two banks with the most branches are Ohio-based: Huntington Bank, headquartered in Columbus, and Fifth Third Bank in Cincinnati. These are followed closely by the large national banks PNC, Chase and U.S. Bank.

The Best Banks in Colorado for Customer Service

Excellent customer service continues to drive bank loyalty. The banks in the table below were ranked highest in overall customer satisfaction for the North Central region in J.D. Power’s 2022 Retail Banking Satisfaction Survey. The region includes Ohio as well as Indiana, Kentucky, Michigan and West Virginia.

Banks in the North Central region had the highest average satisfaction score of all 15 regions surveyed. Additionally, three Ohio-based banks—Huntington, Fifth Third Bank and KeyBank—made the top 10 list.

Types of Banks in Ohio

Ohio offers a wide variety of banks serving local governments, businesses and private clients. The most common types of personal banks are below.

National Banks

National banks are large, well-known banks with branches throughout the U.S. 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 U.S. Bank, have physical branches in Ohio.

Regional Banks

As the name suggests, regional banks operate within a larger geographic region, but not on a national scale. These mid-sized banks hold between $10 billion and $100 billion in assets. 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

Community banks, also known as local banks, operate on a smaller scale with less than $10 billion in assets. These banks tend to tailor products toward the unique needs of the community and small businesses. The top community banks in Ohio are Park National Bank and Woodforest National Bank.

Online Banks

Unlike the banks above, online banks aren’t bound by geography. These banks have grown in popularity as online and mobile banking services have expanded. Because they don’t have brick-and-mortar locations, online banks often offer interest rates much higher 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.

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 broader range of savings vehicles including certificates of deposit (CDs), money market accounts (MMAs) and individual retirement accounts (IRAs). Full-service banks generally offer mortgages, personal loans, credit cards and investment services.

Fees

Don’t make the mistake of paying more in fees than you need to. Common bank fees include monthly service fees, late fees, overdraft fees and ATM fees. You may also pay fees for wire transfers and cashier checks. Before opening an account, it’s important to understand the bank’s fee structure and ensure your regular spending habits won’t incur unnecessary fees that cut into your ability to save, invest or pay down debt.

Interest Rates

Higher interest rates help you build your savings faster. Large national banks typically offer minimal interest, while online banks and community credit unions offer significantly higher rates. The annual percentage yield or APY may be fixed for an account or may vary based on the account balance. Some banks, like the Ohio-based Wright-Patt Credit Union or Pathways Financial Credit Union, offer higher APYs on smaller balances.

Convenience

A key factor in choosing the best Ohio bank is convenient access to your money. If you regularly need to deposit cash or visit an ATM, consider banks with branches or ATMs near your home or work. If you prefer to bank remotely, finding a mobile banking app that supports mobile check deposits should be a priority.

Customer Service

If in-person customer service is crucial for you, consider opening your account in a branch to get a feel for the level of service. If you prefer to interact online, many banks offer virtual assistants or in-app chat with support specialists. Nearly all banks offer support via phone and email.

Tips on Banking in Ohio

Ohio has a strong banking presence, so make sure to explore all of your options. You may find one bank is best for your checking account, while another bank provides lower mortgage rates or higher interest on savings accounts. You can always bank at more than one financial institution, and it’s simple to switch banks when necessary.