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Rhode Island may be the smallest state, but it doesn’t fall short when it comes to banking options. From the bustling streets of Providence to the coastal charm of Newport and the suburbs of Cranston, residents have access to both local service and national reach.
Whether you prefer a traditional bank with neighborhood branches or an online account with top-tier interest rates, there’s a Rhode Island banking option that fits your needs.
12 Best Banks in Rhode Island
With a strong mix of national banks, regional players, community institutions, and online options, Rhode Island makes it easy to find a financial partner that works for you. Below is a curated list of the best banks in the state, based on fees, features, accessibility, and overall value.
TD Bank is a national bank with 9 branches in Rhode Island, including Cranston, Pawtucket, Providence, and Warwick.
If you’re on the move, the bank also has locations in many other states, which adds an extra layer of convenience.
You’re not just limited to in-person banking; TD Bank has a strong mobile banking app where you can handle the majority of your banking needs.
If you’re looking for a checking account, consider TD Bank’s Convenience Checking. This option allows you to avoid the $15 monthly fee if you maintain a daily balance of just $100.
If you’re a new customer, you might be eligible for a $300 bonus if you fulfill certain requirements in the first 60 days. The best part? You don’t have to worry about a minimum deposit or minimum balance requirement.
TD Bank also offers competitive interest rates on both savings accounts and CDs.
Other advantages include extra time to sort out any overdrafts and around-the-clock online customer service.
All of these features make TD Bank a strong contender for anyone looking for the best banks in Rhode Island.
Bank Rhode Island, or BankRI, is a strong local option with 21 branches and 30 ATMs across the state, including locations in Cranston, East Greenwich, Newport, Providence, and Warwick.
Although it’s a community bank, BankRI offers digital features like mobile check deposit, debit card controls, and online bill pay.
The Easy Checking account carries a $6 monthly fee, but it’s waived with just one direct deposit per month. Customers 55 and older qualify for a no-fee account automatically.
You can open an account with a $50 deposit and no ongoing minimum balance is required.
BankRI also supports businesses with a full suite of commercial banking services and offers competitive rates on home loans.
Santander Bank operates in multiple states and offers various financial products to serve the needs of its diverse customer base.
The Simply Right Checking Account is particularly noteworthy, since it waives the $10 monthly fee with just one transaction. The bank account also has a low minimum opening deposit of $25.
While savings account rates are on the lower end, Santander Bank excels when it comes to money market accounts and CDs. These options are ideal for those looking to grow their savings more aggressively.
The bank doesn’t stop at deposit accounts; it also offers wealth management services and has a highly-rated mobile banking app.
With its mix of competitive rates, low fees, and variety of services, Santander Bank positions itself as a strong choice for consumers seeking a comprehensive banking experience.
Bank of America is a go-to option for Rhode Island residents who find themselves on the move, thanks to its 3,900 financial centers and approximately 15,000 ATMs across the nation.
Coupled with its award-winning mobile app, the bank makes managing your finances easy, no matter where you are.
For checking, the bank offers several options, but the Advantage Plus account stands out for its versatility.
It comes with a $12 monthly fee that can be waived by meeting certain requirements, such as making a monthly deposit of at least $250, maintaining a $1,500 daily balance, or being enrolled in Preferred Rewards.
To open the account, a $100 minimum deposit is required. While its savings accounts have lower rates, the bank does offer attractive rates on CDs.
HarborOne Bank serves as a local banking option with branches mainly in Rhode Island and Massachusetts.
Customers also have the advantage of using MoneyPass ATMs nationwide without incurring fees.
When it comes to checking accounts, HarborOne offers choices tailored to various needs. The FreePlus checking account is free, but limited to those under 19 or over 64.
For account holders in between these ages, the i-Checking account comes with a nominal $2 monthly fee, which is waived if you maintain a daily balance of at least $200. A minimal $10 deposit is needed to open an account.
HarborOne also offers strong interest rates on both savings and money market accounts, providing opportunities for customers to earn solid returns on their deposits.
Beyond banking, the institution extends competitive rates on personal and auto loans, along with various services tailored for small businesses.
Navigant Credit Union offers several options that make it a strong choice for Rhode Island residents.
To avoid the $10 monthly maintenance fee on checking accounts, you can either maintain a balance of $500, sign up for monthly direct deposit, or be 50 years of age or older.
The institution also provides an alternative for those who’ve faced banking challenges in the past, with their New Beginnings checking and savings accounts.
The credit union offers attractive rates on both CDs and money market accounts, with access to ATMs through its own network and those of Rhode Island Credit Union.
In addition, Navigant extends affordable personal loans and a range of services designed for businesses.
Centreville Bank, headquartered in West Warwick, is a strong choice for those looking to bank locally in Rhode Island.
With no monthly fees and a modest $25 minimum deposit to open a checking account, it’s a financially accessible option.
The bank offers an array of financial products, including excellent rates on CDs and money market accounts.
If you’re in need of mortgage loans, credit cards, or wealth management services, Centreville Bank has you covered. You can even speak to their financial planners for help with education and retirement planning.
Additionally, Centreville Bank provides convenient access to ATMs via a partnership with the SUM network, and some ATMs even offer access to live bank representatives.
With competitive mortgage rates added to the mix, Centreville Bank rounds out its offerings to make it one of the best banking options in the state.
Chase Bank offers a comprehensive range of financial services and has branches in Rhode Island and 47 other states.
Their Chase Total Checking account has a $12 monthly service fee, which can be waived if certain conditions are met.
There’s no minimum deposit required to open an account and no daily balance requirement.
What makes Chase especially appealing is their current offer of a $200 bonus for new Total Checking account customers.
In addition to checking accounts, the bank offers credit cards with lucrative rewards options and bonuses. If you’re interested in fixed-term savings, Chase offers decent rates on CDs.
Chase provides free cash withdrawals at over 16,000 ATMs across the nation. With such an extensive list of perks, Chase Bank stands as a strong option for those seeking traditional banks.
How to Choose the Best Bank in Rhode Island
Choosing the right bank in Rhode Island depends on how you manage your money and what features matter most. From account types to customer support, here’s what to consider:
Account options – Start by identifying which accounts you need—checking, savings, CDs, or money market. Look for banks that offer accounts with competitive rates and few restrictions.
Interest rates – If you want to grow your money, compare APYs across savings accounts, CDs, and even checking options. Some banks in Rhode Island offer standout rates, especially on promotional CDs.
Fees – Watch out for monthly fees, overdraft charges, and ATM costs. Many banks waive fees if you meet balance or deposit requirements.
Access and convenience – Prefer in-person banking? Make sure the bank has branches near your home or work. If not, check the strength of its online banking tools and mobile app, as well as access to a broad ATM network.
Customer service – A responsive support team can make a big difference. Look at customer reviews, and prioritize banks known for fast issue resolution and helpful service.
Extra features – Consider whether the bank offers other products like credit cards, loans, or investment tools. Bundling services may simplify your finances and unlock added perks.
Security – Stick with banks that use strong security tools, like multifactor authentication and real-time fraud alerts.
Ultimately, the best bank in Rhode Island is one that matches your habits, helps you avoid unnecessary fees, and offers convenient access—whether online, in person, or both.
Types of Banks in Rhode Island
When looking for the best bank in Rhode Island to fit your needs, you’ll come across various types of financial institutions, each with its own advantages and disadvantages. Here’s a brief overview of the types of banks you’ll find in the Ocean State:
National Banks
These are large institutions with branches and ATMs spread across multiple states. They offer a wide variety of services and often come with advanced technology features like robust mobile banking apps. Bank of America, Chase Bank, and TD Bank are prime examples of national banks with a significant presence in Rhode Island.
Regional Banks
Smaller than national banks but larger than community banks, regional banks focus on a specific area or group of states. They offer a balance between personalized service and a wide range of financial products. Citizens Bank and Santander Bank serve as a good examples of regional banks with strong ties to the Rhode Island area.
Community Banks
Focused primarily on local residents and businesses, community banks provide personalized service and are often heavily involved in local events and initiatives. Bank Rhode Island and BankNewport are community banks that have a strong focus on serving the local Rhode Island population.
Online Banks
Online banks operate primarily or solely online, typically offering higher interest rates due to lower overhead costs. If you’re comfortable managing your finances digitally, SoFi and Upgrade are online-only banks that provide services to Rhode Island residents.
Credit Unions
Owned by their members, credit unions often provide lower fees and higher rates on deposits. Membership might be based on location, employment, or other criteria. Navigant Credit Union and Coastal1 Credit Union are member-owned institutions serving the Rhode Island community.
Final Thoughts
Rhode Island has no shortage of solid banking options, from well-established community banks to feature-rich online platforms. Whether you care most about high savings rates, low fees, or in-person service, there’s a bank that fits your style.
Focus on what matters most—easy access, helpful tools, or bonus offers—and choose a bank that checks those boxes. The right fit will make managing your money simpler and more rewarding.
Stephanie Faris is a professional finance writer with more than a decade of experience. Her work has been featured on a variety of top finance sites, including Money Under 30, GoBankingRates, Retirable, Sapling, and Benzinga.
