Best for Checking: BBVA Compass Bank
Compass Bank's Free Checking ranks as our top choice for consumers looking for a free no-frills checking account. There are no monthly fees, and the bank only requires a $25 minimum deposit to open the account. The opening minimum requirement is similar across the major banks, but Compass Bank is the only bank with a checking account with no monthly fee.
Not only does Compass Bank have a great free checking account with features such as unlimited check writing and free paper statements that often cost extra, but it is also convenient to access, with more than 80 branches throughout the Dallas-Fort Worth area. Further convenience comes from its award-winning mobile banking app, which allows you to do most banking functions from your phone.
Best Branch Access: Chase Bank
Chase Bank beats out all other banks in its number of brick-and-mortar branches, with over 140 branches in the DFW area. Chase offers many financial products, including the Chase Total Checking account. This account has an easy-to-waive monthly fee relative to other national banks. Another unique advantage of Chase Bank is its current bonus offer for new first-time customers, who can earn $200 for opening a Total Checking account and have direct deposits of over $500 or more, and they can earn $350 when opening a savings account with a minimum balance of $10,000 as well.
There is a monthly fee of $12.00, which can be waived by maintaining a minimum balance of $1,500 or by making direct deposits of at least $500 each month. This monthly fee is standard across most major banks, as are the waiver requirements.
Best for Students: Chase Bank
Chase Bank provides convenient access for most university students studying in Dallas, with numerous ATMs and branches near campuses like UT Dallas, University of Dallas and National University, and over 140 branches throughout Dallas. The Chase College Checking account is limited to students who are 17 to 24 years old, and it provides five years’ worth of monthly fee waivers while students attend college.
What makes this account stand out is the lower monthly fee, which can also be waived completely after you graduate from college. Other features include a robust online and mobile banking experience, which is user-friendly and allows you to do many functions other banks only provide in-person. This makes the chase banking experience very suitable for a busy college student with an eccentric schedule.
Best for Savings: Capital One 360
Capital One 360 is Capital One's online savings account, which we rated as the best savings option in Dallas for its high rate of 1.30%. However, this account differs from other online savings options by allowing you to deposit and withdraw from ATMs at Capital One locations, which provide a good balance of in-person banking with the high rates offered by online savings accounts.
This account offers no monthly fees and no minimum balance requirements to open or keep the account. Compared to other online banks, the rates are lower, but the account makes up for it through the convenient physical branch access. So if you want high rates, but don't want to completely give up on banking in person, Capital One 360 is the choice for you.
Best for Small Business: Comerica Bank
Comerica Bank is the best small business checking account for its balance between fees, features and accessibility. This account has no monthly fee, has up to 75 free transactions and a max cash deposit of $2,500.00. Although the max cash deposit is average, the 75 free monthly transactions certainly beats out the 50 transactions banks such as Wells Fargo and BB&T offer.
Comerica Bank provides the convenience small-business owners need, with almost 40 branches spread across Dallas for local customers to access. If your business needs more than 75 monthly transactions, Comerica Bank also offers two more tiers of business checking for various business sizes and a variety of financial products, such as merchant services and loans.
Finding the Right Bank for You
Finding the best bank account for you may be difficult with the plethora of options available. If you can't find a bank that fits your banking preferences above, use our criteria as a baseline to compare any other competitive accounts you may find. Remember that fees aren't the only thing to consider. So long as you can meet the requirements to waive a monthly account fee, you'll want to look closely at the features you'll receive.
If banking with a national brand isn't a high priority for you, then you may want to check out your local credit unions or online bank options, which usually offer better terms but fewer branches nationwide. Finally, be sure to read the fine print of your account agreement in order to avoid being ambushed by account usage fees. Depending on your banking needs, it may make more sense to pay for a premium account in order to access free features that you'd otherwise pay for.