Banking and financial services in Arizona: Major banks in Arizona: Chase, Bank of America. Regional banks: Western Alliance, Pinnacle Bank. Popular credit unions: Desert Financial, Arizona Federal. State income tax: Progressive, 2.59%-4.50%. Sales tax: 5.6% state, variable local rates. Property tax: Below national average. Financial advisors: Registered professionals available. Investment opportunities: Real estate, tech startups. Insurance requirements: Car, health, home. Online banking prevalent: Mobile apps, digital platforms.
Major banks in Arizona: Chase, Bank of America
In Arizona, major banks like Chase and Bank of America offer extensive banking services. Chase operates multiple branches and ATMs across cities like Tucson and Scottsdale, providing retail banking, credit card services, and investment banking. For more details, you can visit their Chase Locator page. Bank of America has financial centers in Phoenix, offering walk-up ATMs, virtual banking, and a range of banking products including checking accounts, credit cards, and investment services through Merrill Edge.
Regional banks: Western Alliance, Pinnacle Bank
Western Alliance Bank, operating through its Alliance Bank of Arizona, offers tailored banking solutions, commercial loans, and specialized national business lines, with a strong focus on customer relationships and community commitment in Arizona. On the other hand, Pinnacle Bank provides a range of financial services in the region, including free checking, home loans, mortgages, and commercial banking, with a personal approach and modern conveniences like online and mobile banking.
Popular credit unions: Desert Financial, Arizona Federal
Desert Financial Credit Union, the largest credit union in Arizona, manages nearly $8.5 billion in assets and operates an impressive 47 branches. It offers a wide range of financial services including savings and checking accounts, loans, and investment products, and is federally insured by the NCUA, serving members across various Arizona counties. On the other hand, Arizona Financial Credit Union is the second-largest credit union in the state, boasting $3.4 billion in assets and 20 branch locations. With a membership exceeding 165,000, it functions as a not-for-profit cooperative, providing consumer and small business banking services. Recently, it transitioned from a federal charter to a state-chartered credit union. To learn more about the extensive offerings and community commitment of Desert Financial, [visit their website](https://www.desertfinancial.com/).
State income tax: Progressive, 2.59%-4.50%
Arizona no longer has a progressive state income tax system with rates ranging from 2.59% to 4.50%. As of January 1, 2023, the state adopted a Flat Individual Income Tax Rate of 2.5% for all taxpayers, regardless of income level.
Sales tax: 5.6% state, variable local rates
In Arizona, the state sales tax rate is 5.6%, which is also the state use tax rate. Local municipalities have the authority to add additional tax, making the total tax rate variable and potentially as high as 11.2% depending on the location. To gain a comprehensive understanding of these tax obligations, visit the Arizona Department of Revenue website, which provides detailed information and assistance regarding income tax filing and use tax responsibilities for individuals.
Property tax: Below national average
Arizona's property tax rate is approximately 0.51%, significantly below the national average of 0.99%, with the average combined state and local tax bill being around $1,707 per year. This rate varies by county based on property type and value. To learn more about property taxes in Arizona and how they differ across counties, visit the comprehensive analysis provided by District Lending. This resource provides invaluable insights into how property tax rates are structured and what homeowners can expect depending on their location and property valuation.
Financial advisors: Registered professionals available
In Arizona, top financial advisors include firms like TCI Wealth Advisors, Galvin, Gaustad & Stein, and Versant Capital Management, which are fee-only or fee-based practices with certified professionals such as CFPs, CPAs, and CFAs. These firms offer a range of financial planning and investment services to individuals, high-net-worth clients, and institutional entities. To learn more about these prominent advisors, you can visit the website that highlights their offerings and credentials.
Investment opportunities: Real estate, tech startups
Arizona offers lucrative real estate investment opportunities, particularly in cities like Phoenix, Scottsdale, and Tucson, driven by population growth, job opportunities, and rising demand for housing, including single-family homes, long-term rental properties, and vacation rentals. Additionally, the state provides significant investment opportunities in tech startups through specialized programs such as the Arizona Venture Co-Invest Program and the Arizona Multi-Fund Venture Capital Program, which support early-stage businesses with co-investment and multi-fund options.
Insurance requirements: Car, health, home
In Arizona, car insurance requirements include minimum bodily injury liability coverage of $25,000 per person and $50,000 per accident, with an additional $15,000 required for property damage liability. While health insurance is governed by federal law under the Affordable Care Act, Arizona does not penalize individuals who forego purchasing it. Although home insurance is not mandatory in the state, it is highly recommended for financial protection. For more detailed information, visit the Geico Arizona Insurance Information page.
Online banking prevalent: Mobile apps, digital platforms
Online banking in Arizona is highly prevalent, with banks like Alliance Bank of Arizona offering comprehensive digital platforms and mobile apps that allow users to view account activity, initiate bill payments, transfer funds, and access various other financial services conveniently from their computers or mobile devices.