Banking and financial services in Tennessee: Major banks dominate Tennessee's financial landscape. Regional banks offer personalized service options. Credit unions provide competitive rates and services. Online banking is widely accessible in Tennessee. State has no personal income tax. Check for mobile banking app compatibility. Local bank fees and charges vary widely. ATMs are plentiful across major cities. Home lending options are diverse and competitive. Financial advisors available for personal guidance.
Major banks dominate Tennessee's financial landscape.
Pinnacle Financial Partners dominates Tennessee's financial landscape, holding the No. 1 position in the Nashville MSA by deposits for seven consecutive years, with $19.7 billion in local deposits and a total of $27.7 billion in deposits statewide. This impressive feat makes it the second-largest bank in Tennessee. For more details on this achievement, visit the Pinnacle Financial Partners news release.
Regional banks offer personalized service options.
In the realm of personalized banking, many institutions strive to provide exceptional service by focusing on the individual goals and needs of their customers. Fourth Capital, based in Nashville, stands out with its commitment to real relationship banking through custom products tailored for both personal and business clientele. Across the spectrum, Builtwell Bank emphasizes its dedication to community leadership and sound banking principles, ensuring that each client receives tailored services while empowering local communities. Similarly, FirstBank maintains a personal connection with its clients by promoting authentic local banking that brings individuals closer to their aspirations via direct engagement with dedicated bankers. Echoing this approach, First Peoples Bank of Tennessee offers boutique-style financial services that exceed expectations through long-term relationships and professional service. Additionally, BankTennessee combines the small-town charm with the capabilities of a larger institution, ensuring each customer is treated with personalized attention and support for achieving their financial objectives.
Credit unions provide competitive rates and services.
Credit unions in Tennessee, like the Tennessee Employees Credit Union, provide competitive rates and a broad array of financial services, while being not-for-profit and member-owned. Among these, ORNL Federal Credit Union stands out by delivering transparent and community-focused banking services, including competitive rates on auto loans, mortgages, and savings accounts. It also boasts a large network of fee-free ATMs and an easy-to-use mobile app. Similarly, Alcoa Tenn Federal Credit Union offers attractive rates on various financial products, including special term deposits, mortgages, and home equity loans, ensuring favorable terms for its members.
Online banking is widely accessible in Tennessee.
Online banking is widely accessible in Tennessee, with banks like Tennessee State Bank offering free and secure electronic banking services that include online banking and mobile banking apps. These services allow users to manage accounts, transfer funds, pay bills, and deposit checks remotely. Tennessee State Bank ensures that these services are available 24/7, providing convenience and efficiency in managing financial transactions from any location with an internet connection. For more details, you can visit their Mobile Banking page.
State has no personal income tax.
Tennessee does not impose a state-level personal income tax, but it does have a flat 1 to 2% tax rate on income earned from interest and dividends. Additionally, the state levies other types of taxes such as business, sales, and property taxes. For more information, you can visit the H&R Block Tax Center which offers detailed insights on Tennessee taxes.
Check for mobile banking app compatibility.
The TNStateBank Mobile Banking App caters to camera-enabled mobile devices such as iPhones, iPads, and Android gadgets, requiring user enrollment in NetTeller Online Banking alongside specific eligibility criteria. Meanwhile, the Patriot Bank Mobile App is similarly compatible with iPhones, iPads, and Android devices, necessitating users to log in with their Online Banking credentials or to enroll via the app for those new to Internet Banking. In contrast, the TVFCU YOUR$ Mobile App supports a range of smart devices, including both phones and tablets, requiring users to log in using their current tvfcuONLINE Username and Password, with a straightforward enrollment option for new users.
Local bank fees and charges vary widely.
Local banks in Tennessee, such as Bank of Tennessee, offer varying fee structures. Bank of Tennessee has extremely low fees, including no monthly fee for its basic checking account. In contrast, other banks like Commercial Bank charge average fees, such as a $4 monthly fee for their standard checking product. For further details about fee structures and financial products, you can visit the Bank Of Tennessee Banking Review.
ATMs are plentiful across major cities.
While the Tennessee Department of Financial Institutions regulates a wide range of financial institutions, including banks and credit unions, it does not specifically mention the availability of ATMs. However, given the extensive network of state-chartered banks, credit unions, and other financial institutions across major cities in Tennessee, it is reasonable to infer that ATMs are plentiful in these areas.
Home lending options are diverse and competitive.
Tennessee offers a diverse and competitive range of home lending options, including the Great Choice Home Loan Program, New Start Loan Program, FHA Loans, USDA Loans, VA Loans, and various down payment assistance programs. These programs cater to different income levels and credit scores, ensuring that homebuyers can find a suitable financial solution. For more detailed information on these programs, you can visit the Tennessee First-Time Homebuyer Programs page on LendingTree, which provides comprehensive insights into the available options.
Financial advisors available for personal guidance.
If you're seeking comprehensive financial advice in Tennessee, you might consider exploring a list of leading financial advisors. These firms, including names like SageSpring Wealth Partners, CapWealth Advisors, and Waddell & Associates, are renowned for offering personalized financial guidance and investment strategies. On this website, you can find detailed information about how these firms provide tailored financial planning services that meet the unique needs of their clients.