Did you know that the first bank to open in Alaska was the First National Bank Alaska? Candymaker Winfield Ervin Sr. founded the first branch in Anchorage in 1922 after moving there with his family in 1915.
While most of us consider Alaska to be too cold and unfriendly, many people seek Alaska for its beauty and wonder. But even the most adventurous of us all still require a bank account to make ends meet.
Banking in Alaska isn’t much different than in the lower 48. These financial institutions can still help you manage your finances, obtain business accounts and loans, and transact with the outside world.
Our list below includes several of the best banks in Alaska. We’ll cover what type of accounts these banks offer, what perks they provide Alaska residents directly, and how you can open an account.
It may be surprising to know that there are more banks in Alaska than you think. You can also take advantage of online-only banks in this frozen wilderness.
Are you ready to learn more about the best banks in Alaska? Let’s get started!
9 Best Banks in Alaska
The Alaskan banks on our list below include several that offer welcome bonuses. Take advantage of the best bank account bonuses to maximize your earnings and capitalize on the chance to manage your money better.
1. KeyBank (Our Pick)
Key Smart Checking® from KeyBank is one of the best checking account options available to Alaska residents. With no monthly maintenance fees and no minimum balance requirements, it’s designed for simplicity and convenience.
New customers can earn a $300 bonus by opening an account online by December 13, 2024, making a $10 minimum deposit, and completing one eligible direct deposit of $1,000 or more within the first 60 days. This is one of the easiest bank account bonuses to score.
This account offers several perks, including free access to KeyBank and Allpoint® ATMs nationwide, overdraft protection with no transfer fees when your checking account is linked to an eligible KeyBank credit or savings account, and you may be able to get paid up to two days early with Early Pay.
Additionally, the EasyUp® feature helps you save automatically by rounding up debit card purchases to the nearest dollar.
Key Smart Checking® also provides robust online and mobile banking services, allowing you to deposit checks, pay bills, and manage your account securely from anywhere. Enjoy added security and convenience with a KeyBank Debit Mastercard®.
For more information on fees and availability, visit KeyBank's official site.
Key Smart Checking® from KeyBank offers no monthly fees or minimum balance requirements, making it affordable. It provides convenient online and mobile banking features, including mobile check deposit and contactless payments. With a large network of ATMs and overdraft protection options, it's ideal for tech-savvy and budget-conscious users.
2. Axos Bank
As an online-only bank, Axos offers above-average annual percentage yield (APY) rates compared to what you’d find at other banks. For example, you can earn up to 3.30% APY with Axos Bank’s Rewards Checking account.
Axos Bank is also one of a handful of banks that let you overdraft. This option can make it easier to juggle your finances when money is tight and you need extra leeway.
With Axos Bank, you can open a checking, savings, or money market account. You also have access to CDs, loans, and mortgages.
If you’re worried about accessing your money through ATMs, Axos Bank partners with over 91,000 ATMs nationwide. Each of the five checking accounts this bank offers also comes without monthly fees.
To open Axos Bank’s high-yield savings account, you’ll need at least $250. However, you can earn up to 0.61% APY and at times grab a lucrative Axos bank promotion for opening a new account.
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$400 welcome bonus
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$400 welcome bonus
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Description: Fee-free business checking account designed for small businesses, offering unlimited transactions and no minimum balance requirements. It provides unlimited domestic ATM fee reimbursements and free domestic incoming wires, with two outgoing domestic wire fees reimbursed per month. New account holders can earn up to a $400 welcome bonus by meeting specific criteria. |
Description: Business checking account that earns tiered interest on deposits, with rates starting at 1.01% APY on balances up to $50k. It has a $10 monthly fee that’s waived if you maintain an average daily balance of $5,000, and you can earn a $400 bonus when you meet certain criteria for opening the account. |
Fee-free business checking account designed for small businesses, offering unlimited transactions and no minimum balance requirements. It provides unlimited domestic ATM fee reimbursements and free domestic incoming wires, with two outgoing domestic wire fees reimbursed per month. New account holders can earn up to a $400 welcome bonus by meeting specific criteria.
Business checking account that earns tiered interest on deposits, with rates starting at 1.01% APY on balances up to $50k. It has a $10 monthly fee that’s waived if you maintain an average daily balance of $5,000, and you can earn a $400 bonus when you meet certain criteria for opening the account.
3. Credit Union 1
Did you know that Credit Union 1 has been open since 1952? This credit union offers checking and savings accounts on top of IRAs, credit cards, and loans.
Credit Union 1’s network of 12 branches serves over 100,000 Alaskan residents. There are three options for checking and savings accounts as well.
Many Alaskans find that Credit Union 1 offers better rates on loans and deposits than national banks and even some online-only banks. Members can access community outreach programs, personalized support, and financial education resources.
4. Denali State Bank
Even though Denali State Bank only has five locations, those offer Alaskan residents a powerhouse of financial services. Choose from seven checking accounts, four savings accounts, a money market account, CDs, and IRAs.
You can also link your Kasasa checking and savings accounts to make transferring money that much easier. Denali State Bank offers a high APY on its savings account balances compared to the national average.
You will need $100 to open the Denali State Bank checking account. However, there are no monthly fees to worry about.
Denali State Bank also offers credit and debit cards, personal and auto loans, and mortgages. You can access 24/7 customer service if you ever need assistance.
5. First Bank
First Bank was opened in 1924 and is headquartered in Ketchikan. It offers Alaskan residents nearly 10 locations, with four checking accounts and three savings accounts.
All checking accounts come with a free Mastercard debit card. You can waive the monthly fees ranging from $0 to $10 by maintaining a minimum balance or setting up a direct deposit.
First Bank offers 0.1% to 0.35% APY on its savings accounts. Overdraft protection automatically transfers money between your savings and checking account to avoid overdraft fees.
6. First National Bank Alaska
We mentioned First National Bank Alaska at the beginning of this article, but it’s time now to look at what this bank can offer you. First National Bank Alaska is locally-owned and provides many personal and business banking products.
Nearly 30 First National Bank Alaska branches are found in 19 Alaskan cities. Choose from checking and savings accounts, money market accounts, CDs, debit and credit cards, loans, and IRAs.
The six checking accounts that First National Bank Alaska offers don’t require a minimum deposit. The same goes for the three savings accounts you can open.
You get three free monthly withdrawals if you open a Regular Savings account. You can also avoid the monthly fees by maintaining a $300 balance.
First National Bank also partners with Zelle to offer transfers between you and a third party. The mobile app also lets you bank on the go.
7. Mt. McKinley Bank
Established in 1965, Mt. McKinley Bank offers five branches and twice the ATMs in Alaska. This community bank offers five checking accounts with a Visa debit card, free in-network ATM withdrawals, and no monthly fees.
You can also pick from five savings accounts, one of which is specifically tailored to teens. Access your accounts anytime from the mobile app, where you can transfer money between accounts, set up direct deposit, and sign up for eStatements.
Mt. McKinley Bank also offers CDs, loans, IRAs, and business banking products.
8. Northrim Bank
With nearly 20 branches across Alaska, Northrim Bank has a strong presence in this northern state. Northrim offers several checking and savings accounts, health savings accounts, money market accounts, credit cards, CDs, IRAs, and personal loans.
Northrim Bank’s Flex Checking accounts have four tiers: Simple, Direct, Power, and Presidents. The proprietary banking software will automatically evaluate your account to place it in the correct tier.
You can earn up to 0.09% APY on your balance within the top three tiers. You can also pick from four savings accounts that earn up to 0.25% APY when you deposit a minimum of $100 into the account.
9. Wells Fargo
Wells Fargo is one of the largest banks in the U.S., but many people don’t know that it is also one of a select few banks that don’t require Social Security numbers to open an account. For many Alaska residents, this could unlock the chance to open a bank account with an alternate form of identification.
Alaska has over 40 Wells Fargo branches and twice as many ATMs. You can open several checking accounts, including Teen Checking and Opportunity Checking.
Wells Fargo’s two savings accounts come with a $5 waivable monthly fee. While the APY rate is low, you can still earn at least something on your savings balance.
Additional Wells Fargo services include personal and auto loans, investment banking, credit cards, mortgages, wealth management, and retirement planning. You can access your Wells Fargo account online or through the mobile app or by contacting customer support that’s available 24/7.
Remote Banking Alternatives: Online-Only Banks
Some of the best checking accounts don’t correlate to a physical location. With online-only banks, you can bank from wherever you are in Alaska, as long as you get cell phone service.
Discover
Though it might be an online-only bank, Discover offers a full suite of financial products, from checking and savings accounts to CDs and credit cards. You can also contact Discover customer support 24/7, even from Alaska.
While Discover doesn’t offer interest-bearing checking accounts, you can earn a high, competitive APY for its savings accounts. Discover also works with a network of 60,000 ATMs available nationwide.
Most Discover accounts come without monthly, overdraft, or ATM fees. You can also earn 1% cashback on your Discover checking account when you spend up to $3,000 in monthly purchases.
Ally Bank
This bank is another popular option for those who want to manage their finances digitally. Ally Bank offers no monthly maintenance fees, no overdraft fees, and no ATM fees for all its accounts.
If you use an out-of-network ATM, Ally Bank pays you up to $10 per statement cycle to cover costs. You can also set up 10 savings “buckets” to achieve your savings goals.
Ally Bank’s Surprise Savings feature also calculates when you can skim a few dollars off the top of your checking account to put into savings automatically. However, you cannot directly deposit cash into your Ally Bank account.
nbkc bank
Don’t let the small letters fool you. This bank offers a full suite of financial services and products, from checking and savings accounts to CDs and money market accounts.
nbkc bank also works with a network of 37,000 ATMs and reimburses you up to $12 per statement cycle if you go out of network. Most accounts come with low or no fees, but you are limited to the Everything Account, a combination of a checking and savings account.
Synchrony Bank
If no minimum deposit and no monthly fees sound like a great start, check out Synchrony Bank. This online-only bank can serve Alaskan residents with up to 4.3% APY on savings accounts.
Unfortunately, Synchrony Bank doesn’t offer a checking account, though the savings account does come with an ATM card. In addition, you can get up to $5 per statement cycle for out-of-network ATM fees.
FAQs
What banks and credit unions are available in Alaska?
Besides online-only banks, the following banks and credit unions exist in Alaska:
- Wells Fargo
- Denali State bank
- First Bank
- KeyBank
- Alaska USA Federal Credit Union
- Matanuska Valley Federal Credit Union
- Tongass Federal Credit Union
- Northrim Bank
- Credit Union 1
- First National Bank Alaska
- McKinley Bank
- Spirit of Alaska Federal Credit Union
Which of the best national banks are available in Alaska?
National banks in Alaska include Wells Fargo and KeyBank. Chase and Bank of America do not have physical branches located in Alaska.
What unique challenges do Alaskan residents face when banking?
Due to the Alaskan climate, traveling to a physical bank isn’t always possible or as convenient as in the lower 48. While some Alaskan towns in more temperate climates may resemble those many of us are used to, more remote locations can make it difficult to travel to a bank for a simple task.
Banking Among the Stunning Alaskan Wilderness
Living in Alaska isn’t for the weak. The banks we’ve highlighted above recognize and support this lifestyle, giving Alaskan residents the financial means they need to achieve their dreams.
We hope this article helps you to see what banks are available to Alaskans. You might have been surprised to find out that Alaska has more banks than you first thought.
While banking in Alaska certainly has its advantages and disadvantages, it’s nice to know that Alaskan residents can also reach out to online-only banks. These digital banks make banking even easier for those in remote locations.
Which banks in Alaska will you work with?
