2018 RANKING & REVIEWS
TOP RANKING NASHVILLE, TENNESSEE BANKS & CREDIT UNIONS
Which are the Best Banks in Nashville for Checking, Savings and Loans? And Which 1 Should be Avoided?
Nashville is well known as the “capital of country music,” it also happens to be the capital of Tennessee and the largest city in the state. But this city has much more going on than just great tunes.
It’s the third fastest growing economy in the U.S. According to the U.S. Census Bureau, the population increases by an average of 100 people a day. Which means Nashville, TN banks and credit unions are going to be working hard to gain those new residents as customers.
Award Emblem: Top 7 Best Banks & Credit Unions in Nashville, TN
That’s great news for anyone living in Nashville or a surrounding town that’s looking to save on lower interest rates or get banking perks like interest-bearing checking. Now is a perfect time to take a fresh look at what credit unions and banks in Nashville, TN have to offer.
AdvisoryHQ’s 2018 Ranking of the 7 Best Banks and Credit Unions in Nashville will give you a roadmap of the financial institutions you should know about. We’ll touch on what makes them worth considering, the difference between credit unions and banks in Nashville, Tennessee, and which bank you’ll want to avoid for the time being.
Top 7 Best Nashville, Tennessee Bank or Credit Union (and which bank to Avoid) | Brief Comparison & Ranking
| Best Credit Unions & Best Banks in Nashville | 2018 Ratings |
| Ascend Federal Credit Union | 5 |
| Bank of America | 5 |
| First Tennessee Bank | 5 |
| Synovus Bank (formerly The Bank of Nashville) | 5 |
| The Tennessee Credit Union | 5 |
| US Community Credit Union | 5 |
| Enbright Credit Union | 3 |
| Citizens Bank | 1 |
Table: Top 7 Nashville Credit Union or Bank (& 1 to Avoid) | Above list is sorted by rating
Nashville, TN Banks FAQ | How is a Credit Union in Nashville Different from a Bank?
When you’re considering where to bank in Nashville, one of the first questions is whether to choose traditional banks or credit unions in Nashville, TN. Typically credit unions in Nashville, and anywhere else, serve a particular membership, such as city or company employees.
However, you’ll find that in order to grow and stay competitive, most credit unions have expanded membership qualifications to be location based. It’s often hard to tell the difference now between the services you get with a Nashville, Tennessee bank or credit union.
Here are a few of the differences:
- Credit Unions are non-profit, banks are for profit
- Credit Unions often have more freedom to give better interest rates
- Banks tend to have a larger number of dedicated locations
- Credit Unions can expand locations by joining a shared branches network, like CO-OP
- Banks are open to anyone, credit unions have membership eligibility requirements
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AdvisoryHQ’s Selection Methodology
What methodology does AdvisoryHQ use in selecting and finalizing the credit cards, financial products, firms, services, and products that are ranked on its various top-rated lists?
Please click here “AdvisoryHQ’s Ranking Methodologies” for a detailed review of AdvisoryHQ’s selection methodologies for ranking top-rated credit cards, financial accounts, firms, products, and services.
Detailed Review – Top Ranking Best Banks & Best Credit Unions in Nashville (& 1 to Avoid)
Below, please find a detailed review of each firm on our list of top credit unions and banks in Nashville, TN. We have highlighted some of the factors that allowed each Nashville, Tennessee bank or credit union to score so highly in our selection ranking
Click on any of the names below to go directly to the review section for that firm.
- Ascend Federal Credit Union
- Bank of America
- First Tennessee Bank
- Synovus Bank (formerly The Bank of Nashville)
- The Tennessee Credit Union
- US Community Credit Union
- Enbright Credit Union
- Citizens Bank
Ascend Federal Credit Union Review
The airplane in the logo for Ascend Federal Credit Union pays homage to their start in 1951 serving employees at Arnold Air Force Base. Today, their membership has expanded to those over 50 that live in middle Tennessee, those in underserved areas, or employees or family members of any one of several different organizational partners.
Below are the highlights that make Ascend Federal Credit Union stand out on this 2018 best credit unions and best banks in Nashville ranking.
Ascend Federal Credit Union at a Glance:
- 11 branch locations in Nashville, TN & surrounding areas
- Voted a Best Credit Union to Work For by Best Companies Group & the Credit Union Journal
- Supports community charitable organizations
- Has a scholarship program
- Better Business Bureau A+ rating
Gave Back $5 Million to Members Last Year
A perk of joining a credit union in Nashville instead of a bank, is that you become a member and share owner. While profit returns aren’t guaranteed, Ascend has an excellent history of giving back bonus dividends and loan interest refunds to their members, giving back $5 million last year and $71.5 million in total over 13 years.
Rating Summary
Ascend Federal Credit Union scored a 5 in our ranking of the best credit unions in Nashville. Their willingness to share profits with members put them over the top and earning our highest score despite the need to call them to see if you qualify for membership.
They offer the attractive credit and loan rates that you would expect from credit unions in Nashville, TN, which makes them a great choice for a credit card or auto loan. They are also one of the credit unions and banks in Nashville, Tennessee that gives back to the local community in multiple ways.
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Bank of America Review
If you prefer working with a larger Nashville, Tennessee bank that has a global footprint, then Bank of America in Nashville is an excellent choice. They’ve got an A rating at the Better Business Bureau, which is not always easy for a big bank to maintain and they’ve managed to avoid the fraud scandals of other large banks.
Below are the highlights that make Bank of America Nashville stand out on this 2018 best credit unions and best banks in Nashville ranking.
Bank of America at a Glance:
- 22 branch locations in Nashville, TN & surrounding areas
- Their Merrill Edge division contact centers were voted “An Outstanding Customer Service Experience” by J.D. Power
- Named #1 in Digital U.S. Credit Card Sales Functionality by Forrester for best practices followed
- Global footprint in more than 35 countries
- Better Business Bureau A- rating
Cash Back through BankAmeriDeals®
When you’re one of the larger banks in Nashville, TN you can often offer excellent cash back perks. Bank of America Nashville does just that. Their BankAmeriDeals® program is a simple way to earn up to 15% cash back at stores, restaurants and other places you shop.
Rating Summary
We rated Bank of America Nashville a 5 as a top Nashville, Tennessee bank. They’ve got the resources and reach of a large financial institution and customer service reputation usually bestowed on smaller local banks in Nashville, Tennessee.
Their cash back deals, award-winning investment department, and over 4,500 branch locations throughout the country make them a very attractive place to bank in Nashville, TN as well as any other state.
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First Tennessee Bank Review
First Tennessee Bank is one of the banks of the First Horizon National Corporation that has a network of statewide and regional banks. This is one of the banks in Nashville, Tennessee that’s been serving customers since 1864.
Below are the highlights that make First Tennessee Bank stand out on this 2018 best credit unions and best banks in Nashville ranking.
First Tennessee Bank at a Glance:
- 29 branch locations in Nashville, TN & surrounding areas
- Voted Best Bank for 17 straight years by readers of the Knoxville News Sentinel
- Named Top Bank in Tennessee by Money magazine
- Insurance & investment products
- Better Business Bureau A+ rating
Checking Account Choices that Fit Everyone
Whether you’re looking for a basic checking account or one that has all the bells and whistles, this is one of the best financial institutions in Nashville to consider. They have five different personal checking account choices, so you can pick and choose the options that fit your needs best.
Rating Summary
We gave First Tennessee Bank a 5 on our list of the best banks in Nashville. Because they’re part of a larger network of financial institutions, this Nashville, Tennessee bank is the perfect choice for someone that wants a community bank that has all the resources of a larger bank.
They offer multiple services for a “one stop shop” experience such as personal and business accounts, insurance, and investment products. This is also one of the banks in Nashville, TN that offers plenty of financial tips and educational resources for customers.
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Synovus Bank Review
This next bank in Nashville has just changed its name from The Bank of Nashville, which has been well-known in the region for years, to Synovus Bank. Synovus has been serving customers across three centuries and has nearly 250 locations throughout the Southeastern U.S.
Below are the highlights that make Synovus (formerly The Bank of Nashville) stand out on this 2018 Ranking of the Best Credit Unions and Banks in Nashville.
This Best Nashville, Tennessee Bank at a Glance:
- 10 branch locations in Nashville, TN & surrounding areas
- Named The Most Reputable Bank in the U.S. in a survey of bank reputations by Reputation Institute
- Received 21 Customer Service Excellence Awards from Greenwich Associates
- Personal, business, and corporate banking
- Better Business Bureau A+ rating
Growth Tools for Business
If you’re looking for one of the most business-friendly Nashville, TN banks, then you’ll definitely want to take a look at Synovus. They have a number of tools aimed at helping businesses grow in addition to protecting against wire fraud and making the most of their money.
Rating Summary
Synovus (formerly The Bank of Nashville) earned a top 5 rating in our list of the best banks and best credit unions in Nashville. This is another excellent regional bank that is very much about supporting the local community and providing excellent customer service.
They’ve also got some attractive benefits for business and corporate banking that cover everything from loans to employee benefits management. Whether you’re banking for yourself or for your business, this is a great Nashville, Tennessee bank to take a closer look at.
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The Tennessee Credit Union Review
The Tennessee Credit Union was started by a group of volunteers in 1950. They have over 350 different ways to qualify for membership, one of those is living or working in Williamson or Hamblen counties and another is being employed by an educational entity in the state of Tennessee.
Below are the highlights that make The Tennessee Credit Union stand out on this 2018 Ranking of the Best Credit Unions and Banks in Nashville.
The Tennessee Credit Union at a Glance:
- 4 branch locations in Nashville, TN & surrounding areas
- Member of CO-OP shared branches network with 30,000 ATMs and 5,000+ shared locations
- Received PENCIL Enduring Partner Award for their support of Nashville Public Schools
- Member discounts & insurance offers
- Better Business Bureau A+ rating
Free Financial Advisor
Not every bank or credit union in Nashville gives you the opportunity for free financial guidance, but The Tennessee Credit Union does. They’re one of the best credit unions in Nashville to consider if you’d like a free consultation on saving for retirement, re-building credit, or other customized strategies to help you grow your money.
Rating Summary
We rated The Tennessee Credit Union a 5 on our ranking of the best banks and credit unions in Nashville. They get high praise from reviewers on their customer support, whether it’s for an auto loan or day-to-day banking services.
People also note that this is one of the banks or credit unions in Nashville, TN that make them feel like a valued customer. Their award-winning community support is just another reason that this is a top Nashville credit union to join.
Read More: People’s United Bank (Ranking & Review)
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US Community Credit Union Review
US Community Credit Union was started back in 1949 by eleven VA Hospital employees. Their membership has grown widely since that time and they’re open to anyone that lives, works, worships or attends school in Davidson, Rutherford, Sumner, Williamson, or Wilson counties.
Below are the highlights that make US Community Credit Union stand out on this 2018 best credit unions and best banks in Nashville ranking.
US Community Credit Union at a Glance:
- 5 branch locations in Nashville, TN & surrounding areas
- Part of the CO-OP shared branches network with 30,000 ATMs and 5,000+ shared locations
- Honored with Mayor’s Award for Outstanding School Partnerships
- Budget & credit counseling
- Better Business Bureau A+ rating
Virtual Branch Tours
How would you like to take a virtual walk through the branches of any Nashville, TN banks or credit unions to see how you like them before you sign up? This is a one-of-a-kind feature on the US Community Credit Union website. You can virtually walk through eight different branches to become more familiar with them.
Rating Summary
Feeling like family and convenient Saturday branch hours were just a few of the reasons customers give US Community Credit Union top marks. We scored them a 5 on our list of the best banks and best credit unions in Nashville.
While they may be a smaller community-based credit union in Nashville, TN, they still have all the convenient services people enjoy, like online and mobile banking, telephone tellers, and financial planning services.
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Enbright Credit Union Review
Nashville native Enbright Credit Union was started in 1951 by employees of Nashville Electric Service and was named Electric Service Credit Union until recently. Their membership eligibility includes anyone that lives, works, worships, or attends school in Davidson or Sumner counties.
Below are the highlights that make Enbright Credit Union stand out on this 2018 best credit unions and best banks in Nashville ranking.
Enbright Credit Union at a Glance:
- 3 branch locations in Nashville, TN & surrounding areas
- Member of CO-OP shared branches network with 30,000 ATMs and 5,000+ shared locations
- 24/7 telephone account access
- Supports community charitable organizations
- Better Business Bureau not listed
Mobile & Virtual Banking Convenience
This is a local credit union in Nashville that understands the necessity of modern online banking convenience. They offer a “Virtual Branch” for easy online banking as well as mobile tools that have money transfer, account monitoring, and bill paying capabilities.
Rating Summary
We rated Enbright Credit Union with a 3 on our best banks and best credit unions in Nashville listing. They offer some great interest rates and services, like interest bearing and free checking, to customers. We would, however like to see a few less account fees.
This is one of the credit unions in Nashville, TN that gets high praise from members for excellent customer service, which is often a number one requirement for people looking for Nashville, TN banks and credit unions to call their own.
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Citizens Bank Review
Now, we’ve reached the Nashville, Tennessee bank that we recommend you bypass for the time being. Citizens Bank has just two Nashville area locations and has several poor reviews and low scores on sites like Consumer Affairs.
Below are some of the improvements we feel would help Citizens Bank repair their reputation and get another shot as being considered among the best banks in Nashville in the future.
Too Many Fees
Many unhappy customers mention confusing overdraft fees and feeling “nickeled and dimed” by fees that come with common banking activities. We would recommend that Citizens Bank look at the long-term gain of keeping customers happy and perhaps reevaluate some of their multiple fees.
Better Security
There are an alarming amount of customer stories about fraudulent withdrawals at this Nashville, Tennessee bank. Customers note not getting much help when this happens and having trouble getting their money back.
Rating Summary
Citizens Bank scored a 1 on our 2018 Ranking of the Best Credit Unions and Banks in Nashville, Tennessee. They’ve got several customers complaining about losing money due to excessive fees and unauthorized withdrawals, so we recommend staying away until they clean up their reputation.
With focus on security, responsiveness, and reducing their fees, they could begin to attract customers and improve their reputation as a good bank in Nashville to work with. Increasing their number of branch locations would also attract more clients.
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Conclusion – Top 7 Best Nashville, Tennessee Bank or Credit Union (& 1 to Avoid)
Nashville’s fast growing economy continues to attract larger national and regional banks to the city. But you still have several great home-grown banks and credit unions in Nashville, TN to choose from as well.
People that live and work in this capital city are in a great spot when it comes to competitive interest rates and banking perks. Nashville, Tennessee banks and credit unions are competing for your business, which puts you in the driver’s seat when it comes to finding a Nashville bank that gives you the most for your money.
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