RANKING & REVIEWS
TOP RANKING BANKS AND CREDIT UNIONS IN PHILADELPHIA
Ranking of the 7 Best Banks & Credit Unions Philadelphia Has to Offer
Philadelphia, Pennsylvania was the site of one of the very first U.S. banks, proposed by Alexander Hamilton and established in 1791. Money management at Philly banks has come a long way since that time, but there are certain things people still look for when choosing banks in Philadelphia.
Being trusted, having great customer service, and convenience are some of those key items people seek out when choosing a Philadelphia credit union or bank to trust with their money and lending needs.
So, for this top list, we’ve searched for the best credit unions in Philadelphia and the best banks Philadelphia has to offer to bring you some excellent options.
Award Emblem: Best 7 Banks & Credit Unions in Philadelphia
Our ranking includes a mix of names you’ll recognize no matter where you’ve lived, like Bank of America Philadelphia. There are also some community grown names, like Citizens Bank Philadelphia and Philadelphia Police and Fire Credit Union (PFFCU).
In our top list we’ve also included two credit unions and banks in Philadelphia, Pennsylvania that you might want to avoid until they make a few improvements.
So, let’s begin with some tips you’ll want to know if you choose a Philadelphia credit union instead of a bank, but first let’s go through our rating table.
Top 7 Best Banks & Credit Unions in Philadelphia (+ 2 to Avoid) | Brief Comparison & Ranking
Best Credit Unions & Best Banks in Philadelphia | Ratings |
| Bank of America | 5 |
| Beneficial Bank | 5 |
| Philadelphia Federal Credit Union (PFCU) | 5 |
| PNC | 5 |
| American Heritage Credit Union | 3 |
| Citizens Bank | 3 |
| Police and Fire Federal Credit Union (PFFCU) | 3 |
| CapitalOne® | 1 |
| Viriva Community Credit Union | 1 |
Table: Top 7 Philadelphia Credit Union & Bank Options (+2 to avoid) | Above list is sorted by rating
Banks & Credit Unions in Philadelphia FAQ | Know This When Looking for the Best Credit Union in Philadelphia
One thing that keeps people from considering the best credit union Philadelphia, Pennsylavania might have for banking is not knowing if they’re eligible for membership. Many of the Philadelphia credit unions mention needing to be a member of “something.”
But, what you may not know is that in order to compete with Philly banks, credit unions have opened up membership to make it easier for more people to join.
For example, even if you’re not working for the police or fire department, you can still become a member of the Philadelphia Police and Fire Credit Union, by being a family member or being employed by one of multiple other types of companies that offer membership there.
What You Should Know About Any Best Credit Union in Philadelphia:
- Membership eligibility might be easier than you think
- Credit unions are not-for-profit institutions
- You typically find lower rates for loans at credit unions
- Even though credit unions in Philadelphia aren’t part of the FDIC, they have up to $250,000 deposit insurance through the National Credit Union Association
See Also: BankMobile Review | Is BankMobile Legit? Safe? What You Need to Know about BankMobile
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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 & Credit Unions in Philadelphia (+ 2 to Avoid)
Below, please find a detailed review of each firm on our list of top Philadelphia credit unions & banks. We have highlighted some of the factors that allowed these best banks in Philadelphia, PA 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.
- Bank of America
- Beneficial Bank
- Philadelphia Federal Credit Union (PFCU)
- PNC
- American Heritage Credit Union
- Citizens Bank
- Police and Fire Federal Credit Union (PFFCU)
- CapitalOne®
- Viriva Community Credit Union
American Heritage Credit Union Review
Want a small town feel when you bank? Then American Heritage Credit Union will be right up your alley. This Philadelphia based credit union has 16 locations in the Philadelphia, Pennsylvania County area, and 18 more in the surrounding counties.
This is the best credit union Philadelphia has to offer that boasts over 800 workplace partners and over 165,000 members. So you can be sure that there are plenty of membership eligibility options for banking here.
Best Credit Unions & Best Banks in Philadelphia Services at a Glance:
- 34 branch locations in Philadelphia & surrounding areas
- Pays member dividends
- Easy, 24/7 account access
- Financial management tools
- Home equity and auto loans
- Better Business Bureau B- rating
Highlights That Make American Heritage Credit Union Stand Out on Our List of Best Banks & Credit Unions in Philadelphia
Excellent Rates on Certificates of Deposit (CDs)
You don’t have to go to the best bank in Philadelphia to get some great investment options. A Philadelphia credit union, like American Heritage, can offer great rates that rival the big banks. Here’s a rundown of their current offers.
Rates on CD and IRA options:
- 1.35% APY, 13 month
- 1.85% APY, 36 month
- 2.26% APY, 48 month
- 2.36% APY, 60 month
Progressive Banking Tools
Something people worry about when choosing one of the smaller credit unions or banks in Philadelphia, Pennsylvania is that they won’t have the mobile apps and tools that the big banks do.
That’s not a problem here. American Heritage Credit Union not only offers a mobile app, but they also have an online teller service, eAlerts, Apple Pay & Samsung Pay, and more.
We rated this Philadelphia credit union a 3, only because of their rating on the Better Business Bureau. If they improved from a B- to an A, we’d consider ranking them higher.
Related: Banner Bank Ranking & Review
Bank of America Review
Most people have heard of banking giant Bank of America, and their exemplary service and global locations. All of this makes Bank of America Philadelphia, PA one of the top Philly banks on our list.
They have 17 branches in the Philadelphia, PA area that have financial services available, and 45 ATMs thoughout the area. This is the best bank Philadelphia has for being connected to a network in over 35 countries around the world.
Best Credit Unions & Best Banks in Philadelphia Services at a Glance:
- 17 branch locations in Philadelphia & surrounding areas
- Personal banking & wealth management services
- Credit cards with rewards programs
- Mortgages, auto, and small business loans
- Investments through Merrill Edge
- Better Business Bureau A- rating
Highlights That Make Bank of America Philadelphia Stand Out on Our List of Best Banks & Credit Unions in Philadelphia
Tons of Credit Card Options
Whether you like to earn cash back for going to the grocery store or enjoy earning airline miles for your family vacations, this is one of the best banks Philadelphia, Pennsylvania has for credit card options.
Bank of America Philadelphia, PA (or in any town) offers multiple cash rewards, low interest rates, and small business credit cards. They even have credit cards designed for rebuilding poor credit.
National and Global Banking
Do you travel often and like to see your bank wherever you go? Then you’ll be pleased signing up with Bank of America Philadelphia branch, because whether you’re traveling to remote Tombstone, Arizona or Rome, Italy, you’re going to have a banking connection.
We gave a 5 rating to Bank of America Philadelphia, PA because the banking, credit card, and loan options are outstanding.
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Beneficial Bank Review
For a hometown feel with all the services of one of the larger banks Philadelphia, Pennsylvania offers, you’ll want to check out Beneficial Bank. They’re a bank with a simple name and straightforward services.
Beneficial Bank is headquartered in Philadelphia. It’s been around since 1853 and has an impressive list of available branches. This is the best bank Philadelphia has if you’re looking for a branch on nearly ever corner.
Best Credit Unions & Best Banks in Philadelphia Services at a Glance:
- 62 branch locations in Philadelphia & surrounding areas
- Personal & student checkings & savings
- Business lending & cash management
- Small business & personal loan options
- Personal & commercial insurance
- Better Business Bureau A+ rating
Highlights That Make Beneficial Bank Stand Out on Our List of Best Banks & Credit Unions in Philadelphia
Online Libraries of Financial Help
Whether you’re looking for budgeting tips, want to know what’s involved with buying a new home, or looking for the latest local busines news, Beneficial Bank won’t let you down.
This is one of the banks in Philadelphia, PA that has free to use online tools:
- Personal Financial Library
- Business Financial Library
- Wealth Management Library
- Insurance Library
Start Earning℠ Package
A nice perk of banking with Beneficial Bank is that it’s one of the few Philly banks that makes it easy to build your savings. They combine automatic savings deposits with cash back options and loan rate discounts to help you get ahead financially.
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CapitalOne® Review
CapitalOne® is a very well known name in credit cards. We see their commercials on TV all the time, so you may be wondering why we’ve tagged them as one of the “banks to avoid” rather than one of the best banks in Philadelphia.
Well, we have our reasons. Mainly, we would say they’re “one to watch”, but perhaps not sign up with yet due to a severe lack of physical locations. They do have a new café style of banking they’re trying around the U.S., including a location in Philadelphia called Rittenhouse, that some may want to check out.
Banks Philadelphia, Pennsylvania Services at a Glance:
- 1 branch location and 1 café location in Philadelphia & surrounding areas
- Drink coffee, hang out, and bank at the same place
- Community rooms to use
- Personal, business, & kids’ savings accounts
- Money market & CD’s
- Better Business Bureau A+ rating
What CapitalOne® Can Do To Improve their Standing Among the Options for Best Bank & Best Credit Union in Philadelphia
Location, Location, Location
Sitting in a coffee bar with friends and opening a new high interest savings account at the same time sounds really cool, but you only have two locations in the Philly area to bank with CapitalOne®. Add more, and we can see them shooting up in the rankings quite fast.
Related: CIT Bank Reviews – Fees, CD Rates, Savings, Pros, Cons
Citizens Bank Review
Another one of the best banks in Philadelphia that gets high marks on review and opinion sites, like Reddit, is Citizens Bank. Convenience is a big reason why.
Citizens Bank Philadelphia has a whopping 92 locations in the Philadelphia area and 12 supermarket branches to boot, which makes them one of the most convenient Philadelphia credit union or bank to use if you want multiple branch options.
Best Credit Unions & Best Banks in Philadelphia Services at a Glance:
- 92 branch locations in Philadelphia & surrounding areas
- One Deposit checking with no monthly fees
- Retirement & investment services
- College planning & student loan refinancing
- Business checking accounts & cash management tools
- No rating on Better Business Bureau
Highlights That Make Citizens Bank, Philadelphia Stand Out on Our List of Best Banks & Credit Unions in Philadelphia
Student Tailored Financial Tools
If you’re planning your child’s college education or have student loan debt that you’d like to refinance, you’d have a hard time choosing a better Philadelphia credit union or bank with tools specifically for students and their unique financial needs.
Commercial Banking
Small businesses might think that a regional bank or credit union in Philadelphia won’t be able to meet all their business needs, but that’s not the case with Citizens. They have a full suite of commercial banking options to help companies think and grow stragetically.
We gave Citizens Bank, Philadelphia a 3, but this was mainly because they don’t have a rating on the Better Business Bureau. With their multiple locations and personal, student, and business services, the could easily get on the BBB map and improve their ranking.
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Philadelphia Federal Credit Union (PFCU) Review
Looking for a best credit union in Philadelphia that may be small, but is also mighty with a stellar reputation? Then look no further than Philadelphia Federal Credit Union, also known as PFCU.
While they may have only 11 branch locations in the Philadelphia area, people can’t seem to say enough good things about PFCU. They’ve got an “A” rating on DepositAccounts.com and 3.4 out of 5 stars on WalletHub.com.
Best Credit Unions & Best Banks in Philadelphia Services at a Glance:
- 11 branch locations in Philadelphia & surrounding areas
- Personal banking & loans
- Business banking options
- Affordable property, auto, & business insurance
- Referral reward program
- Better Business Bureau A+ rating
Highlights That Make Philadelphia Federal Credit Union (PFCU) Stand Out on Our List of Best Banks & Credit Unions in Philadelphia
Free Checking Account
Are you tired of banks that charge you a monthly fee for not holding a minimum balance? We have all experienced those months! Well, this is the best bank in Philadelphia for you if you’d just like to have your checking free, no strings attached.
Multiple Insurance Options
It’s nice to be able to get your insurance at the Philadelphia credit union or bank that you already trust with your money. Here are the insurance types you can get with PFCU:
- Homeowners insurance
- Renters insurance
- Auto insurance
- Gap insurance
- Extended warranty insurance
- Life insurance
- Business insurance
- Pet insurance
PFCU gets a 5 rating from us, because even though they may be a smaller Philadelphia credit union, you definitely can’t tell it from their products and services.
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PNC Review
If you’ve moved to the Philadelphia area from the west or middle of the country, then you may not be famiar with PNC. This is one of the larger eastern regional banks that also has banks in Philadelphia, PA.
PNC has been around for over 160 years and operates primarily in 19 states and Washington DC.
Best Philadelphia Credit Unions & Banks Services at a Glance:
- 24 branch locations in Philadelphia & surrounding areas
- Personal checking & savings
- Credit, debit, and pre-paid cards
- Home equity & refinancing loans
- Investment & retirement services
- Better Business Bureau B rating
Highlights That Make PNC Stand Out on Our List of Best Banks & Credit Unions in Philadelphia
Security Commitment
In the age of hacks and identity theft, it’s nice to know that among your choices for the best Philadelphia credit union or bank, you’ve got one that provides valuable tools to help you protect your personal and financial information.
Wealth Management Strategy
Whether it’s personal or business banking, growing your assets and wealth management is important. PNC is one of the banks in Philadelphia, Pennsylvania that offers a “Wealth Strategy” program designed to protect and preserve your assets.
Our rating for PNC is a 5, for having a perfect balance between home town feel and big bank service.
Police and Fire Federal Credit Union (PFFCU) Review
If you judge by the sheer number of online searches, then perhaps Police and Fire Federal Credit Union (PFFCU) would be the best credit union in Philadelphia because they sure have a lot of folks looking up their services.
Also known locally by the term Philadelphia Police and Fire Credit Union, this is another smaller local banking option that has an excellent reputation for great rates and member services.
Best Philadelphia Credit Unions & Banks Services at a Glance:
- 14 branch locations in Philadelphia & surrounding areas
- Real estate, auto, and personal loans
- Checking and online banking
- Money markets, IRA’s, and share accounts for minors
- Mobile app and mobile deposit
- Better Business Bureau A+ rating
Highlights That Make Police and Fire Federal Credit Union (PFFCU) Stand Out on Our List of Best Banks & Credit Unions in Philadelphia
Great Mortgage Rates
This is one of the best credit unions in Philadelphia that advertises really low mortgage rates with no application fee and a fast approval process. If you’re planning to buy a new home in the near future, that’s one reason to consider PFFCU.
Phone and Mail Deposits
If you like to have deposit options that keep your information offline, then this is a Philadelphia credit union you’ll appreciate. They make it easy to make deposits “old school” by phone or mail.
Our rating for Philadelphia Police and Fire Credit Union is a really high 3. If they expanded their services a bit and had a few more locations, they’re an easy 5.
Viriva Community Credit Union Review
The last Philadelphia credit union on our list also happens to be the second to avoid for the time being, Viriva Community Credit Union.
With just 5 branch locations and no Saturday banking hours, this is not exactly one of the banks in Philadelphia, PA that’s built for convenience.
Philly Banks Services at a Glance:
- 5 branch locations in Philadelphia & surrounding areas
- Free checking with no minimum balance
- Home equity loans
- Business checking and savings
- Credit card options
- No rating on Better Business Bureau
What Viriva Community Credit Union Can Do to Improve their Standing Among the Best Bank & Best Credit Union in Philadelphia Options
Improve Look and Reputation
Viriva Community Credit Union could move up to be one of the best credit unions in Philadelphia if they do a few key things:
- Increase the number of locations
- Improve their website look and feel
- Get accredited at the Better Business Bureau
Conclusion – Top 7 Best Banks & Credit Unions in Philadelphia
From birthing one of the first banks in the nation to now being host to multiple best banks in Philadelphia and the best credit union in Philadelphia, this city has come a long way since the late 1700’s.
Helping people keep their money safe while also growing their wealth has remained a key component of banks in Philadelphia, PA.
If you live in the Philadelphia area and you’re looking for banking options, we hope that our ranking of top 7 Philadelphia credit unions and banks has provided you with some useful information. Whether you go big or go small, you’ve got options you can trust.
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