Tulsa ranked fourth on a recent survey of top 10 list of “Best Cities for Banking” with banks that pay a much higher interest rate than in other regions of the United States. Tulsa also has a relatively high diversity of banking institutions and no bank or credit union failures since 2009 according to NerdWallet.
Easy access to stable banking options with consumer-friendly products and services is one of the most critical elements of maintaining financial security for households and communities as a whole. However, such qualities vary drastically across cities of the United States.
For instance, a Pew report revealed a median monthly fee for a checking account of $10 (with a $1,500 balance required to waive the fee) in states like Minnesota and Montana. However, Massachusetts residents pay a median of $15 per month and need $6,000 to waive it.
Cities were ranked based on six factors:
• Stability of local banks and credit unions
• Diversity of banking options
• Total number of overall bank and credit union office locations per capita within each city
• Average savings account yield in each city
• Median checking account fee in every state to determine the severity of bank fees in each city
• The percentage of American households in each city that have a bank account of some kind
Self described as “nerds” NerdWallet declares a commitment to deliver information and recommendations that are:
- Clear: We spend considerable time designing tools that are simple, straightforward, and easy to understand.
- Unbiased: We use a numbers-based, analytic approach to deliver fair and objective results.
- Personalized: We customize results for consumers based on who they are and how they spend money.
- Complete: Some sites only list products or services that earn them money, there is nothing fair about that! We include everything we can find.