Tulsa ranked fourth in quality banking

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

Click here for the full study by NerdWallet.

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