Newsweek taps United Bank, PNC as tops in Alabama

Atmore-based United Bank selected among state’s small banks

Coastal Growers peanut processing plant, an investment of United Bank’s Community Development arm, began to take shape last year in Atmore. Business Alabama photo by Jeff Tesney.

United Bank, based in Atmore and boasting 18 branches around south Alabama, has been named the top small bank in Alabama by Newsweek Magazine. PNC, with 54 Alabama branches, was picked as the best large bank both in Alabama and in its home state of Pennsylvania.

Newsweek teamed with Lending Tree to assess banks across America, based on the checking and savings options they offer to customers.

“We assessed thousands of FDIC-insured banks and credit unions, and the savings and checking accounts they offer, based on more than 50 different factors to land on best-in-class options in 26 different categories,” Newsweek said today in announcing the state-by-state winners.

Introducing the bank listing, Newsweek noted that COVID-19 has “upended all aspects of American life, including how we bank.”

“Take savings, for instance,” wrote Newsweek reporter Kerri Anne Renzulli. “While the personal savings rate is down from the stratospheric high of 33.8% recorded early in lockdown last year, Americans are still setting aside cash at historically high rates: nearly 10% recently. But just as our need to earn a decent return on our savings has rarely been higher, many banks have slashed rates; the average savings account pays out just 0.06% now, and many of the largest banks pay nothing at all.”

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