Related Article for you


There are more than 180 banks in Puerto Rico. It is home to a diverse range of banks, each with its own unique offerings and services. Puerto Rico offers a range of options for consumers looking for reliable banking solutions, from established, long-standing institutions to the up-and-coming new players in the market. 

This guide will take a closer look at 8 of the top-ranked banks in Puerto Rico. These institutions offer consumers access to various products and services designed to meet every financial need. 

Overview of the Banking System in Puerto Rico

Puerto Rico has a well-developed banking system. The island’s banking sector is regulated by the Office of the Commissioner of Financial Institutions (OCIF) responsible for supervising and examining the activities of all banks, credit unions, and other financial institutions operating in the country.

The island’s banking system is dominated by a few large banks, such as FirstBank, Banco Popular, and Santander Bank, which account for a significant market share. However, a number of smaller banks, credit unions, and other financial institutions also offer specialized services and cater to specific market segments.

One of the unique features of the Puerto Rican banking system is the presence of many branches of U.S. mainland banks. These banks, such as Bank of America and Wells Fargo, have a significant presence on the island and offer many of the same products and services as their mainland counterparts.

The island’s banking system is also characterized by the presence of many small credit unions and cooperatives owned and operated by their members. These credit unions and cooperatives typically offer more personalized service and lower fees than larger banks.

In terms of services, banks in Puerto Rico typically offer checking and savings accounts, credit cards, personal loans, mortgages, and consumer loans. They also offer a wide range of investment products, including mutual funds, stocks, bonds, and other securities.

However, banking in Puerto Rico can be challenging due to the island’s unique economic and political situation. Many banks may have stricter lending standards, and you may need to provide more documentation than you would at a bank in the mainland United States. 

Additionally, some banks may have limited ATM and branch networks, so it’s important to consider these factors when choosing a bank.

Setting Up a Bank Account in Puerto Rico

Setting up a bank account in Puerto Rico is generally a straightforward process, but there are a few things you’ll need to consider before getting started.

You will need to gather documents and provide some personal and financial information to open a bank account in Puerto Rico. This typically includes a valid government-issued ID, proof of address, and proof of income.

Then, decide which bank you want to open your account with. Consider factors such as the bank’s location, fees, services, and customer reviews. Some banks may have stricter lending standards, so it’s important to research different options before deciding.

Once you’ve gathered the necessary documents and chosen a bank, you can open an account by visiting a local branch. You can also open an account online, but you will likely have to visit a branch in person to complete the process.

You’ll need to provide the bank with your personal and financial information, including your name, address, and contact information, as well as your social security number (Número de Seguro Social in Spanish) or taxpayer identification number (Número de Identificación del Contribuyente).

Once your account is open, you’ll need to fund and activate it. This can typically be done by making a deposit or linking your account to an existing account, such as a checking or credit card. Bank account activation can be done by visiting a local branch, by phone, or online.

However, it is worth noting that the process of opening a bank account in Puerto Rico may vary depending on the bank you choose and your personal circumstances. 

Selecting a Bank in Puerto Rico

When selecting a bank in Puerto Rico, first, examine the various banking services offered by the institution. Does it offer checking and savings accounts, credit cards, mortgages, loans, and other financial products? 

Additionally, consider what kind of fees are associated with these products. Some banks may have low fees and competitive interest rates, while others may have higher and lower interest rates. 

Then, consider the overall customer service provided by the bank. Are our customer representatives helpful and knowledgeable? Is an online banking system available to quickly access account information and make transactions? How long does it take for phone calls or emails to be answered? All these factors will decide which bank is most suitable for you. 

Finally, look into the security measures used by the bank. Does it use the latest technology to protect your financial data? Are there any additional services offered, such as identity theft protection and fraud prevention tools? It is important to ensure that your personal information and money are well-protected at all times. 

You can also use online reviews and ratings to evaluate the different banks in Puerto Rico. This can help you understand how satisfied customers are with the products and services each bank offers. Compare fees, customer service quality, and security measures to ensure you pick the best one for your needs. 

Top-Ranked Banks in Puerto Rico

Puerto Rico is home to many highly rated banks for their customer service, convenience, and competitive rates. The following is a list of the best banks in Puerto Rico:


FirstBank is one of the largest and most established banks in Puerto Rico. It is an established financial institution with a long history of providing excellent banking services to customers in Puerto Rico. Founded in 1909, FirstBank has served Puerto Rico for over 110 years and has become a staple in the local community. 

What makes FirstBank unique for Puerto Rican customers is its commitment to offering innovative products and services tailored to the specific needs of Puerto Rican residents. From mortgages and loans to savings accounts and other financial products, FirstBank prides itself on offering reliable solutions for its customers’ banking needs. 

Furthermore, FirstBank offers a wide range of financial services and products designed to meet its customers’ needs. These include checking accounts, credit cards, auto loans, business banking, and investment services. The bank also has a large network of ATMs and branches, making it easy to access your funds.

Additionally, FirstBank is committed to giving back to the local community through philanthropic efforts such as sponsoring educational courses and providing financial literacy programs. 


Banco Popular

Banco Popular is another major player in the Puerto Rican banking market. It is one of the oldest and most respected banks on the island. It was founded in 1893 by Luis Negrón López and has served Puerto Rico’s people ever since. With more than 125 years of history, Banco Popular is a symbol of tradition and reliability in Puerto Rico.

The bank offers a variety of products and services for both personal and business banking needs. Banco Popular has the right product for everyone, from checking accounts to credit cards, mortgages, and investments. Customers can also access their accounts online or with a convenient mobile app, making it easy to manage finances on the go.

Banco Popular is committed to helping customers save money and build wealth. The bank offers personalized advice and financial education programs that teach people how to make smart decisions about their money. It also supports community initiatives to help people in need and promote economic growth throughout Puerto Rico.

Santander Bank

Santander Bank is a well-established bank in Puerto Rico with a strong presence in the country. Also known as Banco Santander in Puerto Rico, it is a Spanish banking giant Santander Group subsidiary.

At Santander Bank, customers can access various banking products and services, including personal checking and savings accounts, home loans, mortgage refinancing options, car loans, credit cards, and more. 

Santander Bank also offers online banking services so customers can manage their finances anytime, anywhere. Customers can check their account balances or transfer money using the bank’s secure website or mobile app and customers have access to Santander Bank’s 24/7 customer service line for any questions or concerns. 

The bank also provides investments and insurance plans for its customers. Through the bank’s dedicated investment advisors, customers can access a range of options to help them save for retirement or other important milestones. Customers can purchase insurance plans from Santander Bank, including life and health coverage. 

Their customers can also take advantage of additional benefits, such as rewards and discounts on select products and services. It also offers special banking packages tailored to small businesses, allowing entrepreneurs to manage their finances easily. It focuses on providing excellent customer service and is widely considered a reliable partner in helping customers achieve their financial goals

Oriental Bank

Oriental Bank is one of the largest and longest-established banks in Puerto Rico, with over 100 years of service and a record of achieving top customer satisfaction ratings. 

In 2019, it was awarded Best Customer Service by Money Magazine and Best Mobile Banking App by 

The bank provides a range of banking products and services, including checking and savings accounts, credit cards, mortgages, personal loans, and business lending solutions. 

Its customer service representatives are available every day to answer questions or help with transactions. It also offers customers access to online and mobile banking technologies that enable them to monitor accounts, pay bills, and transfer funds without ever having to visit a branch. 

Additionally, Oriental Bank’s financial advisors can provide expert advice and guidance whether you’re looking to buy property, invest or plan for retirement.


Scotiabank of Puerto Rico

Scotiabank of Puerto Rico, a branch of the larger Canadian-based multinational banking and financial services company Bank of Nova Scotia, has been providing top-notch financial services to the citizens of Puerto Rico since 1954. This bank ranks as one of the highest-ranked banks in Puerto Rico for a variety of reasons. 

The bank provides its customers comprehensive personal banking, commercial banking, and corporate finance services. The bank also has a wide range of financial products that can be tailored to meet the needs of its customers.

Scotiabank of Puerto Rico is committed to providing quality financial services with a focus on customer service and fairness. It has consistently earned high customer satisfaction ratings, offering various tools and resources to help customers make the best financial decisions

The bank has also been a leader in providing technological advancements in banking with its advanced ATM services, online banking options, and mobile banking app. These advances have enabled customers to have secure access to their accounts anytime and anywhere, giving them greater flexibility when managing their finances. 

It also offers a wide range of investment and wealth management services, including mutual funds, stocks, bonds, and more. Its international banking capabilities give customers access to global markets, allowing them to take advantage of opportunities in different countries around the world. It even has special credit card products tailored to the unique needs of Puerto Rican customers. 

Scotiabank of Puerto Rico is committed to providing its customers with top-notch banking services and financial advice so that they can make the best decisions for themselves and their families.

Caribe Federal Credit Union

Caribe Federal Credit Union is a financial institution dedicated to providing the Puerto Rican community with quality financial services. 

The credit union was established in 1957 by a group of teachers who wanted to help their fellow educators achieve financial freedom and security. Since then, they have expanded to serve the entire island with an array of products and solutions tailored to their client’s needs.

The credit union offers services such as checking accounts, savings accounts, and loans with competitive rates. They also provide several investment options to help members grow their wealth. 

Additionally, they offer financial education programs that guide members through building a secure financial future. 

Caribe Federal Credit Union is committed to providing personalized and attentive service to its members and helping them achieve their financial goals. They are dedicated to creating a positive impact in their communities by offering assistance and resources to help their members reach financial independence

It has become an important part of Puerto Rico’s history and culture, and they strive to further empower all areas of the island, one client at a time.

Citibank NA 

Citibank NA (National Association) is a subsidiary of Citigroup, a large multinational financial services corporation headquartered in New York City. Citibank operates branches and ATMs in various locations around the world, including Puerto Rico.

In the country, Citibank offers a wide range of products and services, including checking and savings accounts, credit cards, personal loans, mortgages, and other types of consumer loans. They also offer a wide range of investment products, including mutual funds, stocks, bonds, and other securities.

The bank also offers a range of online and mobile banking services. They also provide other services such as online bill payments, account transfers, and mobile deposits.

Citibank provides financial education and resources to help customers better understand and manage their finances. They offer free workshops, seminars, and other educational resources to help customers learn about budgeting, saving, investing, and other financial topics.

They are also actively involved in the community, providing support and resources to local organizations and causes, such as education and economic development. They also strongly focus on providing financial services to the underbanked communities.

PenFed Credit Union

PenFed Credit Union (Pentagon Federal Credit Union) is a non-profit, member-owned financial institution that was founded in 1935. PenFed is one of the largest credit unions in the United States and serves over 1.7 million members worldwide, including in Puerto Rico.

It focuses on providing affordable financial services to its members. They offer lower fees and higher interest rates on deposit accounts than many traditional banks. Their loans tend to have lower interest rates and more favorable terms than traditional banks.

PenFed Credit Union is also known for its strong commitment to serving the military community, and it has a long-standing history of serving veterans, active-duty military, and their families. They offer special benefits, rates, and financial services to the military community that is not available through other financial institutions.

It is also known as a provider of excellent customer service. They have a dedicated team of customer service representatives who are available to assist members with any questions or concerns they may have. 

Banking Tips in Puerto Rico

Banking is an essential part of managing finances in Puerto Rico. Do your due diligence to ensure that you are banking responsibly and safely. Research any new bank or financial institution you’re considering doing business with to understand its policies and fees.

Mobile banking applications are also becoming increasingly popular in Puerto Rico, so take advantage of mobile deposit services. Online banking services are one of the most convenient ways to manage your financial accounts in Puerto Rico. It allows you to transfer money between accounts, pay bills, and more. 

Look for a good interest rate. Check the interest rates of different financial institutions and look for ones that offer a higher rate of return for deposits. You must also pay attention to fees and be aware of monthly fees, minimum balance requirements, overdraft protection fees, and other fees that could affect your banking experience.

It is also important to monitor your accounts regularly to protect your finances. This includes ensuring all deposits and withdrawals have cleared, that there are no unauthorized transactions, and that you know where your money is going.

Choose a bank with strong security measures to ensure your accounts and information remain safe from hackers and other cybercriminals.

And finally, get help when you need it. Don’t be afraid to reach out for help if you have any questions or concerns about your banking experience in Puerto Rico. Most banks and financial institutions have customer service representatives available to answer any queries you might have. 


Puerto Rico is home to many great banks with various services, benefits, and features for customers. While each bank has its strengths and weaknesses, these eight top-ranked banks are all excellent options if you’re looking for banking solutions in Puerto Rico. 

These banks have something for everyone, from online banking apps to customer service centers. But, no matter which one you choose, make sure that it meets your needs and offers competitive interest rates and fees before making any decisions about opening an account or investing money into their products and services. 



Leave a Comment

Your email address will not be published. Required fields are marked *