What are the best banks in Montenegro?
Montenegro’s banking sector is made up of both international and Montenegrin banks. Bigger banks have dozens of locations and can offer you the full service package, including saving accounts, mobile banking, debit and credit cards. They also have name recognition and reputation.
There are a couple of smaller regional and local banks as well that offer banking services mostly to wealthy individuals and companies.
We have analyzed the service offering of all Montenegrin banks taking into account their total assets, monthly fees, and customer satisfaction and have come up with our list of the best banks in Montenegro available now.
Here are our picks for the best banks in Montenegro of 2023:
- NLB Bank: Best overall
- Prva Banka: Best for savings
- Hipotekarna: Best mobile banking APP
- Lovcen Bank: Best mortgage for non residents
- CKB: Best ATM and Branch network
NLB Bank: Best Overall
With a large ATM network and 22 branches, NLB Bank is our choice for the best overall bank in Montenegro. While NLB pays low interest on certificates of deposit and savings, there are no minimum balance requirements. Plus, the monthly fee for an personal bank account 4,99€. This includes a multicurrency account, a debit card, and a mobile banking application.
NLB Bank has a wide variety of banking services with mortgages, saving accounts, loans, debit and credit cards. Further, NLB offers a mobile payment app in the Play Store which replaces the need for a debit or credit card. This will pair nicely with your NLB account.
The NLB Bank in Montenegro is part of the NLB Group which is headquartered in Slovenia. The stability and size of NLB certainly help its reputation.
About NLB Bank Montenegro
- Total Assets: 752 million EUR
- Google Review Rating: 3/5 (22 reviews)
- Employment: Over 367 employees
- Number of Branches: 22
PROS
⊕ Low account opening fees (individual and business account)
⊕ Large ATM network
⊕ Online Banking and mobile application NLB klik
⊕ ‘NLB Pay’ mobile payment via smart phone
⊕ Insurance against card fraud
CONS
⊗ Low interest on CDs
⊗ No mortgages for non-Montenegrins
⊗ Above-average mortgage rates for residents
First Bank of Montenegro (Prva Banka): Best for savings
Big universal banks in Montenegro might not be the best solution for everyone looking to deposit money and earn interest. Annual percantages for a one-year deposit with the international banks range between 0.10% and 0.50%.
Prva Banka is different.
Savers can earn up to 3.10% interest for deposits that are kept with the bank for at least three years. They pay 2.30% for a 1-year Certificate of Deposit.
About Prva Banka Montenegro
- Total Assets: 354 million EUR
- Google Review Rating: 3.6/5 (7 reviews)
- Employment: Over 220
- Number of Branches: 14
PROS
⊕ 3.10% rate on 3-year certificates of deposit
⊕ Large ATM network
⊕ Contactless Mastercard
⊕ Bank has 120-year history
CONS
⊗ No mortgages for non-Montenegrins
⊗ Relatively high fees for account opening
Hipotekarna Banka: Best mobile App
Hipotekarna Banka snagged the first spot for the best mobile banking experience on our list. The bank’s mobile app is easy to use and navigate, with customer support readily available and no advertising. English language is supported.
While Hipotekarna’s bank account has a monthly fee, it is also the lowest, costing you 3,00 Euros per month including a debit card and mobile banking. Their offer for a business account package is the lowest, costing 10 Euros per month.
Their interest rates on the savings and CD accounts are low, but the bank does have a decent ATM network.
About Hipotekarna Banka Montenegro
- Total Assets: 663 million EUR
- Google Review Rating: 3.8/5 (26 reviews)
- Employment: Over 225
- Number of Branches: 6
PROS
⊕ Best mobile app
⊕ Cheapest monthly fees
⊕ Contactless Visa Card
⊕ Low account opening fees
CONS
⊗ No mortgage offer
⊗ Difficult account opening process
⊗ Customer complaints about service quality
Lovcen Bank: Best mortgage rates for non-residents
In the jargon of Montenegrin banks someone is considered a non-resident if he has no Montenegrin passport, even if he possesses a valid residence permit. Not all banks on our list offer mortgages to non-residents.
Lovcen does. Lovcen Bank is a local universal bank with 13 branches throughout Montenegro. Their monthly fees for maintaining a personal bank account with them are not the lowest (and far from being the highest) at 7,00€.
Business banking with Lovcen Bank is expensive. They ask 200 Euros for opening a bank account and monthly fees come in at 58,00€ if you want to have a debit card and use their mobile app.
About Lovcen Bank
- Total Assets: 289 million EUR
- Google Review Rating: 3.8/5 (14 reviews)
- Employment: Over 200
- Number of Branches: 14
PROS
⊕ Best mortgages rates for non-residents
⊕ Good customer reviews
⊕ Good rates on CDs
CONS
⊗ High account opening fee for business account
⊗ High maintenance fee for business account
⊗ App needs imporovement
CKB Bank Montenegro: Best ATM network
The CKB Bank is Montenegro’s largest bank with a 29% share in the banking system and 1.6 billion in total assets. Opening a bank account with ‘Crnogorska Komercijalna Banka – CKB’ means getting access to more than 115 ATMs throughout the country.
Bank account maintenance fees are reasonable at 3,95€ per month for an individual account including a mobile banking app, a debit card, and a multicurrency bank account.
The monthly fee for the business bank account is reasonable at 12,50€. What you won’t get at CKB however is a good rate on your deposit. They offer the lowest rates of all the banks on our list.
On a positive note, CKB is so far the only place where you can open bank accounts (individual and business) without a fee.
About CKB Bank (Crnogorska Komercijalna Banka)
- Total Assets: 1.6 billion EUR
- Google Review Rating: 1.8/5 (13 reviews)
- Employment: Over 545
- Number of Branches: 33
PROS
⊕ Largest ATM and branch network
⊕ No account opening fees
⊕ Largest bank in Montenegro
⊕ Offers private banking
⊕ Mortgages for non-Montenegrins at competitive rates
CONS
⊗ Lowest savings rates
⊗ Customer Reviews are not that good
How we chose the Best Banks in Montenegro of 2023
To determine our list of Best Banks for 2023, the Adriacom staff evaluated the largest retail banks, ranked by assets and number of branches. We then compared opening balance fees, interest rates, saving rates, customer ratings, and bank acconut fees to determine our top choices.
What are the main banks in Montenegro?
The main banks in Montenegro with regards to their total assets and number of branches are the following:
- CKB Bank
- NLB Bank
- Erste Bank
- Hipotekarna Bank
- Lovcen Bank
- Addiko Bank