Police have been combing a neighborhood near Hillsborough Street since about 11 a.m.
One suspect allegedly held a gun to an employee's head while the other jumped the counter to get the money.
A witness outside the bank saw two armed suspects running out of the bank with their faces covered by stockings. According to the witness, the two suspects ran to a blue Pontiac Grand Am where a third suspect was waiting for them.
All officers in the area were alerted and a helicopter began searching the area. A deputy spotted the suspects' car after an all-points bulletin was issued.
"A Wake County Sheriff's Deputy spotted it because we had given a broadcast to all surrounding agencies," said Raleigh Police Captain Dennis Potteat. "The vehicle refused to stop and proceeded into [the Hillsborough Street] area. The subjects obviously jumped out in a hurry and have run, but we're looking for them with the K-9 units and a highway patrol helicopter."
The Raleigh Police Department is looking three black, male suspects in their mid-twenties.
Captain Potteat says anyone who might see any of the suspects should call 9-1-1 to report the sighting, but should not approach the suspects.