New Mexico’s rich, fascinating history makes it popular with both visitors and new residents. Whether you work for the federal government or one of the state’s many small businesses, banking services are an essential part of life. That’s why we’ve pulled together a list of the best banks in New Mexico to help you find the right bank to fit your needs.
10 Best Banks in New Mexico
From online and mobile banking to traditional banks with branches across the country, there’s a bit of everything in New Mexico. It’s important to take a look at the closest bank branch to your house, but you should also pay attention to which banks charge monthly maintenance fees to make sure you’re getting the best deal. The below list can help you kick off your search for the best bank.
1. U.S. Bank
Known for its extensive network of branches and ATMs across the state, U.S. Bank stands as a significant financial institution in New Mexico.
2. SoFi
SoFi offers a compelling online banking experience with its Checking & Savings account, which provides impressive rates. The savings account features an exceptional 4.60% APY, while the checking account offers a 0.50% APY.
3. New Mexico Bank & Trust
New Mexico Bank & Trust is a well-established local bank with multiple locations across the state. They offer a free checking account with no minimum balance requirement, which is a plus for many residents. All you need a $25 minimum deposit to open the account, and there are no daily balance requirements.
4. GO2bank
GO2bank is making waves as a convenient online bank with a focus on user-friendliness. Opening a checking account and high-yield savings account is a simple process, especially appealing is the savings account’s 4.50% APY for balances up to $5,000.
5. Bank of Albuquerque
Bank of Albuquerque is a local banking choice with a strong presence in the Albuquerque area. The bank offers a fee-free checking account that provides you with access to cash at over 32,000 locations via the MoneyPass ATM network.
6. WaFd Bank
Washington Federal Bank, commonly known as WaFd, offers the advantages of a national bank with the personal connection of a local bank. With branches across New Mexico, WaFd makes it a point to engage with neighborhood communities.
7. Wells Fargo
Wells Fargo is a national bank with a broad reach, having branches in 33 states and the District of Columbia. They offer a range of banking options, including a free checking account with various ways to avoid the monthly fee.
8. Century Bank
Century Bank has a long history in New Mexico, serving the state since 1887. If you value tradition and local expertise, this could be the bank for you.
9. Bank of America
Bank of America is a well-known traditional bank with a strong presence in New Mexico. One of its key strengths is its highly rated mobile banking app, which comes packed with features like budgeting tools and custom alerts.
10. Nusenda Credit Union
Nusenda Credit Union stands out for its low-interest loans and high-yield savings accounts. In addition to its extensive network of over 20 branches in New Mexico, Co-Op Network membership further broadens your reach to more than 30,000 ATMs and 5,000 shared branches across the country.
How to Choose the Best Bank in New Mexico
How to Choose the Best Bank in New Mexico
Selecting the best bank in New Mexico is a crucial decision that can shape your financial future. Here’s what you should pay attention to:
Location and accessibility: Look for a bank with conveniently located branches and a large network of ATMs. This is especially important if you rely on in-person banking services. The best banks in New Mexico usually have multiple locations to serve their customers better.
Account types and features: Different banks offer various account types, such as checking and savings accounts, and CDs. Make sure to select a bank that provides the kinds of accounts and features that fit your financial needs and future goals.
Fees and charges: Be aware of the various fees that might come with banking services, including monthly maintenance fees, ATM withdrawal charges, and overdraft penalties. Some of the best banks in New Mexico either have minimal fees or provide ways to have them waived.
Interest rates: Check the annual percentage yield (APY) offered on savings accounts and other interest-bearing accounts. A higher APY will help your money grow faster over time, so it’s a key feature of the best banks in New Mexico.
Online and mobile banking: A robust platform for online or mobile banking is crucial in the modern digital age. The ideal bank should offer a secure and easy-to-use interface for performing various banking tasks, such as bill pay and mobile check deposit, from either your computer or mobile device.
Customer service: Consider the quality of customer service provided by the bank. Multiple channels for customer support, extended hours, and rapid response times are often indicative of a bank that values its customers.
Special offers and bonuses: Many banks give promotional incentives like cash bonuses for opening a new account. While these bonuses shouldn’t be the sole reason for choosing a bank, they are worth considering when picking the best bank in New Mexico.
Additional products: Apart from basic bank accounts, some banks offer other financial services like loans, credit cards, and financial advisory services. Evaluate these additional products and services to see if they align with your financial goals.
Community and reputation: Lastly, consider the bank’s reputation and involvement in the community. A bank that invests in community programs and follows ethical business practices is often a good choice.
Types of Banks in New Mexico
In New Mexico, you have numerous banking options to choose from, each with its unique set of offerings. Here’s a breakdown of the types of financial institutions available, along with examples of each:
- National banks: These are large banks with branches and ATMs across the country. National banks typically offer a broad range of services, from checking and savings accounts to loans and investment products. If you prefer brick and mortar banks with in-person service available nationwide, national banks like Wells Fargo and Bank of America could be a good fit for you.
- Regional banks: These banks cover a specific region or a handful of states, and have a strong but localized presence. Regional banks provide a blend of local familiarity with a wide range of products. In New Mexico, popular examples include U.S. Bank, WaFd Bank, and Bank of Albuquerque.
- Community banks: These banks focus primarily on local communities, offering personalized, in-person service. They may offer fewer services compared to national and regional banks, but they excel in community engagement. New Mexico Bank & Trust and Century Bank are good examples in New Mexico.
- Online banks: These banks operate entirely online, offering higher interest rates on savings and checking accounts. While they lack brick and mortar locations, online banks are user-friendly and feature-rich. SoFi and GO2bank are examples of online banks accessible to New Mexico residents.
- Credit unions: Member-owned and community-focused, credit unions often have better rates and lower fees compared to other financial institutions. Nusenda Credit Union, US Eagle Federal Credit Union, and Kirtland Federal Credit Union are examples of credit unions in New Mexico.
Bottom Line
As you can see, New Mexico is home to various banking options tailored to different needs and preferences. From traditional banks with a local touch to innovative online banking platforms, the best banks in New Mexico provide something for everyone.
Whether you’re seeking robust mobile banking, high interest rates, or low fees, there’s a financial institution on this list that should align with your financial goals. We hope this guide serves as a useful tool in your search for the best bank in New Mexico. Thank you for reading, and best of luck in your banking journey!
