10 Best Banks in New Mexico for 2024

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.

Welcome to New Mexico

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.

U.S. Bank is currently welcoming new applicants with a special online offering:

  • Earn up to $700 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account, and complete qualifying activities.
  • Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC.
  • Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.

The account includes a free debit card that can be locked or unlocked if ever misplaced or stolen. There are no ATM transaction fees at U.S. Bank ATMs and no surcharge fees at over 40,000 MoneyPass® Network ATMs.

The checking account requires a $25 opening deposit and a $6.95 monthly fee. This fee can be waived for those 24 and under, 65 and over, or military members (must self-disclose).

Additionally, the fee can be waived with monthly deposits of $1,000+, an average balance of $1,500+, or holding an eligible U.S. Bank credit card. Qualifying for any Smart Rewards® tier (Primary, Plus, Premium, or Pinnacle) also waives the fee.

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.

Currently, SoFi is offering bonuses ranging from $50 to $300, based on the total amount of your direct deposits.

One of the best things about banking with SoFi is there are no monthly fees or overdraft fees. You’ll also enjoy overdraft protection up to $50 when you have a qualifying direct deposit.

Plus, you can get your earnings two days earlier than usual with direct deposit. To ensure the safety of your funds, SoFi provides robust FDIC insurance coverage up to $2 million.

If you’re worried about ATM fees, SoFi has you covered. They offer access to over 55,000 ATMs worldwide through the Allpoint® Network, and you won’t be charged any fees to withdraw money.

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.

Currently, New Mexico Bank & Trust has an enticing offer: you can earn a $300 bonus with a new free checking account, provided you have at least two monthly $300 direct deposits.

If you’re someone who often uses ATMs, you may want to upgrade to their Platinum or Signature Series checking accounts. With direct deposit, these accounts will refund you up to $20 each month for ATM fees charged by other banks.

Beyond checking accounts, the bank also offers competitive rates on savings accounts and CDs. As an added bonus, their cash-back rewards credit card comes with no annual fee.

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.

You won’t have to worry about a minimum opening deposit or a minimum balance requirement with GO2bank.

Cash deposits can be made at a whopping 90,000 retail locations, and there are 55,000 fee-free ATMs for your convenience. If you need to transfer money from another bank, you can do so without incurring any fees.

Early direct deposit is another strong point for GO2bank. You can receive your paycheck up to two days early and government benefits up to four days early.

You can waive the $5 monthly fee if you have direct deposit in a given month. Additionally, overdraft protection is available for up to $200 to help you with unforeseen expenses.

If you’re looking to improve your credit score, GO2bank also offers a Secured Visa Credit Card as a helpful resource.

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.

One unique aspect of the Bank of Albuquerque is its youth account, tailored for those under 18. It comes with a Visa debit card, online and mobile banking features for ages 13 and up, and a savings account with a 0.25% APY.

In terms of fees and requirements, the bank is fairly lenient. There are no monthly maintenance fees for the basic checking account, and all you need is a $50 minimum deposit. Plus, there are no minimum balance requirements to worry about.

Additional benefits include competitive rates on money market accounts and CDs, same-day credit for deposits made at any Bank of Albuquerque ATM, and even wealth management services for those looking to diversify their financial portfolio.

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.

When it comes to checking accounts, WaFd Bank keeps it simple and affordable. There are no monthly fees and the account can be opened with just a $25 initial deposit.

Additionally, no minimum balance is required to keep the account open. In addition to their own ATMs, the bank’s ATM network offers fee-free access to over 40,000 MoneyPass locations nationwide.

Another highlight is their impressive CD rates, currently offering 5.00% APY on 3-month CDs. They also have a 2.00% APY on money market accounts. Additional features include three different debit card styles to choose from and budgeting tools available in their mobile banking app.

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.

To waive the $10 monthly fee, maintain a $500 daily balance, receive at least $500 in monthly direct deposits, be between 17 and 24 years old, or link a Wells Fargo campus ATM card to your account.

New customers have an opportunity to earn a $300 bonus by receiving at least $1,000 in qualifying deposits within the first 90 days of opening their account. To open a checking account, Wells Fargo requires a $25 minimum opening deposit.

Wells Fargo’s deposit accounts are competitive, offering 2.51% APY on savings accounts and up to 4.51% APY on CDs. Additionally, Wells Fargo provides robust mobile banking services, allowing easy access to your accounts from anywhere.

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.

Their products range from personal loans to business accounts and retirement savings options. One standout offer is their high CD rates, including a 7-month option at 5.00% APY.

For checking accounts, Century Bank keeps it straightforward. There are no monthly fees, and opening an account requires just a $25 minimum deposit. Money market accounts come with an attractive 3.50% APY, providing another avenue for growing your funds.

Beyond personal banking, Century Bank offers a range of options suited for small businesses and competitive rates on personal and auto loans.

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.

If you travel often, you’ll find Bank of America’s extensive network of bank branches across the nation to be a major advantage.

The bank has a $12 monthly fee for its checking accounts, but it’s possible to waive this fee if you meet certain criteria.

To open an account, you’ll need a minimum deposit of $100, but there are no ongoing minimum balance requirements. If you’re looking to invest, Bank of America offers CDs with rates up to 4.75% APY.

Bank of America isn’t just about banking; they also provide generous credit card bonuses and rewards, as well as wealth management services for those interested in a holistic financial planning approach.

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.

The checking account comes with a $5 monthly fee, but it can be easily waived by meeting certain criteria. If you’re interested in investing, Nusenda offers up to 4.50% APY on CDs, providing another suitable option for saving money.

Nusenda Credit Union also stands out for its more flexible membership requirements compared to other credit unions. In addition, they offer competitive rates on loans, adding another layer of financial opportunity.

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!

Stephanie Faris
Meet the author

Stephanie Faris is a professional finance writer with more than a decade of experience. Her work has been featured on a variety of top finance sites, including Money Under 30, GoBankingRates, Retirable, Sapling, and Benzinga.