From the hustle and bustle of Union Square to the peaceful tranquility of small villages like Cold Spring, New York is a great pace to live and work. New York residents have plenty of options when it comes to financial institutions, including some of the best credit unions and community banks in the country. Our goal is to make finding the right bank easier with this list of the best banks and credit unions in New York.
10 Best Banks in New York
New York City is known for Wall Street, but there’s far more to New York than its financial center. No matter where you live in the state, you can choose to go with a credit union, regional bank, local bank, or the biggest bank in the country. Don’t rule out online banks, either, since many have competitive offerings.
Here’s our list of the 10 best banks and credit unions in New York to help you narrow it down to one solid option.
1. SoFi
SoFi has gained a strong reputation as a leading online bank, especially for its Checking & Savings accounts. One of the best things about SoFi is the high interest you can earn.
2. TD Bank
TD Bank is a national bank with over 140 branches across New York, including big cities like New York City, Brooklyn, Queens, the Bronx, Staten Island, and Yonkers.
3. Chase Bank
Chase Bank is a household name in the U.S., known for its extensive network of branches and ATMs across 48 states and the District of Columbia. This national bank offers numerous financial products to help you get ahead.
4. Capital One
Capital One stands out as one of the top national banks and has a unique presence in New York with its combination of traditional branches and modern cafés.
5. GO2bank
New York residents interested in online banking have a strong option in GO2bank, a subsidiary of Green Dot.
6. NBT Bank
NBT Bank, headquartered in Norwich, New York, is a regional bank that extends to several states, including Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut.
7. Santander Bank
Santander Bank is a regional bank with branches in several states, including New York. They offer a free checking option called Simply Right Checking.
8. HSBC
HSBC is a multinational bank with a strong presence in the U.S. and around the globe, making it a good choice for international travelers. However, it caters mainly to high-balance customers.
9. Corning Credit Union
Corning Credit Union is a regional financial institution primarily serving residents of Chemung County or Corning, New York. It also extends its membership to certain areas in North Carolina, Pennsylvania, and South Carolina.
10. Dime Community Bank
Dime Community Bank caters mainly to businesses in the New York City and Long Island areas. If you open a business checking account here, be prepared for a $12 monthly fee, although you can get this waived by maintaining a minimum balance of $10,000 each month.
How to Choose the Best Bank in New York
Choosing the best bank in New York is a significant decision that can affect various aspects of your financial life. The following key factors can guide you in making a well-informed selection:
- Location and accessibility: The physical location of branches and ATMs matters, especially if you’re someone who values in-person banking. Check if the bank’s locations are convenient for your home, workplace, or frequently visited areas.
- Fees and requirements: Pay close attention to the bank’s fee policies, including monthly maintenance fees, overdraft charges, and ATM fees. Some banks offer ways to waive these fees, such as maintaining a minimum balance or setting up direct deposit.
- Interest rates: Review the annual percentage yields (APYs) on various accounts like checking, savings, money market accounts, and CDs. Higher APYs can significantly benefit your financial growth, so compare these rates among the best banks in New York.
- Account types: Make sure the bank offers a diverse range of bank accounts that are right for you, whether it’s a basic checking account, a high-yield savings account, or specialized business accounts.
- Online and mobile banking: Evaluate the user experience of the bank’s online platform and mobile banking app. Effective digital tools can simplify tasks like account management, bill payments, and fund transfers.
- Customer service: A bank with exceptional customer service can make all the difference in urgent situations. Check if the bank offers 24/7 support through various channels, such as phone, email, or live chat, and read customer reviews to gauge satisfaction levels.
- FDIC or NCUA insurance : Make sure the bank or credit union is federally insured by either the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). This insurance protects your deposits up to certain limits, providing you with peace of mind.
- Additional financial services: Many of the best banks in New York offer more than just basic banking. Consider additional services like personal and auto loans, mortgage options, investment products, and wealth management services.
- Bonuses and rewards programs: Some banks entice customers with attractive sign-up bonuses, loyalty rewards, or cash-back offers. While these are appealing, make sure to weigh them against other vital details like fees and interest rates.
By meticulously evaluating these aspects and comparing what the best banks in New York have to offer, you can choose the financial institution that aligns most closely with your financial goals and lifestyle.
Types of Banks in New York
The banking landscape in New York is diverse, offering various types of financial institutions to meet different needs and preferences. Here is a quick overview of the primary categories:
- National banks: These are large banks with branches across the country. They offer an extensive range of financial products, from basic checking accounts to investment options. You’ll also find a wide network of ATMs and branches. Examples include Bank of America, Chase Bank, Capital One, and PNC Bank.
- Regional banks: These banks typically operate within specific geographic areas, such as the Northeast or the Mid-Atlantic region. Regional banks may offer a mix of traditional and modern banking services and tend to have fewer branches than national banks. NBT Bank, Santander Bank, and Valley National Bank are examples of regional banks.
- Community banks: These are smaller, local banks that focus on serving their local communities. They usually offer personalized customer service and may provide favorable loan terms for local businesses. Dime Community Bank fits this category.
- Online banks: These banks operate exclusively online or via mobile apps, without physical branches. Online banks tend to offer higher rates and lower fees than traditional banks due to reduced operational costs. SoFi and GO2bank are examples of online banks.
- Credit unions: These are member-owned financial institutions that typically offer favorable interest rates and low fees. To join, you typically need to meet specific membership criteria. Corning Credit Union, Bethpage Federal Credit Union, Hudson Valley Credit Union, and United Nations Federal Credit Union are examples of credit unions in New York.
Bottom Line
New York offers a rich variety of banking options to fit every lifestyle and financial need. From high-yield savings accounts to convenient mobile apps, the best banks in New York provide features that make managing your money easier and more efficient. Remember to weigh the factors that are most important to you and your financial situation to find your perfect match. Happy banking!
