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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.
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.
You’ll get up to 4.30% APY on savings and a decent 0.50% APY on checking accounts. Plus, there are no monthly fees and no minimum deposit required.
If you have a job and are looking forward to payday, SoFi makes it even better with an early direct deposit feature. This lets you access your paycheck up to two days earlier than usual.
Security is also a priority for SoFi. They provide FDIC insurance that covers up to $2 million. SoFi also offers overdraft protection that covers you for up to $50 without any fees, provided you have qualifying direct deposits.
Switching to SoFi could also put some extra cash in your pocket. You can get a welcome bonus that ranges from $50 to $300, depending on how much you set up for direct deposit.
Lastly, getting cash is convenient with SoFi, as you’ll have access to over 55,000 ATMs through the Allpoint® Network.
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.
When it comes to their checking account, you’ll have to pay a $4.95 monthly fee. The good news is, you won’t get hit with any overdraft fees. Also, there’s no need for a minimum opening deposit or to maintain a specific balance in your account.
Moving on to savings accounts, TD Bank offers an attractive rate of up to 3.51% APY. This high-interest rate means your money can grow faster just by keeping it in the account.
But where TD Bank really stands out is their CDs. Currently, a six-month CD will get you a 5.00% APY. And if interest rates rise, you can adjust your rate to keep up with the market.
Beyond the deposit accounts, TD Bank offers around-the-clock online customer service. If you lose your debit card, they’ll replace it the same day. All these features make TD Bank a solid choice for anyone in New York looking for a reliable 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.
Starting with checking, Chase currently has a special offer: a $200 bonus when you open a Chase Total Checking account. This account does come with a $12 monthly fee, but you can get it waived.
All you need to do is receive at least a $500 direct deposit each month, keep a $1,500 minimum balance, or maintain an average daily balance of $500 across all your Chase accounts.
Withdrawing cash is also hassle-free. Chase Bank has over 15,000 ATMs nationwide where you can withdraw money without any fees. If you’re interested in saving with a CD, Chase offers rates up to 3.75%. On top of all this, Chase has some of the best rewards and travel credit cards on the market.
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.
These cafés offer a relaxed atmosphere where you can enjoy coffee and free Wi-Fi while taking care of your banking needs. Even if you can’t find a branch nearby, Capital One has a broad network of ATMs, partnering with MoneyPass and Allpoint, so you can easily withdraw cash nationwide.
Capital One offers a free checking account with no monthly maintenance fees or overdraft fees to worry about. Additionally, you can open a bank account without a minimum deposit, and there are no minimum balance requirements.
If you’re looking to save, you can earn up to 4.30% APY on your Capital One 360 savings account. For those interested in a low-risk investment, Capital One’s CD rates are also highly competitive, with offers of up to 4.75% APY.
New York residents interested in online banking have a strong option in GO2bank, a subsidiary of Green Dot.
This online bank offers straightforward options for opening both checking and high-yield savings accounts without any minimum balance requirements. If you’re focused on saving, you can earn an impressive 4.50% APY on amounts up to $5,000.
One of the standout features of GO2bank is its extensive network for cash handling. The bank has partnerships with 90,000 retail locations where you can make cash deposits. Transferring money from another bank is also free.
GO2bank offers early direct deposit as a unique perk. This feature allows you to access your paycheck up to two days early or even government benefits up to four days in advance. And if you have a qualifying direct deposit, the $5 monthly fee is waived.
For those moments when you’re short on funds, GO2bank provides overdraft protection up to $200. Additionally, you can get a Secured Visa Credit Card designed to help you improve your credit standing.
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.
Branch locations in New York include Poughkeepsie, Schenectady, Albany, Syracuse, Rome, Binghamton, Saratoga Springs, Oswego, and many more.
The bank offers two checking accounts, both of which are free of monthly fees. The Classic Checking account caters to those who value the traditional banking experience and includes features like unlimited check writing.
On the other hand, NBT’s eChecking account is more hands-on and digitally focused. The best part about eChecking is that it allows your balance to earn interest, which is a plus if you’re looking to grow your money over time.
As an extra benefit, NBT Bank also has competitive rates on various types of loans. If you’re a business owner, you’ll also appreciate the availability of multiple business checking accounts tailored to different needs.
Santander Bank is a regional bank with branches in several states, including New York. They offer a free checking option called Simply Right Checking.
This account comes with a $10 monthly fee, but the fee is easily waived if you make at least one transaction each month, such as a deposit, withdrawal, or payment.
Opening an account is fairly straightforward with a $25 initial deposit. There’s also no minimum balance requirements, so it’s accessible for many customers.
If you’re interested in earning more with your money, Santander offers a competitive up to 5.50% APY on their CDs. This is a suitable option for those looking to invest without taking on too much risk.
For additional financial management, the bank provides wealth management services. They also offer a user-friendly mobile banking platform, so you can manage your money on the go.
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.
The monthly fee for its checking account is a hefty $50 unless you meet specific requirements. These include maintaining a $75,000 balance, having a monthly direct deposit of at least $5,000, or taking out a residential mortgage loan of at least $500,000.
On the bright side, if you do a lot of international travel, HSBC has a major perk: you can use your debit card at any ATM worldwide without any fees. In addition, HSBC rebates up to five third-party ATM fees in the U.S. each month.
Starting an account comes with no minimum deposit requirement. However, you’ll need at least $5 in your account to earn interest.
Currently, you can earn up to 4.15% APY on a savings account and up to 4.50% APY on CDs, which is quite attractive to savers. Additional features include rewards credit cards and a mobile app that offers support for managing international transactions.
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.
What sets this credit union apart is the impressive 3.00% APY offered on its basic checking account.
Starting an account is straightforward, with no monthly fees or minimum balance requirements. This makes it an excellent option for those who want a hassle-free banking experience.
When it comes to earning interest, you’ll get up to 3.00% APY on its interest-bearing checking account and up to 1.00% APY on savings accounts. For those interested in longer-term investments, the credit union offers share certificates with rates up to 4.50% APY.
Additional advantages of banking with Corning Credit Union include competitive rates on various loan products and a wide selection of rewards-earning credit cards.
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.
For businesses with more than 250 items per month, the monthly maintenance fee rises to $25, but it’s waived with a $20,000 average balance.
Starting an account is simple, as there’s no required minimum opening deposit. One of the standout features of Dime Community Bank is its range of additional services. Small business owners can benefit from a wide variety of loans tailored to their needs.
The bank also provides access to legal, real estate, and accounting services, which could be valuable for business operations.
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!
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.
