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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.
11 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 11 best banks and credit unions in New York to help you narrow it down to one solid option.
1. New York Community Bank
It may be a New York bank, but New York Community Bank is one of the largest banks in the country. NYCB’s parent company is New York Community Bancorp, Inc., which also owns Flagstar Bank and has branches in New York, New Jersey, Ohio, Florida, and Arizona.
You’ll get access to more than 56,000 ATMs through NYCB’s ATM network, which includes both Allpoint and Presto! machines nationwide. NYCB also offers great rates on CDs. You can get a 6-month CD that earns 4.50% APY or a 12-month CD with a rate of 4.25% APY.
Fees:
- No monthly maintenance fees
- No overdraft fees
Balance requirements:
- $1 minimum deposit to open
ATMs:
- Fee-free at New York Community Bank ATMs
- Fee-free at Allpoint and Presto! ATMs nationwide
- $2.50 fee for each out-of-network ATM transaction
Interest on balance:
- Up to 4.50% APY on CDs
Additional perks:
2. Chime
Chime is a modern online banking service that features a wide array of benefits, including fee-free overdrafts up to $200, early direct deposit access, and no monthly fees or foreign transaction charges.
With Chime, you can also get a secured credit card to help boost your FICO Score® with no interest or annual fees. In addition, it allows for fee-free transfers and savings growth with an APY of 2.00%.
You also stay informed with daily balance notifications and transaction alerts. Safety is a priority with secure processes in place, FDIC insured funds up to $250,000, and round-the-clock support channels for any assistance required.
Fees:
- No monthly service fees
- No overdraft fees
Balance requirements:
- No minimum opening deposit required
- No minimum daily balance required
ATMs:
- Fee-free at 60,000+ ATMs nationwide
- $2.50 fee for out-of-network ATMs
Interest on balance:
- 2.00% APY on savings
Additional perks:
- Secured credit card helps you build credit with no credit check required
- SpotMe covers up to $200 in overdrafts
3. Chase Bank
National banks have plenty to offer, including expanded brick-and-mortar branches and a wide range of banking products. Chase Bank is one of the largest banks in the U.S., with branches and ATMs in 48 states and the District of Columbia.
Currently, Chase is offering a $200 bonus for its Chase Total Checking account. This account comes with a $12 monthly fee, but Chase will waive it if you receive at least $500 monthly in direct deposits, maintain a $1,500 daily balance, or have an average $500 daily balance across all your Chase accounts.
Fees:
- $12 monthly fee (waived with requirements)
- $34 overdraft fee
Balance requirements:
- No deposit to open
- No minimum balance requirement
ATMs:
- Fee-free at 15,000+ Chase Bank ATMs nationwide
- $3-$5 out-of-network ATM fee
Interest on balance:
- 0.01% APY on savings accounts
- Up to 3.75% on CDs
Additional perks:
- $200 bonus for new checking account
- Bonus and 1.5% unlimited cash back on credit card
4. NBT Bank
Based in Norwich, New York, NBT Bank has branch locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut. You’ll find two checking accounts that don’t charge monthly fees.
Classic Checking includes unlimited check writing and is designed for those who prefer the experience that comes with traditional banks. NBT’s eChecking account has you managing everything. The biggest benefit to eChecking is that your balance earns interest.
Fees:
- No monthly fees
- $35 overdraft fee
Balance requirements:
- No deposit to open
- No minimum daily balance requirements
ATMs:
- Fee-free at NBT Bank ATMs
- $1.50 fee for out-of-network ATM withdrawals
Interest on balance:
- 0.01% APY on eChecking
- Up to 0.03% APY on savings
Additional perks:
- Competitive rates on loans
- Multiple business checking accounts
5. Capital One
One of the top national banks in New York is Capital One, which has branches and cafés across the country. Although there are fewer branches these days, some locations have been turned into cafés with coffee and free Wi-Fi along with banking services. But wherever you are, chances are you’ll find a Capital One ATM. You can withdraw cash at any Capital One, MoneyPass, or Allpoint ATM nationwide.
Fees:
- No monthly maintenance fees
- No overdraft fee
Balance requirements:
- No deposit to open
- No minimum daily balance requirements
ATMs:
- Fee-free at Capital One ATMs
- Fee-free at any MoneyPass or Allpoint ATM
- $2 fee for out-of-network ATM transactions
Interest on balance:
- Up to 4.10% APY on savings
- Up to 4.75% APY on CDs
Additional perks:
- Cash deposits at any CVS location
- Some branch locations have cafés and free Wi-Fi access
6. GO2bank
Online banks like GO2bank have their perks. You’ll often find competitive interest rates and low fees. However, mobile banking does have its limits, and that’s where GO2bank stands out.
You’ll not only be able to withdraw cash at any Allpoint ATM, but you can also deposit cash at more than 90,000 retailers across the country. As long as you’re okay with not having an in-person banking experience, GO2bank could be a solid option.
Fees:
- $5 monthly fee (waived with requirements)
- $15 overdraft fee
Balance requirements:
- No opening deposit minimum
- No minimum daily balance required
ATMs:
- Fee-free at Allpoint ATMs nationwide
- $3 fee for out-of-network ATM transactions
Interest on balance:
- Up to 4.50% APY on savings
Additional perks:
- Secured credit card helps you build credit with no credit check required
- Deposit cash at 90,000+ retail locations nationwide
7. Santander Bank
Santander Bank is a regional bank with branch locations in New York, Connecticut, Delaware, Florida, Massachusetts, New Hampshire, New Jersey, Pennsylvania, and Rhode Island. The free checking account option is Simply Right Checking, which waives the $10 monthly fee as long as you have at least one activity on the account each month. This includes any deposit, withdrawal, transfer, or payment posted to the account within each calendar month.
Fees:
- $10 monthly fee (waived with requirements)
- $15 overdraft fee
Balance requirements:
- $25 opening deposit
- No minimum daily balance required
ATMs:
- Fee-free at 2,000+ Santander Bank ATMs
- $3 fee for out-of-network ATM transactions
Interest on balance:
- 0.03% APY on savings accounts
- Up to 5.50% APY on CDs
Additional perks:
8. HSBC
HSBC isn’t just a national bank. It’s multinational, with locations across the U.S., as well as in Latin America, Europe, Africa, the Middle East, and Asia. This is a bank for high rollers, with a steep fee of $50 monthly if you don’t meet minimum requirements. Those requirements are either a $75,000 balance, monthly direct deposits of at least $5,000, or a residential mortgage loan of at least $500,000.
If you travel internationally, though, HSBC is worth considering since you can use your debit card at any ATM worldwide with no fees. HSBC also rebates up to five U.S. third-party ATM fees each month.
Fees:
- $50 monthly fee (waived with requirements)
- No overdraft fee
Balance requirements:
- No minimum opening deposit
- No minimum daily balance required ($5 to earn interest)
ATMs:
- Fee-free at 55,000+ Allpoint ATMs nationwide
- No fees for out-of-network ATM transactions
- Up to five third-party U.S.-based ATM fees rebated monthly
Interest on balance:
- 0.01% APY on checking
- Up to 4.15% APY on savings account
- Up to 4.50% APY on CDs
Additional perks:
- Unlimited rewards credit cards available
- In-app support for international transactions
9. Corning Credit Union
Corning Credit Union membership is open to anyone who lives, works, worships, or attends school in Chemung County or Corning, New York. Membership is also open to residents of select areas in North Carolina, Pennsylvania, and South Carolina. The best thing about Corning Credit union is that its basic checking account earns 3.00% APY.
Fees:
- No monthly fee
- $32 overdraft fee
Balance requirements:
- No minimum daily balance required
ATMs:
- Fee-free at Corning Credit Union ATMs
- $1 fee for out-of-network ATMs (waived for first four each month)
Interest on balance:
- Up to 3.00% APY on checking
- Up to 1.00% APY on savings
- Up to 4.60% APY on share certificates
Additional perks:
- Competitive rates on loans
- Wide range of rewards-earning credit cards available
10. Dime Community Bank
If you run a business in the New York City or Long Island area, Dime Community Bank has plenty to offer. Dime’s business checking accounts come with a $12 monthly fee for up to 250 items, but Dime will waive it as long as you have an average daily balance of $10,000 each month.
Small business owners might find this on the high side, but if you have more than 250 items each month, that fee goes up to $25 with a balance requirement of $20,000 to waive it. But if you can meet the minimums, or you don’t mind the fee, you might like the extra services offered to members.
Fees:
- $12 monthly fee (waived with requirements)
- $35 overdraft fee
Balance requirements:
- No minimum opening deposit required
ATMs:
- Fee-free at Dime Community Bank ATMs
- $1.50 fee for out-of-network ATMs
Interest on balance:
- Rates not publicly disclosed
Additional perks:
- Wide range of loans that serve small businesses
- Access to legal, real estate, and accounting services
11. TD Bank
TD Bank is a national bank with hundreds of branches across New York. Although TD’s checking account comes with a $4.95 monthly fee, everything else is free, including overdrafts. One of this bank’s standout features, though, is its CD rates. Currently, you’ll get 5.00% APY on a six-month CD, with the option to bump up the rate if the market changes.
Fees:
- $4.95 monthly fee
- No overdraft fees
Balance requirements:
- No minimum opening deposit required
- No minimum daily balance required
ATMs:
- Fee-free at 2,600+ TD Bank ATMs nationwide
- $3 fee for out-of-network ATMs
Interest on balance:
- Up to 3.51% APY on savings account
- Up to 5.00% APY on CDs
Additional perks:
- Live 24/7 customer service available online
- Same-day replacement for lost debit card
Methodology
If you live in New York, chances are you know there’s no shortage of options. But we strove to create a list that brings together a little of everything. Not every customer wants the biggest bank, but plenty of customers would rather have a larger bank with a robust set of features. We combined small, local banks, credit unions, and large, corporate banks to ensure you can find the best bank for you.
Of course, it’s vital to make sure you’re going with a secure bank. We narrowed our list to those banks that had solid reputations and a history of serving New York residents. Beyond that, we made sure each bank offers savings accounts as well as checking, and we included a few that have features that would appeal to small business owners.
When you’re ready to open a bank account, it’s important to compare banks to make sure you’re getting the best rates. Many banks and credit unions can offer a great banking app and chat support, but you might prefer the personal touch you get with a local bank. Whatever your choice, pay close attention to fees and interest rates to ensure you’re getting the best deal for parking your money.
Source: crediful.com