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Best banks in New York in 2021

The top seven places to store your money in the Empire State.

The best banks in New York offer easy access to your money, customer support and low fees. To find the best banks in New York, we researched over 130 financial institutions to see which ones are headquartered in or primarily serve the Empire State. From there, we examined factors like account types, overall fees, accessibility, customer service and special features to narrow down our list to the top seven banks.

What’s changed in 2021?

We added Marcus as the best bank in New York for CD rates because it has consistently competitive APYs and low opening deposits. We added Capital One as the best account for students because it has plenty of options designed to help high school and college students learn to manage money.

7 best banks in New York

We’ve broken down the details of each of our top seven picks here so you can see which is best for you.

Chase: Best for ATM access

Not only is Chase the largest bank in the US, but it’s also headquartered smack dab in New York City. This means you’ll be hard-pressed to find a bank that has more branch locations and brand-name ATMs than this leading giant. For these reasons, we’ve dubbed Chase Bank best for ATM access and accessibility.

Pros
  • Sign up offers. Most of Chase’s accounts have attractive sign-up bonuses for first-time customers and a low, $0 opening deposit.
  • National presence. Chase has more than 4,700 branches and 16,000 ATMs across the country. It pairs its vast network with an intuitive mobile app that makes it easy to bank wherever you are.
  • Easy account management. If you have multiple accounts with Chase, such as an auto loan, credit card or mortgage, you can also view those in one succinct place.
Cons
  • Low interest rates. As with most traditional banks, Chase’s APYs are low and most accounts have monthly fees.
  • Limited availability. Although it has over 4,700 branches, Chase only services residents in 28 states. Luckily, New York is one of those states.
  • Below-average customer service. Chase is one of the four largest banks in the US. Due to its size, many customers report slower-than-average customer service times.

HSBC Bank: Best for competitive interest rates

HSBC is an international bank with its US headquarters right in New York City. It offers a range of accounts for personal and business use, but its HSBC Direct accounts are especially attractive thanks to their high APYs.

Pros
  • Competitive APYs. HSBC Direct accounts have higher-than-average interest rates. The Direct Savings account earns 0.15% APY and Direct CDs earn up to 0.3%.
  • Bonuses. New customers can enjoy cashback bonuses on direct deposits when they open an HSBC Premier or Advance Checking account.
  • 24/7 customer service. HSBC offers round-the-clock customer support by live chat. Plus, you can get assistance by phone and Twitter.
Cons
  • Monthly fees. Most accounts have monthly fees, but you can avoid them when you maintain certain direct deposit or balance requirements.
  • Miscellaneous fees. You’ll pay $35 for overdrafts, $35 for unavoidable funds and $25 if you close your account within the first 180 days of opening.

M&T Bank: Best for small businesses

You’ll find a variety of over 20 checking, savings and CD options at M&T Bank. But businesses may find this institution extra appealing thanks to its tiered accounts and concise fee structures.

Pros
  • Great business options. Choose from seven checking accounts, including some for small businesses, nonprofits, medical professionals and professional service firms.
  • Branch locations.M&T Bank has 1,600 ATMs and over 690 locations in Florida, Maryland, New Jersey, New York, Pennsylvania, Virginia, Washington, DC and West Virginia.
Cons
  • Potential monthly fees. Some monthly fees are unwaivable. Others can be avoided if you meet certain transaction, direct deposit or minimum balance requirements.
  • Low rates. If you’re after a business account with high interest rates, you’ll want to explore other options. M&T Bank‘s APYs hang out around 0.02%.

TD Bank: Best for locals

If you’re the type of person who likes to bank face to face, look no further than TD Bank. Many of its branches are open weekly, giving the ultimate flexibility to bank when and how you need it.

Pros
  • Low opening deposits. Most TD Bank checking and savings accounts have low opening deposits, although you may have to maintain a higher balance to earn interest.
  • Relationship rates. TD Bank offers relationship rates, so you’ll likely earn more interest when you open multiple accounts.
  • 24/7 customer service. It has over 1,300 branches and 1,900 ATMs across the East Coast and Canada, plus 24/7 customer service and extended banking hours on weekends.
Cons
  • APYs aren’t clear. Interest rates vary by location, so you’ll need to hop on the bank’s website or call customer service to see what you qualify for.
  • Some in-person applications. You may need to visit a branch location to open certain accounts, so make sure one is nearby if you’d like to move forward.
  • Monthly fees. Most TD Bank accounts have monthly fees, but all can be waived when you meet specific direct deposit or minimum balance requirements.

Pentagon Federal Credit Union: Best credit union

PenFed Credit Union has no membership requirements, low opening deposits and competitive APYs. These three features make it especially attractive for New York residents who want a straightforward account to help them reach their money goals.
Pros
  • Military resources. PenFed Credit Union has a deployment guide on its website where you can download essential forms and get step-by-step help on how to get your affairs in order before you leave.
  • Easy customer service. Customer service is available on weekends and it has an intuitive mobile app with solid user ratings.
  • Competitive interest rates. Its checking account earns up to 0.35% interest, savings accounts earn up to 0.5% interest and certificates earn up to 0.75%.
Cons
  • No shared branching. PenFed Credit Union doesn’t participate in CO-OP ATMs or shared branching, but you can get access to 68,000 ATMs nationwide — many of which are located in Target, CVS, Walgreens, Circle K and Safeway.
  • Some monthly fees. Its Access America Checking account has a $10 monthly fee that can be waived with a $500 balance or $500 in monthly direct deposits.

Marcus: Best for CD rates

Marcus CD rates are among the highest in the nation, making them an excellent choice for New York residents looking to grow their nest egg fast. Marcus is an online bank, so you won’t find branches in New York. But all of its accounts can be opened online in minutes.

Pros
  • 10-day CD rate guarantee. If your CD rate changes within the first 10 days of opening your account, you’ll automatically get bumped up to the higher rate.
  • Low minimum deposit. While most banks require you to have at least $1,000 to open a CD, Marcus lets you get started with just $500.
  • No-penalty CD option. With a Marcus no-penalty CD, you can keep all the interest you’ve earned and enjoy free withdrawals after just seven days of funding.
Cons
  • No branches. Like most online banks, Marcus doesn’t have any physical branch locations, so you’ll need to be comfortable opening and funding your account online.
  • No partial withdrawals. Unless you open a no-penalty CD, you’ll be penalized if you need early access to your money. You’ll also have to withdraw your full balance.

Capital One: Best for students

The Capital One MONEY account and Kids Savings account are best for high school students who need to learn to manage their money. The Capital One 360 Checking account and 360 Performance Savings account are best for college students who want solid options they can keep even after they graduate.

Pros
  • Earns interest. All of Capital One’s accounts earn interest rates that are among the top in the nation for their respective categories.
  • No fees. You won’t have to worry about any monthly fees with Capital One. There are also no minimum balance requirements to get started.
  • Savings tools. The kids accounts come with tools to help your child set savings goals, track spending and more. Parents can also set up an Automatic Savings Plan.
Cons
  • Miscellaneous fees. Although Capital One is light on fees, you’ll still pay $25 for stop payment requests and overnight debit card replacements.
  • No 24/7 support. Unlike other online banks, live chat is only available during regular business hours and phone support runs daily from 8 a.m. to 11 p.m. ET.

Compare checking accounts in New York

Use this table to explore popular checking accounts in the Empire State. Sort the table by APYs, minimum deposit to open and more.

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 1.00%
$10
55,000 free in-network ATMs
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Chime Spending account
Finder Rating: 4.7 / 5: ★★★★★
Chime Spending account
N/A
$0
60,000+ fee-free ATMs
$2.50
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
Axos Bank Essential Checking
Finder Rating: 5 / 5: ★★★★★
Axos Bank Essential Checking
N/A
$0
ATM fees reimbursed at any ATM nationwide
No fees. Unlimited domestic ATM fee reimbursements.
HSBC Premier Checking
Finder Rating: 2.7 / 5: ★★★★★
HSBC Premier Checking
0.01%
$0
Free to use at all ATMs in the US
$0
Get a 3% cash bonus in the first six months (up to $600) or $450 welcome bonus when you open your account with qualifying activities. Must open HSBC Premier checking account through offer page by August 31, 2021, and set up qualifying direct deposits into the new account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
Lili
Finder Rating: 4.7 / 5: ★★★★★
Lili
1.00%
$0
32,000 fee-free ATMs nationwide
$2.50
Freelancers get paid up to two days early and can automatically set aside money for taxes with the Lili digital bank account
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Compare up to 4 providers

Bottom line

New York has no shortage of places to park your cash. If you’re in the market for a new bank or credit union, look for one that has the accessibility and features you need to maintain control of your money.

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