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Best Banks in New Mexico

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Need to find great banking options in New Mexico? Start with Benzinga’s guide to the best banks near the Rio Grande, and consider our online banking partners — CIT Bank and Axos Bank. 

Best Banks in New Mexico Near You:

  • Best for Home Equity Loans: Huntington Bank
  • Best Checking Account: CIT Bank
  • Best Savings Options: Bank of Albuquerque 
  • Best Mobile Services: BBVA
  • Best for Home Loans: Valor Bank

Best for Home Equity Loans: Huntington Bank

Minimum balance
$0
Checking Fees
$0 to $25

Huntington Bank can provide you a full range of services, including commercial, small business and consumer banking products. Huntington Bank has over 800 branches, including 12 Private Client Group offices and over 1,400 ATMs. It offers options for checking, saving, investments and insurance. 

Huntington Bank home equity loans can give you freedom to start projects you’ve been waiting for. There’s no application fee, easy online account access and fixed monthly payments due on the day of your choice. Use Huntington’s home equity consolidation calculator to figure out how much you could save on monthly payments when you consolidate your debt into 1 loan. 

Current APY
Up to 0.25%
Minimum balance
Minimum deposit of $100
Checking Fees
No monthly feesATM fees reimbursed up to $30 per month

Best Checking Account: CIT Bank

CIT Bank is a top 50 United States bank that can give you the boost you need to reach your unique personal and business financial goals. CIT Bank provides top-tier digital banking services to individuals, small businesses and corporations. For the individual, CIT offers flexible long-term and short-term solutions such as checking, saving and borrowing products. 

A checking account that works for you is 1 of the most essential elements to your financial well-being. CIT Bank’s eChecking account offers access to your cash via online and mobile services. This includes the flexibility to pay bills, deposit checks and send cash to others with Zelle. 

CIT doesn’t charge ATM fees and allows you to get up to $30 in fees reimbursed every month. You can set up travel alerts online and stop or restrict your debit card use at any time for any reason.

Minimum balance
None for Free and Student Free Checking
Checking Fees
None for Free and Student Free Checking

Best Savings Options: Bank of Albuquerque 

The Bank of Albuquerque can work with you to find the financial solutions you’ve been looking for. You’ll find products and services to support your financial goals — from saving for your child’s college fund to a checking account that fits your entrepreneurial needs. 

The Bank of Albuquerque (BOA)  personal savings account has a waivable, low monthly fee. The personal money market account offers competitive interest rates and comes with flexible check writing privileges. Both accounts are accessible with user-friendly online and mobile banking. 

These accounts also enable you to set up the QuickSave service, which can automatically transfer your choice of $0.25 or $0.50 to your savings every time you use your BOA debit card for a qualifying purchase. BOA will even match up to $250 per year to help you maximize your savings.

Current APY
Premium Checking: 0.05%
Minimum balance
$4,000 balance to waive $19 service fee for Premium Checking
Checking Fees
Online Checking: $3 monthly service charge waived with paperless statements Premium Checking: $19 fee waived with a balance of $4,000 or $4,000 in qualifying deposits

Best Mobile Services: BBVA

BBVA is there to help you manage your financial goals in an innovative, flexible way. BBVA is equipped to provide you and your small business with products such as checking, savings, loans and credit cards. 

BBVA was awarded for customer service and user-friendly mobile services by Javelin Strategy & Research in its 2019 Mobile and Online Banking Awards. BBVA’s mobile app lets you deposit checks, pay bills, transfer cash and check your account balances all with a tap of a finger. You can even set up prompt alert notifications to help detect unusual account activity and prevent theft.

Current APY
1.00% for Valor Checking
Minimum balance
None
Checking Fees
None

Best for Home Loans: Valor Bank

Valor Bank is focused on serving your community through real estate, business lending and personal banking products such as customized checking and savings accounts. 

Home loans through Valor include conventional, jumbo, FHA, VA and USDA, as well as bridge loans and remodel loans. All of these loans can be closed in 3 weeks or less. 

The unique bridge loan option allows you to use the equity in your current residence to buy a new home or finance the down payment on a new home. Valor can help fund your remodeling project with the remodel loan, which refinances to a long-term mortgage once the project is finished. 

Frequently Asked Questions

Q: Interest rates have gone up, but my bank refuses to raise the rate on my certificate of deposit (CD). Why?

A: When you open a CD, you sign a contract involving a fixed amount of money for a predetermined period of time and an agreed-upon interest rate and yield. The bank won’t raise the interest rate on your CD since it is still obligated to follow the terms of your contract. 

Your bank is not obligated to change those terms when interest rates change. This should be noted in your CD agreement. 

Q: I wrote a check that was returned because of insufficient funds in my account. The bank never notified me about this, so other checks bounced and I got hit with several overdraft fees. Shouldn’t the bank have notified me?

A: Your bank is not required to notify you when a check bounces because of insufficient funds. You are responsible for keeping track of how much you have in your account at all times, especially before and after transactions and writing checks. Do this to avoid overdrafts and subsequent fees.

Smooth Banking on the Rio Grande

Banking should be as beneficial and simple as possible, whether it’s opening a checking account or figuring out the best mortgage option that works for you. Find your best banking option with 1 of our recommended banks in New Mexico.

Methodology

To determine the best banks in New Mexico, Benzinga analyzed over 100 banks and financial institutions. We gave weight to banks in New Mexico with co-op ATMs and cash-back options. We also gave greater rankings to banks which offered the following: checking and savings accounts, online banking, personal loans, mortgages, educational resources, and a mobile app.

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