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Best Banks in New York

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The variety of New York’s banking options can feel overwhelming when you’re trying to make the right choice for your finances. Take a look at our top picks for the best banks in New York to get a head start.

Current APY
Up to 1.25%
Minimum balance
No minimum balance after opening $50 deposit
Checking Fees
$0

Best Checking Accounts: Axos Bank  

Axos Bank is an online bank that operates banking, borrowing and investing services. Axos Bank clients include individual consumers and businesses. The bank offers individuals checking accounts, savings accounts, certificates of deposit (CDs), mortgages, refinancing options, personal loans, auto loans and managed investment portfolios.

Axos has 5 different checking accounts. Each is targeted toward a specific type of customer — you’ll be able to select the account that suits your needs. Many of these checking accounts come with advantages you won’t find in traditional banks, such as $0 maintenance fees, early paycheck deposits, unlimited ATM fee reimbursements and even APY on your account balance. 

Axos Bank also offers a premium, automated investing tool that can help you manage your financial goals and recommend a personalized investment portfolio. There are no minimums to begin investing, and you’ll never be charged the type of high fees other platforms charge. 

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

Best Customer Service: BBVA

BBVA serves personal banking consumers, small businesses, corporate and commercial clients. You can find checking accounts, savings accounts, credit cards, lending options, mortgages, investments and wealth management services. BBVA operates branch locations across the U.S. in addition to its mobile banking and online banking. 

Many of BBVA’s checking accounts come with unique additional benefits. BBVA also offers a variety of savings accounts that include online accounts, money market accounts, CDs and IRAs. 

BBVA makes it easy to open an online checking or savings account and manage it remotely. You can select the type of account you want to open on BBVA’s website. Fill out the online application and get approved from your digital device. Should you have any questions, you can contact a customer representative via text, email or by phone. 

Current APY
0.01%
Minimum balance
No minimum balance required
Checking Fees
$0 to $25 monthly depending on your balance

Best Sign-Up Bonus: Chase 

Chase is the consumer and commercial division of J.P. Morgan Chase & Co, a global financial services company with headquarters in New York City. Chase’s personal banking services include checking accounts, savings accounts, mortgages, home equity lines of credit, auto loans, credit cards, financial planning and investing services.

New customers who open a Chase Total Checking account and set up direct deposit can get $200. Customers that open a new You Invest Trade account can also receive funds to invest as a bonus offer. 

Chase also offers business banking services that encompass checking accounts, savings accounts, loans, credit cards, debit cards and more. You can use Chase’s services or work with its partners to improve your business’ cash flow and manage payroll. 

Current APY
0.25% – 1.06%
Minimum balance
No minimum balance
Checking Fees
No monthly maintenance fees

Best Savings Accounts: CIT Bank 

CIT Bank is an online bank where you can save, borrow and manage your finances. You have access to an online checking account, mortgages and even home refinancing options. 

CIT Bank’s specialty is an extensive selection of savings accounts that can help you reach your financial goals. You can choose from numerous savings accounts with different APYs and terms. You’ll also have access to a variety of CDs and have the option to save with a money market account. 

All of CIT Bank’s savings accounts come with competitive APYs. This is especially helpful if you are looking to save for a down-payment on a home, build an emergency fund or even plan a vacation. 

Current APY
1.00%
Minimum balance
$0
Checking Fees
$0

Best Online Banking: Chime

Chime is a digital bank that offers its services online and through its mobile app. Chime’s personal banking clients can get online checking accounts, savings accounts, and a credit builder account.

Chime doesn’t operate any physical branch locations, but there is an abundance of ATMs across New York where you can use your Chime debit card.

When you use your Chime debit card, the amount is rounded up to the nearest dollar and the change goes directly into your savings account. It’s a way of saving without even realizing you are.

Frequently Asked Questions

Q: Is opening a bank account free?

A: Most banks won’t charge you anything to open a savings account or checking account. However, there might be a minimum deposit requirement. Many bank accounts also charge monthly or annual maintenance fees. You can waive these fees in some cases, but you’ll need to contact the bank’s representative to be sure.

Q: What do I need to open a bank account?

A: You will almost always need a government-issued ID, your Social Security number and additional information. There may be other requirements, so it’s a good idea to get in touch with your bank’s representatives for all the specifics. 

Find a Bank in New York

Although there are many banks to choose from, there’s no need to get overwhelmed. Our list is a good place to start. 

Make sure to look at each option individually to understand the pros and cons of each choice. Get in contact with a representative to ask any additional questions. The right bank will make you feel secure and confident about managing your money. 

Methodology

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

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