If you’re based in New Mexico and are looking for the best banks in the state, you’re in luck. New Mexico has many excellent financial institutions — from large national banks to community-focused credit unions.
Everyone’s financial needs are different, so the best bank for someone else might not offer everything you’re looking for.
To help you find the bank that ticks all the boxes, we’ve reviewed the best banks in New Mexico. We’ve looked at their banking services, interest rates, mobile apps, ATM network, and physical bank branch availability to help you make an informed choice.
So, keep reading to find out everything you need to know about the best banks in New Mexico.
7 Best Banks in New Mexico for 2024
- U.S. Bank
- Chase Bank
- Citizens Bank of Las Cruces
- Bank of America
- Bank of Albuquerque
- WaFd Bank
- Wells Fargo
See New Mexico’s Best Bank Bonus Offers & Promotions
1. U.S. Bank 
U.S. Bank is a large member-FDIC national bank in 26 states, including New Mexico. U.S. Bank has over 2,000 branches in the U.S., of which 16 are in New Mexico.
U.S. Bank offers various financial services for personal customers and business banking.
Though it doesn’t have a free checking account, you can avoid the $6.95 monthly maintenance fee by meeting one of the following criteria:
- Have combined monthly direct deposits of $1,000 or more
- Maintain a minimum average account balance of $1,500 or more
- Hold an eligible U.S. Bank credit card
- Qualify for one of the four Smart Rewards tiers
U.S. Bank’s Standard Savings account earns you 0.01% APY on any balance. You can open this account with a minimum deposit of $25 and easily automate your savings.
U.S. Bank also offers several certificates of deposit and currently has great rates on the Special CDs.
The bank has a highly-rated mobile app and online banking services for completing most banking transactions from the comfort of your home.
Pros:
- Extensive ATM network
- Great online banking
- Big national bank
Cons:
- Low standard CD rates
- Quite a few fees
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2. Chase Bank 
Another big bank option in New Mexico is Chase Bank. Chase is the largest national bank in the United States, with more than 4,700 bank branches and a network of more than 15,000 ATMs.
Chase has six bank locations in New Mexico, all in Albuquerque. Therefore, if you want to be able to visit a branch in person but live outside of Albuquerque, you may want to look at other options on this list.
Chase offers various banking services, from checking accounts to home loans.
Chase Bank’s Total Checking account has everything you’d expect from a basic bank account, including a debit card and online banking. ATM withdrawals are free as long as you use a Chase ATM.
As a lender, Chase offers a range of home loans for those looking to purchase their first or second home.
Pros:
- Large national bank
- A range of products and services
- Excellent credit card offers
Cons:
- Low interest rates on CDs
- Out-of-network ATM fees
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3. Citizens Bank of Las Cruces
Citizens Bank of Las Cruces is a small community bank that has been serving the Las Cruces community since 1970. This bank shouldn’t be mistaken for the more well-known regional Citizens Bank.
The bank offers a range of deposit accounts, credit cards, loans, and other financial services.
Citizens Bank of Las Cruces (Citizens Bank LC) has seven branch locations in New Mexico, with most of them in Las Cruces. If you live in other areas of New Mexico and want to pop into the bank frequently, then look for an option with more branches in the state.
The bank also offers telephone and video banking services to help those who want to speak to someone but do not live near a bank branch.
Citizens Bank of Las Cruces offers several checking accounts: Easy Checking, Main Street Checking, and Relationship Checking. The Easy Checking account is perfect for students and offers what you’d expect from your standard checking account, including online banking, bill pay, and mobile deposits. The account has no monthly service charge.
Citizens Bank of Las Cruces also has many savings account options, from Junior Savings to money market accounts. On their website, you’ll also find resources to educate you about financial security and financial calculators.
Small businesses in New Mexico can get business accounts and loans from the bank.
Pros:
- Community-focused bank
- Easy to waive maintenance fees
- Free checking account
- Well-liked mobile app
Cons:
- Not many bank branches in New Mexico
- APY could be higher
4. Bank of America 
Bank of America (BofA) is a big national bank with an extensive ATM network and thousands of bank branches across the country.
If you’re looking for a national bank experience, look no further. As the second-largest financial institution in the U.S., Bank of America offers various financial services for personal and business customers.
According to its branch locator, Bank of America has eight bank branches in New Mexico. But if you don’t live near one of them, you can complete most banking transactions using online or mobile banking. The bank has a highly-rated mobile app for iOS and Android devices.
Pros:
- Easy to waive maintenance fees
- Great mobile banking
- Extensive ATM network
Cons:
- Savings account APY rates a little low
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5. Bank of Albuquerque
Bank of Albuquerque is a regional bank offering various products and services.
Bank of Albuquerque is part of BOK Financial Corporation — a financial services holding company headquartered in Tulsa, Oklahoma.
Bank of Albuquerque aims to build customer relationships and offer personalized customer service. The bank has 22 branches in New Mexico, from Belen to Santa Fe.
Bank of Albuquerque has a free checking account that offers everything you’d expect from a basic checking account. The account has no monthly fees and comes with a Visa Debit Card. You can withdraw money for free at any Bank of Albuquerque ATM (and get access to 32,000 free ATMs nationwide).
The account has additional benefits, like overdraft protection, free online statements, and QuickSave (an automatic way to save money).
Bank of Albuquerque also has many savings account options that allow you to automate your savings and earn interest. Most savings accounts (except Youth Savings) come with monthly fees, but those can be waived if you meet the qualifying criteria.
You’ll also find money market accounts. However, the APY offered is a little low. The Personal Money Market account will earn you 0.06% on balances of up to $9,999.99, with the APY increasing a little as your balance grows.
However, Bank of Albuquerque does offer promotional CD products, such as a 10-month CD that’ll earn you 3.35% APY on balances of under $100,000.
If you’re ready to tuck your money away for longer, the 17-month CD will earn you 3.75% APY on balances under $100,000 and 3.80% on balances over $100,000.
Pros:
- Gives back to communities
- Free checking account available
- Promotional CD products available
Cons:
- Low APY on standard money market and CD accounts
6. WaFd Bank
WaFd is a regional bank serving eight states: Washington, Oregon, Idaho, Nevada, Utah, Arizona, New Mexico, and Texas.
The bank has 20 branches in New Mexico (Albuquerque, Socorro, Rio Rancho, Santa Fe, and other locations).
WaFd Bank offers personal, business, and commercial banking services, including checking and savings accounts, mortgages, credit cards, and merchant services.
Customers can get various home loans, including remodeling, construction, and first-time buyer loans.
If you’re unsure how much you could borrow and would need to pay back, the bank has a handy home equity line of credit (HELOC) calculator.
WaFd Bank offers a free checking account with no-fee bill pay, 24/7 online and mobile banking, no minimum balance requirements, and no monthly maintenance fees. However, if you overdraw, an insufficient funds charge may apply. You can open this account with a minimum opening balance of just $25.
The bank also has some great special CD rates right now. You could get 3.92% APY on the 7-month CD Special.
In 2022, Forbes recognized WaFd as one of America’s best employers, which tells you about the bank’s culture and focus on people.
WaFd Bank’s foundation (Washington Federal Foundation) gives back to local non-profits serving low and moderate-income residents.
Pros:
- Community-focused bank
- Great for small businesses
- Free checking account available
- Good promotional CD rates
Cons:
- Standard CD rates are a little low
7. Wells Fargo 
Wells Fargo is one of the biggest national banks in the U.S., offering many financial products and services for personal and business customers.
Wells Fargo serves over 70 million customers across the U.S. and is a great choice for those looking to bank with a national financial institution in New Mexico.
According to the bank branch locator on the bank’s website, Wells Fargo has many branch locations in New Mexico, including 7 in Las Cruces, 11 in Albuquerque, and seven bank branches in Rio Rancho.
You’ll find a range of financial products and services at Wells Fargo, from checking accounts and savings accounts to personal loans and mortgages.
Wells Fargo’s Everyday Checking account is a standard bank account you can open online with a minimum deposit of $25.
You’ll need to pay a $10 monthly service fee unless you meet the criteria (which is maintaining a $500 minimum daily balance or $500 in total qualifying direct deposits). You’ll automatically skip this fee if you’re between 17 and 24 years old.
Pros:
- Highly-rated mobile app
- Low opening deposits
- Great promotions and bonuses
Cons:
- Low CD and savings account APY
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Frequently Asked Questions
What is the largest credit union in New Mexico?
Nusenda Credit Union is the largest credit union in New Mexico, with $3.97 billion in total assets and just under 250,000 members.
What is the most popular bank in New Mexico?
New Mexico has several popular banks. In terms of locations, Wells Fargo has the most bank branches in the state.
What banks operate in New Mexico?
Many banks operate in New Mexico. Large national banks in New Mexico include Chase, U.S. Bank, and Bank of America.
You’ll also find smaller regional banks like WAFD Bank, Citizens Bank of Las Cruces, and Bank of Albuquerque.
Does Chase Bank operate in New Mexico?
Yes, Chase Bank operates in New Mexico. Chase has six bank branches in Albuquerque and offers a range of banking services to New Mexico residents.
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