What are the best banks in New York City? Where should you open your new account?
New York is one of the most beautiful cities in the world. From Union Square in Manhattan to Bowery and Broadway, there are many things to see and neighborhoods to explore.
Apart from its lights and shows, New York is home to the Avenue of the Americas in Manhattan (or Sixth Avenue to New Yorkers).
Avenue of the Americas is the most important financial street in the city, and it’s well known worldwide.
As you might have guessed, New York City is a major financial center with countless options for financial services and banking products. We’ve extensively reviewed dozens of banks to provide you with a list of the top 7 banks in New York City.
7 Best Banks in New York City
Here are the top 7 banks and credit unions in NYC you can open an account with today:
- 🏆 Chase Bank
- Capital One 360
- Santander Bank
- HSBC Bank
- Alliant Credit Union
- Navy Federal Credit Union
- Teachers Federal Credit Union
1. Chase Bank
🏆 Best for Branch Locations and ATMs in NYC
JPMorgan Chase National Bank is the perfect choice if you’re not sold on the idea of managing your accounts fully online. It has the largest number of branch locations in NYC, which is easy to notice even by walking. It’s hard to miss Chase’s 100+ branches.
Chase also has a large national presence, so you’ll be able to talk to a representative face to face even while traveling if you need to. Chase has you covered online as well, with an exceptional mobile banking experience. The bank has a highly-rated mobile app, which comes with many great features to track your spending and make payments in a few taps.
It also has many ATM locations all over New York, which is important as the bank charges $3-$5 for out-of-network ATM access. That said, as there are so many Chase ATMs all over New York (and nationally), this shouldn’t be a problem.
Chase Bank Account Options
Chase has a varied offering of checking accounts, savings accounts, CDs, and money market accounts. You can get a credit card and obtain a loan at Chase as well.
Chase’s extensive financial products, accessible representatives, and online banking provide a lot of flexibility and satisfy a wide range of account holders’ needs. That’s why Chase is very popular, especially with New Yorkers.
2. Capital One 360
🏆 Best Bank for APY and Small Businesses in NYC
Capital One 360 is a mainly online bank, and it allows you to manage all of your financial operations online comfortably. Still, it doesn’t have branches in all states. New York City is one of the places where Capital One 360 decided to establish a brick-and-mortar presence, which is great news if you prefer banking face-to-face.
You can find close to 100 branches and Capital One Cafe locations throughout New York City.
Capital One Personal Banking Account Options
Capital One offers a free checking account with no minimum starting deposit, minimum balance, or monthly maintenance fees.
Savings accounts and CD accounts don’t have minimum deposits either. Still, you’ll be better off depositing more money if you want to earn higher interest rates.
Compared to other traditional banks in NYC, Capital One 360 offers the best savings account rate by far at 4.35%.
Consider that most popular bank accounts earn less than a tenth of that APY. The real winners are Capital One Business Checking Accounts, which are the best in NYC for business banking.
Capital One Business Banking Account Options
There are two different accounts dedicated to businesses.
- Basic Checking: The Basic checking account has a $15 monthly service fee, which can be waived with a $2,000 average balance. You get $5,000 of free cash deposits each month and free overdraft protection.
- Enhanced Checking: The Enhanced account has a $35 monthly fee that you can avoid with a $25,000 balance. It provides free domestic wires and no-fee cash deposits.
You can open either of these accounts online. They come with several benefits, such as free transactions, online statements, mobile check deposits, and customer service dedicated to small businesses.
Runer-Up for Best Business Banking in NYC: PNC Bank
Runner-Up for Best APY: CIT Bank
3. Santander Bank
🏆 Best Bank for New York City Students
Santander Bank is a solid option for students between 14 and 25 years old.
It offers a free checking account to all students 16 to 25 years old and waives incoming wire transfer fees. This particular perk is extremely valuable, especially for international students who often receive money from their parents abroad.
Santander Bank is convenient compared to other banks, which charge incoming and outgoing wire transfers.
If you’re signing up for an account with Santander, opt for e-statements early on. They’re free, so you won’t pay $3 for paper statements. It’s a lot more cost-effective to check your statements online or on the banking app.
Santander Bank Accessibility
In terms of location accessibility, Santander has 14 branches in NYC. It is well served all over New York, except for Brooklyn and Harlem, so if you live in one of these two neighborhoods and would like to visit a local branch, you might have some difficulties.
The most advantaged students will be New York University (NYU) students and Columbia students. There are many Santander locations and ATMs close to both these universities.
Mobile Banking with Santander Bank
Most students probably prefer using online banking or mobile banking, so wherever they are in New York, they can access their financial information, check their balances, make transfers, and so on.
Santander has that option too, with a web portal and an app you can download on your Apple and Android devices for the most user-friendly experience.
Runner-Up for Best Student Banking in NYC: Bank of America
4. HSBC Bank
🏆 Best Customer Service in New York City
HSBC stands out for top-notch customer service, with mobile and web chat, easy access to representatives on the phone, and a user-friendly help center to address common issues and questions. The bank also encourages customers to tweet its official account to get quick responses.
The HSBC US app is highly rated by customers, with 4.6 out of 5 stars in the Apple Store and 4.5 out of 5 stars in the Google Play Store.
HSBC Bank Account Options
HSBC offers many different accounts and makes it easy to waive monthly maintenance fees. It offers a Premier Account that may interest you if you plan to keep a larger balance in the bank and like some extra perks such as free foreign exchange fees on your debit card and rebates on out-of-network ATM usage.
HSBC doesn’t have many ATMs available or branch locations outside major cities in general, so the rebates mentioned above on ATM fees come in handy. Your deposits at HSBC Bank are all FDIC insured, so you can rest assured your deposits are well protected.
HSBC also offers savings accounts, CDs, credit cards, loans, and investment accounts.
Runner-Up for Best Consumer Experience: New York Community Bank
What About Credit Unions in New York City?
3 Best Credit Unions Available in NYC:
- Alliant Credit Union: This online-only credit union pays a high-interest rate on its savings bank account.
- Navy Federal Credit Union: Navy Federal Credit Union offers competitive bank accounts to military members, veterans, and their families nationwide.
- Teachers Federal Credit Union: A nonprofit with 33 offices in New York, Teachers Federal Credit Union serves members of the teaching industry.
Frequently Asked Questions
What are the best banks in New York City?
If you’re a frequent visitor of brick-and-mortar branches, Chase is the best NYC bank for your needs, while small business owners will benefit most from Capital One 360s tailored business products.
Meanwhile, Santander Bank has the best accounts for students, and HSBC is our top pick for customer service in NYC.
What is the biggest bank in New York?
The biggest and most popular New York bank is Chase Bank. It has over 600 branches in New York, many of which are in New York City alone.
Chase Bank is very popular among New York residents because it has many brick-and-mortar locations. It also has a huge ATM network, which makes for lower ATM usage fees and higher convenience.
According to the Federal Reserve, JP Morgan Chase is also the nation’s largest bank in terms of assets.
What is the most secure bank in NYC?
As long as you do business with an FDIC-insured bank or NCUA-insured credit union, your funds are protected up to $250,000 per depositor.
You can also look into a bank’s size, assets, and customer reviews to gauge its security.
The BankBonus team has analyzed dozens of banks to provide our readers with thoroughly informed and accurate reviews.
We evaluated digital financial platforms, online banks, regional banks, and national banks with a presence in New York City.
Our assessment of each bank factors in these considerations:
- Branch and ATM access: To gauge convenience, we look at each bank’s branch and ATM availability in New York City and consider their ATM reimbursement policies.
- Product lineup: We review the types of accounts, loans, and services offered by each bank, as well as the number of accounts.
- Fees and pricing: We also consider each institution’s fees, including monthly maintenance fees and other service charges.
- Account features: To compare banks, we take a close look at the features, limits, and capabilities each one has to offer.
- Interest: Along with these features, we consider whether or not the bank offers interest-bearing accounts and compare their rates to industry averages.
- Brand reputation: The bank accounts we recommend have been carefully vetted to ensure they are legitimate, secure, and backed by FDIC insurance.
- User experience: Additionally, we consider the ease of use and availability of resources on each bank’s website and factor in reviews of the mobile app from the Apple App Store and Google Play Store.
- Customer service: In our review process, we also explore their customer service channels, hours of availability, and third-party reviews.