Choosing a new bank is an important decision, but that doesn’t mean it has to be a hard one. This is our list of the best banks in New Mexico.

Find the best CD rates in New Mexico.

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1. New Mexico Bank and Trust

Savings APY: 0.1% with a minimum deposit of $1

CD APY: 1-year – 0.65%, 2-year – 0.90%, 3-year – 1.05%, and 5-year – 1.20% with a minimum deposit of $1000.

Monthly Fees: $0

Insured by: FDIC (Federal Deposit Insurance Corporation)

How many branches are in the State? There are 22 branches of New Mexico Bank and Trust. Also, you will have to look for the bank’s ATM for withdrawals as it doesn’t refund out-of-network ATM fees.

Featured Product Offerings: Along with savings, CD, and checking accounts, it also offers money market account with quite impressive rates.

Pros:

  • No monthly fees
  • Best mobile application

Cons

  • Low CD interest rates

First up on our list of the best banks in New Mexico, New Mexico Bank and Trust was founded in 1998 and is headquartered in Albuquerque. It is one of the best regional and local banks in New Mexico. It has over $2.65 billion in assets. The bank doesn’t provide premium customer service but has the best savings and CD APY rates.

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2. Zions Bank

Savings APY: 0.16% to 0.19% with a minimum deposit of $50.

CD APY: 1-year – 2.02%, 2-year – 0.55%, and 5-year – 0.85% with a minimum deposit of $1000.

Monthly Fees: No monthly fees on CD account, Waivable $3 to $10 monthly fee on savings and checking account.

Insured by: FDIC (Federal Deposit Insurance Corporation)

How many branches are in the State? Although Zions Bank is headquartered in Salt Lake City, it has branches around nine western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Texas, Utah, and Wyoming. There are more than 600 ATMs and 500 financial centers of this bank.

Featured Product Offerings: All the accounts whether it is savings, checking or CD, it has very low minimum account balance than national average. Along with that it also offers relatively good rates.

Pros:

  • High-yielding APY on savings
  • Minimum account balance
  • Waivable monthly fees

Cons

  • Branches in 9 states online across the country.

Zions Bank is a financial institution that provides banking, mortgage, and investment services. It was founded in 1873 by Brigham Young and has since grown to over $87.48 billion in assets.

Zions Bank is the best bank in New Mexico because they provide a variety of financial services. They have branches all over the state and offer a wide range of products like checking accounts, savings accounts, credit cards, mortgages, auto loans, car loans, home equity loans and more. They also offer many different types of investments such as stocks or bonds.

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3. Bank of America

Savings APY: 0.01% to 0.04%

CD APY: 1-year – 0.03%, 3-year – 0.03%, and 5-year – 0.03% with a minimum deposit of $1,000.

Monthly Fees: $12

Insured by: FDIC (Federal Deposit Insurance Corporation)

How many branches are in the State? The Bank of America has 4,100 retail banking branches and 16000 free ATMs across the United States.

Pros:

  • Waivable monthly fees
  • Multiple branches and free ATMs.
  • Convenient customer service channel

Cons

  • Low-interest on savings and CDs

Another one of the best banks in New Mexico, Bank of America is the second largest bank in the United States by assets. It is also the second-largest bank in terms of market capitalization. It is also a multinational bank and financial services company that operates as a bank holding company.

Bank of America offers a range of financial services for both large and small businesses, as well as individual customers. It provides banking, investing, and other financial services to more than 20 million customers.

It is one of the Big Four banks, along with JPMorgan Chase, Citigroup, and Wells Fargo. Bank of America offers banking, investing, credit cards, mortgages, loans, and other financial services to individuals and businesses.

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4. Navy Federal Credit Union

Savings APY: 0.25% with a minimum deposit of $5

CD APY: 1-year – 3.00%, 3-year – 3.30%, and 5-year – 3.35% with a minimum deposit of $1,000.

Monthly Fees: $0

Federally Insured by: NCUA (National Credit Union Administration)

How many branches are in the State? Among Navy Federal Credit Union’s 350 branches, many are located near military bases in places like Virginia, Maryland, and California. It also has 30,000+ free ATMs.

Pros:

  • No monthly fee
  • Free ATMs
  • Competitive interest rates

Cons

  • Very few branches

The Navy Federal Credit Union was founded on March 13, 1933, as Navy Department Employees’ Credit Union. It has a total of $158.85 Billion in assets and around 11 million customers. The CO-OP Network offers free access to more than 30,000 ATMs. Its headquarter is in Vienna, Virginia, United States.

The Navy Federal Credit Union has competitive interest rates that benefit many potential customers. Even though it has a small number of branches around the USA, it helps its customers via mobile applications and provides the best customer support, which helps place it on our list of the best banks in New Mexico.

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5. Nusenda Credit Union

Savings APY: 0.15% to 2.35%

CD APY: 1-year – 3.50%, 2-year – 3.00%, and 5-year – 3.10% with a minimum deposit of $1000.

Monthly Fees: $5

Federally Insured by: NCUA (National Credit Union Administration)

How many branches are in the State? The Nusenda Credit Union has branches in 21 locations and participates in shared ATM network.

Featured Product Offerings: The Nusenda Credit Union offers multiple savings and checking accounts with impressive and attractive interest rates.

Pros:

  • Great savings and CD APY

Cons

  • Charges monthly fees

Nusenda Credit Union is the best credit union in New Mexico. They offer competitive rates and superior customer service.

Nusenda Credit Union has been providing financial services to New Mexicans since 1936. They have been a trusted financial institution for over 86 years and are the largest credit union in New Mexico with assets of $4 billion.

Nusenda Credit Union offers competitive rates on auto loans, mortgages, home equity loans and savings products that are among the most competitive in the nation.

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6. U.S. Bank

Savings APY: 0.01%

CD APY: 0.05% for 1 month CD term, with a minimum deposit amount of $500

Monthly Fees: $4 on Standard Savings account

Federally Insured by: FDIC (Federal Deposit Insurance Corporation)

How many branches are in the State? U.S. Bank has a nationwide presence, with over 19 bank branches and ATMs in New Mexico.

Pros:

  • Open an account with one of the best and most highly recognized banks in the U.S.
  • Monthly maintenance fees are waivable
  • A broad range of savings and checking account bundles

Cons

  • Below-average savings APY rates
  • Opening a bank account requires a minimum daily balance
  • Higher monthly maintenance fees

U.S. Bank, based in Minneapolis, is the 5th largest bank in the United States, both in terms of deposits and assets. It has a nationwide presence in 40 states and also offers an online banking platform that allows you to access your accounts, pay bills, and make payments & transfers online. The bank also has a robust mobile app.

It offers an array of banking & financial solutions, including personal banking, wealth management, business banking, corporate & commercial solutions, and institutional banking services.

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7. Wells Fargo

Savings APY: 0.01%

CD APY: 1-year – 0.01% with a minimum deposit of $2,500.

Monthly Fees: $10

Federally Insured by: FDIC (Federal Deposit Insurance Corporation)

How many branches are in the State? It has 8,050 branches and 13,000 ATMs with a presence in over 35 countries all over the world. There are around 10+ branches and ATMs in the  New Mexico state Wells Fargo Bank.

Pros:

  • Best customer service
  • Interest-bearing premium account
  • Waivable monthly fees on savings and checking accounts

Cons

  • Requires to add minimum deposit for opening an account
  • Low savings interest rate (APY).

Wells Fargo is one of the largest banks in the United States, as well as one of the best in New Mexico. It is headquartered in San Francisco, California. It was founded in 1852 and is the oldest and third-largest bank in America with 70 million customers globally.

The company provides a range of banking and financial services including retail banking, mortgage lending, credit cards, and auto loans. Wells Fargo also operates one of the largest retail banks in North America as well as a wholesale banking business.

It has assets of US$1.955 trillion as of 2021. It provides its customer with 24/7 customer service and mobile banking app that offers person-to-person payments, check deposit, and bill payments