Best Banks and Credit Unions in New York
1. Discover
Savings APY: 3% with no minimum balance.
CD APY: 1-year – 4.00%, 3-year – 4.15%, and 5-year – 4.25% with a minimum deposit of $2,500.
Monthly Fees: $0
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? There’s only one branch of the Discover bank and that is in Delaware. However, you can access over 60,000 fee-free ATMs.
Featured Product Offerings: Among all the services it offers the featured product of Discover bank would be a Cashback debit account, personal loans, student loans, home equity loans, and mortgage refinance.
Pros:
- No monthly fees
- Impressive savings APY
- Paychecks are available two days early with direct deposit
Cons
- Only one brick-and-mortar store
Discover bank is a leading financial institution that offers a wide range of products and services to its clients. It has been in business since 1911 and is headquartered in Wilmington, Delaware. It has total assets of US$112.89 billion as of 2020.
Discover bank offers a variety of products including checking and savings accounts, credit cards, loans, and investment products. It also offers a wide range of services such as online banking, mobile banking, and bill pay.
2. Chase
Savings APY: 0.01% to 0.05%
CD APY: 1-year – 0.01%, 3-year – 0.01%, and 5-year – 0.01% with a minimum deposit of $1,000.
Monthly Fees: $12 for a checking account, which can be waived with a direct deposit of $1500. + $5 for a savings account which can be waived by keeping a balance of $300 daily or transferring $25 from a linked Chase checking account.
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? It has more than 5100 locations nationwide and around 16000 ATMs.
Featured Product Offerings: Among all the services it offers the featured product of Discover bank would be a Cashback debit account, personal loans, student loans, home equity loans, and mortgage refinance.
Pros:
- A wide range of items.
- It is convenient for travel.
- Credit card perks are excellent.
- There are numerous sites.
- Outstanding mobile app and online banking platform.
Cons
- There are too many account fees.
- Interest rates are low.
- Customer service is less personalized.
Chase is the largest banking company, with branches in nearly every state and an excellent mobile experience. Chase is a full-service bank that offers a wide range of banking products, from personal and corporate accounts to mortgages and credit cards.
Chase Savings is another type of savings account offered by Chase. It has a $5.00 monthly fee that the bank will waive if you satisfy the qualifying criteria. Across all balances, the APY is 0.01%. Automatic Savings Program, account changes, and mobile and internet banking are all account features.
3. Alliant Credit Union
Savings APY: 2.60% with a minimum balance of $100
CD APY: 1-year – 4.20%, 3-year – 4.50%, and 5-year – 4.25% 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? It doesn’t have any physical branch in California, however, you can have free access to over 80,000 ATMs in California. You can also carry out operations via online banking and get help through email, or phone.
Featured Product Offerings: It offers Savings accounts, Checking accounts, Consumer Loans, Credit Cards, Investments, and Online Banking. Among them, there are Teen checking accounts for 13 to 17 years old teenagers and Kids’ savings accounts.
Pros:
- High APY on all accounts
- Fee transparency
- Easy to join
- Nationwide availability
- Awesome customer service
Cons
- No physical branch
- Doesn’t participate in shared banking
Alliant Credit Union is a not-for-profit financial cooperative based in Chicago, Illinois. It was founded in 1935 by a group of United Airlines employees with the idea that people who work together can create something powerful: a force for good that improves the financial lives of our members and helps make our communities stronger.
Since then, the credit union has grown to become one of the country’s largest credit unions, serving over 600,000 members nationwide. In total, it has assets worth US$15 billion. It offers the full range of financial products and services you’d expect from a big bank, but with the personal attention and commitment to its members that only a credit union can provide.
4. PenFed Credit Union
Savings APY: 1.20%
CD APY: 1-year – 4.25%, 3-year – 4.05%, and 5-year – 3.90% with a minimum deposit of $1,000.
Monthly Fees: $10 (which can be waived with a direct deposit or maintaining a minimum balance of $500).
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? There are 40 branches and more than 80,000 free ATMs across the country. The PenFed credit union doesn’t participate in the shared credit union branches.
Featured Product Offerings: The PenFed credit union offers interest of 0.15% on checking accounts. Other than it also offers banking services like home loans, auto loans, personal loans, investments, mortgages, etc.
Pros:
- Great interest rates on savings and CDs
- Provides interest in checking account
Cons
- Monthly fees
PenFed credit union or Pentagon Federal credit union was founded in 1935 and is headquartered in Virginia, United States. It has assets valued at over $25 billion and has served more than 1.8 million members. Joining the PenFed credit union is easy and offers money market accounts and checking accounts with attractive interest rates. You won’t find better rates on savings and CDs than PenFed in the market.
5. M&T
Savings APY: 0.01%
CD APY: 12 Month Promo – 2.75%, 18 Month Promo – 3.00%, 12 Month Select Promo – 3.25%, and 18 Month Select Promo – 3.50% with a minimum deposit of $1000.
Monthly Fees: $0
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? The M&T banks have more than 750 branches and over 1800 ATMs for its customer to access banking services more easily.
Featured Product Offerings: The M&T bank provides free checking accounts, savings accounts, CDs, mortgages, loans, investments, and much more.
Pros:
- No monthly fees
- Access to 1800 surcharge-free ATMs
Cons
- Low interest rates
The M&T bank has a history of 166 years, dating back to 1856, and is headquartered in Buffalo, New York. it is one of the best regional banks in NY. if you are someone, who is looking for easy ATM access and free checking account, M&T bank is the best. It has assets valued at over US $155.12 billion and has served more than 710,000 members.
6. Ally
Savings APY: 2.25%
CD APY: 6-month – 2.75%, 1-year – 4.00%, and 3-year or above – 4.10% with no minimum deposit.
Monthly Fees: $0
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? There are no brick-and-mortar stores of Ally bank, however, it allows you to access Allpoint ATM (50,000) and reimburses up to $10 of out-of-network ATM fee charged per statement cycle.
Featured Product Offerings: Ally bank offers online-only savings account with interest rate of 3.00%. Apart from that, it offers all the usual banking services to its customer.
Pros:
- High-yield interest rate on savings account
- Best customer service
- Convenient only banking
Cons
- No physical stores
The Ally bank is an online bank with no brick-and-mortar store available. However, it has a mobile application that helps you do banking transactions easily. The interest rates of Ally bank are highest for both savings and CDs. It was founded in 2009.
This online bank, which was established in 2009, is renowned for its reasonable rates, quick customer service, and cheap fees. An array of personal banking products and services are available through full-service online bank Ally Bank, including checking, savings, money market, CD, mortgage, auto, and personal loans, as well as investing and retirement services.
7. Navy Federal Credit Union
Savings APY: 0.25%
CD APY: 0.45 % to 4.45% on different terms and minimum deposits
Monthly Fees: $0
Federally Insured by: National Credit Union Administration (NCUA)
How many branches are in the State? Navy Federal Credit Union has over 350 branches worldwide and a rich network of Navy Federal ATMs and CO-OP Network® ATMs.
Featured Product Offerings: Ally bank offers online-only savings account with interest rate of 3.00%. Apart from that, it offers all the usual banking services to its customer.
Pros:
- Higher savings rates
- 24/7 access to stateside member reps
- Digital banking for ease of access
Cons
- Exclusively for military members
- High-value investment in CDs has its risks
Established in 1933, Navy Federal Credit Union has become a large credit Union in Illinois/. It started as a 7 member committee and today has over 8 million members in its family. The credit union offers banking and financial services to the families of the Military community. Navy Federal Credit Union was also awarded the title of 2022’s Best Credit Union in Illinois.
The service portfolio of the credit union includes Business Services, Car Loans, Checking, Credit Cards, Home Equity, Investments, Mortgages, Personal Loans, Prepaid Cards, Savings & CDs, Student Loans, and more. The credit union offers its products and services through mobile and digital banking.
8. Capital One
Savings APY: 0.10% for checking account and 3.00% for savings account
CD APY: 1-year – 4.00%, 3-year – 4.15%, and 5-year – 4.25% with a minimum deposit of $0.
Monthly Fees: $0
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? In addition to 755 branches and 2,000 ATMs, Capital One has 30 café-style locations as well.
Featured Product Offerings: Ally bank offers online-only savings account with interest rate of 3.00%. Apart from that, it offers all the usual banking services to its customer.
Pros:
- No minimum balance necessary
- No monthly fees
- Good interest rates on savings and CDs
Cons
- There are very few banking locations in New york and others are cafes and ATMs.
Capital One is a bank that is headquartered in McLean, Virginia. It was founded in 1994 by Richard Fairbank and Nigel Morris. Capital One, also known as COF, is a diversified financial services company. It has more than 8 million customers and is the ninth-largest bank in the United States.
Capital One is an American multinational banking corporation. Capital One is a financial services company that offers banking, credit cards, mortgages, and personal loans. In 2018, the company announced that it would be acquiring GE Capital healthcare finance unit for $9. It has assets of US$421.602 billion as of 2020 and 50,000+ employees. The cafe-style location of Capital One bank is one of the unique styles to serve customers and make them feel good.
9. Citi Bank
Savings APY: 0.05%
CD APY: 3-month – 3.25% and 1 year – 4.15% with no minimum balance.
Monthly Fees: $0 to $30 (waivable)
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Citi Bank has 45 ATMs and 9 Branches in New York City
Featured Product Offerings: Citi Bank offers all the services a bank offers including savings accounts, checking accounts, CDs, loans, and mortgages, and along with them it also provides you with a Robo-advisor.
Pros:
- No opening deposit
- Helps in wealth management
Cons
- High monthly fees
Citi Bank is the fourth largest bank in the United States and has over $2.29 trillion in assets.The best thing about citi bank is its savings and checking account features fit everyone. Apart from that it has over 200 million customer accounts and is still growing.
Citibank, N. A. is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York. The bank has 2,649 branches in 19 countries, including 723 branches in the United States and 1,494 branches in Mexico operated by its subsidiary Banamex. The U.S. branches are concentrated in six metropolitan areas: New York, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami.
10. Teachers Federal Credit Union
Savings APY: 0.05% to 0.10%
CD APY: 1-year – 2.25%, 2-year – 2.75%, and 5-year – 2.90% with a minimum deposit of $1000.
Monthly Fees: $0
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? The Teachers Federal Credit Union has full-service 32 locations and nationwide ATM availability for carrying out banking transactions.
Featured Product Offerings: The Teachers Federal Credit Union provides a Youth Savings Account with an APY of 3.00% with a minimum deposit of $1.
Pros:
- No monthly fees
- Higher-yielding interest rates
Cons
- Charges higher fees for out-of-network ATM transactions.
The Teachers Federal Credit Union is the 3rd largest credit union in New York. It is a credit union that serves only in the NY location. It was founded in 1952 and is headquartered in Hauppauge, New York. the assets of TFCU are valued at over $8.7 billion and have a strong base of more than 444,027 members. It provides great security with its checking account to the customers.
11. Bank of America
Savings APY: 0.01%
CD APY: 0.05%
Monthly Fees: $8
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Bank of America has more than 4,300 branches in the country and over 17,000 ATMs making it the largest bank in America in terms of branch and ATM network.
Featured Product Offerings: The Teachers Federal Credit Union provides a Youth Savings Account with an APY of 3.00% with a minimum deposit of $1.
Pros:
- Largest coast-to-coast bank in America with 4,300 branches and 17,000 ATMs
- Minimum deposits to open accounts are relatively low
- Preferred rewards and related discounts for users
Cons
- The poor yield on savings account
- No waiver or reimbursement of ATM fees
- Low APY on CDs
Bank of America is the largest and oldest bank in the country with parts of it dating back 240 years. The bank became the first ever coast-to-coast bank in America after the merger of Bank America and Nations Bank in 1998.
The bank is best known for its wide array of banking and financial products including Checkings accounts, Savings Accounts, CDs, Credit Cards, Auto loans, Purchase mortgages, Refinance mortgages, Home Equity Lines of Credit (HELOCs), Individual Retirement Accounts (IRAs)
Self-directed trading, Managed investment portfolios, Private banking, Financial advisors, Business loans, and more. The bank offers excellent customer support through telebanking as well as the mobile app.
12. PNC Bank
Savings APY: 0.01% for balance $1 to $2,499.99 and 0.03% for balance $2,500.00 and above
CD APY: 0.01% to 3.60% depending on term and minimum deposit
Monthly Fees: $7
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? PNC Bank has approximately 2000 branches and 18,000 ATMs located in the Southeast, Mid-Atlantic, and Midwest.
Featured Product Offerings: The Teachers Federal Credit Union provides a Youth Savings Account with an APY of 3.00% with a minimum deposit of $1.
Pros:
- Online-only savings accounts have the best APY
- It has a network of 260+ branches
- The digital banking features of the bank are exemplary
Cons
- Complex online appearance with difficult navigation
- High overdraft fees
- High yield on accounts available in specific states only
PNC bank was founded in 1852 and is one of the oldest banks in America. Headquartered in Pittsburgh the bank offers personal and small business banking solutions. It is a digital leader in the industry for being quick to adapt to digital banking requirements and offering exemplary customer services.
PNC Bank is a one-stop shop for banking and financial solutions for consumers and businesses. The bank deals in Savings accounts, Checking accounts, Virtual wallets (savings and checking accounts rolled into one), Certificates of Deposits (CDs), Purchase mortgages, Refinance mortgages, Credit cards, Auto loans, Life insurance, Financial Planning, Small business banking, Small business loans, Military banking, Personal loans and Lines of Credit, Student loans, Student loan refinancing and much more.
With $334 billion of assets and 9 million customers, the bank makes one of the largest banks in the country.
13. Jovia Financial Credit Union
Savings APY: 0.10% to 0.20%
CD APY: 1-year – 2.50%, 2-year – 3.50%, and 5-year – 2.75%, with a minimum deposit of $100.
Monthly Fees: $0
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? The Jovia Financial Credit Union has 9 branches in New York and provides access to over 55,000 fee-free ATMs worldwide.
Featured Product Offerings: The Jovia Financial credit union offers online savings account with a 3.00% APY. along with that it also offers all the other banking services like mortgages, loans, investments, etc.
Pros:
- No monthly fees
- Impressive APYs on savings and CDs
Cons
- Limited branches in New York
Jovia Financial Credit Union was established in 1938 and is headquartered in Westbury. It ranks 9th on the list of largest credit unions in New York. It is a non-profit, member-owned credit union whose aim is to provide financial needs to help people in need. It has assets valued at over $4.18 billion and around 220,220 members.
14. New York Community Bank
Savings APY:: (N/A)
CD APY: 12-month – 3.50%, and 24-month – 3.25% with a minimum deposit of $500.
Monthly Fees: $5 to $10
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? The NYCB has 395 locations throughout the country, including 128 in New York.
Featured Product Offerings: The New York Community Bank provides multiple account options in both checking and savings accounts to choose from as per your need.
Pros:
- Has more physical locations
- Pretty impressive CD APY
Cons
- Charges monthly fees
The New York Community Bank was founded in 1859 and is headquartered in Hicksville, New York. It is the 6th largest bank in New York and ranks 45th in the United States. It is known for its best customer service and competitive rates. The assets of NYCB are valued at over $88.4 billion.
15. CIT Bank
Savings APY: 3.85% on a minimum opening deposit of $100
CD APY: Upto 4.75% depending on the term
Monthly Fees: $0
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? CIT is an online bank based in Southern California. There is only one physical location at their headquarters in Pasadena. CIT Bank does not have an ATM network. But it doesn’t charge any ATM fees and even reimburses up to $30 per month in other banks’ ATM fees.
Pros:
- High APY rates
- Refunds on ATM fees
- 24/7 customer service
- No monthly fees
- Interest in checking accounts
Cons
- The APY on CDs is low compared to other institutions
CIT Bank is an online financial institution. The bank started in 1908 and is headquartered in Salt Lake City, UT. It is a division of First Citizens Bank. The bank offers its services through CIT BANK SAVINGS CONNECT which is available in all 50 states of the country.
The bank offers financial and banking solutions to individuals and businesses. Their product portfolio includes savings accounts, checking accounts, CDs, home loans & mortgages, and more. It is America’s leading bank in lending, leasing, and banking services to middle-market companies and small businesses.