Banks are in the business of securing financial treasures. However, they’ve diversified into other key areas of the financial institution. Truth be told, we can’t stash all our cash at home and the idea of getting some interest on your money is not an offer you would resist, so, you would need the services of a bank.
When choosing banks, you don’t just choose any bank. You must check to ensure they have great interest rates, suitable account options, effective customer service, and overall banking convenience. Having a good number of accounts is great for your budgeting as you get to distribute funds with less stress.
In this article, we will narrow our focus to the best banks in New York. We will quickly identify a good number of them carefully looking at their interest rates, account types, and a whole lot.
What Makes Banks in New York Unique?
According to Wikipedia, New York, is the most populous city in the United States. With an estimated 2019 population of 8,336,817 distributed over about 302.6 square miles (784 km2), New York City is also the most densely populated major city in the United States.
A large population is great for business as it promotes market competition among similar service providers. This is great, as it will increase creativity and available options which leads to economic growth.
With New York’s outstanding population, all banking institutes are at the top of their game providing outstanding services that are hard to find in other cities.
Best Banks in New York in 2022 | Rates, Account Types, Min. Deposit
The following are the best banks in New York:
1. JPMorgan Chase Bank
This bank offers ease and convenience at an incredible level. As a new customer, you can earn a $200 bonus after you have opened a new account.
You can easily open a bank account from anywhere in the world with great interest rates for their savings accounts.
2. Bank of America
Bank of America is one of the best banks in New York with the sole aim of making financial transactions and investments seamless. Their wide range of options and account types make them exceptional.
Bank of America has a lot of savings plans for both kids and adults. Their interest rates on loans are incredibly low for the borrower and high for the lender.
KeyBank is one of the best banks in New York offering great banking services while adhering to the pandemic rules of social distancing and the wearing of a face mask. Customers use the ATM courtesy of a drive-up as people 65 and above are allowed into the banking hall.
KeyBank offers an opportunity to have both a checking and a savings account with great interest rates. You have an interest rate of 2.740% on a 30 Fixed-rate and 2.250% in a 15 Fixed rate.
4. TD Bank
TD Bank is a great bank offering great personal banking services. As a customer of this bank, you get access to investment options, personal loans, complete support to build and grow a small business and overdraft services.
TD Banking savings account offers you a 0.25% interest rate when you maintain a minimum balance of $250,000. Additionally, you get 0.05% on any balance and 0.15% on a minimum balance of $50,000.
Citi Bank promises an exclusive banking experience that offers unlimited check writing, a $0 minimum opening deposit, and over 60 ATM machines wherein you can collect money.
With the Savings account, you get up to 0.50% interest rates with no minimum sum to guarantee such an interest rate. If you’re not interested in the savings account, you can open a checking account as well.
6. Community Bank
With no closing cost mortgages and an opportunity to apply for a loan online, Community Bank still reflects their high value for quality customer relationship. They seek to always provide the best value for their esteemed customers.
If you want to open an account with this bank, you can open either a checking or savings account. As an added advantage, this bank gives you a financial plan to help you achieve your goals easily. Indeed, they remain one of the best banks in New York for their outstanding quality.
7. Capital One
Capital One invites everyone to come and enjoy a new style of banking. They have a catchphrase which connotes “It’s not just a bank. It’s a new banking state of mind”. This is easily relatable for their structured framework that allows you to easily perform transactions without visiting a branch.
In Capital One, you can open either savings or a checking account. On their 360 Performance Savings, you earn 0.40% Annual Percentage Yield (APY) on any balance. And this doesn’t depend on your balance or come with monthly charges.
8. New York Community Bank
New York Community Bank offers you exceptional interest rates on your savings accounts. Although the interest rates apply to accounts with at least $1,000, you still get to receive lower interests with amounts above $500.
New York Community Bank is the bank of the community offering different accounts for kids, adults, students, and retired workers. Their online banking platform communicates banking at your convenience with greater effect.
9. Citizens Bank
Citizens Bank is the 13th largest retail bank in the United States offering a wide range of financial services to millions of people. They’ve become a top financial institution offering an ease of banking and investment opportunities for savings account holders.
You can open a checking account, savings account, and money markets account. You get great interest rates on your savings account depending on your account balance. Their rates range from 0.1% t0 0.5%.
10. NBT Bank
NBT’s banking services are numerous. From getting home financing to deal with your household problems, you also get great investment plans to help you make good money decisions.
With over $1,000 in your bank account, you can earn interest at great rates in one of the best banks in New York.
Conclusively, here is a list of all the best bank in New York with their account types, interest rates and minimum deposit sum.
|Bank||Account Type||Minimum Deposit||Rates|
|1. JPMorgan Chase Bank||Checking & Savings||None||N/A|
|2. Bank of America||Checking & Savings||$10||15%|
|3. KeyBank||Checking & Savings||None||2.74% (Fixed)|
|4. TD Bank||Checking & Savings||None||0.05%|
|5. CitiBank||Checking & Savings||None||0.50%|
|6. Community Bank||Checking & Savings||None||N/A|
|7. Capital One||Checking & Savings||None||0.40%|
|8. New York Community Bank||Checking & Savings||None||0.25%|
|9. Citizens Bank||Checking & Savings||None||0.3%|
|10. NBT Bank||Checking & Savings||None||0.4%|