- Hundreds of branches in New York City.
- One of the biggest banks in the world.
- Handle all your banking with one financial institution.
Best Banks in New York City for 2024
![banks in NYC](/personal-finance/static/ebe45d982e73b7fc6ef424e74bebc1a5/8ae18/banks-in-nyc.jpg)
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If you live in New York City or recently moved there, you may be interested in finding a good bank. We’ve scoured the market to find the best banks in New York City, focusing on account availability, locations, bank account fees, interest rates, and other key details. Continue reading to learn more about the best NYC banks to help you make an educated decision.
Best for | Account types | Checking account bonus/welcome offer | |
---|---|---|---|
Convenient locations | Checking, savings, CDs, credit cards, home loans, auto loans, investments, and business banking | $300* | |
Online banking | Checking, savings, credit card, investments, student loans, personal loans, and mortgages | Up to $300 bonus with qualifying direct deposits available through 12/31/24 | |
Online and in-person hybrid banking | Checking, savings, CDs, credit cards, auto loans, and business banking | K.A. | |
Chime | Best for low fees and building credit | Checking, savings, and a secured credit card | $100 with referral program and direct deposit |
HSBC | Best for international banking | Checking, savings, CDs, credit cards, personal loans, mortgages, and business banking | $1,500 or $2,500 |
JP Morgan Chase is the biggest financial institution in the United States and one of the biggest in the world. For New Yorkers Chase is a top choice for convenience, as it operates more than 290 branches in the city. Chances are one is very close to your work or home.
Chase offers solid customer service and nearly any kind of bank account or loan you may need, and its in-person and online banking features are among the best in its class. Be aware that account fees can be high, while interest rates on savings accounts are low, as is common with traditional brick-and-mortar banks. Still, Chase is a winner for someone who cares most about having many locations and ATMs available in New York City.
SoFi is an online-only bank offering competitive accounts with low fees and high interest rates. While you may struggle to deposit cash and can’t get in-person customer service, it’s otherwise an excellent banking option, particularly for digital sophisticates. It also offers investments and loans through the same mobile app or online dashboard.
One drawback is that you need to have direct deposit into your SoFi checking account to get the best checking and savings interest rates. Still, if you’re willing and able to do that, you’ll likely find the low fees and account features a major draw. SoFi doesn’t charge any account fees, including overdraft and ATM fees, but you may have to pay a fee for using an ATM that isn’t in the Allpoint network.
Capital One is the ninth largest bank in the United States, though it’s likely to get a lot bigger after completing a planned acquisition of Discover Financial. It’s a great option for online banking, but if you live in New York City, you can also visit any of Capital One’s dozens of branch or café locations.
The checking and savings accounts at Capital One come with low fees and better-than-average interest rates. While you can’t get a mortgage through Capital One, you can do all your banking through it, including credit cards, with a single banking relationship. It also offers flexible options to handle overdrafts and the ability to deposit cash at Walgreens (known as “Duane Reade” in NYC) and CVS stores.
Chime is a financial technology company offering accounts nationwide. It’s a great option for anyone who wants low-fee accounts or to build credit. Chime checking and savings accounts don’t have any fees aside from one for using an out-of-network ATM. It offers more than 60,000 in-network ATMs, with many in the New York City area. ATMs are located at retail stores, including Walgreens, CVS, Target, 7-Eleven, and Circle K. You can also make cash deposits at Walgreens locations.
Chime’s checking account is simple and easy to use. It includes valuable features, such as the ability to overdraw your account by up to $200 with no fees. The savings account has a competitive interest rate and helpful automatic savings features. And if you have no or bad credit, the Chime credit card allows you to build or repair your credit with no interest charges or account fees. It doesn’t have a huge list of account types, but those it does offer come with compelling features.
If you’re a globetrotter with a home or family abroad, HSBC could be the best option for your needs. New York-based customers can open accounts in the United States or one of 22 foreign locations. This can make dealing with foreign-currency transactions much easier. If you’re new to the United States, HSBC offers resources to help transition your banking, and its Global Money Account lets you hold up to eight different supported currencies in the same account.
HSBC is a huge financial institution offering nearly any kind of bank account you may want, allowing you to handle all of your banking with one relationship. It operates five branches in the New York City area. As with other large banks, it’s important to keep an eye on fees and know that you won’t get a stellar interest rate for your savings.
To make our list of the best banks in New York City, we reviewed a large group of financial institutions offering online and branch banking to customers in the city. We compared account offerings and features, fees, interest rates, and a number of branch locations to make our final selection.
As a major hub for global finance, New York City is home to a wide array of banking options designed to fit every financial need. Here's a quick guide to the types of banks you may find there.
Choosing the right bank is akin to selecting the perfect pair of shoes. It needs to feel comfortable, prove durable, and accommodate your budget. Follow these tips when looking for the best banks in NYC.
Reflect on your banking habits. Are you all right with handling all your transactions online, or do you value the option to visit a branch for in-person assistance? Online-only banks often offer higher interest rates and lower fees due to their lack of physical branches, while traditional banks provide the comfort of face-to-face service.
What are you looking for in a bank? Do you need basic checking and savings accounts, or are you looking for more specialized financial products, such as mortgages, auto loans, or investment services? Pin down your immediate and future financial needs to find a bank that aligns with your journey.
Take a close look at the fees banks charge for account maintenance, ATM use, and overdrafts, as well as the interest rates on savings accounts and loans. These can significantly impact your finances over time. Search for a bank that offers competitive rates and low fees to maximize your money's potential.
Banking in New York City is an experience unlike anywhere else, shaped by the city's status as a global financial epicenter and its incredibly diverse population. Here are a few tips highlighting what makes banking in the Big Apple stand out.
NYC's banks often lead innovation and offer services catering to an international clientele. This global perspective means you'll find financial products designed for local needs and global citizens, making international transactions smoother and providing access to foreign currency accounts or international investment opportunities.
NYC's colorful banking landscape varies remarkably, from towering global banks to local community banks and credit unions. This variety ensures that an NYC bank fits the bill no matter your financial needs—personal, business, or investment. The presence of numerous financial technology (fintech) startups also adds a modern twist to traditional banking, offering digital-first solutions for payments, savings, and investments.
The competitive environment in NYC means banks often offer attractive rates and innovative services to stand out. Whether it's higher interest rates on savings accounts, lower lending rates, or cutting-edge banking technology, consumers stand to benefit from the competition among institutions vying for their business.
New York City is an exciting place to work and live. With so many residents, it’s also one of the best for banking. It can seem as if there’s a bank (or more) on every block. This list can help you pick the best place to store and manage your dollars and cents.
This varies depending on your personal needs. A traditional, brick-and-mortar bank, such as Chase or Bank of America, could be best if you want many branch locations, while an online bank, such as SoFi or Chime, could have better rates and fees.
When opening a savings account, consider your goals. You may want to shop around for the best interest rates, though some savers care more about convenience and want a bank near their home or work.
As with elsewhere in the United States, banks in New York City are protected by insurance from the Federal Deposit Insurance Corporation (FDIC). Even if the bank goes out of business, you’re protected up to the FDIC insurance limit, which is $250,000 per depositor, bank, and ownership category. As long as your balance is less than the limit, all banks in New York are equally secure.
This would be Chase Bank, with hundreds of locations in the city and thousands nationwide.
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