Best Banks in New York City for 2023

New York City is the largest city in the United States and considered to be the financial capital of the world. There are many banks available for NYC residents. The best banks in New York City offer easy access to your money, have a wide range of benefits, and are FDIC insured.

We've researched the banking industry in NYC to find our picks of the best banks based on our methodology below. While some banks have branches in NYC, there are also nationwide banks that offer benefits to those living in NYC. Here are the factors we considered to find the best banks and bank accounts in NYC:

• No monthly maintenance or service fee
• Wide range of banking tools
• $0 or low minimum balance requirements
• $0 or low additional bank fees
• Large ATM network or generous ATM-fee reimbursement program
• Benefits such as high APY, cash back rewards, or other additional perks

When considering which bank to choose in NYC, you want to find a bank that is convenient and meets your needs. Some may prefer traditional banks where they can speak to a banker one-on-one. NYC has a diverse population. Some banks offer multiple language services for those more comfortable speaking another language.

Customers may instead prefer managing their funds and depositing money without setting foot in a branch. Online banks allow customers the ability to manage their money from a computer with an internet connection and through a mobile device. Traditional banks tend to have higher fees or minimum balance requirements compared to an online bank.

Another aspect to consider is if you will be in NYC for a brief period or for the long haul. There are many banks that are only located in NYC, and there are also nationwide banks with branches in NYC. Online-only banks typically have intuitive and easy-to-use online banking interfaces. Traditional banks also offer mobile apps that offer money management tools.

Finding the right bank is important since most people use their checking account for everyday banking. You want to find a bank that best suits your needs, is easy to access, has low fees, and can help meet your financial goals. Here are the factors New Yorkers should consider when choosing the best bank:

• Insurance
• Type of account
• Fees
• Minimum requirements
• Digital banking experience
• Customer service
• ATM network or generous ATM-fee reimbursement program
• Benefits such as high APY, cash back rewards, or other additional perks

FDIC or NCUA insurance

Verify the bank is insured by the FDIC. The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency that insures a customer’s bank deposits up to $250,000. Bank accounts at FDIC insured banks are protected by the federal government up to the maximum limit.

Type of account

There are several types of checking accounts that most financial institutions offer. The right fit depends on how you use your checking account. Here are the most common types:

• Standard checking account: This is the most common type of checking account. It offers basic features such as making deposits, withdrawals, writing checks, paying bills, and using a debit card. Standard accounts pay low APY, and you may have to pay a monthly fee.
• Premium checking account: Premium accounts require a higher balance than a standard account. Depending on the bank, the range can be anywhere from $2,500 to $25,000 ($250,000+ for high-end banks). Premium account holders often earn interest, get discounts on other services from the bank such as slightly lower mortgage rates, and enjoy a lower fee structure.
• Interest-bearing account: Also known as a high-yield account, an interest-bearing checking account pays an APY like a savings account. Credit unions tend to offer the highest APY on interest-bearing accounts. Some financial institutions pay a flat interest rate regardless of the balance while some pay more for higher balances. Like a premium account, customers need to meet certain requirements such as a minimum average daily balance or direct deposit requirement.
• Rewards-based account: Like credit cards that pay rewards for everyday purchases, rewards-based accounts offer cash back, points, or special deals and bonuses. These types of accounts usually have higher fees and complicated terms to take advantage of the accounts’ full benefits.
• Other specialty accounts: Banks offer accounts for students, seniors, and other demographic groups. The accounts are catered specifically to a specific group.

Fees

Even for free checking accounts there are many other fees a bank can charge. Online banks rarely charge monthly maintenance fees. Banks with physical locations often charge fees but some will waive them if you keep a minimum required balance. It is best to find a bank that charges no fees or makes it easy to avoid checking fees.

Minimum requirements

Some banks require minimum deposits to open an account. They also require a minimum balance to continue qualifying for a free account. Customers who don't meet the minimum requirements will often have to pay the monthly service fee. It is best to find a bank that doesn’t require minimum deposits or average balances.

Digital banking experience

The primary way of accessing a bank account for an online-only bank is through the bank's mobile app and website. Look for a bank that is easy to use, offers robust digital tools, and has a highly rated mobile app. You can check reviews of a mobile app on the app store.

Customer service

Customers may want a bank in NYC where they can talk to someone in a branch about financial services. Online-only banks do not have any branches. If customers have any issues, they can only contact the bank through online chat, email, or phone support. It is important to find a bank that offers easily accessible customer service.

LEARN MORE: Online or Brick-and-Mortar Bank?

ATM network or generous ATM-fee reimbursement program

You want your bank to be as accessible as possible. Especially if you often pay with cash, you will need access to in-network ATMs to avoid ATM fees. If you only have access to out-of-network ATMs, look for banks that offer generous ATM-fee reimbursements.

Benefits such as high APY, cash back rewards, or other additional perks

The average APY for checking accounts is 0.03%. There are banks that offer more APY and even generous cash back rewards. When looking for the checking account that is right for you, consider what additional perks a bank will offer. If you want an even higher APY, you should consider a high-yield savings account.