Best Banks in New York City for 2024

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 banks in NYC compared

Our recommendations 

Best for convenient locations: Chase

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.

Accounts

• Checking.
• Savings.
• Certificates of deposit (CDs).
• Credit cards.
• Auto loans.
• Investments.
• Business banking.

Number of branches

• More than 5,000 branches nationwide, with hundreds in New York City.

Best for online banking: SoFi

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.

Accounts

• Checking.
• Savings.
• Credit card.
• Investments.
• Student loans.
• Personal loans.
• Mortgages.

Number of branches

• None

Best for hybrid banking (both online and in-person): Capital One

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.

Accounts

• Checking.
• Savings.
• CDs.
• Credit cards.
• Auto loans.
• Business banking.

Number of branches

• It has 265 branches nationwide, with dozens in the New York City area.

Best for low fees and building credit: Chime

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.

Accounts

• Checking.
• Savings.
• Credit card.

Number of branches

• None.

Best for international banking: HSBC

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.

Accounts

• Checking.
• Savings.
• CDs.
• Credit cards.
• Personal loans.
• Mortgages.
• Business banking.

Number of branches

• Many branch locations nationwide, with five in the New York City area.

Methodology

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.

More about the best banks in NYC

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.

• Major commercial banks. These are the heavy hitters of the banking sector, offering a wide array of services, from everyday banking to complex corporate finance. They have a footprint on what seems like every corner, with branches and ATMs all over NYC.
• International banks. Reflecting NYC's cosmopolitan vibe, these banks cater to a global clientele, offering specialized services for international business dealings and folks living far from their home turf.
• Community banks. The neighborhood's most friendly financial faces, these banks are all about personal service and local investment, proving that banking can still have a human touch in the urban jungle.
• Credit unions. Membership organizations, these not-for-profit entities often beat the big banks on rates and fees, providing a community-focused banking experience.
• Online banks. For digital nomads and tech-savvy customers. They offer sleek banking solutions at your fingertips, often with better rates and lower fees, as their digital nature cuts down on overhead.
• Investment banks. The architects of high finance. Nestled in the skyscrapers of Wall Street and beyond, they craft deals, trade securities, and manage hefty portfolios for the movers and shakers.
• Private banks. Discretion and luxury define these institutions, where the affluent go for bespoke banking and investment advice, all wrapped up in white-glove service.
• Boutique banks are the specialists of the financial world. They focus on niche markets and offer a level of personalization and expertise that's hard to find in larger institutions.

How to choose the right bank in NYC

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.

Decide if you can bank online only or need a branch

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.

Consider your financial needs

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.

Review fees and interest rates

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.

Tips on banking in New York

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.

Global influence

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.

Wide range of options

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.

Competitive rates and services

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.

TIME Stamp: The diversity of NYC banks makes choosing one a challenge

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.

Frequently asked questions (FAQs)

What's the best bank to open a checking account with in NYC?

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.

What's the best bank to open a savings account with in NYC?

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.

Which is the most secure bank in NYC?

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.

Which is the biggest bank in NYC?

This would be Chase Bank, with hundreds of locations in the city and thousands nationwide.