New Mexico Bank and Trust Review: Big APYs for Big Balances
Written by
Daria Uhlig
Edited by
Joe Evans
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Earn higher interest with larger balances when you open a New Mexico Bank and Trust account
New Mexico Bank and Trust has a checking and savings account to suit just about any banking preference and need. If you’re not sure which is right for you, you can find expert assistance at any of the bank’s 20 locations.Â
New Mexico Bank and Trust is a division of HTLF Bank, a $20 billion financial institution with nine other divisions serving states in the Southwestern and Midwestern U.S. The bank offers several different checking and savings accounts to help customers find the best combination of balance requirements and annual percentage yields. Solid online and mobile banking apps make your accounts easy to manage.
GOBankingRates has ranked it among the Best Banks of 2025 for New Mexico customers.
New Mexico Bank and Trust Checking Account
New Mexico Bank and Trust’s best checking account is its plain-vanilla Free Checking with eStatement. The account provides useful benefits without fees as long as you enroll in e-statements.
- The account has a $25 minimum opening deposit, but there are no minimum balance requirements.
- While Free Checking has a $3 fee, the bank will waive it as long as you’re enrolled in e-statements.
- You can write unlimited checks each month and access your cash via debit card or online or mobile banking, which makes this account a convenient way to manage your cash.
Free Checking is non-interest-bearing. But considering New Mexico Bank & Trust’s other two checking accounts require minimum balances of $7,500 and $50,000, respectively, to avoid monthly fees, and they pay APY to APY on balances of $50,000 or less, Free Checking is the logical choice for the vast majority of customers.
Best For
Banking in New Mexico
Low Monthly Fees
Mobile App
Investment Services
Low Minimum Deposit
Best for Writing Checks and Easy Cash Access
Unlimited monthly checks and easy cash management are the highlights of this bank’s checking account offerings.
Fees
$5 to $9 monthly account maintenance fees
APY
to
Min Opening
$25
Pros
- No minimum balance requirements
- No fee with e-statement enrollment
- No withdrawal limits
Cons
- No interest with Free Checking; interest-bearing accounts have low yields, high balance requirements
Quick Take
Free Checking is only free if you enroll in e-statements, and it’s a non-interest-bearing account. But most customers will find it far superior to the interest-bearing options.
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New Mexico Bank and Trust Savings Accounts
New Mexico Bank and Trust offers a high-yield savings account — one of three savings accounts you can choose. Balances can earn 1.50% APY, but there’s a catch — You’ll need a $1 million balance to qualify for that rate.
- The high-yield savings account requires a $10,000 minimum deposit, which is extraordinarily high considering the disappointing APYs:
- APY on balances of $0.01 to $25,000
- APY on balances of $25,001 to $100,000
- APY on balances of $100,001 to $500,000
- APY on balances of $500,001 to $1 million
- APY on balances of $1 million and up
- Also disappointing is the $15 monthly fee, which can only be waived when you maintain a $25,000 balance.
- Most customers will be better off with the bank’s Statement Savings account, which requires just $100 to open and a $100 average daily balance to avoid the $6 fee, yet earns APY on all balances.
Best For
Banking in New Mexico
Low Monthly Fees
Mobile App
Investment Services
Low Minimum Deposit
An Appealing APY for Wealthy Customers
For big spenders looking for a hefty APY, this bank’s APY on balances up to $1 million or more is an appealing option.
Fees
$6 to $12 monthly maintenance fees depending on the account balance
APY
to
Min Opening
$25
Pros
- Statement savings has low opening deposit requirements and a low minimum daily balance requirement to avoid fee’
Cons
- A minimum $25,000 balance is required to earn an above-average rate and avoid a $15 monthly fee with a high-yield account
- Below-average interest with Statement Savings account
Quick Take
The Statement Savings account is a safe place to keep a small amount of cash you can access easily in a pinch. For larger balances, you can find much better rates elsewhere.
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New Mexico Bank and Trust CD Accounts
If you don’t mind keeping your money tied up for 18 months, you can earn a competitive rate with a CD from New Mexico Bank and Trust. Other terms are available, but their rates are far less favorable.
- With terms ranging from three months to five years, New Mexico Bank and Trust CDs offer plenty of flexibility.
- The 18-month CD earns the top rate. But even the lowest rate of , for the three-month term, matches the bank’s saving rate for balances of $25,000 or less.Â
- Other rates increase with term length, topping out at APY for a 60-month CD.
- You can open a New Mexico Bank and Trust CD with $1,000, which is a standard minimum.
Best For
Banking in New Mexico
Low Monthly Fees
Mobile App
Investment Services
Low Minimum Deposit
Prime 18-Month CD Option for Investors
Aside from the decent 18-month CD option, investors get pretty sub-standard rates for this bank’s CDs.
Fees
No fees on CDs
APY
to APY
Min Opening
$1000
Pros
- Good rate on 18-month CD
- Reasonable $1,000 minimum opening deposit
Cons
- Low APYs overall
Quick Take
New Mexico Bank and Trust’s 18-month CD is worth considering if you can leave the money untouched until the CD matures.
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New Mexico Bank and Trust Money Market Accounts
New Mexico Bank and Trust’s standard money market account provides an alternative to its savings accounts. Tiered rates grow as your balance increases.
- This money market account requires a minimum opening deposit of $2,500.
- The maximum rate applies to balances of $100,000.01 and up, which is less favorable than the bank’s savings account
- Lower balances earn just APY.
- New Mexico Bank and Trust charges a $15 monthly fee for this account but will waive the fee if you maintain a $2,500 minimum daily balance.
- With a minimum opening deposit of $25,000, you can open a Premium Money Market account and earn up to APY on balances of $100,001 to $500,000. The $15 monthly fee on this account is waived when you maintain at least a $2,500 daily balance.
Best For
Banking in New Mexico
Low Monthly Fees
Mobile App
Investment Services
Low Minimum Deposit
Solid APY for Big Spenders
For those with balances big enough, the premium account’s APY is appealing and worth considering.
Fees
$15 monthly maintenance fees for regular accounts with a lower than $2,500 daily balance, $15 monthly maintenance fees if the minimum falls below $25,000
APY
to APY
Min Opening
$2,500 for regular accounts, $25,000 for premium accounts
Pros
- Tiered annual percentage yield increases as the balance grows
Cons
- A minimum deposit of $2,500 is high considering the low APY
- Low APY at all tiers
Quick Take
New Mexico Bank and Trust’s Premium Money Market account might be worth considering if you want to earn some interest with no risk to your balance of $100,000 or more.
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Banking Experience
If banking locally, in person, is a high priority for you, New Mexico Bank and Trust should provide a good experience. Just be aware of the low rates and other drawbacks of banking here.
Rates: New Mexico Bank and Trust accounts have low rates, especially on balances under $100,000. The exception is the 18-month CD.
Access: You can bank in person at any of 17 physical locations in central, eastern and northern New Mexico or take advantage of mobile and online banking. While the mobile app is rated just 3.1 and 3.6 on the App Store and Google Play, respectively, mobile banking provides the features you’re likely to use most — bill pay and mobile deposit. Online banking is a bit more robust, especially if you use Savvy Money Management to link outside accounts and help manage your budget.
Customer Service: You can contact customer service via a contact form on the website or secure messaging through online banking. Representatives are also available by phone Monday through Friday from 7 a.m. until 6 p.m. MT, and from 8 a.m. until noon on Saturday.
Money Management: New Mexico Bank and Trust provides a Savvy Money Management tool to help you set goals, track your progress and stay on top of all your accounts, even those at other banks. The cashflow feature is especially useful if you’re prone to overdrawing your account – an expensive error at this bank.Â
How Does New Mexico Banks and Trust Compare?
New Mexico Bank and Trust is just one of several New Mexico financial institutions hoping to earn your business.
Here’s how it compares to two choices:
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$5 to $9 monthly account maintenance fees
$7 to $20, waivable
$0 to $8 a month
APY
APY
APY
to
up to
Up to
Min Opening
Min Opening
Min Opening
$25
$50 for Value Checking
$0 to $25
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$6 to $12 monthly maintenance fees depending on the account balance
$0 to $5, waivable
No monthly service fee
APY
APY
APY
to
4.2%
Min Opening
Min Opening
Min Opening
$25
$10 to $50
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$6 to $12 monthly maintenance fees depending on the account balance
No monthly service fee
Early withdrawal penalties may apply
APY
APY
APY
to
Up to
Up to
Min Opening
Min Opening
Min Opening
$25
$1,000
$1,000
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$15 monthly maintenance fees for regular accounts with a lower than $2,500 daily balance, $15 monthly maintenance fees if the minimum falls below $25,000
$15, waivable
No monthly service fee
APY
APY
APY
to APY
Min Opening
Min Opening
Min Opening
$2,500 for regular accounts, $25,000 for premium accounts
$2,500
$25
New Mexico Bank and Trust vs. First New Mexico Bank
New Mexico Bank and Trust is the clear winner in terms of accessibility, as it has 17 locations compared to First New Mexico Bank’s three. First New New Mexico Bank has a larger selection of checking and savings accounts, all with waivable fees. But you’ll have to call the bank to get rate information.
New Mexico Bank and Trust vs. Main Bank
Main Bank is an Albuquerque-based independently owned and operated bank. It offers a basic selection of deposit accounts that earn above-average rates. However, all the accounts, including the checking accounts, have limited free debits and withdrawals. New Mexico Bank and Trust has no excessive use fees for checking, making it the better choice for consumers who frequently use their debit cards.
New Mexico Bank and Trust vs. Bank of Albuquerque
Bank of Albuquerque is a regional bank with 15 locations in New Mexico and additional branches in Arkansas, Arizona, Colorado, Kansas, Missouri, Oklahoma and Texas. Rates are low on most accounts, except for certain CDs, but if you bank in person and travel throughout the region, this could be the better choice for you.
Final Take
If you’re looking for a local, community-focused financial institution where you can bank in person, New Mexico Bank and Trust could be the bank for you. However, you might have to sacrifice savings interest and pay account fees unless you plan to maintain six-figure balances.
New Mexico Bank and Trust FAQ
Whether you're seeking a high-yield option or a convenient account with ATM fee rebates, New Mexico Bank & Trust may be a strong contender for your business. Here are some commonly asked questions about this bank:- Is New Mexico Bank and Trust a good bank?
- Yes. Although it’s a smaller local bank, it’s also a division of the much larger HTLF and has received recognition from national financial publications.
- How much can you mobile deposit with New Mexico Bank and Trust?
- You may deposit up to $2,000 per day and $5,000 per month via mobile deposit. The banknotes on its website that higher limits might be available, subject to approval.
- Does New Mexico Bank and Trust use Zelle?
- Yes. Zelle is available via online and mobile banking, so you don’t even need to download a separate app. However, a New Mexico Bank and Trust checking account is required.
- What types of accounts do New Mexico Bank and Trust offer?
- New Mexico Bank and Trust offers a selection of checking and savings accounts. You’ll also find money market accounts and CDs. Small business owners have separate checking, savings and money market options.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 18, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To discover the Best Banks by state, GOBankingRates analyzed the top institutions (excluding online banks and neobanks) by state branch locations. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighed 0.5 times, factor (5) was weighed 2.5 times and factor (7) was weighed 1.5 times. All products and offerings had to be available as of Nov. 8, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 18, 2024.
To qualify as one of the Best Banks in the state, the institution needed at least five branch locations in the respective state, with some exceptions for larger and/or smaller states.
