Best Banks in New Mexico
Written by
Rudri Patel
Edited by
Elizabeth Constantineau
If you have a specific financial strategy, choosing a bank that aligns with your goals is important. Whether you’re looking for a money market account with a low minimum and a competitive APY, or a checking account with more flexibility, it helps to compare your options. This guide reviews the top banks in New Mexico for checking, savings and certificates of deposit (CDs) to make it easier to decide which one is right for you.
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GOBankingRates' editorial team is committed to bringing you unbiased bank reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our in-depth bank review methodology.
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TOP NEW MEXICO BANKS AT A GLANCE
Bank/Institution
Savings APY
Notable Features
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Detailed Reviews of the Best Banks in New Mexico
Many banks operate in New Mexico, but it’s good to compare options before deciding which financial institution is right for you. These are three of the top New Mexico banks to consider.
Gold Winner: BOK Financial
BOK Financial offers checking accounts, savings accounts and other financial products. The bank has 130 branches in eight states that are primarily in the Midwest.
BOK Financial has standard resources for consumers, but it also has business lines of credit, SBA loans, equipment loans and other financing options.
Best For
Mobile Banking
Low Monthly Fees
Loan Options
Business Banking
Nationwide ATM Access
College Checking Accounts With Perks
It’s normal for college bank accounts to have no monthly fees, but BOK Financial takes it a step further with overdraft protection, automatic savings features and free access to more than 32,000 ATMs nationwide. The account comes with a $300 bonus for qualifying college students.
Total Branch Locations
Over 100
Mobile App Rating
4.9 on the Apple App Store and 4.5 on Google Play
Other Products Offered
Checking, savings, money market, CDs, IRAs, accounts for kids, mortgages, auto loans, wealth management, business banking, credit cards
Pros
- No monthly service fees for some accounts
- More than 32,000 fee-free ATMs
- Free overdraft protection transfers
Cons
- Minimum opening deposits for some accounts
- CD APYs are lower than most banks
Why We Like BOK Financial
BOK Financial offers enticing checking account perks for college students, but anyone can benefit from zero monthly fees. The bank also has a vast ATM network, which makes it easier to withdraw cash and avoid extra costs.
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Silver Winner: New Mexico Bank & Trust
New Mexico Bank & Trust is one of the top banks in New Mexico due to zero monthly fees for its basic checking account, a low $25 minimum opening deposit and a high yield for special CD offers. The bank has 20 branches, and all of them are located in New Mexico.
Best For
Low Monthly Fees
Mobile App
Investment Services
Low Minimum Deposit
Loan Options
Low Fees and Personalized Service
While other banks have branches throughout the country, New Mexico Bank & Trust only operates in New Mexico. That can make it easier to reach out to customer support and build rapport with representatives. The bank presents a small community feel that gives it more distinction than large banks with thousands of branches.
Total Branch Locations
20
Mobile App Rating
3.1 on the Apple App Store and 3.6 on Google Play
Other Products Offered
Checking, savings, money market, CDs, IRAs, mortgages, auto loans, wealth management, business banking, credit cards
Pros
- Low minimum opening deposit requirements for some accounts
- High APYs for CD special offers
- Low introductory rates for HELOCs
Cons
- Branches are only located in New Mexico
- Savings accounts and CDs have low APYs
- High minimum balance requirements for savings accounts
Why We Like New Mexico Bank & Trust
New Mexico Bank & Trust specifically serves New Mexico and can feel more like a tight-knit community than a bank that operates in every state. The bank has zero monthly fees for its basic checking account, plus a variety of loans and savings products that give customers practical options while still enjoying the benefits of a local bank.
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Bronze Winner: U.S. Bank
U.S. Bank has been around for more than 150 years. It started as the First National Bank of Cincinnati and now has thousands of branches spread across the United States. The bank offers a wide range of financial products for consumers and business owners, making it one of the best New Mexico banks to consider.
Best For
Investment Management
Personal Loans
Corporate and Commercial Banking
Home Loans
National Banks
$25 Minimum Deposit for Checking Accounts
U.S. Bank provides services for everyday banking and specialty services like loans, investments and commercial banking. The U.S. Bank app is user friendly and there are approximately 2,200 ATMs across 26 states.
Total Branch Locations
Over 2,200
Mobile App Rating
4.8 on the Apple App Store and 4.7 on Google Play
Other Products Offered
Everyday banking, investment management, corporate and commercial banking, home, vehicle and personal loans
Pros
- Diverse product offerings
- Extensive branch and ATM network
- 24/7 customer service
Cons
- Low interest rates on savings accounts
- Monthly maintenance fees
- High overdraft fees
Why We Like U.S. Bank
U.S. Bank offers a wide range of banking products, including checking, savings, loans and investment services, making it a one-stop solution for financial needs. It has an extensive branch and ATM network and a user-friendly app.
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Best Banks
Checking Accounts
Savings Accounts
CD Account Rates
Money Market Accounts
Research Methodology
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 Aug. 21, 2025.
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.
How To Choose the Right Bank in New Mexico
Regional banks in New Mexico can be a good option for customers who like visiting physical branches but don’t want the impersonal feel that large, multinational banks sometimes have. In New Mexico, you’ll find that banks often balance local community focus with a full range of financial products. However, be mindful of account and service fees, which can be higher at smaller institutions.
The best banks in New Mexico come in many forms, but while regional banks may match national averages on APYs, they often fall short in branch and ATM availability.
Comparing Regional Banks
Here are some of the most important factors to consider when comparing and choosing a regional bank in New Mexico:
- Location: Regional banks only operate in certain areas of the state, so make sure the branch or ATM access works with your daily routine. This is especially important in New Mexico, where rural areas may have fewer physical locations.
- Availability: Check the operating hours, including holidays, of your bank. Some may not have the availability of a national or online bank.
- Bank health: Some regional banks in New Mexico are deeply rooted in local communities and prefer to stay small, while others may be limited in growth because of asset size. Reviewing financial strength ensures your bank will continue to serve your needs over time.
- Rewards and promotions: Banks are often good at offering rewards and promotions. Compare the current offers at the regional bank you’re considering with other available bank offers.
- Account offerings: Some New Mexico banks are limited in terms of their product lines, so be sure that the bank you’re considering offers everything you’ll need.
Conclusion
Finding good checking and savings accounts in New Mexico will take time. While searching, compare options based on APYs, fees, perks and other details before deciding on the right bank for you.
It’s also important to consider what you want from a bank. If you’re looking to tap into your home equity, the APRs for loans and HELOCs should be a part of the conversation. People who want to cut their expenses and stay on top of their money may want to prioritize banks with budgeting tools.
FAQs About Banking in New Mexico
Here’s more information to help you find the best New Mexico bank for your needs.- What is the best bank for high-yield savings in New Mexico?
- New Mexico Bank & Trust offers a high-yield savings account with 0.75% APY if your balance exceeds $100,000. You can find higher APYs if you narrow your focus to online banks like Varo.
- Which bank has the most ATMs in New Mexico?
- U.S. Bank has more than 40,000 ATMs nationwide. It has the most expansive ATM network of the three listed banks.
- Are there any banks in New Mexico with no monthly fees?
- Yes. All three of the best banks in New Mexico have checking accounts that have no monthly maintenance fees.
More Resources for Banking
Best Banks
Checking Accounts
Savings Accounts
CD Account Rates
Money Market Accounts
Marc Guberti contributed to the reporting for this article.
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