Best Banks in New York City

Indianapolis - Circa October 2016: Chase Bank.
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New York City is home to some of the best banks in the world. From international institutions to smaller community banks, there are plenty of great choices for banking in the city.

The eight best banks in NYC — Chase, Bank of America, Wells Fargo, KeyBank, M&T Bank, PNC Bank, Capital One and TD Bank — offer a wide range of services and cater to different types of customers. To find the best banks in NYC, GOBankingRates ranked the top 100 banks in the U.S. and filtered them by location. These reputable institutions were ranked based on the following factors:

  • Total assets
  • Number of branch locations
  • Annual checking account fee
  • Savings account annual percentage yield
  • 12-month CD APY
  • Customer service products offered
  • Bauer rating
  • Products/services offered
  • Average mobile app rating

Here are the best banks in New York City.

Chase

Why it stands out: With around 5,000 locations across the U.S. and over 600 in NYC alone, Chase offers immense accessibility to customers who prefer in-person banking or conduct transactions in numerous states. It also has more than 16,000 ATMs and an average rating of 4.5 on app stores, making it one of the most popular choices for banking on the go. It also has a Bauer rating of 5, ensuring customers quality products and services.

Pros:

  • Extensive ATM and branch network
  • $225 sign-up bonus on Chase Total Checking
  • Robust app with easy-to-use features
Cons: What to look for: Chase is an excellent choice if you're looking for a bank with a large branch and ATM network. It offers an easy-to-use mobile app, along with sign-up bonuses for new customers. While its checking account does come with a fee, it's easy to avoid if you make electronic deposits into this account totaling $500 or more. However, it offers a low APY of 0.02% on its 12-month CDs. READ OUR FULL REVIEW
    A Better Way to Bank

    Bank of America

    Why it stands out: With excellent reviews for its mobile app (an average rating of 4.7), Bank of America is a great choice for those who want to bank on the go. Its app also comes with Erica, a virtual assistant that can help customers with various tasks, from tracking spending to finding the best mortgage rates. With thousands of branches across the U.S., Bank of America is also an excellent choice for those who want in-person customer service. It also offers a Preferred Rewards Program for customers and benefits such as a 5% interest rate booster and no-fee transactions at non-Bank of America ATMs.

    Pros:

    • Robust mobile app with a virtual assistant
    • Preferred Rewards Program benefits
    • 0.03% APY for a 12-month CD
    Cons:
    • $12 monthly checking fee
    • 0.01% savings APY
    What to look for: Bank of America is an excellent choice for those who want a robust mobile app with a virtual assistant and in-person customer service. It offers a Preferred Rewards Program with three tiers -- Gold, Platinum and Platinum Honors -- with no fee to join or participate in the program. It also provides a 0.03% APY for a 12-month CD, which is higher than the rate offered by other national banks. While its savings APY is low, the Preferred Rewards Program can help offset that. READ OUR FULL REVIEW
    A Better Way to Bank

    Wells Fargo

    Why it stands out: With the most locations of any bank in the U.S., Wells Fargo is another excellent choice for customers who value convenience. Its app has an impressive average rating of 4.8, offering facial and fingerprint recognition for quick sign-in and allowing customers to send money in minutes with Zelle. As one of the biggest banks in the country, Wells Fargo offers a variety of accounts, including two savings accounts and three checking accounts, ensuring that there's an option for every customer. It also has a Bauer rating of 4.5.

    Pros:

    • Variety of account options
    • Extensive app offerings
    • Expansive ATM and branch network
    Cons:
    • Low savings and 12-month CD APY
    • $10 monthly service fee
    What to look for: Wells Fargo is an excellent choice for customers looking for convenience. With the most locations of any bank in the U.S., it has an extensive ATM and branch network. Wells Fargo also offers a variety of account options, allowing customers to find the right one for their needs. However, its APYs are lower than other banks on this list, leaving some customers feeling shortchanged. Additionally, it charges a $10 monthly checking fee unless customers maintain a minimum daily balance of $500 or have direct deposits totaling $500 or more per month. READ OUR FULL REVIEW
    A Better Way to Bank

    KeyBank

    Why it stands out: With 24/7 customer service, KeyBank is an excellent choice for those who want around-the-clock support. It also offers a free checking option and an extensive app with a 4.4 average rating. KeyBank customers also have access to HelloWallet, a financial wellness program they can use to create a budget, track their spending and more. Additionally, with Zelle, KeyBank customers can send and receive money in minutes for fast and easy transactions.

    Pros:

    • Free checking account
    • HelloWallet financial wellness program
    • 0.05% 12-month CD APY
    Cons:
    • Branch network not as extensive as other banks
    • 0.01% APY on savings account
    What to look for: KeyBank offers a comprehensive app and access to HelloWallet, a financial wellness program that can help customers track their spending and create a budget. KeyBank's branch network is not as extensive as other banks on this list, but it offers customers 24/7 customer service. Additionally, its 12-month CD APY is higher than the rate offered by other banks. READ OUR FULL REVIEW

    PNC Bank

    Why it stands out: PNC Bank has a low monthly checking fee of $7 and offers a variety of account options, making it an excellent choice for those who want flexibility. It also has an app with a 4.6 rating and provides the Virtual Wallet feature, which combines a savings account with two checking accounts -- one for specific goals and one for everyday spending -- allowing for better organization and budgeting. Additionally, PNC Bank offers a $200 bonus for new customers who open a qualifying account and meet specific requirements. Finally, its Low Cash Mode provides real-time notifications allowing you to choose whether to spend on particular transactions and prevent your account from going into the negative.

    Pros:

    • Virtual Wallet feature
    • Low checking fee
    Cons:
    • 0.01% APY on standard savings account
    What to look for: PNC Bank is a smart choice for those who want various account options and budgeting and goal-setting tools. Customers can combine a savings account with two checking accounts to better organize their finances with the Virtual Wallet feature. Additionally, PNC Bank offers a low monthly checking fee and provides real-time notifications with its Low Cash Mode. However, it offers a low APY on its standard savings account. READ OUR FULL REVIEW
    A Better Way to Bank

    M&T Bank

    M&T Bank

    Why it stands out: M&T Bank has 700 branches and 1,800 ATMs across the U.S. and has a community bank approach focusing on customer service and providing products that meet the needs of its customers. It offers a $0 monthly checking fee and has convenient mobile banking features that allow customers to send money through Zelle, deposit checks on the go and monitor spending habits.

    Pros:

    • $0 monthly checking fee
    • Mobile deposits immediately available for withdrawals or purchases with M&T Flash Funds
    • Send money quickly with Zelle
    Cons:
    • Low savings APY of 0.01%
    • Low 12-month CD APY of 0.05%
    What to look for: M&T Bank is a great choice for those who want a no-frills checking account with mobile banking features. However, it offers low APYs on its savings and CD accounts, making it a less competitive choice for long-term savings. READ OUR FULL REVIEW

    Capital One

    Pros:

    • Extensive app with a 4.7 rating
    • No-fee, no-minimum checking account
    • 0.40% APY on savings account
    Cons:
    • Limited branches
    What to look for: Capital One is an excellent choice for those who want a reliable bank with a comprehensive app. Customers can access an array of features that go beyond checking and savings accounts. Additionally, Capital One has no monthly fees and no minimum balance requirements, and an account can be opened in less than five minutes. READ OUR FULL REVIEW
    A Better Way to Bank

    Takeaway

    Finding the right bank in NYC can be tricky, but it’s important to do your research before opening an account. By considering the bank’s ATM and branch locations, app usability and rating, APY on savings and checking accounts and fees, you can find the perfect bank for your needs.

    How To Choose the Best Banks in NYC

    Once you’ve decided you’re ready to open a bank account, the next step is figuring out which bank is right for you. Each bank has its own set of pros and cons, so it’s important to weigh your options before making a decision. Here are a few factors to consider when choosing a bank in New York City.

    ATM and Branch Locations

    One of the most important factors to consider when choosing a bank is its ATM and branch network. Some banks have a more extensive network than others, so it’s essential to make sure the bank you choose has locations near you. For example, if you’re frequently on the go and need access to an ATM, you may want to choose a bank that has a large ATM network. Additionally, if you prefer to do your banking in person, you’ll want to make sure the bank you choose has branches close to where you live or work.

    A Better Way to Bank

    Check Out the App

    Another factor to consider is the bank’s mobile app. Many banks now have apps that allow you to do everything from checking your account balance to depositing checks remotely. An app’s usability, features and rating can be important factors when choosing a bank. A well-designed and user-friendly app can make banking easier, while a poorly rated app may be frustrating to use. 

    Check the APY

    When choosing a bank, consider the APY on its savings and checking accounts to make sure you’re getting a reasonable yield. While some banks may not have the highest APYs, they may offer other features that are important to you, such as a low checking fee or an extensive ATM network.

    Check the Fees

    Each bank has its own set of fees, so it’s essential to make sure you’re aware of them before opening an account. Some banks have low checking fees but may charge a fee for every transaction you make. Others may have no monthly fees but charge a high fee for withdrawing cash from an ATM. It’s crucial to read the fine print and make sure you’re aware of all the costs associated with each bank before deciding. 

    FAQs About New York City Banks

    Although the Big Apple is home to some of the world's largest and most well-known banks, several smaller banks offer great products and services. If you're looking for the best bank in NYC, here are some frequently asked questions about banking:
    • What is the most popular bank in New York City?
      • The biggest bank in New York City is Chase, which has around 500 branches.
    •  How do I choose a bank in New York City?
      • When choosing a bank in NYC, it's essential to consider various factors, including the bank's ATM and branch locations, app usability and rating and APY on savings and checking accounts. You also should check the fees associated with each bank's accounts to make sure you're aware of all the costs before opening an account.
    • What is the difference between large and small banks in New York City?
      • Large banks in NYC, such as Chase and Bank of America, have extensive ATM and branch networks. They also offer a variety of products and services, including checking, savings and mortgage accounts. Smaller banks in the city, such as Signature Bank, may not have as large a network, but they offer great products and services. Additionally, small banks typically have lower fees than large banks.
    • How do I find the best banks near me?
      • To find the best banks near you, it's crucial to compare the APYs, fees and ATM networks of various banks. You can also read reviews of different banks to get an idea of what others think about their products and services.

    Methodology: To discover the Top 100 Best Banks, GOBankingRates looked at all institutions with available published data (National, Regional, Local, and Online) from the 2021 Best Banks categories as well as all Credit Unions with over $1 billion in total assets and accessible to a wide audience. GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC and NCUA; (2) number of branch locations as sourced from the FDIC and NCUA; (3) checking account annual fee; (4) savings account APY rate; (5) 12-month CD APY rate; (6) customer service products offered (24/7 customer service and live chat with a human); (7) Bauer rating (out of 5 stars); (8) products/services offered (auto loans, mortgage loans, credit cards, investment services, and insurance); and (9) the average mobile app rating between the android and apple stores. All factors were then scored and combined, with the lowest score being best. Factors (1) and (4) were weighted 1.5 times in final scoring, factor (2) was weighted 2 times, factor (6) was weighted 0.5 times, and factor (8) was weighted 2.5 times. For all Savings and Checking Account data, only the basic accounts/products offered at each institution were analyzed. Rates and fees subject to change.

    About the Author

    Kiran Shahid has over 8 years of experience in copywriting and has worked for various clients across the globe. With certifications from Digital Marketer and a master's degree in Entrepreneurship, she has been able to implement creative ideas and innovative strategies for her clients. Kiran has a knack for creating captivating content with an engaging tone of voice. In her spare time, she loves to travel and try different cuisines.

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