New York Community Bank Review: One-Stop Shopping for All Your Banking Needs

GOBankingRates Score

New York Community Bank
GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.
Quick Take: Looking for a one-stop shop for all your banking? New York Community Bank is a regional bank with locations in nine states in the Northeast and Midwest. It offers personal and business banking services, including checking and savings accounts, CDs, credit cards, mortgages, investments and insurance.
  • My Community Free Checking Account
  • My Community Savings
  • Even>More Rewards
  • Banking Experience
How did we calculate this?


  • Cash back rewards for using your debit card
  • Options to waive monthly checking maintenance fees
  • $1 minimum to open checking account options


  • Minimum balance required to earn interest on savings

New York Community Bank Overview

New York Community Bank is a full-service bank with 395 locations across nine states in the Northeast and Midwest. It recently merged with Flagship Bank, N.A., to create the 24th largest regional bank in the United States.

NYCB offers full-service banking, including several checking and savings accounts, money market and CD accounts, credit cards, investments and insurance. The newly combined entity has a large presence in the mortgage market: NYCB is the second-largest multi-portfolio lender in the country, and Flagstar Mortgage is the seventh-largest bank originator of residential mortgages for the 12 months ending Sept. 30, 2022.

GOBankingRates has ranked New York Community Bank among the Best Checking Accounts of 2023.

Key Features

When choosing a bank, it makes sense to compare the features that you will actually use. Here are some of the key features you’ll find at New York Community Bank.

My Community Free Checking Account

New York Community Bank’s My Community Free Checking account has no monthly maintenance fees when you enroll in e-statements and can be opened with as little as $1. There are no fees for overdrafts, whether they are for non-sufficient funds, uncollected funds or unavailable funds. You can also enroll in Overdraft Shield if you have a linked savings account; this prevents an item from being returned for an insufficient balance. Customers with My Community Free Checking can pay bills directly from their account and can use Zelle to send money to friends and family.

GOBankingRates has ranked the New York Community Bank Community Free Checking Account among the Best Checking Accounts of 2023.

NYCB offers other checking accounts as well, including those that earn interest, and specific accounts for students and the military.

My Community Savings Account

New York Community Bank offers several savings accounts, including My Community Savings, My Community Super Savings, Club Savings, Kids and Students Savings, and Perfect Health Savings accounts. The basic account is My Community Savings, which requires a $100 minimum to open. It earns interest as long as you have a minimum daily balance of $200, and the monthly fee is waived if you have a daily balance of $500.

Even >More Rewards

NYCB checking accounts, including the My Community Free Checking Account, also offers Even >More Rewards for using your NYCB debit card for everyday purchases. You earn points for making everyday purchases of things like groceries, gas, entertainment, prescriptions — even daycare! For every 2,000 points you earn, you get $20 cash in your account, up to $500 per year.

Banking Experience

New York Community Bank combines the familiarity of a traditional bank with the technology consumers have come to expect from all banks. You can do all your banking in one place — get direct deposit, pay bills, save for short- and long-term goals, get a credit card, get a home loan, plan and invest for your future and protect your loved ones. Insurance and investment products are offered through LPL Financial.You can do your banking in person, online, or on your mobile device.

NYCB Mobile has a rating of 4.7 out of 5 stars on the App Store and 4.4 out of 5 stars on Google Play.

Comparable Bank Options

When comparing similar banks, you might look at New York Community Bank as it compares to others. Here are two to consider.

Eastern Bank

Eastern Bank is a regional bank with locations throughout eastern New England. Its offerings include deposit accounts — many with no or low fees — as well as mortgages and other loans, investments and insurance products.

United Community Bank

United Community Bank’s locations are in the South — Georgia, North and South Carolina, Tennessee, and Florida. This bank offers a full range of banking services, including deposit accounts, loans, credit cards, and investment services. United Community Bank gets high marks for its customer service.

Final Take

If you’re looking for a full-service bank that is up-to-date on its technology, New York Community Bank is well worth a look. You can do all your banking in one place and have everything easily available on your mobile device. The debit card cash rewards are a really nice bonus.

New York Community Bank FAQ

Here are the answers to some of the most frequently asked questions about New York Community Bank.
  • Does New York Community Bank still exist?
    • Yes. NYCB recently merged with Flagstar Bank and is now a division of Flagstar. NYCB acquired Flagstar and was merged into Flagstar Bank, N.A. The parent company of Flagstar Bank, N.A. is New York Community Bancorp, Inc. The company has its headquarters in Hicksville, New York, with regional headquarters in Troy, Michigan.
  • Is New York Community Bank a real bank?
    • Yes. New York Community Bank has 395 brick-and-mortar locations in nine different states, with a concentration in the Northeast and the Midwest. It is a division of Flagstar Bank, N.A. The company's headquarters are in Hicksville, New York.
  • Is New York Community Bank a good bank?
    • New York Community Bank is a full-service bank that offers deposit accounts, mortgages, credit cards, and, through LPL Financial, insurance and investments. NYCB offers in-person banking at nearly 400 locations as well as online and mobile banking.
  • What kind of bank is New York Community Bank?
    • New York Community Bank is a regional bank, with locations in the Northeast and Midwest. It offers full-service banking to consumers and businesses. NYCB customers can bank in person, online, or through the mobile app. The bank offers deposit products, loans, credit cards, investments, and insurance. Deposits are FDIC-insured up to $250,000 per depositor.

Data is accurate as of Jan. 2 2023, and is subject to change.

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 determine rankings for the Best Checking Accounts, GOBankingRates looked at the following factors from all banks (excluding credit unions): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (5) APY on the checking account; (6) overdraft fee amount; and (7) the average mobile app rating between the Android and Apple app stores. All factors were then scored and combined, with the lowest score being best. Factors (1), (2 and (5) were weighted 0.5 times, and factor (4) was weighted 1.5 times.

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About the Author

Karen Doyle is a personal finance writer with over 20 years’ experience writing about investments, money management and financial planning. Her work has appeared on numerous news and finance websites including GOBankingRates, Yahoo! Finance, MSN, USA Today, CNBC,, and more.
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