New York, also knows as the Empire State, is one of the most well-known places in the world. Manhattan Island is a very important financial hub; Niagara Falls is one of the world's natural marvels; and the Statue of Liberty, which has long been a welcoming symbol for immigrants to the United States, is known all over the world. As the state is one of the largest by population in the country, it has a lot of banks to serve residents. Chase, Bank of America, TD Bank, Citibank, Wells Fargo, and Capital One have more than 1,400 branches throughout the state. M&T Bank, Key Bank, Citizens Bank, and Community Bank are the most popular regional New York banks in the state. Whether you're looking for a national bank or a regional New York bank, we've reviewed all of them to help you find the best one for you.
Best New York Bank Account Rates
New York Cities
According to the FDIC, some of the biggest banks in the nation are located in New York. The following areas make up the state’s largest markets:
New York City
Buffalo
Albany
New York is heavily populated with national and regional banks such as Chase, Bank of America, M&T Bank, TD Bank USA, KeyBank and many others. These banks operate hundreds of branches throughout New York, which is considered the financial center of the country.
Top banks with the most branches in New York
Chase
M&T Bank
Bank of America
TD Bank USA
KeyBank
Citibank
Types of Banks
National Banks
Some of the biggest banks in the nation, including Chase, Bank of America, M&T Bank, and TD Bank USA, are well-represented in New York. From New York City to Albany and all the cities and towns in between, the biggest banks have thousands of branches spread out throughout the state. They offer customers a large range of banking products, such as credit cards, mortgages, checking and savings accounts, and investment services.
Online Banks
New Yorkers have access to and can benefit from the nation's wide selection of online banks. Online banks tend to offer lower costs and more competitive interest rates than traditional banks due to their lower overhead costs. Some banks offer a full range of products much like the big national banks, while others only offer a limited type of accounts.
Regional Banks
According to the FDIC, regional banks are those that have total assets between $10 billion and $100 billion and are operate within a region of the United States, such as New York or a small number of states within the same region. Businesses and consumers can typically choose from a range of financial services provided by these midsize banks.
Community Banks
Community banks have a relatively small branch network, offer a restricted range of banking products and are defined as having total assets of $10 billion or less, according to the FDIC. This group includes most of the nation's banks, which largely offer their products and services to local residents.
How to select the best New York bank
It is important to seek out a bank that can provide an excellent banking experience to help you reach your financial goals. It is very important to select the best New York bank that offers the following features:
A competitive APY
Low or no monthly service charge, or at least one that can be waived by meeting a certain account balance
Low or no minimum account balance requirement
Low or no opening deposit requirement
Online and mobile banking features to be able to easily manage your accounts 24/7
Terms to know
Annual Percentage Yield (APY): The total interest you receive on money in an account over the course of a year is expressed as an annual percentage yield or APY for short. The interest rate on an account is only one component of the APY, which also considers how frequently your interest compounds. The APY of an account provides a more precise estimate of how much money it will earn in a year.
Minimum Required Balance: The smallest amount of money you must deposit or keep in a savings account to avoid a monthly maintenance fee.
Minimum Opening Deposit: Depending on the bank, a minimum amount may be required to be deposited into a savings account just to open the account. Most online banks with lower overhead expenses do not require this but traditional banks might.
Interest: Interest is the money you earn from depositing your cash with a bank. When you deposit money with a bank, the bank borrows it from you, since it will lend a portion of it to clients or other banks, and the money they pay you is the interest.
Compound Interest: Compound interest is the interest you earn on interest you have already been paid. This may be demonstrated using simple math: if you have $100 and it generates 5% interest every year, you will have $105 at the end of the first year. You'll have $110.25 by the end of the second year, because you earned interest on the $105, and so on and so forth.
Methodology
Our editorial staff continually updates the information contained on our website. Our editorial staff has analyzed virtually all of the banks and credit unions that it follows, and it does weekly rate analysis for more than 250 prominent banks and credit unions. These institutions were chosen because they provide competitive APYs, low fees, and other factors we find important. These banks and credit unions often provide accounts that are available nationally. All of these banks are FDIC-insured, and all of these credit unions are NCUA-insured. Choosing an FDIC-insured bank or an NCUA-backed credit union assures that your money is protected as long as it stays within insurance limits and requirements.