Best Banks and Credit Unions in New York for 2025
Earn up to 4.30% APY*
- Limited Time Offer - New accounts earn a 0.70% APY boost to 4.30% for up to 6 months with eligible direct deposit*
- $0 min. balance to earn APY
- Open Checking & Savings Accounts with 1 Sign Up
- Up to 2-Day-Early Paycheck3
- FDIC Insured up to $250k plus up to $3M in supplemental insurance4
- No Account Fees5 & No-fee Overdraft Coverage6
*Terms Apply
1. Up to $300 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
3. Fee Policy
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incomingwire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
4. Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
5. ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
6. Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
7. Overdraft Coverage
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
8. 0.70% Savings APY Boost
Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Enroll in SoFi Plus between 9/18/25 and 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/sofi-plus SoFi Bank, N.A. Member FDIC.
Earn 4.00% APY* with Barclays' Tiered Savings Account
- $0 Min. Balance to Earn APY on Barclays' Tiered Savings
- No Monthly Maintenance Fees
- Easy Direct Deposits & Online Transfers
- Deposits are FDIC Insured
*Rate as of 11/19/2025
* Barclays Tiered Savings Annual Percentage Yields (APYs) are accurate as of 01/13/2025 and may change at any time without prior notice, before or after the account is opened. The APYs are determined by the Balance Tiers (Tiers) and the amount deposited. The same rate may apply to multiple Tiers and Tiers may change without notice. APY is calculated based on the Tier into which the end of day account balance falls. Fees could reduce the earnings on the account. No minimum balance to open, but for interest to post to your account you must maintain a minimum balance that would earn you at least $0.01. Please see the Compare Account Page for current Tier and APY information. The APY for the Barclays Tiered Savings account for balance tiers greater than $250,000 are currently 10X the national average of 0.46% APY, based on the national average of savings account rates published in the FDIC's National Rates and Rate Caps, accurate as of 09/16/2024.
Earn 3.75% APY* with Platinum Savings
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With a Balance of $5,000 or More*
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Earn 0.25% APY with a Balance of Less than $5k*
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$100 Minimum Deposit to Open Account
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No Account Opening or Monthly Service Fees
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CIT Bank Account is FDIC Insured
*Rate as of 9/23/25
*For complete list of account details and fees, see our Personal Account disclosures
*Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance.
*APYs — Annual Percentage Yields are accurate as of September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
*Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.
Earn 3.40% APY* with a Discover™ Savings Account
- Earn Over 5X the National Savings Average¹
- $0 Min. Balance to Earn APY
- $0 Monthly Fees & No Min. Opening Deposit
- No Overdraft Fees
- Deposits are FDIC-insured up to $250,000²
*Rates as of 9/30/2025
*The Annual Percentage Yield (APY) for the Online Savings Account as of 04/25/2025 is more than five times the national average APY for interest bearing savings accounts with a balance of $500 as reported by Curinos as of 04/25/2025. National average is based on information regarding the top 50 banks (by deposit size) and may not include information from variations in regional pricing at such banks or information from products that may not be widely available to their customers. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed. APYs are subject to change at any time.
Enjoy hassle-free banking and earn 4.20% APY* with no more hidden fees.
- Enjoy free monthly maintenance
- Watch your savings grow with daily compounded interest.
- Deposit anytime, anywhere with unlimited mobile check deposits.
- Deposits are FDIC-insured up to $250,000
*Rate as of 10/10/2025
As one of the most populated states in the country, the Empire State is home to hundreds of banks and credit unions, including major chains and community banks.
To help you find the best bank account to build your savings or handle your bills, Money researched the leading financial institutions' accounts, annual percentage yields (APYs) and fees. Based on that information, we identified the best banks and credit unions in New York for 2024-2025:
- KeyBank - Best Overall
- Bank of America - Best for CDs
- Citi - Best for High-Yield Savings Accounts
- M&T Bank - Best for Checking Accounts
- TD Bank - Best for Promotional Offers
*Rates and APYs are subject to change. All information provided was accurate as of Oct. 8, 2024.
Best Overall: KeyBank
KeyBank is a regional bank, operating hundreds of branches in New York. It's a standout banking option for New York residents, with multiple checking accounts, including free and interest-bearing accounts. It also offers high-yield savings options through its money market accounts and certificates of deposit (CDs). Through KeyBank, new customers can qualify for lucrative promotional offers. For example, new customers can receive up to $300 if they open a new Key Smart Checking account and deposit at least $1,000 within 60 days of account opening — a more attainable offer than some banks offer.
KeyBank's APYs tend to be on the lower end for savings accounts, though, and despite having high APYs on CDs, it requires a higher deposit than other banks.
- Free checking options
- New customer bonus offers
- High-yield money market accounts and CDs available
- High minimum deposit requirement for CDs
- Savings accounts have lower-than-average APYs
Best for CDs: Bank of America
Bank of America is the second-largest bank in the country based on its consolidated assets. Although it's a national bank, it has a strong presence in New York, offering higher-than-usual APYs on CDs with low minimum deposits. It allows you to open a CD with as little as $1,000 — a lower requirement than most, and the bank offers substantially higher APYs and terms as long as 10 years.
However, Bank of America charges monthly fees on its checking and savings accounts. Although it offers fee waivers to some customers, not everyone will qualify, so you should consider the cost of the monthly service fee when evaluating your options.
- Relatively low minimum deposit requirement
- Higher-than-average APY on CDs
- Multiple term options
- Low APY on savings accounts
- Monthly fees on checking and savings accounts
Best for High-Yield Savings Accounts: Citi
While the national average APY for savings accounts is about 0.50%, Citi offers high-yield savings accounts with substantially higher rates. They can be an excellent tool to grow your money with relatively low fees. There is no minimum deposit required to open an account, so you can start building your savings and earning interest right away.
Citi doesn't offer money market accounts, so those looking for that kind of account will have to go elsewhere. Lastly, rates and account options vary by ZIP code, so not every county or borough in New York will qualify for the best rates.
- High-yield savings accounts
- No minimum deposit
- CDs with higher-than-average rates
- Rates and terms vary by ZIP code
- No money market accounts
Best for Checking Accounts: M&T Bank
M&T Bank operates over 400 branches and ATMs in New York, and it offers a completely free checking option with its EZChoice account. It boasts no minimum balance requirements, no monthly fees and a low opening deposit. Its accounts give you access to checks and debit cards to safely make purchases and pay your bills.
However, M&T Bank has limited CD terms, and the bank doesn't list the APYs on its deposit accounts online, making it harder to compare your options.
- Account with no monthly fee
- No balance requirement
- Low opening deposit requirement
- Limited CD options
- APYs on savings accounts not posted online
Best for Promotional Offers: TD Bank
TD Bank is a highly-rated bank for customer satisfaction, and part of the bank's appeal is its promotional offers. New customers can qualify for hundreds of dollars in bonuses by opening a new account and meeting deposit or balance requirements. TD Bank has competitive rates on savings accounts with large deposits, but where it stands out is with its promotional CDs: You can earn a substantially higher-than-usual APY on select terms, locking in your rate for months.
However, its savings accounts limit you to six withdrawals per month, or you'll have to pay an excess withdrawal fee. And to qualify for the highest APY on savings accounts, you'll need to deposit $100,000 or more.
- Generous new customer bonuses
- High promotional CD rates
- Low CD minimum deposit requirement
- Savings accounts have withdrawal limits
- Highest APYs require large balances
Compare Savings Accounts rates today
Up to 2-day-early paycheck
Earn up to 4.30% APY*
- Limited Time Offer - New accounts earn a 0.70% APY boost to 4.30% for up to 6 months with eligible direct deposit*
- $0 min. balance to earn APY
- Open Checking & Savings Accounts with 1 Sign Up
- Up to 2-Day-Early Paycheck3
- FDIC Insured up to $250k plus up to $3M in supplemental insurance4
- No Account Fees5 & No-fee Overdraft Coverage6
*Terms Apply
No monthly maintenance fees
- $0 Min. Balance to Earn APY on Barclays' Tiered Savings
- No Monthly Maintenance Fees
- Easy Direct Deposits & Online Transfers
- Deposits are FDIC Insured
*Rate as of 11/19/2025
No minimum opening deposit
- Earn Over 5X the National Savings Average¹
- $0 Min. Balance to Earn APY
- $0 Monthly Fees & No Min. Opening Deposit
- No Overdraft Fees
- Deposits are FDIC-insured up to $250,000²
*Rates as of 9/30/2025
Open an account in 5 minutes
- With a Balance of $5,000 or More*
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Earn 0.25% APY with a Balance of Less than $5k*
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$100 Minimum Deposit to Open Account
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No Account Opening or Monthly Service Fees
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CIT Bank Account is FDIC Insured
No hidden fees
Enjoy hassle-free banking and earn 4.20% APY* with no more hidden fees.
- Enjoy free monthly maintenance
- Watch your savings grow with daily compounded interest.
- Deposit anytime, anywhere with unlimited mobile check deposits.
- Deposits are FDIC-insured up to $250,000
*Rate as of 10/10/2025
How we chose the Best Banks of 2024-2025
To determine our list of best banks for 2024-2025, Money evaluated hundreds of the largest retail banks, credit unions, regional and state banks and online banks ranked by assets. We then compared opening balance requirements, interest paid, fees and features to determine our top picks.
We researched leading banks and credit unions that operate in the state of New York to identify the five best banks for 2024-2025. We researched their accounts, rates, fees and customer service options to select the top institutions. We prioritized banks with broad branch networks and ATM access.
You can read our full methodology here.