Best Banks and Credit Unions in New York for 2025
Earn up to 3.80% APY* & up to $50 or $400 with direct deposit*
- Limited Time Offer - New accounts earn a 0.70% APY boost to 3.80% 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
- Access additional FDIC insurance up to $3M on deposits4
- No Account Fees5 & No-fee Overdraft Coverage6
*Terms Apply
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Up to $400 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 within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. 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 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/
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APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26.. 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. -
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 incoming wire 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/. -
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. -
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. -
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.
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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.
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0.70% Savings APY Boost
Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Earn Up to 3.75% APY* on qualifying balances 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 4/14/2026
Barclays Tiered Savings Annual Percentage Yields (APYs) are accurate as of 4/14/2026. Rates may change at any time without prior notice, before or after the account is opened. The same rate may apply to multiple Tiers and Tiers may change without notice. APY earned is based on the Tier in which your end of day account balance falls. Please see Barclays Tiered Savings for current Tier and APY information.
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
*For complete list of account details and fees, see our Personal Account disclosures
1 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-ofday account balance. *APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% 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.
2 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 February 17, 2026.
*Platinum Savings APY Boost Promotion Terms and Conditions
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on February 13, 2026, and ends June 30, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a "New Customer") or any open CIT Bank accounts provided that the following requirements are met:
• New customers must open a Platinum Savings account with a valid Promo Code, CITBoost. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
• The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
• Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code CITBoost.
• Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code CITBoost.
• Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code CITBoost.
• Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
• The Platinum Savings APY Boost promotion may not be combined with other promotions.
• Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
o They are earning an APY over the standard rate.
o They participated in a cash bonus promotion in the past 6 months.
• Custodial accounts and accounts in the name of a Trust are not eligible.
• This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
Earn a variable 3.10% APY* with American Express® High Yield Savings Account
- No monthly fees1
- $0 minimum balance required to open account1
- Bank on the go with the American Express® App2
- Member FDIC
*Rate as of 5/19/2026
*The Annual Percentage Yield (APY) as advertised is accurate as of 05/19/2026. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded.
1. There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you.
2. iOS and Android™ only. See app store listings for operating system info.
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
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.