Best Banks and Credit Unions in New York

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.

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.

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.

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.

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.

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.

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.

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