Best Banks and Credit Unions in the Northeast

The Northeast encompasses nine states: Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont. These states are home to thousands of banks and credit unions, so finding the right accounts can feel overwhelming.

We researched leading financial institutions that operate within these states and evaluated them based on their accounts, interest rates, fees, deposit requirements and customer satisfaction. Based on that information, we identified the five best banks in the Northeast for 2024-2025:

• Pennsylvania State Employees Credit Union - Best Overall
• TD Bank - Best for Savings
• Chase - Best for Accessibility
• KeyBank - Best for Checking
• Santander - Best for CDs

*Rates and fees were current as of Oct. 8, 2024.

As a nonprofit credit union, Pennsylvania State Employees Credit Union (PSECU) is able to offer lower fees and better annual percentage yields (APYs) than most banks. It has a variety of banking products, including checking accounts, savings accounts, money market accounts and share certificates (credit unions' version of certificates of deposit) with low fees. Additionally, it has specialty accounts for minors.

PSECU offers especially high rates on money market accounts and share certificates, allowing you to grow your money faster. And, unusually for a credit union, it has special bonus offers for new members; you could earn hundreds in bonuses by opening a new account and meeting the credit union's deposit requirements. PSECU's membership requirements are fairly broad. You can qualify for membership based on your education, employment, family members or by joining the Pennsylvania Recreation and Park Society.

However, the credit union has a very limited physical presence, only operating three service centers with tellers provide limited service at those locations. And though the bank has a high-yield account option for kids and teens, its regular savings account has a lackluster APY, so you can likely find a better rate elsewhere.

TD Bank is only available in 15 states and Washington D.C., but it's still one of the largest banks in the country. It has multiple savings accounts to choose from, with no minimum deposit requirements and the potential for a higher-than-average APY. With TD Bank, there are two core options: Simple Savings and Signature Savings. The Simple Savings account is free for those under 18 or over 62, and other users can qualify for fee waivers by maintaining a $300 balance or making recurring transfers of at least $25 from a linked TD Bank checking account. For those with more money stashed away, the Signature Savings account offers a much higher-than-usual APY on balances of $100,000 or more.

However, TD Bank does limit the number of withdrawals you can make per month. If you make more than six withdrawals in a month, you'll be charged an excess transaction fee for each added withdrawal.

For those who prefer to handle their banking tasks in person through a teller, Chase can be an excellent option. With over 4,700 branch locations in the U.S., it has the largest branch network out of the major banks, and you can also handle most banking tasks through its network of over 15,000 ATMs. For those who like the option of managing their money online or through an app, Chase has robust mobile and digital tools that allow you to pay bills or transfer money through Zelle.

Most of Chase's savings and checking accounts involve monthly maintenance fees. However, you may be eligible for a fee waiver if you meet deposit or balance requirements. If you're looking to maximize your savings, Chase may not be the best choice; it has a lower-than-average APY on its savings accounts, and it doesn't offer a money market account.

KeyBank offers several checking account options, including a free checking account with no monthly maintenance fees. The Key Smart Checking account includes benefits like free paper checks, and you can open an account with as little as $10. With many banks, only the accounts with monthly fees are eligible for new customer promotions. But with KeyBank, customers can qualify for hundreds in promotional offers with its free checking options. Additionally, KeyBank has checking accounts for seniors and students without monthly fees.

However, KeyBank has unusually high deposit minimums for its money market accounts and CDs, so those with limited funds available may find its deposit minimum to be a significant obstacle. And its savings accounts tend to have lower-than-average APYs.

If you want to lock in a high APY, a CD from Santander could be a useful solution. It offers APYs that are up to 10 times higher than the national average, and it allows customers to open CDs with as little as $500 — a substantially lower-than-usual minimum. Santander serves over 2 million customers in the Northeast, and it has a variety of savings and checking options. Its high APYs on CDs make it appealing for customers looking to grow their savings, and its money market account doesn't have a minimum balance requirement.

However, you must visit a branch to open a new CD, and Santander doesn't display its rate information online; you have to contact a branch for the latest details.

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 Northeast, vetting their accounts, rates, fees and customer service options to select the top institutions in that region for 2024. We placed particular emphasis on banks and credit unions with broad branch networks and ATM networks in the Northeast states.

You can read our full methodology here.

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