Best Banks in New York City: How to Find the Best Bank for You
It has been recorded that New York City has no shortage of banks to choose from. We searched and looked at deposit rates and bank fees at a few dozen of the most widely available banks to find out which institutions offer the best place for your money.
We’ve selected our list based on how useful each bank is in different cases, from free checking to high-yield savings and small business accounts.
- The first is chase Bank: Best for Branch and ATM Access
- Then Apple Bank for Savings: Best for Free Checking
- Also HSBC: Most Customer-Friendly
- Then Santander Bank: Best for NYC Students
- And Capital One Bank: Best for Savings Rates
- And also Capital One Bank: Best for Small Businesses
The Best Banks for Checking Accounts -Best Banks in New York City
We’ve discovered quite a few banks that provide great checking accounts, but each of them seems to have advantages in a specific area. To reduce the field, we’ve to look at the banks that deliver the most important aspects of a checking account. However, just like accessibility, affordability, and consumer-friendliness.
Some Best Branch and ATM Access in New York:
- Chase Bank
This bank is far and away from the top choice for New Yorkers who visit ATMs and bank tellers regularly. It has almost 500 branch locations serving the city, more than double the number operated by any other retail bank.
Furthermore, the Chase Total Checking Account doesn’t offer any advantage in its fees or rates. Meanwhile, the bank’s strong presence and wide range of other financial products make it a convenient option for the typical customer.
This bank’s lovely physical coverage is obvious to anyone who’s walked around the city. It has been noticed that no other bank comes close to running as many locations in New York as Chase.
In most places, you can easily notice Chase branches every three or four blocks, with vestibules offering 24/7 ATM access.
It’s important because this bank charges the typical $2.50 every time you withdraw cash or check balances at out-of-network ATMs. Meanwhile, it’s combined with the surcharge from the original owner of the machine.
This bank’s ATM fee can get out of hand if you don’t stick to the bank’s own ATMs.
In case you prefer banking remotely, this bank also leads most banks in the stability and user-friendliness of its web services.
The web portal and mobile app provide consistent access to a full range of options. It also includes integration with other Chase products. For instance, people who make use of Chase’s credit cards will find it easier to pay off their balance.
Also they can track spending through the bank’s mobile app, which also connects to Chase deposit accounts.
However, chase also eliminates the need to visit a branch in person, allowing you to manage your accounts at any time and place.
- Best for Free Checking: Apple Bank for Savings
Well, the only bank on our list that’s exclusive to New York is Apple Bank. Apple Bank for Savings provides the only free checking account in town. Meanwhile, other banks may waive your monthly maintenance fee if you meet certain balance minimums.
Your monthly maintenance fee can also be waived if you meet activity requirements. But however, only Apple Bank’s Extra Value Checking Account offers unconditional free service.
Also, new customers at Apple Bank will receive a $100 bonus when they establish recurring direct deposits from an employer or benefit program. Meanwhile, it’ll be smaller than other signup offers.
However, this is one of the easiest rewards to obtain from a retail bank, with no minimum amount required.
Furthermore, people coming from a bigger bank may find that Apple Bank’s bonus and fee-free account don’t make up for its shortcomings. This is mostly obtainable in technology and service coverage. It has about 80 branches all around
- Most Customer-Friendly: HSBC
Note that the UK-based HSBC is one of the most customer-friendly banks in New York City. When you’re a member of the FDIC, HSBC will provide account-holders with the protection of deposit insurance.
Furthermore, the customer service benefits of HSBC are many. Also to a 2015 Pew study, HSBC outperformed every other brick-and-mortar bank in fairness. Also, it’s the transparency of the disclosures, overdraft policy, and dispute resolution.
However, HSBC won’t charge you an overdraft fee when your balance at the end of the day is overdrawn by $10 or less.
The HSBC processes your daily transactions from the lowest to the highest amount. Meanwhile, some other banks process your charges from biggest to smallest as a way to increase the number of overdraft fees. You’ll have to owe them when you overspend.
Also, the cost of an HSBC account is fairly average, but the bank makes it very easy than usual to waive its maintenance fees.
In case you have a larger balance, the HSBC Advance and HSBC Premier Accounts also include unusual benefits. Furthermore, like the waiving of foreign exchange fees on your debit card and monthly rebates on non-HSBC ATM surcharges outside of New York State.
This feature and its benefit are especially useful given the bank’s limited ATM and branch coverage outside of major cities.
How to find the Best Bank for You
There are so many banks in New York that haven’t made this list, but it may end up being a better choice for your financial situation.
However, if you haven’t found the answer to your banking needs here, then the best way to use this article. You can use the information to make use of the baseline for the kinds of fees and rates you should expect other banks to match.
Meanwhile, deposit accounts tend to look like one another fairly closely, mostly among the largest national banks. It makes it ineffective to base your decision on a comparison of just one or two incidental fees.
You’re to weigh any bank based on how you plan to use its services. So it’s fairly easy for a bank to match the interest rates or fee policy of a competitor. It’s meanwhile harder to imitate things like the responsiveness of a mobile app or the helpfulness of bank staff.
Finally, your personal satisfaction with a bank depends on the channels you prefer. Furthermore, it could be friendly bank tellers or powerful online features.