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The best banks in New York offer a good mix of products and services to meet various needs, competitive rates, favorable account requirements and account management tools. The state’s best banks earn high ratings for customer satisfaction and generally provide convenient access through ATM networks and local branch support, from Buffalo to Brooklyn and beyond.
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The Best Banks in New York for Branches
New York state is home to roughly 120 banks, accounting for nearly $1.7 trillion in total assets, according to the Federal Deposit Insurance Corp., the arm of the government that protects bank deposits.
The FDIC says the state’s largest deposit markets are:
- New York City (including Newark and Jersey City in New Jersey)
- Buffalo-Cheektowaga
- Albany-Schenectady-Troy
- Rochester
- Poughkeepsie-Newburgh-Middletown
Many banks operate multiple branch locations throughout New York. Big national banks, like Chase and Bank of America, are among those with the most branches within the Empire State.
Banks With Most Branches in New York
| Bank Name | Branch Locations in New York |
|---|---|
1. Chase Bank | 589 |
2. | 289 |
3. Bank of America | 256 |
4. TD Bank | 251 |
5. KeyBank | 235 |
6. Citibank | 220 |
7. Citizens Bank | 173 |
8. Community Bank | 150 |
9. Flagstar Bank | 144 |
10. NBT Bank | 109 |
11. Capital One | 83 |
12. Trustco Bank | 84 |
13. Apple Bank for Savings | 80 |
14. Webster Bank | 76 |
15. Wells Fargo Bank | 74 |
16. Santander Bank | 65 |
17. Dime Community Bank | 61 |
18. Five Star Bank | 49 |
19. Tompkins Community Bank | 43 |
20. Valley National Bank | 41 |
Source: FDIC
The Best Banks in New York for Customer Service
The best banks stand out for customer service. J.D. Power’s 2024 retail banking satisfaction study includes rankings for banks within New York’s tri-state area, which accounts for banks in Connecticut, New Jersey and New York.
Banks With Best Customer Service in New York
| Bank Name | Customer Satisfaction Index Score Based on a 1,000-point scale |
|---|---|
1. Capital One | 673 |
2. NBT Bank | 672 |
3. Chase | 666 |
4. Valley National Bank | 662 |
5. Community Bank | 659 |
6. PNC | 654 |
7. TD Bank | 645 |
8. Bank of America | 639 |
9. KeyBank | 639 |
Source: FDIC
Types of Banks in New York
New York is home to several bank types. Below are some of the more common categories of financial institutions for banking services within the state.
National Banks
National banks are the big-name commercial banks that tend to be known throughout the U.S., often because they operate brick-and-mortar branches across several states. They offer the broadest array of banking products, including checking and savings accounts, mortgages and investment management services. The largest national banks each hold assets in the trillions of dollars.
Regional Banks
Regional banks are midsize financial institutions that typically confine their branches to a specific region, such as the mid-Atlantic or New York clustered with two neighboring states. The banks typically provide a full assortment of banking products for consumers and businesses. The Federal Reserve defines regional banks as having total assets of between $10 billion and $100 billion.
Community Banks
The overwhelming majority of banks in the U.S. are community banks focusing on small geographic areas. Most of their deposits come from local customers, and many of their loans go to consumers and businesses in their communities. The smaller banks generally operate a limited number of branches and don’t offer the same range of products as the bigger banks. In the Fed’s definition, community banks have under $10 billion in assets.
Online Banks
Online banks serving New York are not specific to New York—their customers can be virtually anywhere in the U.S. They don’t maintain a physical presence in the Empire State or any state. Instead, they serve customers primarily through online and mobile banking. Online banks have lower staff and overhead costs, allowing them to charge fewer banking fees and offer more competitive annual percentage yields (APYs), on savings products.
Private Banks
Private banks cater to high-net-worth individuals and offer a broad range of highly personalized services. Private banking connects customers with a dedicated banker who handles all aspects of their financial situation, from getting a loan to paying their bills. Generally, you need to have a minimum of around $1 million of investable assets to be eligible for an account at a private bank.
How To Choose the Right Bank in New York
If you’re moving to the Big Apple, the Finger Lakes, the Niagara Frontier or any other part of New York, picking the right bank will be a personal decision. The best bank for someone else may not be a good fit for you. Consider the following factors when selecting a bank.
Accounts and Services
The best bank depends on the types of accounts you plan to open. Banks generally offer common accounts like savings, checking accounts and CDs. Full-service banks offer other accounts and services, including credit cards, loans, retirement accounts, investment services and small business banking.
Fees
Some banks charge monthly fees for servicing accounts. Sometimes banks waive monthly fees if you meet minimum balance or other requirements.
Other fees charged by banks include ATM fees, late fees, excessive transaction fees, overdraft fees and wire transfer fees.
Pro Tip
Bank fees can get in the way of savings efforts. Determine if you can meet bank requirements to waive fees, or find a bank that doesn’t charge fees.
Interest Rates
You want your money to grow when you put it into a savings account or other savings vehicle. Higher interest rates help maximize your savings efforts.
Compare several banks to find the most competitive rates. Online banks and credit unions tend to offer higher APYs and some of the best CD rates in New York.
Minimum Requirements
Certain banks have minimum requirements you must meet to open an account. For example, you may need to make a minimum initial deposit. If you’re banking privately, you may need to possess a minimum amount of investable assets. Additionally, some banks offer attractive features and interest rates, but only if you meet certain minimum balance or account activity requirements.
Before choosing a bank, make sure you meet the minimum requirements—if any—to access all of the bank’s account features.
Convenience
Even if you’re parking your savings in an account for the long term, it’s nice to know you can access your funds when necessary. Compare banks to find account management and withdrawal options that fit your needs. Mobile banking apps and fee-free ATM networks give you additional ways to manage and move your money.
Digital Experience
These days, your digital banking experience is as important—or maybe more important—than your in-person banking experience. Whether or not you open an account with an online bank, chances are you’ll want to use some of your bank’s digital features to pay bills, deposit checks or make transfers. It’s worth making sure you open an account that provides a smooth digital experience with an easy-to-use interface.
Customer Service
Don’t forget to factor customer service into your banking decision. Find a bank that offers support tools and features that match your needs and preferences. Options may include in-person banking, ATM networks, phone support, virtual assistants, private messaging and chat support.
Tips on Banking in New York
Compare multiple banks to narrow the list down to ones that fit your needs. Then, look at specifics like bank features, customer support, online reviews and other information to determine the best course of action.
Pro Tip
Look for banks that either don’t charge monthly fees or offer reasonable ways to avoid the fees each month.
If you choose the wrong bank, you can always switch banks later to one that’s a better fit.
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Banks We Monitor
These financial institutions were included in our research: ableBanking, Affinity Federal Credit Union, Ally Bank, American Express, Axos Bank, Apple Federal Credit Union, Bank of America, Bank5 Connect, BankDirect, BankPurely, BankUnitedDirect, Barclays, Bethpage Federal Credit Union, Bread Savings, BrioDirect Banking, Capital One, Charles Schwab Bank, Chase, Chevron Federal Credit Union, CIT Bank, Citibank, Citizens Access, Colorado Federal Savings Bank, Comerica, CommunityWide Federal Credit Union, Connexus Credit Union, Consumers Credit Union, Credit Union of Denver, Discover, Dollar Savings Direct, EmigrantDirect, Financial Partners Credit Union, Financial Resources Federal Credit Union, First National Bank of America, Georgia’s Own Credit Union, Golden1 Credit Union, Greenwood Credit Union, HSBC Direct, Hughes Federal Credit Union, Ideal Credit Union, iGoBanking, Investors eAccess, Keybank, Kinecta Federal Credit Union, Limelight, Live Oak Bank, MAC Federal Credit Union, Marcus by Goldman Sachs, Michigan State University Federal Credit Union, My eBanc, MySavingsDirect, Navy Federal Credit Union, nbkc Bank, Northern Bank Direct, Northpointe Bank, Nuvision Federal Credit Union, Pacific National Bank, Pen Air Federal Credit Union, PenFed, PNC Bank, Popular Direct, Purepoint Financial, Quontic, Quorum Federal Credit Union, Radius Bank, Rising Bank, SalemFiveDirect, Sallie Mae Bank, Spectrum Federal Credit Union, State Bank of Texas, State Department Federal Credit Union, Superior Choice Credit Union, Synchrony Bank, TAB Bank, TD Bank, EverBank, TotalBank, U.S. Bank, USAA, USAlliance Federal Credit Union, Vio Bank, Virtual Bank, Wells Fargo and Truist.
Forbes Advisor Banking Writer Kevin Payneand Banking Reviewer and Writer Emily Batdorf contributed to this article.
Frequently Asked Questions (FAQs)
Which bank is the most popular in New York?
In terms of having the most locations in New York state, Chase Bank is by far the most popular. Chase Bank has well over 500 locations in New York, while M&T Bank—with the second-highest number of locations—nears 300 branches in the Empire State. However, Chase Bank ranks fourth in terms of customer satisfaction, while Liberty Bank ranks first.
Which is the most secure bank in New York?
Any bank with FDIC insurance and any credit union with NCUA insurance will cover up to $250,000 per depositor, per account ownership type in case of bank failure. So no matter where you bank, as long as the institution is insured and you have less than $250,000 in your account, your funds are safe.
Some people believe that bigger, more established banks are safer than smaller ones, although this isn’t always the case. Customer satisfaction is another important metric for bank security, so be sure to choose a highly-rated bank.
Which is the biggest bank in New York?
The biggest bank in New York in terms of assets is JPMorgan Chase, which holds more than $3.3 trillion in assets. JPMorgan Chase is also the biggest bank in the U.S. and has nearly 600 locations in New York state.
How do I find the best banks near me?
Many of today’s best banks are online banks, meaning you can open an account from anywhere. But if visiting a branch is important to you, and you want to find a bank with locations in New York state, check out the above list of banks with the most locations in New York and banks with the best customer service in New York.
