Best Banks in New York City for 2024

JP Morgan Chase is the biggest financial institution in the United States and one of the biggest in the world. For New Yorkers Chase is a top choice for convenience, as it operates more than 290 branches in the city. Chances are one is very close to your work or home.

Chase offers solid customer service and nearly any kind of bank account or loan you may need, and its in-person and online banking features are among the best in its class. Be aware that account fees can be high, while interest rates on savings accounts are low, as is common with traditional brick-and-mortar banks. Still, Chase is a winner for someone who cares most about having many locations and ATMs available in New York City.

Accounts

• Checking.
• Savings.
• Certificates of deposit (CDs).
• Credit cards.
• Auto loans.
• Investments.
• Business banking.

Number of branches

• More than 5,000 branches nationwide, with hundreds in New York City.

SoFi is an online-only bank offering competitive accounts with low fees and high interest rates. While you may struggle to deposit cash and can’t get in-person customer service, it’s otherwise an excellent banking option, particularly for digital sophisticates. It also offers investments and loans through the same mobile app or online dashboard.

One drawback is that you need to have direct deposit into your SoFi checking account to get the best checking and savings interest rates. Still, if you’re willing and able to do that, you’ll likely find the low fees and account features a major draw. SoFi doesn’t charge any account fees, including overdraft and ATM fees, but you may have to pay a fee for using an ATM that isn’t in the Allpoint network.

1. Up to $300 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 Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. APY disclosures: SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
3. 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 Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

Accounts

• Checking.
• Savings.
• Credit card.
• Investments.
• Student loans.
• Personal loans.
• Mortgages.

Number of branches

• None

Capital One is the ninth largest bank in the United States, though it’s likely to get a lot bigger after completing a planned acquisition of Discover Financial. It’s a great option for online banking, but if you live in New York City, you can also visit any of Capital One’s dozens of branch or café locations.

The checking and savings accounts at Capital One come with low fees and better-than-average interest rates. While you can’t get a mortgage through Capital One, you can do all your banking through it, including credit cards, with a single banking relationship. It also offers flexible options to handle overdrafts and the ability to deposit cash at Walgreens (known as “Duane Reade” in NYC) and CVS stores.

Accounts

• Checking.
• Savings.
• CDs.
• Credit cards.
• Auto loans.
• Business banking.

Number of branches

• It has 265 branches nationwide, with dozens in the New York City area.

Chime is a financial technology company offering accounts nationwide. It’s a great option for anyone who wants low-fee accounts or to build credit. Chime checking and savings accounts don’t have any fees aside from one for using an out-of-network ATM. It offers more than 60,000 in-network ATMs, with many in the New York City area. ATMs are located at retail stores, including Walgreens, CVS, Target, 7-Eleven, and Circle K. You can also make cash deposits at Walgreens locations.

Chime’s checking account is simple and easy to use. It includes valuable features, such as the ability to overdraw your account by up to $200 with no fees. The savings account has a competitive interest rate and helpful automatic savings features. And if you have no or bad credit, the Chime credit card allows you to build or repair your credit with no interest charges or account fees. It doesn’t have a huge list of account types, but those it does offer come with compelling features.

Accounts

• Checking.
• Savings.
• Credit card.

Number of branches

• None.

If you’re a globetrotter with a home or family abroad, HSBC could be the best option for your needs. New York-based customers can open accounts in the United States or one of 22 foreign locations. This can make dealing with foreign-currency transactions much easier. If you’re new to the United States, HSBC offers resources to help transition your banking, and its Global Money Account lets you hold up to eight different supported currencies in the same account.

HSBC is a huge financial institution offering nearly any kind of bank account you may want, allowing you to handle all of your banking with one relationship. It operates five branches in the New York City area. As with other large banks, it’s important to keep an eye on fees and know that you won’t get a stellar interest rate for your savings.

Accounts

• Checking.
• Savings.
• CDs.
• Credit cards.
• Personal loans.
• Mortgages.
• Business banking.

Number of branches

• Many branch locations nationwide, with five in the New York City area.