Best Banks in New York City. New York is the capital city of the United States; it is also the financial capital as well. Right there, you will see numerous banks to do your transactions with. If you want to know the best bank for you, please review this Best Banks in New York City article carefully.
Best Banks in New York City 2019
- Capital One Bank: best for small businesses
- Chase Bank: best for branch and ATM Access.
- Apple Bank for Savings: best for checking
- Santander Bank: best for NYC Students
- Capital One Bank: best for saving rates.
- HSBC: most customer friendly
When it comes to checking accounts, we consider 3 things, they include:
- First, the level of the bank’s customer friendliness.
- How affordable their services are.
- The level of accessibility.
Once a bank has all of the above to customer satisfaction, there won’t be a problem.
Apple Bank for Savings: best for checking
This bank is exclusive to New York. Apple Bank for savings allows you to check your account freely. She offers unconditional free services. Some other banks may waive fees once in a while, but Apple is different. She gives her new customers a $100 bonus when they make recurring direct deposits from an employer or benefit program. You cannot get any easier reward from any other retail bank. Their technology and service coverage is low though. They have only about 80 branches.
Chase Bank: best for branch and ATM Access
This bank (Chase) provides top-notch services when it comes to ATM access and branch services. Chase has close to 500 branch locations within New York alone. There is no other bank with so many branches within the city. These branches have vestibules giving 24/7 ATM access. This makes it very convenient for all their customers to easily access them. However, they do not offer any special fees and rates. Chase charges $2.50 on each ATM withdrawal or checks balances at out of network ATMs. The original owner of the machine also makes its own charges.
Moreover, the services of Chase are very stable. They also have quality customer care services. It has a web portal and a mobile app with which customers can access their services at any given point. With the 2 instruments above, customers can check their balances, make payments, borrow money, and do lots more. You can even manage your account by yourself.
HSBC: most customer-friendly
This UK-based bank is simply the best in quality customer-care services in New York City. It is a member of FDIC and gives account holders the protection of deposit insurance. From the 2015 Pew Study, HSBC was the best bank in fairness and transparency in terms of disclosures, overdraft fees when the overdrawn amount is less than $10. Further, she processes your daily transactions from lowest to highest; other banks do it the other way round to increase your overdraft fees. HSBC waives all maintenance fees. She even waives foreign exchange fees on your debit card and monthly rebates on non-HSBC ATM surcharges outside New York. This means that you will not pay out of network coverage fees.
Santander Bank: best for NYC Students
Are you an international student in New York? If yes, this bank is for you. They operate student accounts free for anyone between 16 and 25 years old. These account holders also enjoy waivers on incoming wire transfers. It is very cost-effective for international students and all young people residing in New York. Other banks charge incoming and outgoing wire transfer fees which are very costly.
However, students pay a $3 paper statement fee but you can skip it if you apply for paperless statements by email. Note that this bank has only about 102 branches. In Harlem and Brooklyn, the bank does not have many branches. It has a web portal and a mobile app that customers can use to monitor their accounts online.
Capital One Bank: best for saving rates.
Capital One gives the very best introductory rate and highest standard rates. If you are a new customer depositing more than $10,000, you will get 0.80% APY for the first 6 months with the rates dropping to 0.50% afterward. She also has 0.30% APY on balances below $10,000. Capital one as well as an online savings account (Capital One 360 savings). You can earn 0.75% on any balance as long as you don’t receive service on any branch location.
Capital One Bank: best for small businesses
If you have a small business, go to Capital One. It has a lot of branches throughout the city. There are also 2 tiers of checking accounts to help you save and avoid paying fees and monthly maintenances. To waive the monthly fee, you must deposit $2,000 daily. Customers from both accounts enjoy unlimited free transactions. The basic-level account costs you $1 per $1,000 cash deposit. There is also an online portal and a mobile app that customers can use to monitor their accounts. From there, the account holder can view statements, make updates, make payments, and lots more.
Now, you already know the best banks for various purposes. You are already in a position to choose the bank that best suits your interest.