If you’re one of the 8.5 million people living in NYC according to the United States Census Bureau data from July 2021, and either don’t have a bank account or are wondering what else is out there, you’ve come to the right place. We analyzed the banking product and services on offer from each of the 28 designated banks in NYC and leveraged our research into national and regional banks to come up with our view of the 5 best banks in NYC.
Where We Landed: The 5 Best Banks in NYC
The 5 best banks in NYC in 2022 based on our research are:
- JPMorgan Chase Bank
- TD Bank
- Capital One Bank
- Marcus by Goldman Sachs
- Discover Bank
Three of these banks also made out list of the 10 best national banks in the United States. In the following sections we provide an in-depth overview of why each bank was selected including the pros and cons. There are many factors to consider when selecting a bank and in developing this list we prioritized banks that had exceptional product offerings that either allowed you to save money on fees or earn more interest on your savings.
Overview of the 5 Best Banks in NYC
JPMorgan Chase Bank (Best Overall)
Chase Bank tops our list of the best banks in NYC. We promise this has nothing to do with the fact that many of us are New Yorkers or the fact that NYC is Chase Bank’s home market. Chase Bank tops our list because it has the most compelling financial products for this market – which is more affluent than average – and also maintains the most significant banking presence in terms of branches and ATM machines.
Pros of Chase Bank
- Branch Accessibility – Chase Bank has 114 branches and 120 branded ATMs just in Manhattan
- Checking Accounts – there are several options to choose from depending on the total balance you’re able to maintain in the account. The Premier Plus Checking account requires a $15,000 balance to avoid the $25 monthly maintenance fee. In return, account holders enjoy the following benefits:
- No Chase ATM fees and up to 4 rebates of ATM fees per cycle
- No FX translation Fees
- High threshold on overdraft fees of $50
- Free cashiers checks and free money orders
- Free 3×5 safety deposit box
- The account earns interest at a 0.01% APY
- Credit Cards – in total Chase Bank offers 36 credit cards that covers just about any feature or characteristic one could want. The breadth of choices is the first reason we like Chase Bank’s credit card offerings. The second is that when it comes to premium credit cards, the Chase Sapphire Reserve Credit Card, stands in a league of its own. While the $550 annual fee is hefty by all measures, the rewards points potential, and $300 annual travel credit more than makes up for it.
- Technology – Chase Bank has best in class technology, including a mobile application that is now used by more than 45 million customers and rated very highly on both the Apple and Google Play stores. Chase Bank was also one of the original Zelle partners.
Cons of Chase Bank
- High Balance Required – in order to unlock the excellent perks and freebies Chase Bank offers you have to maintain a relatively high balance ($15,000 or more)
- Low Interest Rates On Balances – unlike the high yield savings accounts, the rates offered on Chase Checking and Savings Accounts are very low.
You can learn more about Chase Bank’s offerings in NYC by visiting here.
TD Bank (Best Checking Account)
Although TD Bank is a Canadian Bank, the bank has established a sizeable presence in the United States over the years. Currently TD Bank ranks as one of the largest banks in the country based on its asset base, which currently exceeds $400 billion.
Pros of TD Bank
- Branch Accessibility – TD Bank has 60 branches in Manhattan alone.
- Checking Accounts – this is the main reason why TD Bank makes the top 5 in our opinion. The bank offers customers a few checking account options but their TD Beyond Checking account is a great value for consumers. The Checking account requires just a $2,500 minimum balance (or $5,000 monthly direct deposits or $25,000 balance across eligible TD accounts) to avoid the $25 monthly maintenance fee. In return, account holders enjoy the following benefits:
- No TD ATM fees and unlimited reimbursement of non-TD ATM charges
- Full reimbursement of the first two overdraft fees incurred per year ($70 value)
- One free outgoing wire transfer per statement cycle
- Free incoming wire transfers
- Free cashiers checks and free money orders
- The account also earns interest at a 0.01% APY
- In addition, TD is currently offering new customers the ability to earn up to $300 for opening a TD Beyond Checking account. Customers have to have $2,500 in qualifying direct deposits within 60 days of opening the account to qualify. To learn more about this offer, which expires October 31, 2022, visit this page.
- Technology – TD Bank has great technology with a highly rated mobile application (4.8 stars in the Apple App Store and 4.3 stars in the Google Play store) now used by more than 4.4 million customers. TD Bank is also a Zelle partner.
Cons of TD Bank
- Low Interest Rates On Balances – unlike the high yield savings accounts, the rates offered on TD Bank’s Checking and Savings Accounts are very low.
You can learn more about TD Bank’s offerings in NYC by visiting here.
Capital One Bank (Best Technology)
Capital One Bank’s heritage, and what it is generally known for, is its credit card business and for good reason. Capital One remains one of the largest credit card issuers in the United States and its credit card customers consistently spend more than $100 billion a quarter. While we do like the bank’s credit card portfolio, it ultimately made our list because of its technology and its banking products, specifically its checking account and high yield savings account.
Pros of Capital One Bank
- Checking Accounts – Capital One Bank offers one checking account option to its customers: the 360 Checking Account. This is a totally online checking account that can be opened online and managed entirely online. It is also one of the best free checking accounts available in the United States. Account holders enjoy the following benefits:
- No monthly maintenance fees
- No minimum balance requirements
- No overdraft fees
- No ATM fees charged by Capital One Bank
- One free outgoing wire transfer per statement cycle
- Free incoming wire transfers
- The account also earns interest at a 0.10% APY (higher than all top 5 banks)
- Savings Accounts – the Capital One Performance Savings Account offers customers a very competitive 1.30% APY on any balances. This account is similar to the 360 Checking Account in being totally free of typical account fees.
- Credit Cards – Capital One Bank has 30 different credit card options for customers and this includes cards for customers with all types of credit scores and also includes their Platinum Secured Credit Card for those looking to rebuild credit.
- Technology – given that Capital One Bank is an online bank, you’d naturally expect their technology to be top notch. Even against elevated expectations, Capital One Bank has one of the highest rated (both in terms of the number of ratings and absolute rating) mobile applications out there. Capital One Bank’s mobile application currently has a 4.9 rating in the Apple App Store and 4.6 rating in the Google Play store, and in both cases it has been reviewed by more than 1 million users. Capital One Bank is also a Zelle partner.
Cons of Capital One Bank
- Limited Physical Presence – Capital One has a total of 14 branches and Cafe’s in Manhattan, which is a fairly limited presence when compared to many of its competitors.
You can learn more about Capital One Bank’s offerings in NYC by visiting here.
Marcus By Goldman Sachs (Best High Yield Savings Account)
Marcus was launched by investment banking powerhouse Goldman Sachs in 2016. Previously Goldman Sachs’ business activities had been entirely focused on the commercial sector until it acquired the online deposit platform of GE Capital in 2015, which served as the foundation for Marcus. Marcus made it on list because of its completely online high yield savings account.
Pros of Marcus by Goldman Sachs
- Savings Accounts – online savings account offers a market leading 1.20% APY which is applicable on account balances up to $1 million for individuals and $3 million for joint accounts. Interest is compounded daily and credited monthly to your account. In addition, account holders enjoy the following benefits:
- No minimum deposit
- No minimum account balances
- No limits on the number of withdrawals you can make each month
- No account fees
- No fees to transfer funds
- An outgoing ACH transfer limit of $125,000
- Same day transfers to other banks on amounts up to $100,000
- Technology – Marcus by Goldman Sachs, similar to Capital One Bank, is an online bank. It’s mobile application is highly rated (4.8 stars in the Apple App Store and 4.3 stars in the Google Play store).
Cons of Marcus by Goldman Sachs
- Limited Functionality – you cannot get a debit or ATM card with your Marcus savings accounts.
- No Zelle Availability – Marcus is one of the few banks that does not use Zelle.
You can learn more about Marcus by Goldman Sachs’ offerings in NYC by visiting here.
Discover Bank (Best Cashback Rewards)
Similar to Capital One Bank, Discover Bank is better known for the Discover Card, the international charge card that is still used by millions of consumers worldwide. But many years ago Discover Bank expanded its offerings to include traditional banking services. It offers some of the most compelling checking and savings accounts and delivers it digitally. We specifically believe that the combination of a no-fee checking account and cashback rewards is an excellent combination that makes Discover Bank standout relative to their peers.
Pros of Discover Bank
- Checking Accounts – the bank’s Cashback Debit account offers 1% cashback on purchases up to $3,000 each month. While the type of transactions that qualify for cashback is certainly restricted (no third party payments, loan payment or peer-to-peer payments allowed), this feature alone makes this account extremely attractive. Consumers that are able to shift their spending to their debit cards and fully capitalize on the $3,000 threshold would get back $30 each month. And that’s not all, in addition account holders enjoy the following benefits:
- No monthly account fees
- No overdraft fees
- Free cashiers checks
- Savings Account – the Discover Bank savings account offers customers a 1.30% APY and that rate applies for balances up to $5 million. The account has no monthly fee, no overdraft fees and does not have a minimum opening deposit.
- Technology – Discover Bank, similar to Capital One Bank, has among the highest ratings for their mobile application that we’ve observed. The mobile app has 4.9 stars in the Apple App Store and 4.7 stars in the Google Play store. Discover Bank is also a Zelle partner.
Cons of Discover Bank
- Interest Rates – Checking Account doesn’t pay interest on balances.
- Availability – sign-ups for the Checking have been paused until the final weeks of August.
You can learn more about Discover Bank’s offerings in NYC by visiting here.
What Banks are in NYC?
The following is a listing of all the banks that operate in NYC. This list is based on the banks that are New York City designated banks according to the New York City Banking Commission. The financial information is sourced from the FDIC database.
- JPMorgan Chase Bank | Total Assets: $3,307 billion
- Bank of America | Total Assets: $2,520 billion
- Wells Fargo Bank | Total Assets: $1,780 billion
- Citibank | Total Assets: $1,669 billion
- U.S. Bank | Total Assets: $564 billion
- PNC Bank | Total Assets: $552 billion
- TD Bank | Total Assets: $424 billion
- Capital One Bank | Total Assets: $381 billion
- State Street Bank | Total Assets: $311 billion
- HSBC Bank USA | Total Assets: $188 billion
- Keybank | Total Assets: $184 billion
- M&T Bank | Total Assets: $155 billion
- MUFG Union Bank | Total Assets: $128 billion
- Signature Bank | Total Assets: $118 billion
- Santander Bank | Total Assets: $102 billion
- Valley National Bank | Total Assets: $43 billion
- Webster Bank | Total Assets: $35 billion
- BNY Mellon | Total Assets: $34 billion
- Israel Discount Bank of New York | Total Assets: $13 billion
- Popular Bank | Total Assets: $10 billion
- ConnectOne Bank | Total Assets: $8 billion
- Flushing Bank | Total Assets: $8 billion
- Amalgamated Bank | Total Assets: $7 billion
- Habib American Bank | Total Assets: $2 billion
- International Finance Bank | Total Assets: $1 billion
- Modern Bank | Total Assets: $0.8 billion
- Piermont Bank | Total Assets: $0.4 billion
- Spring Bank | Total Assets: $0.3 billion
What is the biggest bank in NYC?
As shown in the previous section, Chase Bank is the biggest bank in New York City. This is the case both in terms of its total assets and in terms of the total deposits the bank derives from New York City. Chase Bank also has more branches in New York City than any other bank.