Best Banks In New York – Forbes Advisor | Techy Kings


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The best banks in New York offer a good mix of products and services to suit a variety of needs, competitive rates, favorable account requirements and account management tools. The state’s best banks earn high ratings for customer satisfaction and generally provide easy access through a network of ATMs and local branch support, from Buffalo to Brooklyn and beyond.

Best Banks in New York for Branches

New York state is home to 123 banks, accounting for about $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 largest deposit markets in the state 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. Large national banks, such as Chase and Bank of America, are among those with the most branches in the Empire State.

Bank with Most Branches in New York

Best Bank in New York for Customer Service

The best banks stand out for customer service. The 2022 JD Power retail banking satisfaction survey includes rankings for banks in the New York tri-state area, which includes banks in New York state. The average Customer Satisfaction Index score in the region is 648, out of a possible 1,000.

Best New York Bank for Customer Satisfaction

Types of Banks in New York

New York is home to several types of banks. Below are some of the more common categories of financial institutions for domestic banking services.

National Bank

National banks are well-known commercial banks that tend to be known throughout the US, often because they operate brick-and-mortar branches in several states. They offer the widest range of banking products, including checking and savings accounts, mortgages and investment management services. The nation’s largest banks each hold assets in the trillions of dollars.

Regional Bank

Regional banks are medium-sized financial institutions that typically limit their branches to a specific region, such as the mid-Atlantic or New York clustered with two neighboring states. Banks usually provide a variety of banking products for consumers and businesses. The Federal Reserve defines regional banks as having total assets between $10 billion and $100 billion.

Community Bank

Most banks in the US are community banks that focus on a small geographic area. Most of their deposits come from local customers, and most of their loans go to consumers and businesses in their communities. Smaller banks typically operate a limited number of branches and do not offer the same range of products as larger banks. In the Fed’s definition, a community bank has assets under $10 billion.

Online banking

Online banks serving New York are not specific to New York—their customers can be located almost anywhere in the U.S. They do not maintain a physical presence in the Empire State or any other state. Instead, they serve customers primarily through online and mobile banking. Online banks have lower staffing and overhead costs, allowing them to charge fewer banking fees and offer more competitive annual percentage yields (APY) on savings products.

How to Choose the Right Bank in New York

If you’re moving to the Big Apple, Finger Lakes, Niagara Frontier or any other part of New York, choosing the right bank is a personal decision. The best bank for someone else may not be right for you. Consider the following factors when choosing a bank.

Accounts and Services

The best bank depends on the type of account you plan to open. Banks usually offer common accounts such as savings, checking accounts and CDs. Full-service banks offer accounts and other services, including credit cards, loans, retirement accounts, investment services and small business banking.


Some banks charge a monthly fee for account services. Sometimes banks waive the monthly fee if you meet a minimum balance or other requirements.

Other fees charged by banks include ATM fees, late fees, excessive transaction fees, overdraft fees and wire transfer fees.

Bank fees can hinder saving efforts. Determine if you can meet the bank’s requirements to waive the fee, or find a bank that does not charge a fee.

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 than traditional banks.


Even if you put your savings in the account for the long term, you can access your funds when needed. Compare banks to find the account management and withdrawal options that suit your needs. Mobile banking apps and fee-free ATM networks give you additional ways to manage and move your money.

Customer service

Don’t forget to factor customer service into your banking decisions. Find a bank that offers support tools and features that match your needs and preferences. Options may include personal banking, an ATM network, phone support, virtual assistants, personal messaging and chat support.’

Tips on Banking in New York

Compare several banks to narrow down the list to the one that suits your needs. Then, look at details like bank features, customer support, online reviews and other information to determine the best course of action. Look for banks that either don’t charge monthly fees or offer reasonable ways to avoid monthly fees.

If you choose the wrong bank, you can always change the bank later to a more suitable bank.

Find the Best Online Banks 2022


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