Best savings accounts in New York in 2022

Find the best New York savings accounts and learn how online banking and savings accounts match up with local banks. Compare now.

There are dozens of online banks and over 200 banks and credit unions in the New York City metro area alone, most with dozens of branches across the state. Some of those banks are large. These bank branches have more bank accounts than Chicago, Washington, DC, and San Francisco combined.

Whether you’re looking for a reliable online bank or a local bank in New York, we can help narrow down your options by taking a look at the best savings accounts in New York and offering what you can expect from each. increase. How to choose the one that suits you.

best savings account in new york

• Marcus by Goldman Sachs
• quantitative bank
• sophie bank
• My Banking Direct
• empire state bank
• USA Alliance Financial

online savings accounts available in new york

Whether online or traditional banking, understanding how online banking works and what it offers is an important step in choosing the best savings account in New York. Here are some online banks that offer all the convenience of a local bank plus higher APY than most banks.

quantitative bank

Founded in 2006, Quontic Bank is headquartered in Manhattan, with major branches in other parts of New York, Florida, and Indiana.

The bank also has a very strong online presence. High-yield savings accounts are a staple of this bank, with interest credited monthly, no monthly service fees, and a minimum starting balance of $100.

There is a limit of 6 withdrawals per statement cycle. Banks also include many other options, such as high-interest checking accounts and Bitcoin or cash reward options.

sophie bank

SoFi Bank is primarily known for its personal loan products, but it also offers checking account and savings options.

There are no account fees or overdraft fees, and you have the opportunity to earn bonuses when you sign up with direct deposit.

Currently, savings and checking accounts are combined and there is no option to choose one over the other. However, each one pays a solid interest rate.

Direct deposit required. There is no minimum amount on the account, but a minimum direct deposit of $1,000 is required to receive overdraft coverage.

Always free to use over 55,000 Allpoint ATMs worldwide.

Marcus by Goldman Sachs

Marcus by Goldman Sachs is an online bank offering a full range of banking products and services. Its high-yield savings account offers he one of the highest interest rates found in a savings account, well above the national average for savings rates.

The Marcus Savings Account has no minimum balance and no monthly maintenance fees. Also, there is no charge for transferring money from your Marcus account to another bank account.

My Banking Direct, a service of the New York Community Bank, offers high-yield savings accounts that pay off balances of $1 or more. It costs $500 to open an account and there are no monthly fees or maintenance fees.

Whether you have just a few dollars or more than $50,000, the current interest rate levels are the same.

You can easily manage your account online or through our mobile app.

My Banking Direct is online, but the larger New York Community Bank is considered one of the largest banks in the US, with well over 200 locations at the time of this writing.

look at the bank of new york

New York has many banks competing for your business. With options that feel like every city corner in New York State, choosing the right savings account can be quite a daunting task. I will introduce some.

empire state bank

Locations: Newburgh, Staten Island, Brooklyn, and Astoria, New York

In June 2004, Empire State Bank launched as a full-service community bank with a full line of deposit, checking and loan products. Personal and business accounts have no fees and benefit from free ATM use at any ATM in your area (up to $18 in refunds).

There are three types of personal savings accounts offered by Empire State Bank. Statement Savings require $500 and Minor Statement Savings require $10 with no minimum. Both are tiered interest rates.

USALLIANCE Financial

Location: Port Chester and Bronx, New York. Wayne, New Jersey.and West Haven, Connecticut

USALLIANCE Financial’s High Yield Savings Account has a minimum starting balance of $500 to earn interest, with no monthly maintenance fees or daily compounded interest.

The MyLife Savings Account offers a high interest rate for the first $500 and a low but competitive interest rate for deposits over $5,000. Online and mobile banking are also available for those who cannot visit a branch.

The extensive financial education section of the website provides clients with financial management advice.

Methodology: How I Picked the Best Savings Accounts in New York

MoneyRates looked at savings account data provided by online banks in New York and local and regional banks to find the best New York savings accounts. Current interest rates and APY offered by over 25 New York online and local bank savings accounts, account opening requirements, fees charged, ATM network availability, customer satisfaction, online and in-app availability and convenience I checked with Bank.

Our top choices in New York reflect market conditions and bank offers at the time of our research. We recommend doing your own research to find the best New York savings account.

How to choose a savings account in New York

There are many options for choosing the right savings account, but it boils down to these key points.

interest rate

A high-yield savings account should have a high interest rate, but be aware that some banks only allow that rate for certain amounts. For example, on your first $5,000 he might offer you 2% of his APY, but after that it’s just under 0.5%.

Others have a tiered system where only those who invest the most (usually $50,000 or more) get the highest possible interest rates.

commission

There are so many banks that don’t charge a fee that it makes little sense to go to a bank that does.

Keep an eye out for things like overdraft feeds, monthly charges if your account balance falls below a certain minimum, mobile check deposit usage fees, and more. Note that many banks that charge a fee will waive the fee if you use direct debit.

First deposit

Many banks require a minimum starting deposit in order to be able to take advantage of better interest rates. This can be as low as $100 and as high as $1,000 or more.

However, the initial deposit does not always reflect the minimum monthly balance to continue receiving interest and avoid fees. For example, the bank may only require him $100 to sign up and get started, but he needs a monthly balance of $500. This means that during the first statement period, you will need to add another $400 to your account to take advantage of the great offer.

access

Having access to money is an important point to consider.

Some banks only allow a certain number of transactions each month. Find a bank that offers ATM cards. As an added bonus, some offer thousands of free ATM options or reimburse ATM fees up to a fixed amount each month.

Where can I open a savings account in New York?

When opening a savings account in New York, you have three options: a bank, a credit union, or an online bank. But what’s the difference?

online bank

Online banks are often offshoots of brick-and-mortar banks. It has the same financial possibilities, but not in the traditional banking system. Instead, it’s all handled online or via a mobile app.

Online banks affiliated with established traditional banks are eligible for FDIC insurance. Make sure it’s yours. Online banks are simple, with little discretion for management to make flexible financial decisions. ATMs are often free worldwide.

Bank

If you choose to use your bank, you can easily find fee-free ATMs worldwide, as well as branches in major cities around the world.

Banks typically have a strong online and mobile presence and many investment opportunities, such as retirement benefits. However, it offers less flexibility and dedicated customer service.

The FDIC insures banks and most of their financial instruments to ensure your money is safe.

credit union

Credit unions work similarly to banks, but they often offer fewer financial options for the future.

They may be part of a cooperative that allows free use of certain brands of ATMs around the world. Most likely have a strong community presence, but may not have a strong online presence.

More flexibility in decision-making and customer service, and potentially higher interest rates.

Credit unions are insured by the National Credit Union Administration, which protects deposits.

New York Savings Account vs. CD

When you start researching financial options that will give you the most money for your money, you may come across CD. A certificate of deposit is an investment vehicle that allows you to earn a higher interest rate in exchange for depositing money in your account for a certain period of time. Is this better than a New York bank or credit union savings account? Let’s see the options.

withdraw money

If you think you need to withdraw money quickly, perhaps for a big purchase, use a savings account. If you know you can put your money aside for a while, a CD might be a better choice.

degree of interest

In most cases, CDs offer higher interest rates than savings accounts. However, if you choose CD, the price is fixed. Good if interest rates go down, but what if they go up? Some choose short-term CDs instead of long-terms to avoid that possibility.

fees and penalties

Please note that you may be required to pay a fee during the course of your relationship with that account. For example, a savings account may charge a fee if you fall below a certain balance or if you make too many withdrawals. For CDs, there are no fees, but early withdrawals can trigger penalties that can rob you of a significant portion of your interest income.

Frequently Asked Questions (FAQ)

What is Bank Rating?

Bank ratings are assigned by the FDIC and several other financial institutions. Ratings help determine the safety and soundness of the bank. When searching for banks, always look for an “A” or “1” rating.

How can I find out if my bank has FDIC insurance?

Banks should proudly advertise this on their website, but if not, use FDIC BankFind to check your status.

What does “high yield rate” really mean?

“High yield” used to refer to accounts earning 20 to 25 times the national average in interest, but now it appears to refer to accounts earning more than the average.