RANKING & REVIEWS
TOP RANKING NYC BANKS & CREDIT UNIONS


Where Can You Find the Best Credit Unions & Best Banks in New York City? Which Ones Should You Avoid?

The most famous city in the United States, and also well known around the world, is New York City. With approximately 8.5 million people living in its five boroughs, it is the largest city in the country and among the top 10 largest in the world.

Finding the best credit unions and banks in New York City means you’ll want locations in as many of the boroughs as possible. Depending on where you live or work, you could be looking for a Manhattan bank, banks or credit unions in Queens, The Bronx, Staten Island, or even Brooklyn banks.

If you like to stop by your NYC bank in person, then convenient locations will be a key factor in making your decision.

Award Emblem: Best 6 Banks & Credit Unions in New York City

Other factors to consider when choosing the best bank or best credit union in NYC are:

  • Reviews & reputation
  • Rates & fees on checking and savings accounts
  • Business services (if you need a bank or credit union in NYC for your business banking needs)
  • Mobile tools & online banking
  • Loan rates & availability
  • Investment & wealth management services
  • Whether they’ve had any major data breaches recently

Just because you live in one of the most populous cities in the world doesn’t mean you don’t have some smaller, community bank choices. There are home-grown institutions here too, like New York Community Bank in addition to larger ones like TD Bank.

There are plenty of great banking options in the “Big Apple,” so we’ve searched through the best New York City banks and credit unions to bring you our ranking of the top 6. As a bonus, we’ve added 2 you may want to avoid until they make some improvements.

In this article you’ll find a list of the main services that each bank or credit union in NYC offers to their customers, highlights of what makes each of these best New York City banks and credit unions unique, and our rating summary.



Top 6 Best Banks & Credit Unions in NYC (and 2 to Avoid) | Brief Comparison & Ranking

Best Banks & Credit Unions in New York City

Ratings

Apple Bank

5

Bethpage Federal Credit Union

5

New York Community Bank

5

TD Bank

5

New York Commercial Bank

3

Self Reliance New York Federal Credit Union

3

HSBC

1

Municipal Credit Union (NYMCU)

1

Table: Top 6 Best Credit Unions & Banks in New York City (Plus 2 to Avoid) | Above list is sorted by rating



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Detailed Review – Top Ranking Best Credit Unions & Banks in New York City

Below, please find a detailed review of each firm on our list of best NYC bank or credit union. We have highlighted some of the factors that allowed each of these best banks or best credit unions in New York City to score so highly in our selection ranking.

Click on any of the names below to go directly to the review section for that firm.

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Apple Bank Review


No, the first NYC bank on our list doesn’t have anything to do with the company that brought us the iPhone, it’s named for the “Big Apple” itself. Apple Bank traces its roots back to the first Harlem branch in 1863, and it is New York born and bred.

This is one of best banks in New York City to use if you want a small town feel while living in a really big one. Apple Bank continues to be committed to their neighborhood banking core and offers the same conveniences as the larger banks in New York City.

Best Apple Bank Services at a Glance:

  • 41 location in New York City & surrounding areas
  • Personal checking, savings, & CDs
  • Business checking & employee banking services
  • Financial consultants
  • Low mortgage rates with a guaranteedRate®
  • Better Business Bureau A- rating

Highlights That Make Apple Bank Stand Out on Our List of the Best Credit Unions & Banks in New York City

Free ExtraValue Checking

Nobody likes to pay a monthly maintenance fee for a checking account. Apple Bank is one of the NYC and Brooklyn banks that understands that and offers a Free ExtraValue Checking with zero monthly fee.

Details:

  • Minimum $100 to open account
  • Get a $100 bonus if you have direct deposit with payroll or pension checks
  • First order of personalized checks free
  • Free mobile banking and online banking services

Apple Edge Employee Banking

Are you a business owner looking for the best bank or credit union in NYC with banking perks to help you attract great talent? Apple Bank offers banking benefits for your employees with free checking, preferred rates on savings, and tons of other money saving benefits.

Rating Summary

We rated Apple Bank a 5 because they’re one of the best banks in New York City that has a hometown touch with lots of great money saving perks for both individuals and businesses.

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Bethpage Federal Credit Union Review


Now, let’s take a look at one of the top credit unions in New York City. Bethpage Federal Credit Union first opened its doors in 1941 for Grumman employees, and it now serves a much larger New York City community.

To become a member, all you need to do is open a $5 savings account. That makes this perhaps the easiest credit union NYC to join. From their humble beginnings, Bethpage has grown to being the largest credit union in the northeast.

Best Bethpage Federal Credit Union Services at a Glance:

  • 28 locations in New York City & surrounding areas
  • Free personal & youth checking accounts
  • Free financial education services
  • Business banking & borrowing
  • Mortgage & auto lending
  • Better Business Bureau A+ rating

Highlights That Make Bethpage Federal Credit Union Stand Out on Our List of the Best Credit Unions & Banks in New York City

Home Equity Loans with No Closing Fees

If you’re shopping for a home equity loan, then Bethpage is the best credit union NYC offers for excellent rates and no closing costs. They offer a home equity line of credit (HELOC) for a fixed 1-year rate of just 2.99%.

Great Consumer Education Services

When you look at different financial services, accounts, or investments do your eyes glaze over? If so, then this is one of the credit unions in New York City for you because of their excellent consumer education services.

They’ve partnered with EverFi, a leader in financial education, to bring you free online learning modules for just about any financial subject you can think of.

Rating Summary

Bethpage Federal Credit Union scored a 5 in our ranking for being an excellent example of one of the best credit unions in New York City.

Related: Capital Bank Corporation Ranking & Review



HSBC Review


The next NYC and Manhattan bank on our list is one that should be avoided for the time being. Even though HSBC is one of the world’s largest banks and has locations in multiple cities in the U.S., they don’t have a stellar reputation.

Their D rating on Better Business Bureau is a big red flag that they’re not one of the best New York City banks to trust with your money. They’ve also got low ratings on other review sites like Consumer Affairs, MyBankTracker, and TrustPilot.

HSBC Bank Services at a Glance:

  • 10 locations in New York City & surrounding areas
  • Personal checking, savings, & credit cards
  • Loans & mortgages
  • Investment & retirement services
  • Individual & family insurance
  • Better Business Bureau D rating

What HSBC Can Do to Improve their Standing as a Best Bank Union in NYC

Rating Summary

Even the best banks in New York City will have a few negative reviews, but we found a significant number of complaints from dissatisfied HSBC customers. If they worked on their reputation and customer support, they could become one of the best banks in NYC, instead of one to avoid.

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Municipal Credit Union (NYMCU) Review


Municipal Credit Union, aka NYMCU, is also one we’d avoid until they improve their customer service. This is an NYC credit union that’s earned a pretty poor Better Business Bureau rating of D-.

They’ve been serving the New York City community since 1916, and were initially formed as a credit union for NYC employees.

Municipal Credit Union (NYMCU) Credit Union Services at a Glance:

  • 17 locations in New York City & surrounding areas
  • Personal bill consolidation loans
  • Banking, financing, & credit cards
  • Savings, CDs, & IRAs
  • Share and money market savings accounts
  • Better Business Bureau D- rating

What Municipal Credit Union (NYMCU) Can Do to Improve their Standing as a Best Credit Union in NYC

Rating Summary

Many of the negative NYMCU reviews bring up inconvenient branch and ATM locations, as well as frequent issues with their ATMs. If they improved their customer experience at both ATM and branch locations, we’d definitely revisit their rating.

Read More: Glacier Bank Ranking & Review



New York Commercial Bank Review


Next up, we have two of the best banks in New York City that are under the family umbrella of The NYCB Family of Banks. We’ll first take a look at their business-focused bank, New York Commercial Bank.

They’re were established in 2005 and they’re a subsidiary of New York Community Bancorp. However, through mergers and acquisitions, they can trace their Manhattan bank roots all the way back to the mid-1920s.

Best New York Commercial Bank Services at a Glance:

  • 62 locations in New York City & surrounding areas
  • Excellent CD rates
  • Business checking & savings
  • Business credit card options
  • Business financing & municipal banking
  • Better Business Bureau not rated

Highlights That Make New York Commercial Bank Stand Out on Our List of the Best Credit Unions & Banks in New York City

Business Cash Management Solutions

Are you working hard to build your business and need your banking to make your life easier? This is one of the best New York City banks that specializes in business owner needs. They have a full suite of cash management solutions to let you bank anytime, from anywhere.

Personal Money Manager

New York Commercial Bank’s Personal Money Manager tool puts the power in your hands with customized category-based budgets, the ability to track and report spending habits, and reporting that helps you make profitable decisions.

Rating Summary

New York Commercial Bank is a very high 3 on our best New York City banks rating. If they updated their website and made it more user friendly, we could easily see them earning a higher rating.

Related: Heritage Bank Ranking & Review



New York Community Bank Review


Moving on to the personal banking side of The NYCB Famliy of Banks, we have New York Community Bank. They’re the largest thrift (savings & loans association) in the nation and have roots that go back to 1859 when they were first opened in Queens.

This is another New York City bank that has very deep roots in the community and offers a hometown feel in a big city atmosphere.

Best New York Community Bank Services at a Glance:

  • 97 locations in New York City & surrounding areas
  • Personal & student checking and savings
  • Debit card rewards & cash back programs
  • Annuities & mutual funds
  • Mobile deposit
  • Better Business Bureau A+ rating

Highlights That Make New York Community Bank Stand Out on Our List of the Best Credit Unions & Banks in New York City

Lots of Locations

Whether you’re looking for Brooklyn banks, banks in Queens, a Manhattan bank, or one on Staten Island, with 97 locations you’ve got plenty of convenience for your banking no matter which borough you’re in.

Great Cash Back Rewards Programs

Who doesn’t love getting cash back just for grocery shopping?! New York Community Bank is one of the best banks or best credit unions in New York City to sign up with if you want start earning cash back right away just for using your Visa® debit card.

Rating Summary

While their excellent reputation has earned New York Community Bank a 5 rating among the best banks in New York City, the bank still has room for improvement.

To ensure that this rating is maintained through next year’s rankings, we recommend a website update, as this will allow New York Community Bank to remain competitive among the best banks in NYC.

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Self Reliance New York Federal Credit Union Review


The next financial institution on our list is one of the biggest credit unions in NYC. Self Reliance New York Federal Credit Union was started in 1951 by a group of volunteers that simply wanted to exemplify “people helping people.”

They are the oldest and largest Ukrainian credit union in the world and have over 15,000 members. If you’re looking for the best credit union in New York City that fosters a spirit of cooperation and helping people get ahead, look no further.

Best Self Reliance New York Federal Credit Union Services at a Glance:

  • 5 locations in New York City & surrounding areas
  • Savings, share drafts, & money market accounts
  • Home & auto loans
  • Real estate lending
  • Secured & unsecured credit cards
  • Better Business Bureau no rating

Highlights That Make Self Reliance New York Federal Credit Union Stand Out on Our List of the Best Credit Unions & Banks in New York City

Visa Gift and Travel Cards

Sometimes you want a credit card that also provides security. Self Reliance New York is a credit union NYC offers that’s got those consumer conveniences. They have refillable Visa® gift cards up to $1,000 and Visa® travel cards up to $5,000.

Attractive Mortgage Loan Rates

One reason people choose to join a credit union instead of a bank is because CUs are known for having great rates on loans. At Self Reliance New York, you can get a25-year fixed mortgage rates as low as 3.90%, and unsecured personal loans for as low as 12.00% APR.

Rating Summary

This credit union in NYC gets a 3 rating, but they’re definitely on the right track for getting a higher one in the future. Adding more locations and expanding business banking services on their site would definitely improve their rating among the best credit unions in New York City.

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TD Bank Review


The last (but not the least) financial institution on our list is one of the largest banks in New York City, TD Bank. They’re one of the 10 largest banks in the U.S. and have been around for over 150 years.

With over 1,259 retail locations across the Northeast, Mid-Atlantic, Metro D.C., Carolinas, and Florida, you know that they’re one of the best banks in New York City to use if you like to travel and want to have a branch available when you do.

Best TD Bank Services at a Glance:

  • 25 locations in New York City & surrounding areas
  • Flexible checking & savings accounts
  • Free online bill pay
  • Cross-border banking (U.S. & Canada)
  • Small business banking & loans
  • Better Business Bureau A+ rating

Highlights That Make TD Bank Stand Out on Our List of the Best Credit Unions & Banks in New York City

Easy Savings & Money Market Accounts

Like the idea of growing your savings quickly? Then TD Bank may be one of the best New York City banks for you. They have automatic savings with no monthly fee and tiered interest rates on money market accounts to help you earn as much as possible as your account grows.

Banking Tailored to Your Life

A great feature on the TD Bank website is the section that asks, “ What’s happening in your life?” You can be a starting a business, in school, beginning a new job, or planning for retirement and this is one of the best banks in New York City that has banking solutions tailored exactly for your stage in life.

Rating Summary

TD Bank gets a 5 rating as a best bank in NYC because even though they’re considered a large bank, they still do community banking right and give their clients that personal service that makes them feel special.


Conclusion – Top 6 Best Credit Unions & Banks in New York City (+2 to Avoid)

You may be living in one of the largest cities on the planet, but you still have plenty of options to find a small hometown NYC bank or credit union. Most of these banks and credit unions have locations throughout the NY boroughs to make a New Yorker’s life easier.

Whether you’re looking for the best bank in New York City for growing your small business or want to find a best credit union in NYC to great mortgage rates, we have you covered.

Reputation is everything in this city, and the flashiest is not always the best. As always, we recommend, that when researching the credit unions or banks in New York City, you take your time to check their ratings and reviews. You want to ensure that you’re fully informed before you trust them with your financial future.


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