What is the best bank in New York
What is the best bank in New York? It depends on your needs. Whether you’re a student, entrepreneur, newcomer, or lifelong New Yorker, the right bank can streamline your finances and save you money.
Read also: Cost of living in New York.
What is the best bank in New York
In this guide, we’ll explore the top banks in New York City, compare their features, and help you determine which one is best for your situation.
Expat-Friendly banks
When you’re new to New York, one of the first things you’ll need is a local bank account. To make the process smooth, choose an expat-friendly bank such as:
- Bank of America
- Discover
- Chase
- Capital One
- TD Bank
- SoFi (online)
- Wise (for international transfers and digital banking)
What Makes a Bank Expat-Friendly in New York?
An expat-friendly bank in NYC should offer:
- Service in English, and often other languages like Spanish or Chinese.
- Fast and simple account opening — sometimes even online or in one visit.
- Acceptance of foreign passports as valid ID.
- No need for a U.S. Social Security Number (SSN) or proof of legal residence with some options.
Bank of America and Discover let newcomers open accounts with just a passport and secondary ID. For digital options, Wise and SoFi offer easy online setup and international transfers with minimal paperwork.
Bank of America
Bank of America is one of the easiest traditional banks for immigrants in New York. I’ve used them since 2020. You can open an account with just a passport and U.S. address — no SSN needed at first. Their app works well, and they have lots of ATMs and branches. Keep $1,500 in your account to avoid monthly fees.
The downside: out-of-network ATM fees can be high, and customer service isn’t always helpful unless you visit a branch in person. But overall, if you’re new to New York and want a safe, familiar option, Bank of America is a solid starting point.
Read also: Opening my first Bank of America card.
Chase bank
Opening an account in Chase was easy and they offer fee-free basic accounts with direct deposit or minimum balance requirements. With a vast network of ATMs and branches, accessing your money is never a problem.
Chase Bank offers a bonus of up to $300 for opening a new Chase Total Checking® account.
Chase offers credit cards to build U.S. credit history, a user-friendly app, and solid customer service. Downsides include fees for out-of-network ATMs and lower interest rates, but overall, it’s a great option for managing finances in New York.
Wise
Wise is one of the easiest ways to open a bank account in New York. It has simple requirements and accepts a wide variety of passport types. You can open an account even before arriving in the U.S. — no U.S. address or Social Security Number (SSN) required right away.
The free account covers most of your needs: free ATM withdrawals (up to $200 per month), support in multiple languages, and a reliable mobile app.
I personally use Wise to get an IBAN account in the EU.
Comparison Table: Best banks in New York (2025)
| Bank | Best For | Monthly Fees | ATM Access | Interest on Savings |
|---|---|---|---|---|
| Bank of America | Small Business | $16 (waivable) | 16,000+ ATMs | 0.01% |
| Discover | Cashback and Rewards | $0 | 60,000+ ATMs via Allpoint | 3.50% |
| Chase | Everyday Checking | $12 (waivable) | 16,000+ ATMs | Low (0.01%) |
| Capital One | Savings Accounts | $0 | 70K+ ATMs via Allpoint | 4.25% |
| TD Bank | Students | $0 (for students) | 2,600+ ATMs | 0.02% |
| Sofi Bank | Online-Only Banking | $0 | 55,000+ ATMs via Allpoint | 4.25% |
Banks with no ATM fees in New York
Choose a bank that lets you withdraw cash for free. In New York, you don’t need cash as often as in some other countries, but it’s still good to have access to it without paying extra fees. Most ATM withdrawal fees in the U.S. range from $2 to $5 per transaction — and that adds up fast.
These banks let you use any ATM in New York for free:
- Charles Schwab Bank – Unlimited ATM fee refunds, even abroad.
- SoFi Bank – Free at 55,000+ Allpoint® ATMs.
- Ally Bank – Free at 43,000+ Allpoint® ATMs, $10/month refund.
- Capital One 360 – Free at 70,000+ ATMs.
- Chime – Free at 60,000+ ATMs, $2.50 out-of-network.
- Revolut – Free up to $200/month, then 2% fee.
- Wise – Free up to $100/month, then ~2% fee.
These banks only offer free withdrawals at specific ATMs, so you may need to search for a free ATM nearby. If you use an out-of-network ATM, you’ll likely pay both the ATM owner’s fee and your bank’s fee — a total of $5 or more per transaction in some cases.
Read also: How to tip in New York.
