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New Mexico’s rich, fascinating history makes it popular with both visitors and new residents. Whether you work for the federal government or one of the state’s many small businesses, banking services are an essential part of life. That’s why we’ve pulled together a list of the best banks in New Mexico to help you find the right bank to fit your needs.
10 Best Banks in New Mexico
From online and mobile banking to traditional banks with branches across the country, there’s a bit of everything in New Mexico. It’s important to take a look at the closest bank branch to your house, but you should also pay attention to which banks charge monthly maintenance fees to make sure you’re getting the best deal. The below list can help you kick off your search for the best bank.
1. U.S. Bank
With its vast array of branches and ATMs, U.S. Bank is a major player in the banking sector of the state.
Of particular interest to residents of New Mexico is the Bank Smartly® Checking account. This account provides the opportunity to gain up to $300, provided certain criteria are met. Specifically, within a span of 90 days from creating your new Bank Smartly® Checking account online, you are required to:
Successfully process two or more direct deposits that cumulatively total $6,000 or more
Sign up for either online banking or the U.S. Bank Mobile App
This promotional offer, valid until July 11, 2023, comes with particular terms and conditions. U.S. Bank is an FDIC member.
In addition to these enticing offers, U.S. Bank provides a broad spectrum of financial services, which include checking and savings accounts, loans, investments, and more. These services can be easily accessed through their user-friendly online and mobile banking platforms.
Fees:
- $6.95 monthly service fee (waived with direct deposits or balance minimums)
- No-fee overdraft protection transfers from a linked deposit account
Balance requirements:
- $25 opening deposit
- $1,500 minimum daily balance or $1,000 in direct deposits to waive service fee
ATMs:
- Fee-free at U.S. Bank, MoneyPass, and Cardtronics locations nationwide
- $2.50 charge per transaction at out-of-network ATMs
Interest on balance:
- Up to 4.50% APY on money market accounts
- Up to 4.75% APY on CDs
Additional perks:
- Extensive mobile banking features
- Money management tools available
2. New Mexico Bank & Trust
New Mexico Bank & Trust is a traditional bank with locations across New Mexico. This free checking account has no minimum balance, but if you frequently access cash, you’ll want to consider upgrading to a New Mexico Bank & Trust higher-tier account.
With direct deposit, both the Platinum and Signature Series checking accounts refund up to $20 in non-New Mexico Bank & Trust ATM fees each month. Currently, you can earn a $300 bonus on a new free checking account as long as you receive at least two monthly $300 direct deposits.
Fees:
- No monthly service fees
- $35 overdraft fee
Balance requirements:
- $25 minimum deposit to open
- No minimum daily balance requirements
ATMs:
- Fee-free at New Mexico Bank & Trust ATMs
- No out-of-network ATM fees
Interest on balance:
- Up to 1.25% APY on savings account
- Up to 4.75% APY on CDs
- 0.10% APY on money market savings account
Additional perks:
- Up to $600 bonus with new checking account
- New Mexico Bank & Trust cash-back rewards credit card comes with no annual fee
3. Chime
If online banking is how you get banking services, Chime is worth considering. The basic checking account is fee-free and includes all the features you need. Although Chime doesn’t feature the in-person service you get with brick-and-mortar banks, you can withdraw cash for free at more than 60,000 ATMs nationwide.
Fees:
- No monthly maintenance fees
- $15 overdraft fee
Balance requirements:
- No minimum deposit to open
- No minimum daily balance required
ATMs:
- Fee-free at 60,000 ATMs nationwide
- $2.50 for each out-of-network ATM transaction
Interest on balance:
- 2.00% APY on savings accounts
Additional perks:
- Secured credit card helps you build credit with no credit check required
- SpotMe covers up to $200 in overdrafts
4. Bank of Albuquerque
If you live in Albuquerque, the Bank of Albuquerque has bank branches throughout the area. You’ll find a fee-free checking account with nationwide access to cash at more than 32,000 locations in the MoneyPass ATM network.
One standout feature of this traditional bank is its youth account. Designed for those under the age of 18, this account features a Visa debit card, online and mobile banking tools (for ages 13+ only), and a savings account that pays 0.25% APY.
Fees:
- No monthly maintenance fees
- $34.50 overdraft fee
Balance requirements:
- $50 minimum deposit to open
- No minimum balance requirements
ATMs:
- Fee-free at Bank of Albuquerque ATMs
- Fee-free at 32,000+ MoneyPass locations nationwide
- $2 fee for each out-of-network ATM transaction
Interest on balance:
- Up to 0.20% APY on savings account
- Up to 4.85% APY on CDs
- Up to 1.50% APY on money market accounts
Additional perks:
- Same-day credit for deposits at any Bank of Albuquerque ATM
- Wealth management services available
5. GO2bank
Another online bank available to New Mexico residents is GO2bank. For those who regularly deal with cash, GO2bank is a great option. You can not only withdraw money at any Allpoint ATM, but you can deposit cash at more than 90,000 retailers nationwide. GO2bank will waive monthly fees on your checking account as long as you set up a qualifying direct deposit.
Fees:
- $5 monthly fee (waived with requirements)
- $15 overdraft fee
Balance requirements:
- No minimum deposit to open
- No minimum balance required
ATMs:
- Fee-free at Allpoint ATMs nationwide
- $3 fee for each out-of-network ATM withdrawal
Interest on balance:
- 4.50% APY on savings accounts
Additional perks:
- Deposit cash at 90,000+ partner retailers nationwide
- Up to 7% cash back on gift card purchases
6. WaFd
If you’re looking for the expanded services of a national bank with the personal touch of a local bank, Washington Federal Bank is worth considering. With bank branches across New Mexico, WaFd Bank makes an effort to connect with each community it serves. But if you’re in the market for a new CD, WaFd is currently offering up to 5.00% APY on 3-month CDs and up to 4.45% APY on 7-month CDs.
Fees:
- No monthly service charges
- $30 overdraft fee
Balance requirements:
- $25 minimum opening deposit
- No minimum balance required
ATMs:
- Fee-free at WaFd Bank ATMs
- Fee-free at 40,000+ MoneyPass ATMs nationwide
Interest on balance:
- 0.10% APY on savings accounts
- Up to 5.00% APY on CDs
- Up to 2.00% APY on money market accounts
Additional perks:
- Three debit card style options available
- Budgeting tools available in mobile banking app
7. Wells Fargo
With bank branches in 33 states and the District of Columbia, Wells Fargo is a national bank with plenty to offer. Currently, you can open a free checking account as long as you maintain a $500 daily balance, receive at least $500 in direct deposits each month, are 17-24 years old, or have a Wells Fargo campus ATM card linked to your checking account.
New checking customers can earn $300 by receiving at least $1,000 in qualifying deposits in the first 90 days.
Fees:
- $10 monthly fee (waived with requirements)
- $35 overdraft fee
Balance requirements:
- $25 minimum opening deposit
- No minimum balance required
ATMs:
- Fee-free at Wells Fargo ATMs nationwide
- $2.50 out-of-network ATM fee
Interest on balance:
- Up to 2.51% APY on savings accounts
- Up to 4.51% APY on CDs
Additional perks:
- $300 bonus on new checking accounts
- Robust mobile banking services
8. Century Bank
If you prefer banks in New Mexico with a long history in the state, consider Century Bank. The bank has served New Mexico since 1887. Century Bank has a wealth of financial products, including personal loans, business accounts, and retirement savings options. Currently, Century Bank is offering higher-than average rates on CDs, including 7-month CDs that earn interest at a rate of 5.00% APY.
Fees:
- No monthly fees
Balance requirements:
- $25 opening deposit
- No minimum balance required
ATMs:
- Fee-free at Century Bank ATMs
- Fee-free at MoneyPass ATMs nationwide
- $2 fee for each out-of-network ATM withdrawal
Interest on balance:
- Up to 0.03% APY on savings accounts
- Up to 5.00% APY on CDs
- Up to 3.50% APY on money market accounts
Additional perks:
- Multiple account options for small businesses
- Great rates on personal and auto loans
9. Bank of America
One of the best traditional banks is Bank of America, which has branches throughout New Mexico. What sets Bank of America apart from other banks is its top-rated mobile banking options. You’ll get features like budgeting tools, debit card lock/unlock, and custom alerts. Frequent travelers appreciate Bank of America’s nationwide network of branches and ATMs.
Fees:
- $12 monthly service fee (waived with requirements)
- $10 overdraft fee
Balance requirements:
- $100 minimum opening deposit
- No minimum balance required
ATMs:
- Fee-free at 15,000+ Bank of America ATMs nationwide
- $5 out-of-network ATM fee
Interest on balance:
- Up to 0.04% APY on savings accounts
- Up to 4.75% APY on CDs
Additional perks:
- Generous credit card bonuses and rewards
- Wealth management services available
10. Nusenda Credit Union
Credit unions offer benefits like low interest rates on loans and high interest rates on savings accounts. With Nusenda Credit Union, you can not only get service at a bank branch bearing the credit union’s name, but at credit unions across the country that are part of the Co-Op Network. This network also includes more than 30,000 ATMs nationwide.
Fees:
- $5 monthly service fee (waived with requirements)
- $29 overdraft fee
ATMs:
- Fee-free at Nusenda Credit Union ATMs
- Fee-free at 30,000+ Co-Op ATMs nationwide
Interest on balance:
- Up to 4.50% APY on CDs
Additional perks:
- More flexible membership requirements than other credit unions
- Competitive rates on loans
How We Picked: Methodology
It can be tough to choose the best bank in New Mexico since needs vary from one person to the next. That’s why we made every attempt to choose a variety of banks, from online banking providers to local banks and credit unions.
We also looked at the banking products each bank offers to make sure you’re getting the best variety. Here are a few criteria we considered when putting together this list of banks.
Interest Rates
A bank keeps your money safe, but it’s also a way to build on what you already have. If you’re going to save money, why not earn a little interest on that balance?
In building the above list, we looked at which savings account paid the most, finding that often the best bank for that was an online-only bank. We also looked at which bank offers the best rates on CD accounts and found many local banks had the best deal on those.
We also paid attention to the interest rates that banks charge on loans and credit cards. Smaller financial institutions like credit unions often compete with large banks by offering reduced rates on these products as an account holder perk.
Large Branch Network
You might never need in-person help with your account, but when you do, it’s important to be able to find a branch. You don’t need a large bank to get a national network of branches, though. Many online banks and credit unions are part of a partner agreement that offers branches across the country, both in major cities and more rural areas.
Large ATM Network
While you’re looking into coverage areas, withdrawing money should also be a priority. Make sure your bank has an ATM network that will cover you even when you’re away from home. Online or mobile banking can take care of services like online bill pay and mobile check deposit, but mobile services can’t handle banking transactions like cash deposits and withdrawals.
New Mexico residents have no shortage of banking options, from big banks to small community banks. Whether your priority is to earn interest on your balance or enjoy low fees on your checking account, you can easily find a bank that fits your needs.
Source: crediful.com