Banks in New York
New York has one of the most powerful state banking regulators in the country. DFS supervision is strict, and New York hosts a very large number of banks, credit unions and fintech partners.
How to use this page. Information is compiled from state banking departments, the FDIC and the NCUA. Banking rules and product availability change — always confirm details with the bank itself before acting. This is educational information, not a recommendation of any provider.
| Item | Detail |
|---|---|
| State | New York (NY) |
| Capital | Albany |
| Region | Northeast |
| State regulator | New York Department of Financial Services (DFS) |
| Deposit protection | 250,000 USD per depositor, per insured bank (FDIC) or credit union (NCUA) |
| Identity needed | SSN or ITIN, plus government photo ID |
Banks based in or prominent in New York
These institutions have a meaningful presence in the state, whether headquartered there or operating a substantial branch network.
JPMorgan Chase
State presence
A US bank holding company headquartered in New York City and the largest bank in the United States by assets. It holds a national charter supervised by the OCC and is FDIC insured. It operates through four main divisions: consumer and community banking under the Chase brand, corporate and investment banking, commercial banking, and asset and wealth management.
Citibank
State presence
The consumer banking arm of Citigroup, headquartered in New York City. Unlike the other national banks, Citibank concentrates its US retail branches in a limited number of metropolitan areas, while its parent operates a much broader institutional and cross-border banking franchise. It holds a national bank charter supervised by the OCC and is FDIC insured.
Bank of New York Mellon
State presence
A US custody bank headquartered in New York City, and one of the largest custodians of financial assets in the world. Its model differs fundamentally from retail banking: it takes large institutional deposits rather than consumer accounts. It safekeeps and services securities for institutional investors, funds and governments, and also runs a smaller wealth management and treasury services business.
M&T Bank
State presence
A large US regional bank headquartered in Buffalo, New York. M&T has expanded well beyond its upstate New York base through acquisitions, notably People's United Financial, giving it a substantial presence across the Mid-Atlantic and New England as well as its traditional Northeast footprint. It holds a national bank charter supervised by the OCC and is FDIC insured.
Apple Bank
State presence
A US savings bank headquartered in New York City, and one of the largest state-chartered savings banks in New York State. Apple Bank concentrates on New York metropolitan area branch banking, deposit gathering and residential and commercial mortgage lending, rather than operating outside its home market. It is FDIC insured. Deposits are protected up to 250,000 USD per depositor, per insured bank through the FDIC.
Credit unions in New York
Credit unions are member-owned and not-for-profit, which usually means higher savings rates and lower fees. Membership eligibility varies, so check before applying.
Municipal Credit Union
Credit union
A credit union headquartered in New York City, and one of the oldest and largest in the state. It was chartered to serve New York City municipal employees and now has a broad field of membership across the metropolitan area, offering consumer banking and lending. Member deposits are protected by the National Credit Union Share Insurance Fund.
Bethpage Federal Credit Union
Credit union
A credit union headquartered in Bethpage, New York, and the largest credit union based on Long Island. It was founded to serve employees at Grumman Aerospace and now serves a community-wide field of membership across Long Island with consumer banking, lending and investment services. Member deposits are protected by the National Credit Union Share Insurance Fund.
Available in New York from anywhere
National banks and digital banks operate in every state, so your location does not restrict access to them.
National banks
Chase
National bank
The consumer and commercial banking division of JPMorgan Chase, headquartered in New York City. Chase runs one of the widest branch networks in the country and offers current accounts, savings, credit cards, mortgages and business banking under one brand. It is the largest US bank by assets, holds a national charter supervised by the OCC, and is FDIC insured.
Bank of America
National bank
One of the largest banks in the United States by assets, headquartered in Charlotte, North Carolina. It operates a nationwide branch network and one of the largest US mobile banking platforms. It holds a national charter supervised by the OCC and is FDIC insured. The bank covers consumer and small-business banking, mortgage lending, wealth management through Merrill, and corporate and investment banking.
Wells Fargo
National bank
One of the largest US banks by assets, headquartered in San Francisco, California. It has operated under regulatory consent orders since 2016. It holds a national charter supervised by the OCC and is FDIC insured. Wells Fargo is one of the few American banks with a genuinely coast-to-coast branch network, and combines consumer banking, mortgages, auto lending, wealth management and commercial banking.
Citibank
National bank
The consumer banking arm of Citigroup, headquartered in New York City. Unlike the other national banks, Citibank concentrates its US retail branches in a limited number of metropolitan areas, while its parent operates a much broader institutional and cross-border banking franchise. It holds a national bank charter supervised by the OCC and is FDIC insured.
Capital One
National bank
A US bank holding company headquartered in McLean, Virginia, best known for credit cards and consumer lending. It also operates a sizeable auto lending business. It holds a national bank charter supervised by the OCC and is FDIC insured. Capital One runs a smaller branch network than the traditional national banks and has built its model around data-driven underwriting and digital servicing.
Digital banks
Chime
Digital
A US financial technology company, not a bank. Because Chime is not chartered, protection depends on the partner bank, and that distinction matters when comparing it with a chartered digital bank. Chime is headquartered in San Francisco and provides current accounts and a secured credit-building card through partner institutions — historically The Bancorp Bank and Stride Bank — which hold the deposits and provide FDIC insurance.
SoFi
Digital
A US digital financial services company headquartered in San Francisco. SoFi began in student loan refinancing and now offers current accounts, savings, personal loans, investing and brokerage within one app. Its banking subsidiary, SoFi Bank, holds a national bank charter granted in 2022 and is FDIC insured, which lets it take deposits directly rather than routing them through a partner.
Ally Bank
Digital
The online-only banking subsidiary of Ally Financial, headquartered in Sandy, Utah, with its parent based in Detroit. It is best known for competitive high-yield savings accounts and for charging no monthly maintenance fees on its main accounts. Ally Bank holds a US bank charter and is FDIC insured, but runs no branches — deposits and servicing are handled online, by app and by telephone.
Discover
Digital
A US consumer bank headquartered in Greenwood, Delaware, historically best known for its credit card franchise and for pioneering cash-back rewards. The business was acquired by Capital One in 2025, so its branding and product line are in the process of being folded into the larger group. It offers online savings accounts, certificates of deposit and personal loans with no branch network. Discover Bank is FDIC insured.
Varo
Digital
A US digital bank headquartered in San Francisco. The charter means Varo takes deposits directly rather than relying on a partner bank. Varo Bank received a national bank charter in 2020, becoming the first US consumer fintech to obtain one, and deposits are FDIC insured. It offers a fee-light current account and savings product, with no branch network and no minimum balance requirement.
Opening a bank account in New York
The process is similar across the country, but the documents you need are strict. Work through these in order.
- 1Provide a New York state ID or passport.
- 2Supply your SSN or ITIN.
- 3Give a New York residential address.
- 4Apply online or in branch. New York City branches can be busy — appointments help.
- 5Fund the account to activate it.
New York banking rules worth knowing
- DFS is the primary regulator for New York state-chartered banks and trust companies.
- New York requires banks to comply with strict cybersecurity regulations (23 NYCRR 500).
- New York has an escheat law: dormant accounts can transfer to the state after three years of inactivity.
- DFS supervises virtual currency business activity under the BitLicense framework.
Other things to keep in mind
- New York has an unusually deep bank market — compare before choosing.
- Crypto-related services are more regulated here than in most states, which cuts both ways for users.
- Dormant account escheat after three years is a real consideration.
- Federally insured by the NCUA up to 250,000 USD per member, separate from FDIC coverage.
Frequently asked questions
Which agency regulates banks in New York?
How do I open a bank account in New York?
Are my deposits protected if a bank in New York fails?
Do I need to live in New York to open an account there?
Sources and verification
The regulatory details on this page come from the bodies that publish them, not from secondary summaries. Each was checked in September 2026.
- New York Department of Financial Services (DFS) — supervisor for state-chartered banks in New York
- Federal Deposit Insurance Corporation (FDIC) — deposit protection for insured banks, 250,000 USD per depositor
- National Credit Union Administration (NCUA) — deposit protection for federally insured credit unions, 250,000 USD per depositor
- Office of the Comptroller of the Currency (OCC) — supervisor for nationally chartered banks
Banking rules and product availability change. Always confirm details with the institution itself before acting. This page is educational information, not a recommendation of any provider. Last reviewed: September 2026.
Other states in the Northeast
Check the numbers before you borrow
Our calculators run entirely in your browser — no signup, no stored data.