If you choose to bank with New York Community Bank (NYCB), you’ll find that it has a great reputation within the community along with competitive interest rates. To find out if New York Community Bank is right for you, continue reading the review below.
Founded in 1859, the New York Community bank has become the 5th largest bank in New York, and the 42nd largest in the nation.
As of December 2018, they have more than 2,900 employees that are dedicated to giving you the best possible banking experience. They have a 24-hour online service and can assist you whenever you need.
Table of Contents
- 1 Checking Account Options
- 2 Compare Checking Accounts
- 3 Savings Account Options
- 4 Compare Savings Accounts
- 5 Money Market Account Options
- 6 Compare Money Market Accounts
- 7 CD Account Options
- 8 Compare CD Accounts
- 9 Reasons to Bank with New York Community Bank
- 10 Reasons Not to Bank with New York Community Bank
- 11 New York Community Bank Routing Number
- 12 Contact Customer Service
- 13 How New York Community Bank Compares
- 14 Bottom Line
Checking Account Options
New York Community Bank offers a wide selection of checking accounts that can best be suited to your needs. They offer accounts with low monthly fees that can be waived along with competitive interest rates.
This is a good checking account to get started on.
It only requires a $1 deposit to open, and has no monthly fees.
This account also comes with a free e-statements and overdraft protection
This checking account offers competitive interest rates with a relatively low minimum deposit of $100.
To waive the $6 monthly fee, you must maintain a balance of $500.
This interest is compounded and credited monthly.
For customers that are 50+ years of age, you can earn special interest rates while saving on monthly fees.
You must have an opening deposit of $100 and maintain a daily balance of $1,000 to waive the monthly fee of $5.
This account offers students unlimited check writing and enables them to save on fees.
All you need is an initial deposit of $1 and there is no monthly fee to be waived.
This account also offers overdraft protection.
Compare Checking Accounts
• New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
• Access to 16,000 Chase ATMs and more than 4,700 branches
• Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
• Open your account online now
• Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
• Chase Overdraft AssistSM: $0 overdraft fee when you overdraw your account $50 or less*
*We won't charge an overdraft fee if you are overdrawn $50 or less at the end of the business day. Chase may pay, for a $34 fee, overdraft transactions at our discretion based on your account history, deposits and transaction amount. If you've enrolled in Debit Card Coverage, everyday debit card purchases like groceries, may be approved at our discretion when you don't have enough money in your account.
Open your Huntington 25 Checking account today and enjoy:
• $300 bonus by making cumulative new money deposits of at least $25,000 within 60 days of account opening. $300 will be deposited in your new account within 14 days of meeting requirements.
• 24-Hour Grace Overdraft Fee Relief. It is designed to give you more time to make a deposit in order to avoid an Overdraft Fee.
• Earn Interest on Balances.
• Free ATM Withdrawals. They’ll waive all non-Huntington ATM cash withdrawal fees at any ATM and reimburse you for some withdrawal fees charged by another ATM owner.
• Waived Monthly Maintenance Fee
• Credit score and identity monitoring at no added cost
Savings Account Options
New York Community Bank has a low variety of savings accounts, but the ones they do have are easy to open and can waive the monthly service fees.
They also offer decent interest rates, check with one of your local branches to verify what rates they are giving out.
With an initial deposit of $100 you can open a savings account that offers interest compounded quarterly.
To earn interest you must maintain at least $200 in the account.
To waive the monthly service fee you must have a balance of at least $500.
This account offers a higher interest rate, but requires a $500 opening deposit.
You must maintain that balance to waive the monthly service fee.
Compare Savings Accounts
With the CIT Bank Savings Builders account:
• Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn up to 0.55% APY on your funds - grow your savings faster.
• Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate.
• FDIC Insured
With the American Express® High Yield Savings Account:
• Earn 0.60% APY as of 4/28/22 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• 24/7 Account Access
Open a Discover Online Savings Account for all these features:
• Bonus offer applies for your first Discover Online Savings Account
• Earn $200/$150 Bonus with promo code HMB222 by 06/15/2022
• Fund your first savings account with at least of $25K within 30 days of account open date to earn the $200 Bonus
• Fund your first savings account with at least of $15K within 30 days of account open date to earn the $150 Bonus
• Earn high interest rate of 0.60% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
See advertiser website for full details
Money Market Account Options
Money Market accounts allow for a higher yield and gives access to your funds with either checks or a bankcard. New York Community Bank has one checking account that earns money market interest rates.
My Community Gold Money Market Checking
You will need a minimum deposit of $2,500 to open this account, and there is a monthly fee of $15. However, you can waive the fee by having $2,500 as your daily account balance. The interest is compounded and credited monthly.
Compare Money Market Accounts
• Earn 0.25% APY with the Axos Bank High Yield Money Market
• FDIC Insured
• Check writing privileges
• No monthly maintenance fees
• No minimum balance requirements
• Debit card transactions
• Minimum Balance Required to Open the Account: $ 1000.00
• Get started and open a Discover Money Market Account in 3 easy steps.
• Available nationwide online
• Earn high yields with flexible access to your cash.
• Earn 0.55% APY balances $100,000 and over
• Earn 0.50% APY balances under $100,000
• Open with as little as $2,500.
• No hidden fees. No surprises.
• Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs
With the CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily.
• Earn 0.70% APY on your funds
• One of the nation's top rates — several times the national average.
• Get up to 6 digital transfers/withdrawals per statement cycle
• Save smart and get more for your money
• Higher rates than traditional banks
• Get 24/7 Account Access
• Secure banking features
• Open with as little as $100
• FDIC insured
CD Account Options
New York Community Bank has fantastic CD rates for anyone that has cash they can afford to set aside for a long period of time. Make sure to call your local branch and verify the rates, as they can vary from location to location. Learn more about NYCB CD rates here.
Some featured promotional CDs that NYCB has to offer are:
- 24 Month CD – $500 deposit for 2.75% rate
- 18 Month CD – $500 deposit for 2.70% rate
- 12 Month CD – $500 deposit for 2.50% rate
- 5 Month Special CD – $2,500 deposit for 2.40% rate
Compare CD Accounts
• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 0.20% APY up to 2.15% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
• Available online nationwide
• Earn 0.30% APY on a 12-Month CD Term
• Earn up to 0.50% APY
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open a CIT Bank Certificate of Deposit Account today!
With the CIT Bank No-Penalty 11-Month CD:
• Earn 0.30% APY on your funds with just a $1,000 minimum deposit.
• The perfect balance between a great fixed rate and flexible money access.
• Access funds, if needed. No penalty.
• No opening or maintenance fees
• Shorter 11-month timeframe and a great APY
• If you need your funds prior to the maturity date, you can withdraw your money — including any interest earned — beginning seven days after the funds have been received. No penalty. No problem. It's the security of a CD with the flexibility to access your funds early if you need them.
Reasons to Bank with New York Community Bank
- New York Community Bank offers a no-fee, no-minimum-balance version of most deposit accounts.
- The minimum requirements to open any of their checking accounts is fairly low, so anyone can open one.
- Students and senior citizens don’t have to worry about paying monthly fees when they open a checking account.
- The My Community Gold Money Market Checking account could be a good investment if you want a checking account that can ear money market interest rates, rather than a savings one.
- New York Community Bank offers varying CD rates, but they match top competitors.
- They claim themselves to have top notch customer service and dedicate their time to ensuring that customers get the best out of their banking.
- You can use a NYCB Visa debit card at any of their participating ATMS free of charge, and have free online and mobile access.
- Those who live in New York can find this bank easily as NYCB is a subsidiary of New York Community Bancorp.
- You can also find NYCB branches in Vermont, northeast Pennsylvania, and the Adirondacks and Finger Lakes regions of New York.
Reasons Not to Bank with New York Community Bank
- Those who don’t live in New York or the east coast might not find this bank convenient at all.
- They don’t have a limited amount of savings accounts
- Their interest rates on deposit accounts are low, this is more recommended for those who want to invest in CDs or money market accounts instead.
New York Community Bank Routing Number
The NYCB routing number is 226071004. You can also check the lower left corner of your NYCB check.
Contact Customer Service
Reach New York Community Bank Customer Service at 1 (877) 786-6560 Their hours vary from branch to branch, so make sure you check before calling or driving all the way there.
To find a branch closes to you, make sure you use their Locator so you can find out when you can get in touch with them.
How New York Community Bank Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Valley National Bank: Also located in New York, they offer pretty similar options to NYCB but have a better variety of savings accounts, though the rates are comparable. VNB has various account options but pride themselves in high CD rates as well.
- Bank of America: As one of the larger banks in the U.S. Many may choose BoA for the convenience of locations through out 35 states. However, BoA offers limited account options.
- US Bank: They have approximately 5,000 ATMs locations throughout 25 states. Enjoy 24/7 customer service and mobile banking.
- Banco Popular: They offer basic checking and savings accounts in the East coast. They had options for students in high school and college.
If you live in the New York area or any of the other locations that New York Community Bank is located in and want a simple bank to conduct your banking at, then consider choosing NYCB.
If you are more interested in investing your time and money on earning higher interest rates, then NYCB has great CD rates that are comparable to big name banks. Take advantage of the feature promotional CDs because they will vary as time goes on.
They also have lower opening deposit requirements than other banks, so that is something to consider as well.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If you are interested in checking out other banks in the New York area, click here.
It’s very important to keep in mind the potential fees that may incur and how to avoid them if possible. If New York Community Bank has the variety and options you’re looking for, apply today! For more options from a variety of banks, see our list of the best bank promotions!