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.
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
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
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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
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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
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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.
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Bottom Line
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!