Friday, 23 October 2020

New York Community Bank Reviews: Checking, Savings, CD, and Money Market Accounts

New York Community Bank Reviews: Checking, Savings, CD, and Money Market Accounts
01 Aug
1:58

New York Community Bank checking account options

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How New York Community Bank’s checking accounts compare

You have all kinds of checking accounts to choose from at New York Community Bank. They offer a range of options that target different markets, including military servicemembers and students. But despite that variety, all these checking accounts share similar problems.

Most of the accounts don’t earn anything, and the ones that do pay interest require you to call the bank to learn the current rate. It’s also a shame that none of the accounts refund out-of-network ATM fees. In fact, NYCB charges a fee for out-of-network ATM use on every account but Military Checking. If you don’t live close to a NYCM ATM, those fees could add up quickly.

A quality checking account would not have these downsides. We recommend reviewing the top online checking accounts instead — they earn high interest rates and provide ATM fee refunds, so you can access your account without wasting money.

New York Community Bank saving account options

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How New York Community Bank’s savings accounts compare

In our opinion, the New York Community Bank savings accounts offer less than we hoped. Both will charge a monthly fee if your balance falls below $500, which could wipe out any of your interest earnings.

If we had to pick one, Super Savings is a little better. However, you have to be careful to never let your balance drop below $500 or else you’ll get whacked with a $10 monthly fee.

Consider one of these online savings accounts instead. Not only will you earn a competitive rate, you’ll also be able to avoid the costly monthly fees charged by New York Community Bank.

New York Community Bank CD rates

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How New York Community Bank’s CD rates compare

If you are looking for a short-term CD that lasts two years or less, New York Community Bank should be on your list of contenders. They currently do not offer anything lasting more than two years, which is why they aren’t an ideal match for long-term savers. But for a short-term savings goal, these CDs are an excellent choice.

New York Community Bank also makes it easy to sign up for their CDs. They only require a $500 deposit, which is lower than many other banks, and you can apply online.

To see how these CDs match up against the competition and why they are so good, check out our list of the other best CDs on the market today.

New York Community Bank money market account options

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How New York Community Bank’s money market accounts compare

The New York Community Bank money market account is not an attractive option due to its monthly fee requirements. The account has a high $2,500 minimum balance requirement or else it charges a $15 monthly fee.

If you want a money market account, check out these money market options instead. They pay competitive interest rates and you can open some of them up for a much smaller deposit.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

David Rodeck

David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Source: https://www.magnifymoney.com/blog/reviews/new-york-community-bank/

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