Honestly, we have no idea why youâ€™d want to open either of these two checking accounts. None of them offer any perks or other favorable terms beyond a standard checking account. And its â€śbasic checking accountâ€ť is less helpful than most true basic checking accounts, since you canâ€™t even really write very many checks each month.
We suggest giving these checking accounts a hard pass in favor of a better checking account that actually will reward you with better terms and the ability to earn interest.
State Bank of India New York actually offers some pretty fantastic rates on CDs. In fact, theyâ€™re on par â€” or even higher â€” than our current top CD picks. The only things we donâ€™t like about them are that it can be a hassle to open the Senior Citizen CDs since you canâ€™t do it online presently, and that you canâ€™t make a partial early withdrawal from these CDs.
The rates that State Bank of India New York is offering on its money market account isnâ€™t anything to write home about (literally). We also donâ€™t like the fact that you need to maintain a separate checking account if you want to use a debit card with this account â€” a requirement that seems highly unnecessary since most banks will let you have a debit card without imposing any other odd restrictions on it.
Instead, if you want to earn the best rates possible for the money in your money market account, consider one of these top-performing money market accounts instead.
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