Best Checking Accounts in New Mexico for 2024
New Mexico is home to 24 major banks, several credit unions, and many online banks.
Finding the best checking account in New Mexico requires determining what you really want for your money, deciding whether online or local banks would be best for you, and then reviewing each one to find the perfect account for your needs.
Read on to learn more about New Mexico checking accounts.
Compare New Mexico and Online Checking Accounts
Local and online banks have advantages and disadvantages. Comparing them is the first step to deciding which one is best for you.
Consider these questions and points:
- Is online banking or in-person banking your preferred style?
- Do you prefer to handle banking via online or mobile apps?
- How often do you need to withdraw money?
- Will you need to deposit cash?
- Do you need an ATM card to handle either of those things?
- What are you willing to pay in bank fees?
- Do you want to earn interest on your money?
- Do you need good customer service?
Best Checking Accounts in New Mexico
The options for a checking account in New Mexico might seem endless. The good news is that the cream always rises to the top. These are some of the best banks in New Mexico for checking accounts.
New Mexico Bank & Trust
One of the largest banks in New Mexico, New Mexico Bank & Trust offers four checking accounts. Free Checking with E-Statements is perhaps the most no-frills option, with only $25 to open, no minimum balance, and no monthly fee.
Check Free Checking requires $25 to start but doesn’t allow for waiving the fee.
Getting more for your money starts with Platinum Checking, which requires a $12 fee waived by a $7,500 minimum daily balance and $500 to start. Those who have serious money to move around will enjoy the Signature Checking.
Pioneer Bank
Four checking accounts are available at Pioneer Bank, starting with the aptly-named Completely Free Checking, which has no monthly fee and no minimum balance required.
Benefits Checking allows for free bill pay, unlimited check writing, and no minimum balance but requires a $6.95 per month fee.
Those with more hefty cash might choose the VIP Free Interest Checking or the High-Interest Checking, neither of which requires a monthly fee.
Bank of Albuquerque
Five checking accounts are offered at the Bank of Albuquerque, and some are specifically designed to meet the needs of certain populations, like the Youth Checking for those under the age of 18.
Access Checking has no fee when you sign up for online statements. Select Checking allows you to earn interest and waive the $15 monthly fee by meeting certain account and balance requirements.
Premier Checking offers the help of a financial advisor for those with high-value accounts.
Finally, Opportunity Banking is for those who might have difficulty getting a traditional checking account and charge a $5 monthly fee.
How to Find the Lowest Checking Account Fees
You could be paying too much in checking account fees each month.
Check out some of our top checking account picks for those who want to save on checking account fees and enjoy the convenience of online banking.
Pros and Cons of Local Banks
Local banks have numerous advantages — for instance, there’s probably a branch right down the street. But there are some downsides, too.
Here’s what to expect from local banks.
Pros
- Numerous branches and ATMs make withdrawals and deposits easy.
- Local banks provide robust customer service in person, but some also provide 24/7 phone assistance.
- Local banks offer a full suite of services, including money market accounts and mortgages.
- Giving back to the local area is a hallmark of a strong community bank.
Cons
- Local banks might not offer the competitive interest rates you find at online banks.
- Branches are the bread-and-butter for local banks, so they might not have a robust online presence.
- Those who have 9-to-5 jobs might find it difficult to reach a branch during normal business hours.
Online Checking for New Mexico Residents
Finding the best bank in New Mexico can seem daunting, which is why it’s important to read reviews and get a feel for what the bank offers.
One Cash
One Cash, offered through the One app, provides a unique blend of savings and checking account features, targeting users who prefer a digital-first banking experience.
Unlike traditional checking accounts, One Cash offers a competitive APY on balances in its Save Pocket, making it more appealing for those looking to earn interest.
There are no monthly fees or minimum balance requirements, which is a plus compared to many traditional banks. However, it lacks physical branches, which can be a drawback for customers who value in-person service. The app offers advanced budgeting tools, but some may find the structure of multiple “pockets” (Save, Spend, Auto-Save, etc.) more complex than a standard checking account.
Additionally, cash deposits are limited to partner locations like Walmart, which may be inconvenient. Overall, One Cash is a strong option for tech-savvy individuals seeking higher yields, but it may not be ideal for those needing traditional banking features.
SoFi® Checking and Savings
SoFi Checking and Savings offers a blend of modern banking conveniences and digital-first features aimed at those seeking a fully online experience. The account provides no-fee banking, with features like early direct deposit, overdraft protection (for eligible accounts), and access to a large network of fee-free ATMs. SoFi also offers a cash-back rewards program for debit card purchases.
However, it lacks traditional banking services like in-person branch access, which may be a downside for customers who prefer face-to-face assistance. Although SoFi advertises a high annual percentage yield (APY), it’s only available for accounts meeting specific requirements, like direct deposit.
One of SoFi’s key advantages is its integration with its broader suite of financial services, including loans, credit, and investing options. However, this focus on digital tools may feel limiting for those needing physical checks or more complex banking needs like small business services. Overall, it’s best for tech-savvy users who prioritize online convenience.
Varo
Varo is an online-only bank designed for customers seeking a streamlined, fee-free checking experience. It stands out by offering no monthly fees, no minimum balance requirements, and access to an extensive network of fee-free ATMs.
Varo also offers early direct deposit, which allows users to access their funds up to two days earlier. For those who qualify, Varo provides an optional overdraft protection program.
However, Varo lacks physical branches, which may be a drawback for those who prefer in-person banking services.
While the account offers a high APY on savings, this is conditional on meeting certain criteria, such as direct deposits and maintaining a specific balance. It also doesn’t provide access to more advanced financial services, such as credit cards or investment options, limiting it to basic banking needs.
While Varo offers a straightforward and cost-effective option, it may not be the best fit for those needing more complex banking solutions or in-person assistance.
The lack of physical checks and advanced features, like small business banking or investment tools, might limit its appeal for certain users. However, for those comfortable with an entirely digital experience, Varo delivers solid value with its fee-free structure and easy-to-use platform.
Pros and Cons of Online Checking Accounts
Online checking accounts have some great advantages, but they also have a few downsides. Here’s what to expect.
Pros
- Online banks often provide perks for new customers.
- Website and mobile apps are robust and easy to use to move money around.
- Customer service is often available 24/7 via chat, text, email, and phone.
- Interest rates might be higher than that of local banks.
Cons
- Online banks might not offer a full slate of services as local banks do.
- Online banks usually don’t have branches; those that do are located in large metro areas.
- Automated systems might make it difficult to get in touch with a real person.
What to Look for When Choosing a Checking Account in New Mexico
What do you really need — or not need — in a checking account in New Mexico? Here are some of the key points to keep in mind.
Monthly Fees
Most banks do charge monthly fees but provide numerous ways to waive them. This might be as easy as having a direct deposit sent to your account every month. Or it might be a bit more difficult, such as having to keep a high minimum balance.
Consider if you will be able to easily waive the monthly fee for your new checking account.
Other Fees
Even if a bank easily allows you to waive the monthly fees, there could be other fees to consider. There might be a cost for paper statements, overdrafts, cashier’s checks, wire transfers, and the like.
Check out the fine print, determine if these are services you might use, and decide if the fee is reasonable for you.
ATM and Branch Access
Most local and online banks offer ATMs with no fees. Online banks, by necessity, tend to have larger ATM networks. However, local banks have the advantage of branches for in-person banking. Ask yourself which you prefer: to bank in person or to handle everything online.
Interest Rates and Bonuses
Banks often offer promotions and incentives to new customers or those who meet certain requirements, such as carrying a high minimum balance or opening a savings or money market account.
Interest rates might be higher at online banks than at local banks, but look at the fine print — is interest tiered to reward only the highest balances?
Mobile Banking Apps
Banking online requires a mobile app that is intuitive, easy to use for even a novice, and offers the bells and whistles you need to make the most of your money. Read reviews of the apps, especially if you intend to use them only for online banking, and make sure they’re suitable for what you need.
What to Know About New Mexico Checking Accounts
Here are a few need-to-know facts about checking accounts in New Mexico:
New Mexico ranks among the worst states for banking access, according to according to one study. That might mean it can be difficult for residents to get a checking account, often due to strict rules on credit scores.
Most local banks in New Mexico allow you to begin the checking account application online and even start with the opening deposit, but they will require you to go into a branch to fill out the final paperwork to keep the account open.
