The following chart ranks the affordability of 74 basic checking accounts available to New Yorkers. It provides a snapshot of the amount of cash required to open and use each bank account for one year.

Using a model customer profile developed for a low-balance consumer, banks are ranked by the size of their required opening deposit and the amount each bank is estimated to charge in fees per year.

The model customer profile assumes:

  • A fluctuating bank balance of $250 for two months, $500 for eight months, and $750 for two months;
  • 14 transactions per month;
  • One out-of-network ATM withdrawal per month;
  • Use of online banking;
  • No use of direct deposit;
  • And one overdraft fee per year assessed for a transaction of $20.

Real costs will vary based on individual customers’ banking patterns.

To find out more about the features and fees of these 74 banks, visit Find a Bank.

Affordability Ranking

Bank Projected Total Yearly Cost Minimum Opening Deposit Total Cash Required to Open and Maintain a Bank Account for One Year
Bank data current as of April 2016