Banking online and through our smartphones is quickly becoming the norm these days. After all, we probably spend more time on our phones than the computer.
Recent statistics support this fact, with findings that over 70% of bank customers regularly use online banking. Compare that to 43% of users that regularly leverage mobile banking to manage their finances on the go.
Each of the best banks on our list below offers online and mobile banking. Without these features, they wouldn’t be the best in New Mexico.
These excellent banks also offer several other types of accounts and services, from wealth management and money market accounts to retirement accounts and business banking. If you’re looking for a one-stop shop, the best banks in New Mexico have your back.
Are you ready to learn more about the best banks in New Mexico? Let’s get started!
Best Banks in New Mexico
1. Wells Fargo – Best Checking Account
New Mexicans can benefit from Wells Fargo’s strong banking presence, with branches and ATMs in cities like Albuquerque, Santa Fe, and Las Cruces.
The Everyday Checking account offers a $325 bonus for new customers who open an account with $25 and receive $1,000 in qualifying direct deposits within 90 days. Wells Fargo’s digital banking tools and 24/7 fraud monitoring make managing your finances in the Land of Enchantment a breeze.
Open your account today and enjoy secure, convenient banking in New Mexico.
2. U.S. Bank – Best Business Banking in New Mexico
If you're running a business in New Mexico, U.S. Bank makes it easy to manage your finances with flexible business checking options and 16 local branches across the state.
Choose from two business accounts: Business Essentials Checking, ideal for everyday needs, or Platinum Business Checking, designed for higher balances and transaction volumes. Both accounts offer online and mobile banking, making it easy to stay on top of your business from anywhere.
While there's a $6.95 monthly fee on some accounts, it’s easy to waive by meeting one of several common requirements, like maintaining a $1,500 balance, having a U.S. Bank credit card, or receiving $1,000 in direct deposits each month.
With over 2,000 branches nationwide and FDIC insurance, U.S. Bank is a reliable partner for your business banking needs.
- No monthly fees (easy to waive)
- Unlimited digital transactions
- Free same-day deposits + mobile card reader
3. Bank of Albuquerque
Bank of Albuquerque is a regional bank that is part of the BOK Financial Corporation, headquartered in Tulsa, Oklahoma. Bank of Albuquerque operates 22 branches throughout the state.
One of the key features of Bank of Albuquerque is its free checking account, which does not incur any monthly fees. Customers also receive a Visa debit card for convenient transactions.
Additionally, the bank provides access to a vast network of over 32,000 ATMs nationwide. Bank of Albuquerque offers overdraft protection services and free online statements for easy account tracking.
This New Mexico-based bank also offers QuickSave, an automatic savings feature that allows customers to contribute to their savings effortlessly. Bank of Albuquerque offers a range of savings accounts, some of which may have associated fees.
However, customers can waive these fees by meeting specific requirements. The Youth Savings account is available without any monthly fees.
Bank of Albuquerque provides money market accounts and CDs to help customers grow their savings.
4. Century Bank
Century Bank, operating since 1887, offers comprehensive financial services to cater to various needs. They provide personal loans, business accounts, retirement savings options, and CDs.
With no monthly fees or minimum balance requirements, Century Bank ensures accessibility and affordability for its customers. For convenient access to cash, Century Bank provides access to MoneyPass ATMs.
This bank also offers savings and money market accounts to help customers grow their savings. Moreover, Century Bank assists customers with personal and auto loans.
By opting for eStatements, customers can avoid monthly fees with Century Bank’s Century Checking. Opening an account requires a modest $25 deposit.
This account comes with a debit card, unlimited transactions, and access to online and mobile banking services. Seniors aged 60 and over receive the first order of checks and paper statements for free.
Century Bank also offers a special incentive to encourage financial wellness among students. Upon opening an account, students aged 15 to 24 receive a gift card and enjoy the benefit of having the first four non-Century Bank ATM fees reimbursed, up to $8 per month.
5. Citizens Bank of Las Cruces
Citizens Bank of Las Cruces, a community bank established in 1970, provides various financial services. This bank serves the local Las Cruces, New Mexico community, with seven branches.
The bank offers checking and savings accounts, credit cards, and loans, catering to various financial requirements. Customers can choose from different checking account options, including Easy Checking, Main Street Checking, and Relationship Checking.
While Citizens Bank of Las Cruces makes it easy to waive monthly fees, some customers may find the APY on specific accounts lower than desired. However, you can find some of the best checking accounts at this New Mexico-based bank if you want more than just your traditional financial services and products.
The Easy Checking account mainly benefits students, providing online banking, bill pay, and mobile deposit features without monthly fees. Citizens Bank of Las Cruces also offers savings accounts, including money market and Junior Savings accounts.
This bank also provides financial calculators and educational resources to help customers make informed financial decisions. Citizens Bank of Las Cruces also offers business banking services and loans to support local businesses and entrepreneurs' financial endeavors.
6. Enterprise Bank & Trust
Enterprise Bank & Trust offers a Basic Checking account with attractive features for customers, including electronic statements. With no minimum balance requirements or monthly fees, this account provides flexibility and cost-saving benefits.
With Enterprise Bank & Trust, you’ll have access to the Allpoint ATM network of thousands of free ATMs. You’ll also receive a debit card you can use in conjunction with online and mobile banking.
Enterprise Bank & Trust's Basic Checking account includes free bill pay and mobile deposit functionalities. You can also save automatically with the banks’ round-up feature, which rounds up your debit card transactions and automatically transfers the amount to your savings account.
7. New Mexico Bank & Trust
New Mexico Bank & Trust is a homegrown financial institution headquartered in New Mexico and the state's largest regional bank. This bank offers a comprehensive range of services, including:
- Mortgage solutions
- Wealth management
- Investment services
- Retirement planning
- Trusts
- Estate planning
New Mexico Bank & Trust provides loans, lines of credit, and credit cards for small businesses. One of their notable offerings is the Free Checking account, which has no monthly fee and does not require a minimum opening deposit.
Customers who set up direct deposit can earn up to $20 back in ATM fees with the Platinum and Signature Series checking accounts. Additionally, the bank offers new account welcome bonuses.
You must have a $25 minimum deposit to open a checking account. New Mexico Bank & Trust also provides various savings options, including savings accounts, CDs, and money market accounts.
New Mexico Bank & Trust is also a member of the FDIC. While it may not offer the best bank account bonuses, it has several credit cards with no annual fees.
8. Nusenda Credit Union
While you won’t find many credit union promotions from this New Mexico-based financial institution, Nusenda Credit Union is part of the Co-Op Network. This partnership allows Nusenda Credit Union members to access their accounts from other credit unions within the network.
Nusenda Credit Union also connects customers to over 30,000 ATMs nationwide. Membership requirements are more flexible than other credit unions.
If you meet specific requirements, you can waive the $5 monthly fee for checking accounts from Nusenda Credit Union. The credit union also offers competitive rates on loans and CDs.
9. WaFd Bank
WaFd Bank is a regional financial institution that serves multiple states, including:
- Washington
- Oregon
- Idaho
- Nevada
- Utah
- Arizona
- New Mexico
- Texas
This bank operates 20 branches in New Mexico in Albuquerque, Rio Rancho, Santa Fe, and other areas. WaFd Bank provides a wide range of banking services, catering to personal, business, and commercial needs.
Specific offerings include checking and savings accounts, mortgages, credit cards, and merchant services. This bank specializes in home loans and even provides a helpful home equity line of credit (HELOC) calculator to assist customers.
One notable feature of WaFd Bank is its free checking account, which comes with convenient benefits such as bill pay, mobile and online banking, and no minimum balance requirements or monthly fees. Opening an account requires a minimum deposit of $25.
WaFd Bank supports small businesses, offering tailored solutions to meet their financial needs. Whether it's business banking services or lending options, this bank strives to assist small businesses.
It's worth noting that WaFd Bank is also known as Washington Federal Bank. This bank also offers CDs.
Types of Banks in New Mexico
Banks dot the landscape of New Mexico, but how do you know which one has your best interests in mind? Here are the various types of banks you’ll encounter in New Mexico:
- National banks: These banks serve individuals, businesses, and organizations by providing various financial services. These include checking and savings accounts, loans, mortgages, and investment options.
- Community banks: Smaller and often locally owned, these banks prioritize serving their communities with a more personal approach to customer service. Services include checking and savings accounts, loans, and personalized financial advice.
- Credit unions: These member-owned financial cooperatives offer lower fees, competitive interest rates, and a strong sense of community, in addition to checking and savings accounts, loans, and mortgages.
- Regional banks: A regional bank operates within a specific geographic area and offers financial services to individuals, businesses, and organizations. These banks can have multiple branches in the region, and they provide personalized customer service tailored to the local community's needs.
- Online-only banks: These banks offer competitive interest rates, low fees, and convenient access to banking services through mobile and online platforms.
The best national banks tend to have robust online and mobile banking platforms. However, even the best banking apps can’t make up for an account that takes more of your money than it earns you.
FAQs
Bank of Albuquerque, New Mexico Bank & Trust, and U.S. Eagle Federal Credit Union offer free checking accounts. Most free checking accounts require that you maintain a minimum balance or meet specific spending or direct deposit requirements to waive the monthly fees.
Many people prefer traditional banks to online-only banks because they can visit a branch and speak to a representative face-to-face. However, others prefer online-only banks because they offer higher interest rates for savings accounts and lower rates for loans.
You’ll need a form of identification (such as a driver’s license), your Social Security number, proof of address, and a minimum deposit to open a bank account. However, some banks waive the need for an opening deposit so you can open an account for free.
Out-of-this-World Banking in the Birthplace of the Nuclear Bomb
You don’t have to manipulate physics to find the best banks in New Mexico. Our list above includes seven you can choose from that offer stellar perks and personalized options.
We hope this list helps you find a bank that suits your financial needs, big or small. Managing your finances can be difficult, but you don’t need the Los Alamos Laboratory to know that the best banks in New Mexico prove their worth every day.
You can go with a national bank if you’re unsure about the local and community banks listed above. In addition, several online-only banks help you keep your finances just as secure.
Which of the best banks in New Mexico will you choose?
