9 Best Banks in New Mexico for 2024

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From the depths of the Carlsbad Caverns to the heights of the Albuquerque International Balloon Fiesta, banking in New Mexico takes on new meaning.

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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

Based on our research, these are the best banks in New Mexico for 2024.

Best Checking Accounts in New Mexico

When searching for the best checking account in New Mexico, you want to make sure you're getting the most out of it. That means keeping an eye out for low fees, great customer support, and easy access to free ATMs nearby.

And if you happen to find an account that also earns you some interest on your money, well, that's even better! So, keep these factors in mind as you explore your options and find the checking account that suits you best in New Mexico.

Here are the details on our favorite checking accounts this month.

Best for liability protection
Best for cashback rewards
Best for APY
Best for mobile banking
Best for building credit
MMG Rating:
5.0
MMG Rating:
5.0
MMG Rating:
4.5
MMG Rating:
3.9
MMG Rating:
4.5
Monthly fee: $12
Monthly fee: $0
Monthly fee: $0
Monthly fee: $0
Monthly fee: $0
  • Bonus: $300
  • APY: N/A
  • Bonus: $300
  • APY: 3.30%
  • Bonus: $250
  • APY: 4.60%
  • Bonus: N/A
  • APY: 0.10%
  • Bonus: N/A
  • APY: N/A
Best for liability protection
MMG Rating:
5.0
Monthly fee: $12
  • Bonus: $300
  • APY: N/A
Best for cashback rewards
MMG Rating:
5.0
Monthly fee: $0
  • Bonus: $300
  • APY: 3.30%
Best for APY
MMG Rating:
4.5
Monthly fee: $0
  • Bonus: $250
  • APY: 4.60%
Best for mobile banking
MMG Rating:
3.9
Monthly fee: $0
  • Bonus: N/A
  • APY: 0.10%
Best for building credit
MMG Rating:
4.5
Monthly fee: $0
  • Bonus: N/A
  • APY: N/A

Best Savings Accounts in New Mexico

The best savings accounts in New Mexico have high annual percentage yields (APYs), allowing your money to grow more over time. Look for accounts with competitive APYs to make the most of your savings.

Here are the details on our favorite savings accounts this month.

Best for large balances
No monthly fees
Offers welcome bonus
Ease of use
No balance req.
APY: 5.00%
APY: 4.65%
APY: 4.60%
APY: 4.50%
APY: 4.40%
Minimum to Earn APY: $5,000
Minimum to Earn APY: $100
Minimum to Earn APY: $1
Minimum to Earn APY: $100
Minimum to Earn APY: $0
Bonus: N/A
Bonus: N/A
Bonus: $300
Bonus: N/A
Bonus: N/A
Best for large balances
APY: 5.00%
Minimum to Earn APY: $5,000
Bonus: N/A
No monthly fees
APY: 4.65%
Minimum to Earn APY: $100
Bonus: N/A
Offers welcome bonus
APY: 4.60%
Minimum to Earn APY: $1
Bonus: $300
Ease of use
APY: 4.50%
Minimum to Earn APY: $100
Bonus: N/A
No balance req.
APY: 4.40%
Minimum to Earn APY: $0
Bonus: N/A

Best Bank Promotions in New Mexico

Bank account bonuses and promotions often offer attractive cash bonuses when you establish a new checking or savings account. If you're looking for the best bank bonuses in New Mexico, it's important to note that these bonuses are typically awarded as one-time perks.

To be eligible for such rewards, you will typically need to arrange for direct deposit with the bank and maintain the account for a minimum duration, often a few months.

Here are the details on our favorite bank account bonuses this month.

Intro bonus: $300
Intro bonus: $50-300
Intro Bonus: $300
(Nationwide)
(Nationwide)
(Nationwide)
(Nationwide)
  • Bonus Offer: $300
  • Minimum Deposit: $500
  • Direct Deposit: Yes
  • Expiration Date: 7/24/24
  • Bonus Offer: $50-$300
  • Minimum Deposit: $1,000-$5,000
  • Direct Deposit: Yes
  • Expiration Date: 6/30/24
  • Bank Bonus: $300
  • Minimum Deposit: $2,000
  • Direct Deposit: No
  • Expiration Date: 7/22/24
  • Bonus Offer: Up to $300
  • Minimum Deposit: $5,000
  • Direct Deposit: Yes
  • Expiration Date: 6/30/24
Intro bonus: $300
(Nationwide)
  • Bonus Offer: $300
  • Minimum Deposit: $500
  • Direct Deposit: Yes
  • Expiration Date: 7/24/24
Intro bonus: $50-300
(Nationwide)
  • Bonus Offer: $50-$300
  • Minimum Deposit: $1,000-$5,000
  • Direct Deposit: Yes
  • Expiration Date: 6/30/24
Intro Bonus: $300
(Nationwide)
  • Bank Bonus: $300
  • Minimum Deposit: $2,000
  • Direct Deposit: No
  • Expiration Date: 7/22/24
Intro Bonus: $300
(Nationwide)
  • Bonus Offer: Up to $300
  • Minimum Deposit: $5,000
  • Direct Deposit: Yes
  • Expiration Date: 6/30/24

You’ll find some of the best checking and savings accounts at banks well-known and loved in New Mexico. Our list includes seven of the best banks in the Land of Enchantment. 

1. 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.

2. 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.

3. 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.

4. 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.

5. 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: 

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. 

6. 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. 

7. U.S. Bank 

Banking online and with your smartphone is easy with U.S. Bank. This national bank is a member-FDIC and operates in half of the states in the country with over 2,000 branches. 

You’ll find 16 U.S. Bank branches in New Mexico and plenty of ATMs to access your funds. U.S. Bank doesn’t offer free checking accounts, but you can waive the $6.95 monthly fee if one of the following applies: 

  • Currently have a U.S. Bank credit card 
  • Maintain an account balance of $1,500 or more
  • Receive combined direct deposits totaling $1,000 or more 
  • Qualify for a Smart Rewards tier

You can open a Standard Savings account with $25. However, you’ll find higher APYs from U.S. Bank CDs, though these rates are still about average. 

For business accounts, U.S. Bank has three business checking accounts, Gold and Platinum — including a free option with its Silver Business Checking. You can apply for an account online, over the phone or in person at a branch (U.S. Bank has branches in 26 states).

$800 Bonus Offer
U.S. Bank Business Checking
4.0
Act fast: Expires August 30, 2024. Member FDIC.

To earn up to $800, open a U.S. Bank Business Checking account using the promo code Q2AFL24 and complete the following activities:

  • Open a U.S. Bank Business Checking account online (Silver, Gold, Platinum)
  • Deposit $5,000 to earn $400 or $25,000 to earn $800 in new money within 30 days of account opening and maintain at least that balance for 60 days after opening the account
View Bonus
Deposit products offered by U.S. Bank National Association. Member FDIC.

8. 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. 

9. Wells Fargo 

As one of the largest national banks in the country, Wells Fargo serves over 70 million customers nationwide. It also operates nearly 30 physical branches in New Mexico. 

You can find over half a dozen Wells Fargo branches in Las Cruces and Rio Rancho. There are over 10 branches in Albuquerque alone. 

Wells Fargo’s Everyday Checking account is popular, as it only requires a $25 minimum deposit. You’ll pay a $10 monthly fee unless you maintain a $500 minimum balance or receive $500 in qualifying direct deposits. 

However, if you’re between 17 and 24 years old, Wells Fargo waives this monthly fee. You can also take advantage of several bonuses and promotions throughout the year that reward new members. 

Wells Fargo offers online and mobile banking solutions. While the savings APY can hardly compete with online-only banks, it’s enough to help you earn something on your savings balance. 

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

Which of the best banks in New Mexico offer free checking accounts?

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. 

Are traditional banks better than online-only banks? 

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. 

What do the best banks in New Mexico require to open a bank account?

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? 

Earn $300 bonus
Axos Bank® Rewards Checking
5.0

A free account with unlimited ATM fee reimbursements. You don't have to worry about keeping a minimum balance with Axos' Rewards Checking. As with the bank's other checking accounts, there are no monthly fees, and all fees charged by domestic ATM operators are reimbursed. Axos doesn't charge any ATM fees itself.

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About the author

Brian Meiggs
Hi, I'm Brian Meiggs! A personal finance expert, entrepreneur, and the founder of My Millennial Guide. My drive is to help others unlock the wealth of freedom and pave the path to financial success. With my bachelor's degree in finance, I help millennials follow the smart money in order to increase their earning potential and start building wealth for the future. I write regularly about side hustles, investing, and general personal finance topics aimed to help anyone earn more, pay off debt, and reach financial freedom. I have been quoted in major publications including Business Insider, Yahoo Finance, NASDAQ, Discover, GoDaddy, BiggerPockets, Fox News, Debt.com, Quick Sprout, Money Geek, MSN Money and many more!