New York Community Bank Review 2021

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Updated on Friday, October 1, 2021

New York Community Bank

New York Community Bank traces its history back to 1859, when it first operated as Queens County Savings Bank. Now, the bank operates 237 branches via eight banking divisions, with operations in New York, New Jersey, Ohio, Arizona and Florida.

Deposit accounts at the bank range from checking and savings accounts to money market accounts and CDs — reviews of the available accounts appear below. Rate information, where available, is for Westbury, N.Y., where the bank’s headquarters is located. Rates and product information could vary depending on your location.

New York Community Bank savings accounts 3.5 out of 5

NYCB My Community Savings Account
  • APY: N/A online, call NYCB for rates
  • Minimum opening deposit: $100
  • Monthly fee: $5 (or $0 if meeting certain requirements)

The My Community Savings account requires a $100 deposit to open, and a $500 daily balance to avoid the $5 monthly fee. The account pays interest, but you must maintain a balance of at least $200 to earn — however, the APY for this account is not listed on the bank’s website, so you’ll have to call the bank for the current rate. The account’s fee schedule must also be requested, as it too is not published online.

The My Community Savings account can be opened at a bank branch, though you can also open this account online. You’ll need a valid U.S. address, a form of ID and your Social Security number or Tax ID number.

NYCB My Community Super Savings Account
  • APY: N/A online, call NYCB for rates
  • Minimum opening deposit: $500
  • Monthly fee: $10 (or $0 if meeting certain requirements)

The My Community Super Savings account requires a $500 deposit to open, and also requires a $500 daily balance to avoid the $10 monthly fee. APYs are tiered, but you’ll have to call the bank to get the rates as they are not published on the bank’s website. A minimum balance of $100 is required to earn interest. Other features of the account mimic the regular savings account, such as the availability of e-statements and free online banking.

As with most other NYCB accounts (though not the My Community Savings Account), you’ll need to open this account at a branch by providing your Social Security number or Tax ID, a form of valid ID and a U.S. address.

NYCB Vacation and Holiday Club Accounts
  • APY: N/A online, call NYCB for rates
  • Minimum opening deposit: $0
  • Monthly fee: $0

These accounts allow investors to save for mid-year vacation costs or end-of-the-year holiday expenses. You can make deposits to these accounts either at a branch, via online banking or through an automated transfer from an existing NYCB account. Holiday Club accounts mature in mid-October, at which point account holders either receive a check for the full balance in the account or have that amount transferred back to the donor account; Vacation Club accounts mature in mid-April and have the same payout options. After the annual payout, automated transfers, if established, will immediately resume for the following year.

NYCB Kids and Student Accounts
  • APY: N/A online, call NYCB for rates
  • Minimum opening deposit: $1 for kids, $0 for students
  • Monthly fee: $0

These two accounts are designed for kids ages 7 to 17 and college students, respectively. With low (or zero) minimum opening deposits and no fees, they are designed to teach children and young adults the ins-and-outs of managing a savings account. Both of these accounts must be opened at a New York Community Bank branch.

NYCB Money Market Account
  • APY: N/A online, call NYCB for rates
  • Minimum opening deposit: $2,500
  • Monthly fee: N/A online, call NYCB for monthly fee (or $0 if you meet certain requirements)

The New York Community Bank Money Market account requires a $2,500 deposit to open, and the same amount to both waive the monthly fee and earn interest. The amount of the monthly fee isn’t disclosed on the bank’s website, nor is the Money Market account yield. For further information, you’ll have to call the bank directly.

The Money Market account has debit card/ATM card access, along with online and mobile account access.

As with other NYCB accounts, you must open this account at a branch, providing your Social Security number or Tax ID, a form of valid ID and a U.S. address.

To compare these savings accounts with others, check out our best savings account roundup.

New York Community Bank checking accounts 2.5 out of 5

NYCB My Community Interest Checking Account
  • APY: N/A online, call NYCB for rates
  • Minimum opening deposit: $100
  • Monthly fee: $6 (or $0 if meeting certain requirements)
  • ATM access: More than 230 branches with 24-hour ATM access

This account requires just $100 to open, but if you want to avoid the $6 monthly fee, you’ll have to maintain a daily balance of at least $500. Unlimited check writing is available, as is membership in the bank’s Even>More Rewards Program, which provides cash rewards for debit card usage (up to $500 in rewards per year). Overdraft protection is also provided via the Overdraft Shield program, although you’d need to call the bank for details on fees for such transfers.

You’re required to open a My Community Interest Checking account at a bank branch. You’ll need a form of ID, a valid U.S. address and a Social Security number or Tax ID number.

NYCB My Community Free Checking Account
  • APY: None
  • Minimum opening deposit: $1
  • Monthly fee: $0
  • ATM access: More than 230 branches with 24-hour ATM access

The My Community Free Checking account is a simplified version of the bank’s more premier checking accounts. Just $1 is enough to open this account, and there’s no monthly fee. However, this account doesn’t earn interest, and you must enroll in online banking and e-statements. As with the bank’s other checking accounts, this account offers unlimited check writing, Overdraft Shield protection and online banking, bill pay and mobile deposit. The Free Checking account also allows participation in the bank’s Even>More Rewards Program.

The My Community Free Checking account is the only NYCB checking account that can be opened online. You’ll need your U.S. address, valid ID and Social Security number or Tax ID number to open. If you’re funding your account immediately via bank transfer, you’ll also need to provide your routing and account numbers.

NYCB My Community Basic Checking Account
  • APY: None
  • Minimum opening deposit: $1
  • Monthly fee: $2
  • ATM access: More than 230 branches with 24-hour ATM access

As the name implies, the My Community Basic Checking account is NYCB’s most featureless account. However, the account does come with a $2 monthly fee that cannot be avoided, although the account requires only $1 to open. This account doesn’t earn interest, but it does offer online banking and bill pay, unlimited check writing and overdraft protection. This account also offers the Even>More Rewards Program.

This account needs to be opened at a branch with a valid U.S. address, Social Security or Tax ID number, and a form of identification.

NYCB My Community 50+ Checking Account
  • APY: N/A online, call NYCB for rates
  • Minimum opening deposit: $100
  • Monthly fee: $5 (or $0 when daily balance is above $1,000)
  • ATM access: More than 230 branches with 24-hour ATM access

As the name implies, you must be at least 50 years of age to open the My Community 50+ Checking account. A $100 deposit is enough to open the account, but you’ll need a daily balance of at least $1,000 to both avoid the $5 monthly fee and to earn interest.

As with other New York Community Bank accounts, you’ll have to call the branch for any information about the APY or fee schedule for this account — but you will have the same access to the Earn>More Rewards Program, Overdraft Shield and online banking and bill pay.

This account must be opened at a New York Community Bank branch and cannot be opened online. You’ll need to provide your Social Security or Tax ID number, a valid U.S. address and a form of identification, such as your driver’s license.

NYCB My Community Military Checking Account
  • APY: None
  • Minimum opening deposit: $100
  • Monthly fee: $0
  • ATM access: More than 230 branches with 24-hour ATM access

The My Community Military Checking account is exclusively for active and former military service personnel. While there is no monthly fee and a small $100 minimum opening deposit, this account does not earn interest. However, along with online and mobile banking, Overdraft Shield and unlimited check writing that are standard on the bank’s other checking accounts, this account offers a few additional perks. Specifically, Military Checking account holders enjoy a free safety deposit box, free money orders, free incoming wire transfers and a box of free checks every year. The account also offers six free out-of-network ATM transactions per year and an additional 0.10% interest on new CD accounts.

As with most NYCB accounts, you must open this account at a branch. When you apply, you’ll be asked for your Social Security number or Tax ID, valid U.S. address and a form of ID.

NYCB My Community Student Checking Account
  • APY: None
  • Minimum opening deposit: $1
  • Monthly fee: $0
  • ATM access: More than 230 branches with 24-hour ATM access

The My Community Student Checking account is for college students 18 and over. The account requires just $1 to open and has no monthly fee, but it also pays no interest. The standard NYCB features of online banking and bill pay, unlimited check writing and overdraft protection also apply to this student account. Plus, the account also offers access to the Even>More Rewards Program.

You can’t open a My Community Student Checking account online; instead, you’ll need to visit a New York Community Bank branch. A valid U.S. address, form of ID and Social Security number or Tax ID are required to open the account.

You can compare New York Community Bank’s checking accounts to competitors in our best checking account roundup.

New York Community Bank CDs 0.5 out of 5

TermAPYMinimum opening deposit to earn APY
3 months0.20%$2,500
7 months0.35%$500

New York Community Bank offers just two CD maturities, 3 months and 7 months — plus, there are no jumbo or no-penalty CDs available. The minimum deposit on the 7-month CD is a modest $500, but that requirement jumps to $2,500 if you want to open a 3-month CD.

Early withdrawal penalties apply, but you’ll have to contact a branch to get the fee schedule. Upon maturity, you’ll also have to visit a branch if you want to make any withdrawals or additions, and you must present your Certificate of Deposit document.

CDs are one of the few accounts you can open online at New York Community Bank, although you can also visit a branch. You’ll need to provide your Social Security or Tax ID number, a form of government ID and a valid U.S. address.

SEE DETAILS Secured

on New York Community Bank’s secure website

Member FDIC

You can compare New York Community Bank’s CDs with its competitors in our best CD roundup.

Customer experience at New York Community Bank

New York Community Bank’s footprint is limited to five states: New York, New Jersey, Florida, Ohio and Arizona. ATM access is available for free 24 hours a day at over 230 bank branches. The bank’s mobile apps receive high marks from users, earning 4.4 stars on Google Play and 4.7 stars on the App Store. App services are extensive and include on-device enrollment, bill pay, account alerts, debit card controls, mobile deposit, location finder and account management (including money transfer, check images and balance and account history).

You can reach New York Community Bank’s automated customer service line 24/7 at 877-786-6560. Live assistance for deposit accounts and mortgages is available at the same number from 8 a.m. to 8 p.m ET Mon-Fri, and from 9 a.m. to 5 p.m. ET on Saturdays. NYCB online/mobile and Visa debit card assistance has the same hours, with additional availability on Sundays from 9 a.m. to 2 p.m. ET.