New York Community Bank Reviews: Checking, Savings, CD, and Money Market Accounts

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New York Community Bank checking account options

My Community Free Checking account

A free, online checking account which doesn’t earn any interest. You can open one up with just a $1 deposit.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fees: Free at NYCB ATM; $2.50 at out-of-network ATMs (domestic)/$3.00 at out-of-network ATMs (international).
  • ATM fee refunds: None
  • Overdraft fees: $36, max of four per day. They will not charge a fee if the account is overdrawn by $10 or less.

It only takes a deposit of $1 to open a My Community Free Checking account. In addition, this account also does not have a minimum balance requirement and will not charge a monthly fee. However, this checking account won’t earn interest.

The My Community Free Checking account is an online-only account. You must accept electronic delivery of your statements to keep this account open.

This account comes with a debit card. You can make free withdrawals from New York Community Bank ATMs but they will charge a $2.50 fee for transactions at out-of-network domestic ATMs ($3.00 for foreign ATMs). They also will not refund any fees from the ATM owner.

If you make purchases on the debit card, you can earn rewards. Each purchase earns points with New York Community Bank — 2,000 points are worth $20 in cash back.

You can only open a My Community Free Checking account at a bank branch; New York Community Bank does not allow you to apply for this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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My Community Basic Checking account

A standard checking account that offers paper statements. It doesn’t earn interest and there is no way to avoid the $2 monthly fee.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $2
  • ATM fees: Free at NYCB ATMs; $2.50 at out-of-network ATMs (domestic)/$3.00 at out-of-network ATMs (international).
  • ATM fee refunds: None
  • Overdraft fees: $36, max of four per day. They will not charge a fee if the account is overdrawn by $10 or less.

The Basic Checking account only requires an initial deposit of $1 to open. And while this account does not have a minimum balance requirement, it does charge a $2 monthly fee; there is no way to avoid the fee.

The main difference between this account and the My Community Free Checking account is that you can receive paper statements, rather than handling everything online. This account does not earn interest, but provides basic checking services like a debit card and the ability to write checks.

You can make free withdrawals from New York Community Bank ATMs but they will charge a $2.50 fee for transactions at out-of-network ATMs ($3.00 for foreign ATMs). They also will not refund any fees from the ATM owner.

If you make purchases on the debit card, you can earn rewards. Each purchase earns points with New York Community Bank — 2,000 points are worth $20 in cash back.

You can only open a Basic Checking account at a bank branch. New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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My Community Interest Checking account

Although NYCB calls this an interest checking account, but you’ll have to call the bank for the current rate.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $6 (can be waived)
  • ATM fees: Free at NYCB ATMs; $2.50 at out-of-network ATMs (domestic)/$3.00 at out-of-network ATMs (international).
  • ATM fee refunds: None
  • Overdraft fees: $36, max of four per day. They will not charge a fee if the account is overdrawn by $10 or less.

The NYCB My Community Interest Checking account requires an opening deposit of at least $100. This account earns interest provided you keep a daily balance of at least $100.

You will be charged a $6 monthly maintenance fee unless you keep a daily balance of at least $500.

You can make free withdrawals from New York Community Bank ATMs but they will charge a $2.50 fee for transactions at out-of-network ATMs ($3.00 for foreign ATMs). They also will not refund any fees from the ATM owner.

If you make purchases on the debit card, you can earn rewards. Each purchase earns points with New York Community Bank — 2,000 points are worth $20 in cash back.

You can only open a My Community Interest Checking account at a bank branch. New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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My Community 50+ Checking account

A checking account for customers who are 50 and older. This account earns  interest, but has a large balance requirement.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5/waived with daily balance of $1000.
  • ATM fees: Free at NYCB ATMs; $2.50 at out-of-network ATMs (domestic)/$3.00 at out-of-network ATMs (international).
  • ATM fee refunds: None
  • Overdraft fees: $36, max of four per day. They will not charge a fee if the account is overdrawn by $10 or less.

You can only open a My Community 50+ Checking account if you are 50 and older. This account requires an opening deposit of at least $100. This account will also charge a $5 monthly fee unless you keep a daily balance of at least $1,000.

My Community 50+ Checking earns interest, but you’ll need to have a daily balance of at least $1,000 in the account. You’ll have to call the bank for the rate of this account.

You can make free withdrawals from New York Community Bank ATMs but they will charge a $2.50 fee for transactions at out-of-network ATMs. They also will not refund any fees from the ATM owner.

If you make purchases on the debit card, you can earn rewards. Each purchase earns points with New York Community Bank — 2,000 points are worth $20 in cash back.

You can only open a My Community 50+ Checking account at a bank branch. New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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My Community Military Checking account

A checking account only available to military service members and veterans. It comes with a few free bank perks but doesn’t earn interest.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fees: Free at NYCB ATMs. Six free out-of-network ATM transactions per statement cycle — then $2.50 at out-of-network ATMs (domestic)/$3.00 at out-of-network ATMs (international).
  • ATM fee refunds: None
  • Overdraft fees: $36, max of four per day. They will not charge a fee if the account is overdrawn by $10 or less.

New York Community Bank offers a checking account exclusively for military service members and veterans. While this account does not earn interest, it does offer a few extra benefits not available on the other checking accounts.

This account comes with a free safety deposit box, free wire transfers, free money orders, and a box of free checks per year. When you have this account, you are eligible for an additional 0.10% rate bonus for eligible CDs. Finally, you can make up to six out-of-network ATM withdrawals and NYCB will not charge a fee. However, they will not refund the fees from the ATM owner.

If you make purchases on the debit card, you can earn rewards. Each purchase earns points with New York Community Bank — 2,000 points are worth $20 in cash back.

You can only open a Military Checking account at a bank branch. New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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My Community Student Checking account

A free checking account for college students. It only offers the basics and doesn’t earn interest.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fees: Free at NYCB ATMs
  • ATM fee refunds: None
  • Overdraft fees: $36, max of four per day. They will not charge a fee if the account is overdrawn by $10 or less.

To open the NYCD Student Checking account, you must be a college student. This account requires an opening deposit of just $1, and there is no minimum balance requirement or monthly fee.

This account does not earn interest, but it does provide online banking and a debit card. With this account, you can receive both paper and online statements for free.

You can make free withdrawals from New York Community Bank ATMs but they will charge a $2.50 fee for transactions at out-of-network ATMs. They also will not refund any fees from the ATM owner.

If you make purchases on the debit card, you can earn rewards. Each purchase earns points with New York Community Bank — 2,000 points are worth $20 in cash back.

You can only open a My Community Student Checking account at a bank branch. New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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How New York Community Bank’s checking accounts compare

You have all kinds of checking accounts to choose from at New York Community Bank. They offer a range of options that target different markets, including military servicemembers and students. But despite that variety, all these checking accounts share similar problems.

Most of the accounts don’t earn anything, and the ones that do pay interest require you to call the bank to learn the current rate. It’s also a shame that none of the accounts refund out-of-network ATM fees. In fact, NYCB charges a fee for out-of-network ATM use on every account but Military Checking. If you don’t live close to a NYCM ATM, those fees could add up quickly.

A quality checking account would not have these downsides. We recommend reviewing the top online checking accounts instead — they earn high interest rates and provide ATM fee refunds, so you can access your account without wasting money.

New York Community Bank saving account options

My Community Savings account

This savings account has a $500 balance requirement and earns interest.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5/waived with daily balance of $500.
  • ATM fees: Free at NYCB ATMs; $2.50 at out-of-network ATMs (domestic)/$3.00 at out-of-network ATMs (international).
  • ATM fee refunds: None
  • Overdraft fees: $36. They will not charge a fee if the account is overdrawn by $10 or less.

You must deposit at least $100 to open the My Community Savings account. However, this account charges a $5 monthly fee unless you keep a minimum balance of at least $500.

The My Community Savings account earns interest so long as you have a balance of at least $200. Similar to the checking accounts, you’ll have to call the bank for the current rate.

With the account debit card, you can make free withdrawals from New York Community Bank ATMs but they will charge a $2.50 fee for transactions at out-of-network ATMs. They also will not refund any fees from the ATM owner.

Since this is a savings account, it limits how often you can take money out due to a government rule, Regulation D. While you can make unlimited ATM and bank withdrawals, you are allowed up to six of the following each statement cycle: debit purchases, checks, account transfers, and bill payments. If you make more than six, New York Community Bank will charge a $20 fee on each transaction over the limit.

You can only open a My Community Savings account at a bank branch. New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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on New York Community Bank’s secure website

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My Community Super Savings account

This account earns interest but be warned: It also comes with a costly monthly maintenance fee.
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $10/waived with daily balance of $500.
  • ATM fees: Free at NYCB ATMs; $2.50 at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $36. They will not charge a fee if the account is overdrawn by $10 or less.

The My Community Super Savings account requires a larger opening deposit than the regular Savings account. You must deposit at least $500 to open this account. If you don’t keep a daily balance of at least $500, this account charges a costly $10 monthly fee.

The Super Savings account earns interest, so long as you have a daily balance of at least $100. The interest rate increases for larger balances, but you’ll have to call the bank for the current rates.

With the account debit card, you can make free withdrawals from New York Community Bank ATMs, but they will charge a $2.50 fee for transactions at out-of-network ATMs. They also will not refund any fees from the ATM owner.

Since this is a savings account, it limits how often you can take money out due to a government rule, Regulation D. While you can make unlimited ATM and bank withdrawals, you are allowed to make up to six of the following each statement cycle: debit purchases, checks, account transfers, and bill payments. If you make more than six, New York Community Bank will charge a $20 fee on each transaction over the limit.

You can only open a My Community Super Savings account at a bank branch. New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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How New York Community Bank’s savings accounts compare

In our opinion, the New York Community Bank savings accounts offer less than we hoped. Both will charge a monthly fee if your balance falls below $500, which could wipe out any of your interest earnings.

If we had to pick one, Super Savings is a little better. However, you have to be careful to never let your balance drop below $500 or else you’ll get whacked with a $10 monthly fee.

Consider one of these online savings accounts instead. Not only will you earn a competitive rate, you’ll also be able to avoid the costly monthly fees charged by New York Community Bank.

New York Community Bank CD rates

Spectacular rates for short-term CDs. One of your best options for CDs that last up to two years.
TermAPY
7 months2.15%
12 months1.50%
14 months0.40%
18 months2.70%
24 months2.30%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: New York Community Bank calculates the penalty at the time of your withdrawal. You will owe more for larger withdrawals and for withdrawals from longer term CDs. The exact penalty depends on the bank’s calculation.

New York Community Bank offers CD which range from seven months up to two years. The rates for all their CD terms are excellent. You must deposit at least $500 to set up a CD and keep at least this much in the account to earn the APY.

If you take money out before the CD maturity date, New York Community Bank will charge a penalty. When you request to take out money, the bank will calculate your penalty based on your CD term and the amount you’re taking out. The more you take out, the larger the penalty; in addition, they charge more when you take money out of longer term CDs.

You can open the New York Community Bank CDs online or by visiting a bank branch. You will need to provide your name, address, Social Security number, and a form of government ID to open the account. You will also need to provide your opening deposit along with the application.

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How New York Community Bank’s CD rates compare

If you are looking for a short-term CD that lasts two years or less, New York Community Bank should be on your list of contenders. They currently do not offer anything lasting more than two years, which is why they aren’t an ideal match for long-term savers. But for a short-term savings goal, these CDs are an excellent choice.

New York Community Bank also makes it easy to sign up for their CDs. They only require a $500 deposit, which is lower than many other banks, and you can apply online.

To see how these CDs match up against the competition and why they are so good, check out our list of the other best CDs on the market today.

New York Community Bank money market account options

Gold Money Market Checking account

This money market account earns interest on all tiers, but you’ll have to call the bank for current rates.
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $15/waived with daily balance of $2500.
  • ATM fees: Free at NYCB ATMs; $2.50 at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $36, max of four per day. They will not charge a fee if the account is overdrawn by $10 or less.

The Gold Money Market Checking account is not meant for small balances; you must deposit at least $2,500 to open an account. After that, you must keep a daily balance of at least $2,500 or else this account charges a $15 monthly fee.

The Gold Money Market Checking account earns interest so long as your daily balance is above $2,500.

Since this is a money market account, it limits how often you can take money out due to a government rule, Regulation D. While you can make unlimited ATM and bank withdrawals, you are allowed to make up to six of the following each statement cycle: debit purchases, checks, account transfers, and bill payments. If you make more than six, New York Community Bank will charge a $20 fee on each transaction over the limit.

You can only open a Gold Money Market Checking account at a bank branch; New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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on New York Community Bank’s secure website

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How New York Community Bank’s money market accounts compare

The New York Community Bank money market account is not an attractive option due to its monthly fee requirements. The account has a high $2,500 minimum balance requirement or else it charges a $15 monthly fee.

If you want a money market account, check out these money market options instead. They pay competitive interest rates and you can open some of them up for a much smaller deposit.

Overall review of New York Community Bank’s deposit accounts

When it comes to the New York Community Bank deposit accounts, you’ve got two levels of quality: the CDs and everything else. The NYCB CD rates are competitive with the best options on the market and you can open an account for a low deposit of just $500.

However, the rest of the New York Community Bank deposit accounts are weaker. They offer interest, but have high balance requirements and fees, and do not provide other common bank benefits like ATM refunds.

As a result, the CDs are the only real competitive option and New York Community Bank seems to realize this. The CDs are the only personal deposit account that you can open online. NYCB hasn’t set up online applications for their other accounts, perhaps because of a lack of interest.

If you go with New York Community Bank, stick with the CDs and open other accounts elsewhere.

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David Rodeck
David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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