3 Best Banks in New York for Students and Young Professionals

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It’s fall in New York—that means schools (and the U.N.!) are back in session, and crosstown traffic is a mess. Whether you’re a college freshman, a graduate student or a young professional just making your way in the city, there are three local banks you need to know about if you’re serious about establishing (or reestablishing) New York as your homebase.  

Between absurdly high rents, entry-level wages and student loan payments, finding ways to save if you’re under 25 isn’t easy. That’s why we’ve compiled a quick list of the three best banks in New York for students and young professionals.

  1. Ridgewood Savings Bank

    What we love:

    This member-owned community bank is the largest mutual savings bank in New York State and offers hassle-free checking accounts for students. If you’re looking for a community-centric approach to banking, Ridgewood might be a good fit. The bank offers several no- to low-fee account options with 24/7 access via online and mobile banking. They also boast 22 branch locations in Manhattan, Brooklyn, Queens, the Bronx and Long Island, so wherever your adventures take you, Ridgewood’s probably there.

    What they offer:

    Student Advantage Account: This is a great starter checking account for students with a low $25 minimum to open. The best part, though, is that it has no monthly maintenance fees. Designed with students in mind, this checking account offers a one-time annual “oops” fee waiver, letting students experience that riveting first “OH $*%@” moment of overdrafting—minus the insufficient funds fee.

  2. Dime Bank

    What we love:

    If community is what matters to you (and you maybe own one of these t-shirts),  then Brooklyn-based Dime Community Bank hits all the right marks. Founded in 1864, Dime has deep roots in Brooklyn extending over 150 years. You’ve probably walked past their iconic building. With four locations in Williamsburg and 24 more across Brooklyn, Manhattan, Queens and Long Island, Dime offers a variety of no-fee checking and savings accounts.

    What they offer:

    Perfectly Free Checking: This one really lives up to its name, and then goes a little extra. With no monthly fees, no minimum balances, and no purchase requirements, it also offers 50 free personalized checks and a "thank you" gift for opening.

  3. Webster Bank

    What we love:

    This Connecticut-based bank is one of the largest regional financial institutions in the Northeast with over 175 branches between New York and Boston.

    What they offer:

    Student Checking Account: This free checking account is especially designed for students and is guaranteed to remain free for five years, with no monthly maintenance fees and a low $50 minimum to open. Customers also get up to four ATM fees refund every month month, and one overdraft fee refund per academic year.

We know that saving money in the city is hard. That’s why Lifesaver makes finding the right tools easier than ever before by intelligently matching you with the very best financial offerings from your community, and with technology companies from around the web. Check us out in the App Store to browse your matches today!