The Best Savings Accounts in New Mexico for 2024

Finding the right bank is key to maximizing your savings growth. Learn which banks offer the best savings accounts in New Mexico to help you decide where to keep your money.
Written by Rebecca Lake
Financial Expert
Managing Editor
Our methodology is designed to provide consumers with unbiased and comprehensive evaluations of various banking products. Visit our Editorial Policy page for more information.

There are hundreds of banks available to New Mexico savers, including state-chartered banks, online banks, and credit unions.

When you’re preparing to open a new savings account, finding the right financial institution matters.

Today, we’re taking a closer look at where to find the best savings accounts in New Mexico to help you decide where to keep your money.

The Best Savings Accounts in New Mexico

  • Synchrony Bank
  • Citi Accelerate Savings
  • SFGI Direct Savings
  • UFB Direct Savings
  • BankFive
  • Telco Credit Union
  • Tucumcari Federal Savings and Loan Association

Find Banks With the Best Savings Account Rates Fast

Explore savings accounts at online and traditional banks and find the best rate and terms for you. Compare savings account rates, fees, security, and more.

Online Savings Accounts Available in New Mexico

Online savings accounts can be an attractive option for savers who want to earn competitive rates while paying minimal fees.

If you’re looking for the best online savings account in New Mexico, here are five options to consider.

Synchrony Bank

Synchrony Bank USA offers top-tier rates with low fees and even refunds up to $5 in domestic ATM fees every month.

Based out of Draper, Utah, Synchrony also offers money market accounts and high-yield certificate of deposit (CD) accounts for savers.

Here’s why it’s a top pick:

  • Synchrony offers one of the highest APYs for savers, with no minimum deposit requirement
  • Savers pay no monthly maintenance fees or hidden fees of any kind
  • The same rate applies across all balances, which is perfect if you’re saving a little or a lot
  • Access your money online or through the Synchrony mobile banking app
  • All deposits are FDIC-insured, up to the standard coverage limit

Unlike some other banks, Synchrony does offer ATM cards for convenient access to your savings money.


  • Foreign ATM fee refunds
  • High rate for savers
  • No monthly maintenance fee


  • Checking accounts not offered
  • No branch access

Citi Accelerate Savings

Citi is a traditional bank with a nationwide presence. While big banks aren’t typically known for paying high rates to savers, the Accelerate Savings account is an exception.

Here’s why it’s a top pick:

  • Citi pays a competitive rate, with no limit on the amount of interest you can earn
  • It’s easy to schedule savings deposits with the Auto Save feature
  • Savers can easily manage accounts at Citi branches through the Citi website, Citi mobile banking app, and over the phone
  • There’s no minimum balance requirement to earn a great rate on savings
  • Deposits at Citi are FDIC-insured

Note that you will need a Citi banking package to open an Accelerate Savings account.


  • Savers earn a competitive interest rate
  • Easy transfers between Citi and non-Citi accounts
  • Branch and ATM access


  • Monthly fee applies
  • Citi banking package is required

SFGI Direct Savings

SFGI Direct is the online division of Summit Community Bank. Savers can open a high-interest savings account online in minutes.

Here’s why it’s a top pick:

  • SFGI Direct offers competitive rates to savers that are on par with other online banks
  • You only need a $1 minimum balance to earn interest
  • There are no monthly service charges for this account
  • Savers can easily manage their accounts online
  • SFGI Direct is an FDIC-insured bank

SFGI Direct offers online savings only, so you won’t be able to get a checking account or CD account here.


  • Above-average rate for savers
  • No monthly fee
  • Low minimum balance requirement to earn interest


  • $500 minimum to open
  • No ATMs or branches

UFB Direct Savings

UFB Direct offers one of the most impressive rates for savers in New Mexico. You can choose between a high-yield savings account or a high-yield money market account, depending on your goals.

Here’s why it’s a top pick:

  • UFB Direct pays a great rate for both savings and money market accounts
  • You can easily manage your money online, including using mobile check deposit
  • The money market account includes check-writing privileges
  • UFB Direct Savings has no monthly maintenance fees
  • Deposits are FDIC-insured

Be aware that while you get an ATM card, UFB Direct does not refund foreign ATM fees.


  • Write checks with the money market account
  • Great rate for both accounts
  • ATM card included with account


  • Checking accounts aren’t offered
  • No physical branches

BankFive eAccess Savings

BankFive is a regional bank based in the Northeast that also offers online savings accounts. Checking accounts and CDs are available as well.

Here’s why it’s a top pick:

  • Savers earn an above-average rate compared to other traditional banks
  • You can choose from different ways to save (i.e., eAccess savings, CDs)
  • Unlimited mobile deposits make it easy to add money to your account
  • You can also access and manage accounts online
  • BankFive is FDIC-insured

You’ll need at least a $10 minimum balance to earn interest with eAccess savings.


  • Solid rate for savers
  • Easy online account opening
  • Free e-statements


  • Lower rates than other banks
  • No ATM card is offered with an account

A Look at Local New Mexico Banks

Banking locally can have its advantages, and there are a number of smaller banks and credit unions throughout New Mexico. Here are two of the best local savings accounts for New Mexico savers.

Telco Credit Union

Telco Credit Union offers share savings accounts to New Mexico residents who want to earn a higher dividend rate. Membership is open to anyone who lives, works, or attends school in Chaves County.

Here’s why it’s a top pick:

  • Telco offers a dividend rate for share savings that’s well above the APY other local banks offer
  • You can open an account with a low $25 initial deposit
  • Telco also offers share certificates if you’re looking for a term deposit savings option
  • Loans are available for eligible borrowers
  • Deposits are federally insured by the NCUA

If you meet the basic membership requirements, you can start the account opening process online.


  • Great rates for savers
  • Low minimum deposit
  • IRAs are also available


  • Limited branch locations
  • Membership is required

Tucumcari Federal Savings and Loan Association

Tucumcari offers a variety of savings options, including savings accounts, money market accounts, and CDs. You can also open an IRA CD to save for retirement.

Here’s why it’s a top pick:

  • Savings, money market, and CD rates are well above what other traditional banks offer
  • You can manage your accounts online or at a branch
  • There are no membership requirements to join
  • FDIC-insured savings

You’ll need to call or visit a branch to start the account opening process.


  • Competitive interest rates
  • Multiple ways to save


  • Limited branches
  • No checking accounts offered
  • $100 to open an account

How We Picked: Methodology

The best savings accounts in New Mexico were selected based on a comprehensive analysis of savings accounts offered by online, national, regional, and local banks serving major cities, including Albuquerque, Las Cruces, and Santa Fe.

We narrowed down our search to savings accounts with low monthly maintenance fees, opportunities to waive these fees, ATM network availability, excess withdrawal fees, ease of online and in-app banking, interest rates, and more.

The best savings accounts reflect market conditions and bank APYs at the time of our analysis.

Banks can and do change their rates and terms on a regular basis, so you should check with New Mexico banks directly to see what savings accounts they currently offer.

How to Pick a Savings Account in New Mexico

Savings accounts aren’t all alike, and it’s important to understand exactly what you need a bank to do for you.

Here are some key things to keep in mind when comparing saving accounts in New Mexico.

Interest Rate

Different savings accounts can offer different rates. If you’re set on getting the best rate possible, you might lean toward an online bank.

When comparing rates, check to see if the rate is tiered or whether it applies across all balances.


A savings account can charge monthly maintenance fees and excess withdrawal fees.

You may also pay ATM fees if your account comes with an ATM card.

Be sure to check all of the fees you might pay so you know what a particular savings account could cost you.

Opening Deposit

If you’re just getting started with saving, you might want to find an account with a low minimum opening deposit.

For example, some online banks allow you to open a savings account with just $1.

On the other hand, there are some savings accounts that will reward you with higher rates for making a larger opening deposit.

Other Accounts Available

Aside from savings accounts, you might be interested in checking accounts, money market accounts, CDs, or loans.

Looking at all the banking products and services available can help you find the best bank in New Mexico to cover all your needs.


When opening a savings account, remember to think about what kind of access you’ll have to your money.

With online banks, you might be limited to electronic transfers or mobile check deposits only.

Some banks can offer ATM cards with savings accounts, but not all of them do.

Customer Service

Good customer service matters if you need help or have a question.

Looking at a bank’s customer support options (i.e., phone, live chat, email, etc.) and the hours customer service is available can help you decide where to keep your money.

Account Management

Finally, weigh your options for managing your accounts once they’re open. Again, that can include online banking, mobile banking, phone banking, or ATM access.

Where Can You Open a Savings Account in New Mexico?

When deciding where to open a savings account in New Mexico, you’ve got three options: online banks, traditional banks, and credit unions.

Each one has different pros and cons to consider.

Online Banks

Online banks operate primarily and usually have few branches or none.

They can offer high-yield savings accounts as well as CD accounts, money market accounts, and in some cases, checking accounts. Deposits at online banks can be FDIC-insured, and you can manage your accounts through online or mobile banking. Rates at online banks may be higher for savers, while fees are often lower.

Traditional Banks

Traditional banks can offer a variety of account options, including savings accounts, checking accounts, money market accounts, and CDs.

Brick-and-mortar banks can also offer loans, credit cards, and insurance products.

You can generally bank online or at a branch.

In terms of savings rates, they tend to be lower than what you’d find at online banks.

Credit Unions

Credit unions are member-owned institutions, and most have some sort of minimum requirement you need to meet to join.

The types of accounts you can find at credit unions are similar to those offered by banks.

The difference is that credit unions may pay higher rates or charge fewer fees than traditional banks.

New Mexico Savings Accounts vs. CDs

Savings accounts can help you to grow your money with interest, but you might choose CDs when saving for longer-term goals. Here’s how savings accounts and CD accounts compare.

Minimum deposits

Savings accounts may have lower minimum deposit requirements to open an account and earn interest compared to CDs.

For example, you might be able to open an online savings account with $1, but you might need $500 or $1,000 to open a CD online.


Previous rules limited withdrawals from savings accounts to just six per month.

That rule was listed by the government, but banks can still cap you to six withdrawal transactions per month and charge a fee if you exceed that amount.

With CDs, there are no monthly withdrawal limits because you’re expected to keep your money in the account for the entire maturity term.

Withdrawing money from a CD early can trigger a penalty.

Interest Rates

Savings accounts can have tiered rates that apply across different balances or earn just one rate.

CD rates typically depend on the length of the CD term.

The longer the CD term, the higher the rate might be.

Best Uses

Savings accounts can be used to save for short- or long-term goals or hold your emergency fund.

With CDs, you’re better off using them to save money that you know you won’t need. Otherwise, you might end up paying an early withdrawal penalty if you need to tap into your account before maturity.

Minimum Balance

Savings accounts can have a minimum balance requirement to earn interest or avoid a monthly maintenance fee.

CDs don’t have monthly maintenance fees, but there will be a minimum balance required to open an account and earn interest.

Frequently Asked Questions (FAQs)

What is the best savings account in New Mexico?

The best savings account in New Mexico is the one that meets your needs in terms of the interest rate you’d like to earn and the fees you’re comfortable paying.
Online savings accounts can be a preferable option, as they tend to offer higher rates than traditional bank savings accounts while charging fewer fees.

Can I open a savings account online in New Mexico?

A number of banks allow you to open savings accounts online in the state of New Mexico.
When opening a savings account online, be sure to understand what information is required. Also, keep in mind that you’ll need to link an external bank account in order to make your initial deposit.

Are New Mexico banks or credit unions better?

Banks and credit unions can both offer a safe, secure option for holding your savings.
Whether it makes sense to choose a New Mexico bank over a credit union or vice versa can depend on what you’re looking for in a savings account.
Also, remember that credit unions typically have membership requirements you need to meet in order to join.

About Author
Rebecca Lake
Rebecca Lake, a valued contributor at MoneyRates, unravels the intricacies of personal finance with her expertise in areas spanning from banking to homebuying and investing to small business strategies. Rebecca seamlessly bridges the gap between complex financial concepts and readers, demystifying them with her clear and insightful narratives. She has contributed to U.S. News and World Report, among numerous other publications. With Rebecca’s guidance, financial clarity is just an article away.