Securing a robust savings account is more crucial than ever in our era of escalating costs. For residents of New Mexico, identifying accounts with the highest annual percentage yield, or APY, can significantly enhance financial growth and stability.
Using data from the FDIC, we’ve been going state to state, identifying the best savings account rates in each state. This time around we’re looking at New Mexico. By examining these high-yield options, we aim to guide Alabamians towards making informed decisions that maximize their savings potential, ensuring their money works as hard as they do.
9 Best Savings Accounts Rates in New Mexico
In order to get a list of banks in New Mexico, we utilized the FDIC to generate a list of banks in every state, ranked by the amount in deposits they have. From here, we focused on the banks that were local or regional to New Mexico. With these banks, we then evaluated which ones had the best savings account rates.
Appropriately headquartered in Clovis, New Mexico, the Bank of Clovis was founded back in October 2000. With over $267 million in deposits, the Bank of Clovis is the 37th largest bank in New Mexico in terms of deposit amount. The savings account offered by the Bank of Clovis has an APY of 1.92%. You can waive the $10 monthly maintenance fee by maintaining a minimum balance of $100; this is also the minimum to earn interest. It costs $100 to open their savings account. The bank’s money market account has a higher APY of 2.53%. It also requires much more to earn this yield, with a $2,5000 minimum balance needed.
With over $26.6 million in deposits, Tucumcari Federal Savings & Loan Association is on the smaller side. But it still manages to have the second highest APY of local and regional banks in New Mexico. The bank’s Statement Savings account sports a 1.77% APY, with a minimum balance requirement of $100. If your balance is between $250 and $500, you’ll pay a modest $4 per quarter fee; if you have less than $250 in your savings account, you’ll pay $9 per quarter, equal to $3 per month.
Headquartered in Fort Collins, Colorado, the Bank of Colorado has three offices in New Mexico, with a combined $493.3 million in customer deposits. With the savings account offered by Bank of Colorado, you’ll earn 1.51% APY. It takes $200 to open this savings account and a minimum balance of $200 to waive the monthly fee.
Based in Albuquerque, New Mexico Bank & Trust has over $20 billion in assets and around $2.37 billion in customer deposits in New Mexico. This makes it among the largest banks in New Mexico. New Mexico Bank & Trust actually has two entries on our list. Its Signature Series Savings is the first entry. With this savings account you’ll earn a superb 1.26% APY. The drawback is the cost. You will need to maintain an average daily balance of $50,000 to avoid the $9 monthly fee. And you’ll need more than $250,000 in your account to score the 1.26% APY.
Here’s another bank based in Clovis. The Citizens Bank of Clovis is an old institution, originally incorporated on January 7, 1916. Today, it has over $384 million in deposits. With the bank’s CBC Standard Savings Account, you can get 1.01% APY, with a minimum deposit of $150. To earn that APY, you need to maintain a minimum balance of $150. Their MMDA at CBC Account offers higher yield, ranging from 2.01% with a balance of $2,5000 to $9,999, up to 2.51% with a balance in excess of $250,000.
Founded in Taos back in 1969, Centinel Bank has over $374 million in customer deposits in New Mexico. At Centinel Bank, their health savings account (HSA) has a 0.50% APY, while its Minor Savings account carries an APY of 0.80%. The same goes for its Simple Savings account, which will get you 0.80% APY. If you don’t maintain a minimum daily balance of $500, you’ll incur a $15.45 per month fee (with paper statements) or $11.95 per month (with electronic statements). It also costs $100 to open this account.
At New Mexico Bank & Trust, you can open a High Yield Savings account, which sports an excellent 0.75% APY. The downside: It’s expensive. If you don’t maintain a minimum daily balance of $25,000, you’ll pay a monthly service fee of $15. On top of that, to earn that 0.75% APY, you’ll need to have a balance of more than $100,000.
With its headquarters in Las Cruces, Western Heritage Bank actually has a larger footprint outside its home state. In-market, meaning in the state of New Mexico, Western Heritage Bank has over $67.6 million in deposits versus over $211 million outside the state. Fortunately, the Regular Savings account at Western Heritage Bank beats most of the big banks’ standard savings account rates, boasting an APY of 0.35%. You will have to maintain a minimum balance of $100 to earn this. But it only costs $5 to open the account and there’s no monthly maintenance fee.
Lea County State Bank is headquartered in Hobbs, New Mexico, and holds an impressive $511.96 million in deposits. This bank is rather old, being originally chartered on November 2, 1928, amid a great oil boom in the area, not to mention amid the roaring economy of the 1920s. Lea County State Bank’s savings account comes with a minimum opening deposit of $100, plus a minimum daily balance of $200 to avoid the $2 per month maintenance fee. More importantly, you’ll get 0.30% APY on your savings balance, which is triple the typical rate offered by big banks like Wells Fargo
Wells Fargo
or Chase.
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