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The best savings account rates in New Mexico

Securing a robust savings account is more important than ever in our age of rising costs. For New Mexico residents, identifying accounts with the highest annual yield (APY) can significantly improve financial growth and stability.

Using data from the FDIC, we went state by state to identify the best savings account rates in each state. This time we look at New Mexico. By exploring these high-yield options, we want to help Alabamians make informed decisions that maximize their savings potential and ensure their money works as hard as they do.

9 Best Savings Account Rates in New Mexico

To get a list of banks in New Mexico, we used the FDIC to generate a list of banks in each state, ranked by the amount of deposits they have. From here we focused on the banks that were local or regional to New Mexico. We then evaluated with these banks which had the best savings account rates.

The Bank of Clovis, appropriately headquartered in Clovis, New Mexico, was founded in October 2000. With more than $267 million in deposits, the Bank of Clovis is 37the largest bank in New Mexico in terms of deposit amount. The savings account offered by 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 takes a lot more to achieve this return, with a minimum balance of $2,5000.

With more than $26.6 million in deposits, the Tucumcari Federal Savings & Loan Association is on the small side. But it still manages to have the second-highest APY among local and regional banks in New Mexico. The bank’s Statement Savings account has an APY of 1.77%, with a minimum balance requirement of $100. If your balance is between $250 and $500, you’ll pay a modest fee of $4 per quarter; if you have less than $250 in your savings account, you’ll pay $9 per quarter, which is $3 per month.

Headquartered in Fort Collins, Colorado, Bank of Colorado has three offices in New Mexico, with a total of $493.3 million in customer deposits. With the savings account offered by Bank of Colorado, you will earn 1.51% APY. It requires $200 to open this savings account and a minimum balance of $200 to waive the monthly fees.

New Mexico Bank & Trust, based in Albuquerque, has more than $20 billion in assets and approximately $2.37 billion in customer deposits in New Mexico. This makes it one of the largest banks in New Mexico. New Mexico Bank & Trust actually has two entries on our list. The Signature Series Savings is the first entry. With this savings account you will earn a fantastic APY of 1.26%. The disadvantage is the costs. You must maintain an average daily balance of $50,000 to avoid the $9 monthly fee. And you need more than $250,000 in your account to hit the 1.26% APY.

Here is another bank located in Clovis. Citizens Bank of Clovis is an old institution, originally founded on January 7, 1916. Today it has more than $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 must maintain a minimum balance of $150. Their MMDA at CBC Account offers higher returns, ranging from 2.01% with a balance of $2,5000 to $9,999, to 2.51% with a balance of over $250,000.

Founded in Taos in 1969, Centinel Bank has more than $374 million in customer deposits in New Mexico. At Centinel Bank, their Health Savings Account (HSA) has an APY of 0.50%, while the Minor Savings account has an APY of 0.80%. The same goes for the Simple Savings account, which gives you 0.80% APY. If you do not maintain a minimum daily balance of $500, you will be charged a fee of $15.45 per month (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, with an excellent APY of 0.75%. 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. Additionally, to earn that 0.75% APY, you’ll need to have a balance of over $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 more than $67.6 million in deposits, compared to more than $211 million outside the state. Fortunately, the regular savings account at Western Heritage Bank beats the standard savings account interest rate of most major banks, with an APY of 0.35%. To earn this, you must maintain a minimum balance of $100. But it only costs $5 to open the account and there are no monthly maintenance fees.

Headquartered in Hobbs, New Mexico, Lea County State Bank has an impressive $511.96 million in deposits. This bank is quite old and was originally chartered on November 2, 1928, in the midst of a major oil boom in the area, not to mention the booming economy of the 1920s. The Lea County State Bank 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 get 0.30% APY on your savings balance, which is three times the typical rate offered by major banks like Wells Fargo
Wells Fargo
or Chase.

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