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New Mexico Bank & Trust Review

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New Mexico Bank & Trust Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1998, New Mexico Bank & Trust has $1 billion in assets and deposits totaling $1 billion, which makes the institution a large bank. New Mexico Bank & Trust, whose headquarters are in Albuquerque, New Mexico, lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset has rated the bank 4.1 out of 5 stars, indicating that New Mexico Bank & Trust is a respectable bank that warrants your consideration. New Mexico Bank & Trust provides customers with a varied choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. New Mexico Bank & Trust has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, New Mexico Bank & Trust offers an option without a monthly fee. Finding a checking account with no monthly fee and a savings account with a high interest rate at the same institution is your best option for getting the most income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.0
SmartAsset Average: 3.5

New Mexico Bank & Trust has a savings rate of 0.10%, which is poor compared to the average U.S. bank. Its one-year CD earns at a rate of 0.65% and the five-year CD has a rate of 1.20%, while its highest-yielding money market account has an APY of 0.10%. Given New Mexico Bank & Trust's poor savings rate, you should think about taking a look at other banks for savings accounts.

How New Mexico Bank & Trust's Savings Rates Compare

New Mexico Bank & Trust Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

New Mexico Bank & Trust typically has extremely low fees in comparison to other U.S. banks. With no monthly fee, New Mexico Bank & Trust's checking account is perfect for people who want a hassle-free checking account. For those who withdraw cash often, it is perfect because it charges no out-of-network ATM fees. New Mexico Bank & Trust unfortunately doesn't refund out-of-network ATM fees, meaning you will need to locate a New Mexico Bank & Trust ATM or eat the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

New Mexico Bank & Trust is a brick-and-mortar bank, with 17 total bank locations in New Mexico. It also offers access to mobile and web apps for easy access and banking on the go. New Mexico Bank & Trust's online and mobile banking platforms get poor scores from customers. The New Mexico Bank & Trust mobile app is rated at 3.3 out of 5 (out of 98 customer reviews on Apple and Android) compared to the national average of 3.8. You can use New Mexico Bank & Trust's app to manage your accounts by checking account balances, sending and receiving money and reaching support representatives. New Mexico Bank & Trust receives an outstanding consumer satisfaction score based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

New Mexico Bank & Trust is currently a large bank owning assets totaling $1 billion as well as deposits totaling $1 billion. Its Texas Ratio is 2.34%, signifying that New Mexico Bank & Trust is in excellent financial condition and unlikely to fail. Additionally, New Mexico Bank & Trust is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare New Mexico Bank & Trust to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.65% APY
  • 24 Month: 0.90% APY
  • 36 Month: 1.05% APY
  • 48 Month: 1.15% APY
  • 60 Month: 1.20% APY
$1000 for all terms
Money Market Accounts 0.05% APY 0.1% APY $10000 $15000

New Mexico Bank & Trust has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. New Mexico Bank & Trust does not have the best savings rate, which means you should think about taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. New Mexico Bank & Trust's CD rates are fair compared to the national average.

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Find a New Mexico Bank & Trust Near Me

New Mexico Bank & Trust has 17 physical locations across the U.S.

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