Bank Gap by Metro

The Bank Gap in New York-Newark-Jersey City, NY-NJ

Weighted by real FDIC deposit data across the banks that hold 41% of New York-Newark-Jersey City, NY-NJ's tracked deposit base, the local weighted savings rate is 3.19% APY — against a best-available rate of 4.40% APY, available nationwide.

New York-Newark-Jersey City, NY-NJ local weighted average3.19%

Best available (nationwide)4.40%

$206/yron a typical household balance · 1.21% spread

Last reviewed August 18, 2026 · SwitchWize Research Desk

Local weighted APY

3.19%

deposit-weighted

Best available APY

4.40%

nationwide

Gap

1.21%

spread

Rank in state

#7 nationally

Source: S&P Capital IQ Pro; SNL Financial Data. Calculations: FDIC. Reflects the $2,500 product tier for savings and interest checking accounts.

Who actually holds deposits in New York-Newark-Jersey City, NY-NJ

Marcus by Goldman Sachs · 31%Flagstar Bank · 6%Provident Bank · 1%Apple Bank · 1%Popular Direct · 1%

Why the local rate lags the best available rate

New York-Newark-Jersey City, NY-NJ is dominated by branch deposit share from Marcus by Goldman Sachs, Flagstar Bank, Provident Bank, and those banks' own currently observed savings rates set the local weighted average above. Large branch-based banks generally do not need to compete on rate to hold deposits — most customers do not move their money.

The best available rate, 4.40% APY, is a nationwide online account — available to a New York-Newark-Jersey City, NY-NJ resident exactly the same as anyone else, with the same FDIC insurance.

After-tax tip

State income tax on savings interest depends on where you live, not where your bank is headquartered — see the New York Bank Gap page for New York's own tax treatment of the difference.

See the New York Bank Gap

Frequently asked questions

What do banks in New York-Newark-Jersey City, NY-NJ actually pay on savings?

Weighted by real FDIC deposit data across the banks that hold 41% of New York-Newark-Jersey City, NY-NJ's tracked deposit base and have a current, observed rate, the local weighted average is 3.19% APY, dominated by Marcus by Goldman Sachs's local presence.

What is the best savings rate available to someone in New York-Newark-Jersey City, NY-NJ?

The best widely available high-yield savings rate today is 4.40% APY, available online nationwide regardless of where you live — it is not limited to any one metro.

How much does staying at a local New York-Newark-Jersey City, NY-NJ bank cost?

On a typical household balance for New York-Newark-Jersey City, NY-NJ's income level, the gap between the local weighted rate and the best available rate is about $206 a year.

Is New York-Newark-Jersey City, NY-NJ part of New York for Bank Gap purposes?

New York-Newark-Jersey City, NY-NJ is a multi-county metro area that may span more than one state; it is grouped under New York here because that is its primary state per Census/FDIC convention, even where deposits also come from neighboring-state branches.

Your personal Bank Gap

See exactly what the gap is costing you.

Enter your balance and current rate. The Rate Gap Calculator shows the gap per year and over five years.

Calculate my Bank Gap

New York Bank Gap The Bank Gap (national) Methodology

Educational information, not tax or financial advice. Local weighted rates reflect FDIC deposit-share weighting among banks with a current, observed rate on file — not every bank in the metro. Rates are illustrative of current market conditions and should be confirmed with the provider.