N.M. Stat. § 58-10-54
Who may open a savings account.
Investments in savings accounts may be made only in cash and may be made by
any person in his own right or in a trust or other fiduciary capacity and by any
partnership, association, corporation [or] federal entities which are authorized to open
such savings accounts, subject to any limitation fixed by the board of directors or the
association's refusal to accept deposits.