When finding the best banks for businesses in New York, it’s crucial to consider various factors such as banking support, account options, merchant services, and software integrations. To help you make an informed decision, we have conducted extensive research and compiled a list of the top banks in New York for small businesses. These banks offer various services and have physical locations across the state, making it convenient for business owners to access their banking needs.
Bank | Monthly Payments | Additional Fees | Interest Rates | Minimum Balance | Mobile Banking Access |
Bluevine | $0 | $4.95 per cash deposit, $2.50 for out-of-network ATM fees, $15 for outgoing wires | 2.0% APY | $0 | Manage accounts, make transactions, schedule payments on the go, and access customer support. |
Lili | $0 | $2.50 for out-of-network ATMs, $5 for international ATMs, and $5 for card replacement. | None | $0 | Mobile check deposit, expense categorization, and real-time transaction tracking. |
Chase | $15 |
|
None | $2,000 to avoid monthly fee | Yes. Users can manage their accounts, make transactions, and access customer |
Wells Fargo | $10 |
|
0.03 – 0.05 APY depending on the type of account | $500 – $1000 | Pay bills, transfer funds, deposit checks |
Capital One | $15 | Standard wire fees and outgoing wires after the first five free transfers. | 0.10% APY | $25,000 | Businesses can securely access their accounts, make deposits, initiate transactions, and monitor their financial activities. |
Citibank | $25 – $30 |
|
0.01% APY | $10,000 – $30,000 to avoid monthly fees. | Transfer funds and access a range of banking services from mobile devices on the go |
Valley National Bank | $15 – $25 |
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0.10% to 0.75% APY | $500 – $10,000 | Businesses can manage their accounts on the go, deposit checks without visiting a branch, and access various banking features and services from their devices. |
To identify the best banks for businesses in New York, we conducted extensive research and considered factors such as banking support, account options, merchant services, and software integrations. We reviewed various banks and their offerings, taking into account customer reviews and ratings. The banks included in this list have been chosen based on their comprehensive services, convenient branch locations, and positive customer feedback.
We assessed banks with minimal fees or avenues for new businesses to waive them, emphasizing cost-effectiveness.
We prioritized banks offering above-average interest rates as incentives for maintaining business funds.
We verified that required minimum balances were feasible for businesses to avoid penalties, with options available to waive high balances.
We considered the significance of on-the-go business operations, selecting banks with robust mobile banking tools for efficient fund management.
We focused on banks with user-friendly websites and mobile apps, ensuring simplicity throughout the banking experience.
Including the possibility of opening an account with just an EIN, convenience was a key criterion in our selection process.
New York banks typically offer various business accounts, including checking, savings, and business loans. The choice depends on your business needs. For daily transactions, a business checking account is suitable, while a business savings account may be ideal for saving surplus funds. Discuss your requirements with the bank’s representative to find the most suitable option.
The required documentation may include your business registration documents, employer identification number (EIN), personal identification, and proof of address. The exact documents can vary by bank. The account opening process typically takes a few days to a couple of weeks, depending on the completeness of your documentation and the bank’s internal procedures.
New York banks adhere to federal and state regulations governing business banking. It’s essential to be aware of transaction fees, account maintenance fees, and any other charges associated with the type of business account you choose. Understanding these fees will help you manage your business finances effectively.
Banks in New York offer various business financing options, including term loans, lines of credit, and Small Business Administration (SBA) loans. To access financing, you’ll typically need to provide financial statements, business plans, and information about your business’s creditworthiness. Schedule a meeting with a business banker to discuss your specific needs and explore the available options.
New York banks provide various online banking services for businesses, including online account management, bill pay, and mobile banking apps. These services can streamline your financial management, allowing you to monitor transactions, transfer funds, and make payments conveniently. Additionally, many banks offer features like e-statements and account alerts to inform you about your business finances in real time.
Choosing the right bank for your business in New York is essential for managing your financial needs effectively. Consider the specific requirements and preferences of your business, such as branch access, online banking capabilities, and interest-earning options. With the information and options in this article, you can make an informed decision and find the best bank to support your business’s financial success.