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 | Up to $40 for wire transfer.$0.40 fee on every transaction after the first free 20 ones | None | $2,000 to avoid monthly fee | Yes.Users can manage their accounts, make transactions, and access customer |
| Wells Fargo | $10 | $25 for account management$75 for optimization$0.50 per transaction exceeding 1000.3% fee on cash deposits beyond the limit$5.0 for intentional withdrawal | 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 | Fee exemption: Maintain a minimum balance of $10,000 – $30,000.$800,000 for Citigold accounts. | 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 | Excess Transaction Fee: Per Transaction: $0.50 to $1.00Outgoing Domestic Wire Transfer Fee: Range: $20 to $30Returned Deposit Fee: Range: $7 to $10Overdraft Fee: Per Item: $35 to $40Cash Deposit Fee (Exceeding Monthly Limit): Per $100: $0.25 to $0.50 | 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.
Bluevine Bank is a financial technology company that provides online banking services for small businesses. While it is not a traditional brick-and-mortar bank, Bluevine partners with Coastal Community Bank, a member of the Federal Deposit Insurance Corporation (FDIC), to ensure that customer deposits are FDIC-insured up to $3 million per depositor. This partnership offers businesses added security and peace of mind.
Bluevine Bank also offers a range of business banking solutions tailored to meet the needs of small businesses in New York. With no monthly fees, competitive interest rates, and convenient mobile banking services, Bluevine Bank provides businesses with the tools they need to manage their finances effectively. While there are some limitations, such as limited physical branch access and cash deposit fees, the overall benefits and features make Bluevine Bank an attractive option for businesses in New York. Whether you’re a startup or an established business, consider Bluevine Bank your financial partner.
Why we chose it: We chose Bluevine Bank because it offers a range of business banking solutions designed to simplify financial management for small businesses. Their services include business checking accounts, lines of credit, and invoice factoring.
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Bluevine Bank’s business checking accounts come with the advantage of no monthly maintenance fees, providing businesses with significant cost savings. However, cash deposit fees stand at $4.95 for each transaction made at Green Dot locations, potentially impacting businesses with substantial cash volumes. Outgoing wire transfers incur a fee of $15, comparatively reasonable but noteworthy for businesses engaged in frequent wire transactions. For international payments in currencies other than USD, Bluevine Bank imposes a fee of $25 plus 1.5% of the payment amount, a factor that businesses should consider based on the currency and transfer amount.
Bluevine Bank’s business checking accounts present an appealing opportunity with a competitive 2.0% APY on balances up to $250,000, enabling businesses to generate passive income on unused funds and enhance their financial growth. Furthermore, for eligible companies enrolled in Bluevine Premier, the rewards are even more enticing, as the Premier account boasts an impressive 4.25% APY on balances up to $3 million. This elevated interest rate can be a substantial advantage for businesses maintaining more significant account balances, contributing to their overall financial prosperity.
One of the advantages of banking with Bluevine Bank is the absence of minimum balance requirements for their business checking accounts. Businesses can open and maintain an account without worrying about maintaining a certain balance to avoid fees. This flexibility is particularly beneficial for small businesses with fluctuating cash flows.
While Bluevine Bank does not impose minimum balance requirements, businesses should still strive to maintain a healthy account balance to take advantage of the competitive interest rates offered by the bank.
Bluevine Bank offers convenient mobile banking services to businesses in New York. With the Bluevine mobile app, companies can access their accounts, manage transactions, make deposits, transfer funds, and pay bills, all from the convenience of their mobile devices. The app provides a user-friendly interface, allowing businesses to navigate their accounts and perform various banking tasks with ease.
Mobile banking offers businesses the flexibility to manage their finances on the go, saving them time and improving overall efficiency. Bluevine Bank’s mobile app is available for both iOS and Android devices, ensuring that businesses can access their accounts regardless of their preferred mobile platform.
Lili Bank is a financial technology company that provides business banking services. The bank offers a range of business banking solutions tailored to the needs of entrepreneurs and small businesses in New York. With its fee transparency, convenient mobile banking access, and integrated financial tools, Lili Bank can be an attractive option for businesses seeking a modern banking experience. It is important to note that Lili Bank is not a traditional bank but partners with Choice Financial Group, a Member FDIC, to provide banking services and insure deposits up to $250,000 through the Federal Deposit Insurance Corp (FDIC). Lili Bank aims to simplify banking for small businesses by offering a range of features and tools to manage finances effectively.
Why we chose it: We chose Lili Bank because it provides various integrated tools and features to simplify financial management for small businesses.
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Lili Basic is an appealing choice for businesses seeking a fee-free banking solution without monthly charges. However, Lili Pro, Lili Smart, and Lili Premium accounts have monthly fees.
Lili Bank’s Lili Pro account introduces BalanceUp, a fee-free overdraft protection program covering up to $200 in debit overdrafts (subject to terms), offering financial flexibility for businesses that meet the eligibility criteria.
Notably, Lili Bank does not impose transaction fees, excluding cash deposits, presenting a cost-saving advantage for businesses engaged in frequent transactions. Yet, cash deposits at Green Dot locations incur a $4.95 fee per deposit, a factor businesses should weigh against the overall benefits offered by Lili Bank.
Lili Bank does not offer interest on its checking accounts. Still, businesses can enjoy a variable Annual Percentage Yield (APY) of 4.15% on balances up to and including $100,000 for Lili Pro, Lili Smart, and Lili Premium account holders. It is important to note that balances exceeding $100,000 will not earn interest or yield.
The high APY on the Lili Savings Account can significantly benefit businesses looking to maximize their savings while keeping their funds easily accessible.
Lili Bank does not impose minimum balance requirements on its business accounts. This flexibility allows businesses to maintain their accounts without worrying about a certain balance. Whether your business is in its early stages or experiences fluctuations in cash flow, Lili Bank’s absence of minimum balance requirements can be advantageous.
Lili Bank offers mobile banking access to businesses in New York. With its user-friendly mobile app, businesses can conveniently manage their accounts, perform transactions, and access various financial tools on the go. The mobile app provides a seamless banking experience, allowing businesses to stay connected and control their finances wherever they are.
Chase Bank is a renowned financial institution that offers a wide range of services to businesses, including credit cards, mortgages, commercial banking, auto loans, investing and retirement planning, and checking and business banking. With its extensive network and robust offerings, Chase Bank has become a popular choice for businesses in New York.
While fees may be associated with certain accounts, these can be mitigated by meeting qualifying criteria. Businesses seeking a comprehensive banking solution should consider Chase Bank a viable option for their financial needs.
Why we chose it: Chase Bank offers a range of financial services tailored to meet the needs of businesses in New York. With its extensive network, competitive interest rates, and advanced mobile banking capabilities, Chase Bank provides businesses with the convenience and flexibility necessary for efficient financial management.
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Chase Total Checking offers a monthly fee of $12, which can be waived by maintaining a minimum balance of $1,500 daily, receiving monthly direct deposits of at least $500, or keeping a cumulative balance of $5,000 across Chase accounts. The account has a $0 minimum opening deposit and incurs a $3 fee for non-Chase ATMs in the U.S., plus any additional charges from the ATM owner. Overdrafts come with a $34 fee, up to three times daily, with no charge for overdrafts under $50 at the day’s end.
Chase Secure Banking, with a $4.95 monthly fee, has no minimum opening deposit and charges $3 for non-Chase U.S. ATM use, plus additional fees from the ATM owner. Notably, there are no overdraft fees.
Chase Premier Plus Checking incurs a $25 monthly fee, waived by maintaining a $15,000 daily balance, enrolling in automatic payments for a linked qualifying Chase first mortgage, or being a U.S. Armed Forces member or veteran. The account has no minimum opening deposit and provides four free non-Chase ATM withdrawals per statement period. Overdrafts are subject to a $34 fee up to three times daily, with no charge for overdrafts under $50 at the day’s end.
Chase Sapphire Checking has a $25 monthly fee, waived by maintaining a $75,000 daily average balance across linked Chase accounts. The account has no minimum opening deposit and imposes no ATM fees worldwide. Overdrafts incur no charge for up to four occurrences within 12 months, after which a $34 fee applies up to thrice daily. No charge applies when the account is overdrawn by $50 or less at the end of the day, and there is no sign-up bonus.
Chase Bank offers varying interest rates based on market conditions and the type of account chosen. Chase Total Checking and Chase Secure Banking do not accrue interest, whereas Chase Premier Plus Checking and Chase Sapphire Checking offer a 0.01% APY on balances.
Chase Bank may require businesses to maintain a minimum daily balance in their accounts to avoid monthly service fees. The minimum balance requirement can vary depending on the type of account chosen. Businesses should carefully consider their cash flow and financial needs to determine the minimum balance they can comfortably maintain.
Chase Bank offers an intuitive and feature-rich mobile banking app, empowering businesses to manage their finances seamlessly on the go. The app provides secure account access, allowing businesses to check balances, review transaction history, and monitor account activity. Additionally, businesses can efficiently make payments and transfer funds between accounts, facilitating quick financial transactions even when away from the office.
Notably, Chase Bank’s mobile app streamlines the check deposit process by enabling businesses to remotely deposit checks through their smartphone cameras, eliminating the necessity to visit a branch or ATM. The app simplifies bill management and payments, ensuring timely transactions with vendors and suppliers.
Businesses can also use customizable alerts and notifications for account activities, such as low balances, significant transactions, and payment due dates, enabling them to stay informed and control their finances. While Chase Bank’s mobile banking app is widely accessible on select mobile devices, businesses need to verify the compatibility of their devices before downloading and utilizing the app.
Wells Fargo Bank is a renowned financial institution that offers a range of banking services tailored specifically to businesses in New York. They have a vast network of branches and ATMs throughout New York, making it convenient for businesses to access their banking needs. Whether you’re a startup, small business, or established enterprise, Wells Fargo Bank offers various business checking accounts to suit your unique requirements. With their extensive experience and commitment to customer satisfaction, Wells Fargo provides businesses with the tools and support they need to thrive in today’s competitive market.
Why we chose it: Wells Fargo Bank offers many services, including business checking accounts, notary services, cash deposits, ATM access, mobile banking, and convenient payment options. They strive to meet the diverse needs of businesses of all sizes and industries.
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Effectively managing business finances involves a comprehensive understanding of associated fees, and Wells Fargo Bank offers diverse options for businesses in New York, each with its distinct fee structure.
The Initiate Business Checking account entails a $10 monthly service fee, which can be waived by maintaining a minimum daily balance of $500 or an average combined business deposit balance of $1,000. The Navigate Business Checking account, on the other hand, carries a $25 monthly service fee, with options to waive it by upholding a minimum daily balance of $10,000 or an average combined business deposit balance of $15,000. The Optimize Business Checking account incurs a $75 monthly service fee, but it doesn’t require a minimum daily balance.
Notably, these fees can be avoided by meeting the specified balance criteria during the fee period. Furthermore, Wells Fargo Bank provides additional incentives for businesses, including customized cards and checks, tap-to-pay options, and access to treasury management services, reinforcing the advantages of maintaining a banking relationship with the institution.
The Platinum and Analyzed accounts are designed to earn interest, albeit at a modest rate of 0.03-0.06% APY. Despite this interest-bearing feature, the relatively low APY suggests that there isn’t a substantial incentive for account holders to maintain high balances in these accounts.
To avoid monthly service fees at Wells Fargo Bank, businesses must meet specific minimum balance requirements based on their chosen business checking account. For Initiate Business Checking, maintaining a minimum daily balance of $500 or an average ledger balance of $1,000 during the fee period helps avoid the $10 monthly service fee.
Navigate Business Checking requires businesses to sustain a minimum daily balance of $10,000 or an average combined business deposit balance of $15,000 to bypass the $25 monthly service fee. Optimize Business Checking charges a $75 monthly maintenance fee but offers the benefit of including up to 5 linked Optimize Business Checking accounts, and notably, there are no specific minimum balance requirements for this account.
Wells Fargo Bank offers mobile banking services, allowing businesses to conveniently access their accounts and perform various banking transactions on the go. With the Wells Fargo Mobile app, businesses can quickly deposit checks, review account balances, make payments, and manage their finances from their mobile devices.
Capital One Bank is a renowned financial institution that provides a comprehensive suite of banking services to businesses in New York. With a lending portfolio of $95 billion, Capital One Bank offers a wide range of customized solutions to cater to the unique needs of businesses. They have a dedicated team that specializes in various industries, ensuring that clients receive tailored advice and support.
Capital One Bank has established itself as one of the top commercial banks, trusted by business owners and decision-makers in the middle market. With over 15 areas of industry expertise, their experienced teams possess national reach and local knowledge, enabling them to execute their client’s financial goals effectively.
Why we chose it: We chose Capital One because they offer customized solutions and a range of tailored products and solutions to navigate any business environment. Businesses can access the support of a dedicated team with deep industry knowledge. By choosing Capital One Bank, businesses can feel confident and have a reliable partner to navigate their financial journey.
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Capital One Bank provides a range of business accounts, each with its fee structure, making it crucial for businesses to comprehend the associated fees and ensure alignment with their financial objectives.
For Basic Checking, a $15 monthly service fee is applicable, which can be waived with a $2,000 minimum balance. Standard wire fees are incurred, while digital transactions such as mobile deposits, ACH payments, and online bill pay incur no additional charges. Enhanced Checking, with a $35 monthly service fee (waived with a $25,000 minimum balance), offers free incoming domestic wires, and the first five domestic outgoing wires each month are also free.
Interest rates on business accounts at Capital One Bank can vary depending on the type of account. The online checking account offers different annual percentage yields (APY) based on the account balance. If your balance is $49,999.99 or less, the APY is 0.10%. For balances falling between $50,000 and $99,999.99, the entire balance earns a 0.10% APY. Similarly, if your balance reaches $100,000 or more, the APY of 0.10% applies to the whole balance. This tiered structure ensures that the APY remains consistent within each balance range.
Capital One Bank has minimum balance requirements for certain accounts, such as the enhanced checking account. The minimum balance required to waive the monthly service fee for the enhanced checking account is $25,000. Businesses need to consider whether they can maintain the required minimum balance before opening an account to avoid any fees or penalties.
Capital One Bank understands the importance of convenience and accessibility for businesses. That’s why they offer robust mobile banking options that allow businesses to manage their finances on the go. With mobile banking, businesses can securely access their accounts, make deposits, initiate transactions, and monitor their financial activities anytime, anywhere.
CitiBank Bank is an established financial institution that offers a range of products and services tailored to meet the needs of businesses in New York. It is a renowned financial institution serving businesses for many years. With a global network and a strong presence in New York, CitiBank Bank offers a wide range of banking solutions to meet the needs of businesses of all sizes. Whether a small startup or a large corporation, CitiBank Bank has the products and services to help you manage your finances effectively and efficiently.
Why we chose it: With its global reach, branch access, business savings, innovative solutions, and dedicated support, CitiBank Bank is an excellent choice for businesses looking for a reliable banking partner.
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Citibank presents a selection of business checking accounts, each with its unique fee structure. The Citibank Account incurs a Monthly Service Fee of $25, but this fee is exempted if you uphold a combined average monthly balance of $10,000 across eligible linked retirement and investment accounts. For the Citi Priority checking account, which includes investment guidance from Citi Personal Wealth Management, there is a Monthly Service Fee of $30 for linked accounts unless a minimum balance of $30,000 is maintained. Finally, the Citigold Account Package mandates a minimum of $800,000 combined assets in eligible accounts to remain within the package.
Although the interest rates on Citibank’s checking accounts are relatively modest at 0.01% APY for balances below $10,000, the bank offers various lending options with competitive rates. Businesses seeking loans or lines of credit can explore Citibank’s interest rates to identify the optimal solution for their financial requirements.
Citibank’s business checking accounts do not impose a specific minimum balance requirement. Nevertheless, maintaining a balance of at least $10,000 is essential to avoid the monthly fees of $25 and $30,000 to sidestep the monthly fee of $30 associated with the Citibank Account and Citi Priority account, respectively.
CitiBank Bank understands the importance of convenience and accessibility for businesses. That’s why it offers mobile banking services to its customers in New York. With CitiBank Bank’s mobile banking app, businesses can easily manage their accounts, make payments, and access essential financial information on the go. Mobile banking allows businesses to stay connected and in control of their finances, no matter where they are.
Valley National Bank, as a subsidiary of Valley National Bancorp, is a regional bank committed to providing secure, reliable, and customized financial solutions to businesses in New York. With approximately $62 billion in assets, convenient online and mobile banking, tailored business deposit accounts, and a range of treasury solutions, Valley National Bank is dedicated to helping businesses grow and succeed. While there are some limitations to consider, such as limited geographic coverage and potential fees, the advantages offered by Valley National Bank make it a strong contender for businesses in need of comprehensive banking services.
Why we chose it: Valley National Bank stands out as a reliable and convenient financial partner for businesses in New York. With a strong focus on customer satisfaction, Valley National Bank is dedicated to providing the most suitable service, incorporating the latest banking innovations, and maintaining an experienced and knowledgeable team to meet the diverse needs of businesses. Whether you are starting a side hustle, collecting rent, or building a startup, Valley National Bank offers a range of business checking accounts tailored to meet your specific requirements.
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Valley National Bank offers a diverse range of business accounts, each with its fee structure. While the specific fees may vary based on the chosen account type and services, a standard fee schedule typically includes a monthly maintenance fee ranging from $15 to $25, an excess transaction fee of $0.50 to $1.00 per transaction, an outgoing domestic wire transfer fee ranging from $20 to $30, a returned deposit fee ranging from $7 to $10, an overdraft fee of $35 to $40 per item, and a cash deposit fee (exceeding monthly limit) ranging from $0.25 to $0.50 per $100. It is crucial for businesses to carefully review this fee schedule provided by Valley National Bank to understand the specific charges associated with their selected accounts and services.
Valley National Bank strives to provide competitive interest rates on their business accounts, allowing businesses to earn returns on their deposits. Interest rates, however, may fluctuate based on market conditions and account type. A typical range for business savings accounts includes an interest rate of 0.10% to 0.25% APY, business money market accounts ranging from 0.15% to 0.35% APY, and business certificates of deposit (CDs) offering an interest rate of 0.25% to 0.75% APY. It is important to note that interest rates are subject to change and may differ based on the amount of funds deposited and the term length of the CD.
Valley National Bank establishes minimum balance requirements for certain types of business accounts. These requirements are designed to ensure that businesses maintain a specified level of funds in their accounts. The minimum balance requirements may vary based on the chosen account and services, with typical ranges for business accounts such as $500 to $2,500 for business checking accounts, $100 to $1,000 for business savings accounts, $1,000 to $5,000 for business money market accounts, and $1,000 to $10,000 for business certificates of deposit (CDs). Businesses are advised to consider their cash flow and financial needs to meet these minimum balance requirements associated with their selected accounts.
With Valley’s free mobile app, businesses can manage their accounts on the go, deposit checks without visiting a branch, and access a range of banking features and services from their smartphones or tablets. Mobile banking empowers businesses to stay connected and in control of their finances, no matter where they are.
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.
Alexander Sterling is a renowned financial writer with over 10 years in the finance sector. With a strong economics background, he simplifies complex financial topics for a wide audience. Alexander contributes to top financial platforms and is working on his first book to promote financial independence.
Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.
