o
Crypto Prices ➜

Best Banks for Businesses in New York

Best Banks for Businesses in New York

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.

Table of Contents

  • The Best Business Banks in New York
  • Our Methodology
  • Bluevine Bank: Overall Best Business Bank in New York
  • Lili Bank: Best for Freelancers and Self-employed Professionals
  • Chase Bank: Best for Full-Service Business Banking
  • Wells Fargo: Best for Branch Access and Business Loans
  • Citibank: Best for Branch Access and Business Savings Accounts
  • Capital One: Best for Unlimited Checking Account Transactions
  • Valley National Bank: Best for Personalized Business Banking
  • Methodology for the Best Business Banks Selection in New York
  • Frequently Asked Questions
  • Bottom Line

The Best Business Banks in New York

  • Bluevine Bank: Overall Best Business Bank in New York
  • Lili Bank: Best for Freelancers and Self-employed Professionals
  • Chase Bank: Best for Full-Service Business Banking
  • Wells Fargo: Best for Branch Access and Business Loans
  • Citibank: Best for Branch Access and Business Savings Accounts
  • Capital One: Best for Unlimited Checking Account Transactions
  • Valley National Bank: Best for Personalized Business Banking
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 100
  • 0.3% 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 $1.00
  • Outgoing Domestic Wire Transfer Fee: Range: $20 to $30
  • Returned Deposit Fee: Range: $7 to $10
  • Overdraft Fee: Per Item: $35 to $40
  • Cash 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.

Our Methodology

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: Overall Best Business Bank in New York

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.

Pros

  • No monthly fees
  • Competitive interest rates
  • Convenient mobile banking

Cons

  • Limited physical branch access
  • Cash deposit fees
  • No joint accounts or employee debit cards

Fees

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

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.

Minimum Balance Requirements

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.

Mobile Banking with Capital One Bank in New York

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: Best for Branch Access and Business Savings Accounts

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.

Pros

  • Global reach and expertise
  • Innovative solutions
  • Dedicated support for businesses

Cons

  • CitiBank Bank charges fees for its services.
  • Some CitiBank Bank accounts for businesses may have minimum balance requirements.
  • While CitiBank Bank has a strong presence in New York, it's important to note that its services may not be available in all areas.

Fees

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.

Interest Rates

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.

Minimum Balance 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.

Access to Mobile Banking

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: Best for Personalized Business Banking

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.

Pros

  • Valley National Bank offers personalized business banking services.
  • Their Business Bill Pay service simplifies payment processes for businesses.
  • Tailored business deposit accounts

Cons

  • Limited geographic coverage
  • Numerous fees

Fees

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.

Interest Rates

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.

Minimum Balance Requirements

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.

Access to Mobile Banking

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.

Methodology for the Best Business Banks Selection in New York

Fees

We assessed banks with minimal fees or avenues for new businesses to waive them, emphasizing cost-effectiveness.

Interest Rates

We prioritized banks offering above-average interest rates as incentives for maintaining business funds.

Minimum Balance

We verified that required minimum balances were feasible for businesses to avoid penalties, with options available to waive high balances.

Access to Mobile Banking

We considered the significance of on-the-go business operations, selecting banks with robust mobile banking tools for efficient fund management.

Ease of Use

We focused on banks with user-friendly websites and mobile apps, ensuring simplicity throughout the banking experience.

Convenience

Including the possibility of opening an account with just an EIN, convenience was a key criterion in our selection process.

Frequently asked questions

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.

Bottom Line

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.

share

Written by

Alexander Sterling

Alexander Sterling

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.

Reviewd By

Judith

Judith

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.