The best small business banks in New York should provide you excellent banking support for your company. Not only should they offer outstanding business checking products, but they should also have business deposit accounts and support products, such as merchant services and software integrations.
In this guide, we chose 10 of the top banks for small business in New York state. Many of these have physical locations in multiple economic regions, and some banks allow you to open accounts from anywhere, even if you’re not near a branch. Some are online-only banks that can serve businesses across the state.
We reviewed more than 100 business banking providers before compiling this list. Here are the 10 best banks in New York for small businesses, each spotlighting an economic region of the state, with links directly to the bank’s websites:
- Featured bank in New York City: Chase Member Federal Deposit Insurance Corp. (FDIC)
- Featured bank in Central New York: Bank of America Member FDIC
- Featured bank in the North Country: U.S. Bank Member FDIC
- Featured bank in the Southern Tier: Bluevine Provider is a financial technology (fintech) platform backed by and FDIC-insured through a supporting bank partnership with Coastal Community Bank.
- Featured bank in the Finger Lakes: Novo Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Middlesex Federal Savings.
- Featured bank in Western New York: Mercury Provider is a fintech platform backed by and FDIC-insured through supporting bank partnerships with Choice Financial Group and Evolve Bank & Trust
- Featured bank in the Mohawk Valley: Found Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Piermont Bank.
- Featured bank on Long Island: Capital One Member FDIC
- Featured bank in the Capital District: TD Bank Member FDIC
- Featured bank in the Hudson Valley: Citibank Member FDIC
With Bluevine Business Checking, earn 4.25% annual percentage yield (APY) with Premier and 2.0% APY for Bluevine Standard on qualifying balances. | ||
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With Bluevine Business Checking, earn 4.25% APY with Premier and 2.0% APY for Bluevine Standard on qualifying balances |
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In each section, we also include a list of other business banks in that economic region, with a link to our review of the bank.
Economic Regions of New York
Below is a map of the economic regions. Use the dropdown below to choose your region to go directly to that section of this guide. If you are unsure of the region where your business is located, you can use our map by clicking the header below.
Best Banks for Small Business in New York At a Glance
Featured Location* | Account Name | Monthly Fee | Free Monthly Transaction Limit | Free Monthly Cash Deposit Limit | |
|---|---|---|---|---|---|
 | New York City | Business Complete Banking | $15; waivable | 20 | $5,000 |
 | Central New York | Fundamentals Business Checking | $16; waivable | 200 | $7,500 |
 | North Country | Silver Business Checking | None | 125 | $2,500 |
 | Southern Tier | Standard Checking | None | No limit | $4.95 per deposit (Green Dot Locations) |
 | Finger Lakes | Business Checking | None | No limit | None; Cash deposited through money orders |
 | Western New York | Business Checking | None | No limit | Cash deposits not accepted |
 | Mohawk Valley | Business Checking | None | No limit | Available at 79,000+ retail locations |
 | Long Island | Basic Business Checking | $15; waivable | No limit | $5,000 |
 | Capital District | Business Simple Checking | $10 | 200 | $5,000 |
 | Hudson Valley | Streamlined Checking | $15; waivable | 250 | $10,000 |
*These banks may have branches outside this region. Check the sections below for a map of all regions with a branch. Also, many providers will allow you to open an account online. Check out our individual bank reviews for more information. | |||||
New York City Business Bank: Chase
What We Like
- $300 bonus when you open an account
- Easily-waived monthly fee on three checking options
- Built-in point-of-sale (POS) options
Drawbacks
- Only 20 free transactions at basic checking level
- ATM fees not reimbursed
- Low savings interest rates
Regions With Physical Locations
(Click map for Chase’s location finder)
- Manage debit, deposit, and ATM card settings for individual employees
- Deposit checks, view account balances, pay bills, and make transfers through the mobile app
- Integrates with QuickBooks and other leading accounting software
- Free debit card, mailed within 10 business days of application approval
- Physical checks’ costs, depending on type ordered
- Chase Merchant Services
- Live customer support online or in branch during business hours
- Other products include business savings, certificates of deposit (CDs), lending products, credit cards, merchant services, and collection services
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20, then 40 cents per transaction |
Automated Clearing House (ACH) Fees | $25 for first 25 items per month, 15 cents per item above 25 per month, $2.50 return fee |
Monthly Fees | $15; waivable if conditions are met |
Required Balance Minimum to Waive Monthly Fee | $2,000 minimum daily balance, or one of four other ways |
Domestic Wire Transfer Fees | Up to $35 for outgoing wires, up to $15 for incoming wires |
International Wire Fees | Up to $50 for outgoing wires, up to $15 for incoming wires |
ATM Fees | $3 per transaction at any non-Chase ATM, plus ATM operator fees |
Cash Deposited | $2.50 per $1,000 after you deposit $5,000 in a billing cycle |
Annual Percentage Yield (APY) | N/A |
When To Choose Chase
Chase is our best overall business bank in New York thanks to outstanding business checking options, a variety of business loans, and a wide range of business support products. Not only does it have hundreds of physical locations in all but two economic regions of New York, but since you can open an account online, its products and services are available statewide.
In our review of Chase Business Checking, we discuss the provider’s three business checking products with waivable fees. Platinum Business Checking is the best premium business checking product on the market if you can meet the requirements to waive the $95 monthly fee.
Chase offers business savings products as well, in addition to outstanding lending products, credit cards, and lines of credit. It also provides commercial banking products through J.P. Morgan, including commercial real estate loans, payment services, cash flow management, and merchant services.
Customers generally like Chase’s app as well, with ratings of 4.4 stars on Google Play and 4.8 stars on App Store. Some users were pleased with the app’s functionality being similar to the desktop platform, while some had issues with the user interface and speed.
Central New York Business Bank: Bank of America
What We Like
- Bonus of up to $500, plus ongoing rewards if qualifications are met
- Free digital tools to track business performance
- 200 free transactions per month with basic business checking
Drawbacks
- Cash deposit fees charged per $100 over monthly allowance
- Doesn’t offer ATM fee reimbursements
- Requires a $100 opening deposit
Regions With Physical Locations
(Click map for Bank of America’s location finder)
- Deposit checks, view accounts, make transfers, and pay bills via the mobile app
- Credit card processing and payroll services through ADP
- Cash Flow Monitor®, a cash management tool, lets you connect accounting, analytics, and payroll apps to help you make business decisions
- Allows you to check your business credit score through a partnership with Dun & Bradstreet
- Free debit card
- Integrations with QuickBooks, TurboTax, and Zelle
- Customer service during business hours in branch and via phone or social media messages
- Merchant services available through Expensify
- Other products include business savings, CDs, lending products, and financial analysis through Merrill Financial Advisor
 | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 200, then 45 cents per item |
Monthly Fees | $16; waivable if conditions are met |
Required Balance Minimum to Waive Monthly Fee | One of three ways to waive fee:
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Domestic Wire Transfer Fees | Fee varies |
International Wire Transfer Fees | Fee varies |
ATM Fees | None at over 17,000 ATMs nationwide; $2.50 per transaction on out-of-network ATMs |
Cash Deposited | Up to $7,500 per month free, then 30 cents per $100, per statement cycle |
APY | N/A |
When To Choose Bank of America
If Chase is considered the best overall business bank in New York, Bank of America could easily be co-best overall. The two offer outstanding business checking products and great business support products. If you’re looking for the entry-level business checking option, Bank of America has the edge over Chase. You can compare Bank of America vs Chase to determine which is best for your business.
Bank of America has physical locations in all but three economic regions of New York. And, just like Chase, you can open accounts online, so you can bank with the company regardless of where your business is located in New York.
You can choose between two of Bank of America’s business checking products with easily waivable monthly fees. A business banking advisor will help you switch from one account to the other as your business needs change. The company’s Fundamentals Business Checking is one of the best small business checking accounts on the market.
The bank also offers outstanding ongoing rewards and great business support products, including business savings, CDs, lending products, and financial analysis through Merrill. You can even access your Dun & Bradstreet business credit score through the app, which is strongly rated, with 4.6 stars on Google Play and 4.8 stars on App Store. Users who like the app said it was easy to navigate, while those with a more negative experience complained of crashes.
You may be interested in our article on the best business bank account promos and offers to learn more about what Bank of America has to offer.
North Country Business Bank: U.S. Bank
What We Like
- No monthly fee
- Free mobile check deposits
- Apply in person, online, or by phone
Drawbacks
- Expensive wire fees
- Limited free transaction
- No physical locations in New York
Statewide Availability
(U.S. Bank is online only in New York and available statewide)
- Send and receive money through app
- Digital invoicing and payment systems integrated into your online dashboard
- Mobile app to monitor all of your accounts, transfer funds between accounts, and deposit checks online
- Easy integration with overdraft protection or credit card processing services for your business
- Free debit card and 50% discount on first check order up to $50
- Integrations with QuickBooks and U.S. Bank Payment Processing
- Customer service online, by phone, or in-branch during business hours
- Other products include lending and cash flow products, other checking options, and POS services
 | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 125 in a month, then 50 cents per transaction |
Automated Clearing House (ACH) Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | $40 for outgoing, $14 for incoming |
International Wire Fees | $75 for outgoing, $15 for incoming |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply |
Cash Deposited | $2,500 in cash deposits or 25 free cash deposits per cycle, whichever comes first |
APY | N/A |
When To Choose U.S. Bank
As one of the few traditional banks that don’t charge monthly fees for entry-level business banking, U.S. Bank is a great option. This is especially true for companies looking for the stability of a traditional bank but the convenience of an online-only account.
While previously geographically limited to 26 states, U.S. Bank’s business checking accounts are now available nationwide. There are no physical branches in New York, but you can open an account online.
The company’s Silver Business Checking has no monthly fees, making it one of the best free business checking accounts on the market. If you don’t exceed 125 business transactions or $2,500 in cash deposits monthly, this account should meet your needs.
U.S. Bank also offers two higher-tier accounts. There are waivable monthly fees for the Gold and Platinum Business Checking accounts, but both allow more free transactions and other perks.
Additionally, you can earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account (promo code: Q3AFL23) and complete qualifying activities, subject to certain terms and limitations—offer valid through January 8, 2024. See our article on the best bank account promos and offers for details on how to qualify.
The mobile app for U.S. Bank has good ratings, with 4.7 stars on Google Play and 4.8 stars on App Store. Those who rated it highly mentioned that they like how easy it is to navigate and that recent improvements have made it more user-friendly. Some of the negative reviews indicated there are times when the app is unresponsive and is forced to close.
Southern Tier Business Bank: Bluevine
What We Like
- Interest-earning checking on balances of $250,000 or less
- Integrates with QuickBooks
- Excellent line of credit product
Drawbacks
- No savings, money market, and CD accounts
- No physical branch locations
- Only one debit card is issued per account
Statewide Availability
(Bluevine is online only and available statewide)
- No monthly maintenance fee
- No minimum balance requirement
- Free debit card and two free checkbook orders per year
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
- Has live customer support from dedicated professionals
- Offers line of credit
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Teller Cash Withdrawal Fee | None |
Domestic Wire Transfer Fees | $15 for outgoing, incoming are free |
International Wire Transfer Fees | $15 for outgoing, incoming are free |
ATM Fees | Free at MoneyPass locations nationally; $2.50 plus operator fees for non-network ATM use |
Cash Deposited | $4.95 fee per transaction, available through GreenDot retail locations |
APY | 2% on balances of up to $250,000, once qualifications are met |
Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank. | |
When To Choose Bluevine
Thanks to a great fee-free business checking that earns interest on qualifying balances, Bluevine is an excellent choice for businesses in the Southern Tier and across the state. You can earn up to 2.00% APY on balances of $250,000 or less. You must meet one of the two criteria to earn interest:
- Spend $500 or more a month with Bluevine Business Debit Mastercard issued by Coastal Community Bank.
- Receive $2,500 per month in customer payments into your account via ACH, wire transfer, mobile check deposit, or directly from a merchant payment processing provider.
Bluevine charges no monthly fees or transaction fees and does not have a minimum opening deposit or minimum balance requirement. It also has the best business line of credit product on the market and great international payment support.
With the provider, you can send international payments to 32 countries in 15 currencies, with payments received in as fast as 24 hours—this makes it one of our leading banks for international businesses. Payments sent in USD (United States dollars) cost $25 per payment, while payments sent in other currencies cost $25 plus 1.5% of the payment amount. See Bluevine’s website for more information.
Cash deposits must be completed at a Green Dot retail location for $4.95 per deposit, and Bluevine charges $2.50 for out-of-network ATM withdrawals in addition to third-party fees.
Bluevine has a solidly rated app, with 4.2 stars on Google Play and 4.6 stars on App Store. Reviewers said it was user-friendly and easy to use, but others had issues with the mobile check deposit feature.
Other Business Banks in the Southern Tier | |
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Finger Lakes Business Bank: Novo
What We Like
- Zero maintenance fees
- Refunds all ATM fees
- Novo Boost and Express ACH allow faster access to your funds
Drawbacks
- Unable to deposit cash directly
- Lack of savings accounts
- Noninterest drawing account
Statewide Availability
(Novo is online only and available statewide)
- Integrates with other business tools, such as QuickBooks, Slack, Xero, Stripe, Square, PayPal, Wise, and Shopify
- Set aside funds for taxes and other large business expenses with Novo Reserves
- Deposit checks and send paper checks directly through the mobile app
- Online banking includes unlimited invoicing and bill pay
- Novo Boost, in coordination with Stripe, allows you to access funds faster
- Express ACH lets you accept or receive same-day ACH payments
- Virtual debit card available immediately, one free physical debit card per user
- Working capital lending product available to banking customers who qualify
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | None to receive; cannot send wires domestically but can send fee-free ACH transfers |
International Wire Transfer Fees | Novo partners with Wise to send international wires for a “low” fee |
ATM Fees | All fees refunded at the end of the month |
Cash Deposited | None; money orders can be purchased and deposited through the app |
APY | N/A |
Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings. | |
When To Choose Novo
For ecommerce businesses looking for a great online-only bank, Novo is a great option in both the Finger Lakes region and across the state. The company’s Novo Boost and Express ACH offerings allow for faster access to funds and same-day ACH payments.
If you accept payments from Stripe, Novo Boost lets you receive payments sent from your Stripe account faster than other providers. To further expedite the payment process, users can now connect Stripe, Square, or PayPal and get paid via card, Apple Pay, Google Pay, PayPal, or Venmo.
Meanwhile, Novo’s Express ACH enables you to accept or send same-day ACH payments. The combination of Novo Boost and Express ACH gives you access to your money faster than other digital-only providers.
Novo also refunds all ATM fees at the end of the month with no limits. Plus, it has no monthly fee, transaction limits, minimum opening deposit, or minimum balance requirement. It allows cash deposits, but those deposits must be made through money orders deposited through the app.
It even provides up to 10 reserve accounts, unlimited invoicing, and great software integrations with accounting and payment software. You cannot order checks, but paper checks can be sent from the app.
Novo’s app is highly rated, earning 4.6 stars on Google Play and 4.8 stars on App Store. Those who rated it highly like the usability of the app and appreciate the constant improvements through app updates. Reviewers who rated it poorly had issues reaching customer support through the app.
Other Business Banks in the Finger Lakes | |
|---|---|
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Western New York Business Bank: Mercury
What We Like
- No minimum deposit to open an account
- Physical and virtual debit cards
- Treasury product offers outstanding yield on balances over $250,000
Drawbacks
- Accounts unavailable to sole proprietorships and trusts
- Lacks paper check-writing abilities
- Limited lending options and no cash deposits
Statewide Availability
(Mercury is online only and available statewide)
- Earn interest with Mercury Treasury product if you have more than $500,000 in Mercury accounts and request Treasury
- Set customer user permissions for your team members
- Create auto-transfer rules for your accounts
- Integrate accounts with QuickBooks and Xero accounting software
- Virtual debit cards available right away, with physical debit cards arriving in the mail in a few days
- Physical checks unavailable
- Business payment integrations with Shopify, Stripe, Zapier, Amazon, and PayPal
- Email customer service available
- Savings account provided when you open checking account
- Other products include Mercury Treasury, capital, venture debt, and credit card
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
Monthly Fees | None |
Domestic Wire Transfer Fees | None |
International Wire Transfer Fees | None as long as it is sent through Mercury’s structure |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply; free access to Allpoint ATM network (55,000 locations worldwide) |
Cash Deposited | Cash deposits not accepted |
APY | N/A |
Mercury is a business fintech platform backed by FDIC-insured Choice Financial Group and Evolve Bank & Trust. | |
When To Choose Mercury
For tech companies and scaled startups in Western New York and across the state, online-only bank Mercury is an excellent choice. Its checking and savings accounts are free, with no minimum deposit or balance requirements. Most businesses incorporated in the US are eligible for an account, except sole proprietorships and trusts.
The bank offers a treasury account that earns interest once you have at least $250,000 in your Mercury account. Money in the Treasury account can earn up to 5.43% APY, with rates changing weekly.
Another big perk of Mercury is its Vault product. Mercury will use partner banks and a sweep network to insure business funds of up to $5 million.
In addition, you can get a $300 cashback bonus if you spend $2,000 on your debit or credit card within the first 90 days of account opening. You can get physical and virtual debit cards and withdraw money from one of the 55,000 Allpoint network ATMs for free. Mercury doesn’t charge for out-of-network ATM withdrawals, but you will have to pay third-party operator fees. One major drawback is its inability to deposit cash.
The mobile app has an excellent 4.9 rating on the App Store and an average 3.7 rating on Google Play. Positive reviews rave about the ease of navigation in the app, while negative reviews mentioned how long it took for a check to be deposited.
Mohawk Valley Business Bank: Found
What We Like
- No monthly fees, minimum balances, account fees, and sign-up fees
- Excellent expense tracking on both its desktop and mobile apps
- Helps you track tax write-offs and gives you real-time tax estimates
Drawbacks
- No free cash deposits
- Interest earning only through paid-tier Found Plus
- Cannot purchase checks or issue them from the app
Statewide Availability
(Found is online only and available statewide)
- Provides a business debit Mastercard, which allows you to track expenses and receive purchase alerts
- Debit cards can be frozen in the Found app
- Desktop and mobile apps
- Connect to accounting software and payment apps, such as Cash App, PayPal, Square, Venmo, and eBay
- Integrated bookkeeping allows you to categorize expenses, customize invoices, capture receipts, and set custom rules
- Track tax write-offs in the app
- View your tax estimate update in real-time
- Pay your taxes directly from the app
- Send your Schedule C directly from the app
- Customer service via email, online form, and support guides on the website
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Free incoming wires; outgoing wires only sent to Found customers |
International Wire Fees | Unavailable |
ATM Fees | Found doesn’t charge for ATM usage; third-party ATM fees will likely apply |
Cash Deposited | Accepted at more than 79,000 retail locations; list available in the Found app |
APY | N/A |
*Found is a business fintech platform backed by FDIC-insured Piermont Bank. | |
When To Choose Found
For freelance and self-employed small business owners in the Mohawk Valley and across the state, Found and its online-only bank account is a great choice. The account is an all-in-one product that allows you to use bookkeeping integrated into the app to manage your finances.
You can categorize expenses, capture receipts, and set custom rules with its app. Also, you get unlimited free invoicing, and those invoices can be customized with your company’s logo and colors.
Found allows you to accept payments for those invoices through payment apps like Cash App, PayPal, Square, Venmo, and eBay.
The provider doesn’t charge for any ATM withdrawals, although out-of-network ATM withdrawals would be subject to third-party fees. However, Found doesn’t list its ATM network on its website. You can make cash deposits at more than 79,000 retail locations listed in the Found App, likely for a fee, and you can deposit checks once your account is approved.
Some of Found’s features are only included in Found Plus, which is $19.99 per month or $149.99 a year. You get interest-bearing checking with Found Plus, earning 1.5% APY on balances up to $20,000.
Found’s app is very highly rated, with 4.7 stars on Google Play and 4.8 stars on App Store. Users raved about the ability to categorize expenses as you go with the app, while some negative reviews complained about delayed deposits.
Other Business Banks in the Mohawk Valley | |
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Long Island Business Bank: Capital One
What We Like
- Unlimited transactions
- Easy ATM access
- Low or no monthly fee
Drawbacks
- Requires $250 opening deposit
- Accounts cannot be opened online
- Account doesn’t earn interest
Regions With Physical Locations
(Click map for Capital One’s location finder)
- Pay bills, track accounts, transfer funds, and deposit checks with the mobile app
- Integrates with Xero and other top accounting software
- Free overdraft protection when linked to another small business deposit account
- Free debit card
- Physical checks; cost based on type ordered
- Connect with business payment solutions
- 24/7 support by phone; in-branch support during business hours
- Other products include lending products, credit cards, and Unlimited Business Checking
When To Choose Capital One
Capital One is one of the best small business banks in New York thanks to unlimited free monthly transactions in its small business checking product. The one major drawback is that you must visit a branch location to open an account.
In New York, three of the 10 economic regions have Capital One branch locations: New York City, Long Island, and the Hudson Valley. Business banking customers outside those regions will either have to drive to a branch location to open an account or consider choosing Chase or Bank of America.
Capital One doesn’t charge for everyday account transactions. You get unlimited free deposits, withdrawals, and transfers—except for international wires, cashier’s checks, and other services. The company’s $15 monthly fee on its Business Basic Checking is very waivable, as you need just a $2,000 30-day or 90-day balance average to waive it. Customers with higher balances can choose Capital One’s Unlimited Business Checking.
Capital One offers outstanding business credit cards and even has several business lending products, including real estate term loans, lines of credit, and SBA loans. Business support products include merchant services, escrow fund management, commercial banking, and B2B credit programs.
Its mobile app is highly rated, with 4.6 stars on Google Play and 4.9 on App Store. Those who like the app said that they appreciate the notifications received as part of the app, while some complained it was better for credit card users than deposit users.
Capital District Business Bank: TD Bank
What We Like
- Waivable monthly fees except for Business Simple Checking
- Fee-free transaction limit up to 200 for Business Simple Checking
- Multiple small business checking products
Drawbacks
- No free business checking account
- No welcome bonus and free wires
- TD branches only in 16 states
Regions With Physical Locations
(Click map for TD Bank’s location finder)
- Free Visa® debit card
- Online and mobile banking
- Deposit checks via mobile, transfer funds, and view online statements
- Online invoices can be sent via TD Online Accounting
- Three additional accounts are free with TD Business Premier Checking
- Integrations with TD Online Accounting, Quicken, QuickBooks, Paycor, TD Merchant Services, Clover Station, Clover Mini, Clover Flex, and Clover Go
- Customer service 24/7 toll-free; press 0 to speak to a real person
- Other products include lending, credit cards, CDs, savings, and money market
| |
|---|---|
Required Opening Deposit | $25 |
Transaction Limit Before Fees | 200, then 75 cents per transaction |
Monthly Fees | $10 |
Required Balance Minimum to Waive Monthly Fee | Cannot waive fee |
Domestic Wire Transfer Fees | Incoming: $15 Outgoing: $30 |
International Wire Fees | Incoming: $15 Outgoing: $50 |
ATM Fees | Free at TD ATMs, $3 for non-TD ATMs, plus operator fees |
Cash Deposit Fees | Up to $5,000 per month free, 25 cents for every $100 after that |
APY | N/A |
When To Choose TD Bank
One of the best banks on the East Coast is TD Bank, which is a good option for those looking for business banking in New York. With physical locations in New York City, Long Island, the Hudson Valley, the Capital District, and the North Country, business customers in the eastern portion of the state can find easy access to a branch.
TD Bank offers four business checking options. While you can’t waive the monthly fee on the entry-level account (Business Simple Checking), the other three checking options allow you to meet the criteria to waive the fee.
With Business Simple Checking, you pay $10 a month and get up to 200 transactions and $5,000 in cash deposits for free each month. If you can meet the criteria to waive the monthly fee in TD Bank’s second-tier account, Business Interest Checking Plus, it may be the better option than the entry account.
The bank also offers business savings, money market, and CD products, in addition to business credit cards and lending. Business loan products include lines of credit, small business loans, such as SBA loans, and commercial real estate loans.
Its mobile app has a rating of 4.3 stars on Google Play and 4.8 stars on App Store. Users were pleased with some of the features, including the TD ASAP feature, which allows you to reach a customer service representative. Others had issues with app crashes and Zelle integration.
Other Business Banks in the Capital District | |
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Hudson Valley Business Bank: Citibank
What We Like
- $1 opening deposit
- Waivable monthly fees
- High fee-free monthly cash deposit limits
Drawbacks
- No free business checking account
- Accounts cannot be opened online
- Branches found only in Washington, D.C., and 10 states
Regions With Physical Locations
(Click map for Citibank’s location finder)
- Free optional debit card
- $2,000 welcome bonus (in selected areas)
- Send money, transfer funds, and deposit checks through mobile
- Citibusiness® Checking Plus and Citibusiness® Safety Check: Overdraft and uncollected funds protection
- Integrations with Quicken, QuickBooks, Paychex, Clover, and Zelle
- Customer service available toll-free Monday through Friday 7 a.m. to 11 p.m. ET and weekends 9 a.m. to 5:30 p.m. ET
- Other products include savings, money market, CDs, credit cards, and lending
| |
|---|---|
Required Opening Deposit | $1 |
Required Minimum Balance | 250, then 45 cents per transaction |
Monthly Fees | $15; waivable |
Required Balance Minimum to Waive Monthly Fee | $5,000 monthly average balance |
Domestic Wire Transfer Fees | Incoming: $15 Outgoing: $55 ($17 if online) |
International Wire Fees | Incoming: $15 Outgoing: $65 ($27 if online) |
ATM Fees | None at Citibank ATMs and over 60,000 ATMs in the US, including MoneyPass ATMs; $2.50 plus operator fees out-of-network |
Cash Deposit Fees | Up to $10,000 per month free, then 17 cents for every $100 |
APY | N/A |
*Citibank currently requires that you visit a branch to complete an application for a business checking account. There are branch locations in Washington, D.C., and 10 states: California, Connecticut, Florida, Illinois, Maryland, Nevada, New Jersey, New York, South Dakota, and Virginia. | |
When To Choose Citibank
With waivable monthly fees and up to $10,000 in free cash deposits each month, Citibank is a great choice for a business bank in New York. However, just like Capital One, you must visit a branch to open an account.
It has physical locations in the same three economic regions as Capital One: New York City, Long Island, and the Hudson Valley. For businesses located outside of those regions that don’t want to drive a long distance to open an account, Chase and Bank of America would be great alternatives, with accounts available online.
If your business is located near a branch, it is a good option for your business. It has four business checking options, including its entry-level option, Streamlined Checking. That option allows you up to 250 free transactions and $10,000 in cash deposits for free each month. It has a $15 monthly fee, which is waivable if certain conditions are met.
Citibank also offers business savings, money market, and CD products, in addition to business credit cards and lending. Lending options include business installment loans, lines of credit, healthcare practice finance, SBA loans, and commercial mortgages.
Users have rated Citibank’s app very well, with 4.7 stars on Google Play and 4.9 stars on App Store. Users praised the ease of use and live chat options available, whereas others had issues with biometric login and excessive popup advertising.
Other Business Banks in the Hudson Valley | |
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How We Evaluated the Best Small Business Banks In New York
When we evaluated the best banks for small business in New York and the alternatives, we considered
- Banks with physical locations in New York
- Monthly fees, if any, and how easily they are waived
- Required opening deposit and balance minimums
- Transaction limits before fees
- ACH and wire transfer fees
- ATM fees and availability
- Cash deposit fees and availability
- Interest yield, if applicable
- Other checking account perks
- Software integrations
- Other business services provided
- Lending products provided
- Customer service
- Customer reviews
For more information, check out our guide on how to choose a business bank for your small business. You may also be interested in our downloadable checklist of documents banks typically require to open an account, which can be found in our article on how to open a business bank account.
Frequently Asked Questions (FAQs)
If you’re looking for a bank with a physical location, Chase is an excellent choice. It has over 4,700 branches in all of the lower 48 states in the US. It also has more than 16,000 ATMs nationwide.
Sometimes, local banks can be better than large, national banks for your small business. If you build a business relationship with a local bank, you are likely to get discounts that are unavailable with a national chain bank. In addition, you will build a business relationship with local bankers who can give your business one-on-one attention and craft business banking and lending products specific to your business.
Before you open a business bank account at a local branch, be sure to get a copy of the bank’s fee schedule and compare it to our list of the best small business checking accounts to ensure you’re not overpaying for the convenience of having an account at a local bank.
If you’re looking for a business bank in New York City, the best overall bank is Chase, followed by Bank of America and Capital One.
Bottom Line
This buyer’s guide not only shows you the best business banks in New York but also offers you other alternative business banks depending on where you are in the state. If having access to a physical location is important, choose a bank that operates close to your business. Otherwise, you can open a Chase or Bank of America account from anywhere in the state, and those would be your two best options if branch location isn’t a priority for your business.
