10 Best Banks for Small Business in New York 2023
This article is part of a larger series on Business Banking.
The best banks for small businesses in New York should provide you with excellent banking support for your company, including a physical branch near your business. 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 best business banks in New York state. Many of these have physical locations in multiple economic regions, and banks such as Chase and Bank of America allow you to open accounts from anywhere, even if you’re not near a branch.
Here are the 10 best banks for small businesses in New York, each spotlighting an economic region of the state, with links directly to the bank’s websites:
- Featured bank in New York City: Chase
- Featured bank in Central New York: Bank of America
- Featured bank in the North Country: KeyBank
- Featured bank in Long Island: Capital One
- Featured bank in the Capital District: TD Bank
- Featured bank in the Hudson Valley: Citibank
- Featured bank in the Southern Tier: Community Bank
- Featured bank in the Finger Lakes: Citizens Bank
- Featured bank in Western New York: Northwest Bank
- Featured bank in the Mohawk Valley: M&T Bank
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 drop-down menu below to choose your region to go directly to that section of this guide. If you’re 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
Provider | 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 | Basic Business Checking | $5; waivable | 200 | $25,000 |
 | 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 |
 | Southern Tier | Carefree Business Checking | None | 350 | $10,000 |
 | Finger Lakes | Clearly Better Business Checking | None | 200 | $5,000 |
 | Western New York | Business Checking PLUS | None | 300 | No stated fees |
 | Mohawk Valley | Simple Checking for Business | $10; waivable | 100 | $5,000 |
*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
- Up to a $500 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 (CRE) 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:
|
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 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.
Other Business Banks in the Central New York | |
|---|---|
 | |
North Country Business Bank: KeyBank
What We Like
- Waivable monthly fees
- High free monthly transaction limits compared to other banks
- Up to $25,000 free cash deposits
Drawbacks
- No online account opening
- No free business checking account
- Branches only in 15 states
Regions With Physical Locations
(Click map for KeyBank’s location finder)
- Free debit card
- Online and mobile banking
- Transfer funds, pay bills, and view balances via mobile app
- Overdraft protection
- Unlimited ACH and bill pay transactions
- Key@Work: Employee Financial Wellness Program eligibility under Key Business Reward Checking
- Integrations with QuickBooks, Xero, Microsoft Dynamics GP, SAP, Oracle NetSuite, Key Merchant Services, Clover, and Zelle
- Toll-free customer service phone numbers available
- Other products include savings, money market, CDs, business credit cards, and lending
| |
|---|---|
Required Opening Deposit | $25 |
Required Minimum Balance | 200, then 40 cents per transaction |
Monthly Fees | $5; waivable |
Required Balance Minimum to Waive Monthly Fee |
|
Domestic Wire Transfer Fees | Incoming: $20 Outgoing: $30 |
International Wire Fees | Incoming: $20 Outgoing: $45 |
ATM Fees | None at more than 40,000 KeyBank and Allpoint ATMs nationwide; $3 per transaction at non-KeyBank ATMs |
Cash Deposit Fees | Up to $25,000 per month free, 18 cents for every $100 after that |
APY | N/A |
*KeyBank currently requires that you visit a branch to complete an application for a business checking account. There are branch locations in Alaska, Colorado, Connecticut, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington. | |
When To Choose KeyBank
With branches in every economic region except Long Island, KeyBank is one of the best small business banks in New York, especially for businesses wanting access to a physical location. Since you will need to visit a branch to open an account, the widespread nature of KeyBank locations make that requirement much more reasonable. This is especially true in the North Country, which doesn’t have as many branch options as other parts of the state.
KeyBank offers three business checking products, each with relatively low monthly fees, which are waivable. The entry-level account, Basic Business Checking, has just a $5 monthly fee. You get 200 transactions and up to $25,000 in cash deposits for free each month.
In addition to business checking accounts, KeyBank offers business savings, money market, and CD options. It also has business credit cards and lending products—including lines of credit, term loans, business real estate, equipment financing and leasing, and SBA loans.
The company also provides merchant services, integrated payment solutions, and an employee financial wellness program in coordination with its Key Business Reward Checking product.
The mobile app for KeyBank has good ratings, with 4.3 stars on Google Play and 4.5 stars on App Store. Those who rated it highly mentioned that they like the notifications from the app, while those who had issues complained about problems with mobile deposit capture, among other features.
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
 Required Opening Deposit $250Required Balance MinimumNoneTransaction Limit Before FeesNo limitMonthly fees$15; waivable if conditions are metRequired Balance Minimum to Waive Monthly Fee$2,000 30- or 90-day average balanceDomestic Wire Transfer Fees$25 per outgoing wire, $15 per incoming wireInternational Wire Fees$40 per outgoing wire, $15 per incoming wireATM FeesNone at more than 70,000 Capital One, MoneyPass, and Allpoint ATMs nationwideCash DepositedUp to $5,000 per month free, $1 for every $1,000APYN/A*Capital One currently requires that you visit a branch to complete an application for a business checking account. There are branch locations in Virginia, Texas, New York, New Jersey, Maryland, Louisiana, and Washington, D.C.
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 business-to-business (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.
Other Business Banks on Long Island | |
|---|---|
 | |
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 CRE 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 | |
|---|---|
 | |
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. Eastern time 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 4.8 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 | |
|---|---|
 | |
Southern Tier Business Bank: Community Bank
What We Like
- 350 fee-free transactions per month for Carefree Business Checking
- No monthly fee for Carefree Business Checking
- Up to $10,000 fee-free cash deposits Drawbacks
Drawbacks
- Fee for Autobooks integration
- No CDs
- Only available in Massachusetts, New York, New Hampshire, and Pennsylvania
Regions With Physical Locations
(Click map for Community Bank’s location finder)
- Free Visa business debit card
- Free mobile banking and mobile deposit
- Autobooks integration
- Business payment integrations through Merchant Processing Services
- Customer service via email, by appointment or by phone Monday through Friday 8 a.m. to 6 p.m. ET
- Other products include savings, lines of credit, term loans, Small Business Administration (SBA) loans, and credit cards
 | |
|---|---|
Required Opening Deposit | $50 |
Transaction Limit Before Fees | 350, then 35 cents per transaction |
Monthly Fees | $0 |
Required Balance Minimum to Waive Monthly Fee | N/A |
Domestic Wire Transfer Fees | $20 for incoming |
ATM Fees | None at Community Bank ATMs; $2 for nonnetwork ATMs |
Cash Deposit Fees | Up to $10,000 per month free, then $1.50 per $1,000 |
APY | N/A |
When To Choose Community Bank
Another bank with physical locations in nearly the entire state of New York is Community Bank. Eight of the 10 economic regions have branches except, surprisingly, New York City and Long Island. If you are outside of those two regions, Community Bank is a solid choice for a business bank. It’s also one of the few standout banks in the Southern Tier.
It has three business checking options, and its entry-level account, Carefree Business Checking, has no monthly fees. It’s one of the few banks on this list that offers a true free business checking account. You get up to 350 free transactions and up to $10,000 in free cash deposits a month.
If you want an account with unlimited free transactions, you can upgrade to Commercial Checking, but the $15 monthly fee is not waivable.
Community Bank offers business savings accounts in addition to its checking products. It has business credit cards and several lending options, such as short-term loans, long-term loans, commercial mortgages, including construction loans, and SBA loans.
Its app, named CBNA Mobile Banking, has 4.4 stars on Google Play and 4.8 stars on App Store. Reviewers said it was user-friendly and easy to use, but others complained it didn’t have the features of apps from larger competitors.
Finger Lakes Business Bank: Citizens Bank
What We Like
- No monthly fee and 200 free transactions per month for Clearly Better Business Checking
- Minimum opening deposit is any amount
- Waivable monthly fee for Business Advisor Checking
Drawbacks
- No APY
- Cannot open an account online
- Branches only in 15 states
Regions With Physical Locations
(Click map for Citizens Bank’s location finder)
- Free Visa debit card
- Mobile and online banking
- Transfer funds, deposit checks, and view balances online
- Integrates with QuickBooks, Quicken, and Paychex
- Business overdraft protection plans
- Access to Citizens Merchant Services
- Customer service available toll-free phone number Monday through Fridays 7 a.m. to 7 p.m. ET and Saturdays 8 a.m. to 5 p.m. ET
- Other products include business savings, money markets, CDs, credit cards, lending, and insurance
| |
|---|---|
Required Opening Deposit | Any deposit amount |
Transaction Limit Before Fees | 200, then 50 cents per transaction |
Monthly Fees | $0 |
Required Balance Minimum to Waive Monthly Fee | N/A |
Domestic Wire Transfer Fees | Incoming: $18 Outgoing: $18 to $30 |
International Wire Fees | Incoming: $12 Outgoing: $22.50 to $40 |
ATM Fees | Free at Citizens ATMs; $3 at non-Citizens ATMs |
Cash Deposit Fees | Up to $5,000 per month free, $2.50 per $1,000 after that |
APY | N/A |
*Citizens Bank currently requires that you visit a branch to complete an application for a business checking account. There are branch locations in Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington. | |
When To Choose Citizens Bank
Like Community Bank, Citizens Bank is one of the few banks in this guide that offer a business checking product with no monthly fees. It’s why Citizens is one of our choices for the best small business banks in New York. It has branches in all but the Southern Tier and the North Country regions, and you must visit a branch to open an account.
The entry-level business checking product, Clearly Better Business Checking, has no monthly fee. You get up to 200 transactions and up to $5,000 in cash deposits free each month. The middle-tier account, Business Advisor Checking, has a waivable $25 monthly fee. The bank’s Analysis Business Checking has a $20 monthly fee that is not waivable but can be offset with earnings credits.
Citizens offers a robust offering of business products and services. In addition to the three business checking options mentioned, it has nonprofit checking and healthcare practice banking, in addition to savings, money market, and CD accounts.
For companies looking for business loans, there are SBA loans, healthcare banking, lines of credit, term loans, and business mortgages. Citizens Bank also has a business credit card and provides cash management services, employee benefits, including investment management and insurance protection, and POS financing.
The Citizens Bank app is rated 4.3 stars on Google Play and 4.7 stars on App Store. Those who rated it highly like the app’s interface, whereas others complained about the functionality being poor after updates.
Other Business Banks in the Finger Lakes | |
|---|---|
 | |
Western New York Business Bank: Northwest Bank
What We Like
- 300 fee-free transactions
- Employee retirement planning services available
- Rewards-earning credit card available
Drawbacks
- Must visit a branch to open a business checking account
- Mobile banking only available on basic accounts
- Only available in New York, Ohio, and Pennsylvania
Regions With Physical Locations
(Click map for Northwest Bank’s location finder)
- Basic, analyzed, and interest-earning checking options available
- Business debit card
- Online banking with bill pay
- Mobile banking for basic accounts
- Text banking
- Business payment integrations with Clover
- Customer service via email, webchat or phone Monday through Friday 8 a.m. to 8 p.m. ET and Saturday 9 a.m. to 1 p.m. ET
| |
|---|---|
Required Opening Deposit | $100 |
Transaction Limit Before Fees | 300, then 40 cents per transaction |
Monthly Fees | $0 |
Required Balance Minimum to Waive Monthly Fee | N/A |
Domestic Wire Transfer Fees | Incoming: $15 Outgoing: $25 |
International Wire Fees | Incoming: $15 Outgoing: $40 |
ATM Fees | None at Northwest Bank and Allpoint ATMs; $2 at non-network ATMs |
Cash Deposit Fees | No stated fees |
APY | N/A |
*Northwest Bank currently requires that you visit a branch to complete an application for a business checking account. There are branch locations in New York, Ohio, and Pennsylvania. | |
When To Choose Northwest Bank
If you’re looking for a small business bank in western New York, Northwest Bank is a great choice. It only has physical locations in two economic regions of New York—Western New York and the Finger Lakes.
It offers three business checking accounts. Its basic account, Business Checking PLUS, has no monthly fee and up to 300 fee-free transactions each month. The bank doesn’t list any cash deposit fees, but if you are going to deposit cash regularly, you should make sure you aren’t going to exceed any cash deposit fee limits before opening an account.
Northwest Bank has a business savings account and a business money market account. It also offers a rewards-earning credit card in addition to several types of small business loans. Lending offerings include lines of credit, business vehicle and equipment loans, CRE loans, and SBA loans.
The bank even provides small business payables and receivables products, investment options, retirement services, and trust, legacy, and escrow planning.
The mobile app has a good rating, with 4.2 stars on Google Play and 4.6 stars on App Store. While some users were pleased with how the app works, others were critical of user interface issues with new updates.
Other Business Banks in Western New York | |
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Mohawk Valley Business Bank: M&T Bank
What We Like
- Waivable monthly fees except for M&T Business Interest Checking
- Waived monthly fee for the first three months for new M&T BizFlex Checking accounts and 12 months for new M&T Simple Checking for Business accounts
- $300 welcome bonus when opening an M&T Tailored Business Checking
Drawbacks
- No APY except for Business Interest Checking
- Some checking options do not have waivable fees
- Bank locations only in 14 states
Regions With Physical Locations
(Click map for M&T Bank’s location finder)
- Free customizable business debit card
- Online and mobile banking for Business
- Deposit checks, pay bills, and view balances through the mobile app
- Access to M&T BizPay, an expense management tool
- Access to M&T merchant services
- Integrations with Quicken, QuickBooks, Authorize.net, and Worldpay
- Customer service by toll-free phone number Monday through Friday 6 a.m. to 9 p.m. ET, and weekends 9 a.m. to 5 p.m. ET
- Other products include business savings, business credit cards, and lending
| |
|---|---|
Required Opening Deposit | Not stated |
Transaction Limit Before Fees | 100, then $1 per transaction |
Monthly Fees | $10 (waivable) |
Required Balance Minimum to Waive Monthly Fee | Waived for first 12 months, then one of two ways to waive fee:
|
Domestic Wire Transfer Fees | Incoming: $16 Outgoing: $32 |
International Wire Fees | Incoming: $16 Outgoing: $75 |
ATM Fees | $3 at non-M&T Bank ATMs |
Cash Deposit Fees | Up to $5,000 per month free, 25 cents per $100 after that |
APY | N/A |
When To Choose M&T Bank
If you’re looking for more than just a couple of business checking options from your bank, M&T Bank is a great choice. It is another east coast banking giant that has physical branches in all but one economic region of New York—the North Country.
It offers a total of seven business checking account options. Two of those are specialty accounts—Non-Profit Checking and Interest on Lawyers Account (IOLA)/Interest on Lawyers Trust Account (IOLTA)/Maryland Affordable Housing Trust (MAHT)/Interest on Trust Account (IOTA) Checking. The other five are open to any business. You can compare some of those accounts in our review of M&T Bank or via its business checking account grid document.
The bank’s basic checking product, Simple Checking for Business, currently waives its $10 monthly fee for 12 months. This applies by either maintaining a $2,500 monthly ledger balance or completing five transactions each month.
With the entry-level account, you get 100 transactions and up to $5,000 in cash deposits free every month. If you have a lot of transactions and cash deposits monthly, the company’s BizFlex Checking allows up to 1,000 transactions and $50,000 in cash deposits per month for free. That account has a $50 monthly fee, which can be waived if conditions are met.
M&T Bank offers cash management services, merchant services, other business support services, and a business credit card. It also has lending options, such as SBA loans, business lines of credit, term loans, and equipment financing.
The M&T Bank app has 4.9 stars on App Store and 2.7 stars on Google Play. Those who like the app said that they appreciate the ease of use, while those who don’t mentioned that it is slow and often crashes.
Alternative Business Banks: Bluevine, Novo & Grasshopper
In addition to banks with physical locations, there are financial technology (fintech) banking options and digital banks that can provide excellent business banking services. Here are three alternatives you may want to consider if you don’t need a physical location for your business banking needs:
Account | Monthly and Transaction Fees | Cash Deposit Fee | APY | Review | |
|---|---|---|---|---|---|
 Â | Business Checking | None | $4.95 per deposit (Green Dot Locations) | 2% on qualifying balances of $250,000 or less | |
 | Business Checking | None | Cash is deposited through money orders | None | |
 | Innovator Business Checking | None | Cash deposits not accepted | Up to 2.25% | |
*Providers are fintech platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (partnerships: Coastal Community Bank for Bluevine and Middlesex Federal Savings for Novo).
How We Evaluated the Best 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
- expenses, simplifying your tax preparation at the end of the year.
What To Consider When Choosing the Best Business Checking Account
While we used our own criteria to select the leading accounts from the best small business banks in New York for this list, here are some things you should consider before making a selection:
1. Understand the Fee Structure and How It Will Apply to Your Business
Some of the accounts listed on these New York banks are fee-free. There are some that offer waivable monthly fees, while others do not allow you to waive monthly fees. If you are signing up for an account that has waivable monthly fees or limited free transactions, you need to estimate your monthly business bank usage and determine whether you’ll be able to avoid those fees.
If you are exceeding free transaction or cash deposit limits, or don’t meet the criteria to have an account fee waived, you may be setting yourself up for hidden costs that you have not budgeted. Consider these fees before choosing a bank
2. Consider the Need For a Bank With Physical Locations
While there are many businesses that can handle all of their transactions virtually with no need to visit a physical location, others may rely on branch visits regularly. Each section of this buyer’s guide shows in which regions of New York a bank is located. In addition, each rubric includes a link to the bank’s branch locator, so you can see exactly where the closest branch location is to your business.
If you need to visit a branch regularly, especially if you handle cash, see which banks are closest to your company before choosing a new bank.
3. Find Out If You Can Open an Account Online or In Person
Depending on how your business is organized, you may be able to open your account entirely online. However, some business organization types are still required to visit branches. This is often the case if there are multiple owners of a business. Also, there are several banks in this guide that require all businesses to visit a branch to open an account. Once you visit the bank’s website, you should find out quickly if you need to visit a branch for a new account.
4. Read Customer Reviews
All 10 of our best banks of New York have links to individual bank reviews. Near the end of each of those reviews, you will find customer reviews of each bank. This is a great way to find out information about a bank before signing up for an account. The only thing to consider about these reviews is they often include personal account reviews in addition to business reviews. Nevertheless, you can find out more about a bank and any potential pitfalls of signing up for an account there by reading the 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. We have articles on these three banks that can provide you with more information:
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.
