I evaluated a large variety of banks and found the 10 best banks for a small business in New York. These all provide excellent banking support with outstanding business checking products, business deposit accounts, merchant services, and software integrations. Many of these have physical locations in multiple economic regions. I also added a list of financial technology companies (fintech) for businesses looking for an online-only financial solution.
Here are the top 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 Long Island: Capital One Member FDIC
- Featured bank in the Hudson Valley: Citibank Member FDIC
- Featured bank in the Capital District: TD Bank Member FDIC
- Featured bank in the North Country: KeyBank Member FDIC
- Featured bank in the Finger Lakes: Citizens Bank Member FDIC
- Featured bank in the Southern Tier: Community Bank Member FDIC
- Featured bank in Western New York: Northwest Bank Member FDIC
- Featured bank in the Mohawk Valley: M&T Bank Member FDIC
In addition to the banks above that have branches in the state of New York, there are other banks and financial technology companies (fintechs) that provide outstanding business banking products that are available nationwide. Those are listed below, with links directly to the provider websites.
- U.S. Bank Member Federal Deposit Insurance Corp. (FDIC) : Best overall for free checking and businesses with low transaction volumes
- Novo Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Middlesex Federal Savings. : Best digital-only bank for rapid access to funds and faster payments
- Bluevine Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Coastal Community Bank. : Best overall fintech for interest-earning accounts with the best line of credit
- Mercury Provider is a fintech platform backed by and FDIC-insured through supporting bank partnerships with Choice Financial Group and Evolve Bank & Trust. : Best for tech companies and startups needing additional FDIC insurance Mercury is a fintech company, not an FDIC-insured bank. Deposits in checking and savings accounts are held by our banking services partners, Choice Financial Group and Evolve Bank & Trust ®; Members FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through insurance to apply.
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
Account Name | Monthly Fee | Free Monthly Transaction Limit | Free Monthly Cash Deposit Limit | ||
|---|---|---|---|---|---|
 | New York City | Business Complete Banking | 20 | $5,000, then $2.50 per $1,000 | |
 | Central New York | Business Advantage Fundamentals Banking | 20 | $5,000, then $0.30 per $100 | |
 | Long Island | Basic Checking | Unlimited | $5,000, then $1 per $1,000 | |
 | Hudson Valley | Streamlined Checking | 250 | $5,000, then 17 cents for every $100 | |
 | Capital District | Business Simple Checking | $10 | 200 | $5,000, then 30 cents for every $100 |
 | North Country | Basic Business Checking | 200 | $25,000, then 18 cents for every $100 | |
 | Finger Lakes | Clearly Better Business Checking | None | 200 | $5,000, then $2.50 for every $1,000 |
 | Southern Tier | Carefree Business Checking | None | 350 | $10,000, then $1.50 per $1,000 |
 | Western New York | Business Checking PLUS | None | 300 | Not stated |
 | Mohawk Valley | Simple Checking for Business | 100 | $5,000, then 27 cents per $100 after that | |
 | Nationwide | Business Essentials | None | Unlimited | 25 free teller transactions |
 | Nationwide | Business Checking | None | Unlimited | None |
 | Nationwide | Bluevine Standard | None | Unlimited | Fees Apply |
 | Nationwide | Business Checking | None | Unlimited | N/A |
New York City Business Bank: Chase
What We Like
- You can get a $300 bonus when you open an account before January 16, 2025.
- Monthly fee is waivable on three checking options.
- It has built-in point-of-sale (POS) options.
Drawbacks
- It only has 20 free transactions for basic checking level.
- ATM fees are not reimbursed.
- It has low savings interest rates.
Regions With Physical Locations
(Click map for Chase’s location finder)
- Built-in card acceptance with QuickAcceptSM via the Chase Mobile® app
- Ability to manage debit, deposit, and ATM card settings for individual employees
- Ability to deposit checks, view account balances, pay bills, and make transfers through the mobile app
- Integration 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 Payment Solutions
- 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 |
Monthly fees | $15; waivable if conditions are met |
APY | N/A |
Transaction limit before fees | 20, then 40 cents per transaction |
Standard ACH fees | 2.50 per item for the first 10 items, then $0.15 per item after |
Same-day ACH fees | 1% of the transaction amount or $25, whichever is less |
Domestic wire transfer fees |
|
International wire transfer fees |
|
ATM Fees | $3 per transaction at any non-Chase ATM, plus ATM operator fees |
Cash Deposits | $2.50 per $1,000 after you deposit $5,000 in a billing cycle |
JPMorgan Chase Bank, N.A. Member FDIC |
You want any of the following:
- A traditional bank with a wide range of business products and services
- Both online and nationwide access to multiple New York physical locations
- An affordable business checking account; read our Chase Business Complete Banking review
Chase is our best overall business bank in New York thanks to outstanding business checking and savings options, credit cards, and various lending products, which include lines of credit. Through J.P. Morgan, the bank also provides commercial real estate (CRE) loans, payment services, cash flow management, and merchant services.
Customers generally liked Chase’s app and rated it 4.8 stars on the App Store[1] (based on 5.6 million reviews) and 4.4 stars on Google Play[2] (based on 1.8 million reviews). Many users appreciated the ease of navigation and convenience of viewing their account activity. However, some encountered loading issues from the recent app update.
Central New York Business Bank: Bank of America
What We Like
- It has built-in fraud prevention tools
- It has a national ATM network
- Digital tools to track business performance are free.
Drawbacks
- Cash deposit fees are charged per $100 over monthly allowance.
- It doesn’t offer ATM fee reimbursements.
- It requires a $100 opening deposit.
Regions With Physical Locations
(Click map for Bank of America’s location finder)
- Ability to deposit checks, view accounts, make transfers, and pay bills via the mobile app
- Cash Flow Monitor®, a cash management tool, lets you connect accounting, analytics, and payroll apps to help you make business decisions
- Ability to check your business credit score through a partnership with Dun & Bradstreet (See our guide to Dun & Bradstreet Credit Report to learn more)
- 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 | 20, then 45 cents per item |
Monthly Fees | $16; waivable if conditions are met |
Conditions to Waive Monthly Fee | One of three ways to waive fee:
|
Domestic Wire Transfer Fees |
|
International Wire Transfer Fees |
|
ATM Fees | None at over 15,000 ATMs nationwide; $2.50 per transaction on out-of-network ATMs |
Cash Deposited | Up to $5000 per month free, then 30 cents per $100, per statement cycle |
APY | N/A |
You want any of the following:
- An established bank with many physical locations in New York
- To maximize ongoing rewards and qualifying bonuses Qualified new accounts earn a bonus of up to $500. Enrolling in the Preferred Rewards for Business program leads to interest boosts and discounts on banking services.
- To view your Dun & Bradstreet business credit score via the app (see our guide to Dun & Bradstreet Credit Report to learn more)
Bank of America is another one of the best banks for small businesses in New York. Like Chase, it offers outstanding business checking products and great business support products. For an entry-level business checking option, Bank of America has the edge over Chase. You can compare Bank of America vs Chase to decide the best fit for your business.
Bank of America’s app is strongly rated, with 4.8 stars on the App Store[3] and 4.6 stars on Google Play[4] from a combined 5.5 million reviews. Satisfied users mentioned the app is feature-rich, reliable, and intuitive, while others who left negative feedback reported receiving error messages during fund transfers.
Long Island Business Bank: Capital One
What We Like
- It allows unlimited digital transactions.
- It offers easy ATM access.
- It has no opening deposit.
Drawbacks
- Account doesn’t earn interest.
- It has limited physical locations.
- It has no APY.
Regions With Physical Locations
(Click map for Capital One’s location finder)
- Ability to pay bills, track accounts, transfer funds, and deposit checks with the mobile app
- Integration with Xero and other top accounting software
- Free overdraft protection when linked to another small business deposit account
- Free debit card
- Ability to connect with business payment solutions
- Online bill pay with credit health monitoring
- Waived monthly fees for additional business checking accounts
- 24/7 support by phone; in-branch support during business hours
- Other products include business savings, CDs, lending products, credit cards, and escrow accounts
| |
|---|---|
Required Opening Deposit | $0 |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited digital transactions |
Monthly fees | $15; waivable if conditions are met |
Required Balance Minimum to Waive Monthly Fee | $2,000 30- or 90-day average balance |
Domestic Wire Transfer Fees |
|
International Wire Fees |
|
ATM Fees | None at more than 70,000 Capital One, MoneyPass, and Allpoint ATMs nationwide; $2 for nonnetwork ATMs |
Cash Deposited | $5,000 free per month, then $1 per $1,000 |
APY | N/A |
You want any of the following:
- Unlimited free digital deposits, withdrawals, and transfers
- An easy-to-waive monthly fee Maintain a $2,000 minimum 30-day or 90-day average balance. with its Basic Checking Account Capital One's Basic Checking offers unlimited digital transactions, a free cash deposit limit of $5,000 per month, and a waivable monthly fee of $15.
- No monthly fees when you open additional business checking accounts
In New York, three of the 10 economic regions have Capital One branch locations: New York City, Long Island, and the Hudson Valley.
Capital One offers outstanding business credit cards along with 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.
The mobile app is highly rated, with 4.9 on the App Store[5] and 4.5 on Google Play[6] based on over 9.5 million combined reviews. Those who like the app said that they appreciate the easy-to-use interface, while a few complained about the bank’s frequent ads and pop-ups.
Hudson Valley Business Bank: Citibank
What We Like
- It requires only a $1 opening deposit.
- It has waivable monthly fees.
- It has high fee-free monthly cash deposit limits.
Drawbacks
- It has no free business checking account.
- Accounts cannot be opened online.
- Branches are found only in Washington, D.C., and 10 states.
Regions With Physical Locations
(Click map for Citibank’s location finder)
- Free optional debit card
- Ability to send money, transfer funds, and deposit checks through mobile
- CitiBusiness® Checking Plus and CitiBusiness® Safety Check: Overdraft and uncollected funds protection
- CitiBusiness® Preferred programs: Customized packages for more savings and higher rates
- Integrations with Quicken, QuickBooks, Paychex, Clover, and Zelle
- Customer service available 24 hours a day, 7 days a week
- Other products include savings, money market, CDs, credit cards, and lending
| |
|---|---|
Required opening deposit | $1 |
Monthly fees | $15; waivable |
APY | N/A |
Transaction limit before fees | 250 |
Standard ACH fees | $0.45 each transaction over 250 |
Same-day ACH fees | $0.45 each transaction over 250 |
Domestic wire transfer fees |
|
International wire transfer fees |
|
ATM fees | No charge at Citibank or MoneyPass ATMs |
Cash deposits | Up to $5,000 per month free, then 17 cents for every |
Citibank, N.A., Member FDIC | |
You want any of the following:
- Four checking account options Citibank offers a basic, mid-tier, interest-earning, and analyzed business checking account with waivable fees if you meet the required balances or earnings credit. that let you waive the monthly maintenance fee
- An entry-level account Citibank Streamlined Checking is the lowest-tier business checking account and requires a monthly average balance of $5,000 to waive the monthly fee of $15. that gives up to 250 free transactions and a $5,000 cash deposit limit
- Access to business savings, money market, CDs, credit cards, and lending options
The provider is a great choice for a small business bank in NYC with physical locations in the same three economic regions as Capital One: New York City, Long Island, and the Hudson Valley. However, just like at Capital One, you must visit a branch to open an account.
Citibank also offers lending options that include business installment loans, lines of credit, healthcare practice finance, SBA loans, and commercial mortgages.
Users have rated Citibank’s app very well, with 4.9 stars on the App Store[7] and 4.7 stars on Google Play[8]. They praised the ease of use and live chat options available, whereas others had issues with biometric login and excessive pop-up advertising.
Capital District Business Bank: TD Bank
What We Like
- It has waivable monthly fees, except for Business Simple Checking.
- It offers a fee-free transaction limit up to 200 for Business Simple Checking.
- There are multiple small business checking products.
Drawbacks
- It has no free business checking account.
- It has no welcome bonus.
- Branches are found only in Washington, D.C., and 15 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
- Two 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 |
|
International Wire Fees |
|
ATM Fees |
|
Cash Deposit Fees | Up to $5,000 per month free, then 30 cents for every $100 |
APY | N/A |
You want any of the following:
- More checking options that allow you to meet the criteria to waive the monthly fee TD Bank offers three checking accounts (TD Business Convenience Checking Plus, TD Business Interest Checking Plus, and TD Business Premier Checking) with waivable monthly fees.
- A basic business checking account with a high free transaction and cash deposit limit Business Simple Checking, the basic tier offers 200 free transactions and $5,000 in cash deposits at a low non-waivable monthly fee of $10.
- Robust banking products (business savings, money market, CDs, and lending products)
TD Bank is a good option for those looking for business banking on the East Coast. 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.
The bank also offers various business loan products including lines of credit, small business loans, SBA loans, and CRE loans.
The TD Bank mobile app has a rating of 4.8 with around 247,000-plus reviews on the App Store[9] and 4.0 from nearly 85,000 reviews on Google Play.[10]. Users were pleased with the TD ASAP feature, which allows you to reach a customer service representative quickly. Others complained about login issues from recent app updates.
North Country Business Bank: KeyBank
What We Like
- It has a low and easy-to-waive monthly fee.
- It has 200 free monthly transaction allowance.
- It allows up to $25,000 free monthly cash deposits.
Drawbacks
- It has no online account opening.
- There is a $3 non-network ATM fee.
- Branches are only found in 16 states.
Regions With Physical Locations
(Click map for KeyBank’s location finder)
- Free debit card
- Online and mobile banking
- Ability to 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 |
|
International Wire Fees |
|
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. | |
You want any of the following:
- Convenient access to multiple brick-and-mortar locations, specifically in New York
- More options for business checking products with low or waivable monthly fees KeyBank offers basic, interest-earning, and high-tier business checking accounts with free transactions that range from 100 to 500 and a monthly cash deposit allowance of $25,000.
- Accessible merchant services, integrated payment solutions, and financial wellness
programs Available for free to Key Business Reward Checking users
With branches in every economic region except Long Island, KeyBank is one of the best small business banks in New York for businesses needing in-person banking. Opening a KeyBank account requires visiting a branch, so its widespread locations are convenient.
Aside from business checking accounts, KeyBank offers business savings, money market, and CD options. It also has business credit cards and lending products, such as lines of credit, term loans, business real estate, equipment financing and leasing, and Small Business Administration (SBA) loans.
Our related resources:
- Business Line of Credit & How It Works
- Equipment Financing: Loans vs Leases
- Equipment Leasing: A Guide for Small Business Owners
- SBA Loans: Types, Rates & Requirements
The mobile app for KeyBank has good ratings, with 4.7 on the App Store[11] and 4.6 on Google Play[12]. Satisfied users who rated it highly liked the notifications from the app, while those who had issues reported problems with mobile deposit capture among other features.
Finger Lakes Business Bank: Citizens Bank
What We Like
- It offers affordable wire fees.
- It has no monthly fee and has 200 free monthly transactions for basic account.
- Minimum opening deposit is any amount.
Drawbacks
- It has no APY.
- It has no ATM fee reimbursement.
- Branches are only found in Washington, D.C., and 14 states.
Regions With Physical Locations
(Click map for Citizens Bank’s location finder)
- Free Visa debit card
- Mobile and online banking
- Ability to transfer funds, deposit checks, and view balances online
- Integration with QuickBooks, Quicken, and Paychex
- Business overdraft protection plans
- Access to Citizens Merchant Services and Citizens Pay
- 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 specialized checking, 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 |
|
International Wire Fees |
|
ATM Fees |
|
Cash Deposit Fees | Up to $5,000 per month free, then $2.50 for every $1,000 |
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, D.C. | |
You want any of the following:
- An entry-level checking product (Clearly Better Business Checking) with no monthly fee
- High free transactions Basic tier, Clearly Better Business Checking offers up to 200 free monthly transactions while higher-tier Business Advisor Checking offers up to 500. of up to 500 and monthly cash deposits Clearly Better Business Checking offers up to $5,000 free cash deposits while Business Advisor Checking offers up to $20,000. of up to $20,000
- Access to financing, like SBA loans, lines of credit, term loans, and business mortgages
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 has branches in all but the Southern Tier and the North Country regions.
Citizens provide robust business products, which include nonprofit checking and healthcare practice banking, credit cards, savings, money markets, and CDs. For bank services, the provider extends cash management, employee benefits, investment management and insurance protection, and POS financing.
The Citizens Bank app received a rating of 4.7 on the App Store[13] and 4.8 on Google Play[14]. Those who left positive feedback liked the app’s interface, whereas others reported experiencing login issues and app crashes.
Southern Tier Business Bank: Community Bank
What We Like
- It has 350 fee-free transactions per month for Carefree Business Checking.
- It has no monthly fee for Carefree Business Checking.
- It has up to $10,000 fee-free cash deposits.
Drawbacks
- It requires a fee for Autobooks integration.
- It has no CDs.
- It is only available in Massachusetts, New York, Vermont, 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
- Credit CompanionSM Credit Companion is included with your online and mobile banking accounts. , a free service alerting you of credit score changes
- Customer service via email, by appointment, or by phone Monday through Friday 8 a.m. to 6 p.m. ET
- Other products include savings, money markets, lines of credit, term loans, 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 |
|
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 |
You want any of the following:
- A business checking account (Carefree Business Checking) with no monthly fees
- A high limit of 350 free transactions and $10,000 cash deposits for a basic tier account
- Free access to your credit report to check credit score changes via Credit CompanionSM Credit Companion is included with your online and mobile banking accounts.
Another best small business bank in NYC with physical locations in nearly the entire state of New York is Community Bank N.A. Eight of the 10 economic regions have branches except New York City and Long Island. If you are outside these 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.
Community Bank offers business savings accounts in addition to its three checking products. It has business credit cards and several lending options, such as short-term loans, long-term loans, commercial mortgages, construction loans, and SBA loans.
Its app, named CBNA Mobile Banking, has 4.8 stars on the App Store[15] and 4.3 stars on Google Play[16]. Reviewers said it was user-friendly and easy to use, but others complained it lacked the features of apps from larger competitors.
Western New York Business Bank: Northwest Bank
What We Like
- It has 300 fee-free transactions for basic checking.
- Employee retirement planning services are available.
- Rewards-earning credit card is available.
Drawbacks
- You must visit a branch to open a business checking account.
- It requires a $100 opening deposit.
- It is only available in Indiana, 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 integration with Clover
- Accounting software integration with QuickBooks
- 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 |
|
International Wire Fees |
|
ATM Fees |
|
Cash Deposit Fees | Not stated |
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 Indiana, New York, Ohio, and Pennsylvania. | |
You want any of the following:
- A basic account Northwest Bank's basic account is called Business Checking PLUS. with no monthly fee and up to 300 fee-free monthly transactions
- A rewards-earning credit card and multiple types of small business loans
- Investment options, retirement services, and trust services—legacy and escrow planning
Northwest Bank only has physical locations in two economic regions of New York: Western New York and the Finger Lakes.
It offers business savings and money market accounts, as well as treasury management solutions. Its lending offerings include lines of credit, business vehicle and equipment loans, CRE loans, and SBA loans.
The mobile app has a good rating, with 4.7 on the App Store[17] and 4.3 on Google Play[18] from around 10,000-plus combined reviews. Many users were pleased with the convenience brought by the app, specifically its quick updates on transactions. However, others were critical of the app’s inconsistent mobile deposit functionality.
Mohawk Valley Business Bank: M&T Bank
What We Like
- It has waivable monthly fees except for M&T Business Interest Checking.
- It has waived monthly fee for 12 months (new M&T Simple Checking for Business accounts).
- It has various business checking options.
Drawbacks
- It has no APY except for Business Interest Checking.
- It has steep wire transfer fees.
- Bank locations are only found in Washington D.C., and 13 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
- Ability to 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, and Authorize.net
- 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 |
|
International Wire Fees |
|
ATM Fees | $3 at non-M&T Bank ATMs |
Cash Deposit Fees | Up to $5,000 per month free, 27 cents per $100 after that |
APY | N/A |
You want any of the following:
- More business checking account options, More business checking account options, including M&T Bank’s IOLA/IOLTA Checking (lawyer-based funds) and Non-Profit Checking (refer to M&T Bank’s checking deposit grid document)
- A 12-month maintenance fee waiver Waive $10 for 12 months and save up to $120. You can continue waiving the monthly fee after 12 months by maintaining a $2,500 monthly ledger balance or completing five transactions each month. for the bank’s basic Simple Checking for Business
- A checking account BizFlex Checking has a $50 monthly fee, which can be waived if conditions are met. that offers up to $1,000 transactions and $50,000 cash deposits
If you’re looking for more than just a couple of business checking options from your bank, M&T Bank is another East Coast banking giant that has physical branches in all but one economic region of New York, the North Country.
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 a rating of 4.9 from nearly 241,000 reviews on the App Store[19] and 2.5 from around 16,800 reviews on Google Play[20]. Those who liked the app appreciated its ease of use, while some reported they had difficulty logging in at times.
How I Evaluated the Best Small Business Banks In New York
I reviewed a large variety of business banking providers before compiling this list. When I evaluated the best banks for small business in New York and the alternatives, I considered the following:
- 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
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. Some may offer waivable monthly fees, whereas 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 many businesses 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 the closest branch location 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, several banks in this guide require all businesses to visit a branch to open an account. Check the bank’s website to find out if you need to visit a branch for a new account.
4. Read Customer Reviews
All 10 of our best banks in 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 more about a bank before signing up for an account.
Keep in mind that these reviews often include personal account reviews in addition to business reviews. Nevertheless, you can learn more about a bank and any potential pitfalls of signing up for an account by reading the reviews.
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 the best small business bank in NYC, the overall top 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 near your business. Otherwise, you can open a Chase or Bank of America account from anywhere in the state if branch location isn’t a priority for your business.
