Owning a business in New York can be a challenging experience and having the right banking partner is crucial for success. The top options offer extra functionalities to help your business grow and scale. Keep reading to know more about our favorite picks in this detailed roundup.
Best Banks for Businesses in New York City
The best banks with the best checking accounts for businesses in New York are:
- Chase – Best for Its Business Resource Tools
- Wells Fargo – Best for Providing Business Support
- Capital One – Best for Free Unlimited Deposits and Withdrawal
- Citi Bank – Best for Business Banking Freebies
Chase offers valuable resources and tools for business owners, including guides and articles on topics like financial management, marketing, and business strategy. Though the bank has a monthly fee for Chase Business Complete Banking starting at $15, you can avoid this fee by maintaining a daily balance of $2,000 or making deposits through Chase QuickAccept or Chase Ink Business Card purchases.
Another notable feature of Chase is its mobile app, which allows users to lock or unlock their credit card in case of loss or theft. The app also includes a budget planning feature for setting aside funds for large purchases and credit monitoring tools to safeguard credit health.
Why we chose it: Chase offers a comprehensive range of resource tools to support the success of your business.
- $300 bonus upon opening an account
- Three checking options available with easily waived monthly fees
- Built-in point-of-sale (POS) options
- Basic checking level allows only 20 free transactions
- ATM fees are not reimbursed
- Savings interest rates are low.
Bank of America provides excellent options for business checking and support products. When it comes to entry-level business checking, Bank of America stands out among other business banks.
Bank of America offers two business checking products with easily waivable monthly fees, and a business banking advisor can help you switch between the two as your business needs evolve. Additionally, the bank provides ongoing rewards and excellent business support products, such as business savings, and certificates of deposit (CDs).
Why We Chose It: We chose Bank of America because of the excellent support that it provides for businesses in New York through the product that it offers.
- Earn a bonus of up to $500, along with ongoing rewards upon meeting the qualifications
- Utilize free digital tools to monitor business performance
- Enjoy 200 free transactions every month with basic business checking
- ATM fee reimbursements are not offered
- A minimum opening deposit of $100 is mandatory
With unlimited free monthly transactions for its business checking product, Capital One is recognized as one of the top business banks in New York. However, a significant drawback is that opening an account requires a visit to one of its branch locations.
Capital One has branch locations in three of New York’s 10 economic regions: New York City, Long Island, and the Hudson Valley. Business banking customers located outside these regions will either have to travel to a branch location to open an account or consider other options like Chase or Bank of America.
The best thing about Capital One is that it doesn’t charge for everyday account transactions, providing unlimited free deposits, withdrawals, and transfers (excluding international wires, cashier’s checks, and other services).
Why We Chose It: We chose Capital One because of the free deposits and withdrawals it offers, helping businesses save.
- Limitless transactions
- Convenient ATM access
- Low or no monthly fees
- $250 opening deposit required
- Accounts cannot be opened online
- No interest earned on accounts
Citibank is an excellent business banking option in New York, offering the convenience of waivable monthly fees and up to $10,000 in free cash deposits per month. However, similar to Capital One, opening an account requires a branch visit. Citibank has physical locations in the same three economic regions as Capital One: New York City, Long Island, and the Hudson Valley.
If your business is situated near a Citibank branch, it is a worthwhile option. It has four business checking options, including Streamlined Checking, which provides up to 250 free transactions and $10,000 in cash deposits per month. Although there is a $15 monthly fee, it can be waived as well.
- Opening deposit costs only $1
- Monthly fee is waivable businesses
- Monthly fee-free cash deposit limit is high
- Business checking account is not free
- You cannot open an account online
Recommended Bank Account for Businesses in New York
Our recommended banks for businesses in New York are Chase, Bank of America, Capital One, and CitiBank. These banks offer attractive features, including low fees, convenient money transfer options, and dependable customer service.
With these top-notch banking solutions, businesses can easily achieve their financial goals and maintain strong supplier relationships. Therefore, it’s advisable to choose these banks as your preferred financial partner to meet your businesses’ banking needs in New York.