Sections of this topic
A bank account for your small business helps keep funds in order and customers happy. The best banks for small businesses in New York go one step further, offering additional features to keep your company running smoothly. After careful research, here are our seven favorites for 2023.
Best Banks for Small Businesses in New York
- Bluevine – Best Overall Bank for Small Businesses
- Capital One – Best Bank for Digital Transactions
- Axos – Best Bank for Online Banking
- Bank of America – Best Bank for Rewards
- Chase Bank – Best Bank for Sign-On Bonus
- Key Bank – Best Bank for Cash Deposits
- Citizens Bank – Best Bank for Customer Service
Our Methodology
It should come as no surprise that fees are on top of our list of considerations for New York banks. We also looked at minimum balance requirements to maintain accounts and APYs for some passive income. Finally, we wanted to ensure banks have access to mobile banking and are easy for small businesses to use.
Click here for a more detailed explanation of our methodology.
Bank
Pricing (Per Month)
Additional Fees
Interest Rates
Minimum Balance
Access to Mobile Banking
$0
$4.95 per cash deposit, $2.50 for out of network ATM fees, $15 for outgoing wires
2.0% APY
$0
Pay vendors by wire or check, schedule payments, manage cash flow
$15 for checking (waivable), $3 for savings (waivable)
$15 per incoming domestic wire, $25 for outgoing domestic wire, fee for excess cash deposits
0.20% APY
$2,000 for checking, $300 for savings
Access credit card accounts, transfer money, deposit checks, access bank statements, access to CreditWise service
$5 (waivable) for savings
$35 for outgoing wire transfers
0.20% APY
$2,500 on savings account
Pay bills, analyze spending patterns, monitor accounts
$16 for checking (waivable), $10 for savings (waivable)
Out of network ATM fees, fees for excessive deposits
Up to 0.04% APY
$5,000 for checking, $2,500 for savings
Manage accounts, pay and transfer, digital wallets, bill pay
$15 for checking (waivable), $10 for savings (waivable)
$25 to $40 for wire transfers, $0.40 per transaction (after first 20)
Up to 0.02% APY
$2,000 for checking, $1,000 for savings
Fraud monitoring, card control, pay and transfer, view offers
$5 (waivable) for checking, $4 (waivable) for savings
$33 overdraft fee, $0.40 per item in excess of 200 transactions, $20 for wire transfer
0.01% APY
$1,000 for checking, $300 for savings
Document hub for past statements, send money, account alerts to monitor transactions
$4.99 (waivable)
$0.50 fee for each excessive transaction, $39 overdraft fee
Up to 0.02% APY
$500 for savings account
Custom business alerts, check balances, transfer funds, find branch locations
Bluevine: Best Overall Bank for Small Businesses in New York
4.7
Bluevine sets the bar high with zero monthly maintenance fees and 2.0% APY for business customers. There’s no minimum deposit requirement to get started, so any small business can partake. You won’t find a savings account, but Bluevine has virtual buckets you can drop funds into to stay organized. Pay attention to cash deposits, which will cost you $4.95 each time you make one.
Why we chose it: Bluevine holds the top spot thanks to its minimal fees, ease of use, and incredible interest rate.
- Organize project work intuitively
- Add resources as your project grows
- Provide context with notes and descriptions
- No business savings account
- No ATM reimbursement
- Fee for cash deposits
Fees
New Yorkers won’t have to worry about fees at any MoneyPass ATM in the state. There are hundreds throughout, but any ATM not in the system will set you back $2.50. The biggest fee to worry about is for cash deposits, where Bluevine charges $4.95 each time you add cash to your account.
Interest Rates
With Bluevine’s business checking account, you’ll receive an unprecedented 2.0% APY on funds within. Note that this interest rate only applies to money up to $100,000 in your account. Anything in excess does not earn any interest at all.
Minimum Balance
Bluevine has no minimum balance to start an account or maintain it. You’ll never receive a monthly charge if funds drop dangerously low. Your balance also doesn’t affect your interest rate, which is applicable on funds from $0 to $100,000.
Access to Mobile Banking
The Bluevine mobile app puts all your banking needs right in the palm of your hand. Just like on a computer, you can perform unlimited transfers, make bill payments, or deposit checks into your account. If you set up subaccounts for tracking purposes, the app transfers money between them immediately.
Capital One: Best Bank for Small Businesses in New York for Digital Transactions
4.6
Your small business relies on digital transactions to stay afloat. Capital One understands this, allowing you to send and receive funds digitally without penalty. In the event one of your accounts gets stretched too thin, the bank won’t charge a fee for the overdraft. There are several Capital One banks within New York City, but those in other parts of the state should have no trouble finding at least an ATM.
Why we chose it: You can keep your vendors paid and happy with unlimited digital transactions from Capital One.
- Unlimited digital transactions
- Does not charge overdraft fees
- Large ATM network
- Limited physical locations
- Monthly account fee
- Out-of-network ATM fees
Fees
Digital transfers are free to any other bank account at any time. There is a monthly service fee on all Capital One’s business accounts, but you can toss these aside by meeting balance requirements. Incoming and outgoing domestic wire transfers cost $15 and $25 respectively, so try to avoid using this feature.
Interest Rates
New Capital One members unlock a promotional interest rate for the first 12 months of use on a business savings account. The current rate is 0.20% APY, which has been in place since 2020. After the first year, the APY reverts to the standard amount in effect at the time.
Minimum Balance
It takes a 30 or 90-day balance average of $2,000 in your checking account to waive the $15 monthly fee. To remove service fees on business savings, you’ll have to keep a minimum balance of at least $300 at all times.
Access to Mobile Banking
Capital One has a mobile app for both Android and iOS devices. It’s free to download and lets you perform digital transactions wherever you may be. Other features include mobile deposits and digital payments using Zelle.
Axos Bank: Best Bank for Small Businesses in New York for Online Banking
4.5
Axos Bank’s online system means you can bank from anywhere, even if business takes you outside New York. The bank lacks a few integrations, but you can access funds from any MoneyPass or AllPoint ATM around the country. Its basic checking has no monthly fee, and you’ll never have to worry about charges due to an overdraft.
Why we chose it: Axos Bank may not have physical locations, but its extensive online services make it an excellent choice for New Yorkers.
- No monthly fee on basic account
- Cash deposits allowed via MoneyPass and AllPoint ATMs
- Zero overdraft fees
- Limited integrations
- Below average CD rates
- Poor customer service
Fees
You may have some trouble finding a fee within Axos Bank’s online system, which is a good problem to have. Its basic checking account does not charge for maintenance, although higher-tier plans have waivable fees. The bank even reimburses you for domestic ATM use and two wire fees each billing cycle.
Interest Rates
You can earn 0.20% APY with an Axos business savings account, but rates don’t get any better with premium plans. Even CDs max out at 0.20%, leaving much to be desired. The interest plus checking account accrues up to 1.01% APY on amounts up to $50,000 if you want to go that route.
Minimum Balance
If you have a new small business, a basic business checking account is appealing thanks to no minimum balance requirements. You’ll need $2,500 minimum to remove fees from a business savings account or $5,000 for interest plus checking.
Access to Mobile Banking
With online banking as its core, Axos Bank would be dropping the ball if it didn’t have an excellent mobile service. The app works quickly to process transfers or handle mobile deposits. You can link all your accounts to your phone, watch account balances, and even analyze how you spend your money.
Bank of America: Best Bank for Small Businesses in New York for Rewards
4.4
Bank of America takes an impressive traditional banking package and makes it better through a preferred rewards program. By enrolling, you gain access to cool perks that can boost your interest rate or remove fees on select banking services. Nearly 300 of Bank of America’s 4,300 branches reside in the state, offering plenty of opportunities for in-person banking. You’ll have a few fees to dance around as you do business, but this isn’t hard to do.
Why we chose it: Bank of America’s exclusive Preferred Rewards system offers excellent business perks to give your company a leg up on the competition.
- Preferred rewards to boost interest rate
- Over 17,000 ATMs and 4,300 branches
- Can waive the monthly fee
- Lacks 24/7 customer service
- Monthly fees
- Transaction fees when using non-Bank of America ATMs
Fees
Bank of America offers three ways to negate the $16 monthly maintenance fee. If you can’t maintain a $5,000 minimum balance, you can either spend $250 in qualified debit card purchases or become a Preferred Member instead. Savings requires a minimum of $2,500 or a Preferred Rewards membership to avoid paying $10 per month.
Interest Rates
None of Bank of America’s checking accounts have any kind of built-in interest rate. Savings accounts start at 0.01% APY but can grow depending on your status as a preferred member. CDs reach up to 3.51% if you have at least $10,000 and the time to lock these funds away.
Minimum Balance
Meeting minimum balance requirements will do away with annoying service fees you’ll otherwise have to pay. The amount you have in your accounts is the primary factor in determining what level of preferred membership you earn.
Access to Mobile Banking
Through the mobile app, you can set custom alerts so you’re always aware of what’s happening with your account. Enhanced security features prevent others from getting in, making it safe to pay all your bills from your phone. A spending and budgeting tool also exists to help you plan for future expenses.
Chase: Best Bank for Small Businesses in New York for Branch Locations
4.4
With 600 locations throughout New York, Chase has more branches than any other bank in the state. You’ll have free reign of Chase’s business services whether you prefer to bank online or in person. Anyone signing up right now can qualify for a $300 bonus just for becoming a member. If that wasn’t enough, Chase gives up to $900 cash back on credit card purchases.
Why we chose it: Chase has more branches than any other bank in New York and hands you a $300 bonus just for signing up.
- 600 New York locations
- Up to $300 sign-on bonus
- Multiple ways to waive the monthly maintenance fee
- Monthly maintenance fees
- Only 20 free transactions per month
- Minimal APY
Fees
Chase Business Complete Banking has a $15 service fee you can remove with a $2,000 daily balance. It’s also possible to waive this fee through deposits from Chase QuickAccept or purchases with a Chase Ink Business Card. Attaching a savings account to your checking removes any monthly fees you’d normally pay there.
Interest Rates
Chase does not have a checking account with options to accrue interest. You’ll have to look to a savings account for 0.01% or 0.02% APY. There are higher interest rates with certificates of deposit, but these vary depending on where in New York you are.
Minimum Balance
As long as you maintain a minimum of $2,000 in your Complete checking account, you’ll never have to pay a monthly fee. Plans jump to $35,000 and $100,000 minimums from there, which may not jive with smaller businesses.
Access to Mobile Banking
The Chase mobile app lets you view paperless statements and transfer money throughout New York and beyond. There’s an option to pay or schedule payments, and handling deposits with Chase QuickAccept can eliminate monthly account fees. With so many locations in the state, you can also use the app to find the nearest one.
Key Bank: Best Bank for Small Businesses in New York for Cash Deposits
4.3
Many banks charge for cash deposits, but Key Bank allows you to add up to $25,000 to your account each month without penalizing you. It has a strong presence in the Empire state and locations in 38 others. Maintenance fees are low to begin with, but they’re also easy to waive with a low balance. The mobile app is a great way to track funds lest you stumble into hefty overdraft fees.
Why we chose it: Businesses channeling a lot of cash will love up to $25,000 in cash deposits each month without fees.
- Deposit up to $25,000 in cash each month without fees
- Low, waivable maintenance fees
- More than 1,100 branches and 1,400 ATMs
- Low interest rates
- Heavy overdraft fees
- Lackluster CD options
Fees
Key Bank is pretty generous with fees except when it comes to overdrafts. A simple slip up can cost you $33 each time you try to pull too much from an account. Monthly charges are $5 and $4 for basic checking and savings, but you can eliminate these with the proper balance.
Interest Rates
The interest rate you can earn on your savings or interest plus checking account is variable and based on several factors. After searching various zip codes, we couldn’t find anything higher than 0.01% APY.
Minimum Balance
It takes $1,000 in checking and $300 in savings to waive fees for each account. Key Bank lists its interest rates as variable and mentions they can change based on your current balance. In theory, higher balances should accrue more.
Access to Mobile Banking
Key Bank gives you the power to lock and unlock your cards right from your mobile device. You can also set up account alerts to monitor transactions in real-time and pay bills with a tap. If you need previous records, the app holds your last seven years of statements and two years of tax records.
Citizens Bank: Best Bank for Small Businesses in New York for Customer Service
4.2
Help is never far away at Citizens Bank, thanks to useful online information and a great customer support team. There are over 1200 locations in New England you can stop into, or contact someone via phone seven days a week. Multiple plan options play to the needs of different business models, including a fee-free account for small businesses.
Why we chose it: Citizens Bank’s excellent customer service and large number of New England locations make it a great option for New Yorkers.
- Excellent customer service
- Nearly 200 branches in New York
- No monthly maintenance fee on some accounts
- Low interest rates
- High overdraft fees
- Some accounts charge ATM fees
Fees
Some business checking accounts have unwaivable fees, but Citizens Bank’s introductory package has no monthly fee at all. You can take off the $4.99 charge on its small business savings account with the right amount of funds. Beware $39 overdraft fees you’ll receive for taking too much out of your account.
Interest Rates
Citizens Bank has both a business savings and money market account within reach of small businesses. Funds in savings earn 0.01% APY, whereas the money market account will earn you 0.02%. CDs don’t fare you much better, capping at 0.03% with 18-month terms.
Minimum Balance
A $500 minimum daily balance on your Citizens Bank business savings account is all you need to remove the monthly service charge. The minimum balance requirement rises steeply for other accounts.
Access to Mobile Banking
Citizens Bank recently refreshed its mobile app with an intuitive, new interface and several other enhancements. Using the app allows you to bank 24/7 from anywhere and move money as you see fit. Online banking demos offer tips and tricks for getting the most out of your account.
Methodology for the Best Banks for Small Businesses in New York
A lot goes into researching the best banks for small businesses in New York. Here are the top factors we considered when making our picks.
- Fees: Banking fees can show up in many forms. We focused on banks without monthly charges, or at least easy ways for small businesses to waive them. Other important fees we considered revolved around transactions and deposits every small business has to perform.
- Minimum Balance: Banks often impose service fees on accounts with low balances. We opted for banks having accounts with minimum balance requirements manageable by even the smallest business. In some cases, a higher account balance also means more interest.
- Interest Rates: Interest rates can be an effective way to add a little passive income to your business. Fintechs like Bluevine let you earn up to 2.0% APY. In the small business world, every bit counts.
- Access to Mobile Banking: Mobile banking is an essential tool in our fast-paced world. Banks without intuitive apps quickly fall by the wayside to those providing a ton of mobile services. The best ones allow you to view accounts and transfer funds with a tap.
- Ease of Use: Along the vein of mobile banking, accounts should be easy to both set up and use. That means a startup process with few documents and clear systems. Having a good customer service team like Citizens Bank is also a plus.
Best Banks for Small Businesses in New York Frequently Asked Questions (FAQs)
Still have questions about the best banks for small businesses in New York? This FAQ may have the answers you seek.
Bottom Line
There are many banks to choose from in New York, but they aren’t all the same. The best options come with minimal fees and interest rates that offset any costs you incur along the way. You can’t go wrong with any of the banks on this list for your business needs.
Noah is an American copywriter on a mission to help clarify the nuances of the business world through unique insights stemming from backgrounds in both engineering and the medical field. When not working, you’ll likely find him running or traveling.
