Sections of this topic
A small business bank account helps you stay organized and keeps your customers happy. New York’s best banks for small businesses provide extra features for seamless operations. After extensive research, here are our top seven picks for 2025.
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7 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 at the top of our list of considerations for New York banks. We also examined minimum balance requirements to maintain accounts and APYs for some passive income. Finally, we wanted to ensure banks have access to mobile banking, which is 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 |
| Bluevine | $0 | $4.95 per cash deposit, $2.50 for out-of-network ATM fees, $15 for outgoing wires | 2.0% to 4.25% APY | $0 | Pay vendors by wire or check, schedule payments, manage cash flow |
| Capital One | $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 |
| Axos | $5 (waivable) for savings | $35 for outgoing wire transfers | 0.20% APY | $2,500 on savings account | Pay bills, analyze spending patterns, monitor accounts |
| Bank of America | $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 |
| Chase | $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 |
| Key Bank | $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 |
| Citizens Bank | $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
| Interest Rates | Up to 4.25% APY |
| Star Rating | 4.7 |
Bluevine sets the bar high with zero monthly maintenance fees and 4.25% APY for business customers. There’s no minimum deposit requirement to get started so that any small business can partake. You won’t find a savings account, but Bluevine has virtual buckets you can drop funds 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.
Pros:
- High interest rates
- Very few fees
- No minimum deposit required
Cons:
- 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
Bluevine provides an attractive APY on its checking account, offering up to 2.0% return on balances of $250,000 or less. To qualify, account holders must either spend $500 monthly with their debit card or receive $2,500 in monthly customer payments. They offer two premium tiers, Bluevine Plus and Bluevine Premier, where users can earn up to 4.25% APY.
Minimum Balance
Bluevine has no minimum balance to start or maintain an account. You’ll never receive a monthly charge if funds drop dangerously low. Your balance also doesn’t affect your interest rate, which applies to 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 sub-accounts for tracking, the app transfers money between them immediately.
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Capital One: Best Bank for Small Businesses in New York for Digital Transactions
| Interest Rates | 0.20% APY |
| Star Rating | 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. If 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.
Pros:
- Unlimited digital transactions
- Doesn’t charge overdraft fees
- Large ATM network
Cons:
- 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’s 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 existed 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 Android and iOS devices. It’s free to download and allows you to perform digital transactions wherever possible. Other features include mobile deposits and digital payments using Zelle.
>> Streamline Small Business Finances With Capital One! >>
Axos Bank: Best Bank for Small Businesses in New York for Online Banking
| Interest Rates | 0.20% APY |
| Star Rating | 4.5 |
Axos Bank’s online system means you can bank from anywhere, even if business takes you outside New York. The bank lacks some integrations, but you can access funds nationwide from any MoneyPass or Allpoint ATM. 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.
Pros:
- No monthly fee on the basic account
- Cash deposits allowed via MoneyPass and Allpoint ATMs
- Zero overdraft fees
Cons:
- Limited integrations
- Below average CD rates
- Poor customer service
Fees
You may have trouble finding a fee within Axos Bank’s online system, which is a good problem. Its basic checking account doesn’t 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 because it does not require a minimum balance. A business savings account requires a minimum balance of $2,500 to remove fees or $5,000 for interest plus checking.
Access to Mobile Banking
With online banking as its core, Axos Bank would fall short without excellent mobile service. The app works quickly to process transfers or handle mobile deposits. You can link all your accounts to your phone, monitor account balances, and even analyze how you spend your money.
Bank of America: Best Bank for Small Businesses in New York for Rewards
| Interest Rates | Up to 0.04% APY |
| Star Rating | 4.4 |
Bank of America takes an impressive traditional banking package and improves it through a preferred rewards program. By enrolling, you can access 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.
Why we chose it: Bank of America’s exclusive Preferred Rewards system offers excellent business perks that can give your company a competitive advantage.
Pros:
- Preferred rewards to boost interest rate
- Over 17,000 ATMs and 4,300 branches
- Can waive the monthly fee
Cons:
- 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 on qualified debit card purchases or become a Preferred Member instead. Savings require 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 a 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
You can set custom alerts through the mobile app 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.
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Chase Business: Best Bank for Small Businesses in New York for Branch Locations
| Interest Rates | Up to 0.02% APY |
| Star Rating | 4.4 |
With 600 locations throughout New York, Chase Business has more branches than any other bank in the state. Whether you prefer to bank online or in person, you’ll have free reign of Chase’s business services. Anyone signing up right now can qualify for a $300 bonus just to become a member. 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.
Pros:
- 600 New York locations
- Up to $300 sign-on bonus
- Multiple ways to waive the monthly maintenance fee
Cons:
- Monthly maintenance fees
- Only 20 free transactions per month
- Minimal APY
Fees
Chase Business Complete Banking has a $15 service fee, which you can remove with a $2,000 daily balance. You can also 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 normally pay.
Interest Rates
Chase doesn’t 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.
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Key Bank: Best Bank for Small Businesses in New York for Cash Deposits
| Interest Rates | 0.01% APY |
| Star Rating | 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, 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 monthly cash deposits without fees.
Pros:
- Deposit up to $25,000 in cash each month without fees
- Low, waivable maintenance fees
- Over 1,100 branches and 1,400 ATMs
Cons:
- Low interest rates
- Heavy overdraft fees
- Lackluster CD options
Fees
Key Bank is generous with fees unless 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. Higher balances should accrue more.
Access to Mobile Banking
Key Bank lets you lock and unlock your cards 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.
>> Streamline Your Business Finances With Key Bank! >>
Citizens Bank: Best Bank for Small Businesses in New York for Customer Service
| Interest Rates | Up to 0.02% APY |
| Star Rating | 4.2 |
Help is always close at Citizens Bank, thanks to useful online information and a great customer support team. There are over 1,200 locations in New England where you can stop in or contact someone via phone seven days a week. Multiple plan options, including a fee-free account for small businesses, cater to the needs of different business models.
Why we chose it: Citizens Bank’s excellent customer service and many New England locations make it a great option for New Yorkers.
Pros:
- Excellent customer service
- Nearly 200 branches in New York
- No monthly maintenance fee on some accounts
Cons:
- 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. With the right funds, you can take off the $4.99 charge on your small business savings account. 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.
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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 take 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 with 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 add a little passive income to your business. Fintechs like Bluevine let you earn up to 4.25% APY. In the small business world, every bit counts.
- Access to Mobile Banking: Mobile banking is essential in our fast-paced world. Banks without intuitive apps quickly lose out to those providing many mobile services. The best ones allow you to view accounts and transfer funds with a tap.
- Ease of Use: Like mobile banking, accounts should be easy to 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.
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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.
What Is the Best Bank to Use in New York?
Any of the banks to make our list are solid options for New York-based businesses. Whether you’re running a sole proprietorship or an LLC, these banks can serve you well.
What Is the Most Used Bank in New York?
Chase has the most locations in New York and has many members. The bank has several locations in the Big Apple, but businesses upstate or out west also have access to branches.
Do Banks Give Loans to Startups?
Banks can give loans to startups as long as they show the means to repay them. Some will limit your startup to small loans or high interest rates to recoup money quickly.
Do I Need a Good Credit Score to Open a Business Bank Account?
You don’t necessarily need a good credit score to open a business bank account. Some banks don’t even check credit when you sign up. Financial institutions will monitor your ability to manage funds and may sever ties if issues arise.
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Bottom Line
New York has no shortage of banks, but not all are created equal. The best banks for small businesses combine low fees with competitive interest rates, helping you manage costs efficiently. Our guide to the top small business banks in New York showcases the best options, offering exceptional services tailored to your needs and ensuring you find a reliable banking partner to fuel your growth.
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