Software your AI can run.
Bank shopping in New York? Read this first.
You came here comparing business banks. That's the old question. Holdings built a new category — invoicing that AI can run — and it's what most of the businesses using this comparison table end up on.
Updated August 2026 · 8 banks compared below
A different answer
Holdings isn't a bank.
It's software your AI can run.
The flagship is agentic invoicing — connect Claude, ChatGPT, or Cursor to your Holdings account via MCP and direct your AI to draft invoices, chase payments, and reconcile entries in plain English. No monthly fee. Card processing is 3% + $0.30 per payment collected. Accounting that auto-connects when you want it: $25/mo.
If you're bank-shopping because you're setting up a business, the question you probably actually have is: how do I get paid? Holdings answers that. It works on top of whichever bank you choose from the table below — pick the one that fits, then point your AI at Holdings to handle the rest.
Quick Comparison
These are the top 8 business banks in New York we compared, ranked by fees, APY, and features. Holdings is not a bank and not in this table — see what Holdings does instead →
| Bank | Type | Monthly Fee | APY |
|---|---|---|---|
| Holdings | Online | $0 | 1.75% |
| Chase Business Complete Banking | National | $15waivable | 0.00% |
| M&T Bank Business Checking* | Regional | $15waivable | 0.00% |
| Bank of America Business Advantage Fundamentals | National | $16waivable | 0.00% |
| Wells Fargo Initiate Business Checking | National | $15waivable | 0.00% |
| TD Bank Business Convenience Checking* | Regional | $19waivable | 0.00% |
| Bethpage Federal Credit Union* | Credit Union | $0 | 0.00% |
| Capital One Basic Business Checking | National | $15waivable | 0.00% |
* Rate and fee data sourced from each bank's published schedule. Verify before opening an account.
Business banking in New York
New York's 2.3 million small businesses face some of the highest operating costs in the country — which makes choosing the right bank critical. Between NYC's commercial rents, the state's up-to-10.9% income tax, and the city's additional taxes, every dollar saved on banking fees goes directly to your bottom line.
Detailed Reviews
Holdings
Online | $0/mo | Online only
Businesses wanting free banking + optional accounting from $25/mo
Key Features
- •Free: 48 free tools + $0 banking + 1.75% APY
- •Software ($25/mo): Full double-entry accounting, invoicing, P&L reports
- •Nonprofits: fund accounting at $25/mo + free verified profile & directory listing
Pros
- ✓$0 banking — no monthly fees, no minimums, no transaction fees
- ✓1.75% APY on every dollar — among the highest in business banking
- ✓48 free tools: invoices, estimates, payroll calculator, receipt scanner
- ✓Full accounting from $25/mo replaces QuickBooks
- ✓Free verified nonprofit profile + directory listing for 501(c)(3)s
Cons
- ✗No physical branches
- ✗Less name recognition than legacy banks
Chase Business Complete Banking
National | $15/mo | 577 branches
NYC and statewide businesses needing maximum branch access
Key Features
- •577+ branches across New York — more than any other bank
- •Built-in payment acceptance via Chase QuickAccept
- •Same-day deposits with QuickAccept
Pros
- ✓Dominant branch network across all of New York
- ✓Excellent mobile app and digital tools
- ✓Integrated merchant services
Cons
- ✗$15/month fee unless $2,000 balance maintained
- ✗Only 100 free transactions per cycle
- ✗No interest on business checking
M&T Bank Business Checking
Regional | $15/mo | 200 branches
Upstate New York businesses wanting strong regional banking
Key Features
- •Buffalo-headquartered regional bank (~$200B in assets post-People's United merger)
- •Strong upstate New York presence
- •Dedicated small business relationship managers
Pros
- ✓Deep New York roots — headquartered in Buffalo
- ✓200 free transactions per cycle
- ✓Strong commercial and SBA lending
Cons
- ✗$5,000 minimum to waive monthly fee
- ✗Less competitive in NYC vs. upstate
- ✗Digital banking improving but still behind Chase
Bank of America Business Advantage Fundamentals
National | $16/mo | 250 branches
Businesses qualifying for Preferred Rewards tier
Key Features
- •200 free transactions per statement cycle
- •No monthly fee for first 12 statement cycles
- •Preferred Rewards for Business program
Pros
- ✓200 free transactions
- ✓Strong NYC and metro area presence
- ✓First year free
Cons
- ✗$16/month fee after first year
- ✗Higher minimum to waive fees
- ✗Less competitive rates
Wells Fargo Initiate Business Checking
National | $15/mo | 90 branches
New businesses wanting a national bank with low opening deposit
Key Features
- •Low $25 minimum opening deposit
- •Contactless debit card and digital wallet support
- •Business Online banking with Zelle
Pros
- ✓Very low opening deposit
- ✓Strong digital banking
- ✓Multiple ways to waive fee
Cons
- ✗Fee increased to $15 effective March 2026
- ✗Fewer NY branches than Chase or BofA
- ✗Only 100 free transactions
TD Bank Business Convenience Checking
Regional | $19/mo | 180 branches
Businesses needing extended hours and weekend branch access
Key Features
- •Extended hours — 'America's Most Convenient Bank' branding
- •Open 7 days a week at many locations
- •Strong metro NYC/Long Island presence
Pros
- ✓Open 7 days/week at many locations
- ✓Higher cash deposit limit ($10,000/mo)
- ✓Strong customer service reputation
Cons
- ✗Higher monthly fee ($19)
- ✗Higher minimum balance to waive ($2,500)
- ✗Only 100 free transactions
Bethpage Federal Credit Union
Credit Union | $0/mo | 35 branches
Long Island and NYC metro businesses wanting credit union benefits
Key Features
- •Largest credit union headquartered in New York
- •Open membership — anyone can join
- •Free business checking with no monthly fees
Pros
- ✓No monthly fees
- ✓Open membership — no restrictions
- ✓Strong Long Island presence
Cons
- ✗Limited branch network outside Long Island/NYC
- ✗Less advanced business banking tools
- ✗Smaller ATM network than national banks
Capital One Basic Business Checking
National | $15/mo | 30 branches
Digital-first NYC businesses
Key Features
- •Unlimited fee-free digital transactions
- •$5,000/month free cash deposits
- •Capital One Cafés in NYC for in-person support
Pros
- ✓Unlimited digital transactions
- ✓Capital One Cafés offer unique in-person experience
- ✓Strong mobile/online banking
Cons
- ✗Limited traditional branch network
- ✗$15/month unless $2,000 balance maintained
- ✗Not ideal for high-volume cash businesses
New York Banking Landscape
585
FDIC-Insured Institutions
3+
Major Regional Banks
3+
Major Credit Unions
Top Regional Banks
- M&T Bank — $200B+
- New York Community Bancorp (Flagstar) — $115B
- Signature Bank — Acquired 2023 (was $110B)
Top Credit Unions
- Bethpage Federal Credit Union — 450,000+ members
- Teachers Federal Credit Union — 400,000+ members
- Municipal Credit Union — 600,000+ members
State Banking Programs
- •Empire State Development — loans and tax credits for small businesses
- •Excelsior Jobs Program — refundable tax credits
- •NYC Small Business Services — free legal help, grants, mentoring
- •NY Forward Loan Fund — for pandemic-affected businesses
Starting a Business in New York
| Secretary of State | New York Department of State |
| LLC Fee | $200 (plus publication requirement: $300-$1,500+ depending on county) |
| Corp Fee | $125 |
| Income Tax | Corporate franchise tax: 6.5% (higher for large corps). Personal: graduated up to 10.9%. NYC adds unincorporated business tax (4%). |
| Sales Tax | 4% state + local additions (up to 8.875% in NYC) |
| Franchise Tax | Included in corporate tax structure — franchise tax basis of 6.5% of business income or alternatives |
Business Incentives
- •Excelsior Jobs Program — refundable tax credits for job creation
- •START-UP NY — zero taxes for 10 years for businesses near universities
- •NYC Small Business Services — free consulting and legal
- •Empire State Development grants and loans
- •Minority and Women-Owned Business Enterprise (MWBE) certification
Nonprofit Banking in New York
Registration
File Certificate of Incorporation (not-for-profit) with NY Department of State. Fee: $75. Must be approved by NY Attorney General or relevant state agency depending on nonprofit type.
Charitable Solicitation
Register with NY Attorney General's Charities Bureau before soliciting. File CHAR410 (initial registration).
Tax Exemption
Apply for NY sales tax exemption through the NY Department of Taxation and Finance (Form ST-119.2). Separate from federal 501(c)(3).
AG Reporting
Annual CHAR500 filing with NY Attorney General's Charities Bureau. Includes IRS Form 990 and independent audit (if revenue exceeds $750K).
Resources
For New York nonprofits
Invoicing that AI can run — built for 501(c)(3)s too.
Direct your AI to send donation acknowledgment invoices, track grant receivables, and keep your books current — no monthly fee for invoicing. Works on top of whichever bank your organization uses. Accounting add-on from $25/mo.
Holdings for nonprofits →Where Holdings fits for New York businesses
Whichever bank you pick from the list above, Holdings runs alongside it: direct Claude, ChatGPT, or Cursor to draft invoices, chase payments, and keep your books current. No monthly fee · 3% + $0.30 per payment collected.
See how agentic invoicing works →Frequently Asked Questions
What is the best bank for a small business in New York?
For zero fees and high yield, Holdings offers $0 monthly fees with 1.75% APY. For branch access in NYC, Chase dominates with 577+ branches statewide. For community banking upstate, M&T Bank and KeyBank are strong regional options.
Can I open a business bank account online in New York?
Yes. Holdings, Chase, Bank of America, Capital One, and many online banks allow full online account opening for New York businesses.
What does it cost to form an LLC in New York?
Filing Articles of Organization with the NY Department of State costs $200. New York also requires a publication requirement that can cost $300-$1,500+ depending on the county.
What taxes do New York small businesses pay?
New York has a corporate franchise tax (6.5% or higher for large corps), personal income tax up to 10.9%, and 4% state sales tax (plus local additions up to 8.875% in NYC). NYC businesses also pay an additional unincorporated business tax.
Are there special programs for NYC small businesses?
Yes. NYC Small Business Services offers free legal help, grants, and mentoring. The NYC Neighborhood Credit initiative and Excelsior Jobs Program provide additional support.
What do nonprofits need to operate in New York?
New York nonprofits must file a Certificate of Incorporation with the Department of State ($75), register with the Attorney General's Charities Bureau before soliciting, and file annual CHAR500 reports.
Which banks have the most branches in New York?
Chase leads with 577+ branches, followed by Bank of America (~250), M&T Bank (~200), and TD Bank (~180). Wells Fargo has ~90 branches in the state.
What is the best online bank for New York businesses?
For NY businesses that don't need branch access, Holdings offers $0 fees, 1.75% APY, and 48 free tools. Capital One is another option with NYC Café locations for occasional in-person support. Both beat traditional banks on fees and interest rates.
Is it worth paying for a business bank with NYC branches?
It depends on your cash handling needs. If you deposit cash frequently, a branch network matters — Chase (577+ branches) leads in NYC. If you operate digitally, online banks like Holdings save $180+/year in fees while earning 1.75% APY on your balance.
Can I get free accounting with my business bank account in NY?
Holdings includes full accounting in its Software plan ($25/mo) — smart categorization, reconciliation, and financial reports — with free banking (no fees, 1.75% APY) underneath.
What's the best bank for New York nonprofits?
Holdings specializes in nonprofit banking with $0 fees, 1.75% APY, and tools built for 501(c)(3) organizations. For nonprofits needing branches, Chase and Bank of America have the largest NYC networks. Bethpage Federal Credit Union offers fee-free options on Long Island.
How do I reduce banking costs as a New York small business?
Switch to a zero-fee online bank like Holdings ($0/mo, 1.75% APY) to eliminate the $15–$19/mo fees charged by most NYC banks. On a $50K balance, that's $875+/year in APY earnings plus $180–$228 saved on fees — over $1,000/year back in your business.
Or skip the bank comparison.
Try software your AI can run.
Invoicing, payment links, and connected accounting — directed by Claude, ChatGPT, or Cursor. No monthly fee to start.
Not ready to switch yet? Use a free tool now
Built by Holdings — the banking + accounting platform that keeps businesses and nonprofits audit-ready. Free, no account needed. Connect banking and let your books run themselves when you’re ready.
Ready to stop doing it by hand? Explore Invoicing software for small business, Small business accounting software, or Small business bookkeeping software.
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