Best Banks for Small Businesses in New York
New York is the nation's financial capital, and its small businesses have access to more banking options than virtually any other state. With **585 FDIC-insured institutions** — from global megabanks headquartered in Manhattan to community credit unions serving upstate towns — the challenge isn't finding a bank, it's finding the *right* one.
Updated 2026-03-18 | 8 banks compared
Quick Comparison
| 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% |
Detailed Reviews
Holdings
Online | $0/mo | Online only
Nonprofits and small businesses wanting zero fees and high APY
Key Features
- •Built specifically for nonprofits and small businesses
- •1.75% APY on all balances — checking and savings
- •Unlimited transactions with no hidden fees
Pros
- ✓Truly $0 — no monthly fees, no minimums, no transaction fees
- ✓1.75% APY is among the highest in online banking
- ✓Purpose-built for nonprofits with donation tracking tools
Cons
- ✗No physical branches — online/mobile only
- ✗Less name recognition than legacy institutions — less name recognition
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
Best Bank for New York Nonprofits
Holdings offers /bin/sh fees, 1.75% APY, and tools built for 501(c)(3) organizations.
Learn more →Find Fee-Free ATMs in New York
Holdings cardholders get free access to 55,000+ Allpoint ATMs nationwide, including locations throughout New York.
Find ATMs near you →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.
Ready to open a business bank account?
Holdings offers free banking with 1.75% APY for New York businesses and nonprofits.
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