New York is the epicenter of business in the U.S., from Wall Street to Main Street. Whether you’re running a startup in Manhattan, a family business in Buffalo, or a growing company in Albany, finding the right bank is essential for success. Let’s break down your best options.
See How New York Compares Nationwide
Curious how New York stacks up against other states?
Explore our full state-by-state business bank rankings to see the top picks for small businesses across the U.S.
Compare with Neighboring States
If you operate across state lines or want to explore banking options nearby, check out our guides for neighboring states:
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Why More New York SMBs Are Choosing Holdings
Zero fees, no minimums: Keep more of your hard-earned cash.
High APY (up to 3.0%): Make your money work as hard as you do.
Integrated accounting & bookkeeping: Spend less time on admin, more time on growth.
$3M FDIC insurance: Sleep easy knowing your funds are protected.
See all features and open your Holdings account today.
The 10 Best Banks for Small Businesses in New York
Holdings (Best for Digital-First Banking)
Holdings is a standout choice for small businesses seeking a modern, digital-first banking experience. With $0 account fees, no minimum balances, and tiered APY rates up to 3%, Holdings empowers businesses to maximize their savings while streamlining their financial operations.
Pros:
No monthly fees or minimum balance requirements
Free ACH transfers and domestic wires
Tiered APY up to 3% on deposits over $1 million
Seamless integration with QuickBooks and other platforms
Cons:
No physical branches
Limited support for cash-based businesses
Verdict: Holdings is perfect for tech-savvy businesses looking for cost-effective banking with advanced digital tools.
Chase Bank (Best for In-Person Banking)
With over 600 locations across New York, Chase offers unparalleled branch access alongside robust business banking products like credit cards, loans, and merchant services.
Pros:
Extensive branch network across the state
$300 sign-up bonus for new accounts
Integration with QuickBooks for accounting needs
Cons:
Monthly fees unless waived by meeting requirements
Limited free transactions on basic accounts
Verdict: Chase is an excellent choice for businesses that prioritize in-person banking and access to comprehensive financial products.
Bank of America (Best for Rewards)
Bank of America provides a strong suite of business tools and rewards programs through its Preferred Rewards system, making it ideal for businesses looking to optimize cash flow and earn perks.
Pros:
Preferred Rewards program boosts interest rates and waives fees
Wide branch network with nearly 300 locations in New York
Excellent mobile app with budgeting features
Cons:
Monthly fees unless waived by maintaining balances or meeting spending requirements
Low APY on savings accounts
Verdict: A great option for businesses that value rewards programs and robust financial tools.
Capital One (Best for Digital Transactions)
Capital One offers flexible business checking options with no minimum deposit requirements and a user-friendly mobile platform designed for digital-first entrepreneurs.
Pros:
No minimum deposit requirement on basic accounts
Strong mobile banking features
Unlimited transactions on certain accounts
Cons:
Limited physical branch presence outside major urban areas
Monthly fees unless waived by meeting conditions
Verdict: Ideal for businesses focusing on digital transactions with minimal reliance on physical branches.
KeyBank (Best for Cash Deposits)
KeyBank stands out as a top choice for cash-heavy businesses thanks to its high free cash deposit limits and widespread branch presence in upstate New York regions.
Pros:
High free cash deposit limits ($25,000 per month)
Comprehensive loan options, including SBA loans
Strong customer service ratings
Cons:
Monthly fees on some accounts unless waived by balances or activity levels
Limited digital tools compared to fintech competitors
Verdict: A solid option for businesses needing high cash deposit allowances and local branch access.
Bluevine (Best for High Interest Rates)
Bluevine offers one of the highest APYs available—up to 3.7%—making it a great choice for small businesses looking to grow their savings while enjoying no monthly fees.
Pros:
High APY of up to 3.7% on checking accounts
No monthly maintenance fees or minimum balance requirements
Unlimited transactions
Cons:
No physical branches
Limited services beyond core checking and savings
Verdict: Best suited for businesses prioritizing high-yield savings without needing in-person support.
TD Bank (Best Regional Bank)
TD Bank combines regional accessibility with practical business checking options tailored to small businesses across New York’s Capital District area.
Pros:
Convenient branch hours, including weekends
Low-cost business checking options
Strong lending products
Cons:
Monthly fees unless waived by maintaining balances
Limited free transactions on basic accounts
Verdict: Great for small businesses seeking accessible regional banking with comprehensive services.
Citizens Bank (Best Local Support)
Citizens Bank offers personalized service alongside straightforward business checking accounts ideal for startups and small enterprises in the Finger Lakes region.
Pros:
No monthly maintenance fees on basic accounts
Strong customer service reputation
Competitive loan options
Cons:
Limited branch network outside specific regions
Basic mobile app features compared to larger banks
Verdict: A strong choice for local entrepreneurs seeking hands-on support from their bank.
NorthOne (Best Online Banking Platform)
NorthOne focuses exclusively on online banking solutions tailored to startups and growing small businesses, offering streamlined tools like faster ACH transfers and team banking features.
Pros:
User-friendly online platform with advanced tools
Team banking feature simplifies expense management
Flexible lines of credit available
Cons:
No physical branches
Fees apply after certain transaction limits
Verdict: Perfect for digitally inclined startups needing advanced online tools without traditional banking constraints.
M&T Bank (Best Community-Focused Option)
M&T Bank emphasizes community engagement while offering flexible business checking options tailored to small enterprises in the Mohawk Valley region.
Pros:
Strong community ties and personalized service
Comprehensive loan products
Competitive fee structures
Cons:
Limited digital tools compared to fintech solutions
Fewer branches outside specific regions
Verdict: Best suited for small businesses that value community engagement alongside traditional banking services.
Comparison Table: Best Banks in New York
Bank Name | Monthly Fee | Min Opening Deposit | Min Balance Requirement | Transaction Limits | ATM Access | Mobile App Rating | Physical Branches |
|---|---|---|---|---|---|---|---|
Holdings | $0 | $0 | None | Unlimited | Allpoint Network | 4.8 | None |
Chase | $15-$95 | $0 | $2K-$100K | 20+ | Extensive | 4.8 | Many |
Bank of America | $16-$29 | $100 | $5K-$15K | Varies | Extensive | 4.5 | Many |
Capital One | $15-$35 | None | None | Unlimited | Moderate | 4.6 | Moderate |
KeyBank | $5-$25 | $25 | $1K-$10K | Moderate | Extensive | 4.6 | Many |
Bluevine | None | None | None | Unlimited | N/A | N/A | None |
TD Bank | $10-$25 | $100 | None | Moderate | Moderate | 4.4 | Many |
Citizens Bank | None | None | None | Moderate | Limited | 4 | Few |
NorthOne | $10/month | None | None | Varies | Extensive | 4 | None |
M&T Bank | $10-$20 | $50 | None | Moderate | Limited | 4 | Few |
Conclusion: Open Your Holdings Account Today!
Small businesses in New York deserve a banking partner that prioritizes their growth while simplifying financial management—Holdings delivers just that! With no fees, no minimum balances, tiered APY rates up to 3%, and seamless integration with accounting platforms like QuickBooks, Holdings is designed to empower entrepreneurs across the Empire State.
Take control of your finances today by opening an account at Holdings—your trusted digital-first banking solution! Visit GetHoldings.com now to get started!