Best Banks for Small Businesses in New York 2023: Bank Smart

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Best Banks for Small Businesses in New York

Embarking on a new business venture in New York, also known as The Empire State, is an exhilarating opportunity. As you start your New York LLC, a crucial decision involves selecting the right bank that meets your specific business needs. This article delves into the best small business banks in New York tailored for your LLC, examining their features, means to access their services, and their pros and cons.

LLCBase listed the best small business banks in New York that provide various services, encompassing business checking and savings accounts, credit cards, loans, and merchant services. Regardless of whether you are a budding entrepreneur or a seasoned business owner, there is a small business bank in New York ideally suited to your needs.

What is a Business Bank

A business bank is a financial institution that provides banking services specifically tailored to the needs of businesses, including small and medium-sized enterprises (SMEs), corporations, and entrepreneurs. These services include business checking and savings accounts, loans, credit cards, merchant services, and cash management solutions. Banks help businesses manage their finances, facilitate transactions, and access credit or funding for expansion or daily operations.

When you start an LLC in New York, choosing the right business bank is essential to effectively manage your company’s finances. A suitable business bank will offer services and features designed to cater to the unique needs of your LLC in New York, such as flexible account access, competitive fees, and a range of financial products to support your business growth. By selecting the right business bank, you can ensure your business operates smoothly and has access to the necessary financial tools to succeed.

The LLCBase Editorial Team has expertly pinpointed the best banks for small businesses in New York, standing out as industry frontrunners that consistently deliver efficient and reliable services catered to the unique requirements of growing enterprises.

10 Best Banks For Your Small Business in 2023

These New York banks prioritize digital banking solutions, seamless integration with accounting software, and access to financial products to support business owners who want to start a small business in New York. By staying up-to-date with the latest banking trends and carefully evaluating the features, fees, and services offered by various banks, you can select the most suitable financial partner to propel your business to new heights in 2023 and beyond.

1. Bank of America’s Business Advantage Fundamentals™ Banking

Bank of America’s Business Advantage Fundamentals™ Banking is a banking solution designed to meet small businesses’ financial needs, including those seeking to form an LLC or a New York LLC. It offers a range of features and services tailored to help businesses efficiently manage their finances, supports their daily operations, and facilitate growth.

By choosing Bank of America’s Business Advantage Fundamentals™ Banking for your New York LLC, you can ensure that your business has a solid financial foundation with tailored services designed to support your company’s growth and success.

Features:

  • No monthly fee for the first three months, then $16 per month
  • Mobile and online banking access
  • Customizable account alerts
  • Cash deposits up to $7,500 per month without an additional fee per month

Bank of America’s Business Advantage Fundamentals™ Banking account is perfect for small businesses to New York nonprofit corporations just starting. The account offers mobile and online banking access, allowing you to manage your finances from anywhere at any time. Customizable account alerts keep you informed about your account activity, while the 200 free transactions per month help keep costs low.

Pros
  • No monthly fee for the first three months
  • Mobile and online banking access
  • Cash deposits up to $7,500 without an additional fee
Cons
  • $16 monthly fee after the first three months
  • Only 200 free monthly transactions

2. Chase: Business Complete Banking℠

Chase’s Business Complete Banking℠ is a comprehensive solution for small businesses, including those planning to form an LLC or a New York LLC. This account is designed to address the unique financial requirements of businesses by providing a range of features and services that streamline financial management, promote daily operations, and encourage growth.

By selecting Chase’s Business Complete Banking℠ for your New York LLC, you can build a strong financial foundation for your business, backed by customized services that support your company’s ongoing growth and success.

Features:

  • $15 monthly fee (waived with qualifying activities)
  • 100 free transactions per month
  • Unlimited electronic deposits
  • Access to over 16,000 ATMs and 4,700 branches
  • Mobile and online banking access

Chase’s Business Complete Banking℠ account is perfect for small businesses that require a robust banking solution. This account offers flexibility for your growing business with 100 free monthly transactions and unlimited electronic deposits. Access to ATMs and branches means you can easily manage your money, while mobile and online banking provides convenience.

Pros
  • The monthly fee can be waived with qualifying activities
  • Access to a large number of ATMs and branches
  • Mobile and online banking access
Cons
  • $15 monthly fee if qualifications are not met
  • Only 100 free transactions per month

3. Wells Fargo: Initiate Business Checking

Wells Fargo Initiate Business Checking is a business checking account offered by Wells Fargo Bank, designed specifically for small businesses and start-ups. This account provides essential banking services to manage day-to-day business transactions, such as depositing funds, writing checks, and making electronic payments. Some features of this account may include online banking, mobile banking, a debit card, and a monthly service fee that can be waived if certain requirements are met. Each bank may have different terms and conditions, so it is essential to review the specific details of the Initiate Business Checking account offered by Wells Fargo before opening one for your S Corp in New York or any business structure.

Features:

  • $10 monthly fee (waived with a $500 minimum daily balance)
  • 100 free transactions per month
  • $5,000 in cash deposits per month without an additional fee
  • Mobile and online banking access
  • Access to 13,000 ATMs and 5,400 branches

Wells Fargo’s Initiate Business Checking account is an excellent option for small businesses with lower transaction volumes. The account offers 100 free monthly transactions and allows for $5,000 in cash deposits without an additional fee. Mobile and online banking access makes it easy to manage your finances, while the extensive ATM and branch network provides added convenience.

Pros
  • Low monthly fee, which can be waived with a minimum daily balance
  • Mobile and online banking access
  • Access to a large number of ATMs and branches
Cons
  • Only 100 free transactions per month
  • $10 monthly fee if the minimum daily balance is not maintained

4. U.S. Bank: Silver Business Checking Package

U.S. Bank’s Silver Business Checking Package is an excellent banking solution for small businesses looking to form an LLC or a New York LLC. This account offers a range of features designed to help businesses effectively manage their finances, support daily operations, and facilitate growth.

By selecting U.S. Bank’s Silver Business Checking Package for your New York LLC, you can ensure your general partnership in New York, or business has a reliable financial foundation with services specifically designed to help your company thrive.

Features:

  • No monthly maintenance fee
  • Mobile and online banking access
  • Customizable account alerts
  • Cash deposits up to $2,500 per month without an additional fee
  • 125 free transactions per month

U.S. Bank’s Silver Business Checking Package is perfect for starting small businesses. The account provides mobile and online banking access, allowing you to manage your finances from anywhere at any time. Customizable account alerts inform you about your account activity, while the 125 free monthly transactions help keep costs low.

Pros
  • No monthly maintenance fee
  • Mobile and online banking access
  • Cash deposits up to $2,500 without an additional fee
Cons
  • Only 125 free transactions per month

5. Bluevine: Business Checking

Bluevine’s Business Checking account is an ideal banking solution for small businesses looking to form an LLC or a New York LLC. This account offers a range of features designed to help businesses efficiently manage their finances, support daily operations, and encourage growth.

By choosing Bluevine’s Business Checking for your New York LLC, you can ensure a stable financial foundation with services specifically designed to support your company’s growth and success.

Features:

  • No monthly fees
  • 1% interest on balances up to $100,000
  • Mobile and online banking access
  • Customizable account alerts
  • Unlimited transactions

Bluevine’s Business Checking account is perfect for small businesses just starting out. The account offers mobile and online banking access, allowing you to manage your finances from anywhere at any time. Customizable account alerts keep you informed about your account activity, while unlimited transactions help keep costs low.

Pros
  • No monthly fees
  • 1% interest on balances up to $100,000
  • Unlimited transactions
Cons
  • No physical branches for in-person banking

6. Capital One: Spark Business Basic Checking

Capital One’s Spark Business Basic Checking is a banking solution designed to meet small businesses’ financial needs, including those seeking to form an LLC or a New York LLC. It offers a range of features and services tailored to help businesses efficiently manage their finances, supports their daily operations, and facilitate growth.

By choosing Capital One’s Spark Business Basic Checking for your New York LLC, you can ensure your business has a solid financial foundation with tailored services designed to support your company’s growth and success.

Features:

  • $15 monthly service fee, waived with a $2,000 minimum 30- or 90-day average balance
  • Mobile and online banking access
  • Customizable account alerts
  • Cash deposits up to $5,000 per month without an additional fee
  • Unlimited transactions

Capital One’s Spark Business Basic Checking account is perfect for starting small businesses. The account offers mobile and online banking access, allowing you to manage your finances from anywhere at any time. Customizable account alerts keep you informed about your account activity, while unlimited transactions help keep costs low.

Pros
  • The monthly service fee can be waived with a $2,000 minimum 30- or 90-day average balance
  • Mobile and online banking access
  • Cash deposits up to $5,000 without an additional fee
Cons
  • $15 monthly service fee if balance requirements are not met

7. Huntington Bank: Business Checking 100

Huntington Bank’s Business Checking 100 is an excellent banking solution for small businesses looking to form an LLC or a New York LLC. This account offers a range of features designed to help businesses effectively manage their finances, support daily operations, and facilitate growth.

By selecting Huntington Bank’s Business Checking 100 for your New York LLC, you can ensure that your business has a reliable financial foundation with services specifically designed to help your limited partnership company in New York thrive.

Features:

  • No monthly maintenance fee
  • Mobile and online banking access
  • Customizable account alerts
  • Cash deposits up to $5,000 per month without an additional fee
  • 100 free transactions per month

Huntington Bank’s Business Checking 100 is perfect for starting small businesses. The account provides mobile and online banking access, allowing you to manage your finances from anywhere at any time. Customizable account alerts keep you informed about your account activity, while the 100 free monthly transactions help keep costs low.

Pros
  • No monthly maintenance fee
  • Mobile and online banking access
  • Cash deposits up to $5,000 without an additional fee
Cons
  • Only 100 free monthly transactions

8. Novo: Small Business Checking

Novo’s Small Business Checking account is a great banking solution for small businesses looking to form an LLC or a New York LLC. This account offers a range of features designed to help businesses efficiently manage their finances, support daily operations, and encourage growth.

By choosing Novo’s Small Business Checking for your New York LLC, you can ensure your business has a stable financial foundation with services specifically designed to support your company’s growth and success.

Features:

  • No monthly fees
  • Mobile and online banking access
  • Customizable account alerts
  • No minimum balance requirement
  • Unlimited transactions

Novo’s Small Business Checking account is perfect for starting small businesses. The account offers mobile and online banking access, allowing you to manage your finances from anywhere at any time. Customizable account alerts keep you informed about your account activity, while unlimited transactions help keep costs low.

Pros
  • No monthly fees
  • Mobile and online banking access
  • Unlimited transactions
Cons
  • No physical branches for in-person banking

9. Mercury: Business Banking

Mercury’s Business Banking account is ideal for small businesses seeking to form an LLC or a New York LLC. This account offers a range of features designed to help businesses efficiently manage their finances, support daily operations, and encourage growth.

By choosing Mercury’s Business Banking for your New York LLC, you can ensure your business has a stable financial foundation with services specifically designed to support your company’s growth and success.

Features:

  • No monthly fees
  • Mobile and online banking access
  • Customizable account alerts
  • No minimum balance requirement
  • Unlimited transactions

Mercury’s Business Banking account is perfect for small businesses just starting out. The account offers mobile and online banking access, allowing you to manage your finances from anywhere at any time. Customizable account alerts keep you informed about your account activity, while unlimited transactions help keep costs low.

Pros
  • No monthly fees
  • Mobile and online banking access
  • Unlimited transactions
Cons
  • No physical branches for in-person banking

10. First Internet Bank: Small Business Checking

First Internet Bank’s Small Business Checking account is a great banking solution for small businesses looking to form an LLC or a New York LLC. This account offers a range of features designed to help businesses efficiently manage their finances, support daily operations, and encourage growth.

By choosing First Internet Bank’s Small Business Checking for your New York LLC, you can ensure your business has a stable financial foundation with services specifically designed to support your company’s growth and success.

Features:

  • No monthly fees
  • Mobile and online banking access
  • Customizable account alerts
  • No minimum balance requirement
  • 50 free transactions per month

First Internet Bank’s Small Business Checking account is perfect for starting small businesses. The account offers mobile and online banking access, allowing you to manage your finances from anywhere at any time. Customizable account alerts inform you about your account activity, while the 50 free monthly transactions help keep costs low.

Pros
  • No monthly fees
  • Mobile and online banking access
  • No minimum balance requirement
Cons
  • Only 50 free transactions per month

Why Do You Need a Business Bank

A small business bank is essential for several reasons, as it helps business owners effectively manage their financial operations, ensure compliance, and support growth. Here are some key reasons why you need a small business bank:

  1. Separation of finances: Having a dedicated small business bank account helps you separate your personal finances from your business expenses, making tracking and managing your cash flow easier.
  2. Simplified accounting: A small business bank account simplifies your bookkeeping process by providing clear records of business transactions, simplifying tax preparation and financial reporting.
  3. Professionalism: Having a business bank account adds credibility to your company, as you can receive payments in your business name rather than as an individual, which can reflect positively on your brand.
  4. Compliance: Many jurisdictions require businesses to maintain separate accounts for tax purposes, and having a business bank account helps ensure compliance with these regulations.
  5. Access to funding: Small business banks often provide financial products and services tailored to the needs of entrepreneurs, such as loans, lines of credit, or credit cards, which can help support the growth and expansion of your business.
  6. Cash management: Business banking services include tools for effectively managing cash flow, such as online banking, mobile deposits, invoice payments, and payroll services.
  7. Networking opportunities: Establishing a relationship with a small business bank can open the door to networking opportunities and invaluable advice from seasoned bankers with experience in your industry.

Having a small business bank account is crucial for maintaining financial organization, complying with regulatory requirements, and accessing resources that can foster the growth and success of your business.

FAQs

What are the best banks for small businesses in New York?
There are several great options for small business banking in New York, including Bank of America, TD Bank, and JPMorgan Chase.
Can small businesses get loans from banks in New York?
Yes, many banks in New York offer loans specifically tailored to small businesses.
Are there any local banks that specifically cater to small businesses in New York?
Yes, there are many local banks in New York that focus specifically on small business banking, such as New York Community Bank and Flushing Bank.
What banking features are most important for small businesses in New York?
Small businesses in New York often require features such as online banking, mobile banking, small business credit cards, and merchant services.
Are fees for small business banking higher in New York than other areas?
Depending on the bank, fees for small business banking may be higher or lower in New York than other areas. It’s important to shop around and compare fees.
Which banks offer the best rates for small business loans in New York?
Rates for small business loans can vary widely depending on the bank and the individual business’s creditworthiness. Banks to try include Bank of America, TD Bank, and Wells Fargo.
What kind of documents and information do banks require in order to approve a loan for a small business in New York?
Banks in New York typically require business plans, financial statements, tax returns, and other documents to evaluate a small business’s eligibility for a loan.
Are New York’s small business lending laws unique compared to other states?
While lending laws for small businesses vary by state, New York does have unique regulations relating to disclosure and transparency in lending.
How can small businesses in New York improve their chances of being approved for a loan?
Small businesses in New York can improve their chances of being approved for a loan by having a well-written business plan, a healthy business credit score, and strong financial statements.
Are there any government resources for small businesses seeking loans in New York?
Yes, a number of small business loans and grants are available in New York through government programs such as the Small Business Administration.
Can small businesses in New York get lines of credit from banks?
Yes, many banks in New York offer lines of credit specifically for small businesses.
Do any banks in New York offer no-fee accounts for small businesses?
Several banks in New York offer no-fee accounts for small businesses, such as Chase Bank and Capital One.
What percentage of small businesses in New York use banks for their financial services?
According to recent data, around 88% of New York small businesses use banks for at least one of their financial services.
Can small businesses in New York set up business checking accounts online?
Yes, many banks in New York allow small businesses to open business checking accounts online.
How can New York small businesses compare different banking options?
Small businesses in New York can compare different banking options by researching fees, interest rates, and reputation online and in local branches.
Are banks in New York open on weekends?
Some branches of banks in New York may be open on weekends, but it varies depending on the location and bank.
Are there any small business-focused credit unions operating in New York?
Yes, there are several credit unions in New York that focus on serving small business customers.
Are there any digital-only banks in New York that cater to small businesses?
Yes, digital-only banks such as Azlo and Novo offer banking products specifically for small businesses in New York.
How can small businesses in New York ensure the safety of their bank accounts and information?
Small businesses in New York can ensure the safety of their bank accounts and information by using strong passwords, regularly monitoring accounts, and using two-factor authentication when possible.
Can small businesses in New York get help with financial planning through their bank?
Yes, many banks in New York offer financial planning resources and services for small businesses.
What types of small businesses currently operate in New York?
Small businesses in New York span a variety of industries, including hospitality, retail, finance, and technology.
Are there any community banks in rural areas of New York that cater specifically to small businesses?
Yes, community banks such as Sterling National Bank and Five Star Bank serve small businesses in rural areas of New York.
Can small businesses in New York access merchant services from their bank?
Yes, many banks in New York offer merchant services such as credit card processing, online payments, and point-of-sale systems.
Are account minimums required at banks for small businesses in New York?
Some banks in New York may have account minimums for small businesses, but others do not. Small business should compare account minimums among different banks.
Are there any cooperative banks in New York that specifically cater to small businesses?
Cooperative banks in New York such as Cooperative Federal offer banking products and resources specific to small businesses.
Do small businesses in New York qualify for lower fees and interest rates from banks?
Small businesses in New York may qualify for special rates and fees on some banking products, depending on the bank and the details of their accounts.
How can small businesses in New York ensure they are banking in a socially responsible way?
Small businesses in New York can look for banks that prioritize social responsibility just as they are doing locally, offer socially responsible investment options, and use their funds to support social initiatives to better their community.
Are there any mobile-only banks operating in New York that cater to small businesses?
Yes, mobile-only banks such as Brex and BankMobile offer banking products specifically for small businesses in New York.
Has the global pandemic affected the availability of small business loans in New York?
The pandemic has impacted small business lending in New York and the banks incurred losses – JPMorgan, for example, saw a spike in provisions for bad loans, especially in its core retail-banking division used by small enterprises in New York over quarter one 2020. Conversely, it has also encouraged changes to small business lending availability in New York, including additional government loans and grants, extension of repayment terms, and fee relief programs.
Does Chase Bank offer small business loans in New York?
Yes, Chase Bank offers a variety of small business loans in New York.
Can Bank of America help small businesses with cash management services in New York?
Yes, Bank of America provides cash management services to small businesses in New York.
Does TD Bank offer merchant services to small businesses in New York?
Yes, TD Bank provides merchant services to small businesses in New York.
How can small businesses open a bank account with Chase Bank in New York?
Small businesses can open a bank account with Chase Bank in New York by visiting a branch or applying online.
What types of business accounts does Bank of America offer in New York?
Bank of America offers checking, savings, and money market accounts for small businesses in New York.
Does TD Bank offer business credit cards for small businesses in New York?
Yes, TD Bank offers business credit cards specifically designed for small businesses in New York.
What are the fees associated with opening a small business checking account at Chase Bank in New York?
The fees for opening a small business checking account at Chase Bank in New York vary depending on the account type, but there are often monthly maintenance fees.
Can Bank of America help small businesses with payroll services in New York?
Yes, Bank of America offers payroll services for small businesses in New York.
Does TD Bank offer remote deposit capture for small businesses in New York?
Yes, TD Bank provides remote deposit capture services to small businesses in New York.
Are there any New York-specific requirements for small businesses to open a bank account with Chase Bank?
No, there are no New York-specific requirements for small businesses to open a bank account with Chase Bank.
What are the minimum balance requirements for a small business savings account at Bank of America in New York?
The minimum balance requirements for a small business savings account at Bank of America in New York vary depending on the account type.
Can small businesses get access to a business analyst at TD Bank in New York?
Yes, small businesses have access to a dedicated TD Bank business analyst to help manage their accounts in New York.
What types of business loans does Chase Bank offer in New York?
Chase Bank provides a variety of business loans for small businesses in New York, including SBA loans, term loans, and lines of credit.
Does Bank of America provide credit lines for small businesses in New York?
Yes, Bank of America offers credit lines for small businesses in New York based on creditworthiness.
Does TD Bank offer business money market accounts for small businesses in New York?
Yes, TD Bank provides business money market accounts for small businesses in New York.
Are there any special promotions available for small businesses opening accounts with Chase Bank in New York?
Yes, Chase Bank often has promotions for small businesses opening accounts in New York, such as bonuses for meeting certain conditions.
What is the process for applying for a small business loan with Bank of America in New York?
Small businesses can apply for a loan with Bank of America in New York by filling out an application online, by phone, or in person.
Are there any charges for remote deposit capture services at TD Bank in New York?
Yes, TD Bank may charge small businesses a fee for remote deposit capture services in New York.
What should small businesses consider before selecting a bank in New York?
Small businesses should consider a bank’s fees, account options, lending services, and locations before selecting a bank in New York.
How can small businesses in New York determine which bank offers the best rates for business loans?
Small businesses should compare the rates and terms offered by different banks in New York before making a decision.
Does Bank of America offer overdraft protection for small business checking accounts in New York?
Yes, Bank of America provides overdraft protection for small business checking accounts in New York for certain fees.
Does TD Bank offer online account management services for small businesses in New York?
Yes, TD Bank provides online account management services designed specifically for small businesses in New York.
What are the eligibility requirements for small businesses to apply for a loan with Chase Bank in New York?
Small businesses applying for a loan with Chase Bank in New York must meet certain credit, revenue, and time in business requirements.
Can small businesses get a customized financial plan through Bank of America in New York?
Yes, through Bank of America’s Merrill Edge program, small businesses in New York can work with a financial advisor to create a customized financial plan.
Does TD Bank offer mobile check deposit for small businesses in New York?
Yes, TD Bank provides mobile check deposit services to small businesses in New York with a TD Bank business account.
What should small business owners in New York consider when choosing a banking partner?
Small business owners in New York should consider a bank’s reputation, customer service, technology offerings, and fees when selecting a banking partner.
Are there any grants or funding available for small businesses in New York through Chase Bank?
Yes, Chase Bank partners with organizations to offer grants and funding opportunities to small businesses in New York.
What are the online account access capabilities of Bank of America for small business accounts in New York?
Small businesses with Bank of America in New York have access to customizable online banking features including bill pay, account management, and money transfers.

Also Read

How to Choose Best Bank for Your New York Small Businesses

First and foremost, it is imperative to find a bank that understands the specific challenges and opportunities that small businesses face. Ideally, the bank should have a dedicated team of professionals who specialize in working with small businesses and possess expertise in the local market. Such professionals can provide valuable advice catered to the unique needs of small business owners, making a notable difference in managing finances effectively.

One crucial aspect to consider is the range of services provided by a bank. Opt for a bank that offers a comprehensive suite of services tailored to suit the requirements of small businesses. These could include business loans, lines of credit, merchant services, payroll processing, cash management, and online banking. Having access to these services eliminates the need to juggle multiple banking relationships and allows for seamless integration into your business operations.

Fees and pricing structures are also essential consideration points that should feature prominently in your decision-making process. As a small business, you must consider the impact of various fees, such as monthly maintenance fees, transaction fees, wire transfer fees, and ATM fees, on your operational costs. Furthermore, examine the bank’s requirements regarding minimum balances and associated penalties to ensure they align with your financial circumstances. Prioritize transparency and choose a bank that clearly communicates the fee structure, avoiding any hidden surprises.

Besides these crucial factors, the overall technology and convenience offered by a bank should not be overlooked. In today’s digital age, having access to user-friendly online and mobile banking platforms streamlines various tasks and minimizes the time spent on financial management. Mobile banking apps that allow for remote check deposits or real-time fund transfers can significantly boost the efficiency of your small business operations. Additionally, consider the availability and convenience of ATMs and branch locations, particularly if your business operations require frequent cash transactions or in-person interactions.

Small business owners can greatly benefit from establishing a long-term relationship with their bank. Therefore, it is important to assess the quality of customer service provided. Look for a bank that demonstrates a genuine interest in supporting your business’s growth and success. From prompt and helpful responses to financial inquiries or loan applications, to easy access to a trusted banker, exceptional customer service can make a world of difference in your banking experience.

Ultimately, choosing the best bank for your small business requires careful consideration of various factors, such as industry expertise, services offered, fees, technology, and customer service. By meticulously evaluating these criteria, you can find a banking partner that not only meets your business’s financial needs but also assists in achieving your goals. With the right bank on your side, you can confidently navigate the financial landscape, focus on growing your business, and realize your entrepreneurial dreams.

Conclusion

When forming an LLC in New York, choosing the right small business bank is crucial for your company’s success. Each bank mentioned above offers unique benefits catering to different business needs. You can select the best small business bank for your New York LLC by considering the features, monthly fees, and access options. Visit LLCBase for more information about starting an LLC in New York.

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