New York state-chartered digital bank with three business checking tiers, a low balance waiver and a dedicated relationship manager.
Best for
Businesses that want a chartered bank and a named banker, and that never need to deposit cash.
Every fee we track, grouped by where it applies.
Side-by-side with the closest alternatives by monthly fee.
Each account's published monthly fee, and the plan that fee belongs to. Where a fee can be waived, the condition is stated rather than applied. Interest is shown as the rate each account publishes, with its conditions, and never as a forecast of what you would earn.
Piermont Bank
$25/mo
Chase
$15/mo
Mercury
$0/mo
Relay
$0/mo
Piermont Bank is a New York state-chartered bank and holds deposits itself, with higher cover available through separate enrolment in a deposit placement service. It operates as a digital bank from a single New York office and runs a fully online application.
It publishes three business checking tiers: a basic account, an interest-bearing version at the same monthly price, and a higher account aimed at businesses with heavy transaction volume, which runs on an unpublished earnings credit instead of a published waiver. The two lower tiers waive their fee on a minimum monthly average balance, a gentler test than a daily minimum because it tolerates a dip.
The data caveat matters here and is the reason this row is listed as partially priced. Piermont's only published rate card is dated January 2022 and twice refers the reader to a fee schedule that is not published anywhere on its site, so wire fees, ACH origination, cash deposit charges and ATM charges are all recorded as not published at source. Its interest-checking rate is likewise available only from a relationship manager. Cash can only be paid in at its single office, by appointment.
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