Business Banking Products
Whether your business just opened or has been around for generations,
Island Federal’s Commercial Banking and Lending Products will give you the tools to help it grow and expand.
Business Essential Checking**
- NO minimum balance; NO monthly fee
- Earns 0.05% APY* on deposits of $2,500 or more
- Business Debit Mastercard® with uChoose Rewards® and more
Business Premier Checking***
- No monthly fee if the balance remains above $5,000
- Business Debit Mastercard® with uChoose Rewards® and more
- Tiered Interest Rates:
| Tier | Balance | APY |
|---|---|---|
| 1 | $0 to $49,999.99 | 0.15% |
| 2 | $50,000 to $99,999.99 | 0.25% |
| 3 | $100,000 to $249,999.99 | 0.40% |
| 4 | $250,000+ | 0.45% |
*APY= Annual Percentage Yield. Rates and terms accurate as of July 2022. All rates and terms are subject to change without notice. **The Business Essential Checking Account has no minimum balance, must maintain a monthly average balance of $2,500 in the account to obtain the disclosed annual percentage yield. ***The Business Premier Checking account is a “tiered-rate account,” which has several dividend rates that are applicable to specified balance levels. Consult a current rate sheet for the current Annual Percentage Rate and Annual percentage Yield for each “tier” as determined by specific balance levels. The minimum balance required to open and maintain this account is $5,000. You must maintain a monthly average balance of $5,000 in the account to obtain the disclosed annual percentage yield. Disclaimer: Island Federal makes every effort to ensure that the information posted is current and accurate; however, we make no warranties of any kind, expressed or implied. Membership eligibility applies.
Business Certificates
- Terms from 3 to 60 months
- Certificate Rates: Click Here
Business Money Market Accounts
- Earn interest on excess funds while maintaining liquidity
- Money Market Rates: Click Here
Merchant Services
- Accept credit and debit card payments with our affordable payment solution
- Next-day funding of ALL major card brands
- Accept more types of payments including EMV® chip cards, Apple Pay® and Samsung Pay®
- Protect your customers, business, and reputation from fraud with built-in security
- Generate more visits and more sales through mobile loyalty and rewards programs
- Clover Go – All-in-one contactless, chip and swipe card reader that wirelessly pairs with a mobile device.
- Clover Flex – Accept payments tableside, in-line, on the floor, or off premises with this handheld portable POS. Includes: built-in receipt printer, camera, and QR scanner in a single device.
- Clover Mini – Compact, countertop system with full-scale POS functionality that can connect to cash drawer.
- Clover Station Solo – All-in-one countertop, POS, and business management system with one merchant facing
screen and a receipt printer that enables you to run your business efficiently. - Clover Station Duo – A fast and powerful all-in-one countertop POS and business management system with a second screen that lets customers initiate payment and view the transaction.
- No Hardware Option – Run your business from your laptop, phone, or tablet.
Zuma Payroll
- Zuma Payroll offers competitive pricing for Payroll, Time & Attendance Solutions, & Human Resource services to businesses with one to 1,000 employees.
- The products that are offered are:
- Payroll Tax Compliance
- Direct Deposit
- Time & Attendance
- Human Resources
- Sexual Harassment Prevention Training
- Electronic Onboarding
- Benefit Enrollment
- Applicant Tracking
- Affordable Care Act (ACA) Compliance
Business Remote Deposit Capture
- Scan and deposit checks conveniently from your workplace into your checking or savings account
Island Anytime
- Manage your Island Business Banking 24/7 365 days a year
- Convenient Online Access with Island Online Banking
What Local Businesses Are Saying:
AREA Real Estate Associates
Garden City, NY
“I refinanced two triple net properties with Island Federal. The process was painless and the banking relationship has been seamless with the all features done electronically”
Chariot Collision
East Setauket, NY
“Working with Island Federal is like no other bank I’ve been with. They are personable, very nice, and very welcoming every time I walk in. They go above and beyond with every thing I need help with and I would recommend them to anyone”
Birdies Indoor Golf
Patchogue, NY
“Island Federal offers me everything my business needs to be successful. They take care of everything for me so I can focus on what I need to. Thank you Island! “
Visit your Local Island Branch
Contact the Island Business Banking Team
We are here to help you with all of your business banking needs. Find the nearest branch here: Branch locator
Get to Know Our Commercial Lending Team
Contact Us
Please complete and submit the form below and a member of our commercial lending team will contact you within 1-2 business days