Business
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Business Banking Products
Personal Banking For Businesses of All Sizes
Products and Services You Need to Keep Your Business Growing.
Business Checking
Business Essential Checking 1
- No minimum balance
- No monthly fees
- Earn interest on balances over $2,500
- Business debit Mastercard with Cash Back Rewards & more
Business Premier Checking 2
- Earned tiered interest, up to 0.45% APY*
- Business debit Mastercard with uChoose Rewards & more
- No monthly fee when maintaining a balance of $5,000 or more.
Merchant Services
Island is proud to partner with Clover to provide our business Members with state of the art payment solutions. From tap & go mobile credit and debit solutions to full register cash drawers, Island Federal has solutions for businesses of all sizes. Allow your customer to pay quickly, with state-of-the art security and next day funds availability. Speak with a local Business Banking Specialist to learn how much you can save with Clover & Island Federal.
Payroll Services
Running your business can come with enough challenges. With Zuma Payroll, Island Federal can help small to midsize businesses streamline:
- Payroll
- Time & Attendance
- New Employee Onboarding
- Human Resources
- Benefit Enrollment
Long Island Business Banking Solutions With No Monthly Fees
Island Federal Credit Union provides business banking solutions built specifically for small to mid-size businesses across Long Island. We believe entrepreneurs and local business owners shouldn’t feel overlooked by their banking partner and they shouldn’t have to pay unnecessary fees to access essential financial services. That’s why Island Federal offers Business Checking with no monthly fees and no minimum balance requirements, helping Long Island businesses keep more cash on hand to reinvest in their operations. From startups to established companies, our business banking solutions are designed to support everyday financial needs with simplicity and transparency. Island Federal delivers the best of both worlds: a full range of business banking products and services; including business savings, online and mobile banking, merchant services, and business lending, combined with the personalized service of a local credit union. If you’re searching for business banking solutions on Long Island, small business checking accounts, or a local business bank that understands your goals, Island Federal is the Goldilocks solution; large enough to meet your needs, local enough to care.
Business Lending
Working Capital Line of Credit
- Provides your business with revolving short-term financing for payroll, purchasing inventory, or for supplier payments
- Pay interest only on the amount drawn, not the full line
- Access to funds when you need it, with low monthly repayments
Fixed Term Business Loans
- Lock in a fixed rate and predictable monthly payments
- Defer the cost of large business expenses over multiple years
Equipment Line of Credit
- Purchase equipment or other major business expenses with pre-approved financing
Hear From Our Proud Members
“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”
AREA Real Estate Associates
Garden City, 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”
Chariot Collision
East Setauket, 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! “
Birdies Indoor Golf
Patchogue, NY
Frequently Asked Questions
What is the minimum deposit required to open a certificate?
Open an Island Federal Share Certificate with as little as $500
What is the difference between a Certificate of Deposit (CD) and a Share Certificate?
A Certificate of Deposit (CD) and a Share Certificate are essentially the same type of savings product, offering a fixed interest rate over a set term in exchange for keeping your money on deposit. The key difference is where they’re offered: CDs are issued by banks while Share Certificates are offered by credit unions like Island Federal and insured by the NCUA. Share Certificates are safe, reliable ways to grow your savings, with federally insured protection up to $250,000. 1
What happens if I withdraw my funds before the maturity date?
If you wish to access your funds prior to the certificate maturity date, you may be subject to an early withdrawal fee (a percentage of the interest you have earned up to that point). Full terms for share certificates are available within our Account Disclosures.
What happens to my funds when my certificate matures?
Unless specified at account opening, your funds will roll over into the same term certificate. If the same term is not available, your funds will roll into the most similar term available at current certificate maturity date.
How can I open a certificate?
Click here to open your account online or visit your closest Island Federal 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
Please complete and submit the form below and a member of our commercial lending team will contact you within 1-2 business days.
Disclosures
*APY= Annual Percentage Yield. Rates and terms accurate as of 06/16/2026 . All rates and terms are subject to change without notice. 1) 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. 2)The Business Premier Checking account is a “tiered-rate account,” which has several dividend rates that are applicable to specified 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 and avoid a $20.00 monthly maintenance fee. 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. Cardholders must enroll in uChoose Rewards to start earning points on purchases. Membership eligibility applies.