Month: January 2023

Most banks don’t put interest rates on checking accounts, but Bluevine breaks the mold. Not only does its checking account have 2.0% APY, it blows the average rate out of the water. Because of this, the fintech company doesn’t offer any account specifically for savings. You also won’t find many fees and don’t have to worry about a minimum deposit when signing up.

Why we chose it: Bluevine sets the bar high with minimal fees, an intuitive layout, and a generous interest rate on a checking account.

High interest rates
Very few fees
No minimum deposit required

No business savings account
No ATM reimbursement
Fee for cash deposits

Fees

It’s possible to handle almost all of your banking with Bluevine and never come across a single fee. There’s no monthly cost to maintain your account and thousands of MoneyPass ATMs around Pennsylvania you can draw money from for free. You will see a $4.95 charge every time you go to make a cash deposit, so use this feature sparingly.

Interest Rates

A 2.0% APY is unheard of even on most savings accounts, and Bluevine offers it here on the money you keep in checking. Funds up to the $100,000 mark accrue this interest, but the fintech draws the line there. Anything you have beyond this amount doesn’t receive any interest at all.

Minimum Balance

Bluevine doesn’t require a minimum balance to open an account and will never charge you a fee if your balance falls below a certain amount. Small businesses can start with a lot or few funds and take advantage of the interest rate right away.

Access to Mobile Banking

Your mobile device becomes an extension of Bluevine’s web features through the app. You can use the software to pay bills by wire, check, or set up a payment to go out in the future. It’s a great tool for managing your funds, depositing checks, and transferring money between bank accounts.

Capital One: Best Bank for Small Businesses in Pennsylvania for Digital Transactions

0.20% APY

★★★★★

4.6

Whether you’re making payments or sending money to another account, Capital One allows unlimited digital transactions each month. The bank also looks away should you overdraft an account while moving money from place to place. Perks continue with a high promotional interest rate you can savor for at least a year. A strong online presence makes up for the lack of branch locations in the state.

Why we chose it: Capital One won’t slow your business down with unlimited digital transactions and overdraft forgiveness.

Unlimited monthly digital transactions
High promotional interest rates
Does not charge overdraft fees

Limited physical locations
Monthly account fee
Out-of-network ATM fees

Fees

Capital One checking and savings accounts have waivable monthly fees to contend with, but the demands aren’t too extreme. You’ll also run into charges for incoming and outgoing wire transfers, making unlimited digital transactions that much sweeter. Your first $5,000 in cash deposits each month is free, but it costs $1 for every $1,000 deposited after that.

Interest Rates

When signing up, you’ll receive a guaranteed promotional interest rate on your savings account for the first year of use. At the time of writing, Capital One offers 0.20% APY on funds up to $5 million.

Minimum Balance

It takes a $2,000 average balance over a 30 or 90-day window to eliminate the monthly fee on Capital One’s Basic checking account. Savings works the same way, requiring $300 each month to remove service fees there.

Access to Mobile Banking

The Capital One mobile app comes with a virtual assistant to notify you of unusual transactions or potential fraud. It’s also perfect for tracking spending and making all those transactions you do each month. If you’re eyeing a big purchase, the app shares your credit score and ways to keep it in a good range.

Axos Bank: Best Bank for Small Businesses in Pennsylvania for Online Banking

0.20% APY

★★★★★

4.5

Axos is a great online banking option, keeping an intuitive layout and easy-to-use tools. Fees are few and far between, with reimbursement options for those you can’t work around. The bank links up with both MoneyPass and AllPoint ATMs around the country for cash deposits and withdrawals. New business owners can even capitalize on a $200 welcome bonus.

Why we chose it: Axos makes banking easy no matter where you are with free checking, ATM reimbursements, and unlimited item processing.

Free online banking
Cash deposits allowed via MoneyPass and AllPoint ATMs
Minimal monthly fees

Limited integrations
Below average CD rates
Significant returned check fee

Fees

Your Axos Bank small business checking account does not have monthly maintenance costs and will reimburse both domestic ATM fees and your first two domestic wires each month. If you use checks, the first set of 50 is also free. Outgoing wires after your first two cost $35 apiece, and the bank will charge $25 for any returned checks. There is a $5 monthly service charge for upkeep on an Axos savings account, but you can avoid this with careful planning.

Interest Rates

Axos users will earn 0.20% APY through any of its available savings accounts. This interest is flat across all balances. The bank does offer an interest-based checking account starting at 1.01%, but it quickly diminishes the more you have stored in there.

Minimum Balance

Standard checking for small businesses has no minimum balance requirements, but all other Axos accounts do. You must maintain $2,500 in your savings account to remove the monthly fee. The Business Interest Checking account has a $5,000 minimum balance to skirt around any service fees there.

Access to Mobile Banking

The Axos app lets you link all your accounts to check funds at a glance. It’s easy to pay bills, deposit checks, or transfer funds from one place to another. With a swipe, you can follow your transaction history, analyze spending patterns, and learn where your money flows.

PNC Bank: Best Bank for Small Businesses in Pennsylvania for ATMs

Varies by region (0.01% to 0.03% APY)

4.4

★★★★★

PNC Bank has a huge presence across the United States, either owning or partnering with more than 60,000 ATMs for fee-free access. Over 300 branches reside in Pennsylvania alone, making it a popular choice even if you have no plans to leave the state. The bank allows 24 hours to remedy overdrafts before assigning you a fee, and new members receive a $200 sign-up bonus just for joining.

Why we chose it: With over 300 branches in the Keystone State, you can rest assured good service and ATM access is never far away.

Over 60,000 fee-free ATMs in the US
$200 sign-up bonus
24-hour overdraft protection

High overdraft fee
APY varies by region
Must call or visit a branch to open an account

Fees

Both PNC Bank’s basic checking and savings charge $12 for account maintenance but have wildly different measures to waive them. You can make do with a minimum balance in your checking account to avoid the fee, but you can also make purchases with a credit card or generate monthly deposits. The only way to do away with costs on a money market account is by keeping a certain balance.

Interest Rates

Interest rates are unclear from PNC’s website and can vary considerably from region to region. In Pennsylvania, you’re likely to earn somewhere between 0.01% and 0.03% if you use a money market account. You’ll have to visit the nearest branch location to learn specifics, but you need to pay them a visit to open an account anyway.

Minimum Balance

You only need to keep a $500 balance in PNC’s business checking account to steer clear of maintenance fees. Money market accounts aren’t so unforgiving, mandating a $2,500 minimum throughout the month to remove fees there.

Access to Mobile Banking

ATMs and branches are everywhere, but you’re still in luck even if you’re not near one. The mobile banking app allows for card services and all the income and expense management you’ll ever need. You can also link up to PINACLE, offering additional services to help your business thrive.

U.S. Bank: Best Bank for Small Businesses in Pennsylvania for Low Fees

0.01% APY

★★★★★

4.4

It’s not difficult to bank with U.S. Bank completely for free if you play your cards right. There’s no charge for opening or maintaining a checking account, and you can transfer and withdraw funds fee-free from in-network ATMs. Branch locations tend to hang out in the big cities but exist strategically in the heart of Pennsylvania as well. The bank also has a list of merchant services for specific industries you can take advantage of.

Why we chose it: With all but nonexistent fees, U.S. Bank doesn’t nickel and dime you just for running your business.

Nearly nonexistent fees
Specialized merchant services for restaurants, retailers, and service providers
2,400 branch locations

Charges for overdrafts
Relatively low APY
Only locations in 28 states

Fees

U.S. Bank’s Silver Business checking doesn’t have a service fee, but there is a $4 waivable monthly charge for keeping a savings account. Other fees come from out-of-network ATMs, overdrafting your account, or making an abundance of transactions each month.

Interest Rates

You won’t make a fortune off U.S. Bank’s interest rates. All but one savings plan has just 0.01% APY for excess funds you can spill over from your checking account. There is a Platinum Business Money Market account with bonus rates as high as 3.50% if you can manage the high balance requirements.

Minimum Balance

How much you keep in your checking account is entirely up to you. U.S. Bank’s package for small businesses does not have minimum requirements to negate a monthly fee. The same isn’t true for basic savings, where you’ll need at least a $500 balance. It takes $25,000 to tap into the high interest rates from the Platinum Money Market account.

Access to Mobile Banking

Stay up to date with your balances and transactions from your phone with the U.S. Bank mobile app. In addition, you can transfer funds and set alerts about account activity you want to keep an eye on. It’s also possible to view your credit score or find the U.S. Bank location nearest you.

Chase: Best Bank for Small Businesses in Pennsylvania for Lending

Up to 0.02% APY

★★★★★

4.3

Chase is a large financial institution with a long list of business services to help your business out. These include lending options to secure a large purchase or help you weather an untimely setback. Although there are monthly fees on all Chase products, you can work around them through one of several methods. Business owners also receive a $300 bonus for becoming a member by meeting certain criteria.

Why we chose it: Chase puts its best foot forward with several loan and line of credit options alongside other stellar business services.

Several loan and line of credit options
Up to $300 sign-on bonus
Multiple ways to waive the monthly maintenance fee

Monthly maintenance fees
Only 20 free transactions per month
Minimal APY

Fees

Chase places monthly service fees on all its accounts but includes several ways to waive them. Small businesses will likely introductory checking and savings, charging $15 and $10, respectively. Fees can get a bit out of hand if you do a lot of transactions, though. Only your first 20 each month come at no cost.

Interest Rates

New business owners starting out with Chase will accrue somewhere between 0.01% and 0.02% APY with a savings account. Certificates of deposit can go as high as 4.00% if you have enough time and money.

Minimum Balance

A $2,000 minimum balance is all it takes to negate the service fee on your Chase business checking account. In lieu of that, you can make $2,000 in purchases on business cards or receive $2,000 in deposits through Chase QuickAccept. A savings account requires $1,000 in your account or a linked business checking account to remove fees there.

Access to Mobile Banking

The Chase mobile app utilizes Chase QuickDeposit and ChaseQuickPay to get funds where they need to go quickly. You can also set alerts in case balances run too low or transfer money anywhere in the United States. There are well over 100 Chase branches and ATMs in Pennsylvania, and the app will help you find the closest one.

Citizens Bank: Best Bank for Small Businesses in Pennsylvania for Customer Service

Up to 0.02% APY

★★★★★

4.2

January 31, 2023February 15, 2023

Look no further than Citizens Bank’s customer service page for department-specific phone numbers and a well-documented FAQ page. The website also has forms and documents so you don’t have to hunt around for the right one. A lack of monthly fees or balance requirements makes basic checking a strong bank account option for LLCs, partnerships, or sole proprietors.

Why we chose it: Citizens Bank puts your business first with excellent customer service and hundreds of branch locations to choose from.

Excellent customer service
Over 250 branches in Pennsylvania
No monthly maintenance fee on some accounts

Low interest rates
High overdraft fees
Some accounts charge ATM fees

Fees

Citizens Bank accounts come with a hefty $39 overdraft fee, best avoided at all costs. The business savings account has an avoidable $4.99 monthly charge, automatically waived for the first four months of membership. Otherwise, ensure you don’t perform more than 200 transactions each billing cycle to avoid fees there.

Interest Rates

Interest rates aren’t really Citizens Bank’s strong point. You’ll earn 0.01% with savings and graduate to 0.02% if you upgrade to a money market account. Even available CDs average 0.03% APY for the duration of each term.

Minimum Balance

Small businesses will likely choose free business checking, meaning balances only come into play with savings accounts. You only need a $500 average daily balance with business savings, but this number jumps to $2,500 if you want perks from a money market account.

Access to Mobile Banking

Citizens Bank recently revamped its mobile banking app with a new interface and a boost in security. The added protection allows you to move money and make payments wherever you happen to be. New features include access to the document center and debit card management tools.

Methodology for the Best Banks for Small Businesses in Pennsylvania

In our methodology section, we make clear all the factors we used when picking out the best banks for small businesses in Pennsylvania. These ended up being our top considerations:

Fees: Fees are pretty self-explanatory and can be a real drag when you’re trying to make money. We made sure all our banks either have no monthly fee or at least a reasonable way to avoid it. Similarly, we opted for bank accounts you can use fee-free with a little foresight.
Interest Rates: Earning interest on your finances may not make you rich, but it can cover an unavoidable fee or go towards a business expense. It’s harder than ever to find bank accounts with high interest rates in our current market, but we tried to find ones that at least meet the national average.
Minimum Balances: Even if your small business has a steady source of income, distributing those funds between multiple accounts can be a challenge. If an account has a minimum balance requirement, you may be unable to float cash around as freely as you’d like. We looked for bank accounts with low minimum balances to allow for more flexibility.
Access to Mobile Banking: Few people in our day and age live without a smartphone. The rest of us rely on these gadgets for many aspects of our lives. We wanted to make sure each of our best business bank accounts in Pennsylvania had the same functionality you can find anywhere else. It was also important to make sure no features got locked away behind paywalls.
Ease of Use: Ease of use covers everything from setting up your account for the first time to day-to-day interactions. Some banks require lengthy in-person visits, while others allow you to join with little more than your EIN. As you use the website, mobile app, or in-person services, we checked on availability, accessibility, and just how much a small business can do.

Best Banks for Small Businesses in Pennsylvania Frequently Asked Questions (FAQs)

Want to know more about opening a bank account for your Pennsylvania business? This FAQ answers common questions about the subject.

What type of bank account is best for small business?

A business checking account is the best option for a small business. They facilitate payments, money transfers, and offer ways for you to manage your funds.

What is the most popular bank in PA?

In terms of locations and deposits, PNC Bank is the most popular. Citizens Bank and Chase also have significant coverage, but online banks frequently make use of thousands of ATMs across the state.

Should I use a local bank for a small business?

There are pros and cons to using a local bank with your small business. If you’re brick and mortar, a local institution may know your area and can serve you accordingly. Larger banks cover a wider range for business expansion, and you can access online banks from literally anywhere.

Do I need a business bank account for LLC?

A business bank account is crucial for an LLC. While you’re not legally required to have one, an account specifically for business purposes keeps your personal and business funds separate. In the event of a lawsuit, you’ll need this barrier to make the most of limited liability.

Bottom Line

The best banks for small businesses in Pennsylvania have a healthy mix of low fees, access to mobile banking, and are easy to use. Additionally, they offer incentives like interest rates or business services to keep finances running smoothly. We believe Bluevine is the best of the bunch, but any of the banks on this list should work well with your small business.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

5 Best Business Bank Accounts for Sole Proprietors in 2023

If you think that your bank account is simply a place used to store your earnings, think again! By selecting the best business bank accounts for sole proprietors with the right rewards, digital banking tools, and affordable fee structure, you can effectively grow your savings while making the financial management of your business a whole lot easier.

Best Business Bank Accounts for Sole Proprietor

Lili – Best Overall
Bluevine – Best for earning interest
Novo – Best for rewards
LendingClub – Best for savings
Bank of America – Best for financial management

Methodology Summary

While the size of your income may be important, maximizing your profit also depends on your ability to limit your expenses, which is why we chose to focus on bank accounts that offer affordable fees. We also focused on banks with competitive interest rates to help you grow your savings.

Other important factors were online features that help you to not only keep on top of your transactions but also optimize the financial management of your business as well as rewards programs and other money-saving benefits.

Lili

$0 for basic
$0 for Pro

$0 in-network
($2.50 out-of-network)

Up to 1.5%

Tax optimizer
Receipt scanner
Multiple app integrations
Invoicing software
Prefilled Schedule C
Automated expense reports

Bluevine

$0 in-network; $2.50 out-of-network

2.0%

Automated bill payments
Quickbooks integration
Sub-accounts
Mobile check uploads

Novo

$0 (unlimited reimbursements)

N/A

0% for check deposits; cash deposits not available

Invoicing software
Multiple app integrations
Automated budgeting
Virtual debit card
Apple Pay and Google Pay

LendingClub

$10; waived with $500 account balance

$0 (unlimited ATM rebates for both withdrawals and deposits)

Up to 1.5%

Mobile check deposits
Financial report generation
Invoicing software

Bank of America

$29.95 or $0 if waived

$0 for withdrawals

From 0.01% upwards

Free for first $20,000 in deposits, then $0.03 per $100 deposited

Cash flow monitor
Digital financial assistant
Zelle payments
Quickbooks integration

Lili: Best Overall

4.7 stars on Trustpilot

★★★★★

5.0

Lili Review

In order to reach your potential as a sole proprietor, you’ll want a reliable, user-friendly bank so that you can focus less on mundane banking tasks and more on growing your business. Over 85% of Trustpilot users have awarded Lili five-stars, with much praise being directed at the user-friendly layout of its online banking platform and app.

Why we chose it:

In addition to making banking easy, Lili’s intuitive digital features such as its invoicing platform and tax optimizer help to streamline your tax filing and payment system. What’s more, its low fees, cashback rewards, and the competitive interest rate of its savings account mean that account holders receive benefits across the board, thereby earning Lili the title of best business bank account for sole proprietors overall.

No overdraft fees
Cashback rewards
Tax optimizer
Built-in invoicing
Expense categorization
Receipt scanner
Third-party app integrations

Lili Pro required for cashback and APY

Fees

While the basic account has no monthly fee, the Lili Pro account costs $9 per month. What’s particularly useful about Lili, however, is that no matter what account you have, there are never overdraft fees.

ATMs within the MoneyPass Network provide free cash deposits and withdrawals, while out-of-network withdrawals and deposits cost $2.50 per transaction. Although Lili does not allow wire transfers, this does not pose an obstacle as unlimited inbound ACH transactions and up to $60,000 of outbound ACH transfers per month can be performed, both of which are free of charge.

Interest

While the checking account does not offer interest, Lili does offer a savings account for all clients that can earn up to 1.5% APY.

Important to note, however, is that in order to qualify for this rate, you’ll not only have to be a Lili Pro account holder but also transfer at least $1 per day from your checking account to your savings account.

Digital Banking Features

Lili’s Tax Optimizer is designed to maximize the efficiency of your tax filing. While its write-off tracker categorizes expenses and determines their eligibility for tax write-offs, it also automatically generates quarterly and yearly expense reports and provides a prefilled Schedule C to make tax preparations easier.

Should you already have existing accounting software, then Lili can still come in use. This checking account is capable of multiple app integrations, including to accounting software such as Xero and Quickbooks, while its receipt scanner enables you to capture any expenses not incurred through your checking account. Lili also provides built-in personalized invoicing software.

Rewards

Through Lili’s cashback rewards program, you can enjoy discounts and cashback from a range of participating merchants. This program is provided through Visa SavingsEdge, meaning that beneficiaries are eligible to receive benefits from all retailers that are part of the SavingsEdge network.

Although this benefit is only open to Lili Pro account holders, the potential benefits far outweigh the $9 monthly fee that you’ll pay for a Pro account.

Bluevine: Best for earning interest

Earn 2.0% interest

★★★★★

4.9

As a sole proprietor, maximizing your profit is a priority. By offering a relatively high 2% interest rate and low fees, the Bluevine business checking account helps you do just that. Add Bluevine’s business lending options and you’ll have all the tools you need to elevate your financial performance.

Why we chose it:

While this checking account’s decent interest rate and low costs help you to safeguard and grow your savings, it also provides several online tools to optimize your financial management, including automated bill payments and integrations with Quickbooks accounting software. Add in this checking account’s easy sign-up process and multiple lending options and you have a business bank account that provides perks across the board.

2.0% interest rate
Automated bill payments
Quickbooks integration
Zero monthly and transfer fees
Sub-accounts
No in-network ATM fees
No overdraft fees

No invoicing software
No rewards programs

Fees

In addition to no monthly maintenance fee and no overdraft fees, Bluevine also offers zero fee withdrawals at in-network ATMs as well as free cash deposits at ATMs that are a part of the Green Dot Network. Out of network ATM fees are $2.50 per transaction.

While outbound domestic wire fees cost $15, inbound wires are free. Although Bluevine does not allow international wires, you can perform ACH transfers at no cost. Check deposits are also free; simply upload a photograph of the check to the mobile app.

Interest

Offering up to 2.0% interest, the Bluevine business checking account provides one of the best interest rates of any business checking account. It’s important to note, however, that in order to qualify for this rate, you’ll need to either spend at least $500 per month on your Bluevine debit card or receive $2,500 per month in customer payments to your Bluevine account.

Digital Banking Features

Available from Bluevine’s online banking platform and mobile app, Bill Pay enables you to set up one-time or recurring payments, track expenses, and sync them with Quickbooks accounting software so that you have less work to do during tax season.

Bluevine also enables you to create up to five sub-accounts to make it easier for you to budget for your expenses.

Rewards

Although Bluevine does not provide an in-house reward program, its Bill Pay feature is geared to enabling you to maximize your credit card rewards by providing you the ability to pay all of your bills by credit card.

Novo: Best for rewards

Get access to $4,000 in savings

★★★★★

4.8

Novo Review

With a wide range of popular app integrations, invoicing software, and its Reserves feature for automated budgeting, Novo is designed to optimize the management of your business. What’s more, rewards for business software such as Quickbooks, HubSpot and Google Cloud enable you to manage your business more efficiently while saving money in the process.

Why we chose it: Aside from automating your financial management tasks, this business checking account offers up to $4,000 in rewards benefits as well as free ATM transactions and $5,000 in fee-free processing when customers pay you via Stripe, thereby cutting your costs and getting you more for your money.

Free domestic and international ACH transactions
Unlimited ATM fund reimbursements
$4,000 in rewards
Built-in invoicing
Multiple app integrations
Automate fund allocation with Reserves

No APY
No cash deposits

Fees

Novo carries no monthly fee and requires no minimum deposit to open an account. Check deposits are performed by scanning checks with the Novo mobile app and carry no associated fees.

Fees from ATM withdrawals come with unlimited fee reimbursements, however, cash deposits via ATM are not possible. Instead, you would have to purchase a money order from a third-party vendor. This checking account only allows account holders to receive wire transfers and not send them, it does offer free ACH transfers as an alternative.

Interest

Currently, Novo’s business checking account does not offer an APY. It does, however, help you safeguard your savings through a range of rewards and perks.

Digital Banking Features

Novo’s banking site and mobile app offer app integrations with accounting platforms Xero and Quickbooks as well as popular eCommerce platforms such as Amazon, eBay, and Etsy, thereby helping to streamline your sales and accounting processes.

Reserves is a feature that enables you to create multiple sub-accounts and set up automatic fund allocation, thereby automating your budgeting. Novo also comes with invoicing software that automates payment transactions from the submission of an invoice to clients to the arrival of the funds in your account.

The mobile app also comes with a virtual debit card and is Apple Pay and Google Pay enabled.

Rewards

With up to $4,000 in rewards, one of Novo’s most attractive perks for sole proprietors is that it provides up to $5,000 in fee-free card processing when clients pay you via Stripe.

If you use Quickbooks accounting software, this checking account gives you a 30% discount on your first six months using any Quickbooks package. You also receive discounts for business software such as Google Cloud, HubSpot, Constant Contact, and Gusto.

LendingClub: Best for savings

Earn interest while enjoying cashback rewards

4.8

★★★★★

With LendingClub’s Tailored Checking account, you receive the rare opportunity to earn an APY of up to 1.5% while earning 1% cash back on all qualified purchases, thereby providing you with the ability to both grow your savings and cut your business expenses simultaneously.

Why we chose it:

Aside from its favorable interest rates and cash back rewards, LendingClub provides numerous online banking features to boost the efficiency of your business. This includes Autobooks, LendingClub’s invoicing software with a built-in payment portal, digital check deposits via the mobile app, and integrations with Mint, QuickBooks, and Quicken to streamline your financial management

1% cashback on all qualifying purchases
Unlimited ATM fee rebates
Mobile check deposit
Built-in invoicing software
Mint, QuickBooks, and Quicken integration
Free ACH transactions

$500 balance required to waive monthly fee
High requirements to be eligible for cashback

Fees

While the Tailored Checking account carries a monthly fee of $10, this fee is waived for accounts holding more than $500. There is no minimum monthly balance, however, nor are there ACH transfer fees.

LendingClub offers unlimited ATM rebates, meaning that you’ll be reimbursed for all ATM withdrawals and cash deposits that you perform, with the unique advantage of this benefit applying to all ATMs, regardless of vendor. Check deposits made through the mobile app are free, while wire transfers cost $18 domestically and $40 internationally.

Interest

With an APY of up to 1.5%, LendingClub offers one of the more high-yielding business checking accounts available. To earn the maximum interest rate, however, your account will need to hold $100,000 or less.

Digital Banking Features

LendingClub’s online banking site and mobile app both offer account holders the ability to generate financial reports that can be used for accounting purposes, thereby making tax filing easier. Another advantage of the mobile app is that account holders can deposit checks simply by uploading a photo.

The Tailored Checking account provides clients with free access to Autobooks — LendingClub’s digital invoicing software. This platform enables you to send digitally secure invoices to customers, track their status, and receive next-day payments directly to your account.

Rewards

With this business checking account, you’ll receive 1% cashback on all qualified purchases made with your LendingClub debit card. It is important to note, however, that in order to qualify for this benefit, you will either need to have an average monthly balance of at least $2,500.00 or receive $2,500.00 in direct deposits.

Bank of America: Best for financial management

On-demand small business services

4.7

★★★★★

January 25, 2023February 15, 2023

If you’re looking for a business bank account with the means to help you improve the management of your business, then Bank of America’s Business Advantage Relationship Banking account is worth a look.

From its digital financial assistant and Zelle integration to complementary financial consulting services, this checking account is geared towards helping you grow your business.

Why we chose it:

Bank of America offers a wide range of digital tools to help sole proprietors optimize their business, including its cash flow monitor that tracks and categorizes account activity as well as its team of small business specialists that provide on-demand business management consultations.

Zelle secure payments
Cash flow monitor
On-demand small business specialists
Free savings account
Free second checking account

Not mobile friendly
High monthly fee
High requirements to join Prefered Rewards for Business

Fees

Carrying a monthly fee of $29.95, account holders can waive this fee if they have combined account balances of $15,000 or become a member of the bank’s Preferred Rewards for Business program. As a result, this account is better suited to those sole proprietors in a stronger financial position.

This account allows free ATM withdrawals at Bank of America ATMs as well as free cash deposits for the first $20,000, after which a fee of $0.30 per $100 deposited will apply. Regular ACH transactions are free, while next-day transfers cost $10 and same-day transfers cost $25.

Interest

While interest rates on this checking account as well as the Bank of America Advantage Savings account start at 0.01%, they can be boosted significantly if you sign up for the Prefered Rewards program.

With Prefered Rewards, you can receive an interest rate boost for your savings account ranging from 5% to 20% of your existing APY depending on your tier. It’s important to remember that, as a Business Advantage Relationship Banking customer, a savings account will be free to open.

Digital Banking Features

Bank of America’s cash flow monitor enables you to not only track your ongoing transactions but also receive cash flow projections, thereby allowing you to determine if your business is on the right track. Erica, BoA’s digital financial assistant, can be instructed to perform transactions on your behalf so that you don’t have to.

This checking account comes with Zelle, a fast and secure money transfer platform, and can be integrated with Quikcbooks to make your accounting easier. Bank of America also has a team of dedicated small business specialists to provide account holders with any guidance they may need in managing their business.

Rewards

Bank of America’s Preferred Rewards for Business provides a range of rewards for those who are eligible to join, such as waiving fees including monthly maintenance fees and inbound wire transfers. Beneficiaries also enjoy between 25%-75% rewards bonuses on participating credit cards, a 5% to 20% interest rate boost on Business Advantage Savings accounts, complimentary financial analysis with Merril, and discounts on loan interest rates.

One drawback, however, is that in order to qualify for this program, you’ll need to have a three-month combined average daily balance of $20,000 in your BoA accounts.

Methodology for the Best Business Bank Account for Sole Proprietors

Fees: as a sole proprietor, cutting your expenses is crucial to maximizing your profit margin. For this reason, we looked for checking accounts with the lowest banking fees including monthly fees, ATM fees, and other transactions.
Interest: Although your business may earn you the bulk of your income if not all, generating a passive income through interest means that you earn more without having to put in extra work.
Digital Banking Features: In order to help you focus on running your business, we looked at banks that provide digital tools to help make administrative, financial, and tax tasks as easy as possible.
Rewards: Benefits such as rewards programs can provide you with cash savings, complimentary products, and special offers aimed at saving you money, allowing your profit margin to grow as a result.

Sole Proprietor Business Checking Account Frequently Asked Questions (FAQs)

Are you still unsure about which bank account is best for a sole proprietor like yourself? Perhaps these answers to common questions can make your decision clearer!

What type of bank account is best for a small business like a sole proprietor?

Although there are several options, a basic business checking account is an ideal solution for sole proprietors due to its flexibility. Not only do such checking accounts allow you to easily pay bills, accept payments, and deposit and withdraw funds, but they also provide unlimited access to your funds, which is not always the case with savings accounts.

Should I open a separate bank account for my sole proprietorship?

While not a legal requirement, this is a good idea as it will allow you to keep your business expenses separate from your personal ones, making your life a lot easier when you have to organize your finances for tax season.

Can I open a bank account as a sole proprietor?

Although they may have a different legal standing to LLCs, it is possible to open a business bank account as a sole proprietor. With banks such as Bank of America and Lili, this simply involves submitting your Business Employer Identification Number (EIN) or your social security number if you don’t have one. Here’s how you can open a business bank account using your EIN.

Bottom Line

Whether your priority is to open a bank account with rewards such as Novo and Lili, financial management services such as Bank of America or LendingClub, or a high interest rate such as Bluevine, it’s crucial to open a bank account that separates your business from your personal affairs.

Not only does this make the financial management of your business easier, but it also enables you to receive benefits that will help you maximize your profit margins.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

7 Best Business Bank Accounts for Online Sellers in 2023

a man trying holding his ATM card shopping online on his laptop

The best business bank accounts for online sellers offer a blend of low fees, intuitive tools, and features to make your e-commerce company thrive. Whether you’re new to the space or experienced in e-commerce, having the right bank account can make a huge difference. This article covers our seven favorites and our reasoning behind each choice.

Best Business Bank Accounts for Online Sellers

Bluevine Business Checking – Best Overall Bank Account
Axos Bank Basic Business Checking – Best for Online Banking
Novo Business Checking – Best for E-commerce
Capital One Basic Checking – Best for Digital Transfers
U.S. Bank Silver Business Checking – Best for Lending
Lili Business Banking – Best for Startups
Chase Business Complete Banking – Best for Business Services

Our Methodology

When selecting the best business bank accounts for online sellers, we first looked at both monthly fees and costs for using other services. We then considered minimum balance requirements for small businesses and how accessible mobile banking options are. Finally, we identified extra features that make an account stand out and how easy the entire account is to use.

You can find a more detailed explanation of our methodology here.

Bluevine Business Checking

$4.95 per cash deposit, $2.50 for out of network ATM fees, $15 for outgoing wires

Pay vendors by wire or check, schedule payments, manage cash flow

2.0% APY, online payments, multiple subaccounts

Axos Bank Basic Business Checking

$35 for outgoing wire transfers

Pay bills, analyze spending patterns, monitor accounts

ATM reimbursements, first 50 checks free, Quickbooks integration

Novo Business Checking

$27 overdraft fee

Create, send, track invoices, check deposits, connect business tools

Reserve accounts, invoice tracking, virtual debit card, free incoming wires

Capital One Basic Checking

$15 (waivable)

$15 per incoming domestic wire, $25 for outgoing domestic wire, fee for cash deposits

$2000

Access credit card accounts,
transfer money,
deposit checks,
access bank statements,
access to CreditWise service

Unlimited digital transfers, overdraft coverage, $5,000 in free cash deposits

U.S. Bank Silver Business Checking

$0.50 fee for transactions after the first 125, fees at out of network ATMs

Pay bills, analyze spending patterns, monitor accounts

$2,500 in free cash deposits, 125 free transactions

Lili Business Banking

$2.50 for out of network domestic ATMs, $5 for international

Drop funds in tax buckets, invoicing, online payments, transfers

Tax optimization software, fast enrollment, smart mobile banking

Chase Business Complete Banking

$15 (waivable)

$25 to $40 for wire transfers, $0.40 per transaction (after first 20)

$2,000

Fraud monitoring, card control, pay and transfer, view offers

$5,000 in no-fee cash deposits, long list of business services

Bluevine Business Checking: Best Overall Best Business Bank Account for Online Sellers

Monthly Fees: $0

★★★★★

4.7

Bluevine Business Checking Review

Bluevine’s Business Checking account isn’t like most others, offering 2.0% APY on funds up to $100,000. The account itself is pretty self-sufficient, so Bluevine doesn’t provide any savings account to complement it. There’s no minimum deposit required to start your account and no monthly service fees to watch out for. If you happen to deal with cash, beware high costs for cash deposits.

Why we chose it: Bluevine’s lack of monthly fees and high interest rate on a checking account make it our top business bank account for online sellers.

High interest rates
Very few fees
No minimum deposit required

No business savings account
No ATM reimbursement
Fee for cash deposits

Fees

There’s never a monthly fee with Bluevine’s Business Checking account whether your balance is low or high. As an online seller, chances are you won’t have to worry much about the $4.95 charge for depositing cash into your account. When withdrawing funds, use one of Bluevine’s affiliated ATMs lest you incur a $2.50 fee for out-of-network machines.

Minimum Balance

You don’t have to meet any initial deposit requirement when starting your membership, nor do you have to keep a certain amount to avoid fees. The 2.0% APY is good on funds up to $100,000, so anything over this balance does not accrue any interest.

Access to Mobile Banking

All of Bluevine’s features spill over into its mobile app. You can seamlessly switch between your computer and mobile device on the fly and not miss a beat. This includes viewing your account, money transfers, and fast bill pay options. Going one step further, the app also lets you deposit any checks you may receive straight from your phone.

Extra Features

Few checking accounts are interest-bearing, but the Bluevine Business Checking account breaks the mold with its 2.0% APY. Users can also make and track online payments coming in and going out to your vendors. Through subaccounts, it’s easy to set aside funds for a rainy day or a big purchase.

Axos Bank Basic Business Checking: Best Business Bank Account for Online Sellers for Online Banking

Monthly Fees: $0

★★★★★

4.6

Axos Bank Basic Business Checking Review

You can do all your online banking with Axos completely for free, thanks to minimal fees and reimbursement options for those that do exist. New business owners can even add $200 to their account just for signing up. Perks extend to cash deposits at any MoneyPass or AllPoint ATM nationwide. Be sure not to overstress your account, as returned check fees are quite high.

Why we chose it: Axos is online banking at its best, allowing unlimited item processing, no minimum balance requirements, and reimbursements on ATMs and wire transfers.

Free online banking
Cash deposits allowed via MoneyPass and AllPoint ATMs
Minimal monthly fees

Limited integrations
Below average CD rates
Significant returned check fee

Fees

Banking with Axos is all but fee-free. There’s no monthly service fee, unlimited domestic ATM reimbursements, and the bank will even cover two domestic wire fees per month. Outgoing wires are $35 otherwise, but returned item fees can be as high as $75 per day if you’re not careful.

Minimum Balance

Axos Bank has no minimum deposit requirement when signing up, nor a monthly balance to fight back a monthly service fee. You will need an average monthly balance of $2,500 for the first 60 days to qualify for the $200 cash bonus.

Access to Mobile Banking

All the tools on Axos’s mobile app are fast, secure, and completely free. At a glance, you can see the status of your Basic Business Checking account or any savings account you’ve opened along the way. Through your mobile device, you can also track your spending patterns to identify areas to shore up funds.

Extra Features

If you prefer to pay by check, your first 50 are free with Axos bank. All its software is QuickBooks compatible for tax and money management, and you have unlimited item processing. Reimbursements for wires and ATMs are a vital way to save money, and Axos’s ATM network is extensive.

Novo Business Checking: Best Business Bank Account for Online Sellers for E-commerce

Monthly Fees: $0

★★★★★

4.5

Novo Business Checking Review

Novo has you covered whether you use Shopify, Etsy, or some other e-commerce site to do your online selling. The banking platform has dozens of native integrations to help your business grow. Many of these apps offer exclusive perks to Novo users as well. Setting up a business bank account for your LLC or sole proprietorship takes mere minutes, and reserves allow you to drop funds into buckets for payroll, taxes, and the like.

Why we chose it: Novo’s Business Checking account marries well with popular e-commerce tools for a comprehensive online experience.

Works with a long list of e-commerce apps
Reserve accounts for fund management
Great mobile app

Fee for overdrawn accounts
Branches are primarily in the Miami area
No savings options

Fees

Novo flashes a ton of zeros across its fee schedule. There are no penalties for low monthly balances, and even incoming and outgoing wire transfers are free. You’ll get hit with a $27 fine each time you have insufficient funds for a transaction, however.

Minimum Balance

Although Novo recommends starting with at least $50, you don’t need a minimum deposit to enroll. Thanks to the lack of service fees, there’s no amount of money you need to keep in your account at any time. Always make sure you have enough for transactions, so you don’t have to deal with overdraft fees.

Access to Mobile Banking

You can use Novo’s small business checking app to connect with your favorite business tools. This allows you to receive payouts from the major e-commerce platforms you already use. From your phone, it’s also possible to use Novo reserves to separate funds for upcoming expenses.

Extra Features

It’s rare to find a bank account with free incoming and outgoing wire transfers, but Novo rises to the challenge. The banking platform has built-in invoice tracking tools and reserve accounts to juggle funds.

Capital One Basic Checking: Best Business Bank Account for Online Sellers for Digital Transfers

Monthly Fees: $15 (waivable)

★★★★★

4.5

Capital One Basic Checking Review

Online sellers rely on digital transfers, and Capital One Basic Checking doesn’t limit how many you can do per month. You’ll never have to worry about penalties for receiving funds from your ever-growing number of e-commerce buyers or making payments to vendors for additional supplies. There are no overdraft fees even if you pull too much from your account, and a large network of ATMs gives access to money as you need it.

Why we chose it: Capital One’s unlimited free digital transfers allow you to send and receive funds as often as you need to.

Unlimited digital transfers
Does not charge overdraft fees
Large ATM network

Limited physical locations
Monthly account fee
Out-of-network ATM fees

Fees

Capital One’s Basic Checking does have a $15 monthly fee, but you can waive this with a bit of planning. Try to avoid incoming and outgoing wire transfers as much as possible, since these cost $15 and $25 per transaction. It’s free to deposit up to $5,000 in cash each month if your business happens to receive any.

Minimum Balance

If you want to remove the maintenance fee on your Basic Checking account, you’ll need to keep an average balance of $2,000 over the previous 30 or 90 days. Otherwise, your balance has no bearing on your account.

Access to Mobile Banking

Through the mobile app, you can deposit checks, pay your bills, or make digital payments with the help of Zelle. It also makes account management easier, whether you only have a checking account or opt for a savings plan as well. The CreditWise feature lets you see your credit score and offers tips to keep it as high as possible.

Extra Features

It’s hard to top unlimited digital transfers on your Capital One Basic Checking account. Overdraft protection is also a huge win, especially if you don’t have a ton of funds to work with every month. You can set up an account quickly with little more than an EIN and be up and running in a matter of hours.

U.S. Bank Silver Business Checking: Best Business Bank Account for Online Sellers for Lending Options

Monthly Fees: $0

★★★★★

4.3

U.S. Bank Silver Business Checking Review

You may not have a brick-and-mortar location, but having lending options at your fingertips can help take your business to the next level. Lines of credit and loans are both available for small and large purchases with repayment rates to match your available funds. U.S. Bank also has business services for payroll, fraud protection, and more to maximize your assets. While online-friendly, the bank also has over 2,400 branch locations for in-person visits.

Why we chose it: With a mix of minimal fees, specialized services, and a long list of lending options, U.S. Bank Silver Business Checking really speaks to online sellers.

Lending to fit your needs
Specialized business services for online sellers
2,400 branch locations

Charges for overdrafts
Low free cash deposit amount
Only locations in 28 states

Fees

U.S. Bank’s Silver Business Checking doesn’t charge a monthly fee for use, although many of the bank’s savings accounts do. There are fees for transactions after your first 125, and you’ll want to use U.S. Bank ATMs as much as possible to steer clear of out-of-network charges.

Minimum Balance

There are no balance requirements to dodge monthly service fees with Silver Business Checking. It’s free to open and use, no matter your balance when you open an account.

Access to Mobile Banking

Manage and pay all your bills from your phone with the U.S. Bank mobile app. You can also link up a digital wallet to pay when out and about or lock your credit card should it go missing. There’s even an option to deposit checks or send and receive money with Zelle.

Extra Features

The biggest perks for the U.S. Bank Silver Business Checking account are add-on business services for your account. These include fraud protection, payroll services, and tools for cash management. You can also benefit from $2,500 in free cash deposits and 125 free transactions each billing cycle.

Lili Business Banking: Best Business Bank Account for Online Sellers for Startups

Monthly Fees: $0

★★★★★

4.3

Lili Business Banking Review

With Lili Business Banking, you can have an account up and running within minutes. Nonexistent account and overdraft fees only sweeten the pot, and you can bank from 38,000 ATMs across the country for free. If that wasn’t enough, the fintech company offers tools for accounting, tax optimization, and custom invoices to take the guesswork out of juggling your finances.

Why we chose it: Lili’s fast sign-up process, transparent fees, and tax optimization software are just what any startup needs to succeed.

Tax optimization software
No minimum balance or monthly fees
Quick enrollment

Requires Pro account to earn interest
No wire transfers
Low monthly transfer and deposit limits

Fees

Lili Business Banking doesn’t have monthly maintenance fees, overdraft fees, or charges for ACH bank transfers. Out-of-network ATMs will set you back $2.50 domestically and $5.00 if you’re overseas.

Minimum Balance

With Lili, there’s no need to worry about minimum balances. You can open an account with as little as $1 and start taking advantage of all the cool perks right away.

Access to Mobile Banking

Everything Lili brings to its desktop app is also available on mobile devices. You can create and send invoices while on the go and even make online payments straight from your phone. It’s also possible to drop funds in tax buckets so you’re ready when tax season rolls around.

Extra Features

Taxes can be confusing for established businesses, let alone new ones. Lili’s tax optimization software teaches you how to set aside appropriate amounts for federal and state as needed and offers tips on how to maximize what stays with you. One of the best things about Lili is its account setup process, where you can be up and running in a matter of minutes.

Chase Business Complete Banking: Best Business Bank Account for Online Sellers for Business Services

Monthly Fees: $15 (waivable)

★★★★★

4.2

Chase Business Complete Banking Review

Chase’s business services are the star of the show, designed to protect what’s yours and ensure you get paid on time. As an added incentive, new business checking customers can earn $300 in sign-up bonuses should they qualify. Certain transaction types have fees, and there is a monthly charge to maintain your account. Fortunately, you can work around these fairly easily.

Why we chose it: Chase Business Complete Banking has you covered with excellent payment and transfer services, fraud lookouts, payment-collection solutions, and more.

Several available business services
Multiple ways to waive the monthly maintenance fee
$300 sign-on bonus

Monthly maintenance fee
Only 20 free paper transactions per month
Fees for out-of-network ATMs

Fees

The Chase Business Complete Banking account has a $15 monthly fee, waivable with any of the following:

$2,000 minimum daily balance
$2,000 in net purchases on your Chase Ink Business Card(s)
$2,000 in deposits from Chase QuickAccept or other eligible Chase Payment Solutions transactions

Other fees appear with paper transactions and wire transfers, somewhat limiting your business to digital transactions only.

Minimum Balance

Having at least $2,000 in your account at all times negates the monthly maintenance fee. If you want the $300 sign-on bonus, you’ll need to get $2,000 into your account within the first 30 days. From there, you’ll need to hold that minimum balance for 60 days straight to earn the reward.

Access to Mobile Banking

With Chase mobile banking, you can set up alerts to notify you when transactions take place or an account drops below a certain threshold. The app uses Chase QuickPay alongside Zelle to get payments out quickly, or you can transfer funds across the country. If you need to find the Chase location nearest you, the app will find a suitable branch or ATM close by.

Extra Features

Chase’s business services go beyond any we’ve seen, featuring an assortment of tools to manage cash flow and help you get what others owe you. You can use payment and transfer services to pay your employees or vendors, when switch to collections to make sure you get paid. Fraud protection safeguards your account and monitors for suspicious activity.

Methodology for the Best Business Bank Accounts for Online Sellers

We spent a lot of time identifying the best features online sellers need when choosing the best bank. Here are the top considerations we used when making our selections:

Monthly Fees: Some banks charge monthly service fees to add to their overall profit potential and help cover operating costs. Our search for the best business bank accounts for online sellers focused on bank accounts without such fees. If a bank does charge a maintenance fee, we’ve pointed out what you need to do to remove it.
Additional Fees: Fees often extend beyond monthly maintenance requirements. Banks can charge for ATM use, transfers, cash deposits, or hit you with penalties for overdrafting your account. We chose bank accounts with minimal fees that you can often avoid with some upfront planning.
Minimum Balance: If a bank charges a monthly service fee, we made sure small businesses can keep up with the minimum balance requirements to remove it. In other instances, we checked minimum balances needed to earn rewards or interest rates on the best business checking accounts.
Access to Mobile Banking: Online selling offers a lot of flexibility, and we wanted to make sure your bank does the same. All the banks on our list have mobile banking tools to keep you connected and on top of your finances no matter where you are.
Extra Features: We looked beyond the surface level for any extra features banks have to stand out among the competition. Top considerations include interest rates, business services, overdraft protection, and free transactions.
Ease of Use: No one has time for the archaic dealings of traditional banks. We picked financial institutions that are simple to sign up for and make features easily accessible. When you have purchases flying at you, you don’t want to get bogged down in banking logistics.

Best Business Bank Accounts for Online Sellers Frequently Asked Questions (FAQs)

Still have questions about the best business bank accounts for online sellers? You may find the answers you’re looking for right here.

Do I need a business bank account to sell online?

Yes, you need a business bank account to sell online. E-commerce requires a merchant account, which you can only create with a business bank account.

What is the easiest business bank account to open online?

Bank accounts operating exclusively online tend to be the easiest to open. Our favorites are Bluevine, Lili, and Axos Bank.

What type of bank account is best for small business?

A business checking account is your best option as a small business owner. You can use such an account for transfers, to make payments, and withdraw cash for your company. Some even have additional perks specific to your type of venture.

Do I need a business bank account for an LLC?

There’s no law requiring you to have a business bank account for your LLC. Still, having one is incredibly beneficial for limited liability and keeping personal and business funds apart.

Bottom Line

The top business bank accounts for selling online keep fees to a minimum while helping you keep a pulse on your finances. They make for easy transfers both into and out of your account without placing caps on how much you can do. We love Bluevine for its ease of use and healthy interest rate, but any of the bank accounts on this list could serve you well.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

January 24, 2023March 21, 2023

7 Best Banks for Small Businesses in New York in 2023

Businessman holding an ATM card in an ATM gallery

A bank account for your small business helps keep funds in order and customers happy. The best banks for small businesses in New York go one step further, offering additional features to keep your company running smoothly. After careful research, here are our seven favorites for 2023.

Best Banks for Small Businesses in New York

Bluevine – Best Overall Bank for Small Businesses
Capital One – Best Bank for Digital Transactions
Axos – Best Bank for Online Banking
Bank of America – Best Bank for Rewards
Chase Bank – Best Bank for Sign-On Bonus
Key Bank – Best Bank for Cash Deposits
Citizens Bank – Best Bank for Customer Service

Our Methodology

It should come as no surprise that fees are on top of our list of considerations for New York banks. We also looked at minimum balance requirements to maintain accounts and APYs for some passive income. Finally, we wanted to ensure banks have access to mobile banking and are easy for small businesses to use.

Click here for a more detailed explanation of our methodology.

Bluevine

$4.95 per cash deposit, $2.50 for out of network ATM fees, $15 for outgoing wires

2.0% APY

Pay vendors by wire or check, schedule payments, manage cash flow

Capital One

$15 for checking (waivable), $3 for savings (waivable)

$15 per incoming domestic wire, $25 for outgoing domestic wire, fee for excess cash deposits

0.20% APY

$2,000 for checking, $300 for savings

Access credit card accounts, transfer money, deposit checks, access bank statements, access to CreditWise service

Axos

$5 (waivable) for savings

$35 for outgoing wire transfers

0.20% APY

$2,500 on savings account

Pay bills, analyze spending patterns, monitor accounts

Bank of America

$16 for checking (waivable), $10 for savings (waivable)

Out of network ATM fees, fees for excessive deposits

Up to 0.04% APY

$5,000 for checking, $2,500 for savings

Manage accounts, pay and transfer, digital wallets, bill pay

Chase

$15 for checking (waivable), $10 for savings (waivable)

$25 to $40 for wire transfers, $0.40 per transaction (after first 20)

Up to 0.02% APY

$2,000 for checking, $1,000 for savings

Fraud monitoring, card control, pay and transfer, view offers

Key Bank

$5 (waivable) for checking, $4 (waivable) for savings

$33 overdraft fee, $0.40 per item in excess of 200 transactions, $20 for wire transfer

0.01% APY

$1,000 for checking, $300 for savings

Document hub for past statements, send money, account alerts to monitor transactions

Citizens Bank

$4.99 (waivable)

$0.50 fee for each excessive transaction, $39 overdraft fee

Up to 0.02% APY

$500 for savings account

Custom business alerts, check balances, transfer funds, find branch locations

Bluevine: Best Overall Bank for Small Businesses in New York

Up to 2.0% APY

★★★★★

4.7

Bluevine sets the bar high with zero monthly maintenance fees and 2.0% APY for business customers. There’s no minimum deposit requirement to get started, so any small business can partake. You won’t find a savings account, but Bluevine has virtual buckets you can drop funds into to stay organized. Pay attention to cash deposits, which will cost you $4.95 each time you make one.

Why we chose it: Bluevine holds the top spot thanks to its minimal fees, ease of use, and incredible interest rate.

Organize project work intuitively
Add resources as your project grows
Provide context with notes and descriptions

No business savings account
No ATM reimbursement
Fee for cash deposits

Fees

New Yorkers won’t have to worry about fees at any MoneyPass ATM in the state. There are hundreds throughout, but any ATM not in the system will set you back $2.50. The biggest fee to worry about is for cash deposits, where Bluevine charges $4.95 each time you add cash to your account.

Interest Rates

With Bluevine’s business checking account, you’ll receive an unprecedented 2.0% APY on funds within. Note that this interest rate only applies to money up to $100,000 in your account. Anything in excess does not earn any interest at all.

Minimum Balance

Bluevine has no minimum balance to start an account or maintain it. You’ll never receive a monthly charge if funds drop dangerously low. Your balance also doesn’t affect your interest rate, which is applicable on funds from $0 to $100,000.

Access to Mobile Banking

The Bluevine mobile app puts all your banking needs right in the palm of your hand. Just like on a computer, you can perform unlimited transfers, make bill payments, or deposit checks into your account. If you set up subaccounts for tracking purposes, the app transfers money between them immediately.

Capital One: Best Bank for Small Businesses in New York for Digital Transactions

0.20% APY

★★★★★

4.6

Your small business relies on digital transactions to stay afloat. Capital One understands this, allowing you to send and receive funds digitally without penalty. In the event one of your accounts gets stretched too thin, the bank won’t charge a fee for the overdraft. There are several Capital One banks within New York City, but those in other parts of the state should have no trouble finding at least an ATM.

Why we chose it: You can keep your vendors paid and happy with unlimited digital transactions from Capital One.

Unlimited digital transactions
Does not charge overdraft fees
Large ATM network

Limited physical locations
Monthly account fee
Out-of-network ATM fees

Fees

Digital transfers are free to any other bank account at any time. There is a monthly service fee on all Capital One’s business accounts, but you can toss these aside by meeting balance requirements. Incoming and outgoing domestic wire transfers cost $15 and $25 respectively, so try to avoid using this feature.

Interest Rates

New Capital One members unlock a promotional interest rate for the first 12 months of use on a business savings account. The current rate is 0.20% APY, which has been in place since 2020. After the first year, the APY reverts to the standard amount in effect at the time.

Minimum Balance

It takes a 30 or 90-day balance average of $2,000 in your checking account to waive the $15 monthly fee. To remove service fees on business savings, you’ll have to keep a minimum balance of at least $300 at all times.

Access to Mobile Banking

Capital One has a mobile app for both Android and iOS devices. It’s free to download and lets you perform digital transactions wherever you may be. Other features include mobile deposits and digital payments using Zelle.

Axos Bank: Best Bank for Small Businesses in New York for Online Banking

0.20% APY

★★★★★

4.5

Axos Bank’s online system means you can bank from anywhere, even if business takes you outside New York. The bank lacks a few integrations, but you can access funds from any MoneyPass or AllPoint ATM around the country. Its basic checking has no monthly fee, and you’ll never have to worry about charges due to an overdraft.

Why we chose it: Axos Bank may not have physical locations, but its extensive online services make it an excellent choice for New Yorkers.

No monthly fee on basic account
Cash deposits allowed via MoneyPass and AllPoint ATMs
Zero overdraft fees

Limited integrations
Below average CD rates
Poor customer service

Fees

You may have some trouble finding a fee within Axos Bank’s online system, which is a good problem to have. Its basic checking account does not charge for maintenance, although higher-tier plans have waivable fees. The bank even reimburses you for domestic ATM use and two wire fees each billing cycle.

Interest Rates

You can earn 0.20% APY with an Axos business savings account, but rates don’t get any better with premium plans. Even CDs max out at 0.20%, leaving much to be desired. The interest plus checking account accrues up to 1.01% APY on amounts up to $50,000 if you want to go that route.

Minimum Balance

If you have a new small business, a basic business checking account is appealing thanks to no minimum balance requirements. You’ll need $2,500 minimum to remove fees from a business savings account or $5,000 for interest plus checking.

Access to Mobile Banking

With online banking as its core, Axos Bank would be dropping the ball if it didn’t have an excellent mobile service. The app works quickly to process transfers or handle mobile deposits. You can link all your accounts to your phone, watch account balances, and even analyze how you spend your money.

Bank of America: Best Bank for Small Businesses in New York for Rewards

Up to 0.04% APY

★★★★★

4.4

Bank of America takes an impressive traditional banking package and makes it better through a preferred rewards program. By enrolling, you gain access to cool perks that can boost your interest rate or remove fees on select banking services. Nearly 300 of Bank of America’s 4,300 branches reside in the state, offering plenty of opportunities for in-person banking. You’ll have a few fees to dance around as you do business, but this isn’t hard to do.

Why we chose it: Bank of America’s exclusive Preferred Rewards system offers excellent business perks to give your company a leg up on the competition.

Preferred rewards to boost interest rate
Over 17,000 ATMs and 4,300 branches
Can waive the monthly fee

Lacks 24/7 customer service
Monthly fees
Transaction fees when using non-Bank of America ATMs

Fees

Bank of America offers three ways to negate the $16 monthly maintenance fee. If you can’t maintain a $5,000 minimum balance, you can either spend $250 in qualified debit card purchases or become a Preferred Member instead. Savings requires a minimum of $2,500 or a Preferred Rewards membership to avoid paying $10 per month.

Interest Rates

None of Bank of America’s checking accounts have any kind of built-in interest rate. Savings accounts start at 0.01% APY but can grow depending on your status as a preferred member. CDs reach up to 3.51% if you have at least $10,000 and the time to lock these funds away.

Minimum Balance

Meeting minimum balance requirements will do away with annoying service fees you’ll otherwise have to pay. The amount you have in your accounts is the primary factor in determining what level of preferred membership you earn.

Access to Mobile Banking

Through the mobile app, you can set custom alerts so you’re always aware of what’s happening with your account. Enhanced security features prevent others from getting in, making it safe to pay all your bills from your phone. A spending and budgeting tool also exists to help you plan for future expenses.

Chase: Best Bank for Small Businesses in New York for Branch Locations

Up to 0.02% APY

★★★★★

4.4

With 600 locations throughout New York, Chase has more branches than any other bank in the state. You’ll have free reign of Chase’s business services whether you prefer to bank online or in person. Anyone signing up right now can qualify for a $300 bonus just for becoming a member. If that wasn’t enough, Chase gives up to $900 cash back on credit card purchases.

Why we chose it: Chase has more branches than any other bank in New York and hands you a $300 bonus just for signing up.

600 New York locations
Up to $300 sign-on bonus
Multiple ways to waive the monthly maintenance fee

Monthly maintenance fees
Only 20 free transactions per month
Minimal APY

Fees

Chase Business Complete Banking has a $15 service fee you can remove with a $2,000 daily balance. It’s also possible to waive this fee through deposits from Chase QuickAccept or purchases with a Chase Ink Business Card. Attaching a savings account to your checking removes any monthly fees you’d normally pay there.

Interest Rates

Chase does not have a checking account with options to accrue interest. You’ll have to look to a savings account for 0.01% or 0.02% APY. There are higher interest rates with certificates of deposit, but these vary depending on where in New York you are.

Minimum Balance

As long as you maintain a minimum of $2,000 in your Complete checking account, you’ll never have to pay a monthly fee. Plans jump to $35,000 and $100,000 minimums from there, which may not jive with smaller businesses.

Access to Mobile Banking

The Chase mobile app lets you view paperless statements and transfer money throughout New York and beyond. There’s an option to pay or schedule payments, and handling deposits with Chase QuickAccept can eliminate monthly account fees. With so many locations in the state, you can also use the app to find the nearest one.

Key Bank: Best Bank for Small Businesses in New York for Cash Deposits

0.01% APY

★★★★★

4.3

Many banks charge for cash deposits, but Key Bank allows you to add up to $25,000 to your account each month without penalizing you. It has a strong presence in the Empire state and locations in 38 others. Maintenance fees are low to begin with, but they’re also easy to waive with a low balance. The mobile app is a great way to track funds lest you stumble into hefty overdraft fees.

Why we chose it: Businesses channeling a lot of cash will love up to $25,000 in cash deposits each month without fees.

Deposit up to $25,000 in cash each month without fees
Low, waivable maintenance fees
More than 1,100 branches and 1,400 ATMs

Low interest rates
Heavy overdraft fees
Lackluster CD options

Fees

Key Bank is pretty generous with fees except when it comes to overdrafts. A simple slip up can cost you $33 each time you try to pull too much from an account. Monthly charges are $5 and $4 for basic checking and savings, but you can eliminate these with the proper balance.

Interest Rates

The interest rate you can earn on your savings or interest plus checking account is variable and based on several factors. After searching various zip codes, we couldn’t find anything higher than 0.01% APY.

Minimum Balance

It takes $1,000 in checking and $300 in savings to waive fees for each account. Key Bank lists its interest rates as variable and mentions they can change based on your current balance. In theory, higher balances should accrue more.

Access to Mobile Banking

Key Bank gives you the power to lock and unlock your cards right from your mobile device. You can also set up account alerts to monitor transactions in real-time and pay bills with a tap. If you need previous records, the app holds your last seven years of statements and two years of tax records.

Citizens Bank: Best Bank for Small Businesses in New York for Customer Service

Up to 0.02% APY

★★★★★

4.2

January 20, 2023February 15, 2023

Help is never far away at Citizens Bank, thanks to useful online information and a great customer support team. There are over 1200 locations in New England you can stop into, or contact someone via phone seven days a week. Multiple plan options play to the needs of different business models, including a fee-free account for small businesses.

Why we chose it: Citizens Bank’s excellent customer service and large number of New England locations make it a great option for New Yorkers.

Excellent customer service
Nearly 200 branches in New York
No monthly maintenance fee on some accounts

Low interest rates
High overdraft fees
Some accounts charge ATM fees

Fees

Some business checking accounts have unwaivable fees, but Citizens Bank’s introductory package has no monthly fee at all. You can take off the $4.99 charge on its small business savings account with the right amount of funds. Beware $39 overdraft fees you’ll receive for taking too much out of your account.

Interest Rates

Citizens Bank has both a business savings and money market account within reach of small businesses. Funds in savings earn 0.01% APY, whereas the money market account will earn you 0.02%. CDs don’t fare you much better, capping at 0.03% with 18-month terms.

Minimum Balance

A $500 minimum daily balance on your Citizens Bank business savings account is all you need to remove the monthly service charge. The minimum balance requirement rises steeply for other accounts.

Access to Mobile Banking

Citizens Bank recently refreshed its mobile app with an intuitive, new interface and several other enhancements. Using the app allows you to bank 24/7 from anywhere and move money as you see fit. Online banking demos offer tips and tricks for getting the most out of your account.

Methodology for the Best Banks for Small Businesses in New York

A lot goes into researching the best banks for small businesses in New York. Here are the top factors we considered when making our picks.

Fees: Banking fees can show up in many forms. We focused on banks without monthly charges, or at least easy ways for small businesses to waive them. Other important fees we considered revolved around transactions and deposits every small business has to perform.
Minimum Balance: Banks often impose service fees on accounts with low balances. We opted for banks having accounts with minimum balance requirements manageable by even the smallest business. In some cases, a higher account balance also means more interest.
Interest Rates: Interest rates can be an effective way to add a little passive income to your business. Fintechs like Bluevine let you earn up to 2.0% APY. In the small business world, every bit counts.
Access to Mobile Banking: Mobile banking is an essential tool in our fast-paced world. Banks without intuitive apps quickly fall by the wayside to those providing a ton of mobile services. The best ones allow you to view accounts and transfer funds with a tap.
Ease of Use: Along the vein of mobile banking, accounts should be easy to both set up and use. That means a startup process with few documents and clear systems. Having a good customer service team like Citizens Bank is also a plus.

Best Banks for Small Businesses in New York Frequently Asked Questions (FAQs)

Still have questions about the best banks for small businesses in New York? This FAQ may have the answers you seek.

What is the best bank to use in New York?

Any of the banks to make our list are solid options for New York-based businesses. Whether you’re running a sole proprietorship or an LLC, these banks can serve you well.

What is the most used bank in New York?

Chase has the most locations in New York and has many members as a result. The bank has several locations in the Big Apple, but businesses upstate or out west have access to branches as well.

Do banks give loans to startups?

Banks can give loans to startups, as long as they demonstrate the means to pay it all back. Some will limit your startup to small loans or high interest rates to recoup money as fast as possible.

Do I need a good credit score to open a business bank account?

You don’t necessarily need a good credit score to open a business bank account. Some banks do not even check credit when you sign up. Financial institutions will monitor your ability to manage funds and may sever ties if issues arise.

Bottom Line

There are many banks to choose from in New York, but they aren’t all the same. The best options come with minimal fees and interest rates that offset any costs you incur along the way. You can’t go wrong with any of the banks on this list for your business needs.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

6 Best Business Bank Accounts for Real Estate in 2023

As a real estate investor, choosing the right business bank account is vital for reaching your goals. Naturally, your priorities when selecting a bank account will depend on your investment strategy.

Whether your strategy involves making numerous short-term transactions or remaining in it for the long haul, here are the best banks for real estate investment.

Best Business Bank Accounts for Real Estate

Baselane – Best Overall
Bank of America – Best for Growing your Savings
Stessa – Best for Investment Management
Bluevine – Best for New Investors
Axos – Best for Financing and Loans
Relay – Best for Ease of Use

Methodology summary

Because protecting your investment is a priority, we began by evaluating the fees that each bank charges, including monthly, ATM, overdraft, and transaction fees as well as cash and check deposit fees.

We then assessed the interest rates that each bank offers as well as benefits that could also help to grow your investment, such as reward programs and credit and debit card benefits.

In addition, we also looked at factors such as lending services that you may require during your investment journey as well as online features that could make the financial management of your account easier and more efficient.

Baselane

$0 for all ACH transfers;

2.99% outgoing rent payment fee

Up to 3.30%

Yes

Rent collection, Bookkeeping tools

Tenant screening

Legal document templates

Bank of America

$29.95 or $0 if prerequisites met

Varies depending on bank account

$0 for first $20,000

Up to 0.02%

Yes

Quickbooks integration

Zelle payments

Virtual assistant

Cash flow monitor

Stessa

$0 for incoming wires, $5 for outgoing wires

$0 on domestic ATMs; 1% on international

Up to 3.85%

Built-in accounting software, Automated rent collection, Insurance quote system, External expense linking

Bluevine

$0 for incoming transfers;

$0 for ACH transfers;

$15 per outgoing wire

$4.95 per deposit

Up to 2.0%

Yes

Mobile banking app

Sub-accounts

Axos

Fee waived with $5,000 balance, otherwise $10

$0 for online transfers, $15 for domestic wire transfers, $50 for international

$0 (full unlimited reimbursements)

Up to 1.01%

Yes

QuickBooks integration

ATM locator

Relay

$0 for Basic; $30 for Pro

Free for Pro; $5 wire fee for Basic

N/A

QuickBooks, Xero, Gusto, Plaid, and Yodlee integration

Automated bill payment with Pro

Baselane: Best Overall

Automate Your Rent Collection

★★★★★

5.0

If you’re a landlord or a very hands-on property investor, then Baselane has a wide range of features to make your financial management a whole lot easier. With features such as its rent collection and expense management tools, Baselane helps you automate your property management experience.

Why we chose it:

In addition to optimizing your financial management, this real estate investment account offers a range of rental-specific services to make your life as a landlord as easy as possible.

This includes tenant screening, integration with TurboTax, and access to a range of legal document templates and on-call lawyers to assist you with any questions.

By providing a balance of favorable banking terms and specialized real estate digital financial tools, Baselane earns its place as the best business bank account for real estate.

Automated rent collection
Auto-generated tax reports
3.30% APY
Zero ACH transfer fees
No overdraft fees
No ATM fees
Access to several loan options
Up to 5% cash back

Additional cost for online add-ons

Fees

In addition to zero monthly fees, this checking account comes with no overdraft fees and does not require a minimum opening deposit.

Baseline provides zero-fee ATM withdrawals and cash deposits at over 55,000 locations as well as unlimited free ACH transfers. Should you choose to pay your own rent with your Baselane account however, the transaction carries a 2.99% processing fee.

Interest and Benefits

Baselane offers an APY of up to 3.30%, making it one of the highest interest-yielding checking accounts in relation to comparable accounts.

When using your Baselane credit or debit card, you’ll be eligible for up to 5% cashback on purchases with eligible home improvement merchants. After $2,000 worth of purchases, this cashback amount will go down to 1%.

Online Features

Baselane’s online portal offers a rent collection tool that enables you to set automated payment reminders and late fee implementation, while providing a platform for tenants to make direct payments to your bank account.

This checking account’s bookkeeping and reporting tools include an automated consolidated ledger of all your transactions, transaction tagging to help you categorize your expenses, and auto-generate tax reports and schedule E forms to make filing taxes quicker and easier.

While Baselane’s marketplace offers access to additional features such as tenant screening, legal document templates, and TurboTax tax preparation, these add-ons come at an additional cost.

Access to Financing

Baselane offers a wide range of loan options according to the size of your property, ranging from single family to 5+ units, as well as planned unit developments and portfolio loans.

While a minimum 680 FICO is required to apply for a loan, Baselane does not require any income verification. After completing an online application, pre-approval takes about two hours while the finalization of the loan takes up to 10 business days. Loans range from $55,000 to $2 million.

Bank of America: Best for Growing your Savings

Max savings with digital tools

★★★★★

4.9

Depending on the scope of your investments, keeping track of your finances and maximizing your performance can prove challenging. Bank of America’s Business Advantage Relationship Banking account offers a full suite of digital tools to optimize your financial management.

Why we chose it:

In addition to offering a wide array of digital tools to optimize your financial management, Bank of America’s Preferred Rewards for Business are designed to boost your savings, with benefits including its interest rate booster, credit card rewards bonuses and payroll services cash back.

Up to 75% business credit card rewards bonus
Cash flow monitor
Zelle payment platform
QuickBooks accounting software integration
Virtual financial assistant
Loan discounts
Free savings account

Comparatively high monthly fee
High requirements to qualify for Preferred Rewards for Business

Fees

The Business Advantage Relationship Banking comes with a monthly fee of $29.95, however, this fee can be waived if your accounts hold a combined average minimum balance of $15,000. Alternatively, you can become a member of Preferred Rewards for Business, however this requires a three-month combined average daily balance of $20,000.

While a relatively high monthly fee, this business checking account helps you save with zero cash deposit fees at both ATMs and cashiers for the first $20,000 and 500 free teller transactions and check deposits per month. There are also zero ATM withdrawal fees, while wire transfers may be free depending on the recipient’s bank.

Interest and Benefits

With an APY of only up to 0.02%, the Business Advantage Relationship Banking account is not the ideal small business account for those looking to build a passive income with interest. The account does, however, come with a range of money-saving benefits and rewards.

If you have a three-month combined average daily balance of $20,000, then you’ll be able to qualify for Prefered Rewards for Business. This program entitles you to a rewards bonus between 25% and 75% on your credit card, cash back on payroll services provided by Bank of America and discounts on interest rates on loans.

Using Preferred Rewards for Business, you have the opportunity to receive an interest rate boost of 5% to 20% on Business Advantage Savings accounts. Even if you do not have Preferred Rewards for Business, opening a savings account with Bank of America is free.

Online Features

Bank of America offers QuickBooks integration, thereby helping you to keep your accounting up to date and ensure that you don’t leave out any transactions. There is also a cash flow monitor designed to help you monitor your costs and even categorize your costs so that you can understand where your money is going.

The cash flow monitor also includes cash flow projections, thereby helping you to plan your financial activities in advance while Erica, Bank of America’s virtual financial assistant, can help you to transfer or send money and search transactions. This account also comes with a virtual debit card that you can use via the banking app in place of a physical card.

Access to Financing

For Business Advantage Relationship Banking account holders, there are two credit lines that you can apply for. The Unsecured Business Line of Credit provides you with collateral-free loans starting at $10,000. With interest rates starting at 8.75%, this rate can be lowered if you have Prefered Rewards for Business.

This same interest rate discount can be applied to the Secured Business Line of Credit, which offers loans starting at $25,000 with interest rates of 8% upwards.

Stessa: Best for Investment Management

Earn up to 3.85% interest

★★★★★

4.9

With its purpose-built landlord accounting software designed to automate your property accounting and its automatic rent collection system, Stessa is designed to optimize the management of your real estate investment.

Why we chose it:

In addition to helping you reach maximum financial management efficiency, Stessa also offers features aimed at protecting your investment, including a tenant screening service and an insurance quote generator to help you save money on your landlord insurance policy.

This account also offers up to 3.85% interest and cash back on its debit card to help you increase your savings.

Up to 3.85% APY
1.1% cash back on debit card purchases
Automated accounting and expense tracking
Performance dashboards at portfolio and property levels
Tree rental applications
Tenant screening
Automated rent collection

A fintech company; not a bank
No in-house financing options

Fees

In addition to zero monthly fees, Stessa also has zero domestic ATM transaction fees. International ATM transaction fees are 1% of the transaction value. Stessa warns, however, that the owner of the ATM may charge their own fee.

While inbound wire transfers are free, outbound wires cost $5 per transaction. Also, outbound wires must be a minimum of $100. International wire transfers are not offered by Stessa.

Interest and Benefits

With an APY of up to 3.85%, Stessa provides the most high-yield business checking account on this list. What’s more, this account offers 1.1% cash back on all debit card transactions excluding money orders and loan repayments.

Online Features

Stessa’s accounting software is specifically designed with landlords in mind, offering automated expense tracking and importing, categorization, and indexing of both transactions from your Stessa account and external bank accounts and cards so that you don’t have to. What’s more, Stessa offers performance dashboards for both your entire portfolio and individual properties while also organizing your finances so that they’re ready to be submitted for tax purposes.

Finances aside, Stessa makes daily property management easier with its automated rent collection system and tenant screening platform. Stessa’s landlord insurance quotes will help you to obtain better terms on your current policy or find a more favorable alternative.

Access to Financing

As stated on the website, Stessa is a financial technology company; not a bank. With the company’s banking services operated by Blue Ridge Bank N.A, Stessa itself does not offer loans.

Bluevine: Best for New Investors

No monthly or ATM fees

★★★★★

4.8

If you’re just getting started in the real estate investment game, then the Bluevine Business Checking account is certainly worth a look. With minimal fees, fast loan applications and comparatively decent interest rates for a business checking account, Bluevine makes it easy to get started.

Why we chose it: This bank’s fast and easy application process as well as its comparatively low fees make it easy for new investors to get started.

What’s more, Bluevine has no overdraft fees or minimum balances, making it a low-risk bank account for new account holders who are yet to reap the rewards of their investments.

No monthly maintenance fees
No in-network ATM fees
No minimum balance
No overdraft fees
Zero ACH transfer fees
Loan approval in 24 hours

APY declines for accounts exceeding $100,000
No international wire transfers

Fees

In addition to zero monthly maintenance fees, Bluevine Business Checking has no ACH wire fees nor incoming wire fees, making it ideal if you need to conduct a high volume of transactions each month. Furthermore, this business bank account comes with no in-network ATM fees.

Bluevine requires no minimum deposit and also has no overdraft fees, making it a low-risk checking account for new investors who are unsure of their business success. It is important to bear in mind, however, that cash deposits from designated retail locations cost $4.95 per transaction.

Interest and Benefits

Bluevine offers an APY of up to 2.0%, however account holders must either spend at least $500 per month on their Bluevine debit card or receive $2,500 per month in customer payments to benefit from the full interest rate.

Also important to note is that this interest rate only applies to accounts holding up to $100,000, meaning that this checking account is more suitable for real estate investors with lower earnings.

Online Features

Bluevine’s online banking platform and mobile app provide a sub-account feature that enables you to open up to five sub-accounts, all of which are eligible to receive an APY of up to 2.0% under the same terms as mentioned above.

This feature enables you to divide funds among your properties to prevent you from getting confused by a wave of incoming expenses. What’s more, you can determine exactly what accounts are billed by which vendors, making payments easier.

Access to Financing

This business checking account offers credit lines of up to $250,000 at rates starting at 6.2%. To be eligible for such business loans, however, you have to have been in business for at least 24 months, make at least $40,000 in monthly revenue and have a 625+ FICO score.

Should you meet these requirements, then you can apply online and receive a decision in as little as five minutes. What’s beneficial about Bluevine’s credit lines is that you only have to repay the funds that you make use of and there are no fees for opening, maintaining, prepayment, or account closure.

Axos Bank: Best for Financing and Loans

A real estate lending specialist

★★★★★

4.7

No matter the scope of your real estate investing, Axos Bank offers a wide range of financing options to cater to your specific needs.

From small balance lending such as apartment loans and offices to construction loans for major projects including industrial and hospitality complexes, this bank is ideal for investors who are looking to finance their future growth.

Why we chose it:

Aside from this bank’s diverse range of loans, the Axos Small Business Interest Checking account offers a modest APY to help you grow your investments while keeping fees low.

This internet bank has also received warm customer reviews due to the usability and intuitiveness of its mobile app.

$200 welcome bonus
Visa debit card with benefits upon sign up
Free debit card transactions

$5,000 minimum balance required to waive monthly fee
No online financial management tools

Fees

So long as you maintain a minimum average daily balance of $5,000, you won’t have to pay monthly maintenance fees. Otherwise, the monthly fee is $10.

The Small Business Interest Checking account offers unlimited ATM reimbursements at in-network ATMs, meaning that you’ll receive money back on all ATM transactions. To help you make use of the benefit, the Axos Bank website and mobile app offers an ATM locator to show you participating ATMs near you. While Axos Bank requires a $100 minimum deposit, it has no overdraft fees and online transfer fees.

Axos Bank charges $15 per outgoing domestic wire transfer and $50 for international wire transfers.

Interest and Benefits

The Small Business Interest Checking account offers a respectable APY of 1.01% for accounts holding up to $49,999.99, however this rate drops to 0.20% for accounts with higher balances.

Axos Bank offers a $200 welcome bonus upon opening an account while providing account holders with a complimentary Visa debit card with enhanced benefits, including NortonLifeLock to protect you against identity theft and Dovly; a credit management platform to help you boost your credit score.

Online Features

Axos Bank’s online platform and mobile banking app come with QuickBooks integration, meaning that you can keep your account transactions synchronized with your accounting statements.

While Axos does not provide financial management or real estate-specific tools on its digital platforms, it does offer access to external business services aimed at helping you manage your investment, such as payment and billing services from Celero and Treasury Management from the bank itself.

Access to Financing

With loans ranging in amount from $75,000 to $100 million, Axos provides a range of financing solutions specific to real estate investing.

The bank’s Commercial Real Estate Specialty Bridge and Construction Lending focuses on providing loans for construction, renovations, or during the process of finding tenants or closing a sale, from small-scale properties such as condominiums and offices to large scale industrial, warehouse and retail projects.

Axos Bank’s Small Balance Commercial Real Estate loans are aimed at providing flexible, cost-effective loans for smaller real estate projects such as multi-family units, student housing, and mobile home parks.

Relay: Best for Ease of Use

4.4 Score on Trustpilot

★★★★★

4.6

January 19, 2023March 21, 2023

With customers praising its user-friendly interface, Relay is an easy-to-use checking account that enables you to focus less on administrative tasks and more on your real estate investment.

What’s more, opening an account takes just a few minutes and requires no minimum opening deposit on your part.

Why we chose it: Relay’s Accounts Payable feature in the Pro version allows you to pay all of your bills directly from the Relay online platform while all versions have integrations with popular accounting software such as Xero and QuickBooks, thereby enabling you to continue using the tools that you’re familiar with.

Create up to 20 checking accounts
Integration with Xero and QuickBooks
Free ACH transfers
Zero ATM fees at AllPoint ATMs
Complementary bi-weekly webinars on financial management

Accounts Payable only available through Relay Pro
No loan or financing options
No interest or rewards programs

Fees

Relay proves to be an affordable internet bank, charging no overdraft fees, ACH fees, nor incoming wire transfer fees no matter which account you open. Both cash deposits and withdrawals at ATMs are free, so long as the machine is a part of the AllPoint ATM network.

While there are no monthly maintenance fees for the basic checking account, the Relay Pro account costs $30 per month. The Pro version comes with free outgoing wire transfers, while the charge for the basic account is $5 per transaction.

Interest and Benefits

Relay’s main shortfall is that neither of its checking accounts offer an APY. With no credit card rewards or other benefits, this is not the ideal bank account for investors who are aiming to grow their savings by earning interest or rewards.

Online Features

Relay’s simple online banking platform enables you to open up to 20 checking accounts, thereby enabling you to sort your expenses and seamlessly transfer funds between accounts. It also allows you to send ACH transfers and wires automatically, making bill payment easier.

The major online appeal of this checking account is its numerous app integrations, including bookkeeping software QuickBooks and Xero as well as back office software including Gusto, Plaid, and Yodlee. As a result, you’ll be able to continue working with platforms that you are familiar with.

If you’re willing to pay the $30 monthly fee for Relay Pro, you’ll receive access to Accounts Payable; a tool that enables you to make same-day ACH and wire transfer as well as automated bill payments.

Access to Financing

As Relay explains on its website, it is a financial technology company and not a bank. As a result of its different business model, it lacks the financing options of a traditional bank.

Methodology for the Best Business Bank Accounts for Real Estate

Fees: In addition to regular business expenses, bank fees are also costs that limit your investment’s profit margins. Because such fees are often unavoidable and reoccur on a regular basis, we searched for bank accounts with comparatively low fees.
Interest and Benefits: While your investment’s growth may be primarily driven by your properties’ performance, earning interest in your account can passively help to supplement your savings. Benefits such as cash back and credit card rewards can also help to reduce your spending.
Online Features: Financial management and other administrative tasks can be time consuming, while biting into the time you spend on managing your investment. That is why we considered checking accounts that offer digital tools to optimize your financial and investment management, thereby saving you time and maximizing performance.
Access to Financing: given the long-term nature and large scope of real estate investments, access to loans and credit lines may play an important role in financing your projects if you don’t have enough cash of your own on hand.

Real Estate Bank Account Frequently Asked Questions (FAQs)

Are you still unsure about whether or not opening a business checking account for your real investment is the right move for you? Here are the answers to some of the most common questions that could help you determine whether a real estate business bank account is right for you!

Should I open a separate bank account for my real estate investments?

While opening a separate bank account to handle your real estate investments is not a requirement, it will certainly help from a management perspective.

By having a second account, you’ll be able to keep all of your investment’s income and expenses separate from your personal transactions, thereby making it easier when it comes to calculating taxes.

How many bank accounts should I have for rental property?

No matter how many real estate investments you hold a stake in, opening separate bank accounts for each one is not necessary. This is because banks such as Relay, Axos, and Bluevine enable you to set up sub-accounts which you can organize according to your needs.

Baselane and Stessa have financial management tools that analyse each property separately so that you don’t have to organize them yourself.

What is the best real estate investment bank?

Ultimately, the bank you choose to open an account with will depend mostly on your personal investment goals. If your priority is to earn a high interest rate to grow your savings, then Bank of America and Bluevine could be worth considering.

If you’re looking for digital tools to help you optimize your property management and financial planning, then Baselane and Stessa have plenty of tools at their disposal.

Axos is ideal for investors searching for funding for their next project, while Relay is a worthwhile option for those investors who are looking for an easy to use banking platform with minimal changes.

Bottom Line

No matter your investment size and whether you’re a new or experienced investor, there’s a real estate bank account that will be sure to meet your needs. In order to decide where to open a bank account, you’ll need to first determine what benefit is most important for you.

As a real estate-focused bank account with specialized property management tools and good banking terms, Baselane has emerged as the number one choice business bank account for real estate thanks to its benefits across the board. Still, each of the bank accounts included on this list may prove to be ideal depending on the perks that you’re after.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

7 Best Banks for Small Businesses in Georgia in 2023

Businessperson performing card transactions on an ATM

The best banks for small businesses in Georgia keep fees low while providing services designed specifically for your venture to succeed. Ready to open an account but not sure where to start looking? This article lists our top picks and explains the logic behind each one.

Best Banks for Small Businesses in Georgia

Bluevine – Best Overall Bank for Small Businesses
Capital One – Best Bank for Overdraft Protection
Wells Fargo – Best Bank for Growth
Axos – Best Bank for Cash Deposits
Bank of America – Best Bank for Rewards
Chase Bank – Best Bank for Sign-On Bonus
Regions Bank – Best Bank for Traditional Banking

Our Methodology

We weighed several factors when choosing our favorite banks for small businesses in Georgia. Our top considerations fell to fees and minimum balance requirements needed to maintain an account. We also looked at interest rates and access to mobile banking for each account. Finally, it was important for us to make sure each bank was easy to both set up and use.

You can find a more detailed analysis of our methodology here.

Bluevine

$4.95 per cash deposit, $2.50 for out of network ATM fees, $15 for outgoing wires

2.0% APY

Pay vendors by wire or check, schedule payments, manage cash flow

Capital One

$15 for checking (waivable), $3 for savings (waivable)

$15 per incoming domestic wire, $25 for outgoing domestic wire, fee for cash deposits

0.20% APY

$2,000 for checking, $300 for savings

Access credit card accounts, transfer money, deposit checks, access bank statements, access to CreditWise service

Wells Fargo

$10 (waivable) for checking, $5 (waivable) for savings

Fees for deposited items, excess transactions and cash deposits

0.15% APY

$500 for checking, $300 for savings

Deposit checks, send and receive money, toggle cards on or off

Axos

$5 for savings (waivable)

$35 for outgoing wire transfers

0.20% APY

$2,500 on savings account

Pay bills, analyze spending patterns, monitor accounts

Bank of America

$16 for checking (waivable), $10 for savings (waivable)

Out of network ATM fees, fees for excessive deposits

Up to 0.04% APY

$5,000 for checking, $2,500 for savings

Manage accounts, pay and transfer, digital wallets, bill pay

Chase

$15 for checking (waivable), $10 for savings (waivable)

$25 to $40 for wire transfers, $0.40 per transaction (after first 20)

Up to 0.02% APY

$2,000 for checking, $1,000 for savings

Fraud monitoring, card control, pay and transfer, view offers

Regions Bank

$12 for checking (waivable), $5 for savings (waivable)

$3 for excessive withdrawals, $25 for wire transfers, $3 for out-of-network ATM

0.01% APY

$2,500 for checking, $500 for savings

Set alerts and notifications, control your cards, make deposits, mobile payments

Bluevine: Best Overall Bank for Small Businesses in Georgia

Up to 2.0% APY

★★★★★

4.7

Bluevine is one of the few fintech companies offering an interest rate on active funds in your checking account. This account has no minimums, so you can start with whatever deposit you have available and never have to maintain a certain balance. It’s possible to do all your banking without dealing with fees, but Bluevine does charge quite a bit for cash deposits.

Why we chose it: Bluevine takes our top spot thanks to its incredible interest rate, simple setup, and lack of monthly fees.

High interest rates
Very few fees
No minimum deposit required

No business savings account
No ATM reimbursement
Fee for cash deposits

Fees

You’re forever free from the burden of monthly fees with Bluevine. The fintech’s biggest pinch point here comes from cash deposits, which cost $4.95 every time you use them. Otherwise, just be sure to use one of Bluevine’s affiliated ATMs to avoid out-of-network fees.

Interest Rates

There’s a 2.0% APY waiting for you the moment you sign up for Bluevine. It’s available to everyone without minimum balance requirements or other stipulations. The rate only applies to funds up to $100,000 in your account, with everything beyond that earning nothing.

Minimum Balance

You can join Bluevine’s ranks with pennies and not have to worry about charges for falling below some minimum balance. The high interest rate becomes immediately available as well, even if your account starts small.

Access to Mobile Banking

Everything you can do from your computer you can also do from Bluevine’s mobile app. From within, you’ll have the tools to pay vendors or schedule payments to go out in the future. Viewing your funds at any time is a cinch, and the software helps you understand where each cent is going.

Capital One: Best Bank for Small Businesses in Georgia for Overdraft Protection

0.20% APY

★★★★★

4.6

Money can be tight with small businesses, and Capital One gets that. Even perfect planning can result in account overdrafts, but the bank will never charge for the lack of funds. Unlimited digital transfers help to ease financial stresses that much more. You may not find any bank locations outside the capital, but Capital One’s extensive ATM network has you covered for withdrawals and deposits.

Why we chose it: Capital One safeguards your account from unnecessary fees with overdraft protection and unlimited monthly digital transfers.

Does not charge overdraft fees
Unlimited digital transactions
Large ATM network

Limited physical locations
Monthly account fee
Out-of-network ATM fees

Fees

There may not be fees for overdrafts, but Capital One will hit you with monthly charges on both checking and savings if you don’t meet maintenance requirements. You’ll also have to pay every time you make a cash deposit, so plan accordingly.

Interest Rates

Capital One starts all new members off with a 0.20% promotional interest rate for the first year with your business savings account. There’s no guarantee that this APY will continue past that time, but the bank has kept its current rate since 2020. Your checking account won’t accrue any interest.

Minimum Balance

Keeping certain minimum balances is key to avoiding Capital One’s service fees. For checking, you’ll want to have an average of at least $2,000 over a 30 or 90-day period. Its savings account is a little more forgiving, requiring only $300 over the same window.

Access to Mobile Banking

Capital One comes through in a big way with its mobile banking tools. In addition to standard features like bill pay and account management, you can set up automatic savings from your phone. The app also comes together with CreditWise to inform you of your score and keep it high.

Wells Fargo: Best Bank for Small Businesses in Texas for Growth

0.15% APY

★★★★★

4.6

Wells Fargo has more than 8,000 branches across the country. There are nearly 300 in Georgia alone, ideal for LLCs working out of more than one state. Even if you’re not near a physical location, the bank offers online services to meet your needs. Account tiers feature additional benefits but also have increasing fee schedules. Speaking of fees, you’ll need to monitor your account regularly to stay away from charges for excess deposits or overdraft fees.

Why we chose it: Wells Fargo’s extensive banking network and business services serve to take your venture to the next level.

Several account options and business services
Possible to waive monthly fees
Extensive banking network around the country

Monthly fees
Charges for excess deposits or transactions
Revolving overdraft fee

Fees

While it is possible to navigate Wells Fargo’s fees, doing so is far from easy. You’ll need to keep tabs on transactions and deposits to be sure you don’t surpass your monthly limit. Should your account drop below zero, expect a hefty overdraft fee you can receive up to three times in one day. All this is on top of monthly maintenance fees, but at least you can waive these.

Interest Rates

Wells Fargo’s introductory savings account offers 0.15% interest across the board. Higher tiers can reach the 2.00% mark if you can keep up with balance requirements.

Minimum Balance

The Initiate Business Checking account has a $10 monthly fee you can cast aside with a $500 minimum daily balance. Minimum requirements jump all the way to $10,000 just one tier up.

It only takes $300 in your basic savings account to negate fees, but savings accounts similarly scale very quickly.

Access to Mobile Banking

Wells Fargo boasts banking at your convenience with its comprehensive mobile app. You can use your account as a digital wallet or keep an eye on your funds to ensure you don’t wander into fee territory. If that wasn’t enough, the app also allows you to pay bills, transfer funds, or find the closest ATM.

Axos Bank: Best Bank for Small Businesses in Georgia for Cash Deposits

0.20% APY

★★★★★

4.5

Where most banks charge you every time you deposit cash, Axos makes it free from any MoneyPass or AllPoint ATM location. Its business checking account has no monthly fee, although you will have to watch out for one with savings. You can transfer money around without penalty, and the bank looks away from overdrafts as well. Zelle fans will be disappointed to learn that it doesn’t integrate with Axos software.

Why we chose it: Axos Bank showcases unlimited credits, debits, and cash deposits without costing you a dime.

Cash deposits allowed via MoneyPass and AllPoint ATMs
No monthly fee
Zero overdraft fees

Does not work with Zelle
Below average CD rates
Poor customer service

Fees

It’s not hard to avoid the few fees Axos has for a truly free banking experience. Your first 50 checks are free, and the bank even reimburses your first two wire transfers. At $35, additional wire transfers are costly. There is a $5 monthly fee for havings a savings account, but you can do away with this if you have a high enough balance.

Interest Rates

Axos’s business savings account awards a 0.20% APY for members. This rate remains the same whether your funds are high or low. There’s no option to earn interest on money in your checking account.

Minimum Balance

It’s possible to open a business checking account without initial deposit or balance requirements. This account has no monthly maintenance fees even if funds drop dangerously low. You can waive the service fee on Axos’s business savings account by keeping a $2,500 average monthly balance.

Access to Mobile Banking

Mobile banking with Axos is fast and free from any device. Use the app to manage your portfolios and create a custom dashboard to view them from. It also works well for depositing checks or handling external transfers. Unfortunately, the app does not integrate with Zelle for speedy transfers.

Bank of America: Best Bank for Small Businesses in Georgia for Rewards

Up to 0.04% APY

★★★★★

4.4

Bank of America has locations throughout Georgia and over 4,300 branches from coast to coast. You can either visit in person or online to enroll in the bank’s Preferred Rewards program for a long list of benefits. Perks include higher interest rates, fee-free banking services, and credit card bonuses. Each account has a monthly fee, but you can work around it with some foresight.

Why we chose it: Bank of America complements its impressive traditional banking with a suite of exclusive member rewards.

Preferred rewards to boost interest rate
Over 17,000 ATMs and 4,300 branches
Can waive the monthly fee

Lacks 24/7 customer service
Monthly fees
Transaction fees when using non-Bank of America ATMs

Fees

It’ll cost you $16 per month for upkeep on your small business checking account if you don’t meet at least one requirement. It will take a $5,000 average monthly balance, at least $250 in debit card purchases, or enrollment into the Preferred Rewards for Business program to remove the fee. Savings works much the same way, needing a $2,500 minimum balance or a Preferred Rewards for Business membership.

Interest Rates

Interest rates on your business savings account start at 0.01%. You can increase this over time by climbing the ranks of the Preferred Rewards program until reaching 0.04% at the Platinum level. Rates don’t apply to funds you have in your checking account.

Minimum Balance

Among Bank of America’s options for removing service fees are minimum balance requirements. The amount you have in each account is also an important factor in determining your Preferred Rewards level and resulting rewards.

Access to Mobile Banking

Bank of America’s excellent mobile app delivers just what you need while out and about. You can schedule and pay bills from anywhere you can connect or use Zelle to send money to friends and family. The software also has a spending and budget tool to keep your funds on course.

Chase: Best Bank for Small Businesses in Georgia for Sign-On Bonus

Up to 0.02% APY

★★★★★

4.2

Chase will hand you $300 just for opening a Business Complete Checking account with a handful of qualifying activities. You can also take advantage of a number of business services to help your business grow. Accounts do have monthly fees, but you can eliminate these in multiple ways. Interest rates aren’t high, but Chase’s other features more than make up for it.

Why we chose it: A $300 bonus for signing up and up to $900 in cash back make Chase Business very appealing to small business owners.

Up to $300 sign-on bonus
Several available business services
Multiple ways to waive the monthly maintenance fee

Monthly maintenance fees
Only 20 free transactions per month
Minimal APY

Fees

Chase accounts have monthly maintenance fees but offer several ways to get around paying them. You’re only allowed 20 free transactions per month, and each beyond that will cost you $0.40. While this may not seem like a lot, it can add up fast.

Interest Rates

Your sign-up bonus doesn’t come with very high interest rates. Chase savings starts at 0.01% APY and only increases to 0.02% over time. With balance requirements on each account, it’s hard to say how much of an impact this will make.

Minimum Balance

Anyone wanting to remove service fees on Chase’s business checking account needs a daily balance of just $2,000. You can also waive fees with $2,000 in net Chase business card purchases or $2,000 in incoming deposits. A savings account must have $1,000 or be linked to your checking account to avoid penalties.

Access to Mobile Banking

Through your phone and the Chase mobile app, you can set up account alerts and transfer money across the country. Chase QuickDeposit and QuickPay work to move money around quickly so you always have an accurate statement. You can also use the app to locate nearby Chase branches or ATM locations.

Regions Bank: Best Bank for Small Businesses in Georgia for Traditional Banking

0.01% APY

★★★★★

4.1

January 16, 2023March 21, 2023

At Regions Bank, different account options allow small businesses of all sizes to pick the one perfect for them. Additional perks like payroll services and business loans work to maximize your company’s chances for success. Applicable accounts can tap into a rewards system, but low interest rates and high overdraft fees leave a bit of a bad aftertaste.

Why we chose it: Regions Bank is traditional banking at its best, with several account options and business services to choose from.

Several checking and savings account options
Rewards system with applicable accounts
Payroll services available

Only three withdrawals per month
Low interest rates
Nasty overdraft fees

Fees

Any transaction leading to an account overdraft will set you back $36, a heavy blow for something that you may not see coming. Any withdrawals past your initial three each month are met with a $3 charge. Out-of-network ATMs will also cost you $3 to use, seeing Regions Bank’s fees stack up ever higher.

Interest Rates

At the time of writing, Regions Bank’s savings account will only let you accrue 0.01% in interest. Money market accounts are similarly low, but even a little bit is better than nothing.

Minimum Balance

It takes an average monthly balance of $2,500 to eliminate monthly fees associated with a Regions Bank checking account. If this isn’t doable, you can make at least $1,000 in Visa purchases or one or more Merchant Services transactions. Regions Bank will waive the monthly fee on your business savings account with a $500 balance.

Access to Mobile Banking

Mobile banking at Regions Bank will help keep your business on track. You can set alerts to know when a check clears or get notified when money comes in. The app taps into Zelle’s functionality for fast transfers and lets you deposit checks with your camera. If you’re really in a hurry, you can request information through a quick text.

Methodology for the Best Banks for Small Businesses in Georgia

Many financial institutions call the Peach State home, so finding the best bank for your small Georgia business can be overwhelming. Below you’ll find the methodology we used when making our selections.

Fees: We always take fees to heart when looking for the best banks for small businesses, as every penny matters. No bank is completely fee-free, but we’ve identified institutions where you can bank for free if you play your cards right. Most have monthly fees, but every Georgia bank on our list has ways to remove these.
Minimum Balance: Maintenance fees often go hand-in-hand with minimum balances. As long as you can meet a set amount, the bank will waive service fees for that month. We opted for banks with easier-to-reach requirements so your small business doesn’t have to come up with funds it doesn’t have.
Interest Rates: If fees are unavoidable, a bank should at least make it up to you through a nice interest rate. Accruing even a little interest each month can offset those fees and perhaps provide something to tuck away for a rainy day.
Access to Mobile Banking: Mobile banking is crucial in modern society, and any bank not realizing this will get left in the dust. In a fast-paced world, there’s not always time to get back to a computer before funds need to move. Having immediate access can also prevent overdraft fees or money from getting stuck where you don’t need it. Many banks take these apps one step further, enabling tools for budgeting and the ability to turn your mobile device into a wallet.
Ease of Use: The best banks for small businesses in Georgia wouldn’t have made our list if they were a challenge to use. From branch/ATM access to online tools, each of these institutions makes banking as straightforward as possible. This ease of use translates to account setup as well. In most cases, you can be up and running in minutes with little more than an EIN.

Best Banks for Small Businesses in Georgia Frequently Asked Questions (FAQs)

Still not sure about the importance of a bank for your small Georgia-based business? This FAQ may have the answers you’re looking for.

Do banks help small businesses?

Banks are instrumental in helping small businesses organize funds and facilitate payments to other organizations. They can also provide services such as loans and fraud protection.

How much money should a small business have in the bank?

Every small business is different, but it’s wise to set aside at least 10% of your profits each month. If you can compile a three to six-month buffer of your operating expenses, you have a much better chance of surviving a mishap should it arise.

Do I need a business bank account for LLC?

A dedicated business account for an LLC is an excellent way to keep personal and business funds separate. Since LLCs offer limited liability protection, a lawsuit shouldn’t be able to touch your private assets. If the two are mixed, explaining where your personal funds end gets much more difficult.

Does the IRS require a business bank account?

The IRS does not require you to have a business bank account, but it does demand that you keep separate records for your business. Having a business bank account greatly simplifies this process.

Bottom Line

Choosing the right bank for your small business doesn’t have to be a chore. Analyze the funds your company has to work with and make a determination from there. Pick accounts with balance requirements you can manage and fees you can deal with. Don’t be afraid to find a bank with additional features you can use, like high interest rates or business services for your industry.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

7 Best Banks for Small Businesses in North Carolina in 2023

Finding the perfect bank for your North Carolina-based small business can be quite the challenge. We’ve saved you some trouble by picking out financial institutions known to offer stellar services while keeping fees to a minimum. Read on to learn everything you need to know about our favorites for 2023.

Best Banks for Small Businesses in North Carolina

Bluevine – Best Overall Bank for Small Businesses
Capital One – Best Bank for Overdraft Protection
U.S. Bank – Best Bank for Low Fees
Bank of America – Best Bank for Traditional Banking
First Citizens Bank – Best Bank for Checking Accounts
Chase Bank – Best Bank for Sign-On Bonus
Truist Bank – Best Bank for Branch Locations

Our Methodology

When choosing the top banks for your small business, we looked at troublesome fees and balance requirements that can help wash them away. We also looked for encouraging interest rates and mobile apps that won’t slow you down. Finally, we gauged overall ease of use when making our final selections.

You can find a more detailed analysis of our methodology here.

Bluevine

$4.95 per cash deposit, $2.50 for out of network ATM fees, $15 for outgoing wires

2.0% APY

Pay vendors by wire or check, schedule payments, manage cash flow

Capital One

$15 for checking (waivable), $3 for savings (waivable)

$15 per incoming domestic wire, $25 for outgoing domestic wire, fee for cash deposits

0.20% APY

$2,000 for checking, $300 for savings

Access credit card accounts, transfer money, deposit checks, access bank statements, access to CreditWise service

U.S. Bank

$3 (waivable)

$0.50 fee for transactions after the first 125, fees at out of network ATMs

0.01% APY

$500 for business savings

Transfer funds, view documents, find branch/ATM locations, manage cards

Bank of America

$16 for checking (waivable), $10 for savings (waivable)

Out of network ATM fees, fees for excessive deposits

Up to 0.04% APY

$5,000 for checking, $2,500 for savings

Manage accounts, pay and transfer, digital wallets, bill pay

First Citizens Bank

$5 (waivable)

$15 wire transfers, $2.99 external transfers

0.03% APY

$2,500 for business savings

Check deposits, phone payments, digital wallets

Chase

$15 (waivable)

$25 to $40 for wire transfers, $0.40 per transaction (after first 20)

Up to 0.02% APY

$2,000

Fraud monitoring, card control, pay and transfer, view offers

Truist Bank

$5 (waivable)

$0.50 per transaction after the first 50, $3 paper statement fee

0.01% APY

$250 for business savings

Receive crucial account insights, transfer funds, Zelle compatibility

Bluevine: Best Overall Bank for Small Businesses in North Carolina

Up to 2.0% APY

★★★★★

4.7

Bluevine may not have a business savings account, but it shows up in a big way with checking. From the moment you sign up, you’ll receive the fintech’s high interest rate and have very few fees to deal with as you bank. Small businesses needing a little more can make use of a line of credit, and Bluevine makes it easy to organize your funds with sub-accounts.

Why we chose it: Few banks can top Bluevine’s high interest rates, minimal fees, and intuitive layout.

High interest rates
Very few fees
Revolving lines of credit available

No business savings account
No ATM reimbursement
Fee for cash deposits

Fees

You can rest easy knowing that Bluevine will never charge you a monthly fee to keep your account up and running. Most transactions are free, but you’ll want to avoid out-of-network ATMs and wire transfers if at all possible. There is a charge for every cash deposit you make, so plan accordingly.

Interest Rates

At 2.0% APY, you’re going to have a hard time finding a financial institution with a better interest rate. While great for small businesses, this rate only applies to funds up to and including $100,000. Any amount in excess doesn’t earn any interest at all.

Minimum Balance

There’s nothing about Bluevine’s setup requiring any sort of minimum balance. It’s free to open and maintain your account even if funds teeter near $0. You don’t have to reach a certain threshold to start earning Bluevine’s awesome interest rate, either.

Access to Mobile Banking

Bluevine’s mobile app is an extension of everything you can do from your personal computer. You’ll have full access to your business checking account and be able to manage your account accordingly. In addition to standard features, it’s also possible to deposit checks right from your phone.

Capital One: Best Bank for Small Businesses in North Carolina for Overdraft Protection

0.20% APY

★★★★★

4.6

You may not have abundant funds with your small business, and Capital One gets that. As you make payments and move money from one location to another, the bank won’t hit you with overdraft fees if one account gets too low. Unlimited digital transfers allow you to keep funds flowing, while Capital One’s extensive ATM network makes it easy to take some out or deposit more.

Why we chose it: Capital One has your back with unlimited digital transfers and overdraft coverage should your account run a little thin.

Does not charge overdraft fees
Unlimited digital transactions
Large ATM network

Limited physical locations
Monthly account fee
Out-of-network ATM fees

Fees

There are no overdraft fees, but Capital One does have a monthly service charge to contend with if you’re unable to meet certain requirements. Transactions are free, as are cash deposits of up to $5,000 each month. The only other fees you’ll likely encounter come from incoming and outgoing wire transfers.

Interest Rates

Capital One offers promotional interest rates for anyone becoming a member. With a savings account, you’ll immediately receive these higher-than-average rates for your entire first year. Afterward, the account earns interest at the standard interest rate in effect at that time.

Minimum Balance

You can waive maintenance fees on your business checking account by keeping an average balance of $2,000 over a 30 or 90-day window. For savings, you’ll need to hold a minimum balance of at least $300 to avoid fees there. The promotional interest rate applies no matter how much you have in your savings.

Access to Mobile Banking

The Capital One mobile app has all the standard features you’d expect to find, from bill pay to mobile deposits and account transfers. It stands out with CreditWise, a feature designed to track your credit score and offer tips for keeping your number high.

U.S. Bank: Best Bank for Small Businesses in North Carolina for Low Fees

0.01% APY

★★★★★

4.5

U.S. Bank’s minimal fee structure is a blessing for small businesses having to pinch every penny. With a bit of planning, you can do all your banking without ever having to deal with a single fee. In addition, U.S. Bank has thousands of branch locations across the country to serve your needs. If that wasn’t enough, it has a long list of merchant services specifically designed to help businesses in your industry succeed.

Why we chose it: With so few fees, U.S. Bank makes it possible to address all your banking needs without ever paying a cent.

Nearly nonexistent fees
Specialized merchant services for restaurants, retailers, and service providers
2,400 branch locations

Charges for overdrafts
Relatively low APY
Only locations in 28 states

Fees

U.S. Bank’s checking account set up specifically for small businesses has no monthly fee and allows up to 125 transactions before charges begin. Savings accounts start off at just $4 per month, but you can remove this cost quite easily. As long as you deposit or withdraw funds from one of U.S. Bank’s 4,700 ATMs around the country, you’ll never have to deal with fees there either.

Interest Rates

Interest rates are the one chink in U.S. Bank’s strong armor. There’s no way to earn any with your checking account. What’s more, most savings and money market accounts don’t go higher than 0.01% APY. You’ll only find higher interest rates with U.S. Bank’s Platinum Money Market account, which has some rigid maintenance requirements.

Minimum Balance

You’re free to have as much or as little as you want in your business checking account without having to deal with fees. Keeping at least a $500 daily balance in U.S. Bank’s small business savings account will remove monthly fees there. Other accounts to consider as your business grows require at least $10,000 to maintain.

Access to Mobile Banking

While logged into U.S. Bank’s mobile app, you can easily complete everyday banking tasks with the intuitive U.S. Bank Smart Assistant. With just your voice, you can deposit checks, pay your bills, or send money from place to place. There are also tools for handling your business credit cards.

Bank of America: Best Bank for Small Businesses in North Carolina for Traditional Banking

Up to 0.04% APY

★★★★★

4.4

Bank of America has a presence almost everywhere with over 4,300 branches and 17,000 ATM locations. There are a number of checking and savings account options to fit whatever stage of life your business currently resides in. Interest rates are competitive, and a robust rewards system offers even more perks.

Why we chose it: With multiple account options and a long list of merchant services, Bank of America has the tools a small business needs to succeed.

Over 17,000 ATMs and 4,300 branches
Multiple checking and savings account options
Preferred rewards to boost interest rate

Lacks 24/7 customer service
Monthly fees
Transaction fees when using non-Bank of America ATMs

Fees

All of Bank of America’s checking and savings accounts have monthly fees, but there are ways around them. On the checking side, you can maintain an average monthly balance of $5,000, spend at least $250 in debit card purchases, or enroll in the Preferred Rewards program. Similarly, your savings account is free to use if you keep at least a $2,500 balance or become a Rewards member.

Interest Rates

You’ll earn 0.01% APY when you become a Bank of America member, but you can grow this rate through the rewards program. As you move up the ranks, it’s possible to increase your rate to 0.04% along with the other perks the service brings. If you want to earn even more, you can lock away funds in a CD and earn up to 3.51% APY over time.

Minimum Balance

As explained above, there are minimum balance requirements to avoid paying fees every month on your checking and savings accounts. Your balance also plays a role in your rewards tier, with more available funds potentially moving you to a higher level.

Access to Mobile Banking

It’s easy to perform account maintenance through the Bank of America mobile app. The software also has a spending and budgeting tool to help you reach financial goals along the way. Furthermore, you can set up custom alerts to flag you when balances reach a certain level or you need to make a payment.

First Citizens Bank: Best for Small Businesses in North Carolina for Checking Accounts

0.03% APY

★★★★★

4.4

First Citizens Bank has no less than six checking options to choose from when opening a bank account. Whether you’re pinching every penny or have some money to burn, there’s a plan for your business. Most accounts have easily waivable monthly fees, and you’re free to deposit up to $5,000 in cash monthly without penalty. First Citizens Bank may only be in 21 states but has nearly 500 branches in North Carolina alone.

Why we chose it: First Citizens Bank appeals to all types of small businesses with multiple checking account options and ways to waive monthly fees.

Multiple checking account options
Up to $5,000 in cash deposits each month
Waivable monthly fees

Some fees are difficult to work around
Locations in only 21 states
Subpar interest rates

Fees

Depending on the account, you can take care of maintenance fees by enrolling in paperless statements or keeping up with a low balance requirement. There aren’t many other fees to worry about, but First Citizens Bank does impose a $2.99 charge for any transfer to an external bank.

Interest Rates

A business savings account will earn you 0.03% APY on any money stored within. Money market options don’t fare any better at the present time. CDs in 12, 24, and 36-month intervals can earn you a little more.

Minimum Balance

First Citizen’s Bank’s introductory checking account has no monthly fee if you enroll in paperless statements. Other checking accounts require at least $25,000 to avoid charges. The bank’s savings account fares a little better, but you’ll still need $2,500 to be safe.

Access to Mobile Banking

You can use First Citizen’s app to deposit checks using nothing more than your camera. With digital wallets, it’s also possible to pay with your phone while out and about. Alongside these features, the mobile app can handle transfer requests and let you see balances wherever in the world you find yourself.

Chase: Best Bank for Small Businesses in North Carolina for Sign-On Bonus

Up to 0.02% APY

★★★★★

4.2

Chase Bank knows how to treat members right. Qualifying accounts receive a $300 bonus just for signing up, and you can earn up to $1,000 in cash back just for using your credit card. The bank also has several cool services like fraud protection and business loans to keep your company in top form. There’s not much in the way of APY, but these other features more than make up for it.

Why we chose it: A $300 sign-on bonus is just the tip of the iceberg regarding Chase’s generous perks for your small business.

Up to $300 sign-on bonus
Several available business services
Multiple ways to waive the monthly maintenance fee

Monthly maintenance fees
Only 20 free transactions per month
Minimal APY

Fees

You can kick monthly service fees to the curb on both checking and savings account. With checking, this requires keeping a certain monthly balance, making deposits from Chase QuickAccept, or through Chase Ink Business Card purchases. Removing fees from savings is as easy as linking it to your checking account. You’ll want to watch your transactions, as Chase only allows 20 free ones each month.

Interest Rates

Chase’s savings accounts aren’t strong in the interest rate category. You’ll start at 0.01% APY but can boost this to 0.02% over time. Anyone wanting to accrue some serious interest should look into Chase’s certificates of deposit.

Minimum Balance

If you’re not into deposits or purchases with your business card, you’ll want to have a $2,000 monthly balance to do away with service fees on your checking account. There are no monthly requirements for savings, so long as you link it to your checking. To qualify for the sign-on bonus, you’ll need to hit a $2,000 balance within the first 30 days and then keep it for the next 60.

Access to Mobile Banking

Chase QuickPay on the mobile app uses Zelle to send and receive payments quickly. You can also use the software to transfer money in a more traditional way or schedule upcoming payments. For those in a time crunch, you can use texts to check balances and transaction history.

Truist: Best Bank for Small Businesses in North Carolina for Physical Locations

0.01% APY

★★★★★

4.2

January 11, 2023February 16, 2023

No matter where in North Carolina you call home, you’re likely not too far from one of Truist’s 500+ locations around the state. The bank makes every effort to be accessible to new businesses with varying account levels and member perks. You’ll also receive protection from overdrafts and a negative balance buffer if things go sideways.

Why we chose it: Top-notch banking services and more North Carolina locations than any other bank make Truist an excellent option for residents of the Tar Heel state.

Nearly 500 locations in North Carolina alone
No overdraft fees
Easily accessible for new businesses

Limited no-fee transactions
No free incoming wires
Low interest rates

Fees

Truist’s Simple Business Checking doesn’t have a monthly fee and is ideal for startups. Other accounts require certain balance requirements to get rid of their service fees. You’ll get up to 50 transactions per month for free, but any beyond this will set you back $0.50. It’s best to avoid paper statements so you don’t get hit with a $3 charge each month.

Interest Rates

There are a lot of fantastic perks for using Truist’s savings account, but interest rates aren’t one of them. You can only earn 0.01% on funds in this account, no matter your current balance.

Minimum Balance

Balance requirements for removing service fees start out high and only get higher. You’ll need at least $2,500 to ward off charges on savings, and checking accounts must have $5,000 starting at tier two.

Access to Mobile Banking

You can log off your PC and pick right up where you left off on the Truist mobile app. Additional features include access to a digital wallet and integration with Zelle. The app also provides intuitive insights into your spending patterns and alerts you to unusual account activity.

Methodology for the Best Banks for Small Businesses in North Carolina

In this section, we share the reasoning behind the methodology we chose for selecting the best banks for small businesses in North Carolina. The following five criteria were at the forefront of our decision-making process:

Fees: The whole purpose of using a bank is to simplify your finances, not add in a bunch of unnecessary fees. We strove to identify the best banks for small businesses that make it possible to handle funds without breaking the bank.
Interest Rates: Money is that much sweeter when it goes to work for you. We opted for banks that pay out some form of interest rate among savings and checking accounts so you can earn a little extra cash just for doing what you do.
Minimum Balance: As a small business, you may not have an abundance of funds to work with. It was our goal to choose banks with low or nonexistent balance requirements to avoid unsightly fees.
Access to Mobile Banking: In a digital world, we switch between electronic devices at a moment’s notice. We looked for banks with full-featured mobile banking apps you can use whether at home or on the go.
Ease of Use: No one likes a bank that’s a pain to use. We selected banks with intuitive interfaces and easy-to-use mobile apps that won’t slow you down along the way. It was also important to select financial institutions that are easy to set up, with some requiring little more than an employer identification number (EIN) to get going.

Best Banks for Small Businesses in North Carolina Frequently Asked Questions (FAQs)

We understand that choosing the right bank for your small business is no easy task. This FAQ serves to answer some of the most prevalent questions on the subject.

Which bank is best for opening a small business account?

After careful consideration, we’ve identified the seven banks on this list as the best options for opening a small business account in North Carolina. Our favorite is Bluevine for its flexibility, high interest rates, and minimal fees.

What bank is popular in North Carolina?

Bank of America and Truist Bank are among the most popular in North Carolina. These two financial institutions see the most deposits and have hundreds of locations across the state.

What four documents do you need to open a business bank account?

In most cases, banks will ask for your employer identification number (EIN) and your Articles of Operation should you want to open a bank account. You’ll also need to present an Ownership Agreement and business license to complete the process.

Do I need a business bank account for an LLC?

It’s wise to have a business bank account for your LLC, even if you’re currently a one-person show. Doing so keeps your personal and business assets separate, allowing you to take full advantage of an LLC’s limited liability protection.

Bottom Line

When it comes down to opening a bank account for your small business in North Carolina, don’t rush into your choice. Take the time to find one with fees, interest rates, and balance requirements that your business can handle. Consider also how the bank’s services will grow with your business over time to maximize your potential. We’re excited about what Bluevine brings to the table, but we feel any of the banks on this list can serve you well.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

5 Best Business Bank Accounts for Freelancers in 2023

A freelancer working at their home office

As a freelancer, you’ll understand how complex running your business can be. While chasing your clients down for payments, you’ll want to remain on top of your finances constantly. So whether your priority is minimal fees, easy-access digital banking, or reward programs to maximize your profit, here are the best business bank accounts you can open.

Best Bank Accounts for Freelancers

Novo – Best overall
Lili – Best for customer experience
Bluevine – Best for earning interest
Found – Best for financial management
Axos – Best for cutting costs

Methodology Summary

We reviewed each bank account’s fees to determine their affordability as well as their annual percentage yields and rewards programs that could help freelancers to increase their savings.

Features that could assist in business activities including online banking and other digital tools were also assessed, as were customer reviews given by existing account holders. Learn more about our methodology here.

Monthly Fee

$0 for basic
$9 for pro

$0 for basic
$10 for Small Business Interest Checking

ATM Fees

No fees

No in-network fees
$2.50 for out-of-network withdrawals

No in-network fees

$2.50 for out-of-network withdrawals

No ATM fees (Unlimited domestic ATM fee reimbursements)

No fees unless charged by ATM

Incoming transfer fees

2.9% charged by Stripe plus $0.30 processing fee

Transaction Fees

0% for regular ACH
1.5% for Express ACH

2.9%

Cash Deposit Fees

Depends on price charged by vendor

Varies depending on location ($4.95 maximum)

$4.95

Depends on price charged by vendor ($4.95 maximum)

N/A

APY

N/A

N/A for basic
Up to 1.5% for Pro

Up to 2.0%

N/A for basic
Up to 1.01% for Small Business Interest Checking

N/A

Online Features

Virtual card
Apple Pay & Google Pay
Automated budgeting
Invoicing submission and tracking
Multiple app integrations

Accounting features
Tax optimizer
Invoicing software
App center

Expense tracking
Sub-accounts
Quickbooks integration

Quickbooks integration

Expense tracking
Financial reporting
Tax estimates
Unlimited invoicing

Novo: Best Overall

Fully automated financial management solution

5.0

★★★★★

4.7 Star Rating on Trustpilot

Novo Review

In addition to offering an affordable fee structure, Novo’s multiple app integrations, automated budgeting, and invoicing platform enable you to run your business’s finances from a single platform. Add its multiple rewards into the mix, and Novo offers one of the most well-rounded freelance bank accounts that provides you with benefits across the board.

Why we chose it:

By enabling account holders to integrate numerous online payment and ecommerce apps while also automating your budgeting and payments through its Reserves feature, this business bank account streamlines your financial management activities while minimizing manual labor on your part. Due to its built-in invoicing software, you can take care of all your business finances without having to seek out any external software.

Automate fund allocation with Reserves
Unlimited free check deposits
Unlimited free ACH transfers
No debit card transaction fees
Virtual debit card
Built-in invoicing
Up to $4,000 in perks

No APY

Fees

Novo has no monthly charge nor ATM withdrawal fees. It is important to note, however, that there is a $1,000 daily limit on ATM withdrawals.

While Novo offers unlimited free standard ACH transfers, express ACH transfers come at a cost of 1.5% of the transaction amount. For cash deposits, you may be charged depending on the policy of the ATM you use, however check deposits via the Novo mobile app are always free of charge.

Another noteworthy perk is that unlike many competitors, Novo’s debit card does not charge any transaction fees for domestic and international purchases.

APY And Rewards Programs

Although Novo does not offer interest to account holders, it is still an ideal bank account for freelancers who are looking to maximize their savings due to its wide range of rewards.

This bank account’s business perks include $5,000 in fee-free processing when clients pay you via Stripe, $500 in credits when you spend $500 to advertise your business using Google Ads, and six months free on any customer service software offered by Zendesk Suite.

Online Features

By integrating with a variety of payment and ecommerce apps, Novo’s online banking platform directs your entire cash flow to one place. With Novo Reserves, you are given the ability to automatically allocate incoming funds into different reserves while also setting automatic payments so that your expenses are paid for without any human interaction needed.

Novo’s invoicing feature enables you to submit and track invoices while also providing the option to set up Stripe payments on your invoices so that your clients can pay you as soon as they receive the invoice. If you prefer going cashless and cardless, then you can make payments using your virtual debit card on Novo’s mobile banking app, compatible with both Apple Pay and Google Pay.

Lili: Best for online features

4.9

★★★★★

Lili Review

Designed with freelancers and small business owners in mind, Lili ranks among the best banks for freelancers due to its online banking features that are tailored to make it easier for you to run your business.

In addition to its customizable invoices, Lili also has a receipt scanner that you can use to upload all of your expenses that don’t appear in the mobile app. Lili’s tax optimizer is built to help you file your taxes with ease, with features including quarterly and yearly expense reports, a write-off tracker, and a pre-filled annual 1040 Schedule C form, ready to be filed.

Why we chose it:

Lili has received a vast volume of positive customer reviews, with plenty of praise being directed at the layout and intuitiveness of its mobile app. With a user-friendly online banking platform such as Lili at your fingertips, you’ll be able to perform crucial freelance activities such as tracking expenses, issuing invoices and preparing taxes with minimal hassle.

Cashback rewards for Pro Account holders
Zero overdraft fees for Pro Account holders
Tax optimizing services
Expense categorization
Invoicing software
Strong customer reviews

No lending services
Some benefits only accessible to Pro Account Holders

Fees

While the Lili basic account has no monthly fee, the Lili Pro Account comes with a fee of $9 per month. No matter what account you choose, you’ll benefit from zero ATM transaction fees so long as you use an ATM within the MoneyPass network.

It’s important to note, however, that use of an out-of-network ATM comes with a $2.50 fee, while there is a $5.00 fee for withdrawals from international ATMs. One major benefit of using this freelancer bank account is that there are no overdraft fees if you sign up for the Pro Account.

APY And Rewards Programs

While a regular checking account does not offer interest, Lili does provide an APY of up to 1.5% should you open a savings account. To earn this rate, however, account holders are required to set up a Pro Account and transfer at least $1 to their savings account daily. If you aren’t prepared to jump through these hoops, then Lili would not be your ideal account if saving is your priority.

Lili does offer worthwhile rewards through its Lili Business Debit Card, however, this once again requires signing up for a Pro account. Upon receiving this card, account holders not only benefit from zero card fees but are also eligible to receive cashback rewards at participating merchants.

Online Features

If your priority is to remain on top of your income and expenses while making your administrative duties such as submitting invoices and accounting easier, then Lili offers a comprehensive solution via its desktop platform as well as its mobile app.

Lili’s accounting features include expense categorization, which will help you to organize and keep track of your costs, as well as a receipt scanner, so that you can upload expenses that you did not incur through your Lili account. Lili can also be integrated with numerous payment and ecommerce platforms including Paypal, Shopify, and Etsy, so that your income can all be combined in one place.

Lili’s tax optimizer makes it easier for you to pay your taxes, with its write-off tracker, expense reports, and prefilled Schedule C, while it also provides invoicing software so that you can perform all of your freelance financial activities on one integrated platform.

Bluevine: Best for earning interest

Earn up to 2.0% interest

4.8

★★★★★

For freelancers, as with any business, maximizing profit is a top priority. With its relatively high APY and minimal fees, Bluevine does just that, making it the best business checking account for you if you’re on the hunt for a bank account that will boost your savings.

Why we chose it:

Bluevine offers up to 2.0% APY; one of the highest interest rates available. What’s more, this bank account charges no monthly fees, incoming transaction fees, nor in-network ATM fees, thereby eliminating extra costs for your business.

High-yield interest earnings
Unlimited transactions
No monthly fees
No minimum deposit
No in-network ATM withdrawal fees
No incoming transaction fees

2.9% transaction fees
$4.95 cash deposit fee
No international wire transfers

Fees

Bluevine’s checking account comes with zero monthly fees, no incoming transaction fees, and zero in-network ATM fees. What’s more, you don’t require a minimum deposit in order to open an account here.

Bluevine does, however, charge a 2.9% credit card transaction fee as well as a cash deposit fee of $4.95 per deposit. Should you wish to use an ATM that is out of network, you will be charged $2.50 per transaction.

APY And Rewards Programs

Aside from your main source of income, Bluevine also offers you a prime opportunity to grow your savings by offering you a relatively high APY of 2.0% on accounts worth up to $100,000.

It is important to note, however, that you must either spend $500 per month with your Bluevine Business Debit Mastercard or receive $2,500 per month in customer payments to be eligible for this rate.

Online Features

Bluevine offers access to its digital banking services via its website as well as its mobile banking app.

With features such as expense tracking, and sub-accounts, and integration with Quickbooks accounting software, existing account holders have praised Bluevine’s app for its functionality as well as quick and helpful assistance from customer support. As a result, this app is rated 4.6 stars on the App Store.

Axos: Best for cutting costs

Free $200 welcome bonus on sign up

4.7

★★★★★

Axos Review

Named one of the best business checking accounts by Forbes and Wallethub, Axos’ Basic Business Checking account is ideal for freelancers who are looking to safeguard their earnings. Through its low fees, complementary business services, and mobile banking app, Axos is geared towards freelancers who are looking to run their business in a cost-effective manner.

Why we chose it:

In addition to the $200 welcome bonus that you’ll receive upon sign up, Axos provides access to small business services such as payroll and treasury management along with QuickBooks accounting software integration. Such benefits, along with the account’s low fees, make Axos an ideal freelance bank account if cutting costs is your priority.

$200 welcome bonus
Multiple SBA loans
On-demand small business services
Unlimited domestic ATM reimbursements
Free debit card transactions and replacement

Limited online business management tools
No APY for checking account
No payment nor ecommerce app integrations

Fees

Axos is a leader when it comes to affordable banking, considering that its Basic Business Checking account comes with no monthly fee or hidden fees, unlimited ATM fee reimbursements, and free online transfers.

While this account also offers two reimbursed domestic wire fees, take note that additional outgoing wire transfers cost $35 each for domestic transfers and $45 each for international wire transfers. All incoming wire transfers, however, remain free. A worthwhile perk of this bank is that this bank does not charge any transaction fees on its debit card nor card replacement fees.

APY And Rewards Programs

The Basic Business Checking account does not offer interest, however, account holders do have the option to switch to the Small Business Interest Checking account which offers up to 1.01% APY.

Take note, however, that unlike the basic checking account, Axos’ Small Business Interest Checking account includes a $10 monthly fee for accounts with a balance under $5,000, so the better account for you really depends on your personal financial situation.

Online Features

When compared with other freelance bank accounts, Axos offers a limited range of digital tools to automate or at least ease your financial management. While Axos does provide QuickBooks integration, its website and mobile app do not offer integrations with ecommerce and online payments platforms.

Despite its more traditional, bare-bones layout, the Axos banking app has been lauded by customers for its ease of use as well as its intuitiveness when it comes to features such as automatic bill payments and transfers between accounts. The mobile app also has a useful expense breakdown on its Account Insights page so that you can understand where your costs lie.

Found: Best for financial management

One-stop shop for tax and accounting tools

4.7

★★★★★

January 11, 2023March 21, 2023

Offering what it calls “the card for the self-employed”, Found provides an all-in-one banking solution for freelancers, enabling them to submit invoices, prepare their taxes, and perform regular banking activities all from one convenient banking app.

Why we chose it:

Financial management activities such as tracking income and expenses, invoicing, and paying taxes are time-consuming tasks. By having an integrated freelance business account that offers support for these activities, you can spend less time on administrative tasks and focus more on the work that generates your income.

Automated tax estimates
Tax write-off tracking
Financial reporting
Invoicing software
Automatically-generated financial reports

1.75% fee for transfers to external debit cards
2.9% fee + 30 cents processing fee for invoices
No cash or check deposits
No APY

Fees

With zero monthly fees, ACH transfer fees, and no ATM fees except for those charged by the ATMs themselves, Found offers relatively affordable banking for freelancers.

The main fees that account holders need to watch out for come in the form of a 1.75% fee for instant transfers to external debit cards as well as invoicing fees, which come in the form of a 2.9% fee from Stripe on top of a 30 cent processing fee.

APY And Rewards Programs

Although Found does not offer an interest-earning account, this bank makes up for this shortfall by eliminating common fees such as ACH transfer fees. Found also offers unlimited transactions and a quick sign-up process, with no credit checks or minimum amounts required to open an account.

Online Features

Priding itself on providing all-in-one banking for freelancers and small businesses, Found’s main selling point appears to be the integrated financial management tools offered via its website and mobile app.

Found’s bookkeeping platform offers automatic expense tracking, up-to-date financial reporting, and seamless integration with its invoicing system, meaning that you can keep constant track of your expenses and income without additional manual labor. The banking app also enables you to view your tax estimate and financial reports as well as pay your taxes directly from the app. What’s more, its invoicing system enables you to issue unlimited invoices while receiving payment from multiple payment apps directly to your account.

Methodology for the Best Bank Accounts for Freelancers

Fees: As a freelancer, the success of your business is a priority. While earning a good salary is important, your financial success also depends on being able to limit your costs. In order to save you from incurring unnecessary costs, we looked at the banks with the lowest ATM, monthly, and transaction fees.
APY And Rewards Programs: While the work you do as a freelancer may be your main form of income, having a passive form of income can increase your savings. We looked to identify bank accounts that are able to either provide you with interest or that offer rewards that will help you save money or reduce costs.
Online Features: Aside from the day-to-day running of your business, being a freelancer means having to submit your own invoices, file taxes, and manage your businesses finances constantly. For this reason, we searched for bank accounts with digital banking tools to optimize and automate the financial management of your business.

Freelancers Checking Account FAQs

Do Freelancers Need Separate Business Bank Accounts?

As a freelancer, there is no legal requirement for you to open a separate business account for your venture. Still, opening a business account that is separate from your personal accounts can be beneficial as this allows you to separate your business expenses from your personal ones. As a result, it will be easier to track your business expenses when the time comes to prepare your taxes.

How Do I Open A Business Bank Account?

Each of the banks listed enable you to apply for a checking account through their website. While Lili typically approves new accounts within minutes of applying, Novo typically takes between two and three days while Bluevine takes up to five days. Found can take up to seven days to approve new accounts. While Axos enables online applications, its application process is that of a traditional bank, meaning that you will need to submit legal business documentation.

Is It Better To Open A Business Checking Account Or Personal Account?

As a freelancer, opening a dedicated business checking account has several advantages over simply splitting your personal and business finances between several personal bank accounts.

Checking accounts for freelancers such as Novo, Lili, and Found also provide financial management tools such as expense tracking, invoicing software, and tax assistance through their online banking platforms, making the financial management of your business easier.

Can You Open A Business Bank Account Without A Business?

As a freelancer, there are numerous business checking accounts that you can open without registering your business as an LLC. Found, Lili, Bluevine, Axos and Novo all offer business accounts designed for freelancers and other small businesses without requiring applicants to have an LLC.

Can You Open A Business Bank Account Without A Source Of Income?

Yes, you can. Each of the business checking accounts mentioned have no minimum opening deposit required on your part to open an account. What’s more, both Lili and Found enable you to open an account without any credit check being conducted.

Bottom Line

While freelancers may all view profitability as a priority, the main advantages that you are looking to derive from your business bank account may be different from other freelancers.

Bluevine offers a relatively high APY for freelancers looking to earn some interest on the side, while Axos is a low-cost option that enables you to cut out unnecessary banking fees. If a rich selection of financial and budgeting tools is what you’re looking for, then Found and Lili may be options worth considering. Ultimately, Novo emerged as the bank with benefits covering the most bases, making it number one in our list of best bank accounts for freelancers.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

7 Best Banks for Small Business in Massachusetts in 2023

Businessperson checking their business' bankbook

The best banks for small business in Massachusetts simplify fund management through a rich list of features and minimal fees. Finding that perfect bank, however, can be quite the ordeal. If you’re a Massachusetts-based company and in need of a bank, this guide has what you’ve been looking for.

Best Banks for Small Business in Massachusetts

Bluevine – Best Overall Bank for Small Businesses
Capital One – Best Bank for Traditional Checking
Eastern Bank – Best Local Bank
U.S. Bank – Best Bank for Low Fees
Bank of America – Best Bank for Rewards
Citizens Bank – Best Bank for Branch Locations
Chase Bank – Best Bank for Sign-On Bonus

Our Methodology

When coming up with our favorite Massachusetts banks, we studied monthly pricing and additional fees you’d have to deal with as a small business owner. Our research also considered interest rates you can earn and any minimum balance requirements to keep your accounts in order. Finally, we looked at mobile banking options and overall ease of use from account creation to everyday use.

You can find a more detailed analysis of our methodology here.

Bluevine

$4.95 per cash deposit, $2.50 for out of network ATM fees, $15 for outgoing wires

2.0% APY

Pay vendors by wire or check, schedule payments, manage cash flow

Capital One

$15 for checking (waivable), $3 for savings (waivable)

$15 per incoming domestic wire, $25 for outgoing domestic wire, fee for cash deposits

0.20% APY

$2,000

Access credit card accounts,
transfer money,
deposit checks,
access bank statements,
access to CreditWise service

Eastern Bank

$0 to $18 (waivable)

Up to $30 wire transfers, overdraft fees

0.1% to 0.5% APY

$2,500 for savings
$10,000 (for higher tier checking)

View account statements, links with Zelle, debit card controls, deposits and transfers

U.S. Bank

$4 (waivable)

$0.50 fee for transactions after the first 125, fees at out of network ATMs

0.01% APY

$500 for business savings

Transfer funds, view documents, find branch/ATM locations, manage cards

Bank of America

$16 for checking (waivable), $10 for savings (waivable)

Out of network ATM fees, fees for excessive deposits

Up to 0.04% APY

$5,000 for checking, $2,500 for savings

Manage accounts, pay and transfer, digital wallets, bill pay

Citizens Bank

$4.99 (waivable)

$0.50 fee for each excessive transaction, $39 overdraft fee

Up to 0.02% APY

$500 for savings account

Custom business alerts, check balances, transfer funds, find branch locations

Chase

$15 (waivable)

$25 to $40 for wire transfers, $0.40 per transaction (after first 20)

Up to 0.02% APY

$2,000

Fraud monitoring, card control, pay and transfer, view offers

Bluevine: Best Overall Bank for Small Business in Massachusetts

Up to 2.0% APY

★★★★★

4.7

It’s not often you see a checking account with an interest rate, but Bluevine takes things one step further with a 2.0% APY. Bluevine foregoes a savings account as a result, allowing you to manage all your funds through one location. If that wasn’t enough, there’s no need to worry about keeping a minimum balance and fees are few and far between.

Why we chose it: A fantastic interest rate, minimal fees, and an easy-to-use system all play a role in making Bluevine the best bank for small businesses in Massachusetts.

High interest rates
Very few fees
No minimum balance required

No business savings account
No ATM reimbursement
Fee for cash deposits

Fees

You never have to worry about a monthly service fee with Bluevine, no matter how much you have in your account. Small businesses working with a lot of cash will want to plan ahead, as every cash deposit will set you back $4.95. Otherwise, make a point to use one of Bluevine’s in-network ATMs to avoid any charges there.

Interest Rates

Funds up to $100,000 in your checking account earn 2.0% interest on a regular basis. Any amount above this number doesn’t accrue any interest at all. Smaller businesses shouldn’t need to worry, but there’s no savings account to funnel access cash into with Bluevine.

Minimum Balance

There are no minimum balance requirements for Bluevine’s services. Whether you have $5 or $5,000, you’ll never get charged a monthly fee for using your account. Bluevine doesn’t adjust your interest rate depending on your balance, either.

Access to Mobile Banking

The Bluevine mobile app keeps all this banking power right in front of you no matter where you go. You can keep an eye on cash flow, pay your bills, or deposit checks with the click of a button. Best of all, it’s incredibly simple to use.

Capital One: Best Bank for Small Business in Massachusetts for Traditional Checking

0.20% APY

★★★★★

4.6

Small businesses deal with a lot of cash management, and Capital One gets that. Its checking accounts allow for unlimited digital transfers while protecting you from overdraft fees should you bite off more than you can chew. The extensive ATM network extends well beyond the state’s borders, giving you access to funds wherever you may be. A stellar mobile app simply rounds out the package.

Why we chose it: Capital One provides all the traditional checking tools a small business needs to succeed.

Unlimited digital transfers
Does not charge overdraft fees
Large ATM network

Limited physical locations
Monthly account fee
Out-of-network ATM fees

Fees

Capital One’s introductory business checking account has a waivable $15 service fee to contend with. You can deposit up to $5,000 in cash every month for free, but every $1,000 after that comes with a $1 charge. The only other fees you need to concern yourself with come in the form of wire transfers.

Interest Rates

When you sign up for a Capital One savings account, you’re locked into a high 0.20% promotional rate for the next 12 months. Although there’s no guarantee of this rate remaining after that point, Capital One hasn’t changed its APY in over two years.

Minimum Balance

To avoid Capital One’s $15 maintenance fee on your checking account, you’ll need to hold an average balance of $2,000 over the past 30 or 90 days. The same logic applies to your savings account, but a minimum balance of just $300 removes the $3 fee.

Access to Mobile Banking

With the top-rated mobile banking app, you can make payments or schedule them to go out as you see fit. It also works well for mobile deposits and digital payments through a partnership with Zelle. The CreditWise feature tracks your credit and shares ways to get or maintain a high score.

Eastern Bank: Best Local Bank for Small Business in Massachusetts

0.1% to 0.5% APY

★★★★★

4.6

Eastern Bank has locations scattered throughout Eastern Massachusetts, extending both north into New Hampshire and south to Rhode Island. It has a number of checking and savings options to pick from while offering the vast majority of its services entirely for free. There are some transaction limitations, but incredible interest rates more than compensate for them.

Why we chose it: Eastern Bank is your quintessential local option, both popular throughout the state and offering some extraordinary interest rates.

Popular throughout Massachusetts
Fee-free checking account
Good interest rates

Low monthly transaction limit
High monthly balance requirements
Lack of presence outside Massachusetts

Fees

Small business owners can take advantage of a free business checking account geared toward sole proprietors. Other businesses have to make the jump to a handful of checking accounts starting at $11 in monthly fees if your balance isn’t high enough. Savings accounts only charge $2 per month if you can’t meet waiver requirements.

Interest Rates

It’s only possible to earn 0.01% APY with Eastern Bank’s business savings account. Better options for earning interest come with the money market account, starting at 0.10% and jumping as high as 2.50% should you reach a $250,000 account balance.

Minimum Balance

There’s no minimum balance to worry about with Eastern Bank’s free checking account, but all other checking options require at least $10,000 to wipe away fees. Its savings account only requires a $500 balance, but savvy business owners will want the APY from a money market account with a $2,500 minimum.

Access to Mobile Banking

Through the Eastern Bank mobile app, you can check your account balances, transfer funds, or make payments. The software integrates seamlessly with Quicken for customers wanting to monitor spending and create budgets. You can also set the app to notify you of important events through email or text.

U.S. Bank: Best Bank for Small Business in Massachusetts for Low Fees

0.01% APY

★★★★★

4.5

U.S. Bank’s Silver Business checking account has no monthly fees, making it perfect for new or small businesses. The only other fees you’ll encounter come with excess transactions or out-of-network ATM use, making it feasible to bank for free. In addition, there are over 2,400 bank locations around the country and a variety of merchant services designed with your business in mind.

Why we chose it: With U.S. Bank, you can manage your entire operation’s funds without ever having to pay a penny.

Nearly nonexistent fees
Specialized merchant services for restaurants, retailers, and service providers
2,400 branch locations

Charges for overdrafts
Relatively low APY
Only locations in 28 states

Fees

While there are waivable monthly service fees for higher tier checking accounts, U.S. Bank’s setup for small businesses has no such issue. Savings accounts do start with a maintenance fee, but you can waive this as well. As long as you count your monthly transactions and limit ATM use to in-network machines, you shouldn’t deal with any fees while banking.

Interest Rates

U.S. Bank doesn’t come through in a big way for interest rates, offering only 0.01% APY across its savings account options. Money in your checking account won’t accrue any interest at all.

Minimum Balance

There’s no upkeep to worry about with your U.S. Bank Silver checking account. If your business upgrades to the Gold package or beyond, you’ll need at least $10,000 in your account at all times. To negate the $3 service fee for a savings account, you’ll want to maintain a $500 or higher balance.

Access to Mobile Banking

Through your mobile device, you can use the U.S. Bank app to handle bills and transfer money between accounts with the push of a button. The app goes above and beyond by providing timely insights specific to your account that help you make strategic financial decisions.

Bank of America: Best Bank for Small Business in Massachusetts for Rewards

Up to 0.04% APY

★★★★★

4.4

Bank of America has an entire Preferred Rewards program with the sole purpose of showering you with perks just for participating. These bonuses can boost your interest rate, remove deposit fees, or offer extra incentives for using a credit card. With branch locations and ATMs throughout Massachusetts and the rest of the country, your banking needs are always a stone’s throw away.

Why we chose it: Bank of America gives back to your business with a comprehensive rewards system.

Preferred rewards to boost interest rate
Over 17,000 ATMs and 4,300 branches
Can waive the monthly fee

Lacks 24/7 customer service
Monthly fees
Transaction fees when using non-Bank of America ATMs

Fees

Bank of America charges a service fee on each of its accounts, but you can remove each one with careful planning. For Fundamentals checking, you must maintain a $5,000 average monthly balance, spend at least $250 in debit card purchases, or become a Preferred Rewards member. You’ll need $2,500 in your savings account or be a Preferred Rewards member to do away with fees there.

Interest Rates

There’s no way to earn interest with a Bank of America checking account, so savings is where the action’s at. Rates start at 0.01% APY with low balances but can grow to 0.04% as you build rewards.

Minimum Balance

As mentioned above, you’ll need $5,000 in checking or $2,500 in savings to eliminate service fees on each account, assuming you don’t qualify any other way. Your monthly balance also plays a role in your rewards bracket and the accompanying perks you can have.

Access to Mobile Banking

The benefits don’t stop with Bank of America’s rewards program. The #1-rated mobile app puts you in complete control of your accounts from the convenience of your smartphone. Alongside account management, you can create custom alerts when payments come due or a balance falls dangerously low.

Citizens Bank: Best Bank for Small Business in Massachusetts for Branch Locations

Up to 0.02% APY

★★★★★

4.3

Citizens Bank has a real presence in the region, with over 1200 branches in New England. Introductory checking accounts come without monthly maintenance fees and feature an overdraft line of credit when surprises occur. If you ever find yourself in need of help, Citizens Bank has people standing by 24/7 to assist.

Why we chose it: With over 200 branches in Massachusetts alone, Citizens Bank has a solid corner on the New England market.

Over 1200 branches in New England
24/7 customer service
No monthly maintenance fee on some accounts

Low interest rates
High overdraft fees
Some accounts charge ATM fees

Fees

There are zero service fees on Citizen Bank’s small business checking account, allowing you to step in without fear of unsightly charges. Savings accounts experience a $4.99 monthly fee if you can’t keep up with balance requirements. Citizens Bank automatically waives this fee for the first four months to help you settle.

Interest Rates

The best Citizens Bank can do when it comes to interest rates is 0.02%, and that’s on a higher-tier money market account. As a small business owner, it’s more likely you’ll accrue 0.01% on any funds you can set aside.

Minimum Balance

You won’t have to worry about upholding a minimum balance on your small business checking account unless your company is ready to move to a higher tier. At entry level, keeping a $500 minimum balance on your Citizens Bank savings account removes the monthly fee. APY remains the same no matter how many dollars you have stored away.

Access to Mobile Banking

Using the Citizens Bank mobile app lets you bank from anywhere at any time. Handle payments, move money around, and receive account insights all from your mobile device. Within, you can also manage debit cards and make use of the document center.

Chase: Best Bank for Small Business in Massachusetts for Sign-On Bonus

Up to 0.02% APY

★★★★★

4.2

January 11, 2023March 21, 2023

Chase is well-known for quality banking and an abundance of business services to keep your business in top form. To go one step further, the bank hands you $300 just for signing up with qualifying activities. There is a monthly fee, but you have multiple ways to remove this at the end of each cycle. Most locations are in the Boston area, but Chase’s online banking options make up for the lack of branches.

Why we chose it: Chase complements its excellent banking features with up to $300 in cash just for opening an account.

Up to $300 sign-on bonus
Several available business services
Multiple ways to waive the monthly maintenance fee

Monthly maintenance fees
Only 20 free transactions per month
Minimal APY

Fees

If you can’t manage the minimum daily balance, Chase will charge a $15 monthly service fee for doing business with you. Savings accounts also have fees, but the bank waives these if you link a qualified checking account. Wire transfers are a bit pricey, and Chase only allows 20 transactions before they start charging.

Interest Rates

When it comes to savings accounts, the best you can do with Chase is 0.02% interest after you’ve built a relationship with the firm. Business CDs can reach up to 3.00% APY if you can afford to tuck money away for 3 to 12 months.

Minimum Balance

It takes a minimum balance of $2,000 to wash away the monthly maintenance fee on Chase’s small business checking account. To qualify for your sign-up bonus, you’ll need to bring your balance to at least $2,000 within your first 30 days and then hold that amount for the next 60.

Access to Mobile Banking

Chase lets you set and manage alerts on your accounts when you expect funds to come in or need to send some out. The app works well for transferring money or finding the ATM nearest to your current location. There’s also a QuickPay option with Zelle to send cash in a matter of moments.

Methodology for the Best Banks for Small Businesses in Massachusetts

It was our goal to find the best banks for small businesses in Massachusetts, whether you’re in the greater Boston area or living in the western part of the state. After careful consideration, we used the following factors to determine our favorite banking options:

Fees: Money makes the world go round and is a crucial component of any small business. When every cent matters, keeping banking fees to a minimum can significantly impact your bottom line. We factored this into our selections and made sure to note how to waive fees if they are applicable.
Interest Rates: The direct inverse of fees, having a bank willing to pay you for using their services can be a huge win. When it feels like so many financial institutions are moving away from offering interest, we strove to find the best ones that still do.
Minimum Balance: If you’re just starting out, chances are you don’t have a lot of money to play with. Many banks require a monthly balance to circumvent monthly charges, so we focused on options for keeping this amount to a minimum.
Mobile Banking: Everyone owns a smartphone, and few of us have time to stop and bank at a traditional brick and mortar. Banks with excellent mobile apps make it possible to handle all your financial needs as long as you have a wireless signal.
Ease of Setup and Use: Most financial institutions on our list can have you up and banking in a matter of minutes, whether you visit in person or through the mobile app. Some require little more than an EIN, but all of them make the process easy. We also looked at how easy it was to take care of your banking after becoming a member.

Best Banks for Small Businesses in Massachusetts Frequently Asked Questions (FAQs)

Finding the perfect bank for your small business is no easy task. This FAQ serves to answer some of the most common questions about identifying the best banks for small businesses in Massachusetts.

What kind of bank account should I open as an LLC?

It makes sense to open a business bank account for your LLC to maximize the number of features your company can ultimately use. Having a separate account for your LLC also provides personal liability protection to keep personal finances safe.

Is a local bank better for small business?

Many local banks offer the benefit of having intimate knowledge of your area. Those with a more online presence have the luxury of being available no matter where you are in the country.

Can I open a bank account with my EIN number?

Yes, you can open a bank account with your EIN number There’s no doubt you’ll need some sort of tax identifier when opening a bank account for your business. An EIN allows you to do so without mixing in your personal information.

What four documents do you need to open a business bank account?

In general, you’ll need to provide your business license and employer identification number (EIN) to open a business bank account. In addition, most banks will require your ownership agreement and your articles of organization.

Bottom Line

Finding a good bank in Massachusetts can be challenging, with so many options in a relatively small area. When making a selection, watch out for fees or balance requirements that may cause the financial institution to do more harm than good. It doesn’t hurt to find easy-to-use companies willing to give something back for doing business with you. We believe any of the options on our list could serve as a great choice to help you keep your finances in line.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

7 Best Banks for Small Businesses in Florida in 2023

Businessperson working on their computer at a desk

Creating a bank account for your small business allows you to keep tabs on money flow so you can effectively manage your bottom line. The best options have additional features to keep your company’s finances in tip-top shape. Read on to learn more about our favorite picks in this comprehensive review.

Best Banks for Small Businesses in Florida

Bluevine – Best Overall Bank for Small Businesses
Capital One – Best Bank for Digital Transfers
U.S. Bank – Best Bank for Lending Options
Bank of America – Best Bank for Rewards
Suncoast Credit Union – Best Bank for Interest Rates
Chase Bank – Best Bank for Business Services
City National Bank of Florida – Best Bank for Transactions

Our Methodology

When nailing down the best banks for small businesses in Florida, we looked into fees for keeping an account open minimum balances required to keep those costs at bay. We also checked out additional costs for using a bank’s various services and any interest rate bonuses that come with signing up. In an increasingly digital world, it was also crucial to find banks with excellent mobile banking services.

Click here for a more detailed explanation of our methodology.

Bluevine

$4.95 per cash deposit, $2.50 for out of network ATM fees, $15 for outgoing wires

2.0% APY

Pay vendors by wire or check, schedule payments, manage cash flow

Capital One

$15 (waivable)

$15 per incoming domestic wire, $25 for outgoing domestic wire

0.20% APY

$2,000

Access credit card accounts,

transfer money,

deposit checks,

access bank statements,

access to CreditWise service

U.S. Bank

$0.50 fee for transactions after the first 125, fees at out of network ATMs

0.01% APY

$500 for business savings

Transfer funds, view documents, find branch/ATM locations, manage cards

Bank of America

$16

Out of network ATM fees, fees for excessive deposits

Up to 0.04% APY

$5,000

Manage accounts, pay and transfer, digital wallets, bill pay

Suncoast Credit Union

$0 to $20

$1.50 for out of network ATMs, $29 per returned check, up to $35 for wire transfers

From 0.25% to 3.55% APY

$0 to $100,000

Pay bills, transfer funds, deposit checks, set up savings goals

Chase

$15 (waivable)

$25 to $40 for wire transfers, $0.40 per transaction (after first 20)

Up to 0.02% APY

Fraud monitoring, card control, pay and transfer, view offers

City National Bank of Florida

$25 (waivable)

$40 for wire transfers

0.05% APY

$5,000

Pay bills, transfer money, set up digital wallet, mobile deposit

Bluevine: Best Overall Bank for Small Businesses in Florida

2.0% APY

★★★★★

4.7

Bluevine’s online-only banking is perfect no matter what part of Florida you call home. Its business checking account offers some of the highest interest rates you’ll find anywhere, making up for the lack of a savings plan. You can start a Bluevine account at any time, thanks to no minimum deposit or balance. There are very few fees to work around; you’ll just need to keep cash deposits to a minimum.

Why we chose it: High interest rates, minimal fees, and a lack of maintenance requirements make Bluevine the best business bank account for LLCs or other business types.

High interest rates
Very few fees
No minimum deposit required

No business savings account
No ATM reimbursement
Fee for cash deposits

Fees

You won’t find any monthly fees when using Bluevine, making it possible to bank without ever paying a dime. Expect charges for using out-of-network ATMs, making the mobile app a valuable tool for finding free withdrawal sites. Each cash deposit will set you back $4.95, making this a tool you want to use sparingly if at all.

Interest Rates

Bluevine comes through in a big way with its 2.0% APY. The rate is 50 times the current national average and applicable on balances up to $100,000. Once your small business’s balance grows beyond this amount, those extra funds won’t accrue any interest.

Minimum Balance

There’s no minimum balance requirement for using Bluevine, no matter how much you have in your account. Small businesses can start with next to nothing and take immediate advantage of the high interest rate.

Access to Mobile Banking

The Bluevine mobile app makes banking from anywhere a breeze. The thoroughly-designed tool makes it easy to manage your accounts and see where your money is going. It’s also possible to pay vendors by wire or check and schedule payments for fulfillment down the road.

Capital One: Best Bank for Small Businesses in Florida for Digital Transfers

0.20% APY

★★★★★

4.6

Capital One’s business checking account allows an unlimited number of transfers between your accounts so you never have to worry about having funds where you need them. Even if you do overdraft an account, Capital One won’t charge you for the mistake. The bank does have a number of Capital One Cafés in select Florida cities, but you won’t find these everywhere. There is a monthly fee, but you can waive this with a high enough balance.

Why we chose it: With no limits on digital transfers, Capital One gives you the freedom to keep funds moving.

Unlimited digital transfers
Does not charge overdraft fees
Large ATM network

Limited physical locations
Monthly account fee
Out-of-network ATM fees

Fees

Capital One’s business accounts come with a $15 monthly fee that can be hefty for a small business. Luckily, you can waive this fee by keeping an average balance of $2,000 over a 30 or 90-day window. There’s no charge for using one of Capital One’s 70,000 ATMs nationwide.

Interest Rates

Opening up Capital One’s business savings accounts unlocks interest rates of up to 0.20% for your first year. This amount applies to balances up to $5 million, giving small businesses plenty of wiggle room. None of the bank’s checking accounts offer any interest, making free digital transfers that much sweeter.

Minimum Balance

You don’t need to keep a minimum balance with Capital One to keep your account open. It is in your best interest to maintain at least $2,000 in your checking to avoid the $15 monthly service fee. Keeping extra funds in your savings account allows you to generate some interest on money not currently in use.

Access to Mobile Banking

Since you won’t find many physical Capital One locations, the bank’s top-rated mobile app comes to the rescue. With it, you can do all your transfers, make digital payments, and deposit money with your device’s camera. The app also gives you access to Capital One’s CreditWise service to monitor your credit score and hear cool tips.

U.S. Bank: Best Bank for Small Businesses in Florida for Lending Options

0.01% APY

★★★★★

4.5

When your small business needs a cash injection, U.S. Bank has you covered. You can make use of several loan and line of credit options to upgrade your venture and not go under trying to pay it all back. The bank also has specialized merchant services for most business types that provide additional tools to help you succeed. There are even physical locations in Orlando and some coastal cities if you like banking in person.

Why we chose it: Small businesses in need of extra funds can turn to U.S. Bank for a plethora of lending options.

Lending to fit your needs
Specialized merchant services for restaurants, retailers, and service providers
2,400 branch locations

Charges for overdrafts
Relatively low APY
Only locations in 28 states

Fees

You’ll never have to worry about monthly fees when using U.S. Bank’s silver checking package for small businesses. Higher-tier accounts do have waivable monthly fees to contend with as your company grows. You’ll just need to keep tabs on monthly transactions to ensure you don’t incur charges for exceeding the monthly limit.

Interest Rates

U.S. Bank’s checking accounts do not come with any options to generate interest. While savings plans come with different perks, the current maximum interest rate is just 0.01%. Although a minimal amount, there is no balance cap to what you can earn.

Minimum Balance

There’s no minimum balance requirement when starting off with U.S. Bank’s silver account package designed specifically for small businesses. Other checking accounts have waivable fees should you keep up with the necessary balance amounts. Savings accounts start at a $500 minimum balance to remove service fees.

Access to Mobile Banking

If you find yourself away from one of U.S. Bank’s physical locations, you can perform all your banking through the mobile app. It’s possible to seamlessly transfer funds from one account to another and stay up to date with your financial status. U.S. Bank will also keep you informed with customized alerts.

Bank of America: Best Bank for Small Businesses in Florida for Rewards

Up to 0.04% APY

★★★★★

4.4

Bank of America’s rewards system is second to none, offering valuable benefits and rewards while growing alongside your business. Bonuses include higher interest rates and waived fees on select banking services. Over 4,300 branches dot the country, with several locations in Florida cities. While there is a monthly fee, savvy business owners can waive this amount with careful banking.

Why we chose it: Bank of America’s rewards come with several perks to make banking a win-win for all parties involved.

Preferred rewards to boost interest rate
Over 17,000 ATMs and 4,300 branches
Can waive the monthly fee

Lacks 24/7 customer service
Monthly fees
Transaction fees when using non-Bank of America ATMs

Fees

Bank of America’s introductory checking account comes with a $16 monthly fee. You can negate this amount by maintaining a $5,000 monthly balance, spending at least $250 on your debit card, or by becoming a Preferred Rewards member. The only other fees to watch out for come from out-of-network ATM withdrawals and charges for excessive deposits in a given month.

Interest Rates

Most small businesses opening a savings account will earn 0.01% interest out of the rate. It is possible to increase this to 0.04% with enough activity in Bank of America’s rewards system. There’s no option to accrue interest with a Bank of America checking account.

Minimum Balance

Keeping an average monthly balance of $5,000 in your checking account will remove the $16 service fee. Similarly, you’ll want to have at least $2,500 in your savings account to avoid a $10 monthly charge there.

Access to Mobile Banking

Bank of America’s mobile app consistently earns high honors for its functionality. Within, you can manage your accounts, pay bills, or transfer funds from any location. You can also make use of the budgeting tool to monitor expenses and control spending.

Suncoast Credit Union: Best Bank for Small Businesses in Florida for Interest Rates

From 0.25% to 3.55% APY

★★★★★

4.4

Suncoast Credit Union serves the Sunshine State through a number of physical branches and a stellar free online banking app. Monthly fees are few and far between, but you will need to keep high balances on some accounts to avoid them. Incredibly high interest rates help offset fees you can’t prevent and provide a small source of additional funds.

Why we chose it: This Florida-based credit union has some of the highest interest rates of any institution in the state.

Very high interest rates
Free online banking
Minimal monthly fees

High minimum balances on some accounts
Significant returned check fee
All locations on the west coast

Fees

Depending on your plan, you may have to contend with monthly fees if you can’t maintain minimum balance requirements. Introductory plans do not have this issue, allowing small businesses to bank without fear. Additional fees come in the form of out-of-network ATM fees and charges for returned checks.

Interest Rates

You won’t find any interest rates for Suncoast’s checking accounts, but there are some great options in the savings department. On the low end, you can generate 0.25% APY for basic savings and work up to 3.55% through share certificates. If you have some money to set aside, the paybacks can be worth it.

Minimum Balance

You’ll need $50 to open an account with Suncoast, but there’s no minimum balance for its Smart Checking plan. You’ll need at least $2,000 to avoid fees at higher levels. Savings accounts and share certificates have balance requirements from $5 to $100,000 depending on what interest rate you’re shooting for.

Access to Mobile Banking

It’s possible to use the SunMobile banking app to do anything from open an account to transfer funds to any financial institution. You can pay suppliers, set up savings goals, and deposit checks as well. Best of all, the app is very intuitive and takes moments to master.

Chase: Best Bank for Small Businesses in Florida for Merchant Services

Up to 0.02% APY

★★★★★

4.2

Chase Business Bank Review

Chase goes above and beyond, providing a number of merchant services you can use to improve your business. Fraud protection and cash management tools are just the tip of the iceberg for bonus features. New account owners receive up to a $300 bonus just for signing up, and there are several ways to earn bonus points on purchases. Although monthly fees are present, there are plenty of ways to work around them.

Why we chose it: Chase adds a long list of merchant services to its traditional banking to help your business succeed.

Several available merchant services
Multiple ways to waive the monthly maintenance fee
$300 sign-on bonus

Monthly maintenance fees
Only 20 free transactions per month
Minimal APY

Fees

Monthly fees start at $15 for Chase Business Complete Banking. You can do away with this charge by maintaining a $2,000 daily balance, making deposits through Chase QuickAccept, or through Chase Ink Business Card purchases. There is a cost for transactions after your first 20, and you’ll want to avoid costly wire transfers if possible.

Interest Rates

As with most banks, Chase doesn’t provide any interest for money you have in a business checking account. To earn a rate, you’ll need to start up a business savings account that accrues up to 0.02%.

Minimum Balance

If you want to avoid Chase’s monthly service fee, you’ll want to keep at least $2,000 in your checking account at all times. Dipping below this amount even once per month is enough to merit the charge. Savings accounts have no fee as long as you have an active checking account with Chase.

Access to Mobile Banking

In addition to standard banking procedures, you can use the Chase mobile app to lock or unlock your credit card should you misplace it. There’s also a budget planning feature to set aside funds for a large purchase and credit monitoring tools to protect your credit health.

City National Bank of Florida: Best Bank for Small Businesses in Florida for Transactions

0.05% APY

★★★★★

4.2