Month: March 2023

Small businesses can earn more money on their deposits with high-interest rates on their accounts. BlueVine offers such rates to its small business customers, without any monthly fees. This makes BlueVine a smart choice for small businesses looking to save money and grow their finances.

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 in Montana with Convenient Online Banking and Business Services

Interest Rates: 0.20% APY

★★★★★

4.6

For small businesses, managing cash flow is essential, and unplanned expenses or cash shortages can result in expensive overdraft fees. Capital One‘s overdraft feature is a useful solution that allows small businesses to avoid these fees and continue their daily operations without disruptions.

By accessing extra funds up to their approved limit through an overdraft line of credit, small businesses can utilize a safety net to manage their finances effectively. This feature is advantageous to small businesses looking to maintain their financial stability and avoid unnecessary expenses.

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 in Montana in Terms of Customer Satisfaction and Convenience

Interest Rates: 0.01% APY

★★★★★

4.5

Effective financial management is essential for small businesses to succeed. U.S. Bank offers essential tools and services that might support small business owners in this area. These services allow companies to easily handle their finances, receive payments, monitor their accounts, and monitor their expenses.

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 has 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 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. The U.S. Bank will also keep you informed with customized alerts.

Bank of America: Best Bank In Supporting Small Business Growth with a Variety of Funding Options

Interest Rates: Up to 0.04% APY

★★★★★

4.4

Small businesses need loans to support expansion and ensure their success. Recognizing the importance of loans in the growth of small businesses, Bank of America offers multiple funding options to aid them in achieving their financial goals.

This significant lending expertise of Bank of America enables small business owners to find customized loan solutions to suit their particular requirements.

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 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.

Axos: Best Bank In Maximizing Business Earnings with Competitive Business Savings Accounts

4.61

★★★★★

Small businesses typically need a safe, dependable location to keep their extra cash while generating interest. Businesses at Axos Bank have access to business savings accounts with attractive interest rates, enabling them to increase profits while retaining a secure location to keep their money.

Also, Axos Bank offers adaptable and reasonably priced banking options that are especially created to assist small businesses in achieving their financial objectives.

Why we chose it: Free cash deposits and a low fee structure make Axos Basic Business Checking one of the best business bank accounts out there.

No monthly fee and unlimited transactions.
Unlimited domestic ATM fee reimbursements.
Cash deposits via MoneyPass and AllPoint ATMs.
Welcome bonus for new customers (terms apply).
24/7 customer support.

No third-party app integrations.
Interest checking APY is good, but not great

Fees

Axos Bank Basic Business Checking does not charge a monthly maintenance fee or impose requirements on keeping your account open. You’ll receive back any ATM fees you incur each month, making this account effectively free to use. If you plan to spend a lot of wire transfers, be aware of Axos’s $35 charge for each one.

Interest Rates

This particular account does not have an annual percentage yield and instead focuses on business perks. Anyone with extra money can open up one of Axos’s interest-bearing business savings accounts and accrue interest that way.

Minimum Balance

Axos Bank has no minimum balance requirements for its checking and savings accounts. As a small business owner, you do not need to maintain a certain balance to avoid monthly fees. This makes Axos an attractive option for you if you do not have a large amount of money to keep in your account.

Access to Mobile Banking

Axos Bank offers a robust mobile banking app that allows customers to manage their accounts, deposit checks, transfer funds, pay bills, and wire transfer all from their mobile devices. You can also use the account alerts feature and budgeting tools to stay on top of your finances.

Lili: Best Bank for Small Businesses in Montana with Streamlined Expense Tracking Tools

4.57

★★★★★

The success of small enterprises relies greatly on keeping track of costs and managing funds. Lili Bank offers an essential service that assists owners of small businesses in keeping track of their spending and precisely categorizing theirs outlays.

The cost tracker tool from Lili Bank gives small businesses the information they need to make wise financial decisions by allowing them to personalize spending categories, track chargeable expenses, and add notes and tags to each expense entry. Small business owners can quickly access the tool through the Lili Bank mobile app and manage their accounts while on the go.

Why we chose it: Lili’s minimal fees and tax optimization software help businesses hold onto hard-earned income. Plus, if you’re looking for an online best business checking account with no credit checks, Lili is a great option.

No fees, minimum balance requirements, or minimum opening deposit.
Unlimited fee-free transactions.
Fee-free ATM access through the MoneyPass network; ability to deposit cash through the Green Dot network.
Integrated tools for managing expenses and planning for taxes.
Offers an early payment feature with direct deposit, allowing you to receive funds up to two days sooner than you might with a traditional bank account.

Cash deposits at Green Dot locations incur a fee of up to $4.95 per deposit.
No checkbooks; can’t send or receive wire transfers.
Limited business-related features, e.g., doesn’t offer joint accounts, multiple business debit cards, or third-party integrations.

Fees

While Lili shines for its free tax software, business owners can also rejoice over a lack of account and overdraft fees. You won’t even incur a charge for foreign transactions or at over 38,000 in-network ATMs in the United States. If you end up using an out-of-network machine, expect a charge between $2.50 and $5.

Interest Rates

There is no interest on Lili’s Business Checking account. Those willing to pay can access a savings account with 1.5% APY, but you’ll need at least $34,000 in your account at all times to offset the monthly cost.

Minimum Balance

Lili Bank has a no minimum balance requirement for its checking account, which means that you do not need to maintain a certain balance to avoid monthly fees. This makes it a good option if you are just starting your business or have a fluctuating income.

Access to Mobile Banking

Lili Bank offers a mobile banking app that is specifically designed for freelancers and small business owners. The app allows you to manage your finances, including controlling expenses, saving money for taxes, and managing payments, all from your mobile devices. Plus, the app includes features such as instant payment notifications, budgeting tools, and the ability to make mobile check deposits.

Oxygen: The Best Cost-Effective Banking Solution for Small Businesses

4.0

★★★★★

Small businesses often have tight budgets and every penny counts. That’s why having a banking option with no monthly fees can be incredibly valuable. Oxygen Bank is one such option, offering a no-monthly fee checking account for small businesses. This feature helps businesses save money on banking fees, which can be redirected to other business needs.

Additionally, no monthly fees provide businesses with greater financial predictability, as they won’t have to worry about unexpected expenses or fluctuations in their banking costs.

With Oxygen Bank’s no monthly fee feature, small businesses can access a cost-effective and streamlined banking experience, enabling them to focus on growing their business.

Why we chose it: Oxygen speaks the language of the trendy business owner, offering some cool banking features along the way. It’s also one of the best checking accounts for sole proprietors.

Aimed at trendy business owners
5% Cashback rewards
Create virtual, single-use debit cards

Virtual bank, no cash deposits
Fewer integrations than other options
No lending options

Fees

Oxygen claims to be fee-free from top to bottom but does specify that out-of-network and international withdrawals may be subject to a charge. You’ll never have to worry about paying for ACH transfers or keeping your account open.

Interest Rates

While you won’t earn interest for funds in your business checking account, Oxygen remedies the problem by adding a business savings account to the mix. Any money hanging out in savings accrues 1.0% interest for balances of $20,000 or less. Amounts in excess still earn interest, but at a much lower rate.

Minimum Balance

Oxygen Bank has no minimum balance requirements for its checking and savings accounts. There will be no monthly fees even if there’s no money in your account. You don’t have to worry about any charges if you don’t make up to a certain amount.

Mobile Banking Features

Oxygen Bank offers a mobile banking app that is designed to help small business owners manage their finances on the go. You can deposit checks, make a bill payment, and generate your account statement. Plus, the app offers spending insights to help you track your finances.

Chase: Best Bank for Effortlessly Managing Payroll and Direct Deposit for Small Businesses

Interest Rates: Up to 0.02% APY

★★★★★

4.2

Small businesses can pay staff, suppliers, and other payments easily with the help of Chase Bank‘s direct deposit service. Enabling business owners to plan and automate payments, makes payroll processing simpler and decreases administrative effort.

It saves time and eliminates the need for physical cheques or cash when money is delivered securely and immediately to the recipient’s account through direct deposit. Chase Bank’s direct deposit feature is supported by strong security protocols to protect your transactions.

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, and making deposits through Chase QuickAccept, or 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 the 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.

Methodology for the Best Banks for Small Businesses in Montana

We evaluated several factors relatinv to opening a business bank account and managing finances to determine the best banks for small businesses in Montana. These key considerations helped us arrive at our conclusions.

Fees: Small businesses often have to count every penny. Using a bank that nickels and dimes you for every little thing can quickly run your account dry. We looked for banks without maintenance fees or at least the option to waive said charge with a few simple steps. It was also crucial to locate institutions that minimize costs for transactions and transfers that every business needs to perform.
Interest Rates: We realize business bank accounts function primarily for organization and making payments, but that doesn’t mean you can’t earn a little interest on the side. Between checking and savings accounts, we called out banks offering easily accessible rates you can use for some extra cash. Some options even go well beyond the national average.
Minimum Balance: Banks with maintenance fees will often waive them if you have enough money in said account. Small businesses may not have a lot of money to work with early on, so we identified institutions with low balance requirements to avoid fees. Some banks also have account minimums to unlock interest rates or other rewards.
Access to Mobile Banking: In our fast-paced world, having all your banking needs at your fingertips is a huge win. Mobile devices also played a role in the emergence of online-only banks with accounts you can access from anywhere. Even banks traditionally known for physical locations are amping up mobile apps to compete with the masses. Our selections highlight banks with top-tier mobile banking options to manage finances and make payments.
Ease of Use: When making our top banking for small business picks, we wanted to ensure features were straightforward to use. This applies to everything from transfers and payments to opening a business bank account with nothing more than an EIN. No bank account should be more trouble than it’s worth.

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

Do you want to know more about opening a bank for your small business in Montana? These FAQs has the answers to your questions:

What types of business bank accounts are available in Montana?

In Montana, banks typically provide a range of business bank account choices that are geared to fit the unique needs of various sorts of enterprises. Checking accounts, savings accounts accounts for merchant services, and accounts for credit card processing are some of the most typical kinds of business bank accounts in Montana.

Can I open a bank account with my EIN number?

Yes, it’s a good idea to open a bank account with an EIN number. Any business with at least one employee requires an EIN for tax purposes, and banks will use this when registering your account. If you’re the only employee of your venture, the alternative is to use your social security number (SSN). However, using your SSN can blur the line between personal and business finances.

What fees should I expect when opening a business bank account in Montana?

You may be required to pay a variety of fees when creating a business bank account in Montana. Typical charges include overdraft, wire transfer, transaction, and monthly maintenance costs. For check writing, online banking, and cash withdrawals, certain banks may also impose fees. Examine each bank’s charge schedule in detail before selecting an account that delivers the features and costs that best meet your business’ needs.

How much should a small business have in a bank account?

It’s wise to hide away at least six months’ worth of operating expenses in case you hit a snag with your business operations. This is money you can fall back on while you recover from whatever slowdown you currently face. If possible, add at least 10% of your profits each month to grow these savings.

Bottom Line

The importance of selecting the appropriate bank cannot be overstated for small businesses in Montana to efficiently manage their finances and attain their financial objectives. It is essential to take into account essential factors like fees, interest rates, customer service, and digital tools while choosing a bank that aligns with the business’s specific requirements.

Conducting an in-depth comparison between multiple banks is vital before finalizing the decision. With the right banking services and banks, small businesses in Montana can grow and make a profit.

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.

8 Best Banks for Small Businesses in Missouri in 2023

Beginning a small business can be a daunting task, and choosing the right banking partner is essential for achieving success. The best banking options provide additional features to ensure that your business finances are in excellent shape. What are the best banks for small businesses in Missouri? Read on to learn more about our top picks in this comprehensive roundup.

Best Banks for Small Businesses in Missouri

Bluevine: Overall Best Bank for Small Businesses
Capital One: Best Bank for Business Bill Pay
U.S Bank: Best bank for Money Management
Bank of America: Best Bank for Merchant Services
Axos Bank: Best Bank for Freelancers
Lili Bank: Best Bank for Remote Deposit
Oxygen Bank: Best Bank for E-banking
Chase Bank: Best Bank for Merchant Services

Methodology

In our evaluation of the best Missouri banks for small businesses, we analyzed the fees associated with maintaining an active account and the minimum balances required to avoid such charges. We also assessed any additional fees for using the bank’s services and the potential for earning interest as a user. Additionally, we reviewed the mobile banking features offered by these banks.

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

Lili

$2.5 for out of network

1.50% APY

Manage finances and payments, control expenses, and save money for taxes

Chase

$15 (waivable)

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

Up to 0.02% APY

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

Axos

$35 for wire transfer

–

Fund transfer, wire transfer, bill payment.

Oxygen

$3 for out-of-network ATM fee, fees for international transactions, $5 international ATM fee, fees for Ingo mobile check deposit

1.0% APY

Check deposit, bill payment, check deposit, account statement

Bluevine: Overall Best Bank for Small Businesses

Interest Rates: 2.0% APY

★★★★★

4.7

BlueVine is a leading digital banking platform that provides a full range of banking services specifically tailored for small businesses. With its intuitive interface and user-friendly design, BlueVine offers easy-to-use tools that help small business owners manage their finances more efficiently.

BlueVine’s features include online invoicing, bill pay, and cash flow forecasting, making it an ideal choice for small businesses looking to streamline their financial operations. Additionally, BlueVine provides competitive interest rates and no monthly fees, making it a cost-effective option for small businesses.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Capital One: Best Bank for Business Bill Pay

Interest Rates: 0.20% APY

★★★★★

4.6

Capital One is a popular bank known for its credit cards, but it also offers a range of banking services for businesses, including a robust business bill pay platform. Capital One’s business bill pay system allows businesses to pay bills online quickly and securely.

The platform also includes features like automatic payments, scheduled payments, and recurring payments, making it an ideal choice for businesses looking to automate their bill pay process.

Additionally, Capital One offers a cash back rewards program for business credit card purchases, making it a great option for businesses looking to earn rewards on their spending.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

U.S. Bank: Best Bank for Money Management

Interest Rates: 0.01% APY

★★★★★

4.5

U.S Bank is a well-established bank that offers a range of financial services for businesses. One of its standout features is its money management tools, which help businesses track their expenses, analyze their spending patterns, and create budgets.

U.S Bank’s money management tools also offer features like alerts and notifications, making it easy for businesses to stay on top of their finances.

Additionally, U.S Bank offers a variety of business credit cards with rewards programs and other benefits, making it an excellent choice for businesses looking to earn rewards on their spending.

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 has locations in 28 states

Fees

Interest Rates

Minimum Balance

There’s no minimum balance requirement when starting with the 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

Bank of America: Best Bank for Merchant Services

Interest Rates: Up to 0.04% APY

★★★★★

4.4

Bank of America is a top-tier bank that offers a full suite of financial services for businesses, including merchant services. Bank of America’s merchant services allow businesses to accept a variety of payment types, including credit cards, debit cards, and mobile payments.

The platform also includes features like fraud detection and chargeback protection, making it a secure option for businesses. Additionally, Bank of America offers business credit cards with cash back rewards, making it a great choice for businesses looking to earn rewards on their spending.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Axos: Best Bank for Freelancers

4.61

★★★★★

Axos Bank is a digital bank that caters to freelancers and independent contractors. The bank’s standout feature is its freelancers checking account, which offers features like unlimited ATM fee reimbursements and no monthly maintenance fees.

Additionally, Axos Bank provides a variety of other financial services for freelancers, including online invoicing, mobile check deposit, and expense tracking tools. With its focus on freelancers and its competitive fees, Axos Bank is an excellent choice for freelancers looking for a banking solution that meets their unique needs.

Why we chose it: Free cash deposits and a low fee structure make Axos Basic Business Checking one of the best business bank accounts out there.

No monthly fee and unlimited transactions.
Unlimited domestic ATM fee reimbursements.
Cash deposits via MoneyPass and AllPoint ATMs.
Welcome bonus for new customers (terms apply).
24/7 customer support.

No third-party app integrations.
Interest checking APY is good, but not great

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Lili: Best Bank for Remote Deposit

4.57

★★★★★

Lili Bank is a mobile banking platform designed for freelancers and small business owners. One of its standout features is its remote deposit capabilities, which allow users to deposit checks by taking a photo with their smartphone.

Additionally, Lili Bank provides a range of other financial services, including online invoicing, expense tracking, and tax preparation tools.

Lili Bank also offers a no-fee checking account and a cashback rewards program for debit card purchases, making it a cost-effective option for freelancers and small business owners.

No fees, minimum balance requirements, or minimum opening deposit.
Unlimited fee-free transactions.
Fee-free ATM access through the MoneyPass network; ability to deposit cash through the Green Dot network.
Integrated tools for managing expenses and planning for taxes.
Offers an early payment feature with direct deposit, allowing you to receive funds up to two days sooner than you might with a traditional bank account.

Cash deposits at Green Dot locations incur a fee of up to $4.95 per deposit.
No checkbooks; can’t send or receive wire transfers.
Limited business-related features, e.g., doesn’t offer joint accounts, multiple business debit cards, or third-party integrations.

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Oxygen: Best Bank for E-banking

4.0

★★★★★

Oxygen Bank is a digital bank that offers a range of financial services for businesses, including e-banking. Oxygen Bank’s e-banking platform allows businesses to manage their finances online or through its mobile app. The platform includes features like account alerts, mobile check deposit, and transaction history tracking, making it a convenient option for businesses looking for a modern, digital banking experience.

Additionally, Oxygen Bank offers a cash back rewards program for debit card purchases and a high-yield savings account, making it an attractive option for businesses looking to earn rewards on their spending and save for the future.

Why we chose it: Oxygen speaks the language of the trendy business owner, offering some cool banking features along the way. It’s also one of the best checking accounts for sole proprietors.

Aimed at trendy business owners
5% Cashback rewards
Create virtual, single-use debit cards

Virtual bank, no cash deposits
Fewer integrations than other options
No lending options

Fees

Interest Rates

Minimum Balance

Mobile Banking Features

Chase: Best Bank for Merchant Services

Interest Rates: Up to 0.02% APY

★★★★★

4.2

Chase Bank is a well-known bank that provides a wide range of financial services for businesses. One of its standout features is its merchant services, which enable businesses to accept a variety of payment types, including credit cards, debit cards, and mobile payments.

The platform also includes features like fraud detection and chargeback protection, making it a secure option for businesses. Additionally, Chase Bank offers a variety of business credit cards with cash back rewards, making it an excellent choice for businesses looking to earn rewards on their spending. With its reputation for quality and reliability, Chase Bank is a popular choice for businesses of all sizes.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Methodology for the Best Banks for Small Businesses in Missouri

To find the best banks for small businesses in Missouri, we looked at several aspects involved in opening a business bank account and managing business finances. Here are the major factors and methodologies we used to make our decision.

Fees: Small businesses often have to count every penny. Using a bank that nickels and dimes you for every little thing can quickly run your account dry. We looked for banks without maintenance fees or at least the option to waive said charge with a few simple steps. It was also crucial to locate institutions that minimize costs for transactions and transfers that every business needs to perform.
Interest Rates: We realize business bank accounts function primarily for organization and making payments, but that doesn’t mean you can’t earn a little interest on the side. Between checking and savings accounts, we called out banks offering easily accessible rates you can use for some extra cash. Some options even go well beyond the national average.
Minimum Balance: Banks with maintenance fees will often waive them if you have enough money in said account. Small businesses may not have a lot of money to work with early on, so we identified institutions with low balance requirements to avoid fees. Some banks also have account minimums to unlock interest rates or other rewards.
Access to Mobile Banking: In our fast-paced world, having all your banking needs at your fingertips is a huge win. Mobile devices also played a role in the emergence of online-only banks with accounts you can access from anywhere. Even banks traditionally known for physical locations are amping up mobile apps to compete with the masses. Our selections highlight banks with top-tier mobile banking options to manage finances and make payments.
Ease of Use: When making our top banking for small business picks, we wanted to ensure features were straightforward to use. This applies to everything from transfers and payments to opening a business bank account with nothing more than an EIN. No bank account should be more trouble than it’s worth.

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

Do you have more questions about opening a bank account for your Missouri business? This FAQ has the answers to your questions:

What are the requirements to open a business account in Missouri?

To open a business bank account in Missouri, you will generally need business documentation, personal identification for all owners or authorized signers, and a minimum deposit. Some banks may also require additional documentation such as proof of address or a business plan.

Can I open a bank account with my EIN number?

What is a business account?

A business account is a type of bank account that is specifically designed for business owners to manage their finances. It allows businesses to receive and make payments, manage cash flow, pay bills, and save money. Business accounts can also provide additional features such as online banking, bill pay, and merchant services. They are separate from personal accounts and often require specific documentation, such as business registration papers and tax identification numbers, to open.

How much should a small business have in a bank account?

Bottom Line

Opening a business bank account can greatly benefit small businesses in Missouri as it helps them efficiently manage their finances and keep track of their transactions. The top banks for small businesses in Missouri offer low fees, convenient money transfer options, and reliable customer service, allowing businesses to easily meet their financial objectives and maintain good relationships with their suppliers. Consider these banks as your go-to solution to fulfill your company’s financial needs in Missouri.

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.

8 Best Banks for Small Businesses in Nebraska in 2023

Most banks claim to offer the best banking solution ever so it can be challenging for business owners to filter through the noise and choose a bank to work with. But it doesn’t have to be. We have done thorough research, and have come up with a list of the best banks for small businesses in Nebraska. Keep reading

Quick View of the Best Bank for Small Businesses in Nebraska

Bluevine: Best Overall Bank for Small Businesses
Capital One: Best For Low Bank Charges
Lili: Best For Financial Planning Tools
U.S. Bank: Best For Small Business Loans
Oxygen: Best for Fully Online Banking
Axos: Best For Competitive APY Interest Rate
Bank of America: Best For Integrating Financial Management And Tracking Tools
Chase Bank: Best For Offline and Online Banking

Our Methodology

There are multiple factors business owners check when choosing a bank for their business, and we’ve assessed these banks based on those features. First, we made sure that the offline Banks on our list had enough brick-and-mortar locations in Nebraska.

Then we analyzed all the banks in terms of transaction charges, monthly maintenance fees, minimum requirements, and annual interest rates. We also checked for the banking products they offered and whether they allow integrations for extra features.

Also, we checked if they support online banking services and have loan opportunities for small businesses. Plus, we investigated if they offer sign-up bonuses or cash-back rewards.

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

Lili

$2.5 for out of network

1.50% APY

Manage finances and payments, control expenses, and save money for taxes

Chase

$15 (waivable)

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

Up to 0.02% APY

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

Axos

$35 for wire transfer

–

Fund transfer, wire transfer, bill payment.

Oxygen

$3 for out-of-network ATM fee, fees for international transactions, $5 international ATM fee, fees for Ingo mobile check deposit

1.0% APY

Check deposit, bill payment, check deposit, account statement

Bluevine: Best Overall Bank for Small Businesses in Nebraska

Interest Rates: 2.0% APY

★★★★★

4.7

Bluevine is an excellent choice for Nebraska business owners that wants to conveniently set up a bank account for their business. They offer a fully online banking system with zero minimum balance requirements, zero monthly maintenance fees, and unlimited digital transfers. Bluevine also allows small businesses in Nebraska to access loans without having the credit score or history required by traditional Banks.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Capital One: Best For Low Bank Charges

Interest Rates: 0.20% APY

★★★★★

4.6

Capital One is top-rated when it comes to stressless banking, and for business owners, this could mean opening a business checking account in just 5 minutes.

With the Capital One mobile app users have access to 24/7 online bill payments, unlimited transfers, and free bank statement reports.

Best of all, they charge zero fees for unlimited transfers, zero fees for a bank overdraft, and offer a waivable monthly maintenance fee.

Also, their 360 Checking account comes with benefits like Early Paychecks, FDIC Insured secure banking, and Over 70000 free-fee ATMs.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

U.S. Bank: Best For Business Loans Opportunities

Interest Rates: 0.01% APY

★★★★★

4.5

U.S Bank is the perfect bank for small businesses looking for extra loans to run their businesses, as they offer various loan opportunities. For instance, with U.S Bank, business owners have access to Quick Loans of up to $250,000 or Long Term Loans of up to $1 million.

They also offer multiple bank products specifically for businesses such as Business Checking Merchant Services, Business Credit Cards, Cash Management, and Payroll Services. Their minimum balance requirement is only $500, but they charge $0 for the monthly maintenance fee.

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 has locations in 28 states

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Bank of America: Best For Integrating Financial Management And Tracking Tools

Interest Rates: Up to 0.04% APY

★★★★★

4.4

As a business owner managing and keeping track of your financial transactions can be overwhelming. But with Bank of America, merchants can get access to top-rated financial data management and tracking software such as Zelle, Cash Flow Monitor, Mobile Check Deposits, Quickbooks, and more.

Aside from its top-notch online banking products, Bank of America has a strong offline banking system with over 4,000 branches and over 17,000 ATMs nationwide. BOA also has small-business-specialized customer support designed to help business owners with their financial transaction challenges.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Axos: Best For Competitive APY Interest Rate

4.61

★★★★★

Axos is a fully online banking platform that is popular among business owners in Nebraska. Plus they’ve been rated a plus by the Better Business Bureau (BBB). While they make it easy for small business owners to open a business checking account, they also offer a competitive enticing APY interest rate across all their business accounts. Axos small business interest checking accounts offer up to 1.0% APY with zero monthly maintenance charges.

Also, their money market accounts such as Business Premium Savings, Business Savings, Business Money Market, and Nonprofit Market attract up to 0.20% APY respectively.

Why we chose it: Free cash deposits and a low fee structure make Axos Basic Business Checking one of the best business bank accounts out there.

No monthly fee and unlimited transactions.
Unlimited domestic ATM fee reimbursements.
Cash deposits via MoneyPass and AllPoint ATMs.
Welcome bonus for new customers (terms apply).
24/7 customer support.

No third-party app integrations.
Interest checking APY is good, but not great

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Lili: Best For Financial Planning Tools

4.57

★★★★★

Lili Bank makes it easy for small businesses in Nebraska to execute all their financial-related activities in one platform. They offer tons of powerful digital tools for sending and receiving invoices, organizing expenses, and automating tax savings.

Opening a business account with Lili is easy, as they’re a fully digital banking app that offers zero minimum balance requirement, and zero monthly maintenance fees, and you don’t have to worry about any hidden fees. Best of all Lili Bank also offers a mouth-watering APY of 1.5% and multiple cash-backs.

No fees, minimum balance requirements, or minimum opening deposit.
Unlimited fee-free transactions.
Fee-free ATM access through the MoneyPass network; ability to deposit cash through the Green Dot network.
Integrated tools for managing expenses and planning for taxes.
Offers an early payment feature with direct deposit, allowing you to receive funds up to two days sooner than you might with a traditional bank account.

Cash deposits at Green Dot locations incur a fee of up to $4.95 per deposit.
No checkbooks; can’t send or receive wire transfers.
Limited business-related features, e.g., doesn’t offer joint accounts, multiple business debit cards, or third-party integrations.

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Oxygen: Best For Fully Online Banking

4.0

★★★★★

Oxygen Bank makes it to our top pick list because of the specialized fully online banking services they provide for online entrepreneurs and freelancers. For instance, users can easily open their business LLC within the app, create a virtual credit card for their online transactions, and enjoy zero fees on peer-to-peer transfers, wire transfers, and Direct deposits. Oxygen also offers multiple bonuses such as a 5% cash-back reward, a $5 sign-up bonus, and $50 for the first $500 deposit within 60 days of opening an account.

Why we chose it: Oxygen speaks the language of the trendy business owner, offering some cool banking features along the way. It’s also one of the best checking accounts for sole proprietors.

Aimed at trendy business owners
5% Cashback rewards
Create virtual, single-use debit cards

Virtual bank, no cash deposits
Fewer integrations than other options
No lending options

Fees

Interest Rates

Minimum Balance

Mobile Banking Features

Chase: Best For Online and Offline Banking

Interest Rates: Up to 0.02% APY

★★★★★

4.2

Chase bank is best for merchants that want to enjoy the benefits of both online and offline banking. That’s why the bank now records over 18 million registered business checking accounts. Currently, Chase bank has over 5,000 branches and 17000 ATMs nationwide.

So businesses in Nebraska can quickly find one in their location. For their online banking service, business owners can use the Chase mobile banking app to quickly set up an account in minutes with zero minimum balance requirements. In addition, they’ll get access to free Financial Management tools.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Methodology for the Best Banks for Small Businesses in Nebraska

We considered several facets for opening a business bank account and managing your finances once you’re up and running. Below are the top factors we used for determining the best banks for small businesses in Nebraska:

Fees: Small businesses often have to count every penny. Using a bank that nickels and dimes you for every little thing can quickly run your account dry. We looked for banks without maintenance fees or at least the option to waive said charge with a few simple steps. It was also crucial to locate institutions that minimize costs for transactions and transfers that every business needs to perform.
Interest Rates: We realize business bank accounts function primarily for organization and making payments, but that doesn’t mean you can’t earn a little interest on the side. Between checking and savings accounts, we called out banks offering easily accessible rates you can use for some extra cash. Some options even go well beyond the national average.
Minimum Balance: Banks with maintenance fees will often waive them if you have enough money in said account. Small businesses may not have a lot of money to work with early on, so we identified institutions with low balance requirements to avoid fees. Some banks also have account minimums to unlock interest rates or other rewards.
Access to Mobile Banking: In our fast-paced world, having all your banking needs at your fingertips is a huge win. Mobile devices also played a role in the emergence of online-only banks with accounts you can access from anywhere. Even banks traditionally known for physical locations are amping up mobile apps to compete with the masses. Our selections highlight banks with top-tier mobile banking options to manage finances and make payments.
Ease of Use: When making our top banking for small business picks, we wanted to ensure features were straightforward to use. This applies to everything from transfers and payments to opening a business bank account with nothing more than an EIN. No bank account should be more trouble than it’s worth.

Frequently Asked Questions (FAQs) for Best Banks for Small Businesses In Nebraska

Here are the answers to the top questions about the best banks for small businesses in Nebraska.

What are the requirements to open a business account in Nebraska?

To open a business account in Nebraska, the requirements will depend on the type of business entity you have. However, general requirements include a registration certificate, EIN, business license, identification, and proof of address. Banks may have additional requirements, so check with them for specifics.

Can I open a bank account with my EIN number?

Is it possible to open a bank account without an SSN in Nebraska?

It may be difficult to open a bank account without an SSN in Nebraska, but it’s possible. One way is to apply for an ITIN from the IRS, while another is to provide alternative forms of identification. However, it’s up to the bank to decide whether to accept these alternatives. It’s best to check with the bank to see what their specific requirements are.

How much should a small business have in a bank account?

Bottom Line

Whether it’s getting loans for your business, operating all your finances online, or enjoying low bank charges on your business’s hard-earned income, we’ve given you the best banks for small business owners in Nebraska.

These banks have been designed with small business owners in mind, and we are sure you would find some with features that are suitable 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.

8 Best Banks for Small Businesses in New Hampshire in 2023

Business women talking near the desk during a coffee break

Small businesses form the backbone of the economy in New Hampshire, and their success largely depends on the support they receive from various financial institutions. Finding the right bank that can provide the necessary financial tools and resources can be crucial for the growth and sustainability of small businesses.

In this article, we will discuss the best banks for small businesses in New Hampshire, which offer competitive services, convenient features, and personalized support to help entrepreneurs achieve their goals.

Whether you are a startup or an established small business owner, this guide will provide you with valuable insights to make an informed decision on selecting the right bank for your business needs.

Banks for Small Businesses in New Hampshire

Bluevine: Best Bank for Merchant Services
Capital One: Best Bank for Credit Lines
U.S Bank: Best bank for Cash Management
Bank of America: Best for Overdraft Protection
Axos Bank: Best Bank for Mobile Banking
Lili Bank: Best Bank for Remote Deposit
Oxygen Bank: Best Bank for Wire Transfer
Chase Bank: Best Bank for Business Bill Pay

Our Methodology

To compile a comprehensive list of the best banks for small businesses in New Hampshire, we conducted a thorough evaluation of various factors. Our analysis included assessing the fees associated with maintaining an open account, as well as the minimum balance requirements needed to avoid such fees.

By taking these aspects into account, we have created a list of banks that provide exceptional value and service to small businesses in New Hampshire

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

Lili

$2.5 for out of network

1.50% APY

Manage finances and payments, control expenses, and save money for taxes

Chase

$15 (waivable)

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

Up to 0.02% APY

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

Axos

$35 for wire transfer

–

Fund transfer, wire transfer, bill payment.

Oxygen

$3 for out-of-network ATM fee, fees for international transactions, $5 international ATM fee, fees for Ingo mobile check deposit

1.0% APY

Check deposit, bill payment, check deposit, account statement

Bluevine: Best Bank for Merchant Services

Interest Rates: 2.0% APY

★★★★★

4.7

Bluevine is an online bank that offers some of the best merchant services to small businesses. It is ideal for businesses that require flexibility in payments and fast access to funds. Bluevine offers two types of business banking services – business checking and lending.

Their checking account comes with no monthly fees, unlimited transactions, and no minimum balance requirements. Bluevine’s lending service includes invoice factoring, lines of credit, and term loans, all of which can be used to manage cash flow and finance business operations.

With Bluevine, small businesses can easily integrate their bank account with popular accounting software, such as QuickBooks, Xero, and Wave, to streamline their financial management processes.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Capital One: Best Bank for Credit Lines

Interest Rates: 0.20% APY

★★★★★

4.6

Capital One is an excellent choice for businesses that require credit lines. They offer secured and unsecured credit lines that can be customized to meet your business needs. Capital One’s credit lines can be used for short-term or long-term financing, and their repayment terms are flexible.

The bank also offers a rewards program that allows businesses to earn cashback and rewards points for their purchases. Additionally, Capital One provides easy online access to account management tools that help businesses track their expenses and monitor their credit scores.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

U.S. Bank: Best Bank for Cash Management

Interest Rates: 0.01% APY

★★★★★

4.5

U.S Bank is known for its cash management services, making it the ideal bank for businesses that need to manage their cash flow efficiently. Their cash management services include online banking, bill pay, wire transfers, ACH payments, and remote deposit capture.

With U.S Bank, businesses can easily manage their finances, pay bills, and transfer funds from anywhere at any time. They also offer a comprehensive mobile banking app that allows businesses to access their accounts and perform transactions on the go.

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 has locations in 28 states

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Bank of America: Best for Overdraft Protection

Interest Rates: Up to 0.04% APY

★★★★★

4.4

Bank of America is a well-known bank that provides excellent overdraft protection services to small businesses. Their overdraft protection program allows businesses to link their checking accounts to a savings account or credit line, which helps prevent overdraft fees and ensures that payments are made on time.

Additionally, Bank of America’s mobile banking app provides real-time alerts that notify businesses when their account balance is low, ensuring that they can take action before overdraft fees are charged.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Axos: Best Bank for Mobile Banking

4.61

★★★★★

Axos Bank is the best bank for mobile banking. Their mobile app is designed to make banking easier for small businesses. With AXOS Bank, businesses can easily deposit checks, view account balances, pay bills, transfer funds, and manage their finances on the go. Their app also provides real-time account alerts, making it easier for businesses to monitor their account activity and avoid any fraudulent transactions.

Why we chose it: Free cash deposits and a low fee structure make Axos Basic Business Checking one of the best business bank accounts out there.

No monthly fee and unlimited transactions.
Unlimited domestic ATM fee reimbursements.
Cash deposits via MoneyPass and AllPoint ATMs.
Welcome bonus for new customers (terms apply).
24/7 customer support.

No third-party app integrations.
Interest checking APY is good, but not great

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Lili: Best Bank for Remote Deposit

4.57

★★★★★

Lili Bank is the best bank for remote deposit. They offer a mobile app that allows businesses to deposit checks remotely by simply taking a picture of the check. Their app also provides other convenient features, such as real-time notifications for deposits and spending, expense categorization, and tax-saving tools. Lili Bank is an excellent choice for businesses that need to deposit checks quickly and efficiently.

No fees, minimum balance requirements, or minimum opening deposit.
Unlimited fee-free transactions.
Fee-free ATM access through the MoneyPass network; ability to deposit cash through the Green Dot network.
Integrated tools for managing expenses and planning for taxes.
Offers an early payment feature with direct deposit, allowing you to receive funds up to two days sooner than you might with a traditional bank account.

Cash deposits at Green Dot locations incur a fee of up to $4.95 per deposit.
No checkbooks; can’t send or receive wire transfers.
Limited business-related features, e.g., doesn’t offer joint accounts, multiple business debit cards, or third-party integrations.

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Oxygen: Best Bank for Wire Transfer

4.0

★★★★★

Oxygen Bank is the best bank for wire transfer services. Their wire transfer service is fast, reliable, and secure. Oxygen Bank also provides a comprehensive mobile banking app that allows businesses to manage their accounts, view transactions, and initiate wire transfers from anywhere. With Oxygen Bank, businesses can easily send and receive funds both domestically and internationally.

Why we chose it: Oxygen speaks the language of the trendy business owner, offering some cool banking features along the way. It’s also one of the best checking accounts for sole proprietors.

Aimed at trendy business owners
5% Cashback rewards
Create virtual, single-use debit cards

Virtual bank, no cash deposits
Fewer integrations than other options
No lending options

Fees

Interest Rates

Minimum Balance

Mobile Banking Features

Chase: Best Bank for Business Bill Pay

Interest Rates: Up to 0.02% APY

★★★★★

4.2

Chase Bank is the best bank for business bill pay. Their online bill-pay service allows businesses to pay bills quickly and easily from anywhere. With Chase Bank, businesses can also schedule recurring payments and set up automatic payments, helping them avoid late fees and ensuring that their bills are always paid on time.

Additionally, Chase Bank provides a comprehensive mobile banking app that allows businesses to manage their accounts and track their expenses on the go.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Methodology for the Best Banks for Small Businesses in New Hampshire

To find the best banks for small businesses in New Hampshire, we examined the following key factors;

Fees: Small businesses often have to count every penny. Using a bank that nickels and dimes you for every little thing can quickly run your account dry. We looked for banks without maintenance fees or at least the option to waive said charge with a few simple steps. It was also crucial to locate institutions that minimize costs for transactions and transfers that every business needs to perform.
Interest Rates: We realize business bank accounts function primarily for organization and making payments, but that doesn’t mean you can’t earn a little interest on the side. Between checking and savings accounts, we called out banks offering easily accessible rates you can use for some extra cash. Some options even go well beyond the national average.
Minimum Balance: Banks with maintenance fees will often waive them if you have enough money in said account. Small businesses may not have a lot of money to work with early on, so we identified institutions with low balance requirements to avoid fees. Some banks also have account minimums to unlock interest rates or other rewards.
Access to Mobile Banking: In our fast-paced world, having all your banking needs at your fingertips is a huge win. Mobile devices also played a role in the emergence of online-only banks with accounts you can access from anywhere. Even banks traditionally known for physical locations are amping up mobile apps to compete with the masses. Our selections highlight banks with top-tier mobile banking options to manage finances and make payments.
Ease of Use: When making our top banking for small business picks, we wanted to ensure features were straightforward to use. This applies to everything from transfers and payments to opening a business bank account with nothing more than an EIN. No bank account should be more trouble than it’s worth.

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

Do you have more questions about opening a bank account for your New Hampshire business? This FAQ has the answers to your questions:

What is a business account?

A business bank account is a financial account that is specifically designed for business purposes. It enables businesses to receive payments, pay bills, and manage their finances effectively. Business bank accounts may offer a range of features and services, including credit lines, debit cards, online banking, and mobile banking, among others.

Can I open a bank account with my EIN number?

What are some advantages of having a business bank account?

Having a business bank account provides several advantages such as separating business and personal finances, establishing credibility and professionalism, enabling businesses to accept and make payments in their business name, simplifying accounting and tax management, providing access to credit and financial services, and potentially reducing the risk of fraud or identity theft.

How much should a small business have in a bank account?

Bottom Line

Opening a business bank account can provide significant advantages for small businesses in New Hampshire. It allows them to efficiently manage their finances and monitor their transactions.

The top banks that cater to small businesses in New Hampshire offer reasonable fees, easy-to-use money transfer options, and reliable customer service. These features help businesses achieve their financial objectives and establish strong relationships with their suppliers.

To meet your business’s financial requirements in New Hampshire, it is advisable to consider these banks as your preferred choice.

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.

8 Best Banks for Small Businesses in New Jersey in 2023

Person paying for their coffee with their ATM card on a small business' POS machine

Starting a small business in New Jersey can be challenging, and finding the right bank to support your business is crucial. With so many options to choose from, it can be overwhelming to determine which bank offers the best services for your needs. In this article, we have compiled a list of the 8 best banks for small businesses in New Jersey in 2023. Read on to know more.

Best Banks for Small Businesses in New Jersey

Bluevine: Overall Best Bank for Small Businesses
Capital One: Best for Merchant Services
U.S Bank: Best Bank for Checking Account
Bank of America: Best Bank for Business Loans
Axos Bank: Best Bank for Wire Transfer
Lili Bank: Best Bank for Cash Management
Oxygen Bank: Best Bank for Online Banking
Chase Bank: Best Bank for Credit Cards

Our Methodology

In our search for the best banks for small businesses in New Jersey, we thoroughly evaluated several factors. This included analyzing the fees associated with maintaining an open account and the minimum balance required to avoid such fees. We also considered any additional charges for utilizing the bank’s services and the mobile banking of these banks.

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

Lili

$2.5 for out of network

1.50% APY

Manage finances and payments, control expenses, and save money for taxes

Chase

$15 (waivable)

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

Up to 0.02% APY

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

Axos

$35 for wire transfer

–

Fund transfer, wire transfer, bill payment.

Oxygen

$3 for out-of-network ATM fee, fees for international transactions, $5 international ATM fee, fees for Ingo mobile check deposit

1.0% APY

Check deposit, bill payment, check deposit, account statement

Bluevine: Overall Best Bank for Small Businesses

Interest Rates: 2.0% APY

★★★★★

4.7

Bluevine is an online-based financial institution that offers a variety of services to small businesses. It is a great option for small business owners who are looking for a convenient and easy-to-use banking platform.

Bluevine provides business checking accounts with no monthly maintenance fees, and it also offers business loans and lines of credit. The bank has a fast application process and quick funding times, which makes it an excellent option for businesses that need access to capital quickly.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Capital One: Best for Merchant Services

Interest Rates: 0.20% APY

★★★★★

4.6

Capital One is a top-tier financial institution that offers a wide range of financial products and services, including merchant services. The bank’s merchant services are designed to help small businesses accept payments from their customers, both in-store and online. Capital One provides businesses with access to a range of payment processing solutions, including credit card processing, debit card processing, and mobile payment processing.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

U.S. Bank: Best Bank for Checking Account

Interest Rates: 0.01% APY

★★★★★

4.5

U.S. Bank is a national bank that offers a variety of banking services, including checking accounts for small businesses. The bank’s small business checking accounts come with a range of features, including online and mobile banking, debit cards, and unlimited transactions. U.S. Bank also offers overdraft protection and cash management tools to help small businesses manage their finances.

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 has locations in 28 states

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Bank of America: Best for Merchant Services

Interest Rates: Up to 0.04% APY

★★★★★

4.4

Bank of America offers one of the best merchant services for businesses of all sizes. The bank has a wide range of solutions, including credit card processing, payment processing, and point-of-sale systems. Bank of America merchant services provide businesses with secure and reliable payment processing that can be customized to meet their unique needs. The bank also offers comprehensive fraud protection and chargeback management solutions to help merchants reduce their risk and protect their bottom line.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Axos: Best Bank for Cash Management

4.61

★★★★★

Axos Bank is the go-to bank for businesses looking to streamline their cash management operations. The bank offers a range of cash management solutions, including wire transfers, ACH transfers, remote deposits, and account reconciliation services.

Axos Bank’s cash management services are designed to help businesses manage their cash flow, reduce their risk, and increase their efficiency. With competitive pricing and dedicated customer support, Axos Bank is an excellent choice for businesses looking to optimize their cash management operations.

Why we chose it: Free cash deposits and a low fee structure make Axos Basic Business Checking one of the best business bank accounts out there.

No monthly fee and unlimited transactions.
Unlimited domestic ATM fee reimbursements.
Cash deposits via MoneyPass and AllPoint ATMs.
Welcome bonus for new customers (terms apply).
24/7 customer support.

No third-party app integrations.
Interest checking APY is good, but not great

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Lili: Best Bank for Wire Transfer

4.57

★★★★★

Lili Bank is a digital bank that offers a suite of banking solutions designed specifically for freelancers and small business owners. The bank’s wire transfer services are among the best in the industry, with fast, secure, and reliable transfers at competitive rates.

Lili Bank’s wire transfer service is easy to use, with a user-friendly interface and intuitive controls. With no hidden fees and a simple fee structure, Lili Bank is an excellent choice for businesses that need to make regular wire transfers.

No fees, minimum balance requirements, or minimum opening deposit.
Unlimited fee-free transactions.
Fee-free ATM access through the MoneyPass network; ability to deposit cash through the Green Dot network.
Integrated tools for managing expenses and planning for taxes.
Offers an early payment feature with direct deposit, allowing you to receive funds up to two days sooner than you might with a traditional bank account.

Cash deposits at Green Dot locations incur a fee of up to $4.95 per deposit.
No checkbooks; can’t send or receive wire transfers.
Limited business-related features, e.g., doesn’t offer joint accounts, multiple business debit cards, or third-party integrations.

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Oxygen: Best Bank for Remote Deposit

4.0

★★★★★

Oxygen Bank is a digital bank that specializes in serving the needs of freelancers, entrepreneurs, and small businesses. The bank’s remote deposit service allows businesses to deposit checks from anywhere, at any time, using their smartphone or tablet.

Oxygen Bank’s remote deposit service is fast, secure, and reliable, with funds typically available within two business days. With competitive pricing, no hidden fees, and a user-friendly interface, Oxygen Bank is an excellent choice for businesses that need a convenient and reliable remote deposit solution.

Why we chose it: Oxygen speaks the language of the trendy business owner, offering some cool banking features along the way. It’s also one of the best checking accounts for sole proprietors.

Aimed at trendy business owners
5% Cashback rewards
Create virtual, single-use debit cards

Virtual bank, no cash deposits
Fewer integrations than other options
No lending options

Fees

Interest Rates

Minimum Balance

Mobile Banking Features

Chase: Best Bank for Fraud Protection

Interest Rates: Up to 0.02% APY

★★★★★

4.2

Chase Bank is a top-tier bank that offers a range of banking services for businesses of all sizes. The bank’s fraud protection solutions are among the best in the industry, with a comprehensive suite of tools designed to help businesses reduce their risk and protect their bottom line.

Chase Bank’s fraud protection solutions include real-time transaction monitoring, advanced analytics, and sophisticated fraud detection algorithms. With 24/7 customer support and a dedicated fraud team, Chase Bank is an excellent choice for businesses that need robust fraud protection solutions.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Methodology for the Best Banks for Small Businesses in New Jersey

To find the best banks for small businesses in New Jersey, we examined several aspects of the establishment of a business bank account and effective financial management. Here are the key factors we used to make our decision.

Fees: Small businesses often have to count every penny. Using a bank that nickels and dimes you for every little thing can quickly run your account dry. We looked for banks without maintenance fees or at least the option to waive said charge with a few simple steps. It was also crucial to locate institutions that minimize costs for transactions and transfers that every business needs to perform.
Interest Rates: We realize business bank accounts function primarily for organization and making payments, but that doesn’t mean you can’t earn a little interest on the side. Between checking and savings accounts, we called out banks offering easily accessible rates you can use for some extra cash. Some options even go well beyond the national average.
Minimum Balance: Banks with maintenance fees will often waive them if you have enough money in said account. Small businesses may not have a lot of money to work with early on, so we identified institutions with low balance requirements to avoid fees. Some banks also have account minimums to unlock interest rates or other rewards.
Access to Mobile Banking: In our fast-paced world, having all your banking needs at your fingertips is a huge win. Mobile devices also played a role in the emergence of online-only banks with accounts you can access from anywhere. Even banks traditionally known for physical locations are amping up mobile apps to compete with the masses. Our selections highlight banks with top-tier mobile banking options to manage finances and make payments.
Ease of Use: When making our top banking for small business picks, we wanted to ensure features were straightforward to use. This applies to everything from transfers and payments to opening a business bank account with nothing more than an EIN. No bank account should be more trouble than it’s worth.

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

Do you have more questions about opening a bank account for your New Jersey business? This FAQ has the answers to your questions:

What are the requirements to open a business account in New Jersey?

To open a business bank account in New Jersey, you’ll need the business’s legal formation documents, such as articles of incorporation or a partnership agreement, the employer identification number (EIN), and government-issued identification for the authorized signer(s) on the account.

Additionally, some banks may require proof of address or business licenses. It is recommended to check with the chosen bank or financial institution for their specific requirements.

Can I open a bank account with my EIN number?

Is it possible to open a bank account without an SSN in New Jersey?

It is possible to open a bank account without a Social Security Number (SSN) in New Jersey, but it may depend on the bank’s policies and whether they offer alternative identification options. Non-citizens or foreign nationals may be able to use an Individual Taxpayer Identification Number (ITIN) or passport to open an account, but it is recommended to check with the bank beforehand. It is also worth noting that certain banking services, such as credit or loans, may require an SSN or ITIN to establish creditworthiness.

How much should a small business have in a bank account?

Bottom Line

Small businesses in New Jersey can reap substantial benefits by opening a business bank account. Such accounts enable them to effectively manage their finances and keep track of transactions.

The leading banks catering to small businesses in New Jersey provide affordable fees, user-friendly money transfer options, and dependable customer support, enabling businesses to meet their financial goals and cultivate strong ties with their vendors.

Make sure to consider these banks as your preferred solution to fulfill your business’s financial needs in New Jersey.

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.

8 Best Banks for Small Businesses in New Mexico in 2023

Businessman counting bank dollar notes in their office

Launching a small business can be a daunting task, and selecting the right banking partner is essential for success. The best banking options provide additional features to ensure that your business’s financial matters are managed seamlessly. Read on to learn about our favorite picks of the best banks for small businesses in New Mexico in this comprehensive roundup.

Best Banks for Small Businesses in New Mexico

Bluevine: Best Bank for Business Savings Account
Capital One: Best Bank for Business Loans
U.S Bank: Best Bank for Credit Cards
Bank of America: Best for Merchant Services
Axos Bank: Best Bank for Cash Management
Lili Bank: Best Bank for Wire Transfer
Oxygen Bank: Best Bank for Remote Deposit
Chase Bank: Best Bank for Fraud Protection

Methodology

To identify the best banks in New Mexico for small businesses, we analyzed the costs associated with maintaining an open account, as well as the minimum balances required to avoid these fees. We also evaluated any additional charges for using the bank’s services and any interest rates offered to customers.

Furthermore, we conducted a thorough assessment of the mobile banking features offered by these banks to ensure that they meet the needs of modern businesses.

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

Lili

$2.5 for out of network

1.50% APY

Manage finances and payments, control expenses, and save money for taxes

Chase

$15 (waivable)

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

Up to 0.02% APY

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

Axos

$35 for wire transfer

–

Fund transfer, wire transfer, bill payment.

Oxygen

$3 for out-of-network ATM fee, fees for international transactions, $5 international ATM fee, fees for Ingo mobile check deposit

1.0% APY

Check deposit, bill payment, check deposit, account statement

Bluevine: Best Bank for Business Savings Account

Interest Rates: 2.0% APY

★★★★★

4.7

BlueVine is an online business bank that offers high-yield savings accounts for small businesses. Their savings account has no minimum balance requirements or monthly fees, making it an affordable option for businesses of all sizes.

Additionally, BlueVine’s savings account has a competitive interest rate, allowing businesses to earn more on their savings. With easy account access through their mobile app or online banking, BlueVine provides a user-friendly experience for business owners who want to manage their savings effectively.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Capital One: Best Bank for Business Loans

Interest Rates: 0.20% APY

★★★★★

4.6

Capital One is a leading provider of small business loans. They offer a range of financing options, including lines of credit, term loans, and SBA loans, to help businesses of all sizes grow and succeed.

Capital One provides a streamlined application process and quick funding, making it an attractive choice for business owners who need access to capital quickly.

Additionally, Capital One has a team of experienced business bankers who can offer guidance and support throughout the lending process.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

U.S. Bank: Best Bank for Credit Cards

Interest Rates: 0.01% APY

★★★★★

4.5

U.S. Bank is a leading provider of business credit cards, offering a range of card options designed to meet the needs of different businesses.

Their credit cards come with various benefits, including cashback rewards, travel rewards, and introductory offers. Additionally, U.S. Bank provides robust online account management tools and fraud protection, making it easy for business owners to monitor their spending and keep their accounts secure.

Why we chose it: Small businesses in need of extra funds can turn to the 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 has locations in 28 states

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Bank of America: Best for Merchant Services

Interest Rates: Up to 0.04% APY

★★★★★

4.4

Bank of America is a leading provider of merchant services for businesses of all sizes. They offer a range of payment processing solutions, including credit card processing, debit card processing, and e-commerce payment solutions.

Bank of America’s merchant services is designed to help businesses streamline their payment processes, increase efficiency, and improve their cash flow. They also provide 24/7 support and customized solutions tailored to the specific needs of each business.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Axos: Best Bank for Cash Management

4.61

★★★★★

Axos Bank is an online bank that offers cash management solutions for businesses of all sizes. They provide a suite of products and services designed to help businesses manage their cash flow, including deposit accounts, wire transfers, ACH transfers, and remote deposits.

Axos Bank’s cash management solutions are user-friendly and cost-effective, making it an attractive option for businesses that want to optimize their cash management processes.

Why we chose it: Free cash deposits and a low fee structure make Axos Basic Business Checking one of the best business bank accounts out there.

No monthly fee and unlimited transactions.
Unlimited domestic ATM fee reimbursements.
Cash deposits via MoneyPass and AllPoint ATMs.
Welcome bonus for new customers (terms apply).
24/7 customer support.

No third-party app integrations.
Interest checking APY is good, but not great

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Lili: Best Bank for Digital Services and E-banking

4.57

★★★★★

Lili Bank is a mobile banking platform designed specifically for freelancers and small business owners. They offer a range of banking services, including a free checking account and easy-to-use wire transfer capabilities.

With Lili Bank, business owners can send and receive wire transfers quickly and easily, making it an excellent choice for businesses that frequently need to transfer funds.

No fees, minimum balance requirements, or minimum opening deposit.
Unlimited fee-free transactions.
Fee-free ATM access through the MoneyPass network; ability to deposit cash through the Green Dot network.
Integrated tools for managing expenses and planning for taxes.
Offers an early payment feature with direct deposit, allowing you to receive funds up to two days sooner than you might with a traditional bank account.

Cash deposits at Green Dot locations incur a fee of up to $4.95 per deposit.
No checkbooks; can’t send or receive wire transfers.
Limited business-related features, e.g., doesn’t offer joint accounts, multiple business debit cards, or third-party integrations.

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Oxygen: Best Bank for Remote Deposit

4.0

★★★★★

Oxygen Bank is a mobile banking platform designed for freelancers and small business owners. They offer a range of banking services, including remote deposit, which allows business owners to deposit checks from their mobile devices. Oxygen Bank’s remote deposit feature is fast and secure, making it an attractive option for businesses that need to deposit checks quickly and easily.

Why we chose it: Oxygen speaks the language of the trendy business owner, offering some cool banking features along the way. It’s also one of the best checking accounts for sole proprietors.

Aimed at trendy business owners
5% Cashback rewards
Create virtual, single-use debit cards

Virtual bank, no cash deposits
Fewer integrations than other options
No lending options

Fees

Interest Rates

Minimum Balance

Mobile Banking Features

Chase: Best Bank for Fraud Protection

Interest Rates: Up to 0.02% APY

★★★★★

4.2

Chase Bank is a leading provider of business banking services, including checking accounts, credit cards, and lending products. They provide robust fraud protection services to help businesses protect themselves from financial fraud.

Chase Bank’s fraud protection services include account alerts, 24/7 fraud monitoring, and zero liability for unauthorized transactions, making it an excellent choice for businesses that want to ensure their financial security.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Methodology for the Best Banks for Small Businesses in New Mexico

To find the best banks for small businesses in New Mexico, we looked at several aspects of opening a business bank account and managing finances in New Mexico. Here are the key factors we used to make our decision.

Fees: Small businesses often have to count every penny. Using a bank that nickels and dimes you for every little thing can quickly run your account dry. We looked for banks without maintenance fees or at least the option to waive said charge with a few simple steps. It was also crucial to locate institutions that minimize costs for transactions and transfers that every business needs to perform.
Interest Rates: We realize business bank accounts function primarily for organization and making payments, but that doesn’t mean you can’t earn a little interest on the side. Between checking and savings accounts, we called out banks offering easily accessible rates you can use for some extra cash. Some options even go well beyond the national average.
Minimum Balance: Banks with maintenance fees will often waive them if you have enough money in said account. Small businesses may not have a lot of money to work with early on, so we identified institutions with low balance requirements to avoid fees. Some banks also have account minimums to unlock interest rates or other rewards.
Access to Mobile Banking: In our fast-paced world, having all your banking needs at your fingertips is a huge win. Mobile devices also played a role in the emergence of online-only banks with accounts you can access from anywhere. Even banks traditionally known for physical locations are amping up mobile apps to compete with the masses. Our selections highlight banks with top-tier mobile banking options to manage finances and make payments.
Ease of Use: When making our top banking for small business picks, we wanted to ensure features were straightforward to use. This applies to everything from transfers and payments to opening a business bank account with nothing more than an EIN. No bank account should be more trouble than it’s worth.

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

Do you have more questions about opening a bank account for your New Mexico business? This FAQ has the answers to your questions:

What are the requirements to open a business account in New Mexico?

To open a business bank account in New Mexico, you will typically need to provide the following documents: a valid form of identification, such as a driver’s license or passport; your business’s legal name and physical address; your business’s employer identification number (EIN); and any business formation documents, such as a certificate of incorporation or a partnership agreement.

Additionally, some banks may require proof of business ownership, such as business registration documents or tax forms.

Can I open a bank account with my EIN number?

Is it possible to open a bank account without an SSN in New Mexico?

It is possible to open a bank account without a Social Security Number (SSN) in New Mexico, although it may be more difficult. Many banks require a valid SSN as part of their customer identification and verification process. However, some banks may accept other forms of identification, such as an Individual Taxpayer Identification Number (ITIN) or a passport. Additionally, some banks may have their policies and procedures for opening an account without an SSN, so it is recommended to check with the bank for specific requirements.

How much should a small business have in a bank account?

Bottom Line

Small businesses in New Mexico can reap significant benefits from opening a business bank account as it enables them to streamline financial management and track transactions effectively.

Top banks catering to small businesses in New Mexico provide cost-effective fee structures, user-friendly money transfer options, and dependable customer service. This allows businesses to accomplish their financial goals effortlessly and maintain positive relationships with vendors. Consider these banks as a go-to solution to cater to your company’s financial needs in New Mexico.

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.

8 Best Banks for Small Businesses in North Dakota in 2023

Businessman writing down financial plans

Setting up a small business can be demanding, and you must have the appropriate bank to help you achieve success. The leading preferences provide you with bonus practices that’ll keep the financial aspect of your business in a high-quality state. Read to the end to see all our choices of the best banks for small businesses in North Dakota.

Best Banks for Small Businesses in North Dakota

Bluevine: Best Overall Bank for Small Businesses
Capital One: Best for Business Account Management
U.S. Bank: Best Bank for Financing Options
Bank of America: Best Bank for Risk Management
Lili Bank: Best Bank for One-person Businesses
Axos Bank: Best for Full-service Banking Experience
Oxygen Bank: Best for Freelancers.
Chase Business: Best Bank Account for Merchant Service

Our Methodology

While deciding on the leading banks for little businesses in North Dakota, we reviewed the charges for servicing an open account and the required minimum balances needed to elude such charges. In addition, we estimated the extra charges it’ll cost to use the services of a bank, and any interest you’ll get when you become a user. We also evaluated the mobile banking benefits of these banks.

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

Lili

$2.5 for out of network

1.50% APY

Manage finances and payments, control expenses, and save money for taxes

Chase

$15 (waivable)

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

Up to 0.02% APY

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

Axos

$35 for wire transfer

–

Fund transfer, wire transfer, bill payment.

Oxygen

$3 for out-of-network ATM fee, fees for international transactions, $5 international ATM fee, fees for Ingo mobile check deposit

1.0% APY

Check deposit, bill payment, check deposit, account statement

Bluevine: Best Overall Bank for Small Businesses

Interest Rates: 2.0% APY

★★★★★

4.7

Bluevine provides an ideal online banking platform that you can trust, irrespective of where you are in North Dakota. It is fast and accessible for small business owners and has an adjustable and safe financing option that can be customized to meet the particular needs of any small business. Bluevine offers a zero minimum deposit balance and few fees. In addition to their client support being top-notch, their customer service is ranked highly.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Capital One: Best for Business Account Management

Interest Rates: 0.20% APY

★★★★★

4.6

Capital One offers some of the most amazing cash advances and other benefits that are of great help to small businesses in North Dakota. Their online tools and mobile app are so innovative and make it easy to transact with them.

They also have tools that are easy to use, which makes managing your account from anywhere a breeze. You can access your funds swiftly with the unlimited transfer option that Capital One offers.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

U.S. Bank: Best Bank for Financing Options

Interest Rates: 0.01% APY

★★★★★

4.5

If your small business needs financial help, The U.S. Bank can come to your rescue. You have access to various financial services including mortgages and loans to take your business to the next level.

This bank also has a massive network of branches and ATMs that gives you access to the bank’s services and your account easily wherever you are in North Dakota. Add it to the fascinating rewards, competitive rates, and low fees that the U.S. Bank offers its users.

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 has locations in 28 states

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Bank of America: Best Bank for Risk Management

Interest Rates: Up to 0.04% APY

★★★★★

4.4

Bank of America has improved security features such as fraud detection tools, tokenization, and encryption to protect small businesses and customers alike from fraudulent transactions.

In addition, the Bank of America has merchant services that are built to help small businesses with accepting debit and credit card payments from their customers. With this, small businesses have a variety of payment options for customers thereby increasing sales and reducing fraud.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Axos: Best for Full-service Banking Experience

4.53

★★★★★

In March 2022, Axos Bank opened deposit requirements on its free business checking account, removed transaction limits, and added cash deposit capability to all accounts.

These improvements are unarguably major and are binding on existing features such as free ATM access nationwide, 24-hour customer support, and limitless domestic ATM fee refunds. The best part? You get all these banking products and services directly from Axos if you’re banking with them.

Why we chose it: Free cash deposits and a low fee structure make Axos Basic Business Checking one of the best business bank accounts out there.

No monthly fee and unlimited transactions.
Unlimited domestic ATM fee reimbursements.
Cash deposits via MoneyPass and AllPoint ATMs.
Welcome bonus for new customers (terms apply).
24/7 customer support.

No third-party app integrations.
Interest checking APY is good, but not great

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Lili: Best Bank for One-person Businesses

4.55

★★★★★

If you run a personal business in North Dakota, Lili is your best bet for enjoying the ease of banking. The bank was designed originally for independent contractors and personal businesses but has now been expanded to accommodate every type of business entity.

It provides you with all the tools you need to file a proper report at tax time as well as lots of digital tools that’ll help you save for taxes, manage expenses, accept payments from customers, and track tax write-offs.

With Lili Bank, you’ll have an online business checking account with zero minimum opening deposit and zero monthly fees.

No fees, minimum balance requirements, or minimum opening deposit.
Unlimited fee-free transactions.
Fee-free ATM access through the MoneyPass network; ability to deposit cash through the Green Dot network.
Integrated tools for managing expenses and planning for taxes.
Offers an early payment feature with direct deposit, allowing you to receive funds up to two days sooner than you might with a traditional bank account.

Cash deposits at Green Dot locations incur a fee of up to $4.95 per deposit.
No checkbooks; can’t send or receive wire transfers.
Limited business-related features, e.g., doesn’t offer joint accounts, multiple business debit cards, or third-party integrations.

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Oxygen: Best for Freelancers

4.1

★★★★★

Oxygen Bank is a digital bank that caters to the financial needs of freelancers and other self-employed individuals. It offers a free checking account with no monthly fees, making it an affordable option for those looking to save on banking costs.

The user-friendly mobile app also makes it easy for freelancers to manage their finances on the go. With these features, Oxygen Bank can be a good choice for freelancers who want a convenient and affordable banking option.

Why we chose it: Oxygen speaks the language of the trendy business owner, offering some cool banking features along the way. It’s also one of the best checking accounts for sole proprietors.

Aimed at trendy business owners
5% Cashback rewards
Create virtual, single-use debit cards

Virtual bank, no cash deposits
Fewer integrations than other options
No lending options

Fees

Interest Rates

Minimum Balance

Mobile Banking Features

Chase: Best Bank for Business Investing

Interest Rates: Up to 0.02% APY

★★★★★

4.2

March 23, 2023March 28, 2023

Chase Bank is a suitable choice for business owners in North Dakota as it provides a diverse range of financial products and services, such as business loans, credit cards, merchant services, and cash management. Its online and mobile banking platform is robust, enabling business owners to manage their finances at their convenience.

Moreover, Chase Bank has a widespread network of branches and ATMs across North Dakota, ensuring easy accessibility to banking services for business owners. These factors collectively make Chase Bank a favorable option for business investment in North Dakota.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Methodology for the Best Banks for Small Businesses in North Dakota

To find the best banks for small businesses in North Dakota, we looked at various aspects of opening a business bank account and managing finances. Here are the key factors we used to make our decision.

Fees: Small businesses often have to count every penny. Using a bank that nickels and dimes you for every little thing can quickly run your account dry. We looked for banks without maintenance fees or at least the option to waive said charge with a few simple steps. It was also crucial to locate institutions that minimize costs for transactions and transfers that every business needs to perform.
Interest Rates: We realize business bank accounts function primarily for organization and making payments, but that doesn’t mean you can’t earn a little interest on the side. Between checking and savings accounts, we called out banks offering easily accessible rates you can use for some extra cash. Some options even go well beyond the national average.
Minimum Balance: Banks with maintenance fees will often waive them if you have enough money in said account. Small businesses may not have a lot of money to work with early on, so we identified institutions with low balance requirements to avoid fees. Some banks also have account minimums to unlock interest rates or other rewards.
Access to Mobile Banking: In our fast-paced world, having all your banking needs at your fingertips is a huge win. Mobile devices also played a role in the emergence of online-only banks with accounts you can access from anywhere. Even banks traditionally known for physical locations are amping up mobile apps to compete with the masses. Our selections highlight banks with top-tier mobile banking options to manage finances and make payments.
Ease of Use: When making our top banking for small business picks, we wanted to ensure features were straightforward to use. This applies to everything from transfers and payments to opening a business bank account with nothing more than an EIN. No bank account should be more trouble than it’s worth.

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

Do you have more questions about opening a bank account for your North Dakota business? This FAQ has the answers to your questions:

What are the documents you need to open a business account in North Dakota?

The documents required to open a business account in North Dakota may vary depending on the bank and the type of business account you want to open. Generally, you will need to provide documents such as your business’s legal name and registration documents, tax identification number, and proof of address. You may also need to provide identification documents for the authorized signers on the account, such as driver’s licenses or passports.

Can I open a bank account with my EIN number?

Is it possible to open a bank account without an SSN in North Dakota?

Yes, opening a bank account without an SSN in North Dakota is possible. You don’t need to have an SSN before you can open a savings or business checking account in North Dakota.

How much should a small business have in a bank account?

Bottom Line

Small businesses in North Dakota can greatly benefit from opening a business bank account as it provides an efficient way to manage finances and keep track of transactions. Top banks for small businesses in North Dakota offer low fees, convenient money transfer options, and reliable customer service, enabling businesses to easily meet financial goals and maintain positive relationships with suppliers. These banks can serve as a go-to solution for fulfilling a company’s financial needs in North Dakota.

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.

8 Best Banks for Small Businesses in Iowa in 2023

Iowa is a hub of small businesses, and having the right banking partner can make all the difference. In this article, we will highlight the 8 best banks for small businesses in Iowa that offer exceptional services and products for small businesses.

These banks have been chosen based on their accessibility, customer service, fees, interest rates, and the range of services they offer to help small businesses grow and succeed.

8 Best Banks for Small Businesses in Iowa

Bluevine: Best Bank for High interest rate in Iowa
Capital One: Best for online business checking account
Lili: Best Bank for Digital services and e-banking
U.S. Bank: Best for Merchant Services in Iowa
Oxygen: Best for small businesses and Startups
Axos: Best for Credit lines and Business loans
Bank of America: Best Bank for easy cash deposits
Chase Bank: Best Bank for entrepreneurs and freelancers

Our Methodology

Choosing the best Iowa banks requires one to follow a certain methodology. In determining the right banks for small businesses in Iowa, we will be checking their mode of operation, digital experience, maintenance fees, and hidden charges. Moreover, we will look critically at the bank services, interest rates, proximity of ATMs, and speed at which credit cards are issued.

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

Lili

$2.5 for out of network

1.50% APY

Manage finances and payments, control expenses, and save money for taxes

Chase

$15 (waivable)

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

Up to 0.02% APY

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

Axos

$35 for wire transfer

–

Fund transfer, wire transfer, bill payment.

Oxygen

$3 for out-of-network ATM fee, fees for international transactions, $5 international ATM fee, fees for Ingo mobile check deposit

1.0% APY

Check deposit, bill payment, check deposit, account statement

Bluevine: Best Bank for High Interest Rate in Iowa

Interest Rates: 2.0% APY

★★★★★

4.7

Bluevine bank provides only one account for small businesses: Bluevine Business Checking Account. This bank pays its stickers huge interest on all the two accounts’ balances. It was established by Eyal Lifshitz to help small businesses grow.

The Bluevine business checking pays its customers 2% on all available balances. However, customers will need to spend about $500 on the Bluevine business debit Mastercard and receive a minimum of $2,500 monthly via wire transfer or for merchant providers.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Capital One: Best for Online Business Checking Account

Interest Rates: 0.20% APY

★★★★★

4.6

Capital One bank is one of Iowa’s top banking institutions. They are known for their lucrative reward program and smooth monetary policy. One of the major attractions to small businesses is how you can open checking accounts and cards easily. Moreover Capital One also allows you to open two business checking accounts and add up to seven business credit cards.

Plus, Capital One cards permit you to earn various loyalty rewards and you also don’t need to pay any access fee. Small businesses that engage in transactions across many accounts would find Capital One desirable.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

U.S. Bank: Best for Merchant Services in Iowa

Interest Rates: 0.01% APY

★★★★★

4.5

U.S. Bank is also an ideal bank that small business owners in Iowa will enjoy. They have a sizable number of offices across the country and several ATM locations. It is a great choice for entrepreneurs and people engaging in small businesses.

If your monthly transaction is less than 200, then this might be a good choice as they don’t deduct maintenance fees. If your business is into real estate or landed properties, they provide some juicy short and mid-term loans.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Bank of America: Best Bank for Easy Cash Transactions in Iowa

Interest Rates: Up to 0.04% APY

★★★★★

4.4

Bank of America is another great bank for small businesses in Iowa. This bank has many branches across the state and country offering 24/7 services. They have an incentive known as ”preferred rewards for business” which is a good program for real estate investors and Startups.

This is a perfect bank that has various ATM locations close to your area and shares various incentives. Bank of America is highly convenient and allows simple integration of many business apps.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Axos: Best for Credit lines and Business Loans

4.53

★★★★★

Axos is a good banking option for small businesses that seek easy credit lines and loans. They provide checking and savings accounts to those who earn passive income and do daily business. You can also key into their investment services where you can invest funds in Annuities, mutual funds, and IRAs.

Entrepreneurs, solopreneurs, and remote workers can use Axos accounts to secure financing and get a fix and flip investment. Axos is a unique financial organization that doesn’t make too many demands and you can open a business account with them easily. Loans that you can get for Axos include vehicle loans, student loans, business loans, and Home improver loans.

When talking about interest rates, they offer one of the best interest rates among the top banks in Iowa. However, you need to have a decent balance monthly to enjoy such incentives.

Why we chose it: Free cash deposits and a low fee structure make Axos Basic Business Checking one of the best business bank accounts out there.

No monthly fee and unlimited transactions.
Unlimited domestic ATM fee reimbursements.
Cash deposits via MoneyPass and AllPoint ATMs.
Welcome bonus for new customers (terms apply).
24/7 customer support.

No third-party app integrations.
Interest checking APY is good, but not great

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Lili: Best Bank for Digital Services and E-banking

4.55

★★★★★

Lili is a top financial institution in Iowa that offers many credit services. Their online banking features make them perfect for small business owners. With many branches and ATM locations scattered around the city, you can withdraw and make deposits easily.

Their customer service remains among the top three in the state as all your inquiries will be dealt with quickly. With Lili, you can open your business savings and checking account, get a business credit card and seek loans that will help your business grow. Their business checking account can be opened for free and has no minimum balance required.

Why you should use Lili: Lili offers small businesses excellent e-services, quick debit and credit cards, and flexible loan payments. When seeking an online best business checking account with good mobile apps and online services, Lili is the best.

No fees, minimum balance requirements, or minimum opening deposit.
Unlimited fee-free transactions.
Fee-free ATM access through the MoneyPass network; ability to deposit cash through the Green Dot network.
Integrated tools for managing expenses and planning for taxes.
Offers an early payment feature with direct deposit, allowing you to receive funds up to two days sooner than you might with a traditional bank account.

Cash deposits at Green Dot locations incur a fee of up to $4.95 per deposit.
No checkbooks; can’t send or receive wire transfers.
Limited business-related features, e.g., doesn’t offer joint accounts, multiple business debit cards, or third-party integrations.

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Oxygen: Best for Startups

4.1

★★★★★

Oxygen offers customers an excellent business checking account which can make them successful. It is a great choice for sole entrepreneurs, remote workers, and freelancers who want a no-fee banking experience. If you want a highly secure online bank that provides one-time-use credit cards, Oxygen is your best bet.

You won’t experience any identity theft or account breach because they have the best security when it Comes to online banking. This bank also offers support to small business owners in Iowa who want to take their business to a higher level by giving them LLCs.

Why we chose it: Oxygen speaks the language of the trendy business owner, offering some cool banking features along the way. It’s also one of the best checking accounts for sole proprietors.

Aimed at trendy business owners
5% Cashback rewards
Create virtual, single-use debit cards

Virtual bank, no cash deposits
Fewer integrations than other options
No lending options

Fees

Interest Rates

Minimum Balance

Mobile Banking Features

Chase: Best Bank for Entrepreneurs and Freelancers

Interest Rates: Up to 0.02% APY

★★★★★

4.2

March 23, 2023March 28, 2023

Chase is one of the biggest banks in Iowa. They have about 300 branches and more than 1000 ATMs across the state. Small business owners can open a no-fee business account if they can maintain a balance of $ 3000 monthly. Any balance higher than that will attract a fee of about $10.

Like most top banks, Chase can handle many business services, therefore it’s ideal for those engaged in many businesses. Freelancers and Startups who seek to open a business credit card will get a high-value incentive when they use chase.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Methodology for the Best Banks for Small Businesses in Iowa

When choosing the best banks on this list, we considered several factors and methodology. We looked at opening operations, and hidden fees and it appeals to many business owners in the state. Some of the factors worth considering include:

Fees: Small businesses often have to count every penny. Using a bank that nickels and dimes you for every little thing can quickly run your account dry. We looked for banks without maintenance fees or at least the option to waive said charge with a few simple steps. It was also crucial to locate institutions that minimize costs for transactions and transfers that every business needs to perform.
Interest Rates: We realize business bank accounts function primarily for organization and making payments, but that doesn’t mean you can’t earn a little interest on the side. Between checking and savings accounts, we called out banks offering easily accessible rates you can use for some extra cash. Some options even go well beyond the national average.
Minimum Balance: Banks with maintenance fees will often waive them if you have enough money in said account. Small businesses may not have a lot of money to work with early on, so we identified institutions with low balance requirements to avoid fees. Some banks also have account minimums to unlock interest rates or other rewards.
Access to Mobile Banking: In our fast-paced world, having all your banking needs at your fingertips is a huge win. Mobile devices also played a role in the emergence of online-only banks with accounts you can access from anywhere. Even banks traditionally known for physical locations are amping up mobile apps to compete with the masses. Our selections highlight banks with top-tier mobile banking options to manage finances and make payments.
Ease of Use: When making our top banking for small business picks, we wanted to ensure features were straightforward to use. This applies to everything from transfers and payments to opening a business bank account with nothing more than an EIN. No bank account should be more trouble than it’s worth.

Recommended Banks for Small Businesses in Iowa Frequently Asked Questions (FAQs)

If you are an entrepreneur and a small business owner in Iowa, here are some questions and answers that might interest you:

How much do I need to open a business bank account in Iowa?

Depending on the bank you choose for your small business, the deposit range to open a business bank account in Iowa ranges from $5 to $900. Also, some banks charge a monthly maintenance fee depending on the available balance.

Can I open a bank account with my EIN number?

Can I open a business bank account in Iowa without a social security number?

While SSNs are a major means of identification needed by most banks during registration, there is no legal obligation to use them in most banks in Iowa. What is important is what small businesses are all about and you should present a form of ids like a driving license and Work permit.

How much should a small business have in a bank account?

Bottom Line

Using a small business account in Iowa offers entrepreneurs, freelancers, and remote workers a good chance for success. These banks help these small businesses manage their financial solutions. These best banks in Iowa offer small businesses great customer service, multiple transfer options, and easy loan options. Always consider using any of these banks when you are opening a 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.

8 Best Banks for Small Businesses in Indiana in 2023

Are you looking for the best Indiana banks? To properly manage financial operations, small business owners in Indiana must choose a reliable banking partner.

We’ve taken the time to develop a thorough list of Indiana’s 8 best banks for small businesses. These banks offer a wide range of features to help your business thrive. Study our carefully curated list to find the appropriate banking partner that best suits your small business’s needs.

Best Banks for Small Businesses in Indiana

Bluevine: Best Overall Bank In Indiana for Fast Funding for Quick Access to Capital
Capital One: Best Bank in Indiana for Credit Card Management
US Bank: Best Bank In Indiana with Efficient Cash Management Tools
Bank of America: Best Bank For Flexible Funding Options
Axos: Best Bank In Streamlining Bill Payments for Small Businesses
Lili: Best Bank for Simple Expense Management
Oxygen: Best Bank for Mobile Check Deposit
Chase: Best Bank for Mobile Banking

Our Methodology

To determine the top Indiana banks for small businesses, we evaluated factors such as account maintenance fees, minimum balance requirements, additional service charges, and interest rates. Additionally, we assessed the mobile banking amenities offered by each bank.

Our aim was to provide small businesses in Indiana with a comprehensive list of banks that offer beneficial services to help streamline their operations.

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

Lili

$2.5 for out of network

1.50% APY

Manage finances and payments, control expenses, and save money for taxes

Chase

$15 (waivable)

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

Up to 0.02% APY

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

Axos

$35 for wire transfer

–

Fund transfer, wire transfer, bill payment.

Oxygen

$3 for out-of-network ATM fee, fees for international transactions, $5 international ATM fee, fees for Ingo mobile check deposit

1.0% APY

Check deposit, bill payment, check deposit, account statement

Bluevine: Best Overall Bank for Fast Funding for Quick Access to Capital

Interest Rates: 2.0% APY

★★★★★

4.7

Fast funding is one of BlueVine’s standout features; it gives small businesses access to capital in as little as 24 hours. This might be a game-changer for small firms that want quick access to capital to handle unforeseen costs, seize expansion possibilities, or control cash flow.

Fast funding allows small firms to skip the approval procedures frequently connected with conventional lending institutions. These procedures can be time-consuming and may take weeks or even months to complete.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Capital One: Best Bank in Indiana for Credit Card Management

Interest Rates: 0.20% APY

★★★★★

4.6

Small businesses require a credit card that can help them manage expenses, build credit, and earn rewards. Capital One offers a range of benefits and features for business credit cards, including cash back, travel rewards, and no annual fees.

These credit cards offer tools and features to track expenses, tailored spending limits, and notifications for unforeseen transactions, making them a great resource for small businesses looking to control their spending and receive rewards on their purchases.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

U.S. Bank: Best Bank In Indiana with Efficient Cash Management Tools

Interest Rates: 0.01% APY

★★★★★

4.5

For financial operations to run more smoothly and cash flow to be managed, small businesses need effective cash management solutions. US Bank offers online bill payment, electronic invoicing, and wire transfer services.

With the help of these cash management solutions, small businesses can conveniently and securely transfer funds, automate invoicing, and pay their bills online, saving them time and lowering the possibility of mistakes.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Bank of America: Best Bank For Flexible Funding Options

Interest Rates: Up to 0.04% APY

★★★★★

4.4

For small businesses to expand, access to capital is essential. Bank of America offers business loans, lines of credit, and SBA loans, providing flexible financing alternatives with low-interest rates and simple online application processes. This enables small firms to fund various costs and make long-term investments, assisting them in growing and realizing their full potential.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Axos: Best Bank In Streamlining Bill Payments for Small Businesses

4.61

★★★★★

Axos Bank‘s online bill pay feature is accessible 24/7, which means small business owners can pay their bills at any time, from anywhere. It is user-friendly and allows business owners to add and delete payees easily.

Additionally, Axos Bank’s online bill pay is secure and protects small businesses from fraud or unauthorized access. With these benefits, small businesses can focus on growing their business while Axos Bank takes care of their banking needs.

Why we chose it: Free cash deposits and a low fee structure make Axos Basic Business Checking one of the best business bank accounts out there.

No monthly fee and unlimited transactions.
Unlimited domestic ATM fee reimbursements.
Cash deposits via MoneyPass and AllPoint ATMs.
Welcome bonus for new customers (terms apply).
24/7 customer support.

No third-party app integrations.
Interest checking APY is good, but not great

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Lili: Best Bank for Simple Expense Management

4.57

★★★★★

Lili Bank offers an expense tracking feature that is particularly useful for small businesses. This helps small business owners keep track of their spending and identify areas where they can reduce expenses to improve their bottom line.

Additionally, Lili Bank’s expense tracking feature allows small business owners to easily export their data to popular accounting software such as QuickBooks and Xero. This helps to save time and make tax season less stressful.

No fees, minimum balance requirements, or minimum opening deposit.
Unlimited fee-free transactions.
Fee-free ATM access through the MoneyPass network; ability to deposit cash through the Green Dot network.
Integrated tools for managing expenses and planning for taxes.
Offers an early payment feature with direct deposit, allowing you to receive funds up to two days sooner than you might with a traditional bank account.

Cash deposits at Green Dot locations incur a fee of up to $4.95 per deposit.
No checkbooks; can’t send or receive wire transfers.
Limited business-related features, e.g., doesn’t offer joint accounts, multiple business debit cards, or third-party integrations.

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Oxygen: Best Bank for Mobile Check Deposit

4.0

★★★★★

The mobile check deposit option from Oxygen Bank enables small company owners to quickly deposit checks into their accounts from any location without having to go to a real bank branch. Small business owners can deposit checks into their accounts with a few clicks on their mobile device, freeing up their time to concentrate on other crucial facets of their company.

Why we chose it: Oxygen speaks the language of the trendy business owner, offering some cool banking features along the way. It’s also one of the best checking accounts for sole proprietors.

Aimed at trendy business owners
5% Cashback rewards
Create virtual, single-use debit cards

Virtual bank, no cash deposits
Fewer integrations than other options
No lending options

Fees

Interest Rates

Minimum Balance

Mobile Banking Features

Chase: Best Bank for Mobile Banking

Interest Rates: Up to 0.02% APY

★★★★★

4.2

March 23, 2023March 28, 2023

Small business owners can manage their accounts while on the go thanks to the mobile banking app from Chase. Small company owners can quickly check their account balances, make transfers, deposit checks, and pay their invoices from their smartphone or tablet with the help of this app. This degree of accessibility and simplicity can speed up the financial management procedures for small business owners and save them time.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Methodology for the Best Banks for Small Businesses in Indiana

To identify the top banks for small businesses in Indiana, we conducted a comprehensive analysis of over thirty banks. Below are the primary factors that guided our evaluation process.

Fees: Small businesses often have to count every penny. Using a bank that nickels and dimes you for every little thing can quickly run your account dry. We looked for banks without maintenance fees or at least the option to waive said charge with a few simple steps. It was also crucial to locate institutions that minimize costs for transactions and transfers that every business needs to perform.
Interest Rates: We realize business bank accounts function primarily for organization and making payments, but that doesn’t mean you can’t earn a little interest on the side. Between checking and savings accounts, we called out banks offering easily accessible rates you can use for some extra cash. Some options even go well beyond the national average.
Minimum Balance: Banks with maintenance fees will often waive them if you have enough money in said account. Small businesses may not have a lot of money to work with early on, so we identified institutions with low balance requirements to avoid fees. Some banks also have account minimums to unlock interest rates or other rewards.
Access to Mobile Banking: In our fast-paced world, having all your banking needs at your fingertips is a huge win. Mobile devices also played a role in the emergence of online-only banks with accounts you can access from anywhere. Even banks traditionally known for physical locations are amping up mobile apps to compete with the masses. Our selections highlight banks with top-tier mobile banking options to manage finances and make payments.
Ease of Use: When making our top banking for small business picks, we wanted to ensure features were straightforward to use. This applies to everything from transfers and payments to opening a business bank account with nothing more than an EIN. No bank account should be more trouble than it’s worth.

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

Read this FAQ to know more about opening a bank account for your business in Indiana.

What are the requirements to open a business account in Indiana?

To open a business bank account in Indiana, you will need to provide the bank with documents such as your business registration documents, business tax ID number, personal identification documents, and other relevant financial documents. The specific requirements may vary from bank to bank.

Can I open a bank account with my EIN number?

Is it possible to open a bank account without an SSN in Indiana?

In most cases, a Social Security Number (SSN) is required to open a bank account in Indiana. However, some banks may offer alternatives such as an Individual Taxpayer Identification Number (ITIN) or Employer Identification Number (EIN) for business accounts. It is best to check with individual banks for their specific requirements.

How much should a small business have in a bank account?

Bottom Line

Opening a business bank account can greatly benefit small businesses in Indiana as it helps them efficiently manage their finances and keep track of their transactions. The top banks for small businesses in Indiana offer low fees, convenient money transfer options, and reliable customer service, allowing businesses to easily meet their financial objectives and maintain good relationships with their suppliers. Consider these banks as your go-to solution to fulfill your company’s financial needs in Indiana.

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.

8 Best Banks for Small Businesses in Illinois in 2023

Choosing the best bank for small business owners in Illinois can be tasking. With so many banking options to choose from, it can be challenging to determine which one suits your business needs. To help you make an informed decision, we’ve compiled a list of the best 8 banks for small businesses in Illinois.

8 Best Banks for Small Businesses in Illinois

Bluevine: Best Overall Bank for Small Businesses in Illinois
Capital One: Best Bank for Small Businesses in Illinois for Treasury Management Services
Lili: Best Banking Option for One-Person Businesses with No Account Fees
U.S. Bank: Top Choice for Small Business Payroll Management Services in Illinois
Oxygen Bank: Best Digital Bank for Small Businesses in Illinois with Fast and Easy Payment Processing
Axos Bank: Best Online Bank for Small Businesses with Free Online Bill Pay
Bank of America: Best Bank for Small Businesses in Illinois for Tailored Credit Cards with Rewards and Benefits
Chase: Best Bank for Small Businesses in Illinois for No Overdraft Fees

Our Methodology

Our evaluation of the best banks for small businesses in Illinois includes analyzing fees, minimum balance requirements, and costs for loans, credit cards, and merchant services. We also assessed the quality of mobile and online banking services and any incentives for opening a business account. With these analyses, we have been able to identify the top banks in Illinois that best meet the needs of small businesses.

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

Lili

$2.5 for out of network

1.50% APY

Manage finances and payments, control expenses, and save money for taxes

Chase

$15 (waivable)

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

Up to 0.02% APY

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

Axos

$35 for wire transfer

–

Fund transfer, wire transfer, bill payment.

Oxygen

$3 for out-of-network ATM fee, fees for international transactions, $5 international ATM fee, fees for Ingo mobile check deposit

1.0% APY

Check deposit, bill payment, check deposit, account statement

Bluevine: Best Overall Bank for Small Businesses in Illinois

Interest Rates: 2.0% APY

★★★★★

4.7

BlueVine is the best bank for small businesses in Illinois due to its fast funding, flexible loan terms, and competitive rates. Small businesses can apply online and receive funds in as little as 24 hours, without the need for collateral.

BlueVine offers lines of credit and invoice factoring with repayment terms ranging from 6 months to 12 months, making it a flexible financing option. Therefore, if you’re a startup or an established small business, BlueVine is a great choice for your financing needs in Illinois.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Capital One: Best Bank for Small Businesses in Illinois for Treasury Management Services

Interest Rates: 0.20% APY

★★★★★

4.6

Treasury management is crucial for small businesses to manage their finances efficiently. Capital One Bank offers a range of treasury management services, including cash management, payroll processing, and remote deposit capture.

These services can help small businesses optimize their cash flow, save time, and reduce the risk of errors. With Capital One Bank’s treasury management services, small businesses can focus on growing their operations and achieving their financial goals.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

U.S. Bank: Top Choice for Small Business Payroll Management Services in Illinois

Interest Rates: 0.01% APY

★★★★★

4.5

Small businesses often require efficient and accurate payroll management services. U.S. Bank offers payroll services that provide direct deposit, tax filing, time and attendance tracking, online access, and compliance with regulations, making it easier for small businesses to manage their payroll effectively.

Why we chose it: Small businesses in need of extra funds can turn to the 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

Interest Rates

Minimum Balance

Access to Mobile Banking

Bank of America: Best Bank for Small Businesses in Illinois for Tailored Credit Cards with Rewards and Benefits

Interest Rates: Up to 0.04% APY

★★★★★

4.4

For small businesses, having a credit card with tailored features and rewards is crucial in managing expenses and earning benefits. Bank of America recognizes this need and provides credit cards that are specifically designed for small businesses.

With access to rewards programs and cash back, these credit cards offer small businesses a valuable tool for efficiently managing their finances and saving money.

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Axos: Best Online Bank for Small Businesses with Free Online Bill Pay

4.61

★★★★★

For small businesses, managing bills can be time-consuming and costly. Axos Bank addresses this need by offering a free online bill pay service that enables small business owners to easily manage and pay their bills online without any additional fees.

With this service, small business owners can save time and money by eliminating the need to write checks and purchase stamps and envelopes for mailing payments. Instead, they can conveniently log into their Axos Bank account from anywhere with an internet connection and quickly pay bills online.

Why we chose it: Free cash deposits and a low fee structure make Axos Basic Business Checking one of the best business bank accounts out there.

No monthly fee and unlimited transactions.
Unlimited domestic ATM fee reimbursements.
Cash deposits via MoneyPass and AllPoint ATMs.
Welcome bonus for new customers (terms apply).
24/7 customer support.

No third-party app integrations.
Interest checking APY is good, but not great

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Lili: Best Banking Option for One-Person Businesses with No Account Fees

4.57

★★★★★

For small businesses looking to save money on banking fees, Lili’s no account fees or minimum balance requirements are particularly attractive. This is important for small businesses that are just starting and may not have a lot of cash flow or extra funds to cover bank account fees.

By eliminating these fees, Lili can provide a more affordable banking option for small businesses, allowing them to focus on growing their business without worrying about unnecessary expenses.

Why we chose it: Lili’s minimal fees and tax optimization software help businesses hold onto hard-earned income. Plus, if you’re looking for an online best business checking account with no credit checks, Lili is a great option.

No fees, minimum balance requirements, or minimum opening deposit.
Unlimited fee-free transactions.
Fee-free ATM access through the MoneyPass network; ability to deposit cash through the Green Dot network.
Integrated tools for managing expenses and planning for taxes.
Offers an early payment feature with direct deposit, allowing you to receive funds up to two days sooner than you might with a traditional bank account.

Cash deposits at Green Dot locations incur a fee of up to $4.95 per deposit.
No checkbooks; can’t send or receive wire transfers.
Limited business-related features, e.g., doesn’t offer joint accounts, multiple business debit cards, or third-party integrations.

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Oxygen: Best Digital Bank for Small Businesses in Illinois with Fast and Easy Payment Processing

4.0

★★★★★

Oxygen Bank‘s invoicing and bill pay system is a great tool for small businesses as it helps to streamline their financial operations, saving them time and money. This service enables small business owners to manage and send invoices, receive payments, and pay bills online with ease.

With this feature, small businesses can track their cash flow in real time, reducing the risk of missed payments and late fees. Small businesses need to have an efficient invoicing and bill pay system, as they often have limited resources and cannot afford to waste time on manual processes.

Why we chose it: Oxygen speaks the language of the trendy business owner, offering some cool banking features along the way. It’s also one of the best checking accounts for sole proprietors.

Aimed at trendy business owners
5% Cashback rewards
Create virtual, single-use debit cards

Virtual bank, no cash deposits
Fewer integrations than other options
No lending options

Fees

Interest Rates

Minimum Balance

Mobile Banking Features

Chase: Best Bank for Small Businesses in Illinois for No Overdraft Fee

Interest Rates: Up to 0.02% APY

★★★★★

4.2