Month: March 2023

Bluevine is one of the best banks you can use in Hawaii. They offer small businesses various checking and savings accounts that can attend to your needs. The accounts offered guarantees easy deposits and transfers on all services. Bluevine checking accounts can accept FX transactions and allows swift international payment.

Moreover, small businesses in Hawaii can take advantage of the features offered by these banks. The customer experience is superb and the user interface is simple to use.

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

High-interest rates
Very few fees
No minimum deposit required

No business savings account
No ATM reimbursement
Fee for cash deposits

Fees

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

Interest Rates

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

Minimum Balance

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

Access to Mobile Banking

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

Capital One: Best Bank for Online Banking in Hawaii

Interest Rates: 0.20% APY

★★★★★

4.6

Capital One is a bank with ideal online facilities. While it has many branches nationwide, it has one of the top E-banking facilities for small businesses in Hawaii. It’s easy to download their mobile apps, make transfers, and other e-products.

Capital One banks have two business checking accounts and they offer up to five credit cards. You can activate your business credit cards online, and block them if missing. If you are interested in a bank for your online business that offers seamless Internet access, Capital One is great for you.

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

Unlimited digital transfers
Does not charge overdraft fees
Large ATM network

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

Fees

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

Interest Rates

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

Minimum Balance

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

Access to Mobile Banking

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

U.S. Bank: Best Bank for Small Businesses With Huge Transactions

Interest Rates: 0.01% APY

★★★★★

4.5

The U.S. Bank offers the best services to small businesses that engage in a huge amount of transactions. This is a great choice for merchants and POS agents who deal in several online and offline businesses.

Not every bank can cope with huge transactions, however, when you consider the savings and checking business accounts provided by this bank, you will love them.

However, ensure you have an average balance to avoid paying maintenance fees. If you are dealing with a huge volume of sales, you can consider opening a Silver Business Checking Account, Gold business account, or Platinum Business checking Account.

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

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

Charges for overdrafts
Relatively low APY
Only locations in 28 states

Fees

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

Interest Rates

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

Minimum Balance

There’s no minimum balance requirement when starting 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 for Convenience

Interest Rates: Up to 0.04% APY

★★★★★

4.4

Bank of America is popular among small businesses in Hawaii. If you already have an account with them, then opening a business bank account is easy. Even if you don’t have an account with BOA, you could open one today in a few minutes. It is a nice brick and Mortar Bank which makes transfers easy for everyone.

This Bank helps with the easy application of SBA loans and credit Loans. If you want to monitor your business live and integrate YOUR mobile app apps with your business, open a BOA business account today.

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 for Investment and Mortgage

4.61

★★★★★

Axos is one of the best banks in Hawaii you can use for small businesses. They provide free business checking accounts for people who are interested in investment and Mortgages. This is a financial institution, and people who deal in properties and real estate business should consider it.

If you can ensure your balance is up to 5k monthly, you won’t be deducted any maintenance fees. Individuals who deal in home sales, mortgage, and crypto, can take advantage of this bank.

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 for Easy Loans Access and Credit Lines

4.55

★★★★★

Lili is an ideal bank for small businesses in Hawaii that need flexible loan options and credit lines. If your business needs regular funds to keep it running, then using Lili is the best.

This digital bank ensures that freelancers, remote workers, and Startups have access to the fund which can make them successful. Asides from loans offered to customers, Lili allows you to pay back such loans in affordable plans.

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: Best Bank for Freelancers, Remote Workers, and E-commerce businesses

4.5

★★★★★

Oxygen is a highly-rated financial institution in Hawaii that helps small businesses in the state. Oxygen provides small and mid-size businesses with facilities that very few can deliver. Their checking and savings business account is excellent for freelancers and remote workers. You can easily receive deposits from foreign currencies without problems.

They also help process FX transactions easily which makes working from any part of the country easily. The ATM locations of oxygen are everywhere, which makes withdrawal easy. If you want a stress-free business account that allows transfers from everywhere in the world, then Oxygen is your best bank.

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 Businesses Rewards

Interest Rates: Up to 0.02% APY

★★★★★

4.2

Chase Bank offers small businesses various incentives and rewards systems that will entice them. When you open a business bank account with Chase you are entitled to A free credit card, however, if you want more cards, you might have to pay a small fee

Monthly, Chase gives customers high transaction volumes bonuses and incentives. Chase is one of Hawaii’s top banks which assures all local businesses grow and remain successful.

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.

Methodologies for Choosing the Best Banks for Small Businesses in Hawaii

When seeking the best banks in Hawaii for small businesses, we considered many important factors to consider. We have looked at the modes of operations, and how they manage small businesses. Here are some methodologies used in choosing the best banks :

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 Hawaii – Frequently Asked Questions (FAQs)

Here are answers to some of the most frequently asked questions:

What do you need to open a business bank account for small businesses in Hawaii?

Entrepreneurs and startup owners need some important documents before they can successfully open a business bank account in Hawaii. These documents include a business license, reference, verifiable ID, and SSN.

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.

How hard is it to get a business bank account in Hawaii?

While it is easy to get a basic business bank account in Hawaii with weak credit, getting loans with it might be complicated. Also, you need to use the best banks for small businesses especially those with flexible SBA loans and simple access to credit lines.

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

Small Businesses in Hawaii that want to be successful and more productive, need a great banking solution. While not all banks offer small businesses great facilities, the above banks mentioned providing small businesses in Hawaii a good avenue to stay afloat.

These banks offer great online banking options, low maintenance fees, and easy account opening. If you want your business to grow and expand, consider opening a business bank account with these banks.

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 Wisconsin in 2023

Are you looking for the best banks for small businesses in Wisconsin to manage your finances? Starting a business can be a daunting task, but having the right banking partner can help ease the process. With so many financial institutions available, it can be challenging to choose the one that fits your business needs.

That’s why we have compiled a detailed roundup of the top banking options that offer low fees, personalized services, and extra functionalities to keep your business’ monetary affairs in excellent shape. Read on to discover our favorite picks for the best banks for small businesses in Wisconsin.

Best Banks for Small Businesses in Wisconsin

Bluevine: Best Overall Bank for Checking and Savings Account in Wisconsin
Capital One: Best Bank for Its Merchant Services and Credit Cards
U.S. Bank: Best Bank for Loan and Line of Credit Options
Bank of America: Best Bank for Cash Management
Axos: Best for Online and Mobile Banking
Lili: Best for Remote Deposit
Oxygen: Best for Wire Transfers
Chase: Best Bank for Its Business Bill Pay

Our Methodology

In our evaluation of the top Wisconsin banks for small businesses, we took into consideration the accessibility and convenience of their banking services, including online banking, mobile apps, and ATM locations.

We also analyzed the interest rates and fees associated with checking and savings accounts, as well as the availability of business credit cards with rewards programs. Plus, we reviewed the bank’s history of successfully funding small businesses and its commitment to supporting the local business community.

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 Checking and Savings Account in Wisconsin

Interest Rates: 2.0% APY

★★★★★

4.7

Bluevine is considered one of the best banks for small businesses in Wisconsin due to its exceptional services and products that cater specifically to small business owners. Two of the most noteworthy offerings of Bluevine are its business checking account and savings account.

Firstly, Bluevine’s business checking account is designed to simplify the banking experience for small business owners. With no monthly fees or minimum balance requirements, this account is affordable for small businesses. Additionally, the account comes with unlimited transactions and free ATM access across the country, which means that business owners can conveniently access their funds anytime and anywhere they need them.

Additionally, Bluevine has a savings account which is another excellent offering for small businesses. This account provides competitive interest rates and has no monthly fees, making it a cost-effective option for small business owners who want to grow their savings. Plus, the account comes with unlimited transfers and online banking, which makes it easy for business owners to manage their funds.

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 Its Merchant Services and Credit Cards

Interest Rates: 0.20% APY

★★★★★

4.6

Capital One is one of the best banks for small businesses in Wisconsin because of its competitive merchant services and credit card offerings.

Merchant services are an essential component for small businesses, as they allow them to process credit and debit card transactions from customers. Capital One offers merchant services that are user-friendly and affordable for small businesses.

The bank provides a range of payment processing solutions, including mobile payments, online payments, and point-of-sale systems. Capital One’s merchant services also offer analytics tools, which help small businesses to track their sales and customer spending patterns.

In addition to merchant services, Capital One offers a variety of credit cards that are tailored to the needs of small businesses. Their credit cards come with numerous benefits, including cash-back rewards, travel rewards, and no annual fees.

Capital One’s Spark Business credit cards are particularly popular among small businesses in Wisconsin, as they offer rewards and benefits specifically designed for business owners. For example, the Spark Cash card offers unlimited 2% cash back on all purchases, making it an ideal choice for businesses with high 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

Interest Rates

Minimum Balance

Access to Mobile Banking

U.S. Bank: Best Bank for Loan and Line of Credit Options

Interest Rates: 0.01% APY

★★★★★

4.5

U.S. Bank is one of the best banks for small businesses in Wisconsin for their loan and line of credit options. As small business owners, obtaining financing can be a challenging task, but with U.S. Bank, small business owners have access to a range of financing options.

One of the most popular loan options is the SBA loan, which is backed by the U.S. Small Business Administration. U.S. Bank is an SBA-preferred lender, which means they have the authority to approve SBA loans directly without the need for SBA approval. This process is more streamlined, and small business owners can get their funds quicker.

U.S. Bank also offers a Business Line of Credit, which gives small business owners access to funds that can be used to cover short-term expenses, such as inventory or payroll. This option provides small business owners with flexibility, as they can draw on the line of credit when they need it and only pay interest on the amount used.

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 Cash Management

Interest Rates: Up to 0.04% APY

★★★★★

4.4

Bank of America is a well-known name in the banking industry, and for good reason. One of the primary reasons why Bank of America is considered one of the best banks for small businesses in Wisconsin is because of its comprehensive cash management services.

One of the key cash management features offered by Bank of America is the Zero Balance Account. This account is designed to help small businesses manage their cash flow more efficiently so that at the end of the day, it is easier to track cash flow and reconcile accounts.

Bank of America also offers a variety of cash management tools, including mobile check deposits, wire transfers, and ACH payments. These tools make it easy for small businesses to manage their cash flow from anywhere, at any time.

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 Online and Mobile Banking

4.61

★★★★★

Axos Bank is a leading digital bank that offers a range of financial services, including business banking, to customers nationwide. For small businesses in Wisconsin, Axos Bank provides an excellent option for managing their finances. One of the primary reasons for this is the bank’s comprehensive online and mobile banking services.

Axos Bank’s online banking platform is user-friendly, secure, and convenient, providing small business owners with 24/7 access to their accounts. With online banking, customers can view account balances, transfer funds between accounts, pay bills, and manage their transactions from anywhere with an internet connection. The platform also allows customers to monitor their account activity and receive real-time alerts for any unusual activity, ensuring that their finances are secure.

In addition to online banking, Axos Bank also offers a mobile banking app that is available for both iOS and Android devices. The app provides the same functionality as the online platform, allowing customers to check balances, transfer funds, pay bills, and manage their accounts on the go.

The app also offers additional features, such as mobile check deposits and the ability to set up account alerts, making it even easier for small business owners to stay on top of their finances.

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 Remote Deposit

4.57

★★★★★

One of the primary features that make Lili Bank stand out is remote deposit. Remote deposit allows small business owners to deposit checks directly into their Lili Bank account using their smartphone camera.

With this feature, customers can avoid the hassle of visiting a physical bank branch to deposit checks, saving them valuable time and effort. Instead, they can simply take a photo of the check and deposit it from anywhere, at any time, with just a few taps on their phone.

In addition to convenience, remote deposit also provides small business owners with faster access to their funds. Instead of waiting for checks to clear, which can take several days, remote deposit allows customers to access their funds almost immediately after depositing the check. This can be especially beneficial for small businesses that rely on timely access to their funds to cover expenses or make necessary purchases.

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 Wire Transfers

4.0

★★★★★

One important feature that Oxygen Bank offers is wire transfers, which is a fast and secure way to transfer money between different banks or financial institutions.

Wire transfers are essential for small businesses that need to send or receive funds quickly and efficiently. Oxygen Bank provides a reliable wire transfer service that ensures transactions are completed in a timely and secure manner.

Wire transfers are ideal for businesses that need to make large payments or send funds internationally, as they provide a fast and secure way to transfer funds. Oxygen charges no fees for wire transfers, cash transfers, direct deposits, or ACH transfers.

Another advantage of Oxygen Bank’s wire transfer service is that it provides real-time updates on the status of transactions. This means that businesses can track their wire transfers and receive notifications when the funds have been received by the recipient. This feature is particularly useful for businesses that need to monitor their cash flow and ensure that payments are made on time.

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 Its Business Bill Pay

Interest Rates: Up to 0.02% APY

★★★★★

4.2

Chase Bank is known for its Business Bill Pay service. Business Bill Pay is a feature that allows small business owners to manage their business payments more efficiently. With this feature, business owners can pay bills, make payments to vendors, suppliers, and contractors, and manage their business finances all from a single platform.

One of the benefits of using the Business Bill Pay service is that it saves time. Instead of writing checks, purchasing stamps, and mailing payments, small business owners can make payments online with just a few clicks.

The service also provides a record of all payments made, so business owners can easily track their expenses and manage their cash flow more effectively. In addition, the Business Bill Pay service can be used to schedule recurring payments, which ensures that bills are paid on time and helps to avoid late fees and penalties.

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 Wisconsin

Selecting the best bank for small businesses in Wisconsin requires careful consideration of various factors that impact business finances. We used the following methodology to identify the best banks for small businesses in Wisconsin:

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 Wisconsin – Frequently Asked Questions (FAQs)

Do you have any questions about opening a bank account for your Wisconsin business? This FAQ has the answers that you need:

Can a Wisconsin LLC Bank Account Open in Another State?

No, a Wisconsin LLC cannot open a bank account in another state. You will need to open the bank account that is being used for the business in the state where the business is operating and where at least one of the members of the LLC resides.

Can I open a bank account with my EIN number?

What Is an LLC?

LLC stands for “Limited Liability Company.” It is a type of business entity that combines the liability protection of a corporation with the tax benefits and flexibility of a partnership. An LLC can have one or more owners, called members, who have limited personal liability for the debts and obligations of the business.

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

Bottom Line

To effectively manage their finances, small businesses in Wisconsin must take the essential step of opening a business bank account. Opting for one of these top banks for small businesses in Wisconsin can streamline financial operations and enable businesses to concentrate on expanding. These banks usually offer low fees, convenient online access to account information, and various transaction options, including electronic and wire transfers.

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 Wyoming in 2023

Businessperson calculating business finances

Looking for the best banks for small businesses in Wyoming? Starting a small business can be a challenging experience, but having the right banking partner can make all the difference.

With so many financial institutions to choose from, it can be overwhelming to decide which one is the best fit for your business.

That’s why we’ve compiled a list of our favorite picks in this detailed roundup, featuring the top banking options that offer extra functionalities to keep your business’ monetary affairs in excellent shape.

So, read on to find out more about the best banks for small businesses in Wyoming.

Best Banks for Small Businesses in Wyoming

Bluevine: Best Overall Bank for Small Businesses in Wyoming
Capital One: Best Bank for Its Tailored Financial Solutions in Wyoming
Bank of America: Best Bank for Flexible Terms and Competitive Rates
U.S. Bank: Best Bank for Small Businesses in Wyoming for Its Financial Packages
Axos: Best for the Convenience It Offers
Lili: Best for Its Intuitive Platform and Focus on Mobile Banking
Oxygen: Best for Its Flexibility
Chase: Best Bank for Its Checking Rates

Our Methodology

When reviewing the Wyoming best banks for small businesses, we analyzed the range of financial products and services available, such as business loans, lines of credit, and merchant services. We also evaluated the fees associated with these products, including application fees, processing fees, and early repayment penalties.

Additionally, we reviewed the customer service experience, including the availability of in-person support and online resources. Furthermore, we examined the reputation and stability of these banks, including their ratings from third-party organizations and their financial standing.

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 Wyoming

Interest Rates: 2.0% APY

★★★★★

4.7

Bluevine Bank is an online bank that provides financial services to small businesses. It has received positive recognition for its business banking products, particularly its business checking accounts, which offer competitive interest rates, no monthly fees, and no minimum balance requirements. Additionally, Bluevine Bank offers lines of credit, term loans, and invoice factoring services to small businesses.

One of the key advantages of Bluevine Bank is its technology-focused approach, which allows for fast and efficient online account opening and management, as well as streamlined loan applications and funding.

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 Its Tailored Financial Solutions in Wyoming

Interest Rates: 0.20% APY

★★★★★

4.6

Capital One is an excellent bank for small businesses in Wyoming due to its exceptional customer service, wide range of financial products and services, innovative technology and digital banking solutions, and dedication to promoting financial education and literacy.

Capital One offers tailored financial solutions that meet the unique needs of small businesses, including business checking and savings accounts, credit cards, loans, and online banking features to streamline financial management.

Their commitment to promoting financial literacy also benefits small business owners seeking to make informed financial decisions.

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 Small Businesses in Wyoming for Its Financial Packages

Interest Rates: 0.01% APY

★★★★★

4.5

U.S. Bank offers a range of features that benefit small business owners in Wyoming. For example, their Silver Business Checking Package offers low monthly fees and transaction costs, making it a cost-effective solution for small businesses. They also provide a range of savings accounts, including business savings and money market accounts, with competitive interest rates to help businesses grow their savings.

U.S Bank’s Business Edge™ Platinum Card offers a generous rewards program that can be tailored to a small business’s unique spending patterns. The bank’s lending products include business loans, lines of credit, and SBA loans with competitive rates and flexible terms.

Plus, U.S Bank’s online and mobile banking platform provides features such as mobile check deposit and bill pay, making it easy for small business owners to manage their finances on the go.

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 Flexible Terms and Competitive Rates

Interest Rates: Up to 0.04% APY

★★★★★

4.4

Bank of America is an excellent banking option for small business owners in Wyoming due to its lending products including business loans, lines of credit, and equipment financing with flexible terms and competitive rates.

Their online banking platform provides features such as mobile check deposit, bill pay, and cash management services to help small businesses streamline their financial operations.

Additionally, Bank of America’s merchant services enables small businesses to accept a variety of payment options, including credit and debit cards, and mobile payments.

Plus, Bank of America’s local presence in Wyoming ensures that small business owners have easy access to banking services and support with dedicated business bankers who can provide personalized support and guidance.

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 the Convenience It Offers

4.61

★★★★★

Axos Bank is a convenient online banking platform. The bank’s Basic Business Checking account offers no monthly maintenance fees and unlimited domestic ATM fee reimbursements, making it a cost-effective solution for small businesses. They also offer savings accounts with competitive interest rates and low minimum balances.

Additionally, Axos Bank’s merchant services enable small businesses to accept a variety of payment options, including credit and debit cards, and mobile payments. The Bank’s wire transfer fees are low compared to other banks, making it an attractive option for small businesses that frequently make wire transfers. They also offer remote deposit capture and ACH services to help small businesses manage their cash flow.

Plus, Axos Bank’s online banking platform provides small businesses with convenient access to banking services and support, 24/7. They have a team of experienced professionals available to assist with any questions or concerns, as well as a range of educational resources to help small business owners improve their financial literacy.

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 Its Intuitive Platform and Focus on Mobile Banking

4.57

★★★★★

Lili Bank is an excellent banking option for small business owners in Wyoming due to its focus on mobile banking and intuitive platform. The bank’s Business Checking account has no monthly maintenance fees, and it offers unlimited fee-free ATM withdrawals at 32,000+ MoneyPass ATMs nationwide. They also provide a high-yield savings account with competitive interest rates and no minimum balance requirements.

The bank has no physical branches, making it a great option for small business owners who prioritize mobile banking and convenience. Lili Bank’s app also allows users to send and receive payments, track their expenses, and manage their cash flow all from their mobile devices.

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 Its Flexibility

4.0

★★★★★

Oxygen Bank is an excellent banking option for small business owners in Wyoming due to its focus on mobile banking and flexibility. Their Oxygen Business Banking account has no monthly maintenance fees, and they offer unlimited fee-free ATM withdrawals at over 55,000 Allpoint ATMs worldwide. Oxygen Bank also provides a high-yield savings account with competitive interest rates and no minimum balance requirements.

Additionally, Oxygen Bank’s debit card comes with cashback rewards on select purchases, making it a great option for businesses looking to save money.

The bank has no physical branches, making it a great option for small business owners who prioritize mobile banking and convenience. Oxygen Bank’s app also allows users to send and receive payments, track their expenses, and manage their cash flow all from their mobile devices. Additionally, Oxygen Bank offers integration with popular accounting software such as QuickBooks and Xero.

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 Its Checking Rates

Interest Rates: Up to 0.02% APY

★★★★★

4.2

Chase Bank offers competitive checking rates and fees that are affordable for small business owners. For example, their Chase Total Business Checking account has no monthly maintenance fee if you maintain a minimum daily balance of $1,500 or have a monthly minimum of $5,000 in deposits.

Chase Bank also offers savings accounts with competitive interest rates, making it an attractive option for small business owners looking to save money. The bank also offers customized savings plans to help small businesses meet their financial goals.

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 Wyoming

In this roundup, we evaluated these key factors for finding the best bank that meets financial needs and helps businesses grow in Wyoming:

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 Wyoming – Frequently Asked Questions (FAQs)

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

Can a Wyoming LLC Bank Account Open in Another State?

Yes, a Wyoming LLC can open a bank account in another state. Many banks offer online account opening services, which makes it possible for business owners to open accounts in states where they don’t have a physical presence. However, it’s important to note that some banks may have specific requirements or restrictions for out-of-state accounts. It’s advisable to research different banks and compare their services and fees before opening an account in another state.

Can I open a bank account with my EIN number?

Can a Non-resident Open an LLC in Wyoming

Yes, a non-resident can open an LLC in Wyoming. Wyoming is known for having business-friendly laws, including those related to LLC formation, and does not require LLC owners to be residents or even U.S. citizens. However, certain requirements and procedures must be followed, such as appointing a registered agent in the state and filing the necessary paperwork with the Wyoming Secretary of State’s Office.

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

Bottom Line

Opening a business bank account is an essential step for small businesses in Wyoming to manage their finances effectively. By choosing one of these top banks for small businesses in Wyoming, you can streamline your finances and focus on growing your business.

These banks typically provide low fees, easy online access to account information, and a variety of transaction options, including electronic and wire transfers.

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 Idaho in 2023

Are you a small business owner in Idaho looking for the best banking options? Look no further! In this article, we will be discussing the top ten banks for small businesses in Idaho. Whether you are looking for personalized service, competitive rates, or convenient locations, we have you covered. Read on to discover the best banking options for your small business in Idaho.

Best Banks for Small Businesses in Idaho

Bluevine: Best Overall Bank for a high-interest rates
Capital One: Best Bank for remote workers and freelancers
Lili: Best Bank for low cash deposit fees
U.S. Bank: Best at Enabling Business Savings
Oxygen: Best digital bank for easy access to funds and faster transfers
Axos: Best bank for business savings and checking accounts in Idaho
Bank of America: Best Bank for the Flexibility It Offers
Chase Bank: Best Bank for High volume transactions and e-commerce businesses

Our Methodology

Choosing the best banks in Idaho requires a meticulous process. While there are numerous financial institutions in the city, very few can deliver as promised. When choosing the top banks we looked at how easy it is to maintain an account, the registration processes, the issuance of debit and credit cards, and hidden charges. Also, we will look at what the banks have to offer startups and small businesses that want to expand their business without any hassle.

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 Best Overall Bank for High Interest Rates

Interest Rates: 2.0% APY

★★★★★

4.7

Bluevine is an excellent choice for individuals who want a financial institution that promotes high-interest rates. It doesn’t collect monthly fees and supports unlimited transfers.

The bank allows cash deposits above $100,000 and they give customers free ATMs. Bluevine gives their customers flexible business line credits up to $300,000. This bank is great for startups and a good choice for those who love remote work.

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 Remote Workers and Freelancers

Interest Rates: 0.20% APY

★★★★★

4.6

Capital One bank is one of the largest banks in Idaho. It has various branches around the country and it’s known for its excellent monetary services. Freelancers and remote workers will love the bank because the opening is easy and it offers many digital products.

They are one of the best SBA lenders in the country and have easy loan payment plans. Capital One is pretty easy to use and has a nice business checking account for small businesses in Idaho.

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 at Enabling Business Savings

Interest Rates: 0.01% APY

★★★★★

4.5

U. S Bank provides free business checking accounts for small and medium businesses in Idaho. They have several branches that operate a no-fee business checking account.

Their silver business account package allows a minimum balance and no monthly fees. This makes it ideal for startups and small businesses who want to save cash. With more than 3000 branches nationwide, accessing their MoneyPass ATMs is easy.

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 the Flexibility It Offers

Interest Rates: Up to 0.04% APY

★★★★★

4.4

Bank of America offers small businesses low minimum requirements and simple lending options. They are one of the largest top brick-and-mortar banks in the country. They have many ATM branches in Idaho. One of the accounts small businesses can use is the Business Advantage banking account which comes in two tiers.

This allows small businesses and entrepreneurs to have more flexibility in their monetary affairs. All their businesses don’t need minimum balance. You can integrate their app with other business apps like Google Analytics and Quickbooks.

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 Business Checking and Savings Accounts in Idaho

4.57

★★★★★

Axos Bank provides their customers with business checking and savings accounts with good interest rates. Customers don’t need a deposit or any transaction to earn the APY. The interest rate offered for business accounts depends on your monthly balance.

However, note that their business interest checking account needs an average balance of $4,500 to avoid paying a monthly fee. Also, you are only entitled to 100 free transactions monthly. All cash deposits can be gotten at all MoneyPass and AllPoint ATMs.

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 Low Cash Deposit Fees

4.53

★★★★★

Lili Bank is a mobile banking platform that offers financial services for freelancers and entrepreneurs. It is the best bank for low cash deposit fees because it does not have any minimum deposit requirements, offers free ATM access, and charges only a small fee for cash deposits.

Additionally, Lili Bank provides a range of features and benefits, such as early access to direct deposits, cashback rewards, and budgeting tools, making it an attractive option for those seeking a user-friendly and affordable banking solution. country. Their cards offer some unique cashback and travel rewards with no hidden fees.

Why they come recommended:

One unique feature that makes Lili bank special is its ability to provide flexible banking options. Their low maintenance fees and no balance requirements make them very attractive. Also when seeking an online best business checking account for easy registration, Lili comes highly recommended.

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 Easy Access to Funds and Quick Transfers

4.2

★★★★★

Oxygen is a digital bank that caters to the needs of freelancers, entrepreneurs, and small business owners, offering easy access to funds and quick transfers.

Oxygen provides a seamless digital experience with a user-friendly app interface that enables quick access to funds, making it easy for customers to initiate transfers and manage their accounts.

Oxygen’s features also include instant funding for mobile check deposits, fee-free ATM withdrawals, and virtual debit cards, providing convenience and accessibility for customers seeking a streamlined banking experience.

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 High Volume Transactions and E-commerce Businesses

Interest Rates: Up to 0.02% APY

★★★★★

4.2

Chase Bank is a great choice for high volume transactions and e-commerce businesses due to their robust online banking services, comprehensive fraud protection measures, and wide range of merchant services and payment processing options. Additionally, Chase Bank has a large network of branches and ATMs, making it easy for businesses to access their funds and manage their accounts.

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

Methodologies for Choosing the Best Banks for Small Businesses in Idaho

When selecting the best banks for small businesses in Idaho, there are some things we considered. We checked the impact the bank’s operations will have on small businesses and other pertinent factors. Here are some criteria that guide our choice of these banks :

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) on Best Banks for Small Businesses in Idaho

Are you a small and mid-size business owner seeking a good bank in Idaho? Here are some questions and answers that will interest you:

Which account type should I open for my small business in Idaho?

As soon as you start your business, opening a business bank account with a reputable bank is recommended. Some business accounts you should open are savings accounts, checking accounts, and merchant services accounts. When you want to open a business bank account, consider your line of business.

Can I open a bank account with my EIN number?

What’s the benefit of using a local bank for my small business in Idaho?

Local banks are more likely to offer better loan options and flexible payment systems for small businesses. Most local banks must help small businesses around their area to grow since it will benefit the community.

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

Bottom Line

More people are opening startups and small businesses all over the country. However, for such businesses to thrive, they should open a business account with the best banks for small businesses.

We have talked about the top banks to open a business account with today which will make your business better in Idaho. These banks offer mouthwatering perks, digital services, and low maintenance balances.

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 Vermont in 2023

Businesswoman looking through business financials document

Financial management is a critical aspect of small businesses globally, and unless you have a dependable banking institution, it can be challenging. To ensure your business’s success, the best banks in Vermont for small businesses offer exceptional banking services to their clients. This article provides comprehensive information about these banks and their products.

Best Banks for Small Businesses in Vermont

Bluevine: Best Bank for SMEs
Capital One: Best Bank for Versatile Financial Solutions
U.S. Bank: Best Bank for Its Monetary Services
Bank of America: Best Bank for Easy Banking
Axos: Best Bank for Varying Financial Options
Lili: Best at Offering Flexibility
Oxygen: Best Bank for Excellent Customer Service
Chase: Best Bank for Its Service Offerings

Our Methodology

When choosing the best banks for small businesses in Vermont, there are some criteria we use to review them. We check how easy opening an account is, the documents needed, the charges to maintain the account, and customer support.

Moreover, we look at hidden charges, banking products, and interests on loans. It is also important to check their mobile apps and if their platform has a user-friendly UI/UX design.

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 SMEs

Interest Rates: 2.0% APY

★★★★★

4.7

Bluevine Banking solution is a top-notch bank for small businesses in Vermont, designed to facilitate the growth of new small and medium-sized businesses. One of the advantages of banking with Bluevine is the opportunity for clients to earn interest on their account balance.

Signing up for their online bank is a quick and straightforward process, taking only five minutes to complete, allowing small business owners to perform multiple transactions seamlessly.

As an account holder, you’ll receive a Bluevine Business Debit Mastercard and can efficiently operate their mobile app. In case of any issues with your card, you can easily lock it through the app right away.

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 Versatile Financial Solutions

Interest Rates: 0.20% APY

★★★★★

4.6

Capital One Bank is among the leading financial institutions in Vermont that offers an array of services for small businesses. They have a reputation for being innovative, creative, and offering rewarding financial solutions. Once you become a registered customer with Capital One, you can be confident that your financial concerns will be addressed.

Their services include branch access, credit cards, auto loans, and attractive financial products. Capital One provides full-service internet banking with no hidden fees, making it an excellent choice for entrepreneurs who require online banking for their businesses.

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 Its Monetary Services

Interest Rates: 0.01% APY

★★★★★

4.5

U.S. Bank, also known as U.S. Bancorp, is a financial institution that provides a range of monetary services, including loans, cash management, and ATM processing, in Vermont. They offer various checking account options, such as the Safe Debit Account and Smartly Checking Account, which cater to different financial needs.

Choosing the right account depends on your specific requirements. If you’re looking to avoid monthly service fees, the Smartly Checking Account would be a suitable option. On the other hand, if you want to waive overdraft fees, it is recommended to opt for the Safe Debit Account.

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

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

Access to Mobile Banking

Bank of America: Best Bank for Easy Banking

Interest Rates: Up to 0.04% APY

★★★★★

4.4

Bank of America is a leading choice for individuals involved in small businesses in Vermont, as they offer a range of convenient checking and savings accounts. With over 3,500 branches across the country, their digital products are of exceptional quality and hard to match by other banks. Utilizing their online app enables customers to pay bills, transfer funds with ease, and access other online saving features.

BOA account holders also benefit from Erica, their AI-powered financial advisor, providing tailored advice to suit individual needs. Small businesses in Vermont requiring POS terminals or other financial services would do well to consider Bank of America for their banking needs.

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

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

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

Fees

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Axos: Best Bank for Varying Financial Options

4.61

★★★★★

In 2000, Axos Bank was established to specifically serve small and medium-sized businesses in Vermont. They differentiate themselves as an innovative, technology-driven financial institution capable of serving millions of people. Axos offers a variety of online account options for both individuals and businesses.

Customers can take advantage of their diverse checking accounts, tailored for specific benefits. Additionally, Axos provides investment services, user-friendly loan options, POS terminals, and a lucrative money market. With such a range of monetary solutions, Axos is a compelling choice for all small business requirements.

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 Bank: Best at Offering Flexibility

4.57

★★★★★

Lili Bank is a digital financial institution that caters to small businesses, particularly freelancers. They provide adaptable accounts that can be opened at a low fee, and offer features that assist small e-commerce businesses in managing their income more efficiently.

It’s important to note that a Lili account is exclusively available to small businesses in Vermont that operate under their EIN and are registered under their business name. Lili does not charge fees for most accounts, except for deposited checks and international ATMs.

Why it is recommended: Lili is ideal for entrepreneurs and single members LLXs. It’s nice for businesses who want easy online banking services and individuals looking for an online best business checking account with no hidden fees, Lili comes highly recommended.

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 Excellent Customer Service

4.45

★★★★★

Oxygen is a legitimate financial institution that offers a range of banking services to individuals and small businesses in Vermont. Despite not being a traditional bank, all funds and transactions with Oxygen are FDIC-insured. Furthermore, accounts with Oxygen do not incur large fees typical of traditional banks.

Customers can earn cash back on online purchases and utilize virtual cards for secure online transactions. Oxygen is especially favored among SMEs, startups, and individuals seeking a hassle-free online banking 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

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 bill payment, and generate your account statement. Plus, the app offers spending insights to help you track your finances.

Chase – Best Bank for Its Service Offerings

Interest Rates: Up to 0.02% APY

★★★★★

4.2

Chase is a major financial institution in Vermont that delivers outstanding services to small businesses. Their offerings include investment, foreign exchange, a range of digital products, and flexible loans, as well as credit cards and versatile account options.

Compared to other banks in Vermont, Chase provides a wider selection of checking and savings accounts. Opening an account with them is simple, and their requirements are minimal. While their interest rates may be lower, Chase makes up for it with excellent mobile apps and strong security measures.

Why we chose it: Chase adds a long list of merchant services to its traditional banking to help your business succeed.

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

Monthly maintenance fees
Only 20 free transactions per month
Minimal APY

Fees

Monthly fees start at $15 for Chase Business Complete Banking. You can do away with this charge by maintaining a $2,000 daily balance, making deposits through Chase QuickAccept, or through Chase Ink Business Card purchases. There is a cost for transactions after your first 20, and you’ll want to avoid costly wire transfers if possible.

Interest Rates

As with most banks, Chase doesn’t provide any interest for money you have in a business checking account. To earn a rate, you’ll need to start up a business savings account that accrues up to 0.02%.

Minimum Balance

Access to Mobile Banking

Methodology for the Best Banks for Small Businesses in Vermont

Although there are numerous banks and financial institutions in Vermont, not all of them can provide small businesses with an optimal banking experience. If you’re searching for the best banks for small businesses in Vermont, there are several factors to consider before opening an account. Here are some of the main ones:

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 the purpose of 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 Vermont Frequently Asked Questions (FAQs)

If you have a small business in Vermont, there are certain important things you need to know. Here are some frequently asked questions and answers which will benefit you:

Which account type is best for small businesses in Vermont?

Some account types that may be suitable for small businesses in Vermont include checking accounts with low fees, savings accounts with competitive interest rates, and business credit cards with rewards programs. It’s essential to carefully evaluate the features and fees of various account types to determine which one is best for your business.

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 are the requirements to open a business bank account in Vermont?

You will need to provide basic information about your business, such as your business name, legal structure, tax identification number, and business address.

You may also be required to present identification documents such as a driver’s license or passport and documentation proving your business’s legal formation, such as articles of incorporation or a partnership agreement.

Some banks may require additional information or documentation, so it’s best to check with the bank or financial institution in advance.

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

A small business should have the amount of money that is worth six months of operating expenses in case it hits 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

Opening a business bank account in Vermont can offer numerous benefits for small businesses. However, it’s crucial to choose the best banks that can provide excellent financial services.

These banks typically offer flexible loan options, easy account registration, simple transfer options, and seamless customer service. The banks discussed earlier in this text are trustworthy, credible, and have the necessary features to help improve your 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 Virginia in 2023

Businessman sorting through company's financials

To effectively manage your small business’s finances, opening a bank account is crucial to monitor the flow of money. The most suitable choices include additional features that can help maintain the stability of your small business. We have gathered the best banks for small businesses in Virginia. Keep reading to discover our top recommendations in this comprehensive review.

Best Banks for Small Businesses in Virginia

Bluevine: Overall Best Bank for Small Businesses in Virginia
Capital One: Best Bank for Digital Transfers:
U.S. Bank: Best Bank for Credit options
Bank of America: Best Bank for Perks and Bonuses
Axos: Best Full-service Online Checking Account
Lili: Best Business Account for Sole Businesses
Oxygen: Best Business Checking Account for Self-employed individuals
Chase: Best Bank for Financial Services

Our Methodology

When identifying the best banks for small businesses in Virginia, our research focused on fees associated with maintaining an account, including minimum balances required to avoid such charges.

We also examined any additional costs associated with using the bank’s various services, as well as any interest rate bonuses offered upon enrollment. Additionally, given the growing importance of digital banking, we prioritized finding banks that offer excellent mobile banking services.

Click here for a more detailed explanation of our methodology.

Bluevine

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

2.0% APY

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

Capital One

$15 (waivable)

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

0.20% APY

$2,000

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

U.S. Bank

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

0.01% APY

$500 for business savings

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

Bank of America

$16

Out-of-network ATM fees, fees for excessive deposits

Up to 0.04% APY

$5,000

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

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 in Virginia

Interest Rates: 2.0% APY

★★★★★

4.7

Whether you reside in any part of Virginia, Bluevine‘s online-only banking is an excellent choice for your small business needs. Its business checking account offers some of the highest interest rates in the market, which compensates for the absence of a savings plan.

Starting a Bluevine account is hassle-free, with no minimum deposit or balance required. Moreover, there are minimal fees to navigate, with the only consideration being the need to keep cash deposits at a minimum.

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

High interest rates
Very few fees
No minimum deposit required

No business savings account
No ATM reimbursement
Fee for cash deposits

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Capital One: Best Bank for Digital Transfers

Interest Rates: 0.20% APY

★★★★★

4.6

Capital One’s business checking account provides unlimited transfers between your accounts, ensuring that your funds are always available when you need them.

Even if an account is overdrawn, Capital One won’t charge you for the error. While the bank has several Capital One Cafés in select Virginia cities, they may not be readily available everywhere. Although there is a monthly fee, it can be waived by maintaining a high enough balance

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

Unlimited digital transfers
Does not charge overdraft fees
Large ATM network

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

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

U.S. Bank: Best Bank for Credit options

Interest Rates: 0.01% APY

★★★★★

4.5

If your small business requires additional funding, the U.S. Bank can provide the necessary cash injection. With several loan and line of credit options available, you can upgrade your venture without worrying about overwhelming debt.

Additionally, the bank offers specialized merchant services for various business types, which include supplementary tools to aid in your success.

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 Perks and Bonuses

Interest Rates: Up to 0.04% APY

★★★★★

4.4

Bank of America‘s rewards program is unparalleled, providing valuable benefits and rewards that grow in tandem with your business. The bonuses offered include higher interest rates and waived fees on select banking services.

With over 4,300 branches throughout the country, including several in Virginia cities, the bank’s accessibility is a significant advantage. Although a monthly fee is applicable, shrewd business owners can avoid this cost through prudent banking practices.

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

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

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

Fees

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Axos: Best Full-service Online Checking Account

4.61

★★★★★

Axos Bank has cash deposit capabilities for all accounts, no transaction limits, and no opening deposit requirements for its free business checking account. It also offers round-the-clock customer support, free nationwide ATM access, and limitless domestic ATM fee reimbursements.

Unlike certain online business checking accounts, whose banking services are provided and guaranteed by other financial institutions, Axos Bank is a Federal Deposit Insurance Corp.-insured entity that offers all of its business banking products and services directly.

Axos Bank offers two primary business checking accounts: Basic Business Checking and Business Interest Checking (up to 1.01% APY). While the former is free, the latter earns interest and incurs a $10 monthly fee, which is waived if you maintain an average daily balance of at least $5,000.

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

Lending

There are several lines of credit and lending options Axos offers its members. Qualifications can be rigid, requiring at least two years in business, among other things. It’s no surprise, considering the minimum loan amounts are $10 million.

Rewards

At present, signing up for an Axos checking account as a new business owner earns a $200 welcome bonus. Even if you’re not a new business, you can still grab $100 for opening your Axos account.

Additional Features

Over 91,000 ATMs across the country are considered in-network with Axos, but there’s fee reimbursement if you happen to come across an out-of-network one. The online bank will pay you back for the first two wire transfers each month as well. On the financial side, Axos integrates seamlessly with Quickbooks to help with your books.

Lili Bank: Best Business Account for Expense Management

4.57

★★★★★

At tax time, Lili equips you with everything necessary to prepare an error-free report. Lili presents an internet-based business checking account that entails no monthly fees or minimum opening deposit, along with various digital instruments that enable you to control expenses, track tax deductions, reserve funds for taxes, and collect payments from patrons in one account.

Initially intended for freelancers and self-employed professionals, Lili is now open to all types of business entities.

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 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

Lending

Lili does not offer any lending options to its clients. If you need a loan or a line of credit, you’ll have to look into other options.

Rewards

Your Lili debit card earns cash back on participating merchants, with the money deposited directly into your business checking account. There are no service or transaction fees to use your debit card anywhere in the world.

Additional Features

Nothing compares to Lili’s tax optimizer, designed to help you reduce tax-based expenses. The software allows you to categorize purchases, find your tax bracket, and file without headaches. The online bank also has a smart mobile app to help keep tabs on personal and business expenses while on the road. Enrollment is simple, requires no paperwork, and can have you banking within minutes.

Oxygen: Best Business Checking Account for Self-employed individuals

4.45

★★★★★

Oxygen has established itself as a top player in the fintech industry, catering to the needs of independent contractors and small-scale sole proprietors. The platform offers fee-free services and allows users to earn 5% cash back on purchases made from select merchants. To ensure the financial security, Oxygen provides the ability to generate an unlimited number of single-use debit cards, each with a preset dollar limit.

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

Lending

Oxygen is a mobile fintech company and not a bank. Because of this, Oxygen is unable to offer any lending options.

Rewards

Making necessary purchases feels a little sweeter when you get paid to do it. Buying things like gas, rideshares, or shipping services can earn 5% cash back with no questions asked.

Additional Features

Oxygen is a great option for business bank accounts for LLCs and even offers formation services as part of its package. Freelancers wanting the personal protections that come with a limited liability company can speed up registration right from Oxygen’s mobile app.

Chase – Best Bank for Financial Services

Interest Rates: Up to 0.02% APY

★★★★★

4.2

March 17, 2023March 21, 2023

Chase offers a range of business services beyond banking, including financial solutions to enhance your business. In addition to cash management tools and fraud protection, Chase offers bonus features to help you grow your business.

New account holders can earn up to $300 by signing up, and there are various ways to earn bonus points on purchases. Although there are monthly fees, there are several ways to waive them.

Why we chose it: Chase adds a long list of merchant services to its traditional banking to help your business succeed.

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

Monthly maintenance fees
Only 20 free transactions per month
Minimal APY

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Methodology for the Best Banks for Small Businesses in Virginia

We evaluated various aspects of establishing a business bank account and handling your finances once your enterprise is operational. Here are the primary criteria we employed to identify the most suitable banks for small businesses in Virginia.

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 Virginia Frequently Asked Questions (FAQs)

Looking for answers on how to open a bank account for your Virginia-based business? Check out this FAQ section for more information.

How do I open an LLC bank account in Virginia?

To open an LLC bank account in Virginia, you typically need to provide your LLC formation documents, tax identification number, personal identification documents, and a business license (if applicable). Some banks may also require additional documents or information. It’s best to check with your preferred bank for their specific requirements and process for opening an LLC bank account.

Can I open a bank account with my EIN number?

TYes, 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.

Do I need a Virginia ID to open a bank account in Virginia?

While a Virginia ID can be helpful, it is not always required to open a bank account in Virginia. Banks typically require two forms of identification, which can include a passport, driver’s license, or other government-issued ID. Some banks may also accept alternative forms of identification, such as a utility bill or lease agreement, to establish proof of address. It’s best to check with the specific bank to see what forms of identification they require for account opening.

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

Bottom Line

Small businesses can benefit greatly from having a business bank account that helps them manage their funds and keep track of transactions.

The top banks for small businesses in Virginia offer low fees, convenient money transfers, and reliable services to keep your suppliers satisfied. Consider these banks for the financial tools and resources you need to achieve your company’s financial objectives.

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 Utah in 2023

Growth is important for every business and the bank you choose for your small business can either impede or facilitate your business growth.

If you are a small business owner in Utah, trying to determine which bank to opt for, this article is tailored to meet your needs. It provides comprehensive guidance to enable you to make an informed decision. We have conducted extensive research and compiled a list of the best banks for small businesses in Utah. Keep reading to identify the one that best suits your business needs.

Best Banks for Small Businesses in Utah

Bluevine: Best Bank for Internet Banking in Utah
Capital One: Best Bank for Credit Card Services in Utah
U.S. Bank: Best Bank for Loan Options in Utah
Bank of America: Best Bank for Physical Banking in Utah
Axos: Best Option for Cost Effectiveness
Lili: Best Freelancer Bank in Utah
Oxygen: Best Bank in Utah for Sole Proprietorships
Chase: Best Bank for Fraud Protection

Our Methodology

Our selection of the best banks for small businesses in Utah resulted from thorough research. We utilized various methodologies, including evaluating each bank’s mobile banking access, interest rates, monthly and transaction fees, online ratings, minimum balance requirements, and user-friendliness. Based on our assessment criteria, these is the list of the 10 best banks for small businesses in Utah.

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 Internet Banking in Utah

Interest Rates: 2.0% APY

★★★★★

4.7

Bluevine is a financial institution that caters to small business owners who prefer to manage their finances using their mobile devices without the hassle of visiting a physical branch. With an interest rate higher than any other bank on our list, Bluevine offers an opportunity to earn up to 2.0% APY on your account balance.

Additionally, opening a Bluevine checking account comes with several advantages, including unlimited fee-free transactions, no monthly or overdraft fees, and no minimum opening deposit. This bank exclusively provides online banking services and has a mobile app accessible to both Android and iPhone users. Their customer care support is exceptional and always available to address customers’ concerns.

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 Card Services in Utah

Interest Rates: 0.20% APY

★★★★★

4.6

While Capital One is well-known for its wide range of credit card services, it also provides numerous benefits to small businesses. One significant advantage of Capital One’s credit cards is the ability to earn more rewards for every purchase made.

Additionally, there are no monthly fees or minimum balance requirements for opening an account, and there are no limitations on transfers. Capital One provides the option of both online banking through their mobile app and in-person banking at any of their branches.

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 Loan Options in Utah

Interest Rates: 0.01% APY

★★★★★

4.5

U.S. Bank is an excellent option for small businesses seeking quick funds. It offers the best loan deal for small businesses in Utah, with a flexible term and competitive rate that simplifies the repayment process.

In addition, U.S. Bank provides merchant services that enable customers to make payments via various options, including point-of-sale methods. Furthermore, opening an account with U.S. Bank presents a chance to earn up to a $500 sign-up bonus.

With over 2,000 physical branches, you can easily access U.S. Bank, even when you’re out of state. Moreover, you can also manage your account online via their mobile app.

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 Bank for Physical Banking in Utah

Interest Rates: Up to 0.04% APY

★★★★★

4.4

Bank of America is an ideal choice for individuals who prioritize access to physical branches and extensive ATM networks.

With outstanding online functionality and various reward offers, Bank of America provides multiple tools that can benefit both your business and your customers. Among these tools are merchant services, payroll services, remote deposits, and access to vast ATM networks.

Furthermore, Bank of America’s business checking account requires no minimum deposit to open, and the monthly fees are also waivable if you fulfill the necessary 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 by becoming a Preferred Rewards member. The only other fees to watch out for come from out-of-network ATM withdrawals and charges for excessive deposits in a given month.

Interest Rates

Minimum Balance

Access to Mobile Banking

Axos: Best Option for Cost Effectiveness

4.61

★★★★★

If you seek cost-effective banking, Axos business checking account is an excellent option. With Axos, you need not fret about monthly fees or minimum balance requirements, and you’ll receive a reasonable number of free monthly transactions.

Axos provides full-service online banking, and its user-friendly online banking tools simplify account management. Moreover, Axos offers ATM fee reimbursement, which is uncommon among other banks. With Axos, you can maximize the potential of your money and accomplish more.

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 Bank: Best Freelancer Bank in Utah

4.57

★★★★★

Lili bank is an excellent option for small businesses without accountants to manage their finances. Lili’s mobile banking system includes integrated tools to precisely monitor your finances.

Lili’s business accounting software facilitates accurate management of all financial records, from recording all business transactions to tax time.

Additionally, Lili bank account requires no minimum opening deposit or minimum balance requirement. It doesn’t impose any monthly fee and offers free overdraft protection.

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 in Utah for Sole Proprietorships

4.0

★★★★★

Oxygen bank caters specifically to sole proprietors and independent business owners, making it a great choice for those who run a one-person business.

It offers a range of accounting services and features, including in-app accounting software that helps with accurate financial tracking.

Oxygen also offers cash-back rewards on debit card purchases, which is a nice perk. Additionally, there are no monthly fees, minimum balance or deposit requirements, or overdraft fees with Oxygen.

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

March 16, 2023March 21, 2023

Chase bank distinguishes itself by ensuring the security of your business account from any fraudulent activity. It offers free fraud monitoring to safeguard your account from suspicious access. In addition to its security features, Chase offers exceptional banking services that can help grow your money.

Its merchant services, for instance, enable your customers to make payments using different methods, enhancing your business growth. Furthermore, Chase’s mobile app is comprehensive, making transactions quick and effortless.

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 Utah

Here are the factors we considered when evaluating the banks and compiling the list featured in this article.

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 Utah Frequently Asked Questions (FAQs)

Are you considering opening a business bank account in Utah? Check out these frequently asked questions for helpful information.

What bank is best to open a business bank account?

The best banks to open a business bank account are Axos, Capital One, Lili, Chase, Bank of America, Oxygen, and U.S Bank. These banks have different services and policies to help business owners grow their businesses.

What should I consider when choosing a bank for my small business?

To choose a bank for your small business, consider factors such as fees, interest rates, minimum balance requirements, online and mobile banking services, merchant services, customer support, and any special offers or rewards programs. It’s important to assess your business needs and compare the options available before making a decision.

Do I need an SSN to open a bank in Utah?

Yes, typically you will need to provide your Social Security Number (SSN) when opening a bank account in Utah. This is because the bank needs to verify your identity and report your account information to the Internal Revenue Service (IRS) for tax purposes. Some banks may also accept an Individual Taxpayer Identification Number (ITIN) in place of an SSN.

Can I open a bank account with my EIN number?

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

Bottom Line

When opening a business bank account, it is important to consider factors such as interest rates, available services, fees, and the bank’s availability and security. These factors can help you choose the best bank that suits your business needs and goals.

Review the banks listed in this article and select the one that offers the services and features that align with your business objectives and can help take your business to the next level.

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 Tennessee in 2023

When starting a small business, obtaining funding can often present a challenge. As such, it’s vital to find the right banking partner to ensure your business succeeds. Our top picks for the best banks for small businesses in Tennessee offer excellent features and services to ensure your monetary affairs are in order. For more information on our recommendations, keep reading this guide.

Best Banks for Small Businesses in Tennessee

Bluevine: Overall Best Bank for Small Businesses in Tennessee
Capital One: Best Bank for Saving Rates and Low Fees
U.S. Bank: Best Bank for Its Customised Financial Products
Bank of America: Best Bank for Banking Convenience
Axos: Best Online Standard Checking Account
Lili: Best for Its Affordable Banking Solutions
Oxygen: Best Business Checking Account for Startups
Chase: Best Bank for Its Merchant Services

Our Methodology

When evaluating the best Tennessee bank for small businesses, we took into account several factors. These included the cost of account opening and maintenance, as well as the minimum balance necessary to avoid such fees. We also examined the service fees for utilising the bank’s offerings and the interest rates for account holders. Furthermore, we assessed the efficiency and dependability of their various mobile banking systems.

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 Tennessee

Interest Rates: 2.0% APY

★★★★★

4.7

Bluevine is a banking solution that is perfectly suited for small businesses in Tennessee. Their online banking platform is user-friendly and can be accessed from anywhere, making it convenient for users. With their speedy and effortless service, you can quickly connect to your small business account and receive updates in real-time.

Bluevine offers secure and adaptable financing options to cater to the needs of every business. They provide unlimited transactions, no minimum deposit balance, and no monthly fees, ensuring that no business is left out. Additionally, they offer exceptional customer service and dependable client support.

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 Saving Rates and Low Fees

Interest Rates: 0.20% APY

★★★★★

4.6

When it comes to meeting the banking needs of small businesses, Capital One stands out. They offer competitive savings rates and zero interest fees, making them an attractive option for small businesses looking to maximise their profits.

One of the many benefits of banking with Capital One is their exceptional rewards program for new customers. In addition to this, they provide comprehensive banking services and essential features designed to help businesses grow and prosper.

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 Its Customised Financial Products

Interest Rates: 0.01% APY

★★★★★

4.5

For small businesses, finding a bank that provides customised financial products and services tailored to their specific needs is crucial. The U.S. Bank is a prime example of such a bank, offering an array of fantastic financial services, including loans to help businesses grow.

Their wide selection of deposit accounts and financial products ensures that small businesses have access to the right tools and resources to manage their finances effectively. Additionally, U.S. Bank boasts reliable customer service, competitive rates, and low fees, making it an excellent choice for small businesses looking to maximize their profits.

U.S. Bank’s vast network of branches and ATMs is another advantage, enabling small business owners to access their accounts and other banking services conveniently from anywhere in Tennessee.

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 Banking Convenience

Interest Rates: Up to 0.04% APY

★★★★★

4.4

Bank of America is an excellent banking solution for small businesses seeking reliability and convenience. With their merchant services, small businesses can easily accept credit and debit card payments from customers, simplifying the banking process and boosting sales.

Their services are also compatible with various payment systems, including point-of-sale (POS) terminals, mobile payment platforms, and online payment gateways, giving small businesses the flexibility to choose the payment system that best fits their needs.

Bank of America’s competitive business rates can help small businesses grow their income over time. Their mobile app is user-friendly and features bill pay and mobile check deposit. It also includes advanced security features such as fingerprint scan and fraud protection to keep small businesses and their customers safe.

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

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

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

Fees

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Bank of America: Best Bank for Banking Convenience

Interest Rates: Up to 0.04% APY

★★★★★

4.4

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

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

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

Fees

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Lili Bank: Best for Its Affordable Banking Solutions

4.5

★★★★★

For small businesses seeking a dependable online checking account in Tennessee, Lili is an excellent choice. Lili is dedicated to providing affordable and user-friendly banking solutions. They offer a range of tools that help businesses file accurate tax reports.

Additionally, Lili provides digital tools that allow for multiple financial transactions to be executed with one account. Lili is a great option for businesses seeking an online checking account that has low fees.

We chose it: Lili’s low fees and user-friendly digital tools make it hard to overlook. Also, for a business that wants to streamline its finances, Lili is the answer.

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 Business Checking Account for Startups

4.0

★★★★★

Oxygen is a highly regarded online banking provider for small businesses and startups. This modern and free online bank offers many benefits for managing finances.

Oxygen’s business accounts are charged zero monthly fees and have no minimum balance requirements. A business account with Oxygen includes free online banking, mobile banking, and a debit Mastercard.

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 Its Merchant Services

Interest Rates: Up to 0.02% APY

★★★★★

4.2

March 16, 2023March 21, 2023

Small business owners prefer Chase for its exceptional merchant services and financial loan options. New customers can enjoy exciting bonuses and rewards, adding value to their banking experience.

With numerous branches and ATMs, Chase offers easy access to cash throughout Tennessee. This full-service bank also offers checking accounts, credit cards, loans, and investment options to meet the diverse needs of small businesses.

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 Tennessee

Before deciding on this roundup,we took into account several crucial aspects of opening and managing a business bank account. These key factors included:

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 organizations 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 Tennessee Frequently Asked Questions (FAQs)

Do you have questions about opening a bank account for your Tennessee business? This FAQ will answer those questions:

What documents are required when applying for a small business loan in Tennessee?

When applying for a small business loan in Tennessee, the required documents will vary depending on the lender and the type of loan. Generally, you will need to provide personal and business financial statements, tax returns, bank statements, and legal documents such as your business license, articles of incorporation, and partnership agreements. In addition, some lenders may require a detailed business plan and collateral to secure the loan.

Can I open a bank account with my EIN number?

How can I open a business checking account for my small business in Tennessee?

To open a business checking account for your small business in Tennessee, choose the bank that best suits your needs. You’ll typically need to provide your business documentation, including your business licence, tax identification number, and articles of incorporation.

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

Bottom Line

Opening a business bank account as a small business owner in Tennessee provides several benefits such as easy financial record-keeping, access to loans, credit cards, and merchant services.

The banks listed here offer top-notch security, user-friendly online banking systems, fantastic offers, and excellent customer service. These banks can be a great solution for fulfilling the financial needs of your small business in Tennessee.

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 South Dakota in 2023

To aid small businesses in South Dakota in choosing the ideal banking institution, we have compiled a list of the top-rated banks. These banks have been carefully evaluated based on their features, services, and reputation, and have been identified as the 10 best banks for small businesses in the region. These banks offer a range of advantages, including competitive interest rates, convenient account access, and personalized business solutions that cater to the unique needs of small business owners in South Dakota.

Best Banks for Small Businesses in South Dakota

Bluevine: Best Overall Bank for Small Businesses in South Dakota
Capital One: Beat Bank for Managing Your Small Businesses Finances
U.S. Bank: best Bank for Cash Management Services
Bank of America: Good at Financial Management (Online)
Lili Bank: Best for Charging No Fees
Axos: Best for Loan Rates
Oxygen: Best for No Overdraft Fees
Chase: Best Business Checking Account for Small Businesses in South Dakota

Our Methodology

In identifying the most suitable banking institutions for small businesses in South Dakota, we analyzed various key factors, including account maintenance fees, minimum balance requirements, supplementary charges, interest rates, mobile banking capabilities, accessibility, customer service, and the overall reputation and financial stability of each bank.

Through this thorough evaluation process, we were able to compile a comprehensive ranking of the top-performing banks for small businesses in the region.

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 South Dakota

Interest Rates: 2.0% APY

★★★★★

4.7

Recognized as one of the foremost banking services in South Dakota, Bluevine offers a wealth of valuable resources for small business owners. Among the standout features are business lines of credit and invoice factoring, which can significantly benefit small businesses in overcoming financial obstacles and attaining their objectives.

With business lines of credit reaching up to $250,000, small businesses can obtain the necessary funding for both short-term requirements and expansion opportunities.

Furthermore, Bluevine’s invoice factoring service permits small businesses to swiftly sell their unpaid invoices and receive payment, thereby assisting companies with extended payment cycles or clients who pay slowly.

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: Beat Bank for Managing Your Small Businesses Finances

Interest Rates: 0.20% APY

★★★★★

4.6

Efficient financial management is critical for small business success, and Capital One‘s online banking platform delivers just that through easy access to accounts, transfers, bill payments, and mobile check deposits.

This streamlined approach saves small business owners valuable time and energy, enabling them to concentrate on their core business activities.

Capital One’s online banking also presents a range of beneficial financial resources, including customizable financial dashboards, budgeting tools, and account alerts, which aid small business owners in making informed financial decisions.

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 Services

Interest Rates: 0.01% APY

★★★★★

4.5

U.S. Bank acknowledges the vital role of streamlined cash management in small business success, and provides a comprehensive suite of cash management services to assist small businesses in managing their finances with ease.

These services encompass a wide range of features, including automated cash sweeps and wire transfers, which empower small businesses to enhance their cash flow, make informed financial choices, and rapidly transfer funds to any location.

Through U.S. Bank’s cash management services, small business owners can streamline their financial operations, save time and resources, and dedicate their attention to growing their businesses.

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: Good at Financial Management (Online)

Interest Rates: Up to 0.04% APY

★★★★★

4.4

In order to effectively manage finances, small businesses need to be able to access their accounts on-the-go. Bank of America offers a mobile banking platform specifically designed for small business owners, allowing them to conveniently manage their finances from anywhere and at any time.

This platform enables small businesses to efficiently perform a range of tasks, including checking balances and transferring funds between accounts, all using their mobile devices. This feature is critical for businesses looking to stay competitive and ensure optimal financial management.

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

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

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

Fees

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

Interest Rates

Minimum Balance

Access to Mobile Banking

Axos: Best for Loan Rates

4.61

★★★★★

To expand their operations and cover unforeseen expenses, small businesses often require funding. Axos Bank‘s small business loans offer the necessary capital to help these businesses grow, invest in new equipment, and purchase inventory.

With flexible terms and competitive rates, these loans are an excellent choice for small businesses seeking financial support to achieve success.

Why we chose it: Free cash deposits and a low fee structure make Axos Basic Business Checking one of the best business banks 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 Bank: Best for Charging No Fees

4.57

★★★★★

Lili bank provides a banking solution specifically designed for freelancers and entrepreneurs, which is ideal for small businesses seeking a banking service that won’t weigh them down with monthly charges.

The key benefit of Lili bank is their fee-free banking service, enabling small business owners to save on fees and allocate more resources to other vital areas of their enterprise. As a financial technology company, Lili bank offers tailored banking services for 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

Lili Bank offers a mobile banking app that is specifically designed for freelancers and small business owners. The app allows you to manage their finances, including control expenses, save money for taxes, and manage payment, 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: Best for No Overdraft Fees

4.0

★★★★★

For small business owners seeking to steer clear of overdraft fees, Oxygen Bank is a highly recommended option. This bank offers a user-friendly mobile application, free ATM access, and no monthly maintenance fees, making it a practical and cost-effective approach to handling your business’s finances.

Moreover, their policy of no-overdraft-fees ensures that small business owners have a dependable and economical banking choice that gives them peace of mind.

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 Business Checking Account for Small Businesses in South Dakota

Interest Rates: Up to 0.02% APY

★★★★★

4.2

March 16, 2023March 16, 2023

Maintaining finances can be a challenge for small businesses, which is why a dependable banking partner is crucial for handling their day-to-day transactions.

Chase Business Checking is specifically designed to address these concerns by offering a range of features, including no minimum balance requirements, unlimited electronic deposits, and around-the-clock customer support.

With the Chase mobile app, business owners can easily access their account information and conduct transactions while on the move. Furthermore, with a broad network of ATMs and branches, banking with Chase is both convenient and accessible, regardless of your location.

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 South Dakota

We conducted a comprehensive assessment of the critical aspects involved in establishing a business bank account and effectively managing finances to identify the top banks for small businesses in South Dakota. Our evaluation process included a thorough analysis of the following essential factors that were carefully considered in our final determination.

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 the purpose of 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 South Dakota Frequently Asked Questions (FAQs)

Are you seeking further information on the best bank account for your South Dakota small business? This FAQ provides comprehensive answers to your queries.

What are the requirements to open a business account in South Dakota?

To open a business account in South Dakota, you typically need to provide proof of business registration with the South Dakota Secretary of State and various business identification documents, such as a Tax ID number, business license, and Articles of Incorporation. However, specific requirements may vary depending on the bank or financial institution.

Can I open a bank account with my EIN number?

What questions should I ask before opening a small business account in South Dakota?

Opening a small business account in South Dakota requires careful consideration of the different options available and the associated fees and requirements. You should ask the bank representative about the types of accounts offered for small businesses, the fees associated with each type, and the minimum balance requirements for each account.

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

Bottom Line

Opening a business bank account can be a valuable asset for small businesses in South Dakota, offering improved financial management and streamlined transaction tracking.

Optimal banking solutions for small businesses in South Dakota provide cost-effective fees, convenient money transfer options, and reliable customer service, which can help businesses meet their financial objectives and build strong supplier relationships.

It’s important to consider such banks as a dependable resource for fulfilling your company’s financial needs in South 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.

6 Free Software for Construction Project Management in 2023

Project management softwares is crucial in the construction industry to bring team members together in one space for a common goal. Helping to ease the communication flow between those out on the fields and those in the office.

Construction industries have complex workflows, and it might not be easy to find software that can meet their needs on a free plan. We have created a list of some of the best free construction management softwares for contractors and construction managers in 2023.

Free Software for Construction Project Management

ClickUp – Overall Best Construction Software
Monday.com – Best For Team Collaboration
Asana – Best For Creating A Project Plan
Wrike – Best In Handling Construction Projects Dependencies
Fieldwire – Best For Field Management
Procore – Best For Data Management

ClickUp

Notify users when other team members are online viewing shared files.

Scheduling & Reporting

Time recorders & Notes

Roadmaps & Status Reports.

monday.com

Customizable boards.
& Pulse for real-time notifications.
& Integrated messaging tools.

Mapping tools

Time tracking column

Flowcharts & Gantt charts.

Asana

Integrate favorite collaboration tools.
& Comments and tagging.

Digital cards & viewing lists.

Time trackers.

360 degrees dashboard view.

Wrike

File sharing & team feedback on projects.

Customized templates to create a workflow.

Priority columns

Wrike reports tool.

Fieldwire

Links managers and lower-level workers. & Push notifications.

RFIs & Custom Forms

Time and Materials form features & Timers.

Onsite data collation.

Procore

Follow, Tag, and comment.

Client sharing & Task management.

TimeCard & Timesheets available

Project financials & Productivity tools.

ClickUp – Overall Best Construction Software

ClickUp Review

ClickUp is our best free software for construction project management, although it was not built with the construction industry as one of its target niches.

However, the construction industry has many processes that need control, and ClickUp provides many different tools that construction companies with smaller teams are looking to take advantage of its free plan, especially in task management, collaboration, and streamlined construction project workflow.

Enhanced Collaboration and Communication

To drive effective collaboration and communication between the various teams involved in a construction project ClickUp provides tools that help teams collaborate in real-time. ClickUp has a feature allowing users to know when other team members are online working on shared tasks. This enables a user to respond or take action when the activity is happening.

Streamlined Construction Project Workflow

ClickUp allows construction managers to handle everything related to their tasks on the ClickUp software. It provides users with features that enable reporting, scheduling functions, uploading drawing plans, communicating, managing finances, and lots more. ClickUp also provides an integration portal to add on features that provisions were not made for to streamline the construction project workflow.

Better Time Management and Resource Allocation

ClickUp provides construction software that allows construction managers to manage their team members’ time and resources. Simple tools like time recorders and notes allow users to monitor what was done at various intervals. ClickUp also provides a workload view feature showcasing members’ productivity levels, which helps the construction project management team allocate resources.

Real-Time Project Visibility

ClickUp allows users to track project roadmaps, status reports, risks, etc., using Gantt chart, list, and timeline views. Over 10 other viewing styles are also available, and users can switch between each tool to find one that meets their needs.

Pricing Plans

Free Forever – Unlimited users & Tasks.
Unlimited Plan – $5 (Unlimited teams + Tasks).
Business – $12 (Unlimited teams & advanced features).
Business Plus – $19 (Unlimited teams + Sharing & Customizable features).
Enterprise – Negotiable (Exclusive offers).

Highly intuitive user interface.
Highly secure platform.
Ample storage space for its free plan.
Great pricing plans

The Timesheet displays incorrect information occasionally.
Loads up slowly.

Monday.com

Monday.com Review

Monday.com is the perfect tool for construction managers looking for the ideal collaboration tool for their teams. It allows every team member, including those on the construction sites and those handling the “paperwork,” to stay connected. Managers and clients are not left out of the loop either with pre-made templates and other features.

Enhanced Collaboration and Communication

Monday.com provides customizable boards to foster team collaboration, allowing managers to create boards, make a task list, and invite team members to work together on projects. Once a team member is assigned to a task, use pulses to notify them in real-time.

Additionally, use integrated tools like skype and meetings to communicate with the team. Use comments and private tags to share files instead and eliminate the need for emails.

Streamlined Construction Project Workflow

Monday.com provides integration APIs, automation features, and ways to view what every team member is working on at the time, regardless of location. Monday.com includes mapping tools for construction workflow design. It also allows users to import previous work data to create new workflows without the issues that plagued the pre-existing structure.

Better Time Management and Resource Allocation

Regulate time spent on each project using the time tracking column on Monday.com. However, this feature is only available for Pro and Enterprise plan users.

Time trackers show how long it takes each team member to complete any given task.

Using time trackers enables managers to know where to allocate resources.

Real-Time Project Visibility

Construction management teams can use Monday.com to track when materials arrive, who delivered on time, or not using different project timeline viewing tools. Use Gantt charts if you prefer bar chart presentations, Flowcharts if you’d like to know each task’s dependencies, etc.

Pricing Plans

Free Forever – 2 users
Basic – $8 (single dashboard + one board).
Standard – $10 (single dashboard + 5 boards).
Pro – $16 (single dashboard + 10 boards).
Enterprise – Negotiable (Exclusive offers).

Allows collaboration with teams outside its OS.
Very flexible.
Provides a good number of premade templates.
Lots of customizable features.

Sends out too many emails.
With too many features, it’s easy to get lost.

Asana

Asana Review

Use Asana‘s customizable templates to create a detailed plan for a simple construction project management process. Create customized trackers for monitoring team activities and export items from your email to complete new tasks. In addition, use Asana to keep tabs on suppliers and other contractors and improve your team’s productivity.

Enhanced Collaboration and Communication

Manage your team by providing Asana’s easy-to-use communication and collaboration tools. Asana allows construction team members to integrate the tools they use for work on its OS, eliminating the need to switch between tabs or apps. This makes it easier for teams to collaborate using standard construction tools in a central place.

Asana includes features for sharing and commenting on projects and tasks. It also integrates with platforms like Slack and Zoom for better project discussions.

Streamlined Construction Project Workflow

Asana benefits construction companies looking for construction software to streamline project workflows. It provides digital card templates for creating tasks. However, it must be set up using either List, Calendar, and Gantt views.

Plus, Asana incorporates tools to manage from timing to providing necessary resources to drive it to completion. Users can also group every job based on its completion phase. Finally, create reusable templates for subsequent projects.

Better Time Management and Resource Allocation

Asana provides time management features to trace a team’s progress on a construction project. Use time logs and calendars to set deadlines, and check progress regularly to avoid overstepping budgets.

Real-Time Project Visibility

Asana construction programme software gives construction managers tools to take a 360-degree view of the team’s activities. Using the dashboard feature, you can obtain real-time insights for better decision-making.

Pricing Plans

Free Forever – 15 users & unlimited tasks.
Premium Plan – $10.99 (Unlimited users + Guests & Unlimited tasks + templates).
Business – $24.99 (More advanced features).
Enterprise – Negotiable (Exclusive offers).

2FA is available.
Allows users to drag and drop tasks from email.
Easy to understand and use.
Collaborating with team members is a breeze.

The time tracker is integrated and not available natively.
Needs multiple users for a project feature

Wrike

Wrike Review

Use Wrike as a construction management software to manage resources needed for construction projects. Make provisions for team and client interactions to manage potential risks and ensure everyone stays on a budget.

Enhanced Collaboration and Communication

Wrike enables communication through file sharing, direct messaging via mentions, and allowing team feedback on every project.

Streamlined Construction Project Workflow

Streamline your workflow processes on Wrike using choosing and customizing pre-made templates for creating tasks and dependencies. Use automation for repetitive actions, and integrate with your regularly used external Apps to bring everything you need to you. Additionally, use client portals to handle client-related issues and collaboration.

Better Time Management and Resource Allocation

Wrike allows for better time management by including timers and priority columns to let teams know what aspects of the project need immediate implementation. Following the team’s behavior, it’s easy to decide where to assign resources to prevent waste and financial losses.

Real-Time Project Visibility

Stop missing out on important information and spending long hours searching for updates using the Wrike Reports tool. Visualize the status of your project and team actions on one page as the event occurs. Wrike provides four visibility options, including milestones, team performance reports, task status reports, and activity reports.

Pricing Plans

Free Forever – Tasks limitations
Team Plan – $9.80 (2 – 25 team members + Unlimited Tasks).
Business – $24.80 (5 – 200 seats & Unlimited tasks and subtasks).
Enterprise – Negotiable (Exclusive offers).

Excellent reporting tool, with many options to carry it out.
Allows automatic updates to reports.
Provides a wide range of project visibility viewing options.
Allows users to separate tasks into several other units.

Needs to integrate with more external software.
Needs to increase its user count for each pricing plan.

Fieldwire

Fieldwire links everyone related to a construction project and provides a means for file sharing through integration tools. Includes push notifications to notify the team when a task has been assigned and share drawing plans between groups on the field and in the office. Also, schedule activities ahead of time using Kanban priority features.

Enhanced Collaboration and Communication

Fieldwire drives collaboration and communication between workers handling the minor task to those at managerial levels. Managers can assign tasks, leave comments, know who holds any given task, and teams can share plans, push notifications, and more to drive communication.

Streamlined Construction Project Workflow

Streamline construction workflow using onsite RFIs and Automation tools, plus other tools to track and request supplies. Additionally, managers can create custom forms to collect different kinds of data, from daily tasks to details about materials coming and going out. In addition, collaboration features and resource management tools create a streamlined construction project workflow.

Better Time Management and Resource Allocation

Field wire helps construction managers keep tabs on what employees do with their work hours using timesheet forms. The forms include time and materials forms to record the time spent on a project and the number of materials used.

Additionally, timesheet forms allow users to set up due dates for work delivery, add assignees’ names, and add work status. Plus, a section to add signatures for official record keeping.

Real-Time Project Visibility

Fieldwire provides tools that record and document issues on-site, and this information gets passed directly to concerned teams. On the other hand, the team activities are tracked using resource management tools on the field wire platform. Everything is on a ventral platform with Fieldwire eliminating the need to store data outside the platform and making all project details accessible with a few clicks.

Pricing Plans

Free Forever – 5 users & 3 projects.
Pro Plan – $39(Unlimited teams + Tasks).
Business – $59 (Unlimited user & i ).
Business Plus – $19 (Unlimited users & projects ).
Enterprise – Negotiable (Exclusive offers).

Provides unrestricted access to data on the cloud from any location.
Well-suited for managing multiple construction projects at the same time.
Very great for obtaining and storing data from the field.
Allows multiple users to edit drawing plans at the same time.

Limited integration options.
Customization can be problematic occasionally.

Procore