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.
Bank
Pricing (Per Month)
Additional Fees
Interest Rates
Minimum Balance
Access to Mobile Banking
$0
$4.95 per cash deposit, $2.50 for out-of-network ATM fees, $15 for outgoing wires
2.0% APY
$0
Pay vendors by wire or check, schedule payments, manage cash flow
$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
$0
$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
$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
$0
$2.5 for out of network
1.50% APY
$0
Manage finances and payments, control expenses, and save money for taxes
$15 (waivable)
$25 to $40 for wire transfers, $0.40 per transaction (after the first 20)
Up to 0.02% APY
$0
Fraud monitoring, card control, pay, and transfer, view offers
$0
$3 for out-of-network ATM fee, fees for international transactions, $5 international ATM fee, fees for Ingo mobile check deposit
1.0% APY
$0
Check deposit, bill payment, check deposit, account statement
Bluevine: Best Best Overall Bank for High Interest Rates
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
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 Remote Workers and Freelancers
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
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 at Enabling Business Savings
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
You’ll never have to worry about monthly fees when using U.S. Bank’s silver checking package for small businesses. Higher-tier accounts do have waivable monthly fees to contend with as your company grows. You’ll just need to keep tabs on monthly transactions to ensure you don’t incur charges for exceeding the monthly limit.
Interest Rates
U.S. Bank’s checking accounts do not come with any options to generate interest. While savings plans come with different perks, the current maximum interest rate is just 0.01%. Although a minimal amount, there is no balance cap to what you can earn.
Minimum Balance
There’s no minimum balance requirement when starting with U.S. Bank’s silver account package designed specifically for small businesses. Other checking accounts have waivable fees should you keep up with the necessary balance amounts. Savings accounts start at a $500 minimum balance to remove service fees.
Access to Mobile Banking
If you find yourself away from one of U.S. Bank’s physical locations, you can perform all your banking through the mobile app. It’s possible to seamlessly transfer funds from one account to another and stay up to date with your financial status. The U.S. Bank will also keep you informed with customized alerts.
Bank of America: Best Bank for the Flexibility It Offers
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
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 Business Checking and Savings Accounts in Idaho
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
Axos Bank Basic Business Checking does not charge a monthly maintenance fee or impose requirements on keeping your account open. You’ll receive back any ATM fees you incur each month, making this account effectively free to use. If you plan to spend a lot of wire transfers, be aware of Axos’s $35 charge for each one.
Interest Rates
This particular account does not have an annual percentage yield and instead focuses on business perks. Anyone with extra money can open up one of Axos’s interest-bearing business savings accounts and accrue interest that way.
Minimum Balance
Axos Bank has no minimum balance requirements for its checking and savings accounts. As a small business owner, you do not need to maintain a certain balance to avoid monthly fees. This makes Axos an attractive option for you if you do not have a large amount of money to keep in your account.
Access to Mobile Banking
Axos Bank offers a robust mobile banking app that allows customers to manage their accounts, deposit checks, transfer funds, pay bills, and wire transfer all from their mobile devices. You can also use the account alerts feature and budgeting tools to stay on top of your finances.
Lili: Best Bank for Low Cash Deposit Fees
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
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 Digital Bank for Easy Access to Funds and Quick Transfers
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
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 High Volume Transactions and E-commerce Businesses
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
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 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:
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.