As a small business owner, having a reliable business bank account is very crucial for the growth of your business. Before opening a business account, however, you have to choose a bank that would offer great benefits that align with your business goals.
We have picked out the best banks for small businesses in Ohio that you should check out. Read on to find out more about the best banks for small businesses in Ohio and why we think they are the best for your small business.
Best Banks for Small Businesses in Ohio
- Bluevine: Best Bank in Ohio For High-Interest Rates
- Capital One: Best Bank for Small Businesses Account Perks
- U.S. Bank: Best Bank for Quick Loans
- Bank of America: Best Bank for Rewards Program
- Axos: Best Bank for Customer Service Support
- Lili: Best Bank in Ohio for One-man Businesses
- Oxygen: Best Digital Bank in for Cash Back Offers
- Chase: Best Bank for Its Merchant Services
Our Methodology
Before coming up with our top picks of the best banks for small businesses in Ohio, we researched the fees each bank charges such as maintenance, overdraft, and wire transfer fees. We also looked into the minimum balance requirements of the banks, the account features such as mobile banking and integrations. Our research also covers the interest rates of each bank, customer service, and incentives.
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 Bank in Ohio For High-Interest Rates
4.7
Bluevine is a high-yielding bank that is suitable for small businesses in Ohio. Due to its high-interest rates, Bluevine can work well with your business as they do not charge any fee for transactions or maintenance. You can also earn interest on your account balance. The bluevine business checking account is easy to open and has a mobile banking interface that is easy to navigate.
Why we chose it: High-interest rates, minimal fees, and a lack of maintenance requirements make Bluevine the best business bank account for LLCs or other business types.
- High-interest rates
- Very few fees
- No minimum deposit required
- No business savings account
- No ATM reimbursement
- Fee for cash deposits
Fees
You won’t find any monthly fees when using Bluevine, making it possible to bank without ever paying a dime. Expect charges for using out-of-network ATMs, making the mobile app a valuable tool for finding free withdrawal sites. Each cash deposit will set you back $4.95, making this a tool you want to use sparingly if at all.
Interest Rates
Bluevine comes through in a big way with its 2.0% APY. The rate is 50 times the current national average and applicable on balances up to $100,000. Once your small business’s balance grows beyond this amount, those extra funds won’t accrue any interest.
Minimum Balance
There’s no minimum balance requirement for using Bluevine, no matter how much you have in your account. Small businesses can start with next to nothing and take immediate advantage of the high-interest rate.
Access to Mobile Banking
The Bluevine mobile app makes banking from anywhere a breeze. The thoroughly-designed tool makes it easy to manage your accounts and see where your money is going. It’s also possible to pay vendors by wire or check and schedule payments for fulfillment down the road.
Capital One: Best Bank for Small Businesses Account Perks
4.6
Capital One is also one of the most suitable banks for small businesses in Ohio. It offers lots of perks and benefits such as fee-free and unlimited transactions, business savings, waivable monthly maintenance fees, access to loan products, and credit cards. You can access your Capital One business account on your mobile device and also visit any of their branches if you prefer physical banking.
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 Quick Loans
4.5
U.S Bank is most common for the quick loan option it offers. You can access loans with reasonable interest for your business when you bank with U.S Bank. They also offer other benefits such as a large ATM network, merchant services, and access to mobile banking. The U.S. bank has over 2,000 physical branch locations which make it easier for customers who prefer physical banking to walk into any of its banks.
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 Rewards Program
4.4
Bank of America is best known for the reward programs it offers small businesses that can be used to waive fees and do other things. They also offer free digital tools to track your business performance. You can access your account from your mobile device and enjoy seamless banking or visit any of their physical branches.
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 Customer Service Support
Axos is a user-friendly bank for small businesses and startups in Ohio. Although it offers only online banking, its customer service support is top-notch; always available to attend to customers’ complaints. It has fewer fees and ATM fee reimbursements which is not common to other brick-and-mortar banks in Ohio. Axos is the best bank for small businesses that do not want to worry about monthly fees or minimum balances.
You can track your deposits and withdrawals with Axos by syncing your Axos account with your Quickbooks accounts instead of doing it manually. The Axos check account is easy to open and it has a mobile-friendly app that you can access at anything and anywhere.
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.
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: Best Bank in Ohio for One-man Businesses
Lili was designed to help cater to people who work under their name. Apart from the low-fee account it offers, it also has a feature that helps track and report your daily expenses. There’s also an automatic savings bucket that comes with a Lili account that you can turn on to help you save for tax payments or emergency funds.
Lili has a user-friendly mobile app that can be accessed by anyone with a Lili account. It doesn’t have any physical branch but you can make any inquiries online and be sure to get a response almost immediately.
Why we chose it: Lili is the best bank for freelancers and a one-man business. Its ease of access and great features that help customers prepare for tax and manage their expenses is worth it.
- 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.
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 Digital Bank in for Cash Back Offers
Oxygen is an online-only bank that’s best known for the cash back rewards it offers. You get a cash refund any time you purchase with your Oxygen debit card. Oxygen offers a mobile-only banking service to small businesses that are looking for affordable banking.
It also offers unlimited fee-free transactions. You can also access mobile tools and reusable virtual cards when you open an account with Oxygen. The Oxygen mobile app has a user-friendly interface that is easy to navigate.
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.
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 Its Merchant Services
4.2
Chase offers merchant services to complement its traditional banking to provide security and convenience for your business. This service allows your customers to make payments however they like without jeopardizing their accounts.
A Chase business bank account is easy to open and you could get up to a $300 bonus when you sign up for the first time. You can access your account on your mobile device and also visit any of their physical locations.
Why we chose it: Chase adds a long list of merchant services to its traditional banking to help your business succeed.
- Several available merchant services
- Multiple ways to waive the monthly maintenance fee
- $300 sign-on bonus
- Monthly maintenance fees
- Only 20 free transactions per month
- Minimal APY
Fees
Monthly fees start at $15 for Chase Business Complete Banking. You can do away with this charge by maintaining a $2,000 daily balance, and making deposits through Chase QuickAccept, or Chase Ink Business Card purchases. There is a cost for transactions after your first 20, and you’ll want to avoid costly wire transfers if possible.
Interest Rates
As with most banks, Chase doesn’t provide any interest for the money you have in a business checking account. To earn a rate, you’ll need to start up a business savings account that accrues up to 0.02%.
Minimum Balance
If you want to avoid Chase’s monthly service fee, you’ll want to keep at least $2,000 in your checking account at all times. Dipping below this amount even once per month is enough to merit the charge. Savings accounts have no fee as long as you have an active checking account with Chase.
Access to Mobile Banking
In addition to standard banking procedures, you can use the Chase mobile app to lock or unlock your credit card should you misplace it. There’s also a budget planning feature to set aside funds for a large purchase and credit monitoring tools to protect your credit health.
Methodology for the Best Banks for Small Businesses in Ohio
Opening a business bank account is at the forefront of starting a profitable business. Below are the methodologies that we considered before coming up with the list of the best banks for small businesses in Ohio.
- 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 Ohio Frequently Asked Questions (FAQs)
If you’re a business owner in Ohio, these FAQs will answer some questions you may have.
Bottom Line
Choosing your banking service provider as a small business is worth thinking about thoroughly. It might get overwhelming trying to choose from the loads of options you have. The bank you choose can make or mar your business.
Our top pick is Bluevine, however, you can choose any from this roundup that suits your small business. Ensure you consider how their fees, interest rates, minimum balance, and ease of use work for you before opening a small business account with them.
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.