Category: Finance

One of Wells Fargo‘s main strengths is its extensive business resource tools, which can help businesses stay on top of their finances and manage their operations more effectively. These tools include online banking services, mobile apps, and cash flow management tools.

Wells Fargo also offers resources to help businesses stay updated on the latest industry trends and best practices, including educational resources, webinars, and workshops. With its comprehensive set of resources, Wells Fargo is an excellent choice for businesses looking to optimize their financial management processes.

Why we chose it: We chose Wells Fargo as the best bank for its business resource tools in Houston due to its extensive range of online and mobile banking services, cash flow management tools, and educational resources that can help businesses optimize their financial management.

Wide range of business resource tools and services
Convenient mobile and online banking options
Access to a large network of branches and ATMs
Specialized business banking advisors and support

Some fees can be higher compared to other banks
Limited international banking services

BBVA USA – Best for Providing Business

BBVA USA offers a range of business banking services tailored to the needs of small and medium-sized businesses, including business checking and savings accounts, loans, lines of credit, and cash management solutions.

BBVA USA also provides online and mobile banking tools to help businesses manage their finances from anywhere and offers a team of experienced business bankers to assist with financial management and growth strategies.

Moreover, BBVA USA’s Business Mobility Checking account, which has no monthly maintenance fee and offers cash-back rewards for debit card purchases, is a unique feature that can be particularly beneficial for small businesses looking to maximize their earnings.

Why we chose it: We chose BBVA USA for providing business support in Houston because of its tailored business banking services, experienced business bankers, and online banking tools.

A wide range of business banking services tailored to the needs of small and medium-sized businesses
Online and mobile banking tools to manage finances from anywhere
Experienced business bankers assist with financial management and growth strategies
Business Mobility Checking account with no monthly maintenance fee and cash back rewards for debit card purchases

Limited branch locations in Houston compared to other banks
Some fees may apply, such as overdraft fees and wire transfer fees

Bank of America – Best for Free Unlimited Deposits and Withdrawal

Bank of America offers a range of business banking solutions well-suited for small businesses in Houston. Its Business Fundamentals Checking account allows unlimited deposits and withdrawals without fees, making it an attractive option for businesses with frequent cash flow transactions.

Bank of America offers a suite of online and mobile banking tools, including online bill pay and mobile check deposits, which can help small business owners manage their accounts on the go. Bank of America also provides free access to business specialists who can offer guidance and support on various topics, including cash flow management, financing options, and more.

Why we chose it: Bank of America is a great choice for businesses in need of free unlimited deposits and withdrawals, thanks to its extensive network of ATMs and branches.

Wide network of ATMs and branches for easy access to banking services
Offers a variety of business checking accounts to fit different needs and sizes of businesses
Mobile apps and online banking platforms are user-friendly and offer many features for convenient banking
Free unlimited deposits and withdrawals for most business checking accounts

Monthly fees on some business checking accounts can be high, although they can be waived with certain requirements
Foreign transaction fees and other fees may apply to international transactions

Comerica Bank – Best for Business Banking Freebies

March 31, 2023March 31, 2023

One of the free services Comerica Bank offers is free checking with no monthly maintenance fees, including unlimited transactions, bill payments, and online banking. Comerica offers free business debit cards, incoming domestic wire transfers, and a free small business financial review.

Also, Comerica has a range of online tools and resources to help business owners manage their finances more efficiently. These include cash management tools, online invoicing and payments, and mobile banking.

Why we chose it: As a bank that offers various incentives and freebies for business customers, Comerica Bank stood out as the best option for those looking for added value.

Offers a wide range of business banking products and services, including lending, treasury management, and investment services
Provides free online and mobile banking, allowing for easy account management and transactions
Offers a rewards program for business credit card users, providing cash back or points for purchases made

Monthly fees can be high, especially for smaller businesses or accounts with lower balances.
Some customers have reported poor customer service experiences, including long wait times and unresponsive representatives.

Recommended Bank Account for Businesses in Houston

Wells Fargo, BBVA USA, Bank of America, and Comerica Bank are the best banks for businesses in Houston. Each bank offers unique features and benefits that best fit the needs and preferences of businesses. Choose one of these banks to grow your business today.

4 Best Banks for Businesses in Chicago in 2023

Someone paying for coffee with a credit card

When it comes to finding the best bank for your business in Chicago, there are several factors to consider, such as the bank’s reputation, services offered, fees, and customer support. Fortunately, Chicago is home to many top-rated banks that cater to businesses of all sizes and industries. Continue reading to know the best banks for businesses in Chicago.

Best Business Checking Accounts in Chicago

The best banks with the best checking accounts for businesses in Chicago are:

Chase – Best for Its Business Resource Tools
Wintrust Bank – Best for Local Business Support
Bank of America – Best for Global Business
First Midwest Bank – Best for Business Banking Freebies

Chase – Best for Its Business Resource Tools

Chase Bank is a top choice for businesses seeking a bank that offers a wide range of business resource tools. With over 300 branches and 400 ATMs in Chicago and its surrounding areas, Chase makes accessing your money incredibly convenient. In addition to having a significant physical presence, Chase offers online banking and mobile banking services that allow you to easily manage your accounts, check balances, and transfer money, even when you’re on the go.

Chase offers various accounts that cater to different needs, from simple savings accounts to interest-earning checking accounts and long-term CDs. Chase also offers a specialized banking experience for students. Their Chase High School Checking and Chase College Checking accounts are tailored for high school and college students to help them conveniently manage their finances.

Why we chose it: We chose Chase Bank because of its wide physical presence, comprehensive online and mobile banking services, variety of account options, and specialized banking experience for students.

Wide physical presence with over 300 branches and 400 ATMs in Chicago and surrounding areas
Comprehensive online banking and mobile banking services
Offers a variety of account options to cater to different needs
Business resource tools, including educational content and tools to manage finances effectively

Monthly fees on some accounts
Some accounts require minimum balances to avoid fees

Wintrust Bank – Best for Local Business Support

Wintrust Bank is committed to helping small and mid-sized businesses grow and succeed. The bank has a team of experienced business bankers who work closely with local business owners, providing them with the guidance, resources, and financial solutions they need to achieve their goals.

Wintrust Bank offers various business banking products and services, including business checking and savings accounts, merchant services, cash management, and commercial lending. In addition to its financial offerings, Wintrust Bank is actively involved in the local business community, partnering with various organizations and initiatives to promote economic growth and development.

Why we chose it: Wintrust Bank offers exceptional services and resources to help small businesses thrive.

Access to a range of financial services
Security and protection of funds
Convenience and accessibility through online and mobile banking services
Rewards programs and incentives for using their services

High fees for certain services
Limited availability of physical branches in certain areas

Bank of America – Best for Global Business

Bank of America – Best for Global Business Review

Bank of America has a well-established presence in numerous countries, making it an excellent choice for companies that conduct business on a global scale. The bank offers various international services, including foreign currency exchange, international wire transfers, and trade financing. Its online banking platform allows businesses to manage their accounts and transactions in various currencies, making tracking and managing their global operations easier.

Bank of America’s extensive network of international branches and partner banks also gives businesses access to local knowledge and expertise in different regions, enabling them to make informed decisions about their global operations.

Why we chose it: Bank of America has a strong reputation and financial stability, making it a reliable partner for businesses looking to expand internationally.

Extensive international presence and resources, with operations in over 35 countries and territories
Offers a wide range of international service
Strong reputation and brand recognition
Dedicated relationship managers

Higher fees compared to some other banks,

First Midwest Bank – Best for Business Banking Freebies

March 30, 2023March 30, 2023

First Midwest Bank is an excellent choice for businesses looking for freebies and perks with their business banking accounts. Some of the most notable benefits offered by First Midwest Bank include free business debit cards, free online banking, free bill payment, and free checks. These perks can help businesses save money and simplify their day-to-day financial operations.

Also, First Midwest Bank offers various business checking accounts to meet the needs of different types of businesses, from small startups to larger corporations. Another advantage of First Midwest Bank is its robust online and mobile banking services, making it easy for businesses to manage their finances.

Why we chose it: We chose First Midwest Bank as one of the best banks in Chicago for business banking freebies due to its range of free perks and comprehensive online and mobile banking services.

Offers a variety of business checking accounts to meet the needs of different types of businesses
Provides free business debit cards, online banking, bill payment, and checks
Robust online and mobile banking services for easy account management on the go

Limited physical presence outside of the Chicago area
A complicated fee structure may be difficult to navigate for some customers

Recommended Bank Account for Businesses in Chicago

Chase, Wintrust, Bank of America, and First Midwest Bank are all recommended banks for businesses in Chicago. Each bank offers unique features and benefits that cater to different business needs. By choosing these banks you are sure to receive the best services.

4 Best Banks for Businesses in Los Angeles in 2023

Los Angeles is a vibrant and competitive business market with various industries and needs. Choosing the right bank for your business is an important decision that can impact your success in the long run. Here are the best banks for businesses in Los Angeles

Best Business Checking Accounts in Los Angeles

The best banks with the best checking accounts for businesses in Los Angeles are:

Bank of America – Best for Its Business Resource Tools
Wells Fargo – Best for Providing Business Support
Chase Bank – Best for Free Unlimited Deposits and Withdrawal
City National Bank – Best for Business Banking Freebies

Bank of America – Best for Its Business Resource Tools

Bank of America offers a comprehensive suite of banking products and services for businesses in Los Angeles. Their offerings include a variety of checking and savings accounts designed to meet the specific needs of different types of businesses, as well as merchant services, credit cards, and online banking tools.

Their checking accounts come with features like online banking, mobile check deposit, and account alerts to help businesses manage their finances more efficiently. They also offer a range of savings accounts, including money market accounts and CDs, to help businesses grow their savings. Also, Bank of America has a team of dedicated business bankers who can provide tailored financial solutions and support to help businesses succeed.

Why we chose it: Bank of America offers various banking products and services, including tailored financial solutions for businesses of all sizes.

An extensive network of branches and ATMs in Los Angeles
A wide range of business banking products and services
Online and mobile banking tools for convenient account management
A dedicated team of business bankers for personalized support

Some fees may apply for certain accounts and services
Limited availability of free checking accounts for small businesses

Wells Fargo – Best for Providing Business Support

Wells Fargo is known for its exceptional business support, making it a top pick for businesses in Los Angeles. With a focus on customized solutions, Wells Fargo offers a variety of products and services designed to meet the unique needs of each business.

One of the notable features of Wells Fargo is its extensive network of business banking professionals, who are dedicated to providing expert advice and support to help businesses succeed. They offer specialized teams for industries such as healthcare, government, and nonprofit and bilingual support for Spanish-speaking customers.

Why we chose it: We chose Wells Fargo as the best bank for providing business support due to its focus on customized solutions and extensive network of business banking professionals dedicated to helping businesses succeed.

Strong focus on providing personalized business support
Wide range of banking and financial products and services
Large network of business banking professionals
User-friendly mobile and online banking platforms

Limited availability of physical branches in certain areas
Higher fees for certain services compared to other banks

Chase Bank – Best for Free Unlimited Deposits and Withdrawal

Chase Bank Review

Chase Bank is the best option for businesses that require frequent deposits and withdrawals. The bank offers free unlimited transactions, which can save businesses significant amounts of money in fees. In addition to its transaction capabilities, Chase Bank also offers business banking products and services.

The bank also provides online and mobile banking platforms that allow businesses to manage their accounts and transactions on the go. Chase Bank’s extensive network of branches and ATMs throughout Los Angeles makes it convenient for businesses to access their accounts and obtain assistance.

Why we chose it: Chase Bank is a good choice for businesses in LA because it offers free unlimited deposits and withdrawals, along with a range of other useful services such as online banking, cash management, and access to a large network of ATMs and branches.

Free unlimited deposits and withdrawals
Wide network of ATMs and branches
Online and mobile banking options
Cash management services available

Some fees may apply for certain transactions or account types
Customer service may not always be responsive or helpful

City National Bank – Best for Business Banking Freebies

March 30, 2023March 30, 2023

City National Bank can be a good option for businesses looking for extra perks and freebies in their banking services. The bank offers a range of benefits for businesses, including free wire transfers, free online bill pay, and free mobile deposits.

City National Bank also provides customized solutions and personalized services to help businesses manage their finances more effectively. The bank has a strong presence in California and offers a variety of account options to suit different business needs.

Why we chose it: City National Bank is a good choice for businesses looking for extra perks and freebies in their banking services, as well as personalized service and a strong presence in LA.

Free wire transfers
Free online bill pay
Free mobile deposits
Customized solutions and personalized services

Account fees may be higher than other options
Limited branch and ATM network compared to larger banks

Recommended Bank Account for Businesses in Los Angeles

Several good options exist for businesses looking for banking services in Los Angeles. But Chase Bank, Bank of America, Wells Fargo, and City National Bank are the best for businesses. Each of these banks offers a range of perks and benefits for businesses, including free transactions, cash management services, and customized solutions.

4 Best Banks for Businesses in New York City in 2023

Young businesswoman analyzing the finances of her small business startup

Owning a business in New York can be a challenging experience and having the right banking partner is crucial for success. The top options offer extra functionalities to help your business grow and scale. Keep reading to know more about our favorite picks in this detailed roundup.

Best Banks for Businesses in New York City

The best banks with the best checking accounts for businesses in New York are:

Chase – Best for Its Business Resource Tools
Wells Fargo – Best for Providing Business Support
Capital One – Best for Free Unlimited Deposits and Withdrawal
Citi Bank – Best for Business Banking Freebies

Chase – Best for Its Business Resource Tools

Chase offers valuable resources and tools for business owners, including guides and articles on topics like financial management, marketing, and business strategy. Though the bank has a monthly fee for Chase Business Complete Banking starting at $15, you can avoid this fee by maintaining a daily balance of $2,000 or making deposits through Chase QuickAccept or Chase Ink Business Card purchases.

Another notable feature of Chase is its mobile app, which allows users to lock or unlock their credit card in case of loss or theft. The app also includes a budget planning feature for setting aside funds for large purchases and credit monitoring tools to safeguard credit health.

Why we chose it: Chase offers a comprehensive range of resource tools to support the success of your business.

$300 bonus upon opening an account
Three checking options available with easily waived monthly fees
Built-in point-of-sale (POS) options

Basic checking level allows only 20 free transactions
ATM fees are not reimbursed
Savings interest rates are low.

Bank of America – Best for Providing Business Support

Bank of America provides excellent options for business checking and support products. When it comes to entry-level business checking, Bank of America stands out among other business banks.

Bank of America offers two business checking products with easily waivable monthly fees, and a business banking advisor can help you switch between the two as your business needs evolve. Additionally, the bank provides ongoing rewards and excellent business support products, such as business savings, and certificates of deposit (CDs).

Why We Chose It: We chose Bank of America because of the excellent support that it provides for businesses in New York through the product that it offers.

Earn a bonus of up to $500, along with ongoing rewards upon meeting the qualifications
Utilize free digital tools to monitor business performance
Enjoy 200 free transactions every month with basic business checking

ATM fee reimbursements are not offered
A minimum opening deposit of $100 is mandatory

Capital One – Best for Free Unlimited Deposits and Withdrawal

With unlimited free monthly transactions for its business checking product, Capital One is recognized as one of the top business banks in New York. However, a significant drawback is that opening an account requires a visit to one of its branch locations.

Capital One has branch locations in three of New York’s 10 economic regions: New York City, Long Island, and the Hudson Valley. Business banking customers located outside these regions will either have to travel to a branch location to open an account or consider other options like Chase or Bank of America.

The best thing about Capital One is that it doesn’t charge for everyday account transactions, providing unlimited free deposits, withdrawals, and transfers (excluding international wires, cashier’s checks, and other services).

Why We Chose It: We chose Capital One because of the free deposits and withdrawals it offers, helping businesses save.

Limitless transactions
Convenient ATM access
Low or no monthly fees

$250 opening deposit required
Accounts cannot be opened online
No interest earned on accounts

Citi Bank – Best for Business Banking Freebies

March 28, 2023March 28, 2023

Citibank is an excellent business banking option in New York, offering the convenience of waivable monthly fees and up to $10,000 in free cash deposits per month. However, similar to Capital One, opening an account requires a branch visit. Citibank has physical locations in the same three economic regions as Capital One: New York City, Long Island, and the Hudson Valley.

If your business is situated near a Citibank branch, it is a worthwhile option. It has four business checking options, including Streamlined Checking, which provides up to 250 free transactions and $10,000 in cash deposits per month. Although there is a $15 monthly fee, it can be waived as well.

Opening deposit costs only $1
Monthly fee is waivable businesses
Monthly fee-free cash deposit limit is high

Business checking account is not free
You cannot open an account online

Recommended Bank Account for Businesses in New York

Our recommended banks for businesses in New York are Chase, Bank of America, Capital One, and CitiBank. These banks offer attractive features, including low fees, convenient money transfer options, and dependable customer service.

With these top-notch banking solutions, businesses can easily achieve their financial goals and maintain strong supplier relationships. Therefore, it’s advisable to choose these banks as your preferred financial partner to meet your businesses’ banking needs in New York.

8 Best Banks for Small Businesses in West Virginia in 2023

Small business owner in West Virginia smiling while in her office

One of the most important decisions to make as a small business owner is choosing the right banking partner. A good bank can help you manage your finances effectively and efficiently, providing you with the tools and resources you need to grow your business.

In this detailed roundup, we’ve compiled a list of the top 8 banks for small businesses in West Virginia in 2023. Keep reading to find the right bank for your small business.

Best Banks for Small Businesses in West Virginia

Bluevine: Best Overall Bank for Small Businesses in West Virginia
Capital One: The Ideal Banking Choice for Credit Cards With No Fees and Rewarding Benefits
U.S. Bank: Best Bank for Its Array of Financial Products and Services.
Bank of America: Best Bank for Small Businesses Seeking Merchant Services
Axos: Best Comprehensive Online Checking Account
Lili: Best Business Checking Account for Sole Proprietorships
Oxygen: Best Business Checking Account for Independent Contractors
Chase: Best Bank for Small Business Lines of Credit

Our Methodology

In determining the best West Virginia banks for small businesses, we conducted a thorough analysis of various factors. We first examined the charges associated with maintaining an open account and the minimum balances required to avoid those fees. We also looked at any extra charges for using the bank’s services and any interest rates associated with becoming a user.

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 West Virginia

Interest Rates: 2.0% APY

★★★★★

4.7

No matter your location within West Virginia, you can trust Bluevine‘s online banking service, which is perfect for small business owners. It’s quick and convenient, and the financing options provided are both secure and flexible, making them suitable for any business.

Bluevine offers a customizable solution that caters to the specific needs of each client. There’s no minimum deposit balance required, and only a minimal number of fees are charged. Moreover, their customer service is highly rated, and their client support is exceptional.

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: The Ideal Banking Choice for Credit Cards With No Fees and Rewarding Benefits

Interest Rates: 0.20% APY

★★★★★

4.6

With Capital One‘s credit cards, businesses can enjoy incredible cashback rewards and a range of other helpful perks. Moreover, managing your account with them is a breeze, thanks to their user-friendly tools accessible from anywhere.

With unlimited transfers, you can access your funds promptly whenever you need them. Capital One’s utilization of innovative technology, such as their mobile apps and online tools, makes banking with them effortless and convenient.

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 Its Array of Financial Products and Services.

Interest Rates: 0.01% APY

★★★★★

4.5

U.S. Bank is the perfect solution for your small business’s financial needs. Whether you require loans to enhance your business venture or any other financial service, U.S Bank has got you covered.

With its extensive network of ATMs and branches, accessing your account and availing of the bank’s services has never been easier, particularly in West Virginia. Moreover, U.S Bank offers low fees, competitive rates, and attractive rewards, making it a highly appealing option for small 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 has locations in 28 states

Fees

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

Interest Rates

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

Minimum Balance

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

Access to Mobile Banking

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

Bank of America: Best Bank for Small Businesses Seeking Merchant Services

Interest Rates: Up to 0.04% APY

★★★★★

4.4

Bank of America offers merchant services that simplify the process of accepting credit and debit card payments for small businesses. By providing a convenient payment option for customers, small businesses can boost their sales.

These services are compatible with various payment processing equipment, such as point-of-sale (POS) terminals, mobile payment systems, and online payment gateways. This enables small businesses to select the payment processing system that aligns with their requirements.

Additionally, advanced security measures such as encryption, tokenization, and fraud detection tools are in place to safeguard small businesses and their customers from fraudulent activities.

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 Comprehensive Online Checking Account

4.61

★★★★★

In March 2022, Axos Bank made significant enhancements to its business checking account offerings by adding cash deposit capability to all accounts, removing transaction limits, and opening deposit requirements for its free business checking account. These improvements complement the existing features, such as 24/7 customer support, free nationwide ATM access, and unlimited domestic ATM fee reimbursements.

Axos provides two primary business checking account options: Basic Business Checking and Business Interest Checking (offering up to 1.01% APY). The basic account is free, while the interest-bearing account has a monthly fee of $10, which can be waived by maintaining an average daily balance of at least $5,000.

Notably, unlike some online business checking accounts that rely on other financial institutions for their banking services, Axos Bank is a Federal Deposit Insurance Corp.-insured institution that directly offers all of its business banking products and services.

Although this review covers both accounts, the star rating indicated above pertains specifically to the Axos Basic Business Checking account.

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 Business Checking Account for Sole Proprietorships

4.57

★★★★★

Lili provides all the necessary tools required for accurate tax filing. With an online business checking account that has no monthly fees or minimum opening deposit, Lili offers a range of digital tools to help manage expenses, track tax write-offs, save for taxes, and accept payments from customers within one account.

Initially designed for independent contractors and freelancers, Lili is now accessible to businesses of all types.

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 Business Checking Account for Independent Contractors

4.0

★★★★★

Oxygen has established a unique position in the fintech industry, making it an excellent banking choice for freelancers and small boutique sole proprietors. There are no visible fees involved, and you can earn 5% cash back for making purchases at selected merchants. Additionally, to ensure the financial security, you can create an infinite number of single-use debit cards with preset dollar limits.

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 Small Business Lines of Credit

Interest Rates: Up to 0.02% APY

★★★★★

4.2

Small business owners highly favor Chase for its broad selection of business credit cards, loans, and lines of credit. Additionally, Chase offers a wide range of resources and tools, including informative articles and guides on topics such as financial management, marketing, and business strategy.

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 West Virginia

We evaluated different factors involved in opening a business bank account and managing finances to determine the top banks for small businesses in West Virginia. Below are the crucial criteria we used to arrive at our conclusion.

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 West Virginia Frequently Asked Questions (FAQs)

Are you seeking more information about opening a bank account for your West Virginia business? This FAQ contains all the answers you need:

What are the requirements to open a business account in West Virginia?

To open a business account in West Virginia, you will typically need to provide some documentation, such as your business registration and identification. You may also need to provide your Employer Identification Number (EIN), business licenses, and articles of incorporation.

Additionally, some banks may require you to provide personal identification, such as a driver’s license, and information about your business, such as your business plan and financial statements. It’s best to contact the bank you’re interested in to find out their specific requirements.

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.

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

It is possible to open a bank account without a Social Security Number (SSN) in West Virginia. Some banks may accept an Individual Taxpayer Identification Number (ITIN) or other forms of identification, such as a passport, as an alternative to an SSN.

However, it’s important to note that not all banks will accept these alternatives, so it’s best to check with the bank you’re interested in to find out their specific requirements for opening an account without an SSN.

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 West Virginia can greatly benefit from opening a business bank account as it helps them manage their finances efficiently and keep track of transactions.

The best banks for small businesses in West Virginia offer low fees, convenient money transfer options, and reliable customer service, enabling businesses to meet their financial objectives and maintain good relationships with their suppliers. These banks can be a go-to solution for fulfilling the financial needs of your company in West Virginia.

8 Best Banks for Small Businesses in Delaware in 2023

To start a small business in Delaware, you have to consider several factors. These factors include opening a business bank account with the right banking partner. A reliable banking partner can provide the right banking services to grow your business. This article contains a detailed roundup of the best banks in Delaware for small businesses. Keep reading to learn more about these banks and their products.

Best Banks for Small Businesses in Delaware

Bluevine: Best Overall Bank for Banking Solutions
Capital One: Best Bank for Rewards
Lili: Best Bank for Overdraft Fees
U.S. Bank: Best Bank for Merchant Services
Oxygen: Fee-Free Digital Banking
Axos: Best Online for Competitive Rates
Bank of America: Digital Services
Chase Bank: Best Bank for Financial Security

Our Methodology

We covered some essential criteria to choose the best bank in Delaware for small businesses. We looked at the fees for account opening, and the minimum balance required. We also considered the monthly charges for their services and interest rates for becoming a user. We also reviewed other things, including ease of banking, security features, and customer service.

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 Banking Solutions in Delaware

Interest Rates: 2.0% APY

★★★★★

4.7

Bluevine offers solutions and services to small businesses in Delaware. They are an excellent option for small business owners looking for loans with friendly repayment structures.

With their merchant services, customers can easily carry out transactions like payment of bills and purchasing products. Another benefit of using this bank is the high security of financial transactions.

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

High-interest rates
Very few fees
No minimum deposit required

No business savings account
No ATM reimbursement
Fee for cash deposits

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Capital One: Best Bank for Small Businesses in Delaware for Rewards

Interest Rates: 0.20% APY

★★★★★

4.6

Capital One offers impressive rewards for small businesses in Delaware. They make banking with them fun by offering rewards, including cash back, travel cards, and reward cards. Also, with their user-friendly mobile banking app, managing your account is just a fingertip away.

Their innovative technology makes your financial transactions, including online transfers, secure. Additionally, they offer loans with a business-friendly repayment structure for small businesses in Delaware.

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 Delaware for Its Merchant Services

Interest Rates: 0.01% APY

★★★★★

4.5

The U.S. Bank offers excellent merchant services for small businesses in Delaware. They cater to the financial merchant needs of small businesses by providing several payment gateways, including point-of-sale POS services and online banking.

Also, with their extensive network of ATMs, you can carry out financial transactions and access your funds from anywhere in Delaware. Plus, they offer competitive rates and rewards that help small businesses grow.

Why we chose it: Small businesses needing 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 Small Businesses in Delaware Digital Services

Interest Rates: Up to 0.04% APY

★★★★★

4.4

Bank of America offers one of the best digital services to small businesses in Delaware. With their innovative online and mobile banking, customers can access funds and manage their accounts from anywhere. Also, they offer excellent business bonuses, including higher rates and waived fees on some banking services.

Bank of America also provides business credit lines to small businesses to help cover short-term expenses, including inventory and payroll. Customers can access various payment options with their merchant services, including point-of-sale services.

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

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

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

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Axos: Best Online Bank for Competitive Rates

4.61

★★★★★

Axos is an online bank that offers the most competitive interest rates on deposit accounts and loans for small businesses in Delaware. Customers can take advantage of these loans and rates to grow their businesses. Being an online bank, Axos provides very user-friendly mobile banking.

With this, customers can access their funds and transact anywhere. This bank takes security seriously with its fraud monitoring and alert system. They also offer high-quality 128-bit SSL encryption that protects online transactions.

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

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

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

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Lili: Best Business Checking Account for Overdraft Fees

4.57

★★★★★

Lili offers an online business checking account to small businesses in Delaware. This business checking account has a zero fee and no minimum balance requirements. It also offers no monthly overdraft fees and a free Visa debit account.

They also make banking fun by offering several rewards, including cashback rewards on some select banking services. With their merchant services, customers can access several payment gateways, such as online banking and fee-free ATM networks.

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 Fee-Free Digital Banking

4.0

★★★★★

Oxygen offers unlimited fee-free digital banking to small businesses in Delaware. This includes unlimited fee-free transactions and fee-free ATM access through the Allpoint network. With Oxygen, mobile banking is easy as they offer several tools, including temporary or reusable virtual cards.

Oxygen also considers the growth of small businesses by providing business accounts with no monthly fees, minimum opening deposits, and zero balance requirements. You can also earn rewards using Oxygen business accounts, including cash back and travel rewards.

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

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

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

Fees

Interest Rates

Minimum Balance

Mobile Banking Features

Chase: Best Bank for Small Businesses in Delaware for Its Financial Security

Interest Rates: Up to 0.02% APY

★★★★★

4.2

Chase Bank offers excellent security for financial transactions for small businesses in Delaware. Plus, with their fraud monitoring and zero liability for fraudulent transactions, customers are assured of the security of their funds.

They also offer quality online banking, including bill pay and transfer from anywhere in Delaware. Chase also provides a wide selection of checking and savings accounts. These accounts are simple to open and have minimal requirements.

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 Delaware

We carefully considered several factors when compiling the best banks in Delaware for small businesses. These factors had to meet specific business and financial needs. We factored in merchant services, ease of banking, rates, and fees. Additionally, we considered these banks’ security, customer services, and digital banking.

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 minimise costs for transactions and transfers that every business needs to perform.
Interest Rates: We realise business bank accounts function primarily for organisation 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 Delaware Frequently Asked Questions (FAQs)

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

How do I open an LLC bank account in Delaware?

To open an LLC bank account in Delaware, 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?

Can I Open a Bank Account With Delaware LLC?

Yes, you can open a bank account with a Delaware LLC. To open a bank account with a Delaware LLC, you must provide the bank with the necessary documents for account opening. These include your LLC formation documents, EIN, and any other required identification or financial information.

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

Bottom Line

Owning a business account in Delaware has several advantages for small businesses. However, it is crucial to consider a small business’s business and financial needs when choosing a banking partner. The best banks offer excellent products and services, including flexible loans and easy banking.

They also provide quality customer service, excellent merchant services, financial security, and digital banking. These services are crucial for growing and sustaining small businesses in Delaware.

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 Connecticut in 2023

Opening a small business in Connecticut comes with its challenges and experiences, however, with a trustworthy bank, your business will succeed. The best banks for small businesses in Connecticut provide their customers with excellent facilities which will make your business grow. This is a detailed list of the best banks you can open today.

Best Banks for Small Businesses in Connecticut

Bluevine – Best Best for Financial Services in Connecticut
Capital One – Best Banks for Young Entrepreneurs in Connecticut
Lili – Best Bank for Freelancers and Remote Workers
U.S. Bank – Best Bank for Low Transaction and Maintenance Fee
Oxygen – Best Bank for High Yield Savings
Axos – Best Fee-free Bank in Connecticut
Bank of America – Best Bank for Small Businesses Checking and Savings Accounts
Chase Bank – Best Bank for Loans and Credit Facilities

Our Methodology

We will be employing several methods while accessing the top banks for small businesses in Connecticut. Some of the things we will consider include opening fees, ease of registration, minimum balance required, and digital products. Also, we will consider the interest rates offered, and how small businesses can access loans and mobile banking facilities.

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 for Financial Services in Connecticut

Interest Rates: 2.0% APY

★★★★★

4.7

Bluevine offers various financial services to its customers. These services include deposits, withdrawals, FX transactions, and other investment services. Bluevine has checking and savings accounts which small businesses in Connecticut can take advantage of.

The APY provided is above the market average and their market average is also generous. Moreover, you will get lending and investment products which are common to online banks such as Bluevine. Their mobile app and website are easy to operate and provide an array of services that entrepreneurs will love.

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 Young Entrepreneurs in Connecticut

Interest Rates: 0.20% APY

★★★★★

4.6

Capital One provides an array of monetary products for students and Young entrepreneurs. The options provided by Capital One include no balance requirement, minimal fees, and ease of receiving money from everywhere in the world. If you are a student or young graduate you can open fee-free savings and checking business accounts on your mobile phone.

Capital One is more of a hybrid bank because while it has a huge online presence, there are some physical branches called ‘Capital One Cafés. You could have a Money Teen Checking Account or a 360 Performance Savings account which are free and allow you to earn good interest.

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 Low Transaction and Maintenance Fee

Interest Rates: 0.01% APY

★★★★★

4.5

U. S Bank provides small businesses in Connecticut a checking account that charges no transactions and maintenance fee. What this means is that you can use your profits to grow your business. Unlike some other digital banks that charge percentages when it comes to transfers and maintenance fees, this doesn’t apply to US banks.

This is one of the top online banks that allows businesses that want to avoid unnecessary fees to thrive. Their checking and savings bank accounts are free and offer services such as mortgage loans, and other retiring products.

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 Small Businesses Checking and Savings Accounts

Interest Rates: Up to 0.04% APY

★★★★★

4.4

Bank of America is one of the top banks in America with many monetary products. If you want an online bank with unique checking and saving accounts for small businesses, BOA comes highly recommended. You will also have access to Credit cards, investment services, and an excellent mobile app.

The bank accounts offered by Bank of America have small annual percentage yields better than other online banks. This is a reliable online bank that has good savings products and monetary services. If you operate a small business in Connecticut and want all your accounts in one financial institution, Bank of America is ideal.

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 Fee-free Bank in Connecticut

4.66

★★★★★

Axos offers small businesses in Connecticut a chance to open a checking account which doesn’t cost an extra fee. Asides from not costing a fee, you also have a chance to earn rewards and their financial benefits.

Small businesses that don’t want to spend their profits on maintenance and transaction fees will love this financial institution. Asides from not charging a monthly fee and asking for it. For minimum balance, Axos doesn’t also charge overage fees and Card replacement fees.

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 Freelancers and Remote Workers

4.57

★★★★★

Lili is an online bank that partners with the Federal Deposit Insurance Corp-insurance institutions. If you are into freelancing, online jobs, or remote services, then you need to open a business bank account with them. They have Standard and Pro Accounts accounts which provide unique features that freelancers will like.

These features include simple categorization of business spending, early direct deposit, and easy FX access. Lili accounts are nice for freelancers and small businesses who want excellent digital banking services.

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 High Yield Savings

4.5

★★★★★

Oxygen Bank is an online bank to consider if you want a high APY. Their account doesn’t ask for monthly fees and charges no minimum balance. They are known as the best savings account provider for small businesses in Connecticut.

When you use their mobile app, you will get a seamless Internet financial service. This bank offers high yields savings for small businesses and is our best bet when it comes to online banking in Connecticut.

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 Loans and Credit Facilities

Interest Rates: Up to 0.02% APY

★★★★★

4.2

Chase banks are what small businesses in Connecticut who need a flexible loan service should look for. The interest rates offered by Chase are small compared to other banks in its category. However, you can only apply for their loans if they are convinced you can pay them back.

They have one of the best websites/apps for online banking. The amount of loans you can access depends on your line of business and your transaction history. They have a checking and savings account which provides you with the best avenues to make your business grow.

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 Connecticut

When finding the best banks for small businesses in Connecticut, we checked several aspects of financial operations and how they do business. These are some crucial things we check :

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 Connecticut: Frequently Asked Questions (FAQs)

When opening a small business in Connecticut and needing a bank you can use, you will need some explanation. Here are some questions and answers that could help you:

Which bank account can small business owners open in Connecticut?

Business owners who need to open a business bank account can consider credit card accounts, savings accounts, and checking accounts. Also, those who want to be merchants can open one as it allows them to offer easy debit and credit card transactions.

Can I open a bank account with my EIN number?

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

While these differ from bank to bank, some common requirements to open a business bank account in Connecticut include a Certificate of Format and Articles of Organization. Also, you will need to submit the source of funding and legal ID.

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

Bottom Line

Small and medium-sized businesses are required to drive the economy in society. While many small businesses are encouraged to thrive in Connecticut, they should use the best banks to help their business.

The banks analyzed above can help small businesses develop and make them more competitive. You should consider opening a business bank account with one of the above-mentioned banks if you own a small business in Connecticut.

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 Kansas in 2023

To start a small business in Kansas, you have to consider several things. One significant consideration is choosing the right bank partner. The right banking partners ensure that your financial affairs are secure and exceptional. Keep reading to find out our carefully selected top picks.

Best Banks for Small Businesses in Kansas

Bluevine: Best Overall Bank for Banking Services
Capital One: Best Bank for Competitive Rates
Lili: Best for Fund Management
U.S. Bank: Best Bank for Financial Products and Services
Oxygen: Best for Digital Transactions
Axos: Best for Online Merchant Services
Bank of America: Best for Cash Management Services
Chase Bank: Best Bank for Rewards

Our Methodology

When selecting the top banks in Kansas for small businesses, we looked at their financial products, such as rates, credit lines, and merchant services. We also covered maintenance charges, minimum charges, and fees.

We also looked into their banking systems, including their online and mobile banking systems. Additionally, we reviewed the effectiveness and availability of their customer service.

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 Banking Services in Kansas

Interest Rates: 2.0% APY

★★★★★

4.7

Bluevine has received plaudits as an online bank that offers one of the best financial services for small businesses. They provide banking services, including deposits, credit cards, and merchant services. You can also get loans with a manageable repayment structure for your small business.

You can use their business checking account for quick transactions such as paying bills or purchasing. Moreover, this account offers competitive rates, no monthly fees, and no minimum balance requirements. One significant benefit of using Bluevine is its high financial security level. Financial information and transactions are safe with fraud monitoring systems, encryption, and multi-factor authentication.

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

High-interest rates
Very few fees
No minimum deposit required

No business savings account
No ATM reimbursement
Fee for cash deposits

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Capital One: Best Bank for Small Businesses in Kansas for Competitive Rates

Interest Rates: 0.20% APY

★★★★★

4.6

Capital One offers various financial services and products for small businesses. With their innovative online and mobile banking, you can carry out financial transactions anywhere in Kansas. Capital One ensures they put a smile on the faces of their customers with several rewards, including cashback, reward cards, and travel cards.

They also provide flexible loans with competitive rates and a friendly repayment structure. With Capital One, there is excellent customer service at all times. Also, with their credit monitoring and fraud alerts system, you are guaranteed a safe financial transaction.

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 Kansas for Its Financial Products and Services

Interest Rates: 0.01% APY

★★★★★

4.5

The U.S. Bank offers many exciting services for small businesses. They offer two accounts: the bank safe debit account and the smartly checking account. The smart checking account allows for waiving monthly fees; with the safe debit account, you can avoid overdrafts.

They also offer several business checking accounts, including the silver checking package, the gold checking package, and the platinum checking package. The bank also has business credit cards tailored to meet the needs of your small business. These cards include the Elite Mastercard, Signature Cards, and Platinum Cards.

Why we chose it: Small businesses needing 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 Small Businesses in Kansas for Cash Management Services

Interest Rates: Up to 0.04% APY

★★★★★

4.4

Bank of America is an excellent banking option for small business owners in Kansas. They provide banking services and products that suit the needs of small businesses. The bank offers various checking accounts with no fees and low minimum monthly charges.

Furthermore, businesses can accept various payment options with their merchant services. These services include credit cards, debit cards, and mobile payments. Also, Bank of America offers exciting banking features such as mobile banking, bill pay, and cash management services for small businesses.

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

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

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

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Axos: Best Online Merchant Service Bank

4.61

★★★★★

Axos Bank is an online bank that offers the best financial services and products for small businesses. These services include savings and checking accounts, merchant services, loans, and small business banking.

Axos offers several checking accounts, including rewards, essential, and golden checking. These checking accounts offer zero monthly maintenance charges, no minimum balance, and unlimited digital transfers. You can also get specialised small business banking solutions, including flexible loans and merchant services. There are also customer rewards, interest rates, and referral bonuses to put a smile on your face.

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 Business Checking Account for Fund Management

4.57

★★★★★

Lili is a digital bank that offers financial products and services for freelancers and small businesses. They provide a fee-free business checking account with no minimum fees and a Visa debit card. Lili is a 100% digital bank, making it an excellent choice for small business owners who prioritise mobile banking. Also, the bank app allows customers to carry out financial transactions, track expenses, and manage their funds from 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 Business Checking Account for Digital Transactions

4.0

★★★★★

Oxygen Bank is an amazing choice for small business owners in Kansas because they focus on digital banking. They offer budgeting tools to manage budgets, including real-time alerts, tracking, and setting spending limits.

They also provide a fee-free mobile checking account that requires no minimum balance and no fees. Their mobile banking allows customers to easily manage their accounts, deposit checks, and make transfers.

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

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

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

Fees

Interest Rates

Minimum Balance

Mobile Banking Features

Chase: Best Bank for Small Businesses in Kansas for Its Rewards

Interest Rates: Up to 0.02% APY

★★★★★

4.2

Chase Bank has several financial products and services, like investments, loans, and credit lines. They provide various checking accounts, including total checking, premier plus checking, and sapphire checking. With their mobile banking, you can transfer money and make deposits from anywhere.

There are also sign-up bonuses and rewards, including cash-back travel rewards. Chase Bank takes customer security seriously by employing advanced technology to protocols to protect data and transactions.

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

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

Monthly maintenance fees
Only 20 free transactions per month
Minimal APY

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Methodology for the Best Banks for Small Businesses in Kansas

To find the best banks in Kansas for small businesses, we explored several factors tailored to suit their business and financial needs. These factors include rates, minimum deposit fees, and mobile and online banking. We also covered their security, merchant, and customer services to develop the best bank for these businesses.

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 minimise costs for transactions and transfers that every business needs to perform.
Interest Rates: We realise business bank accounts function primarily for organisation 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 Kansas Frequently Asked Questions (FAQs)

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

Can small businesses open online accounts?

Yes, the online banks on this list offer online accounts for small businesses. However, some banks may require documents or verification for account opening. Contact the bank to open an online business bank account for your small business.

Can I open a bank account with my EIN number?

Can a Kansas LLC Bank Account Open in Another State?

Yes, a Kansas 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.

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

Bottom Line

Opening a business account is an essential requirement for the growth of small businesses in Kansas. These banks provide low fees, competitive rates, and business-friendly loans with friendly payment structures. They also offer convenient mobile banking to carry out transactions and monitor your account from anywhere.

Plus, they provide excellent customer service to ensure quick response to any issue or concern you may face. With these banks, you can achieve success and growth for your small business in Kansas.

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 Kentucky in 2023

Small business owner in Kentucky behind a counter

Operating a small business in Kentucky or any other state in the US can be a challenging endeavor. The problem with access to credit and proper financing can kill your business before it gets a chance to grow. Having a good banking partner saves you the stress. The best banks for small businesses in Kentucky offer extra features and tools that help businesses operate optimally. Read on to learn more about the best banks for small businesses in Kentucky from our top picks.

Best Banks for Small Businesses in Kentucky

Bluevine: Best Bank for Small Business Operations in Kentucky
Capital One: Best for Cashback Rewards
Lili: Best for Sole Proprietorships and Freelancing
U.S. Bank: Best Bank for Internet and Mobile banking
Oxygen: Best for Entrepreneurs and Freelance Service Providers
Axos: Best for Full-service Internet Banking
Bank of America: Best for Convenience banking and Ease of Access
Chase Bank: Best Bank for Business Payment Services

Our Methodology

To determine the best banks for small businesses in Kentucky, we considered the account maintenance cost, minimum balance requirement, and other benefits.

We also examined any extra charges placed on businesses by any of the examined banks. Finally we reviewed the availability of mobile and internet banking functions provided by each bank.

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 Small Business Operations in Kentucky

Interest Rates: 2.0% APY

★★★★★

4.7

Bluevine provides excellent online banking services to small businesses in Kentucky. With Bluevine bank you have access to low cost banking services including a zero minimum balance, zero cost monthly pricing, and low fees for transactions.

With Bluevine, small businesses can get a 2.0 APY yield interest if they operate a savings account with Bluevine. Customer support is top notch for business owners operating an account with Bluevine.

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

High-interest rates
Very few fees
No minimum deposit required

No business savings account
No ATM reimbursement
Fee for cash deposits

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Capital One: Best for Cashback Rewards

Interest Rates: 0.20% APY

★★★★★

4.6

With Capital One, you have access to amazing cashback rewards on credit usage as a business or individual. The cashback reward offer is valid across the US. The cashback rewards and loan offers provide small businesses in Kentucky a good line of credit that ensures the business does not suffer from lack of funds. Capital one provides businesses with easy-to-use tools and features for proper business management.

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 Internet and Mobile Banking

Interest Rates: 0.01% APY

★★★★★

4.5

As a business owner in Kentucky keen on using lending options and internet banking, U.S Bank is the bank to turn to. U.S Bank offers a plethora of lending options to businesses, giving these Kentucky businesses the much needed funds for expansion and growth. The lending facilities offered by U.S Bank are very affordable for small businesses in Kentucky and the US at large.

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

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

Charges for overdrafts
Relatively low APY
Only has locations in 28 states

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Bank of America: Best for Convenience, Ease of Access and Stability

Interest Rates: Up to 0.04% APY

★★★★★

4.4

Bank of America is a full merchant services bank suited for small businesses in Kentucky. The bank provides a plethora of lending options to small businesses, to make running of business easy without worrying about funds. With Bank of America, small businesses in Kentucky get easy access to credit, accept and process payments seamlessly.

Small businesses in Kentucky have access to several payment options including point-of-sale, mobile payment systems, and online payment gateways. With the variety in payment systems small businesses will not have the problem of unavailability of payment processing. Bank of America infrastructure is secured using advanced encryption, and tokenization tools.

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

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

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

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Axos: Best for Full-service Internet Banking

4.6

★★★★★

Axos is a popular full service online bank offering banking services to the banking public and all types of businesses including small businesses in Kentucky. Axos as a pioneering digital bank offers a wide range of competitive banking service products.

Axos offers innovative financial products, checking accounts, high-yield savings accounts, etc. The bank provides all its services with the highest levels of security. Kentucky small businesses have access to a free Axos business checking account.

Small businesses are provided with two main types of business checking accounts: Basic Business checking and Business Interest checking. The basic business checking account is free, and the business interest checking comes with a $10/month cost. Business interest checking accounts owners get a waiver of checking fee, if they maintain a daily balance of $5 on average.

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: Best for Sole Proprietorships and Freelancing

4.65

★★★★★

If you run a sole proprietorship business or you do freelancing then Lili Bank is the bank for you. Lili offers business financing to small businesses, and access to a robust amount of business finance management tools. These tools help businesses to properly manage their finances.

Small businesses using Lili get a free online business checking account. This free online checking account has no monthly fee or minimum opening balance, hence it brings no extra cost to the business.

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 Entrepreneurs and Freelance Service Providers

4.25

★★★★★

Oxygen is a fintech type bank built for freelancers, online entrepreneurs, small businesses, and several other businesses. Oxygen charges no fees for transactions, this makes it ideal for small businesses in Kentucky.

Oxygen offers businesses a 5% interest cashback on spending they make on their accounts. Oxygen tackles fraud by allowing users to create single-use debit cards, for transacting and running their businesses.

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

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

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

Fees

Interest Rates

Minimum Balance

Mobile Banking Features

Chase: Best Bank for Business Payment Services

Interest Rates: Up to 0.02% APY

★★★★★

4.2

Chase Bank provides for use a wide range of business credit cards, business loans, and additional credit lines to Kentucky small businesses. The robust offers given to businesses by Chase Bank have continued to make Chase the go-to bank among small businesses. Chase also provides a wide range of tools for business financial management to 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 Kentucky

To determine the best banks for small businesses in Kentucky, we examined several factors for opening a business account and managing business finances. We considered these key factors in deciding 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 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 Kentucky Frequently Asked Questions (FAQs)

If you have any more questions about opening a bank account for your small business in Kentucky, this FAQs answers your questions:

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

To open a business bank account in Kentucky, you are required to present your business documentation, personal identification of the business owners/authorized signers, and a minimum deposit where it is required. Some banks may require your proof of address, or your business plan.

Can I open a bank account with my EIN number?

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

You may open an account without your SSN in Kentucky, but this will be very difficult and close to impossible. You may also be able to open an account using ITN from the IRS. Banks sometimes have the final say on what documents they need to open an account for you.

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

Bottom Line

If you operate any kind of business in Kentucky, it is important that you open a business account. Opening a business gives you the leverage for lines of credit from your bank when you have need for it. We examined and picked from very large the best banks for small businesses in Kentucky.

Our selection was based on what these banks have to offer such as low fees, zero or low minimum balance, interest rate, ease of use, low cost of financing, cashback rewards. These banks are your go-to banks for business financing, credit lines, and other business matters in Kentucky.

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 Minnesota in 2023

Small business owner in his shop checking receipts with a POS machine

Small Business owners face tons of challenges while building their businesses. From registering their business to hiring top talents, and making sales to choosing the right banking solutions for their daily transactions. We’ve researched all the banks – both brick n’ mortar and online banks – in Minnesota.

So in this post, we’ll be giving you our top 8 picks of the best banks for small business owners in Minnesota. Without further ado, let’s dive in.

Quick View Of The Best Banks For Small Businesses In Minnesota

Bluevine: Best Overall Bank for Small Businesses
Capital One: Best For Low Charges and Maintenance fee
Lili: Best for Financial Management Tools
U.S. Bank: Best Bank Small Business Loan Opportunities
Oxygen: Best for Freelancers and One-Man Businesses
Axos: Best For Business Checking Accounts
Bank of America: Best For Financial Data Tracking and Management
Chase Bank: Best For Bonus Rewards And Credit Cards

Our Methodology

While reviewing multiple banks in Minnesota, we considered Carl’s factors before qualifying these banks as our top picks for small business owners. We considered how many lines of banking services they offered and the ease of setting up an account.

Then we accessed their main features like charges on transactions, monthly maintenance fees, and interest rates. We also analyzed the banks for benefits like high-interest rates, bonus rewards, and business loan opportunities.

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 Minnesota

Interest Rates: 2.0% APY

★★★★★

4.7

Bluevine is our best overall bank for small business owners because they have just about every banking service small business owners will need. This goes from offering zero minimum balance requirements, zero monthly maintenance fees, and high-interest rates to multiple transaction methods and fully-online banking solutions.

Although Bluevine doesn’t have any bonus reward yet, unlike any other bank, they offer the highest business checking account interest rate of a whopping 2.0% APY. You can’t find that anywhere else.

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

High-interest rates
Very few fees
No minimum deposit required

No business savings account
No ATM reimbursement
Fee for cash deposits

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Capital One: Best For Low Charges and Maintenance fee

Interest Rates: 0.20% APY

★★★★★

4.6

For small business owners looking to save as much as they can no matter how small, Capital One offers tons of money-saving options for banking services. Starting with cash-back rewards on their credit cards, they also offer unlimited free digital transfers, zero overdraft fees, and waivable monthly maintenance fees.

Although they charge the industry standard out-of-network ATM fee, they make up for that with a competitive high-yield API interest rate of 0.2%. Plus, their online banking service is top-rated.

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 Small Business Loan Opportunities

Interest Rates: 0.01% APY

★★★★★

4.5

U.S Bank has earned its spot among most small business owners because their robust banking service is designed for helping business owners scale and manage their business over time.

They make it convenient to open various types of banking accounts such as Savings, Checking, Money Markets, and CDs accounts.

They also offer various lines of credit cards including Business, Secured, Low-interest, Cashback, and General Travel credit cards.

And best of all, U.S Bank offers small business owners several loan opportunities like quick loans for up to $250,000 or long-term loans for up to $1 million.

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

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

Charges for overdrafts
Relatively low APY
Only has locations in 28 states

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Bank of America: Best For Financial Data Tracking and Management

Interest Rates: Up to 0.04% APY

★★★★★

4.4

In addition to its stellar brick-and-mortar banking services, Bank of America offers a fully-online banking system with tons of digital tools built with growing businesses in mind.

For merchants that handle multiple business transactions, they offer integrated tools such as Cash Flow Monitor, Mobile Check Deposit, and Zelle for easy tracking and managing of their financial transactions in one platform.

They also have a specialized customer support system called Small Business Specialist that guides business owners through their unique transaction challenges.

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

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

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

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Axos: Best For Business Checking Account

4.61

★★★★★

Rated A+ by the Better Business Bureau (BBB), Axos has a reputation for offering numerous special benefits to business account owners. Starting with a $200 sign-up bonus for business checking accounts, they also offer zero monthly maintenance fee, unlimited free transactions, and unlimited domestic ATM fee reimbursement.

In addition, Axos Business Checking accounts attract a high-interest rate of 1.01% APY, while other business accounts enjoy a 0.20% high-yield APY. They also offer treasury management for helping business owners conveniently execute high-volume transactions.

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

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

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

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Lili: Best for Financial Management Tools

4.57

★★★★★

Like Bank of America, Lili Bank offers tons of built-in tools for managing and tracking financial activities both manually and automatically.

And they stand out because of their zero monthly maintenance fee, zero minimum deposit requirement, and high-interest APY of 1.5%.

Talking about Lili Financial Management features, they have tools that help business owners create, send and receive invoices, track expenses and automate tax savings.

We recommend them for Sole proprietors who don’t have the time – or can’t hire professionals – to manage their financial paperwork.

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

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

Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

Oxygen: Best Bank for Remote Deposit

4.0

★★★★★

Oxygen is a fully digital-only banking solution suitable for Sole proprietors and freelancers that might never need to work with physical cash. With Oxygen, business owners can create an LLC online using their app.

Oxygen also offers other digital banking features such as online bill pay, peer-to-peer transactions, Early Direct deposit, and cash-back rewards. Users can also create unlimited virtual cards, helping them secure their financial details while making online transactions on various websites.

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

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

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

Fees

Interest Rates

Minimum Balance

Mobile Banking Features

Chase: Best For Bonus Rewards And Credit Cards

Interest Rates: Up to 0.02% APY

★★★★★

4.2