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How To Check the Status of Your Employee Retention Credit

Progress bar showing the status of ERC refund

After filing your employee retention credit, you’ll want that money to arrive as fast as possible. While you wait, you’ll undoubtedly be left wondering when that refund check will come. This article explains how to check the status of your employee retention credit and offers tips to avoid any delays along the way.

Use Bottomline Concepts for streamlined and speedy ERC filing!

Make Sure You Qualify

Even if you’ve already submitted your employee retention credit request to the IRS, you may not receive anything back at all. The government has very specific guidelines depicting which businesses are eligible for money back.

To qualify for a refund, your business must have experienced one of the following:

  • Your business was completely or partially closed from a government order in your state. This order must have come as a result of the COVID-19 pandemic
  • Your business faced a certain decline in gross receipts

The government’s definition of “a decline in gross receipts” changed between 2020 and 2021. 

For the 2020 calendar, a company must have at least a 50% decrease in gross receipts for each quarter compared to the same period in 2019. The refund could only apply to companies with 100 full-time employees or less, excluding owners.

In 2021, businesses only needed a 20% drop in gross receipts per quarter compared to 2019’s numbers. The government also allowed businesses with up to 500 full-time employees to participate.

If neither of the above bullet points applied to your organization during 2020 and 2021, the IRS won’t be cutting you a check. ERC filing services such as Bottomline Concepts and ERC Assistant have free questionnaires you can use to see if you qualify for a refund.

>>> Related Post: What is the Deadline for the Employee Retention Credit?

How To Check the Status of Your Employee Retention Credit

Businesses often find themselves in radio silence after submitting employee retention credit forms to the IRS. There are ways to check on the status of your claim if you don’t want to just wait around.

1. Check With Your ERC Filing Service

Using an ERC filing service can often expedite the submission process of your claim. Since these companies understand the process, they can calculate your exact refund amount faster and know which paperwork to deal with.

This intimate knowledge typically gets your documentation in front of the IRS faster than if you had filed it yourself, leading to a quicker refund. It also greatly reduces the likelihood of errors in your filing that could delay results down the road.

Many ERC filing services keep detailed records of each submission and may have an idea of when to expect your reimbursement. You can reach out to the company you used and see what information they have for you.

2. Call the IRS Directly

You can also check the status of your refund by calling the IRS directly. It’s possible to call 877-777-4778 to speak with a live agent.

You’ll need to provide proof of your identity while on the call. This could include your legal name, social security number, business name, employer identification number, or more.

While on the line, you can ask questions about your claim and see how much longer you’ll have to wait. The IRS receives countless calls each day, so getting through to someone may take a considerable amount of time.

Luckily, there’s an easier way to check on your refund through the IRS’s online portal.

3. Use the IRS Refund Status Tool

The fastest way to receive an update on your reimbursement is right on the IRS website. Through the IRS’s refund status tool, you can see the status of your claim and when a check should be coming your way.

To see your refund status, you’ll need to choose the tax year you’re inquiring about. You must pick either 2020 or 2021 as part of your search. If you qualify for reimbursement for both years, you will have to perform another check for the other calendar year.

The tool is updated every day with the latest news on your application. It can also alert you to issues that may throw a cog into the timeline.

This way, you can address these issues before the IRS contacts you and get the process back on track. Otherwise, you’re just wasting valuable time while your claim remains stagnant.

When Should You Expect Your Employee Retention Credit?

At last count, the IRS still has more than 300,000 unprocessed forms from businesses that requested employee retention credit. Each form is an amendment of payroll paperwork processed during the COVID-19 pandemic, leading to lots of cross-checking of information.

When the ERC process first began, businesses were receiving refunds in about a month’s time. With so many requests now in the queue, you may find yourself waiting between six months and a year for your money to arrive.

The IRS chose to follow stringent restrictions during the height of the COVID-19 pandemic, facing shutdowns and staff limitations. Many employees had to work remotely, leading to much of the delay we’re facing today.

It also didn’t help to have so many businesses submit claims in the same time frame. Each request must pass through a stringent process to ensure companies receive the correct amounts owed to them. Any mistakes in applications only slow the process more.

Is There a Way to Speed Up the Process?

In the past, the IRS offered Form 7200 for businesses to apply for advanced payment or their ERC credit. As of January 2022, this form is no longer available for use.

Unfortunately, there’s nothing you can do to expedite your refund. Once you click that submit button, all you can do is sit back and wait until the IRS processes your claim.

If you have yet to submit your claim, do your do-diligence in making sure all the information listed on your Form 941-X is correct. Submitting accurate information the first time around will help things considerably.

You can check the status of your claim periodically to see if your application has hit a snag somewhere along the way. Being proactive about fixing an issue can get your submission back on track with minimal time lost.

Issues That Could Delay Your Employee Retention Credit

The IRS application backlog aside, there are a few factors that could delay your employee retention credit. Here are a few issues that slow the process down.

Miscalculating Your ERC Refund Totals

When walking through Form 941-X to amend your 2020 and 2021 payroll taxes, getting every number exactly right is vital. A mismatch with a decimal place or failing to carry a one will lead to incorrect totals.

You’re allowed up to $5,000 per employee for 2020 and $21,000 per employee for 2021. The IRS caps qualifying wages at $10,000 for the purpose of employee retention credit no matter how much each staff member actually makes.

It’s possible to skip most of the lines on your Form 941-X when filing an amendment, but the form still isn’t very clear. Use our employee retention credit guide to make sure you didn’t miss a step.

If there are errors, you’ll have to wait for the IRS to find these errors before you’ll get the chance to fix them.

Missing Information on Form 941-X

In addition to numbers, Form 941-X requires information about you and your business. Failing to provide all the necessary data will surely lead to delays.

As you move through the document, you’ll need to check the correct boxes to inform the IRS of the purpose of your request. If there’s any confusion about your submission, the IRS could reject your refund.

Note that you’ll need a Form 941-X for each quarter you’re correcting for the two years employee retention credit was available. This could mean a total of four forms if you’re requesting funds for 2020 and the first three quarters of 2021.

Large ERC Refunds

It should come as no surprise that larger-than-usual ERC refunds are going to slow down the system. Keep in mind that you can only request a refund for 2020 if your company has less than 100 full-time employees. You can have up to 500 people on your team for 2021 requests.

Getting Money in the Meantime

Some businesses may not be able to survive the long wait times currently plaguing the ERC refund process. If this is you, consider one of the following options to keep your company afloat.

ERC Bridge Loans

A handful of ERC filing services like Omega Accounting Solutions and Lendio offer bridge loans as part of their package. While these companies handle all the nuances of your claim, you can also receive immediate funds to bridge the gap between filing and payment.

In most cases, you can have extra funds deposited into your bank account within a few business days of your request. This is typically quite a bit faster than a traditional loan to get you up and running faster.

Interest rates and other payback requirements vary from provider to provider. You’ll need to work directly with the company to determine your monthly payments and loan length.

Traditional Loans

Your business bank account may be willing to toss a loan your way if you’ve built enough of a rapport with them. The amount you’re eligible for and contract terms hinge primarily on your financial dealings and how well you’ve been able to uphold your credit score.

Many banks have caps on the amounts they’re willing to give, while others can limit loans to specific business purposes. You’ll want carefully look through your options before making a decision.

Be sure to consider how much it will cost you to pay back your loan over time. The last thing you want is to find yourself in an even worse spot in the future because you took out too much or agreed to impossible terms. 

It’s Not Too Late to File Your Claim

If your business meets the criteria for employee retention credit, it’s not too late to submit a claim. It’s possible to amend your original payroll tax forms (Form 941) from 2020 or 2021 using Form 941-X for up to three years.

You can submit an employee retention credit request for 2020 up until April 15, 2024. To receive a refund for any of the first three quarters of 2021, you have until April 15, 2025 to send in your documentation.

How To Check the Status of Your Employee Retention Credit Frequently Asked Questions (FAQs)

Still have questions about employee retention credit? This FAQ may have the answers you’re looking for.

Bottom Line on How To Check the Status of Your Employee Retention Credit

The employee retention credit process isn’t an easy one. Businesses can find themselves waiting upwards of one year before receiving any payments, potentially stretching existing funds to the limit. Filing issues can further complicate the system, leading to even longer delays. Using an ERC filing service is the best way to maximize your chances of getting your credit the fastest.

Check out Bottomline Concepts today for fast and efficient ERC filing!

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What is the Deadline for the Employee Retention Credit?

The word "deadline" written boldly on an office calendar

Many companies experienced lost revenue to the COVID-19 pandemic but chose to keep employees on the payroll. To compensate small and medium-sized businesses, the government offered employee retention credit to help them stay afloat. Did you miss the window to receive your reimbursement? Read on to find out.

Use Bottomline Concepts for streamlined and speedy ERC filing!

Employee Retention Credit Explained

When the COVID-19 pandemic hit the United States in force, many state governments shut down businesses to keep people safe. Employers were left wondering what to do with employees.

Many good-natured souls kept staff on the payroll to help people make ends meet and in hopes the shutdown would come to a quick end. In some cases, companies still dealt with issues well into 2021.

The government created employee retention credit (ERC) as a way for small and medium businesses to recover payroll costs during slow times. Business owners could request credit from 2020 until the fall of the following year.

What Are the Eligibility Requirements for ERC?

To qualify for employee retention credit, your business must have experienced at least one of the following:

  • Your business was completely or partially closed from a government order in your state. This order must have come as a result of the COVID-19 pandemic.
  • Your business faced a certain decline in gross receipts

.The government’s rules surrounding “a decline in gross receipts” varied between 2020 and 2021.

Businesses in 2020 must have seen at least a 50% drop in gross receipts when compared to the same interval in 2019. Only companies with 100 full-time staff or less are able to apply.

In 2021, businesses only needed a 20% decrease in gross receipts to qualify. The government also allowed organizations of up to 500 full-time employees to take part.

What is the Deadline for the Employee Retention Credit?

The employee retention credit program may be at an end, but it’s not too late for your business to submit a request for funds. However, there are two deadlines you’ll need to watch out for.

Any amendments to your 2020 filing must be completed no later than April 15, 2024. Similarly, changes to your 2021 payroll tax forms must be submitted by April 15, 2025 at the latest.

How to Apply for Employee Retention Credit

Employee retention credit comes from your payroll taxes, which you’ve already submitted for 2020 and 2021. To claim a reimbursement of funds owed as a result of this program, you’ll need to file an amendment to those payroll forms.

The IRS uses Form 941-X specifically for this purpose. You’ll have to file one form for each quarter you’re requesting funds from.

You can get away with just one form for 2020, but you’ll need to submit a unique Form 941-X for each of the first three quarters of 2021, assuming you qualify.

Bottom Line on What is the Deadline for the Employee Retention Credit

Although the employee retention credit program has come and gone, it’s not too late for your business to file for a refund. Submitting your application requires careful completion of Form 941-X for each quarter you’re requesting credit from. The IRS handles these forms as they can, but many businesses are waiting between six months and a year for their check.

If you want to speed up the process, using an ERC filing service may be your best bet. Companies like Bottomline Concepts will help you navigate the complicated process and get your form in front of the IRS that much faster. Such a service also minimizes your chances for errors that can lead to delays or no payment at all.

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How To File Your Employee Retention Credit in 6 Steps

Two businessmen in formal wear preparing documents to file for ERC

The COVID-19 pandemic was a major thorn in the side of many businesses, and many are still trying to recover. To compensate, the government offers employee retention credit accessible through payroll tax amendments. Read on to find out if your business is eligible for the refund and how to file your employee retention credit yourself.

Use Bottomline Concepts for streamlined and speedy ERC filing!

What is the Employee Retention Tax Credit?

Employee retention credit (ERC) is a tax credit available to businesses choosing to retain their employees during the COVID-19 pandemic. It is a refundable grant made possible by the Coronavirus Aid, Relief, and Economic Security (CARES) Act established in 2020.

In effect, companies affected by shutdowns or significant declines in gross receipts in 2020 and 2021 may be eligible for financial help from the government. Only small to medium-sized businesses can benefit from the package.

As part of a greater pandemic relief fund, employers can receive up to $26,000 per employee retained. It’s possible to collect up to $5,000 for each employee in 2020 and $7,000 per employee for the first three quarters of 2021. The amount your company is eligible for depends on qualified wages and any healthcare paid to your team.

What Companies Qualify for the Employee Retention Tax Credit?

To qualify for an employee retention tax credit, your business or non-profit must meet the government’s criteria for 2020 and 2021. Companies need to have experienced at least one of the following to meet requirements:

  • Your business was completely or partially closed from a government order in your state. This order must have come as a result of the COVID-19 pandemic.
  • Your business faced a certain decline in gross receipts.

Rules for a “decline in gross receipts” changed from 2020 to 2021. For the 2020 tax calendar, your company must have seen a 50% decrease in gross receipts for each quarter compared to 2019’s numbers during the same time frame. Businesses could only have 100 or fewer full-time employees, not including the owners.

The government changed things up in 2021, stating businesses must have at least a 20% drop in gross receipts per quarter compared to 2019. For this period, companies could qualify if they had less than 500 full-time employees, excluding ownership.

What’s the Deadline for Applying for an ERC Refund?

Usually, you can amend errors or make adjustments to your payroll taxes for up to three years after filing. For interested businesses, there’s still time to send in applications for ERC. For 2020 claims, you have until April 15, 2024 to file for a refund. All 2021 amendments have until April 15, 2025.

How To File Your Employee Retention Credit In 6 Steps

The CARES act has come and gone, but it’s not too late to apply for your employee retention credit. Here are the steps you need to take to earn your reimbursement from the government.

Step 1: Pull Together Your Business Payroll Paperwork

You’ll need your payroll information from both the 2020 and 2021 tax calendars before going any further with the process. If you weren’t able to keep meticulous records during that time, you may have to consult an outside party to help gather up this information.

Knowing how many employees you kept on the payroll during the pandemic is paramount to determining whether or not you’re eligible for a payback from the government. With this documentation in hand, you can determine if your company qualifies.

Step 2: Determine if You’re Eligible

Not every small or medium-sized business is eligible for employee retention credit. Since the CARES act stretched out over two years, requirements shifted from one year to the next.

If your state government imposed shutdowns that affected your business at any point during the COVID-19 pandemic, you’ll qualify for the employee retention credit. This also includes interruptions to trade or logistics due to mandates.

Otherwise, you can still benefit from employee retention credit if you suffered losses in revenue. During the 2020 tax bracket, you must have seen a 50% decrease in gross receipts from the same quarter in 2019. For 2021, you had to earn less than 80% over the same period in 2019.

To qualify for 2020’s credit, your business had to have less than 100 full-time employees. The government increased this number to 500 for the three quarters of eligibility in 2021.

Any business meeting these criteria can claim employee retention credit for staff kept on hand during the COVID-19 pandemic.

Step 3: Calculate Your Credit

There’s no way to receive back everything you paid employees during 2020 and 2021. The government caps qualifying wages at $10,000 for each employee per interval the employee retention credit is in effect.

In 2020, the government offered 50% of qualifying wages back to business owners for each employee you kept on the books. This means the IRS will pay up to $5,000 per team member.

2021 saw a considerable increase in government payouts to businesses. For the first three quarters of the year, employers could collect 70% of qualifying wages paid to employees. Since this reimbursement affected three quarters, companies were eligible to receive up to $21,000 per employee.

Consider this example: Fred’s Tackle Shop kept its ten employees on the payroll throughout the shutdown. Each employee earns $30,000 per year working at the tackle shop.

Although employees make more than $10,000, the government limits eligible wages to this amount. For all of 2020, the government rewards Fred with $5,000 per employee (50% of qualifying wages) for the year. Fred’s credit for 2020 is $50,000.

During 2021, Fred will receive 70% of qualifying wages per employee for the first three quarters of the year. He can collect $7,000 for each of his staff for a total of $70,000 per quarter. Being eligible for three quarters, Fred will receive $210,000 for 2021.

Step 4: Fill Out Form 941-X

With the total credit in mind for your business, you can now file a return with the IRS. Because the ERC expired in 2021, you’ll need to complete a Form 941-X to compensate for funds you were eligible for from a previous quarter.

You’ll need to have each original Form 941 you filed, and you can only fill out a Form 941-X for one quarter at a time. If you’re collecting employee retention credit for 2020 and 2021, you’ll need to fill out four separate forms.

The initial section asks for your company information, including your business name, address, and employer identification number. Under Part 1, check that you’re filing a Claim for overreported tax amounts.

In Part 2, check the box on line 3 and the box under 5d stating you didn’t withhold any money from your employees.

For Part 3, your main focuses are the boxes under line 18a for nonrefundable portions of employee retention credit. Use Worksheet 1 from your Form 941 to determine your nonrefundable portion of the ERC. Record your total from line 18a on line 23.

You’ll use line 26a to record your refundable employee retention credit. This information also comes from Worksheet 1 of Form 941 you filed for the representative quarter. Line 27 captures the total sum of lines 23 and 26a.

Line 30 is where you record your qualified wages for the employee retention credit. Finally, under line 43, you’ll need to write out a detailed summary explaining you’re looking for amended ERC returns.

The process is a bit tedious, and you can only file a correction for one quarter at a time. It’s imperative to fill out the form completely and accurately, lest you risk running into delays in receiving your reimbursement from the IRS.

Should the process seem daunting to you, it may be in your best interest to make use of an ERC company versed in filing these forms. Bottomline Concepts is our top choice for fast and affordable processing.

Step 5: Submit the Form to the IRS

Now that your Form 941-X is complete, you’ll want to get it in front of the IRS as soon as possible. Luckily, you can send it in the same way you submit your normal payroll forms.

The IRS doesn’t allow you to submit Form 941-X electronically. Depending on your state, you’ll need to mail it to the Department of Treasury in either Ohio or Utah.

Step 6: Wait for your Reimbursement

At this stage of the game, the IRS has been receiving requests for employee retention credits for almost three years. The result is a backlog of forms leading to processing delays for your refund.

While there’s no way to say for sure how long you can expect to wait, plan for somewhere between six months and a year to receive your ERC funds from the government.

If your business finds itself in dire financial straits, ERC processing companies like Omega Accounting Solutions offer bridge loans to keep you afloat. You’ll receive funds within a few business days to cover expenses while you wait for that refund to appear.

Employee Retention Credit Vs. the Paycheck Protection Program

The CARES act introduced both employee retention credit and the paycheck protection program in 2020. How do they relate, and can a company make claims on each one?

What is the Paycheck Protection Program?

When the COVID-19 pandemic first hit, some companies turned to the payroll protection program (PPP) offered by the Small Business Administration for help. The program provides loans of up to $10 million for organizations struggling from the effects of the virus.

Businesses could use these loans to cover a mortgage or rent, utilities, or payroll costs. The loan is completely forgivable if used for such expenses. Employers must file an application for forgiveness within a certain time period or be liable for repayment.

Can I File for Employee Retention Credit if My Business Received a PPP Loan?

At first, the government would not let businesses benefit from both ERC and PPP. The Consolidated Appropriations Act of 2020 changed the rules, allowing companies to take advantage of both financial aid opportunities.

A business must still meet the requirements for a PPP loan or employee retention credit. The criteria for each are different, and some organizations may only qualify for one.

It’s also worth noting that businesses cannot double dip with payroll expenses. You can’t list a payroll expense as a forgivable cost for PPP forgiveness and list it as an ERC wage as well.

Use an ERC Company to File Your Credit

Completing and submitting your employee retention credit request to the IRS takes a lot of work. If you aren’t sure you can make it from start to finish, don’t give up hope.

There are a handful of ERC companies that have stepped forward to complete the entire process for you. Some even offer a free questionnaire to see if you qualify. They only get paid if and when you receive your reimbursement from the government.

Here are our favorite ERC companies you can use to get every penny you deserve from the loss of revenue caused by the COVID-19 pandemic.

Bottomline Concepts logo

Bottomline Concepts

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Bottomline Concepts is our top overall pick for receiving your ERC from the government. It already has a proven track record of collecting refunds from well-known organizations. Just some of its clients include GNC, Domino’s, Martha Stewart Living, and the Boston Red Sox.

The company’s transparent about the $4 billion in credits recovered and doesn’t shy away from posting a contact number on the front page of its website. You can complete the online form to see if you qualify for a grant or set up a time to talk with someone on the phone.

There’s no mention of Bottomline Concepts’ fees on its website, but it is clear the team takes a portion of your refund to cover their costs. You don’t have to worry about payments until Bottomline Concepts confirms your refund. If you do not collect a reimbursement, there’s no need to pay.

  • Worked with several well-known companies
  • Over $1.2 billion in credits recovered
  • No risk for your business
  • Undisclosed pricing
  • Can take a bit of time to get a call back
  • Does not offer bridge loans
Omega Accounting Solutions logo

Omega Accounting Solutions

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Omega Accounting Solutions is a larger firm specializing in a range of tax credits. Its focus of late has been on ERC and the money it can bring back to businesses.

Its team has a deep understanding of the law and will work for you to earn the best refund possible. They double-check their work every step of the way to avoid time-consuming mistakes. This way, you receive your funds faster.

You’ll start the process by completing an eligibility form on Omega’s website. If you meet government requirements, you’ll need to upload payroll documents from 2020 and 2021 for Omega to analyze. They’ll run all the calculations and provide you with the completed forms to send to the IRS.

If you’re in need of immediate funds, Omega Accounting Solutions has bridge loans to take advantage of. The amount your business can receive depends on your expected ERC refund. There’s no need to pay anything upfront, and you’ll receive funds in as little as three days.

  • Offers bridge loans
  • Quick application process
  • Features an ERC calculator
  • Does not offer pricing information
  • Somewhat confusing setup
  • Smaller client base
ERC Assistant logo

ERC Assistant

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A group of like-minded business owners formed ERC Assistant after walking through the employee retention credit process themselves. After receiving $1.5 million more than estimated, they set out to help other companies do the same.

The process begins with a short 45-second questionnaire to see if you qualify. If you do, ERC Assistant recommends the best accounting firm based on your quiz results. Using a firm that understands your business type expedites each step and maximizes your chances of success.

With a streamlined process, you could have forms submitted in as little as one to two weeks. In most cases, you can cut out your payroll company to save even more time and money.

ERC Assistant points out that fees are unique to each company due to differing amounts of effort and your choice of firm. No matter who you go with, ERC Assistant’s secure client portal keeps your information safe along the way.

  • Formed by a team of fellow business owners
  • Accounting firm recommendations
  • Quick qualification process
  • No pricing information listed
  • Does not offer bridge loans
  • Results are not guaranteed

How to Check the Status of Your ERC Refund

ERC refunds from the IRS take several months to process, but you don’t have to be kept in the dark the entire time. Here are three ways to discover the status of funds coming your way from the government.

1. Check With Your ERC Filing Service

If you filed through an ERC filing service, they often have detailed information on the filing process and when your refund should arrive. Many times, these companies get your application in front of the IRS faster, leading to quicker reimbursement.

2. Call the IRS

The IRS has a phone number on its refund inquiries page you can call to get information about your claim. An IRS agent will eventually pick up and answer questions you have about your refund.

As you might expect, the IRS has a constant backlog of phone calls, and it can take some time for an agent to get on the line. Luckily, there’s an easier way to check on your refund through the IRS’s online portal.

3. Use the IRS Refund Status Tool

To get a quick status update on your ERC refund, look no further than the IRS’s refund status tool. It’s updated every day with information about your claim and when you might expect a check in the mail.

The tool can also alert you to issues with your claim that need attention. It may take some time to hear from the IRS otherwise, leaving your money stuck in processing way longer than it needs to be.

How To File Your Employee Retention Credit Frequently Asked Questions (FAQs)

Looking for more information about employee retention credit and the filing process? This FAQ may have the answers you’re looking for.

Bottom Line on How To File Your Employee Retention Credit

The employee retention credit can infuse some much-needed funds into your small or medium-sized business. However, it takes a solid understanding of your payroll system to maximize your refund. If you’d like some help, turn to a reputable ERC company to handle much of the process for you.

Check out Bottomline Concepts today for fast and efficient ERC filing!

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The 7 Best ERC Companies and Agencies for 2023

Hand holding colored tiles with the text "ERC"

The COVID pandemic hurt a lot of small and medium-sized businesses. To compensate, the government offers employee retention credit to inject funds into companies meeting specific requirements. Is your business missing out on some much-needed funds? Read on to learn about how employee retention credit works and the best ERC companies and agencies that offer amazing ERC services to use for getting that refund.

What is Employee Retention Credit?

Employee retention credit (ERC) is a tax credit available to businesses choosing to retain their employees during the COVID-19 pandemic. It is a refundable grant made possible by the Coronavirus Aid, Relief, and Economic Security (CARES) Act established in 2020.

In effect, companies affected by shutdowns or significant declines in gross receipts in 2020 and 2021 may be eligible for financial help from the government. Only small to medium-sized businesses can benefit from the package.

As part of a greater pandemic relief fund, employers can receive up to $26,000 per employee retained. It’s possible to collect up to $5,000 for each employee in 2020 and $7,000 per employee for the first three quarters of 2021. The amount your company is eligible for depends on qualified wages and any healthcare paid to your team.

The 7 Best ERC Services for 2023

As we searched for the best ERC companies, we considered ERC tax credit, service costs, and the availability of bridge loans to keep the lights on. We also looked at the overall qualifying process for eligibility and the processing time to file your claim. Finally, we checked for other features that set each company apart.

Check here for a more detailed explanation of our methodology.

ERC Company

Pricing

Bridge Loan Availability

Qualifying Process

Processing Time

Other Features

Omega Accounting Solutions

Not listed

Yes, financing in as little as three days

Free 10 minute consultation

Not Listed

Employee retention credit calculator

Bottomline Concepts

Based on your grant

No

Short form followed by a phone call or email

Not Listed

Quiz to see if you qualify

ERC Assistant

Not listed

No

45 seconds qualification quiz

Not Listed

Business owner knowledge

ERC Specialists

A portion based on  the refund received

No

Detailed qualification questionnaire

Lightning-fast results

Team of payroll specialists

Lendio

15% of your refund

Yes, funds in as little as 24 hours

Simple eligibility questionnaire

Takes on average 25 days to file

Payroll system integrations, mobile app

Innovation Refunds

25% of your refund

No

8 minute online application

Not Listed

Audit protection, dedicated ERC refund agent

ERC Today

A portion based on the refund received

No

12 question initial application

1-2 weeks to file

Secure portal

Omega Accounting Solutions logo

Omega Accounting Solutions: Best ERC Company for Bridge Loans

Pricing: Not listed

★★★★★

4.6

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Omega Accounting Solutions may not have control over the IRS, but the company processes everything quickly on its end. It starts with a free ten-minute consultation followed by a walkthrough for uploading your documents. The ERC services calculator gives you a good idea of how much you’ll receive when the time comes. If you can’t wait that long, Omega Accounting Solutions has bridge loans to keep you afloat.

Why we chose it: Omega Accounting Solutions has a fast application process where you’ll have a rough idea of how much you’re owed within minutes.

  • Offers bridge loans
  • Quick application process
  • Features an ERC calculator
  • Does not offer pricing information
  • Somewhat confusing setup
  • Smaller client base

Pricing: You won’t find any pricing details on Omega’s website. During your free consultation, be sure to inquire about the costs for your specific case.

Bridge Loans Available

Omega Funding Solutions is an offshoot of the parent company and offers bridge loans. The amount you’re eligible for depends on your expected ERC services refund amount at the time of filing. You won’t have to pay anything upfront and can see funds in as little as three days.

Qualifying Process

The qualifying process starts with a simple form on Omega Accounting Solutions’ website. If you qualify based on the initial questions, an agent will call you for a free ten-minute consultation.

Processing Time

There are only three simple steps Omega walks you through, assuming you meet the criteria. First, you’ll need to upload pertinent documents to the website. Afterward, company experts will calculate your refund and prepare the filing for you.

Other Features

Even before submitting your paperwork, Omega Accounting Solutions tempers your expectations with an ERC calculator for your team. There’s no need to pay a dime until you’re sure about what’s coming your way.

Bottomline Concepts logo

Bottomline Concepts: Best for Medium Businesses

Pricing: Based on your grant

★★★★★

4.7

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Bottomline Concepts has a proven track record with ERC grants. They’ve worked with several well-known organizations like Rolex, GNC, and even the Boston Red Sox to reclaim funds lost to the COVID pandemic. Its team has a solid understanding of the grant process, earning back over $1.2 billion to date. Best of all, Bottomline Concepts only gets paid based on the amount it brings in for your company. There’s no risk of losing funds if you don’t qualify.

Why we chose it: Bottomline Concepts goes to work for you, maximizing your grant amount with its proven process.

  • Worked with several well-known companies
  • Over $1.2 billion in credits recovered
  • No risk for your business
  • Undisclosed pricing
  • Can take a bit of time to get a call back
  • Only contactable through online form

Pricing: Bottomline Concepts doesn’t reveal any pricing information on its website. You can rest assured that you only have to pay if the company earns some grant money for you.

Bridge Loans Available

There are no bridge loans available through Bottomline Concepts. If you need some funds to cover a gap in operations, you’ll have to turn to a bank or lending company.

Qualifying Process

On its website, you’ll find a short form you can use to see if you qualify. The series of questions are specifically formulated to determine eligibility, even if it’s for a shorter window than the program allows. Once finished, an employee from Bottomline Solutions will call you to continue the process.

Processing Time

Bottomline Concepts has a division dedicated to employee retention credits that serves a large audience of clients. The easy-to-follow process helps expedite your refund, although Bottomline Concepts has no control over how quickly the IRS processes your money.

Other Features

The team at Bottomline Concepts has an intricate knowledge of the ERC filing process. An easy-to-follow questionnaire ensures you qualify for a refund and defines precisely what you’re entitled to.

ERC Assistant logo

ERC Assistant: Best ERC Company for Business Knowledge

Pricing: Not listed

★★★★★

4.5

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ERC Assistant consists of a crew of business owners who know the system well. After receiving over $1.5 million more than estimated, the team set out to get other ERC agency similar success. If you prequalify, ERC Assistant will set you up with the right firm so you can get what you deserve. Qualifying for your grant is a breeze, thanks to ERC Assistant’s 45-second questionnaire.

Why we chose it: ERC Assistant has the backing of business owners who have been through the process to get you the maximum refund for your company.

  • Formed by a team of fellow business owners
  • Accounting firm recommendations
  • Quick qualification process
  • No pricing information listed
  • Does not offer bridge loans
  • Results are not guaranteed

Pricing: Setting up your approval through ERC Assistant is free. The company does not share pricing information, but its cut depends on what you get back.

Bridge Loans Available

There are no bridge loans available through ERC services Assistant at this time. Its team hooks you up with the best firm to get your refund as fast as possible. If you need immediate assistance, you’ll need to look for a reputable lender.

Qualifying Process

You’ll know if you have a shot at a refund within 45 seconds, thanks to ERC Assistant’s quick qualifying process. If you meet the requirements, someone from the team will contact you for next steps.

Processing Time

Since ERC Assistant is not an accounting firm, it takes a little time to choose the right one for you. With the best firm in your pocket, filing tends to go more smoothly.

Other Features

ERC Assistant is run by other business owners, not employees in a stuffy office. They’ve been through the process and know exactly what it takes to get the biggest grant for your small to medium business.

ERC Specialists logo

ERC Specialists: Best ERC Company for Maximizing Your Refund

A portion of your refund

★★★★★

4.4

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ERC Specialists enters the picture with decades of payroll experience already under its belt. Because employee retention credits come through payroll returns and not income taxes, this gives the team a leg up. As a result, the average business earns 10% to 20% more than someone less familiar with the program. Processing speed with ERC Specialists is through the roof, allowing you to get paid that much faster.

Why we chose it: ERC Specialists lives up to its name, averaging higher refunds than other companies in the industry.

  • Typically able to recover 10-20% more than other companies
  • Decades of payroll experience
  • Lightning-fast results
  • Unclear pricing fees
  • Lengthy qualification process
  • No loan options

Pricing: There’s no set rate for working with ERC Specialists, the amount you pay depends on your refund. It’s possible to pay after you receive your money or earn a discount for paying upfront.

Bridge Loans Available

While ERC Specialists has a lot to offer, it does not have bridge loans to take advantage of. If your company is hurting financially from the pandemic, consult a bank or lending institution for funding options.

Qualifying Process

A detailed and thorough questionnaire leads you through the qualification process. After completing the form, someone from ERC Specialists will contact you whether or not you are entitled to a refund.

Processing Time

ERC Specialists boasts a faster turnaround time due to a streamlined process. It usually takes a few weeks to review your paperwork and send you documents to sign.

Other Features

Most ventures offering assistance with employee retention credit don’t have the payroll knowledge necessary to maximize your grant. ERC Specialists has decades of experience in the space, allowing its team to understand the process fully.

Lendio logo

Lendio: Best ERC Company for Business Financing

15% of your refund

★★★★★

4.4

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Lendio stands out for the many ways it can finance your company so you can stay in top form. Whether you need money for equipment, accounts receivable, or something else, Lendio has something for you. In most cases, you’ll have cash in your hands within 24 hours. Rates for ERC processing are among the best out there, and a handy mobile app makes it possible to apply no matter where you may be.

Why we chose it: Lendio has a long list of financing opportunities for acquisitions, equipment, and general use to keep you in business while you wait for a refund.

  • Several financing options available
  • Competitive fees for ERC processing
  • Handy mobile app
  • Lengthy application times
  • Does not focus solely on ERC
  • Limited information on lenders

Pricing: There’s no fee for checking eligibility or applying for a refund with Lendio. When the time comes to receive your funds, the company takes a competitive 15% for its part of the process.

Bridge Loans Available

Lendio does bridge loans and then some. You can get general loans within 24 hours of applying with reasonable payback rates. The company also offers specialized loans with generous terms to help get your business to the next level.

Qualifying Process

Everything starts out simple enough with Lendio’s quick questionnaire. If you pass the test, an agent will reach out to help you complete the process.

Processing Time

There’s some lag when walking through the application process with Lendio. It takes on average 25 days to file your claim with the IRS. From there, you’re at the mercy of the government to get what’s owed you.

Other Features

Filling out paperwork can be a drag, so Lendio integrates with over 150 payroll applications to speed up the process. You can submit claims from your PC or make use of the excellent mobile app to apply from anywhere with an internet connection.

Innovation Refunds logo

Innovation Refunds: Best ERC Company for Protecting Your Money

25% of your refund

★★★★★

4.3

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File confidently through Innovation Refunds, where a team of tax attorneys scrutinize your employee retention credit paperwork. They don’t get paid until you do, and the network will defend their work should the IRS come knocking. Innovation Refunds assigns a dedicated ERC refund specialist to your claim so you’re not dealing with a computer algorithm. Fees may be on the higher side, but you’re left with no surprises.

Why we chose it: A power-packed team of tax attorneys and free audit protection ensure you get the most out of your refund while keeping those funds safe.

  • Team of tax attorneys to defend work
  • Dedicated ERC refund specialist
  • Audit protection at no extra cost
  • Takes 25% of your refund
  • Qualification process is longer than some
  • No options for loans

Pricing: Innovation Refunds will take 25% off the top of your employee retention credit for the work it puts in to earn you money. Since the company’s profit is tied to yours, you can rest knowing you’ll get the most possible. There are no hidden costs, so you’re aware from start to finish what you’ll pay.

Bridge Loans Available

To focus all its energy on getting you money, Innovation Refunds doesn’t provide bridge loans to cover gaps in your income. If you can’t hold on until your check arrives, look to your bank for financing options.

Qualifying Process

The claim process begins by seeing if you’re eligible for a grant and then sets out to get you the most money possible. Because of this, the form can take upwards of eight minutes to complete.

Processing Time

You’re dealing with a real person at Innovation Refunds, which also means actual business hours. Agents respond and work through claims quickly and efficiently, but they will take the time to ensure you get what you deserve.

Other Features

When you sign on to use Innovation Refunds, you’re put in touch with an actual agent who sees your claim through to the end. There’s no jumping from person to person or dealing with algorithms that make assumptions about your company. Once you receive your cash, Innovation Refunds protects you from audits at its own expense.

ERC Today logo

ERC Today: Best ERC Company for Quick Processing

A portion based on the refund

★★★★★

4.2

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If you want to get a refund fast, ERC Today may be your best bet. Its system gets you through the filing process in as little as seven days so the IRS can process your claim. This is all ERC Today does, and they’ve become experts at working through the red tape without cutting corners. A secure client portal is in place to protect your sensitive information from the internet at large.

Why we chose it: ERC Today’s simple and flexible system can have you filing claims in as little as seven days.

  • Faster processing times
  • Dedicated to employee retention credits
  • Secure application process
  • No bridge loans for businesses
  • Nontransparent fees
  • Doesn’t link up with your payroll system

Pricing: ERC Today doesn’t give a clear picture of how much it takes from your refund as a cost of doing business. The filing process is free, and you’ll find out along the way how much the company plans to keep.

Bridge Loans Available

As a specialist in getting you a refund, ERC Today doesn’t dabble in bridge loans or other extra perks. Its goal is to get you money as quickly as possible by expediting your filing.

Qualifying Process

A 12-question initial application stands between you and knowing whether or not you qualify for a grant. Once given the okay, you’ll get access to a secure portal for uploading your documents.

Processing Time

From start to finish, it takes ERC Today approximately one to two weeks to get your claim over to the IRS. Alongside having one of the fastest processing times, it’s also one of the most accurate.

Other Features

ERC Today has program experts ready to help you with your claim without having to deal with slowdowns from your payroll company. Everything you need to submit passes through a secure portal so you know your information is safe.

Methodology for the Best ERC Companies

ERC companies are popping up left and right, but that doesn’t mean each one works the same way. We used the following criteria when picking out the best ERC agency you can use to file a claim and earn that refund:

  • Pricing: A check for employee retention credit does little good if the processing company takes every last penny. To the best of our ability, we identified these costs so you can plan ahead.
  • Bridge Loan Availability: If you’re hurting from lost revenue due to the COVID-19 pandemic, a bridge loan can hold you over until the government hands you an ERC check. We looked for ERC agency offering such loans so you can keep everything in-house.
  • Qualifying Process: Not everyone is eligible for employee retention credits, much to our dismay. A simple qualification process can tell you upfront whether you can submit a claim and the approximate amount you can collect. We studied the time it takes to reach this determination so you can get back to your business.
  • Processing Time: No company can change how long the IRS takes to process your claim. Quicker processing times can get your documentation in front of the government faster and in theory lead to money in your pocket in less time. We strove to find companies with quick turnarounds.
  • Other Features: All ERC companies have the capability to get you a refund, but some offer additional perks to really stand out. We made sure to cover these features and how you can use them.

Best ERC Companies Frequently Asked Questions (FAQs)

Want to learn more about ERC companies and the filing process? This FAQ may have the answers you’re looking for.

Bottom Line

It’s a breath of fresh air knowing you may be entitled to funds from the government for shutdowns during the COVID pandemic. Unfortunately, the process to submit and receive that money is long and convoluted.

Best ERC companies can step in to facilitate the process so you get the correct amount of money in the fastest time possible. Bottomline Concepts takes our top spot, but any one of the companies on our list could provide you with excellent ERC services.

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.

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How to Open a Business Bank Account Online in 5 Steps

Businessman opening a business bank account online

No matter what line of business you’re in, maximizing your profit remains a priority. For this reason, you’ll want to ensure that you open a business bank account that cuts your costs while helping you grow your savings. Now that online banking is mainstream, opening your business account is easier than ever before.

How to Open a Business Bank Account Online in 5 Steps

With an increasing number of banks offering online banking solutions, it is now faster and simpler than ever to open a business bank account online. This step-by-step guide will show you how to open your new business account in no time!

Step 1: Get your documents in order

Before you start browsing online banks, it’s important to gather all the documents that you’ll need in order to apply for an account. By gathering all the required documents, you’ll be ready to apply as soon as you find the ideal business account for you. 

Also, by organizing your documentation early, you’ll also be able to determine early on if there are any missing documents that you need to gather. Ultimately, the documents you need will heavily depend on your business type.

Sole Proprietor

Although some online banks such as Novo don’t generally require documentation from sole proprietors, personal details that are required by all banks include your Tax Identification Number (TIN) or your Social Security Number (SSN), your physical address, your phone number, your email address, and a copy of your ID.

If your bank of choice does require additional business documents, these would typically be your DBA (Doing Business As) certificate if you have registered a business name as well as an IRS SS-4 form or a 147 c Letter that verifies your Employment Identification Number.

Limited Liability Company (LLC)

Basic details that you will need to submit in order to open a business bank account for LLCs include your legal business name, the business’s physical address and phone number as registered with your Secretary of State, and the Business Employer Identification Number (EIN) as provided by the IRS. You may also need to provide the date that the business was established. 

While not always a requirement, some banks may require you to disclose your annual revenue so make sure to have that information on hand. Other documents that may be required for additional verification are your business’s Articles of Organization as well as its Operating Agreement.

Corporations

As a corporation, many of the business details that you would submit during your application are the same or similar to those for an LLC. This includes the legal business name, physical address, and phone number as registered with your Secretary of State. 

You’ll also be required to provide your Employer Identification Number (EIN). Unlike other types of businesses, you cannot provide a social security number or other form of identification instead of an EIN.

Other documents that online banks may want you to submit include the corporation’s Articles of Incorporation as well as the Company Bylaws.

General Partnership/Limited Liability Partnership (LLP)

Much like a sole proprietorship, you’ll need to submit your full name, physical address, phone number, email address and Social Security Number (SSN).

You may be required to provide a copy of your Partnership Agreement for further validation, as well as your Certificate of Partnership. Your Partnership Agreement should detail the percentages of ownership among partners as well as the distribution of profits and losses.

Step 2: Decide what type of bank account is right for you

Once you have all of your documents in order, it’s time to decide what type of bank account is ideal for you. This will largely depend on what activities you’re looking to perform in your account as well as your financial goals.

Business checking account

If you’re looking to perform banking transactions such as check and cash deposits, ATM withdrawals, ACH and wire transfers, and debit card purchases on a regular basis, then a business checking account is right for you. 

The most versatile type of business account, a checking account makes it easy to manage your business’s day-to-day finances.

A major advantage of business checking accounts is that they often come with accounting software and other digital tools that help you to optimize the financial management of your business.

Business savings account

If you’re looking for an account that you can use to build your business’s savings as much as possible without performing regular transactions, then a savings account is worth considering. 

These bank accounts come with higher interest rates than checking accounts, however, they are not geared towards making a high volume of transactions, meaning that you may end up paying high fees if you perform an excessive volume of transfers and withdrawals.

Certificate of deposit (CD) account

While this type of account earns you even more interest than a basic savings account, you’ll likely be barred from making any withdrawals for a fixed amount of time. 

As a result, a certificate of deposit (CD) account is best for businesses that are looking to build their savings with extra funds that they don’t need to use in the daily operation of their business.

Merchant account

If you run a business that accepts credit and debit card payments from customers, then you may need a merchant account. 

It is important to note, however, that while this account comes with its own set of fees, you will have to open a checking account before a merchant account as you will need a bank account to transfer your money to once it enters the merchant account. 

Considering that they come with monthly fees as well as card transaction fees, you’ll need to think hard about whether a merchant account is worth it before opening one.

Step 3: Choose your bank

Once you know what bank account you’re looking for, then it’s time to compare banks. After all, you want to ensure that you select the bank that provides the best deal for you considering your specific business banking goals, whether that be paying low fees, earning high interest rates, utilizing digital money management tools, or receiving access to loans.

There is a wide array of online banking options available, ranging from traditional banks that have online banking features such as Bank of America and Chase to online-only banks such as Bluevine. If you own a small business, then there are also banks that focus on serving sole proprietors, freelancers, and other types of small businesses such as Lili and Novo. 

Step 4: Start your online application

Once you know what bank you wish to join, head to the official website of your bank of choice. 

Most online banks allow you to apply for your bank account within minutes from the homepage of their website. 

Banks such as Bluevine, Lili, and Found pride themselves on allowing you to open your bank account and get started within minutes.

Step 5: Time to begin your money management journey! 

Once you’ve successfully completed your application and your bank account is active, it’s time to begin your money management journey! 

Make sure to deposit some money into your account so that you can begin saving and make sure to become familiar with your bank’s online portal as well as the available digital tools so that you can start optimizing the financial management of your business.

Consider downloading your bank’s mobile banking app as well so that you can keep track of your financial activities on the go.

How to Choose the Best Bank for You

With so many online accounts to choose from, you may find it difficult to determine which bank truly offers the best account for your business. For this reason, it’s important to identify important factors that you should assess when comparing different business bank accounts. Some factors may include:

Fees

Much like everyday business expenses, banking fees such as monthly fees, ATM fees, cash and check deposit fees, and ACH transaction fees chip away at your savings. 

For this reason, finding a bank with low fees could help to maintain your business’s profit margins. Axos is one such bank, offering accounts with no monthly fee and full unlimited reimbursements on ATM fees.

Interest rates

While most of your business’s profitability is derived from strong sales, having a business account that offers a decent interest rate could help you to supplement your business’s income. Bluevine is one example, offering up to 2.0% APY on its checking account.

Rewards and benefits

From cashback on business debit card purchases as offered by to discounts from certain vendors, rewards programs can go a long way in helping you save money on purchases. Lili offers cashback rewards from a variety of stores, both online and in-person, while Novo offers a range of discounts and coupons.

Digital banking features

If you’re looking to optimize your financial management and make filing taxes and other accounting activities easier and more efficient, then it might be worth looking for a bank with digital financial tools. 

While some business bank accounts such as Bank of America come with cash flow management tools to help you track your expenses, others such as Lili and Found have accounting tools to help you maximize your tax write-offs and automate your bookkeeping, along with pre-filled tax forms to make filing taxes quicker and easier. 

Some bank accounts such as LendingClub and Novo come with invoicing software so that you can handle all of your financial matters from a single platform.

Access to loans

Depending on your business’s financial position, it’s important to consider whether you may need access to financing either now or in the future. 

If there is a possibility of needing a loan, then it may be worth looking at a bank such as Axos, Chase for Business, and Bank of America, each of which offer a wide range of business loans, ranging from credit lines for small business owners to major loans to corporations.

Frequently Asked Questions (FAQs) About Online Business Bank Accounts

Do you still feel unsure about whether or not opening a business bank account is the right move for you and your business? Here are some of the most frequently asked questions and answers to help you decide!

Bottom Line on How to Open a Business Bank Account Online

By systematically following the above steps, you’ll see that opening a business bank account online is a straightforward and logical process. Thanks to the growing demand for digital banking solutions, the application process is also quick, meaning that once you find the right bank for you, you’ll be able to start conducting business in no time!

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.

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7 Best Banks for Small Business in Washington for 2023

Bank customers making transactions at the bank counter in a banking hall

No Washington-based small business is complete without a bank account to manage your finances. With so many options, choosing the perfect one for your organization isn’t easy. We’ve picked out the seven best banks for small businesses in Washington so you can make an educated decision and get back to what you do best.

Best Banks for Small Businesses in Washington

Our Methodology

As we selected our favorite Washington banks, we looked at fee schedules and balance requirements needed to maintain accounts for free. We also considered interest rates and ease of use across the board. Finally, we paid attention to mobile banking accessibility and functionality.

You can find a more detailed explanation of our methodology here.

Bank

Pricing (Per Month)

Additional Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

BlueVine logo

Bluevine

$0

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

2.0% APY

$0

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

Capital one logo

Capital One

$15 for checking (waivable), $3 for savings (waivable)

$15 per incoming domestic wire, $25 for outgoing domestic wire, fee for excess cash deposits

0.20% APY

$2,000 for checking, $300 for savings

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

Axos logo

Axos

$5 (waivable) for savings

$35 for outgoing wire transfers, $25 returned check fee

0.20% APY

$2,500 on savings account

Pay bills, analyze spending patterns, monitor accounts

U.S. Bank logo

U.S. Bank

$4 (waivable) for savings

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

0.01% APY

$500 for business savings

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

Novo logo

Novo

$0

$35 for outgoing wire transfers, $27 insufficient funds charge

0% APY

$0

Pay bills, analyze spending patterns, monitor accounts

Chase Business logo

Chase

$15 for checking (waivable), $10 for savings (waivable)

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

Up to 0.02% APY

$2,000 for checking, $1,000 for savings

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

Umpqua bank

Umpqua Bank

$10 for checking (waivable), $3 for savings (waivable)

$30 to $50 for outgoing wire transfers, $0.20 for cash deposits after the first $10,000

0.01% APY

$1,000 for checking, $200 for savings

Custom reminders and alerts, funds transfer, monitor cash flow, bill payments

BlueVine logo

Bluevine: Best Overall Bank for Small Businesses in Washington

Up to 2.0% APY

★★★★★

4.7

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Bluevine Review

Bluevine breaks the mold with its impressive 2.0% APY on a checking account. This rate far exceeds the national average and eliminates the need for separate savings. There’s no minimum deposit to get started, no minimum balance requirement, and zero monthly fees. Beware cash deposits that, at $4.95, can quickly eat through your funds.

Why we chose it: Bluevine steals the show with few fees, an excellent interface, and incredible interest rates all rolled into one checking account.

  • High interest rates
  • Very few fees
  • No minimum deposit required
  • No business savings account
  • No ATM reimbursement
  • Fee for cash deposits

Fees

With a bit of luck, you can use Bluevine indefinitely without ever running into a fee. A business checking account is free to open, and there are no hurdles to jump through to maintain it. You’ll find fees at out-of-network ATMs, during outgoing wire transfers, and any time you make a cash deposit.

Interest Rates

A 2.0 APY is largely unheard of unless you lock money away in a CD or use a money market account with a high monthly balance requirement. Bluevine hands you the keys to the rate without asking for anything in return. Note that funds up to $100,000 accrue interest, whereas anything beyond that does not.

Minimum Balance

Even if you’re just starting out, you’ll never have to worry about keeping up with a monthly balance. You’re free to make payments or transfer funds without ever being penalized for your account balance dropping too low.

Access to Mobile Banking

Bluevine works much the same whether you’re using a computer or on mobile. Downloading the app on your Android or iOS device gives you access to money transfers, payment options, and all the account management tools you’ll ever need. Being able to monitor cash flow from anywhere helps keep your mind at ease.

Capital one logo

Capital One: Best Bank for Small Businesses in Washington for Digital Transfers

0.20% APY

★★★★★

4.6

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Capital One Review

Where most banks charge for digital transfers, Capital One lets you perform as many as you need for free. Should you overdraft an account during the process, the bank doesn’t hit you with an unsightly fee. If that wasn’t enough, anyone joining now can take part in high promotional interest rates for the first year. Capital One may not have a ton of locations in Washington, but an excellent mobile app more than makes up for it.

Why we chose it: Capital One does away with digital transfer limits and overdraft fees so you can move around money without fear.

  • Unlimited monthly digital transfers
  • High promotional interest rates
  • Does not charge overdraft fees
  • Limited physical locations
  • Monthly account fee
  • Out-of-network ATM fees

Fees

It costs $15 per month to keep your Capital One business checking account up and running, lest you meet the criteria to waive the fee. The same holds true for business savings accounts, although requirements are even simpler. Otherwise, you’ll encounter fees with wire transfers or cash deposits beyond $5,000.

Interest Rates

Currently, Capital One’s promotional interest rate for its business checking account is 0.20%. Once you sign up, you’re locked into the high APY for at least 12 months. The bank states its promotional rate can change at any time, but this rate has held strong since 2020.

Minimum Balance

Keeping an average balance of $2,000 over a 30 or 90-day window will remove Capital One’s $15 service fee. Savings accounts similarly require a $300 minimum each month should you desire to avoid the $3 monthly charge.

Access to Mobile Banking

Capital One holds no punches with its top-rated mobile app. Mobile deposit, bill pay, and digital transfers are all innately available. You can build an automatic savings plan for extra funds or keep track of your credit score through CreditWise.

Axos logo

Axos Bank: Best Bank for Small Businesses in Washington for Low Fees

0.20% APY

★★★★★

4.5

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Axos Bank Review

Fees with Axos Bank are few and far between. There’s no cost for opening an account, maintaining it, or for the mast majority of the features Axos provides. The bank reimburses you for all domestic out-of-network ATM withdrawals and pays you back for your first two wire transfers each month. In all your excitement, be careful not to overdraft an account and incur the wrath of an insufficient funds fee.

Why we chose it: Axos Bank has a nearly nonexistent fee schedule and reimburses you for most of the charges you encounter while doing business.

  • Minimal fees
  • Cash deposits allowed via MoneyPass and AllPoint ATMs
  • ATM and wire reimbursements
  • Limited integrations
  • Below average CD rates
  • Significant returned check fee

Fees

Your Basic Business Checking account has no monthly fee, and other fees are few and far between. Savings accounts charge at least $4 per month if you can’t keep a minimum balance. Wire transfers are normally $35, but you’ll get two for free each new billing cycle. Returned checks will cost you $25 each time, and you can get hit with several charges on the same day.

Interest Rates

Savings and money market accounts have 0.20% APY from $0 to $5,000,000. If you can build up to a Business Interest Checking account, it’s possible to earn 1.01% interest on funds up to $50,000.

Minimum Balance

You’re required to have $2,500 tucked away in savings each month to waive the $5 service fee. Business Interest Checking lists a $5,000 minimum to do the same.

Access to Mobile Banking

Axos lets you manage your business funds wherever you are through mobile banking. At any time, you can check account balances, deposit checks, or automate bills right from your phone. Through the app, you can also analyze your spending habits and tighten up expenses.

U.S. Bank logo

U.S. Bank: Best Bank for Small Businesses in Washington for Checking Accounts

0.01% APY

★★★★★

4.4

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U.S. Bank Review

U.S. Bank has five business checking accounts available for small businesses. These range from a basic account with a $0 monthly maintenance fee to a premium account with interest as your business grows. The bank also offers a number of merchant services for dedicated business types, such as restaurants or retail. Thousands of branch locations dot the country, with some located in larger Washington cities.

Why we chose it: U.S. Bank has a number of checking account options that appeal to all types of small businesses.

  • Multiple checking account options
  • Specialized merchant services for restaurants, retailers, and service providers
  • 2,400 branch locations
  • Charges for overdrafts
  • Relatively low APY
  • Only locations in 28 states

Fees

Getting started with a Silver Business Checking account means no monthly fees but limitations on transactions. Other plans have waivable service charges as long as your small business can keep up with balance requirements. Savings accounts start at $4 per month, but you can take away this charge with some planning.

Interest Rates

U.S. Bank savings and money market accounts feature 0.01% APY regardless of how much you have in your account. The Platinum Business Money Market offers bonus rates as high as 3.50%, but you’ll have to keep a lot of money in your account. While there’s an interest-bearing checking account, the rate’s even lower at 0.005%.

Minimum Balance

It takes $500 in your business savings account to negate the service fee there. The Silver Business Checking account has no such requirement, but higher-tier plans do. Balances also affect your interest rate if you have one of the top money market accounts at your disposal.

Access to Mobile Banking

U.S. Bank makes mobile banking even easier with voice prompts to simplify tasks. The mobile app integrates with Zelle and also features check deposits and bill payments. Built-in controls offer complete control over your credit card and even allow you to set up a digital wallet.

Novo logo

Novo: Best Bank for Small Businesses in Washington for E-Commerce

0% APY

★★★★★

4.4

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Novo Review

Look no further than Novo if you’re running an e-commerce business. The fintech melds perfectly with sites like Shopify, Etsy, and Amazon to track transactions and keep you apprised of your finances. An excellent mobile app makes it easy to keep tabs on everything while on the go. For even better control, you can drop funds into reserve accounts and follow spending that way.

Why we chose it: Touting seamless integrations for your favorite online apps, Novo is a great option for e-commerce businesses.

  • Works with a long list of e-commerce apps
  • Reserve accounts for fund management
  • Great mobile app
  • Fee for overdrawn accounts
  • Branches are primarily in the Miami area
  • No savings options

Fees

Novo is nearly fee-free from beginning to end. However, there are charges for outgoing wire transfers. If not careful, you may also find yourself paying $27 for insufficient funds. Novo refunds all ATM fees, so you’re good whether you use something in network or not.

Interest Rates

For all Novo does offer, it does not contain any sort of savings account. The result is no option to accrue interest on any of your money.

Minimum Balance

Because Novo has no monthly service fee, there’s no need to come up with a minimum balance each month. You’ll want to have enough in there at any given point so you don’t end up with a charge for insufficient funds.

Access to Mobile Banking

Novo’s e-commerce presence rolls over into its impressive mobile app. There, you can make use of the fintech’s reserve buckets or receive payouts from major online platforms. It’s even possible to download the app and open your account with little more than an EIN.

Chase Business logo

Chase: Best Bank for Small Businesses in Washington for Branch Locations

Up to 0.02% APY

★★★★★

4.3

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Chase Review

There are nearly 200 Chase branch locations throughout Washington from Spokane to Seattle. Even with such a large state, chances are you’re not too far from in-person assistance. If you sign up for a business account now, Chase is willing to throw in a $300 bonus for good measure. Although there is a monthly fee, you’ll find several possible ways to remove it.

Why we chose it: Chase has more locations than any other bank in the state of Washington, making it an excellent choice for those seeking in-person treatment.

  • Nearly 200 branch locations in Washington
  • Multiple ways to waive the monthly maintenance fee
  • $300 sign-on bonus
  • Monthly maintenance fees
  • Only 20 free transactions per month
  • Minimal APY

Fees

You can remove Chase’s $15 maintenance fee one of three ways. Doing so requires a $2,000 minimum daily balance, $2,000 in net purchases from a Chase Ink business card, or by receiving $2,000 in deposits from Chase QuickAccept. Removing fees with savings only requires a linked checking account. There are also fees for wire transfers and transactions after your first 20.

Interest Rates

Small businesses joining Chase for the first time earn 0.01% APY on a standard checking account. If you have extra funds, it’s possible to earn up to 3.50% interest through CDs.

Minimum Balance

A $2,000 minimum balance is just one of the ways you can avoid paying a monthly fee on your checking account. To earn the $300 sign-on bonus, you’ll need to deposit this within your first 30 days with Chase and maintain it for at least the next 60.

Access to Mobile Banking

Chase’s mobile app lets you set and manage alerts for transactions and account limits so you don’t end up with too little in savings or checking. You can use your phone to transfer money, receive deposits, or locate the branch or ATM closest to you.

Umpqua bank

Umpqua Bank: Best for Small Businesses in Washington for Local Banking

0.01% APY

★★★★★

4.3

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Umpqua is traditional NorthWest banking at its best, serving local communities with several available business accounts. Each of these have monthly fees, but Umpqua allows you to waive charges by keeping funds at a certain level. The bank is generous with check and cash deposits, allowing significant amounts of each before you run into charges.

Why we chose it: Umpqua Bank is a local favorite, serving Washington and neighboring states for over 70 years.

  • Several business accounts to choose from
  • $10,000 in free cash deposits per month
  • Waivable monthly fee
  • Lower than average APY
  • Not popular outside of the West Coast
  • High wire transfer fees

Fees

Small businesses are likely to start with Community Business Checking and Savings accounts, which charge $10 and $3 per month for maintenance. Your first 200 deposited checks and $10,000 in cash deposits are free each month, which should be ample for most. Wires are best avoided, since a single outgoing transfer can set you back upwards of $50.

Interest Rates

All of Umpqua’s introductory tiers are attached to 0.01% APY, which is a bit on the lower side. The best you can do at present is 0.15% with higher tier accounts and large minimums.

Minimum Balance

You’ll need a minimum of $1,000 in a Community Business Checking account to work around posted monthly fees. The bank’s introductory savings account is a bit more forgiving, requiring only $200 to negate fees. Balances can also affect your interest rate as you work up the ladder.

Access to Mobile Banking

The Umpqua Bank mobile app connects you to your accounts where you can view statements and send money from place to place. Creating alerts allows you to be notified the moment conditions you set are met. It will also point you to the nearest banking location or ATM.

Methodology for the Best Bank for Small Businesses in Washington

We sorted through a long list of factors when choosing the best bank for small businesses in Washington. When the dust settled, we deemed these the top considerations as we made our decisions:

  • Monthly Fees: We like to use banks to earn money and facilitate transfers, not make monthly payments. Therefore, our favorite banks either had zero monthly fees or came with easy ways to waive them.
  • Additional Fees: Financial institutions can nickel and dime you for a number of things, including transactions, deposits, and wire transfers. While no bank is completely devoid of fees, it was important that the ones we chose make it as easy as possible to avoid them. 
  • Interest Rates: There’s nothing wrong with a bank paying you back a little for using your money. High interest rates can boost your bottom line and make a difference in your financial standing. 
  • Minimum Balance: When you don’t have a lot of money to invest, banks like to charge maintenance fees to keep your account open. In many cases, you can waive those fees by meeting a minimum balance requirement. For our list, we made sure none of these were out of reach for even the smallest business.
  • Access to Mobile Banking: Mobile banking apps are a necessity in this day and age. Some banks don’t seem to be aware of this or still have archaic systems in place. Our picks each have excellent mobile tools you can use as long as you have internet access.
  • Ease of Use: In our assessment, we checked how easy it was to open a bank account and use all available features while enrolled. For banks with branch locations, we took note of locations in Washington and how accessible each one is.

Best Bank for Small Businesses in Washington Frequently Asked Questions (FAQs)

Want to learn more about the best banks for small businesses in Washington? This FAQ may have the answers you’re looking for.

Bottom Line

The best banks for small businesses in Washington keep fees and balance requirements to a minimum while offering loads of cool features to take advantage of. They also add in interest rates and additional perks for good measure. Bluevine takes the number one spot in our book, but we believe any of the banks on our list could serve you well.

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.

AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY DC
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7 Best Banks for Small Businesses in Pennsylvania for 2023

Businessman checking bankbook in his office

7 Best Banks for Small Businesses in Pennsylvania

Your Pennsylvania-based business isn’t complete without a business bank account. However, choosing the perfect one for your organization can be quite the daunting task. To save you time, we identified the best business bank accounts in Pennsylvania you can use right now to help your company grow.

Best Banks for Small Businesses in Pennsylvania

Our Methodology

When selecting the best banks for small businesses in Pennsylvania, we looked at fee schedules and minimum balance requirements for keeping maintenance charges at bay. We also studied interest rates and how accessible mobile banking happens to be. Finally, it was important that each bank be easy to use both at set up and throughout your banking journey.

You can find a more detailed explanation of our methodology here.

Bank

Pricing (Per Month)

Additional Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

BlueVine logo

Bluevine

$0

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

2.0% APY

$0

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

Capital one logo

Capital One

$15 for checking (waivable), $3 for savings (waivable)

$15 per incoming domestic wire, $25 for outgoing domestic wire, fee for excess cash deposits

0.20% APY

$2,000 for checking, $300 for savings

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

Axos logo

Axos

$5 (waivable) for savings

$35 for outgoing wire transfers, $25 returned check fee

0.20% APY

$2,500 on savings account

Pay bills, analyze spending patterns, monitor accounts

PNC Bank logo

PNC Bank

$12 (waivable) for savings and checking

Fees for excess transactions, out of network ATM use

Varies by region (0.01% to 0.03% APY)

$500 for checking, $2,500 for savings

Bill pay, cash flow insights, access to merchant services, PINACLE

U.S. Bank logo

U.S. Bank

$4 (waivable) for savings

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

0.01% APY

$500 for business savings

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

Chase Business logo

Chase

$15 for checking (waivable), $10 for savings (waivable)

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

Up to 0.02% APY

$2,000 for checking, $1,000 for savings

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

Citizens Bank logo

Citizens Bank

$4.99 (waivable)

$0.50 fee for each excessive transaction, $39 overdraft fee

Up to 0.02% APY

$500 for savings account

Custom business alerts, check balances, transfer funds, find branch locations

BlueVine logo

Bluevine: Best Overall Bank for Small Businesses in Pennsylvania

Up to 2.0% APY

★★★★★

4.7

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Bluevine Review

Most banks don’t put interest rates on checking accounts, but Bluevine breaks the mold. Not only does its checking account have 2.0% APY, it blows the average rate out of the water. Because of this, the fintech company doesn’t offer any account specifically for savings. You also won’t find many fees and don’t have to worry about a minimum deposit when signing up.

Why we chose it: Bluevine sets the bar high with minimal fees, an intuitive layout, and a generous interest rate on a checking account.

  • High interest rates
  • Very few fees
  • No minimum deposit required
  • No business savings account
  • No ATM reimbursement
  • Fee for cash deposits

Fees

It’s possible to handle almost all of your banking with Bluevine and never come across a single fee. There’s no monthly cost to maintain your account and thousands of MoneyPass ATMs around Pennsylvania you can draw money from for free. You will see a $4.95 charge every time you go to make a cash deposit, so use this feature sparingly.

Interest Rates

A 2.0% APY is unheard of even on most savings accounts, and Bluevine offers it here on the money you keep in checking. Funds up to the $100,000 mark accrue this interest, but the fintech draws the line there. Anything you have beyond this amount doesn’t receive any interest at all.

Minimum Balance

Bluevine doesn’t require a minimum balance to open an account and will never charge you a fee if your balance falls below a certain amount. Small businesses can start with a lot or few funds and take advantage of the interest rate right away.

Access to Mobile Banking

Your mobile device becomes an extension of Bluevine’s web features through the app. You can use the software to pay bills by wire, check, or set up a payment to go out in the future. It’s a great tool for managing your funds, depositing checks, and transferring money between bank accounts.

Capital one logo

Capital One: Best Bank for Small Businesses in Pennsylvania for Digital Transactions

0.20% APY

★★★★★

4.6

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Capital One Review

Whether you’re making payments or sending money to another account, Capital One allows unlimited digital transactions each month. The bank also looks away should you overdraft an account while moving money from place to place. Perks continue with a high promotional interest rate you can savor for at least a year. A strong online presence makes up for the lack of branch locations in the state.

Why we chose it: Capital One won’t slow your business down with unlimited digital transactions and overdraft forgiveness.

  • Unlimited monthly digital transactions
  • High promotional interest rates
  • Does not charge overdraft fees
  • Limited physical locations
  • Monthly account fee
  • Out-of-network ATM fees

Fees

Capital One checking and savings accounts have waivable monthly fees to contend with, but the demands aren’t too extreme. You’ll also run into charges for incoming and outgoing wire transfers, making unlimited digital transactions that much sweeter. Your first $5,000 in cash deposits each month is free, but it costs $1 for every $1,000 deposited after that.

Interest Rates

When signing up, you’ll receive a guaranteed promotional interest rate on your savings account for the first year of use. At the time of writing, Capital One offers 0.20% APY on funds up to $5 million.

Minimum Balance

It takes a $2,000 average balance over a 30 or 90-day window to eliminate the monthly fee on Capital One’s Basic checking account. Savings works the same way, requiring $300 each month to remove service fees there.

Access to Mobile Banking

The Capital One mobile app comes with a virtual assistant to notify you of unusual transactions or potential fraud. It’s also perfect for tracking spending and making all those transactions you do each month. If you’re eyeing a big purchase, the app shares your credit score and ways to keep it in a good range.

Axos logo

Axos Bank: Best Bank for Small Businesses in Pennsylvania for Online Banking

0.20% APY

★★★★★

4.5

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Axos Bank Review

Axos is a great online banking option, keeping an intuitive layout and easy-to-use tools. Fees are few and far between, with reimbursement options for those you can’t work around. The bank links up with both MoneyPass and AllPoint ATMs around the country for cash deposits and withdrawals. New business owners can even capitalize on a $200 welcome bonus.

Why we chose it: Axos makes banking easy no matter where you are with free checking, ATM reimbursements, and unlimited item processing.

  • Free online banking
  • Cash deposits allowed via MoneyPass and AllPoint ATMs
  • Minimal monthly fees
  • Limited integrations
  • Below average CD rates
  • Significant returned check fee

Fees

Your Axos Bank small business checking account does not have monthly maintenance costs and will reimburse both domestic ATM fees and your first two domestic wires each month. If you use checks, the first set of 50 is also free. Outgoing wires after your first two cost $35 apiece, and the bank will charge $25 for any returned checks. There is a $5 monthly service charge for upkeep on an Axos savings account, but you can avoid this with careful planning.

Interest Rates

Axos users will earn 0.20% APY through any of its available savings accounts. This interest is flat across all balances. The bank does offer an interest-based checking account starting at 1.01%, but it quickly diminishes the more you have stored in there.

Minimum Balance

Standard checking for small businesses has no minimum balance requirements, but all other Axos accounts do. You must maintain $2,500 in your savings account to remove the monthly fee. The Business Interest Checking account has a $5,000 minimum balance to skirt around any service fees there.

Access to Mobile Banking

The Axos app lets you link all your accounts to check funds at a glance. It’s easy to pay bills, deposit checks, or transfer funds from one place to another. With a swipe, you can follow your transaction history, analyze spending patterns, and learn where your money flows. 

PNC Bank logo

PNC Bank: Best Bank for Small Businesses in Pennsylvania for ATMs

Varies by region (0.01% to 0.03% APY)

4.4

★★★★★

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PNC Bank has a huge presence across the United States, either owning or partnering with more than 60,000 ATMs for fee-free access. Over 300 branches reside in Pennsylvania alone, making it a popular choice even if you have no plans to leave the state. The bank allows 24 hours to remedy overdrafts before assigning you a fee, and new members receive a $200 sign-up bonus just for joining.

Why we chose it: With over 300 branches in the Keystone State, you can rest assured good service and ATM access is never far away.

  • Over 60,000 fee-free ATMs in the US
  • $200 sign-up bonus
  • 24-hour overdraft protection
  • High overdraft fee
  • APY varies by region
  • Must call or visit a branch to open an account

Fees

Both PNC Bank’s basic checking and savings charge $12 for account maintenance but have wildly different measures to waive them. You can make do with a minimum balance in your checking account to avoid the fee, but you can also make purchases with a credit card or generate monthly deposits. The only way to do away with costs on a money market account is by keeping a certain balance.

Interest Rates

Interest rates are unclear from PNC’s website and can vary considerably from region to region. In Pennsylvania, you’re likely to earn somewhere between 0.01% and 0.03% if you use a money market account. You’ll have to visit the nearest branch location to learn specifics, but you need to pay them a visit to open an account anyway.

Minimum Balance

You only need to keep a $500 balance in PNC’s business checking account to steer clear of maintenance fees. Money market accounts aren’t so unforgiving, mandating a $2,500 minimum throughout the month to remove fees there.

Access to Mobile Banking

ATMs and branches are everywhere, but you’re still in luck even if you’re not near one. The mobile banking app allows for card services and all the income and expense management you’ll ever need. You can also link up to PINACLE, offering additional services to help your business thrive.

U.S. Bank logo

U.S. Bank: Best Bank for Small Businesses in Pennsylvania for Low Fees

0.01% APY

★★★★★

4.4

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U.S. Bank Review

It’s not difficult to bank with U.S. Bank completely for free if you play your cards right. There’s no charge for opening or maintaining a checking account, and you can transfer and withdraw funds fee-free from in-network ATMs. Branch locations tend to hang out in the big cities but exist strategically in the heart of Pennsylvania as well. The bank also has a list of merchant services for specific industries you can take advantage of.

Why we chose it: With all but nonexistent fees, U.S. Bank doesn’t nickel and dime you just for running your business.

  • Nearly nonexistent fees
  • Specialized merchant services for restaurants, retailers, and service providers
  • 2,400 branch locations
  • Charges for overdrafts
  • Relatively low APY
  • Only locations in 28 states

Fees

U.S. Bank’s Silver Business checking doesn’t have a service fee, but there is a $4 waivable monthly charge for keeping a savings account. Other fees come from out-of-network ATMs, overdrafting your account, or making an abundance of transactions each month.

Interest Rates

You won’t make a fortune off U.S. Bank’s interest rates. All but one savings plan has just 0.01% APY for excess funds you can spill over from your checking account. There is a Platinum Business Money Market account with bonus rates as high as 3.50% if you can manage the high balance requirements.

Minimum Balance

How much you keep in your checking account is entirely up to you. U.S. Bank’s package for small businesses does not have minimum requirements to negate a monthly fee. The same isn’t true for basic savings, where you’ll need at least a $500 balance. It takes $25,000 to tap into the high interest rates from the Platinum Money Market account. 

Access to Mobile Banking

Stay up to date with your balances and transactions from your phone with the U.S. Bank mobile app. In addition, you can transfer funds and set alerts about account activity you want to keep an eye on. It’s also possible to view your credit score or find the U.S. Bank location nearest you.

Chase Business logo

Chase: Best Bank for Small Businesses in Pennsylvania for Lending

Up to 0.02% APY

★★★★★

4.3

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Chase Review

Chase is a large financial institution with a long list of business services to help your business out. These include lending options to secure a large purchase or help you weather an untimely setback. Although there are monthly fees on all Chase products, you can work around them through one of several methods. Business owners also receive a $300 bonus for becoming a member by meeting certain criteria.

Why we chose it: Chase puts its best foot forward with several loan and line of credit options alongside other stellar business services.

  • Several loan and line of credit options
  • Up to $300 sign-on bonus
  • Multiple ways to waive the monthly maintenance fee
  • Monthly maintenance fees
  • Only 20 free transactions per month
  • Minimal APY

Fees

Chase places monthly service fees on all its accounts but includes several ways to waive them. Small businesses will likely introductory checking and savings, charging $15 and $10, respectively. Fees can get a bit out of hand if you do a lot of transactions, though. Only your first 20 each month come at no cost.

Interest Rates

New business owners starting out with Chase will accrue somewhere between  0.01% and 0.02% APY with a savings account. Certificates of deposit can go as high as 4.00% if you have enough time and money.

Minimum Balance

A $2,000 minimum balance is all it takes to negate the service fee on your Chase business checking account. In lieu of that, you can make $2,000 in purchases on business cards or receive $2,000 in deposits through Chase QuickAccept. A savings account requires $1,000 in your account or a linked business checking account to remove fees there.

Access to Mobile Banking

The Chase mobile app utilizes Chase QuickDeposit and ChaseQuickPay to get funds where they need to go quickly. You can also set alerts in case balances run too low or transfer money anywhere in the United States. There are well over 100 Chase branches and ATMs in Pennsylvania, and the app will help you find the closest one.

Citizens Bank logo

Citizens Bank: Best Bank for Small Businesses in Pennsylvania for Customer Service

Up to 0.02% APY

★★★★★

4.2

Visit

Look no further than Citizens Bank’s customer service page for department-specific phone numbers and a well-documented FAQ page. The website also has forms and documents so you don’t have to hunt around for the right one. A lack of monthly fees or balance requirements makes basic checking a strong bank account option for LLCs, partnerships, or sole proprietors.

Why we chose it: Citizens Bank puts your business first with excellent customer service and hundreds of branch locations to choose from.

  • Excellent customer service
  • Over 250 branches in Pennsylvania
  • No monthly maintenance fee on some accounts
  • Low interest rates
  • High overdraft fees
  • Some accounts charge ATM fees

Fees

Citizens Bank accounts come with a hefty $39 overdraft fee, best avoided at all costs. The business savings account has an avoidable $4.99 monthly charge, automatically waived for the first four months of membership. Otherwise, ensure you don’t perform more than 200 transactions each billing cycle to avoid fees there.

Interest Rates

Interest rates aren’t really Citizens Bank’s strong point. You’ll earn 0.01% with savings and graduate to 0.02% if you upgrade to a money market account. Even available CDs average 0.03% APY for the duration of each term.

Minimum Balance

Small businesses will likely choose free business checking, meaning balances only come into play with savings accounts. You only need a $500 average daily balance with business savings, but this number jumps to $2,500 if you want perks from a money market account.

Access to Mobile Banking

Citizens Bank recently revamped its mobile banking app with a new interface and a boost in security. The added protection allows you to move money and make payments wherever you happen to be. New features include access to the document center and debit card management tools.

Methodology for the Best Banks for Small Businesses in Pennsylvania

In our methodology section, we make clear all the factors we used when picking out the best banks for small businesses in Pennsylvania. These ended up being our top considerations:

  • Fees: Fees are pretty self-explanatory and can be a real drag when you’re trying to make money. We made sure all our banks either have no monthly fee or at least a reasonable way to avoid it. Similarly, we opted for bank accounts you can use fee-free with a little foresight.
  • Interest Rates: Earning interest on your finances may not make you rich, but it can cover an unavoidable fee or go towards a business expense. It’s harder than ever to find bank accounts with high interest rates in our current market, but we tried to find ones that at least meet the national average.
  • Minimum Balances: Even if your small business has a steady source of income, distributing those funds between multiple accounts can be a challenge. If an account has a minimum balance requirement, you may be unable to float cash around as freely as you’d like. We looked for bank accounts with low minimum balances to allow for more flexibility.
  • Access to Mobile Banking: Few people in our day and age live without a smartphone. The rest of us rely on these gadgets for many aspects of our lives. We wanted to make sure each of our best business bank accounts in Pennsylvania had the same functionality you can find anywhere else. It was also important to make sure no features got locked away behind paywalls.
  • Ease of Use: Ease of use covers everything from setting up your account for the first time to day-to-day interactions. Some banks require lengthy in-person visits, while others allow you to join with little more than your EIN. As you use the website, mobile app, or in-person services, we checked on availability, accessibility, and just how much a small business can do.

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

Want to know more about opening a bank account for your Pennsylvania business? This FAQ answers common questions about the subject.

Bottom Line

The best banks for small businesses in Pennsylvania have a healthy mix of low fees, access to mobile banking, and are easy to use. Additionally, they offer incentives like interest rates or business services to keep finances running smoothly. We believe Bluevine is the best of the bunch, but any of the banks on this list should work well with your small business.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY DC
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5 Best Business Bank Accounts for Sole Proprietors in 2023

Bank files and dollars notes on a table

If you think that your bank account is simply a place used to store your earnings, think again! By selecting the best business bank accounts for sole proprietors with the right rewards, digital banking tools, and affordable fee structure, you can effectively grow your savings while making the financial management of your business a whole lot easier.

Best Business Bank Accounts for Sole Proprietor

Methodology Summary 

While the size of your income may be important, maximizing your profit also depends on your ability to limit your expenses, which is why we chose to focus on bank accounts that offer affordable fees. We also focused on banks with competitive interest rates to help you grow your savings.

Other important factors were online features that help you to not only keep on top of your transactions but also optimize the financial management of your business as well as rewards programs and other money-saving benefits. 

Bank

Pricing
(Per Month)

ATM Fees

APY

Cash/Check Deposit Fees

Digital Banking Features

Lili logo

Lili

$0 for basic
$0 for Pro

$0 in-network
($2.50 out-of-network)

Up to 1.5%

$0

  • Tax optimizer
  • Receipt scanner
  • Multiple app integrations
  • Invoicing software
  • Prefilled Schedule C
  • Automated expense reports
BlueVine logo

Bluevine

$0

$0 in-network; $2.50 out-of-network

2.0%

$0

  • Automated bill payments
  • Quickbooks integration
  • Sub-accounts
  • Mobile check uploads
Novo logo

Novo

$0

$0 (unlimited reimbursements)

N/A

0% for check deposits; cash deposits not available

  • Invoicing software
  • Multiple app integrations
  • Automated budgeting
  • Virtual debit card
  • Apple Pay and Google Pay
LendingClub logo

LendingClub

$10; waived with $500 account balance

$0 (unlimited ATM rebates for both withdrawals and deposits)

Up to 1.5%

$0

  • Mobile check deposits
  • Financial report generation
  • Invoicing software
Bank of America logo

Bank of America

$29.95 or $0 if waived

$0 for withdrawals

From 0.01% upwards

Free for first $20,000 in deposits, then $0.03 per $100 deposited

  • Cash flow monitor
  • Digital financial assistant
  • Zelle payments
  • Quickbooks integration

Lili logo

Lili: Best Overall

4.7 stars on Trustpilot

★★★★★

5.0

Visit

Lili Review

In order to reach your potential as a sole proprietor, you’ll want a reliable, user-friendly bank so that you can focus less on mundane banking tasks and more on growing your business. Over 85% of Trustpilot users have awarded Lili five-stars, with much praise being directed at the user-friendly layout of its online banking platform and app.

Why we chose it: 

In addition to making banking easy, Lili’s intuitive digital features such as its invoicing platform and tax optimizer help to streamline your tax filing and payment system. What’s more, its low fees, cashback rewards, and the competitive interest rate of its savings account mean that account holders receive benefits across the board, thereby earning Lili the title of best business bank account for sole proprietors overall. 

  • No overdraft fees
  • Cashback rewards
  • Tax optimizer
  • Built-in invoicing
  • Expense categorization
  • Receipt scanner
  • Third-party app integrations
  • Lili Pro required for cashback and APY

Fees 

While the basic account has no monthly fee, the Lili Pro account costs $9 per month. What’s particularly useful about Lili, however, is that no matter what account you have, there are never overdraft fees.

ATMs within the MoneyPass Network provide free cash deposits and withdrawals, while out-of-network withdrawals and deposits cost $2.50 per transaction. Although Lili does not allow wire transfers, this does not pose an obstacle as unlimited inbound ACH transactions and up to $60,000 of outbound ACH transfers per month can be performed, both of which are free of charge. 

Interest

While the checking account does not offer interest, Lili does offer a savings account for all clients that can earn up to 1.5% APY.

Important to note, however, is that in order to qualify for this rate, you’ll not only have to be a Lili Pro account holder but also transfer at least $1 per day from your checking account to your savings account.

Digital Banking Features

Lili’s Tax Optimizer is designed to maximize the efficiency of your tax filing. While its write-off tracker categorizes expenses and determines their eligibility for tax write-offs, it also automatically generates quarterly and yearly expense reports and provides a prefilled Schedule C to make tax preparations easier.

Should you already have existing accounting software, then Lili can still come in use. This checking account is capable of multiple app integrations, including to accounting software such as Xero and Quickbooks, while its receipt scanner enables you to capture any expenses not incurred through your checking account. Lili also provides built-in personalized invoicing software.

Rewards

Through Lili’s cashback rewards program, you can enjoy discounts and cashback from a range of participating merchants. This program is provided through Visa SavingsEdge, meaning that beneficiaries are eligible to receive benefits from all retailers that are part of the SavingsEdge network.

Although this benefit is only open to Lili Pro account holders, the potential benefits far outweigh the $9 monthly fee that you’ll pay for a Pro account. 

BlueVine logo

Bluevine: Best for earning interest

Earn 2.0% interest

★★★★★

4.9

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Bluevine Review

As a sole proprietor, maximizing your profit is a priority. By offering a relatively high 2% interest rate and low fees, the Bluevine business checking account helps you do just that. Add Bluevine’s business lending options and you’ll have all the tools you need to elevate your financial performance.

Why we chose it: 

While this checking account’s decent interest rate and low costs help you to safeguard and grow your savings, it also provides several online tools to optimize your financial management, including automated bill payments and integrations with Quickbooks accounting software. Add in this checking account’s easy sign-up process and multiple lending options and you have a business bank account that provides perks across the board.

  • 2.0% interest rate
  • Automated bill payments
  • Quickbooks integration
  • Zero monthly and transfer fees
  • Sub-accounts
  • No in-network ATM fees
  • No overdraft fees
  • No invoicing software
  • No rewards programs

Fees 

In addition to no monthly maintenance fee and no overdraft fees, Bluevine also offers zero fee withdrawals at in-network ATMs as well as free cash deposits at ATMs that are a part of the Green Dot Network. Out of network ATM fees are $2.50 per transaction.

While outbound domestic wire fees cost $15, inbound wires are free. Although Bluevine does not allow international wires, you can perform ACH transfers at no cost. Check deposits are also free; simply upload a photograph of the check to the mobile app.

Interest

Offering up to 2.0% interest, the Bluevine business checking account provides one of the best interest rates of any business checking account. It’s important to note, however, that in order to qualify for this rate, you’ll need to either spend at least $500 per month on your Bluevine debit card or receive $2,500 per month in customer payments to your Bluevine account.

Digital Banking Features

Available from Bluevine’s online banking platform and mobile app, Bill Pay enables you to set up one-time or recurring payments, track expenses, and sync them with Quickbooks accounting software so that you have less work to do during tax season.

Bluevine also enables you to create up to five sub-accounts to make it easier for you to budget for your expenses.  

Rewards

Although Bluevine does not provide an in-house reward program, its Bill Pay feature is geared to enabling you to maximize your credit card rewards by providing you the ability to pay all of your bills by credit card.

Novo logo

Novo: Best for rewards

Get access to $4,000 in savings

★★★★★

4.8

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Novo Review

With a wide range of popular app integrations, invoicing software, and its Reserves feature for automated budgeting, Novo is designed to optimize the management of your business. What’s more, rewards for business software such as Quickbooks, HubSpot and Google Cloud enable you to manage your business more efficiently while saving money in the process.

Why we chose it: Aside from automating your financial management tasks, this business checking account offers up to $4,000 in rewards benefits as well as free ATM transactions and $5,000 in fee-free processing when customers pay you via Stripe, thereby cutting your costs and getting you more for your money.

  • Free domestic and international ACH transactions
  • Unlimited ATM fund reimbursements
  • $4,000 in rewards
  • Built-in invoicing
  • Multiple app integrations
  • Automate fund allocation with Reserves
  • No APY
  • No cash deposits

Fees 

Novo carries no monthly fee and requires no minimum deposit to open an account. Check deposits are performed by scanning checks with the Novo mobile app and carry no associated fees.

Fees from ATM withdrawals come with unlimited fee reimbursements, however, cash deposits via ATM are not possible. Instead, you would have to purchase a money order from a third-party vendor. This checking account only allows account holders to receive wire transfers and not send them, it does offer free ACH transfers as an alternative.

Interest

Currently, Novo’s business checking account does not offer an APY. It does, however, help you safeguard your savings through a range of rewards and perks.

Digital Banking Features

Novo’s banking site and mobile app offer app integrations with accounting platforms Xero and Quickbooks as well as popular eCommerce platforms such as Amazon, eBay, and Etsy, thereby helping to streamline your sales and accounting processes.

Reserves is a feature that enables you to create multiple sub-accounts and set up automatic fund allocation, thereby automating your budgeting. Novo also comes with invoicing software that automates payment transactions from the submission of an invoice to clients to the arrival of the funds in your account.

The mobile app also comes with a virtual debit card and is Apple Pay and Google Pay enabled.

Rewards

With up to $4,000 in rewards, one of Novo’s most attractive perks for sole proprietors is that it provides up to $5,000 in fee-free card processing when clients pay you via Stripe. 

If you use Quickbooks accounting software, this checking account gives you a 30% discount on your first six months using any Quickbooks package. You also receive discounts for business software such as Google Cloud, HubSpot, Constant Contact, and Gusto.

LendingClub logo

LendingClub: Best for savings

Earn interest while enjoying cashback rewards

4.8

★★★★★

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With LendingClub’s Tailored Checking account, you receive the rare opportunity to earn an APY of up to 1.5% while earning 1% cash back on all qualified purchases, thereby providing you with the ability to both grow your savings and cut your business expenses simultaneously.

Why we chose it: 

Aside from its favorable interest rates and cash back rewards, LendingClub provides numerous online banking features to boost the efficiency of your business. This includes Autobooks, LendingClub’s invoicing software with a built-in payment portal, digital check deposits via the mobile app, and integrations with Mint, QuickBooks, and Quicken to streamline your financial management

  • 1% cashback on all qualifying purchases
  • Unlimited ATM fee rebates
  • Mobile check deposit
  • Built-in invoicing software
  • Mint, QuickBooks, and Quicken integration
  • Free ACH transactions
  • $500 balance required to waive monthly fee
  • High requirements to be eligible for cashback

Fees 

While the Tailored Checking account carries a monthly fee of $10, this fee is waived for accounts holding more than $500. There is no minimum monthly balance, however, nor are there ACH transfer fees.

LendingClub offers unlimited ATM rebates, meaning that you’ll be reimbursed for all ATM withdrawals and cash deposits that you perform, with the unique advantage of this benefit applying to all ATMs, regardless of vendor. Check deposits made through the mobile app are free, while wire transfers cost $18 domestically and $40 internationally.

Interest

With an APY of up to 1.5%, LendingClub offers one of the more high-yielding business checking accounts available. To earn the maximum interest rate, however, your account will need to hold $100,000 or less.

Digital Banking Features

LendingClub’s online banking site and mobile app both offer account holders the ability to generate financial reports that can be used for accounting purposes, thereby making tax filing easier. Another advantage of the mobile app is that account holders can deposit checks simply by uploading a photo.

The Tailored Checking account provides clients with free access to Autobooks — LendingClub’s digital invoicing software. This platform enables you to send digitally secure invoices to customers, track their status, and receive next-day payments directly to your account.

Rewards

With this business checking account, you’ll receive 1% cashback on all qualified purchases made with your LendingClub debit card. It is important to note, however, that in order to qualify for this benefit, you will either need to have an average monthly balance of at least $2,500.00 or receive $2,500.00 in direct deposits.

Bank of America logo

Bank of America: Best for financial management

On-demand small business services

4.7

★★★★★

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Bank of America Review

If you’re looking for a business bank account with the means to help you improve the management of your business, then Bank of America’s Business Advantage Relationship Banking account is worth a look.

From its digital financial assistant and Zelle integration to complementary financial consulting services, this checking account is geared towards helping you grow your business.

Why we chose it: 

Bank of America offers a wide range of digital tools to help sole proprietors optimize their business, including its cash flow monitor that tracks and categorizes account activity as well as its team of small business specialists that provide on-demand business management consultations.

  • Zelle secure payments
  • Cash flow monitor
  • On-demand small business specialists
  • Free savings account
  • Free second checking account
  • Not mobile friendly
  • High monthly fee
  • High requirements to join Prefered Rewards for Business

Fees 

Carrying a monthly fee of $29.95, account holders can waive this fee if they have combined account balances of $15,000 or become a member of the bank’s Preferred Rewards for Business program. As a result, this account is better suited to those sole proprietors in a stronger financial position.

This account allows free ATM withdrawals at Bank of America ATMs as well as free cash deposits for the first $20,000, after which a fee of $0.30 per $100 deposited will apply. Regular ACH transactions are free, while next-day transfers cost $10 and same-day transfers cost $25.

Interest

While interest rates on this checking account as well as the Bank of America Advantage Savings account start at 0.01%, they can be boosted significantly if you sign up for the Prefered Rewards program. 

With Prefered Rewards, you can receive an interest rate boost for your savings account ranging from 5% to 20% of your existing APY depending on your tier. It’s important to remember that, as a Business Advantage Relationship Banking customer, a savings account will be free to open.

Digital Banking Features

Bank of America’s cash flow monitor enables you to not only track your ongoing transactions but also receive cash flow projections, thereby allowing you to determine if your business is on the right track. Erica, BoA’s digital financial assistant, can be instructed to perform transactions on your behalf so that you don’t have to.

This checking account comes with Zelle, a fast and secure money transfer platform, and can be integrated with Quikcbooks to make your accounting easier. Bank of America also has a team of dedicated small business specialists to provide account holders with any guidance they may need in managing their business. 

Rewards

Bank of America’s Preferred Rewards for Business provides a range of rewards for those who are eligible to join, such as waiving fees including monthly maintenance fees and inbound wire transfers. Beneficiaries also enjoy between 25%-75% rewards bonuses on participating credit cards, a 5% to 20% interest rate boost on Business Advantage Savings accounts, complimentary financial analysis with Merril, and discounts on loan interest rates.

One drawback, however, is that in order to qualify for this program, you’ll need to have a three-month combined average daily balance of $20,000 in your BoA accounts.

Methodology for the Best Business Bank Account for Sole Proprietors

  • Fees: as a sole proprietor, cutting your expenses is crucial to maximizing your profit margin. For this reason, we looked for checking accounts with the lowest banking fees including monthly fees, ATM fees, and other transactions.
  • Interest: Although your business may earn you the bulk of your income if not all, generating a passive income through interest means that you earn more without having to put in extra work.
  • Digital Banking Features: In order to help you focus on running your business, we looked at banks that provide digital tools to help make administrative, financial, and tax tasks as easy as possible.
  • Rewards: Benefits such as rewards programs can provide you with cash savings, complimentary products, and special offers aimed at saving you money, allowing your profit margin to grow as a result.

Sole Proprietor Business Checking Account Frequently Asked Questions (FAQs)

Are you still unsure about which bank account is best for a sole proprietor like yourself? Perhaps these answers to common questions can make your decision clearer!

Bottom Line

Whether your priority is to open a bank account with rewards such as Novo and Lili, financial management services such as Bank of America or LendingClub, or a high interest rate such as Bluevine, it’s crucial to open a bank account that separates your business from your personal affairs.

Not only does this make the financial management of your business easier, but it also enables you to receive benefits that will help you maximize your profit margins. 

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.

AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY DC
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7 Best Business Bank Accounts for Online Sellers in 2023

a man trying holding his ATM card shopping online on his laptop

The best business bank accounts for online sellers offer a blend of low fees, intuitive tools, and features to make your e-commerce company thrive. Whether you’re new to the space or experienced in e-commerce, having the right bank account can make a huge difference. This article covers our seven favorites and our reasoning behind each choice.

Best Business Bank Accounts for Online Sellers

Our Methodology

When selecting the best business bank accounts for online sellers, we first looked at both monthly fees and costs for using other services. We then considered minimum balance requirements for small businesses and how accessible mobile banking options are. Finally, we identified extra features that make an account stand out and how easy the entire account is to use.

You can find a more detailed explanation of our methodology here.

Bank

Service Fees (Per Month)

Additional Fees

Minimum Balance

Access to Mobile Banking

Extra Features

BlueVine logo

Bluevine Business Checking

$0

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

$0

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

2.0% APY, online payments, multiple subaccounts

Axos logo

Axos Bank Basic Business Checking

$0

$35 for outgoing wire transfers

$0

Pay bills, analyze spending patterns, monitor accounts

ATM reimbursements, first 50 checks free, Quickbooks integration

Novo logo

Novo Business Checking

$0

$27 overdraft fee

$0

Create, send, track invoices, check deposits, connect business tools

Reserve accounts, invoice tracking, virtual debit card, free incoming wires

Capital one logo

Capital One Basic Checking

$15 (waivable)

$15 per incoming domestic wire, $25 for outgoing domestic wire, fee for cash deposits

$2000

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

Unlimited digital transfers, overdraft coverage, $5,000 in free cash deposits

U.S. Bank logo

U.S. Bank Silver Business Checking

$0

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

$0

Pay bills, analyze spending patterns, monitor accounts

$2,500 in free cash deposits, 125 free transactions

Lili logo

Lili Business Banking

$0

$2.50 for out of network domestic ATMs, $5 for international

$0

Drop funds in tax buckets, invoicing, online payments, transfers

Tax optimization software, fast enrollment, smart mobile banking

Chase Business logo

Chase Business Complete Banking

$15 (waivable)

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

$2,000

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

$5,000 in no-fee cash deposits, long list of business services

BlueVine logo

Bluevine Business Checking: Best Overall Best Business Bank Account for Online Sellers

Monthly Fees: $0

★★★★★

4.7

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Bluevine Business Checking Review

Bluevine’s Business Checking account isn’t like most others, offering 2.0% APY on funds up to $100,000. The account itself is pretty self-sufficient, so Bluevine doesn’t provide any savings account to complement it. There’s no minimum deposit required to start your account and no monthly service fees to watch out for. If you happen to deal with cash, beware high costs for cash deposits.

Why we chose it: Bluevine’s lack of monthly fees and high interest rate on a checking account make it our top business bank account for online sellers.

  • High interest rates
  • Very few fees
  • No minimum deposit required
  • No business savings account
  • No ATM reimbursement
  • Fee for cash deposits

Fees

There’s never a monthly fee with Bluevine’s Business Checking account whether your balance is low or high. As an online seller, chances are you won’t have to worry much about the $4.95 charge for depositing cash into your account. When withdrawing funds, use one of Bluevine’s affiliated ATMs lest you incur a $2.50 fee for out-of-network machines.

Minimum Balance

You don’t have to meet any initial deposit requirement when starting your membership, nor do you have to keep a certain amount to avoid fees. The 2.0% APY is good on funds up to $100,000, so anything over this balance does not accrue any interest.

Access to Mobile Banking

All of Bluevine’s features spill over into its mobile app. You can seamlessly switch between your computer and mobile device on the fly and not miss a beat. This includes viewing your account, money transfers, and fast bill pay options. Going one step further, the app also lets you deposit any checks you may receive straight from your phone.

Extra Features

Few checking accounts are interest-bearing, but the Bluevine Business Checking account breaks the mold with its 2.0% APY. Users can also make and track online payments coming in and going out to your vendors. Through subaccounts, it’s easy to set aside funds for a rainy day or a big purchase.

Axos logo

Axos Bank Basic Business Checking: Best Business Bank Account for Online Sellers for Online Banking

Monthly Fees: $0

★★★★★

4.6

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Axos Bank Basic Business Checking Review

You can do all your online banking with Axos completely for free, thanks to minimal fees and reimbursement options for those that do exist. New business owners can even add $200 to their account just for signing up. Perks extend to cash deposits at any MoneyPass or AllPoint ATM nationwide. Be sure not to overstress your account, as returned check fees are quite high. 

Why we chose it: Axos is online banking at its best, allowing unlimited item processing, no minimum balance requirements, and reimbursements on ATMs and wire transfers.

  • Free online banking
  • Cash deposits allowed via MoneyPass and AllPoint ATMs
  • Minimal monthly fees
  • Limited integrations
  • Below average CD rates
  • Significant returned check fee

Fees

Banking with Axos is all but fee-free. There’s no monthly service fee, unlimited domestic ATM reimbursements, and the bank will even cover two domestic wire fees per month. Outgoing wires are $35 otherwise, but returned item fees can be as high as $75 per day if you’re not careful.

Minimum Balance

Axos Bank has no minimum deposit requirement when signing up, nor a monthly balance to fight back a monthly service fee. You will need an average monthly balance of $2,500 for the first 60 days to qualify for the $200 cash bonus.

Access to Mobile Banking

All the tools on Axos’s mobile app are fast, secure, and completely free. At a glance, you can see the status of your Basic Business Checking account or any savings account you’ve opened along the way. Through your mobile device, you can also track your spending patterns to identify areas to shore up funds.

Extra Features

If you prefer to pay by check, your first 50 are free with Axos bank. All its software is QuickBooks compatible for tax and money management, and you have unlimited item processing. Reimbursements for wires and ATMs are a vital way to save money, and Axos’s ATM network is extensive.

Novo logo

Novo Business Checking: Best Business Bank Account for Online Sellers for E-commerce

Monthly Fees: $0

★★★★★

4.5

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Novo Business Checking Review

Novo has you covered whether you use Shopify, Etsy, or some other e-commerce site to do your online selling. The banking platform has dozens of native integrations to help your business grow. Many of these apps offer exclusive perks to Novo users as well. Setting up a business bank account for your LLC or sole proprietorship takes mere minutes, and reserves allow you to drop funds into buckets for payroll, taxes, and the like.

Why we chose it: Novo’s Business Checking account marries well with popular e-commerce tools for a comprehensive online experience.

  • Works with a long list of e-commerce apps
  • Reserve accounts for fund management
  • Great mobile app
  • Fee for overdrawn accounts
  • Branches are primarily in the Miami area
  • No savings options

Fees

Novo flashes a ton of zeros across its fee schedule. There are no penalties for low monthly balances, and even incoming and outgoing wire transfers are free. You’ll get hit with a $27 fine each time you have insufficient funds for a transaction, however.

Minimum Balance

Although Novo recommends starting with at least $50, you don’t need a minimum deposit to enroll. Thanks to the lack of service fees, there’s no amount of money you need to keep in your account at any time. Always make sure you have enough for transactions, so you don’t have to deal with overdraft fees.

Access to Mobile Banking

You can use Novo’s small business checking app to connect with your favorite business tools. This allows you to receive payouts from the major e-commerce platforms you already use. From your phone, it’s also possible to use Novo reserves to separate funds for upcoming expenses. 

Extra Features

It’s rare to find a bank account with free incoming and outgoing wire transfers, but Novo rises to the challenge. The banking platform has built-in invoice tracking tools and reserve accounts to juggle funds.

Capital one logo

Capital One Basic Checking: Best Business Bank Account for Online Sellers for Digital Transfers

Monthly Fees: $15 (waivable)

★★★★★

4.5

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Capital One Basic Checking Review

Online sellers rely on digital transfers, and Capital One Basic Checking doesn’t limit how many you can do per month. You’ll never have to worry about penalties for receiving funds from your ever-growing number of e-commerce buyers or making payments to vendors for additional supplies. There are no overdraft fees even if you pull too much from your account, and a large network of ATMs gives access to money as you need it.

Why we chose it: Capital One’s unlimited free digital transfers allow you to send and receive funds as often as you need to.

  • 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 Basic Checking does have a $15 monthly fee, but you can waive this with a bit of planning. Try to avoid incoming and outgoing wire transfers as much as possible, since these cost $15 and $25 per transaction. It’s free to deposit up to $5,000 in cash each month if your business happens to receive any.

Minimum Balance

If you want to remove the maintenance fee on your Basic Checking account, you’ll need to keep an average balance of $2,000 over the previous 30 or 90 days. Otherwise, your balance has no bearing on your account.

Access to Mobile Banking

Through the mobile app, you can deposit checks, pay your bills, or make digital payments with the help of Zelle. It also makes account management easier, whether you only have a checking account or opt for a savings plan as well. The CreditWise feature lets you see your credit score and offers tips to keep it as high as possible.

Extra Features

It’s hard to top unlimited digital transfers on your Capital One Basic Checking account. Overdraft protection is also a huge win, especially if you don’t have a ton of funds to work with every month. You can set up an account quickly with little more than an EIN and be up and running in a matter of hours.

U.S. Bank logo

U.S. Bank Silver Business Checking: Best Business Bank Account for Online Sellers for Lending Options

Monthly Fees: $0

★★★★★

4.3

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U.S. Bank Silver Business Checking Review

You may not have a brick-and-mortar location, but having lending options at your fingertips can help take your business to the next level. Lines of credit and loans are both available for small and large purchases with repayment rates to match your available funds. U.S. Bank also has business services for payroll, fraud protection, and more to maximize your assets. While online-friendly, the bank also has over 2,400 branch locations for in-person visits.

Why we chose it: With a mix of minimal fees, specialized services, and a long list of lending options, U.S. Bank Silver Business Checking really speaks to online sellers. 

  • Lending to fit your needs
  • Specialized business services for online sellers
  • 2,400 branch locations
  • Charges for overdrafts
  • Low free cash deposit amount
  • Only locations in 28 states

Fees

U.S. Bank’s Silver Business Checking doesn’t charge a monthly fee for use, although many of the bank’s savings accounts do. There are fees for transactions after your first 125, and you’ll want to use U.S. Bank ATMs as much as possible to steer clear of out-of-network charges.

Minimum Balance

There are no balance requirements to dodge monthly service fees with Silver Business Checking. It’s free to open and use, no matter your balance when you open an account.

Access to Mobile Banking

Manage and pay all your bills from your phone with the U.S. Bank mobile app. You can also link up a digital wallet to pay when out and about or lock your credit card should it go missing. There’s even an option to deposit checks or send and receive money with Zelle.

Extra Features

The biggest perks for the U.S. Bank Silver Business Checking account are add-on business services for your account. These include fraud protection, payroll services, and tools for cash management. You can also benefit from $2,500 in free cash deposits and 125 free transactions each billing cycle.

Lili logo

Lili Business Banking: Best Business Bank Account for Online Sellers for Startups

Monthly Fees: $0

★★★★★

4.3

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Lili Business Banking Review

With Lili Business Banking, you can have an account up and running within minutes. Nonexistent account and overdraft fees only sweeten the pot, and you can bank from 38,000 ATMs across the country for free. If that wasn’t enough, the fintech company offers tools for accounting, tax optimization, and custom invoices to take the guesswork out of juggling your finances.

Why we chose it: Lili’s fast sign-up process, transparent fees, and tax optimization software are just what any startup needs to succeed.

  • Tax optimization software
  • No minimum balance or monthly fees
  • Quick enrollment
  • Requires Pro account to earn interest
  • No wire transfers
  • Low monthly transfer and deposit limits

Fees

Lili Business Banking doesn’t have monthly maintenance fees, overdraft fees, or charges for ACH bank transfers. Out-of-network ATMs will set you back $2.50 domestically and $5.00 if you’re overseas.

Minimum Balance

With Lili, there’s no need to worry about minimum balances. You can open an account with as little as $1 and start taking advantage of all the cool perks right away.

Access to Mobile Banking

Everything Lili brings to its desktop app is also available on mobile devices. You can create and send invoices while on the go and even make online payments straight from your phone. It’s also possible to drop funds in tax buckets so you’re ready when tax season rolls around. 

Extra Features

Taxes can be confusing for established businesses, let alone new ones. Lili’s tax optimization software teaches you how to set aside appropriate amounts for federal and state as needed and offers tips on how to maximize what stays with you. One of the best things about Lili is its account setup process, where you can be up and running in a matter of minutes.

Chase Business logo

Chase Business Complete Banking: Best Business Bank Account for Online Sellers for Business Services

Monthly Fees: $15 (waivable)

★★★★★

4.2

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Chase Business Complete Banking Review

Chase’s business services are the star of the show, designed to protect what’s yours and ensure you get paid on time. As an added incentive, new business checking customers can earn $300 in sign-up bonuses should they qualify. Certain transaction types have fees, and there is a monthly charge to maintain your account. Fortunately, you can work around these fairly easily.

Why we chose it: Chase Business Complete Banking has you covered with excellent payment and transfer services, fraud lookouts, payment-collection solutions, and more.

  • Several available business services
  • Multiple ways to waive the monthly maintenance fee
  • $300 sign-on bonus
  • Monthly maintenance fee
  • Only 20 free paper transactions per month
  • Fees for out-of-network ATMs

Fees

The Chase Business Complete Banking account has a $15 monthly fee, waivable with any of the following:

  • $2,000 minimum daily balance
  • $2,000 in net purchases on your Chase Ink Business Card(s)
  • $2,000 in deposits from Chase QuickAccept or other eligible Chase Payment Solutions transactions

Other fees appear with paper transactions and wire transfers, somewhat limiting your business to digital transactions only.

Minimum Balance

Having at least $2,000 in your account at all times negates the monthly maintenance fee. If you want the $300 sign-on bonus, you’ll need to get $2,000 into your account within the first 30 days. From there, you’ll need to hold that minimum balance for 60 days straight to earn the reward.

Access to Mobile Banking

With Chase mobile banking, you can set up alerts to notify you when transactions take place or an account drops below a certain threshold. The app uses Chase QuickPay alongside Zelle to get payments out quickly, or you can transfer funds across the country. If you need to find the Chase location nearest you, the app will find a suitable branch or ATM close by.

Extra Features

Chase’s business services go beyond any we’ve seen, featuring an assortment of tools to manage cash flow and help you get what others owe you. You can use payment and transfer services to pay your employees or vendors, when switch to collections to make sure you get paid. Fraud protection safeguards your account and monitors for suspicious activity.

Methodology for the Best Business Bank Accounts for Online Sellers

We spent a lot of time identifying the best features online sellers need when choosing the best bank. Here are the top considerations we used when making our selections:

  • Monthly Fees: Some banks charge monthly service fees to add to their overall profit potential and help cover operating costs. Our search for the best business bank accounts for online sellers focused on bank accounts without such fees. If a bank does charge a maintenance fee, we’ve pointed out what you need to do to remove it.
  • Additional Fees: Fees often extend beyond monthly maintenance requirements. Banks can charge for ATM use, transfers, cash deposits, or hit you with penalties for overdrafting your account. We chose bank accounts with minimal fees that you can often avoid with some upfront planning.
  • Minimum Balance: If a bank charges a monthly service fee, we made sure small businesses can keep up with the minimum balance requirements to remove it. In other instances, we checked minimum balances needed to earn rewards or interest rates on the best business checking accounts.
  • Access to Mobile Banking: Online selling offers a lot of flexibility, and we wanted to make sure your bank does the same. All the banks on our list have mobile banking tools to keep you connected and on top of your finances no matter where you are.
  • Extra Features: We looked beyond the surface level for any extra features banks have to stand out among the competition. Top considerations include interest rates, business services, overdraft protection, and free transactions.
  • Ease of Use: No one has time for the archaic dealings of traditional banks. We picked financial institutions that are simple to sign up for and make features easily accessible. When you have purchases flying at you, you don’t want to get bogged down in banking logistics.

Best Business Bank Accounts for Online Sellers Frequently Asked Questions (FAQs)

Still have questions about the best business bank accounts for online sellers? You may find the answers you’re looking for right here.

Bottom Line

The top business bank accounts for selling online keep fees to a minimum while helping you keep a pulse on your finances. They make for easy transfers both into and out of your account without placing caps on how much you can do. We love Bluevine for its ease of use and healthy interest rate, but any of the bank accounts on this list could serve you well.

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.

AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY DC
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7 Best Banks for Small Businesses in New York in 2023

Businessman holding an ATM card in an ATM gallery

A bank account for your small business helps keep funds in order and customers happy. The best banks for small businesses in New York go one step further, offering additional features to keep your company running smoothly. After careful research, here are our seven favorites for 2023.

Best Banks for Small Businesses in New York

Our Methodology

It should come as no surprise that fees are on top of our list of considerations for New York banks. We also looked at minimum balance requirements to maintain accounts and APYs for some passive income. Finally, we wanted to ensure banks have access to mobile banking and are easy for small businesses to use.

Click here for a more detailed explanation of our methodology.

Bank

Pricing (Per Month)

Additional Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

BlueVine logo

Bluevine

$0

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

2.0% APY

$0

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

Capital one logo

Capital One

$15 for checking (waivable), $3 for savings (waivable)

$15 per incoming domestic wire, $25 for outgoing domestic wire, fee for excess cash deposits

0.20% APY

$2,000 for checking, $300 for savings

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

Axos logo

Axos

$5 (waivable) for savings

$35 for outgoing wire transfers

0.20% APY

$2,500 on savings account

Pay bills, analyze spending patterns, monitor accounts

Bank of America logo

Bank of America

$16 for checking (waivable), $10 for savings (waivable)

Out of network ATM fees, fees for excessive deposits

Up to 0.04% APY

$5,000 for checking, $2,500 for savings

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

Chase Business logo

Chase

$15 for checking (waivable), $10 for savings (waivable)

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

Up to 0.02% APY

$2,000 for checking, $1,000 for savings

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

Key Bank logo

Key Bank

$5 (waivable) for checking, $4 (waivable) for savings

$33 overdraft fee, $0.40 per item in excess of 200 transactions, $20 for wire transfer

0.01% APY

$1,000 for checking, $300 for savings

Document hub for past statements, send money, account alerts to monitor transactions

Citizens Bank logo

Citizens Bank

$4.99 (waivable)

$0.50 fee for each excessive transaction, $39 overdraft fee

Up to 0.02% APY

$500 for savings account

Custom business alerts, check balances, transfer funds, find branch locations

BlueVine logo

Bluevine: Best Overall Bank for Small Businesses in New York

Up to 2.0% APY

★★★★★

4.7

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Bluevine Review

Bluevine sets the bar high with zero monthly maintenance fees and 2.0% APY for business customers. There’s no minimum deposit requirement to get started, so any small business can partake. You won’t find a savings account, but Bluevine has virtual buckets you can drop funds into to stay organized. Pay attention to cash deposits, which will cost you $4.95 each time you make one.

Why we chose it: Bluevine holds the top spot thanks to its minimal fees, ease of use, and incredible interest rate.

  • Organize project work intuitively
  • Add resources as your project grows
  • Provide context with notes and descriptions
  • No business savings account
  • No ATM reimbursement
  • Fee for cash deposits

Fees

New Yorkers won’t have to worry about fees at any MoneyPass ATM in the state. There are hundreds throughout, but any ATM not in the system will set you back $2.50. The biggest fee to worry about is for cash deposits, where Bluevine charges $4.95 each time you add cash to your account.

Interest Rates

With Bluevine’s business checking account, you’ll receive an unprecedented 2.0% APY on funds within. Note that this interest rate only applies to money up to $100,000 in your account. Anything in excess does not earn any interest at all.

Minimum Balance

Bluevine has no minimum balance to start an account or maintain it. You’ll never receive a monthly charge if funds drop dangerously low. Your balance also doesn’t affect your interest rate, which is applicable on funds from $0 to $100,000.

Access to Mobile Banking

The Bluevine mobile app puts all your banking needs right in the palm of your hand. Just like on a computer, you can perform unlimited transfers, make bill payments, or deposit checks into your account. If you set up subaccounts for tracking purposes, the app transfers money between them immediately.

Capital one logo

Capital One: Best Bank for Small Businesses in New York for Digital Transactions

0.20% APY

★★★★★

4.6

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Capital One Review

Your small business relies on digital transactions to stay afloat. Capital One understands this, allowing you to send and receive funds digitally without penalty. In the event one of your accounts gets stretched too thin, the bank won’t charge a fee for the overdraft. There are several Capital One banks within New York City, but those in other parts of the state should have no trouble finding at least an ATM.

Why we chose it: You can keep your vendors paid and happy with unlimited digital transactions from Capital One.

  • Unlimited digital transactions
  • Does not charge overdraft fees
  • Large ATM network
  • Limited physical locations
  • Monthly account fee
  • Out-of-network ATM fees

Fees

Digital transfers are free to any other bank account at any time. There is a monthly service fee on all Capital One’s business accounts, but you can toss these aside by meeting balance requirements. Incoming and outgoing domestic wire transfers cost $15 and $25 respectively, so try to avoid using this feature.

Interest Rates

New Capital One members unlock a promotional interest rate for the first 12 months of use on a business savings account. The current rate is 0.20% APY, which has been in place since 2020. After the first year, the APY reverts to the standard amount in effect at the time.

Minimum Balance

It takes a 30 or 90-day balance average of $2,000 in your checking account to waive the $15 monthly fee. To remove service fees on business savings, you’ll have to keep a minimum balance of at least $300 at all times.

Access to Mobile Banking

Capital One has a mobile app for both Android and iOS devices. It’s free to download and lets you perform digital transactions wherever you may be. Other features include mobile deposits and digital payments using Zelle.

Axos logo

Axos Bank: Best Bank for Small Businesses in New York for Online Banking

0.20% APY

★★★★★

4.5

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Axos Bank Review

Axos Bank’s online system means you can bank from anywhere, even if business takes you outside New York. The bank lacks a few integrations, but you can access funds from any MoneyPass or AllPoint ATM around the country. Its basic checking has no monthly fee, and you’ll never have to worry about charges due to an overdraft. 

Why we chose it: Axos Bank may not have physical locations, but its extensive online services make it an excellent choice for New Yorkers.

  • No monthly fee on basic account
  • Cash deposits allowed via MoneyPass and AllPoint ATMs
  • Zero overdraft fees
  • Limited integrations
  • Below average CD rates
  • Poor customer service

Fees

You may have some trouble finding a fee within Axos Bank’s online system, which is a good problem to have. Its basic checking account does not charge for maintenance, although higher-tier plans have waivable fees. The bank even reimburses you for domestic ATM use and two wire fees each billing cycle.

Interest Rates

You can earn 0.20% APY with an Axos business savings account, but rates don’t get any better with premium plans. Even CDs max out at 0.20%, leaving much to be desired. The interest plus checking account accrues up to 1.01% APY on amounts up to $50,000 if you want to go that route.

Minimum Balance

If you have a new small business, a basic business checking account is appealing thanks to no minimum balance requirements. You’ll need $2,500 minimum to remove fees from a business savings account or $5,000 for interest plus checking.

Access to Mobile Banking

With online banking as its core, Axos Bank would be dropping the ball if it didn’t have an excellent mobile service. The app works quickly to process transfers or handle mobile deposits. You can link all your accounts to your phone, watch account balances, and even analyze how you spend your money.

Bank of America logo

Bank of America: Best Bank for Small Businesses in New York for Rewards

Up to 0.04% APY

★★★★★

4.4

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Bank of America Review

Bank of America takes an impressive traditional banking package and makes it better through a preferred rewards program. By enrolling, you gain access to cool perks that can boost your interest rate or remove fees on select banking services. Nearly 300 of Bank of America’s 4,300 branches reside in the state, offering plenty of opportunities for in-person banking. You’ll have a few fees to dance around as you do business, but this isn’t hard to do.

Why we chose it: Bank of America’s exclusive Preferred Rewards system offers excellent business perks to give your company a leg up on the competition.

  • 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 offers three ways to negate the $16 monthly maintenance fee. If you can’t maintain a $5,000 minimum balance, you can either spend $250 in qualified debit card purchases or become a Preferred Member instead. Savings requires a minimum of $2,500 or a Preferred Rewards membership to avoid paying $10 per month.

Interest Rates

None of Bank of America’s checking accounts have any kind of built-in interest rate. Savings accounts start at 0.01% APY but can grow depending on your status as a preferred member. CDs reach up to 3.51% if you have at least $10,000 and the time to lock these funds away.

Minimum Balance

Meeting minimum balance requirements will do away with annoying service fees you’ll otherwise have to pay. The amount you have in your accounts is the primary factor in determining what level of preferred membership you earn.

Access to Mobile Banking

Through the mobile app, you can set custom alerts so you’re always aware of what’s happening with your account. Enhanced security features prevent others from getting in, making it safe to pay all your bills from your phone. A spending and budgeting tool also exists to help you plan for future expenses.

Chase Business logo

Chase: Best Bank for Small Businesses in New York for Branch Locations

Up to 0.02% APY

★★★★★

4.4

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Chase Review

With 600 locations throughout New York, Chase has more branches than any other bank in the state. You’ll have free reign of Chase’s business services whether you prefer to bank online or in person. Anyone signing up right now can qualify for a $300 bonus just for becoming a member. If that wasn’t enough, Chase gives up to $900 cash back on credit card purchases.

Why we chose it: Chase has more branches than any other bank in New York and hands you a $300 bonus just for signing up.

  • 600 New York locations
  • Up to $300 sign-on bonus
  • Multiple ways to waive the monthly maintenance fee
  • Monthly maintenance fees
  • Only 20 free transactions per month
  • Minimal APY

Fees

Chase Business Complete Banking has a $15 service fee you can remove with a $2,000 daily balance. It’s also possible to waive this fee through deposits from Chase QuickAccept or purchases with a Chase Ink Business Card. Attaching a savings account to your checking removes any monthly fees you’d normally pay there.

Interest Rates

Chase does not have a checking account with options to accrue interest. You’ll have to look to a savings account for 0.01% or 0.02% APY. There are higher interest rates with certificates of deposit, but these vary depending on where in New York you are.

Minimum Balance

As long as you maintain a minimum of $2,000 in your Complete checking account, you’ll never have to pay a monthly fee. Plans jump to $35,000 and $100,000 minimums from there, which may not jive with smaller businesses.

Access to Mobile Banking

The Chase mobile app lets you view paperless statements and transfer money throughout New York and beyond. There’s an option to pay or schedule payments, and handling deposits with Chase QuickAccept can eliminate monthly account fees. With so many locations in the state, you can also use the app to find the nearest one.

Key Bank logo

Key Bank: Best Bank for Small Businesses in New York for Cash Deposits

0.01% APY

★★★★★

4.3

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Many banks charge for cash deposits, but Key Bank allows you to add up to $25,000 to your account each month without penalizing you. It has a strong presence in the Empire state and locations in 38 others. Maintenance fees are low to begin with, but they’re also easy to waive with a low balance. The mobile app is a great way to track funds lest you stumble into hefty overdraft fees.

Why we chose it: Businesses channeling a lot of cash will love up to $25,000 in cash deposits each month without fees.

  • Deposit up to $25,000 in cash each month without fees
  • Low, waivable maintenance fees
  • More than 1,100 branches and 1,400 ATMs
  • Low interest rates
  • Heavy overdraft fees
  • Lackluster CD options

Fees

Key Bank is pretty generous with fees except when it comes to overdrafts. A simple slip up can cost you $33 each time you try to pull too much from an account. Monthly charges are $5 and $4 for basic checking and savings, but you can eliminate these with the proper balance.

Interest Rates

The interest rate you can earn on your savings or interest plus checking account is variable and based on several factors. After searching various zip codes, we couldn’t find anything higher than 0.01% APY.

Minimum Balance

It takes $1,000 in checking and $300 in savings to waive fees for each account. Key Bank lists its interest rates as variable and mentions they can change based on your current balance. In theory, higher balances should accrue more.

Access to Mobile Banking

Key Bank gives you the power to lock and unlock your cards right from your mobile device. You can also set up account alerts to monitor transactions in real-time and pay bills with a tap. If you need previous records, the app holds your last seven years of statements and two years of tax records.

Citizens Bank logo

Citizens Bank: Best Bank for Small Businesses in New York for Customer Service

Up to 0.02% APY

★★★★★

4.2

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Help is never far away at Citizens Bank, thanks to useful online information and a great customer support team. There are over 1200 locations in New England you can stop into, or contact someone via phone seven days a week. Multiple plan options play to the needs of different business models, including a fee-free account for small businesses.

Why we chose it: Citizens Bank’s excellent customer service and large number of New England locations make it a great option for New Yorkers.

  • Excellent customer service
  • Nearly 200 branches in New York
  • No monthly maintenance fee on some accounts
  • Low interest rates
  • High overdraft fees
  • Some accounts charge ATM fees

Fees

Some business checking accounts have unwaivable fees, but Citizens Bank’s introductory package has no monthly fee at all. You can take off the $4.99 charge on its small business savings account with the right amount of funds. Beware $39 overdraft fees you’ll receive for taking too much out of your account.

Interest Rates

Citizens Bank has both a business savings and money market account within reach of small businesses. Funds in savings earn 0.01% APY, whereas the money market account will earn you 0.02%. CDs don’t fare you much better, capping at 0.03% with 18-month terms.

Minimum Balance

A $500 minimum daily balance on your Citizens Bank business savings account is all you need to remove the monthly service charge. The minimum balance requirement rises steeply for other accounts.

Access to Mobile Banking

Citizens Bank recently refreshed its mobile app with an intuitive, new interface and several other enhancements. Using the app allows you to bank 24/7 from anywhere and move money as you see fit. Online banking demos offer tips and tricks for getting the most out of your account.

Methodology for the Best Banks for Small Businesses in New York

A lot goes into researching the best banks for small businesses in New York. Here are the top factors we considered when making our picks.

  • Fees: Banking fees can show up in many forms. We focused on banks without monthly charges, or at least easy ways for small businesses to waive them. Other important fees we considered revolved around transactions and deposits every small business has to perform.
  • Minimum Balance: Banks often impose service fees on accounts with low balances. We opted for banks having accounts with minimum balance requirements manageable by even the smallest business. In some cases, a higher account balance also means more interest.
  • Interest Rates: Interest rates can be an effective way to add a little passive income to your business. Fintechs like Bluevine let you earn up to 2.0% APY. In the small business world, every bit counts.
  • Access to Mobile Banking: Mobile banking is an essential tool in our fast-paced world. Banks without intuitive apps quickly fall by the wayside to those providing a ton of mobile services. The best ones allow you to view accounts and transfer funds with a tap.
  • Ease of Use: Along the vein of mobile banking, accounts should be easy to both set up and use. That means a startup process with few documents and clear systems. Having a good customer service team like Citizens Bank is also a plus.

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

Still have questions about the best banks for small businesses in New York? This FAQ may have the answers you seek.

Bottom Line

There are many banks to choose from in New York, but they aren’t all the same. The best options come with minimal fees and interest rates that offset any costs you incur along the way. You can’t go wrong with any of the banks on this list for your business needs.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY DC