The Best US Banks to Use as a Small Business
As if business owners didn’t have enough to worry about, they also need to find a bank that won’t charge them fees, such as a monthly service charge if you don’t maintain a high enough balance.
A business also needs features like online banking, a debit card, and other banking perks, like a payment or payroll solutions.
This may seem a bit tricky.
Here are the twelve Best US Banks that fill that tall order for small business owners.
While there are a number of complaints regarding Bank of America, it has been serving businesses for over 200 years. Despite being involved in the U.S. banking systems for this long, Bank of America offers award-winning mobile and online banking. Additional features for small business owners are:
- Access to Clover point-of-sale devices.
- A business credit card that has 1 percent cash on all purchases and 0 percent introductory APR on purchases for first nine billing cycles.
- Cash management tools including payroll, express invoicing, remote deposit, and tax services.
Bank of the Internet USA was named the best online bank thanks to it’s easy-to-use web and mobile tools by Time MONEY. It also has the highest interest rate on checking among online banks, which is up to 1.25 percent, and doesn’t charge you for overdraft fees on its Rewards, Platinum, and Essential checking accounts.
BMO Harris is one of the largest banks in the Midwest and has been in existence in 1882. The bank offers several checking options for business owners based on their specific needs and size. For instance, the Essentials Business Checking was made for businesses that maintain a low balance and have a low transaction volume. It also provides payroll processing, several business savings accounts, and a BMO Harris Bank Debit MasterCard Business Card.
Capital One is known for providing personal credit and lending services, however it also has several business products and services ranging from:
- Its signature online checking account Spark Business Checking.
- Spark Business IQ, which provides resources for business owners.
- Credit Cards which includes 2 percent cash-back on purchases.
- Spark Pay, which include a mobile reader and eCommere storefront.
- Spark Business Program that comes equipped with online invoicing, mobile deposits, and account tracking.
As part of the JPMorgan Chase & Co., Chase is one of the largest consumer and commercial banking institutions in the country. For business owners, Chase has checking accounts for business owners of all-sizes. In fact, Chase is a great option if you want to have a bank that helps you scale.
Chase also offer free debit cards, the Ink Plus Business Card, and access to Chase Mobile Banking.
Although there are locations in Florida, EverBank is primarily an online bank that offers a checking account specifically for sole proprietors, a checking account for merchants, and a money market account for business owners. EverBank allows business owners to make deposits via mobile devices, accept ACH and wire payments, and free bill pay.
This is a community financial institution located mainly in Tennessee. What makes FSG stand out is it’s ideal for startups since it doesn’t require a minimum balance, includes 50 transaction items each month, and has a payroll service for business with under 19 employees.
Other features include online and mobile banking, a free debit card, and various checking and savings accounts based on the size of the business. FSG is also a SBA lender.
This Atlanta-based bank is often considered one of the best banks for small business owners because it offers a suite of tools that assist business owners with growth, cash flow, and managing receivables. Suntrust also issues credit and debit cards, gives you the opportunity to accept multiple payments like ACH, and pay employees via payroll cards.
The Sweep Business Accounts process payments at the end of each day and automatically transfer excess funds into an investment account. It also directly connects with QuickBooks.
Situated in the Midwest and Southwest, TCF Bank offers a small business checking account that has no monthly maintenance fees, 15 qualifying withdrawals, online statements, online bill payments, and a TCF Business Debit Card. TCF also offers business cards, a Small Business Money Market, payment processing, and payroll services.
United Bank is a community bank located primarily in New England. There are locations in Pennsylvania and Maryland as well. Besides offering a free business checking account, United Bank allows you process credit cards, secure business loans, and transfer funds into savings accounts. With its online banking features, you approve ACH transactions, transfer funds between accounts, stop payments in real-time, and schedule recurring payments.
U.S. Bank is one of the largest banks in the country and offers three different business checking accounts:
- The Silver Package for banks with limited activities.
- The Gold Package for businesses with larger transactions.
- The Platinum Package which offers the best rates and rewards.
U.S. Bank also automates your savings since it will move excess funds from your checking account into your savings, provides credit and financing options, and the U.S. Bank Business Edge Debit Card.
Founded in 1873, Zions is a community bank based in Utah. There are branches in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, and Washington. Zions’ business checking account lets owners earn rewards. They only require a low opening minimum deposit, and is flexible enough for businesses of all-sizes.
Zions also issues a Visa business debit card, business loans, and mobile banking. All accounts comes equipped with secure features like the iPhone’s Touch ID.
Finding the Best Bank for Your Small Business
While we consider these to some of the best banks for small business owners to consider, they may not work with your business. To help you select the best bank for your business, you should ask:
- How much cash flow do you anticipate will be moving in and out of your bank account?
- Do you believe that you’ll need small business financing in the future?
- Do you prefer to bank in person or online?
When answering these questions, make sure that you have both your business’s current situation and future goals in mind. This helps you find a bank that will help you grow and be there for you during the long-term.