Opening a bank account for your small business helps you monitor cash flow, enabling you to manage your finances effectively. The top choices come with extra features to keep your business’s financial health in excellent condition. Continue reading to discover our top recommendations in this detailed review.
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7 Best Banks for Small Businesses in Florida
- Bluevine - Best Overall Bank for Small Businesses
- Capital One - Best Bank for Digital Transfers
- U.S. Bank - Best Bank for Lending Options
- Bank of America - Best Bank for Rewards
- Suncoast Credit Union - Best Bank for Interest Rates
- Chase Bank - Best Bank for Business Services
- City National Bank of Florida - Best Bank for Transactions
Our Methodology
When selecting the best banks for small businesses in Florida, we evaluated fees associated with maintaining an account and the minimum balances needed to avoid those costs.
We also considered additional charges for using various bank services and any interest rate bonuses available when signing up. Given the growing importance of digital banking, we prioritized banks with exceptional mobile banking services.
Bluevine: Best Overall Bank for Small Businesses in Florida
Bluevine’s online-only banking is ideal no matter where you’re in Florida. Its business checking account offers some of the highest interest rates available, compensating for the lack of a savings option. You can open a Bluevine account anytime, with no minimum deposit or balance required. With minimal fees to navigate, the only consideration is to limit cash deposits.
Why we chose it: High interest rates, low fees, and no maintenance requirements make Bluevine the top choice for business bank accounts, whether for LLCs or other business structures.
Pros:
- High interest rates
- Very few fees
- No minimum deposit required
Cons:
- No business savings account
- No ATM fee reimbursement
- Fee for cash deposits
Fees
Bluevine doesn’t charge monthly fees, allowing you to bank without any ongoing costs. However, there are charges for using out-of-network ATMs, so the mobile app is useful for locating free withdrawal locations. Cash deposits incur a fee of $4.95, so it's best to minimize their use.
Interest Rates
Bluevine delivers a competitive 2.0% APY on checking account balances up to $250,000. Eligibility requires spending at least $500 monthly on a debit card or receiving $2,500 in customer payments. For even higher returns, users can subscribe to Bluevine Plus or Bluevine Premier, which offer APYs as high as 4.25%.
Minimum Balance
There’s no minimum balance requirement with Bluevine, making it accessible for small businesses to start with minimal funds and immediately benefit from the high interest rate.
Access to Mobile Banking
The Bluevine mobile app makes it easy to manage your finances from anywhere. It’s well-designed for account management, tracking spending, paying vendors via wire or check, and scheduling future payments.
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Capital One: Best Bank for Small Businesses in Florida for Digital Transfers
Capital One’s business checking account allows unlimited transfers between your accounts, so you never have to worry about getting funds where you need them. Capital One won’t charge you a fee even if you accidentally overdraft.
While Capital One Cafés are available in select Florida cities, they aren’t widespread. There’s a monthly fee, but it can be waived with a sufficient balance.
Why we chose it: Capital One offers the freedom of unlimited digital transfers, making it easy to keep funds moving.
Pros:
- Unlimited digital transfers
- No overdraft fees
- Extensive ATM network
Cons:
- Limited physical locations
- Monthly account fee
- Fees for out-of-network ATM usage
Fees
Capital One’s business accounts have a $15 monthly fee, which can be significant for small businesses. However, you can waive this fee by maintaining an average balance of $2,000 over a 30- or 90-day period. There’s no charge for using any of Capital One’s 70,000 ATMs nationwide.
Interest Rates
Capital One’s business savings accounts offer interest rates of up to 0.20% for the first year on balances up to $5 million, providing flexibility for small businesses. However, their checking accounts don’t earn interest, making the unlimited free digital transfers even more valuable.
Minimum Balance
There’s no minimum balance requirement to keep your Capital One account open, but maintaining at least $2,000 in your checking account will help you avoid the $15 monthly service fee. Additional funds in your savings account can earn interest.
Access to Mobile Banking
With few physical locations, Capital One’s highly-rated mobile app becomes essential. It allows you to transfer funds, make digital payments, and deposit checks using your device’s camera. The app also provides access to Capital One’s CreditWise service, which helps you monitor your credit score and offers helpful tips.
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U.S. Bank: Best Bank for Small Businesses in Florida for Lending Options
When your small business needs a cash boost, U.S. Bank is there to help. They offer a variety of loan and line of credit options to support your business growth without overwhelming you with repayment obligations.
U.S. Bank also provides specialized merchant services tailored to different types of businesses, equipping you with additional tools for success. If you prefer in-person banking, there are physical branches available in Orlando and several coastal cities.
Why we chose it: U.S. Bank offers a wide range of lending options, making it a reliable choice for small businesses needing extra funds.
Pros:
- Customized lending solutions
- Specialized merchant services for restaurants, retailers, and service providers
- 2,400 branch locations
Cons:
- Overdraft fees
- Relatively low APY
- Branches are available in only 28 states
Fees
U.S. Bank’s Silver Business Checking package comes with no monthly fees, making it a cost-effective option for small businesses. Higher-tier accounts may have monthly fees, but these can often be waived as your business grows. Just monitor monthly transactions to avoid fees for exceeding the limit.
Interest Rates
U.S. Bank’s checking accounts don’t offer interest. While savings accounts come with some benefits, the maximum interest rate is currently only 0.01%. However, there’s no cap on the balance amount that can earn this interest.
Minimum Balance
There’s no minimum balance requirement for U.S. Bank’s Silver Business Checking package, which is specifically designed for small businesses. Other checking accounts have waivable fees if you maintain the required balance. Savings accounts require a $500 minimum balance to avoid service fees.
Access to Mobile Banking
You can manage your finances through their mobile app if you’re away from a U.S. Bank branch. The app allows seamless fund transfers between accounts and updates your financial status. U.S. Bank also provides customized alerts to keep you informed.
>> Open Your U.S. Bank Account Today >>
Bank of America: Best Bank for Small Businesses in Florida for Rewards
Bank of America offers a top-tier rewards system that delivers valuable benefits and grows with your business. Bonuses include higher interest rates and waived fees on select services.
With over 4,300 branches nationwide, including several in Florida, Bank of America provides convenient access. Although there’s a monthly fee, savvy business owners can easily waive it through strategic banking.
Why we chose it: Bank of America’s rewards system offers numerous perks, making it a win-win for all parties involved.
Pros:
- Preferred Rewards program to boost interest rates
- Access to over 17,000 ATMs and 4,300 branches
- Option to waive the monthly fee
Cons:
- No 24/7 customer service
- Monthly fees
- Transaction fees for using non-Bank of America ATMs
Fees
Bank of America’s introductory checking account has a $16 monthly fee, which can be waived by maintaining a $5,000 monthly balance, spending at least $250 on your debit card, or becoming a Preferred Rewards member. Additional fees may apply for out-of-network ATM withdrawals and excessive deposits in a given month.
Interest Rates
Most small businesses with a savings account will earn 0.01% interest, but this can increase to 0.04% with active participation in Bank of America’s rewards program. Checking accounts, however, don’t accrue interest.
Minimum Balance
To avoid the $16 service fee, maintain an average monthly balance of $5,000 in your checking account. Similarly, a $2,500 balance in your savings account will help you avoid a $10 monthly fee.
Access to Mobile Banking
Bank of America’s mobile app is highly rated for its functionality. It allows you to manage accounts, pay bills, and transfer funds from anywhere. The app also includes a budgeting tool to help monitor expenses and manage spending effectively.
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Suncoast Credit Union: Best Bank for Small Businesses in Florida for Interest Rates
Suncoast Credit Union serves Florida with a network of physical branches and an excellent free online banking app. While monthly fees are rare, some accounts require higher balances to avoid them. The credit union’s exceptionally high interest rates help offset any unavoidable fees and offer a small additional income stream.
Why we chose it: This Florida-based credit union offers some of the highest interest rates in the state.
Pros:
- Exceptionally high interest rates
- Free online banking
- Minimal monthly fees
Cons:
- High minimum balances are required for some accounts
- Significant fee for returned checks
- Branches are concentrated on the west coast of Florida
Fees
Depending on your account type, you may face monthly fees if you don’t maintain the required minimum balance. Introductory plans are exempt from this, allowing small businesses to bank worry-free. Other fees include out-of-network ATM charges and returned check fees.
Interest Rates
While Suncoast’s checking accounts don’t earn interest, their savings options are impressive. Basic savings accounts offer a 0.25% APY, and share certificates can yield up to 3.55%. If you have funds to set aside, these options can provide substantial returns.
Minimum Balance
Opening an account with Suncoast requires $50, but there’s no minimum balance for the Smart Checking plan. Higher-tier accounts require at least $2,000 to avoid fees. Savings accounts and share certificates have balance requirements ranging from $5 to $100,000, depending on the interest rate.
Access to Mobile Banking
The SunMobile banking app allows you to perform a wide range of tasks, from opening an account to transferring funds to any financial institution. You can also pay suppliers, set savings goals, and deposit checks. The app is user-friendly and easy to master, making banking a breeze.
>> Start Banking With Suncoast Credit Union >>
Chase: Best Bank for Small Businesses in Florida for Merchant Services
Chase offers a comprehensive range of merchant services designed to enhance your business operations. Beyond fraud protection and cash management tools, Chase provides valuable extras like a $300 sign-up bonus for new account holders and opportunities to earn bonus points on purchases. While there are monthly fees, Chase offers several ways to avoid them.
Why we chose it: Chase combines traditional banking with an extensive list of merchant services to help your business thrive.
Pros:
- A wide variety of merchant services are available
- Multiple ways to waive the monthly maintenance fee
- $300 sign-up bonus
Cons:
- Monthly maintenance fees
- Only 20 free transactions per month
- Minimal APY on savings accounts
Fees
Chase Business Complete Banking has a $15 monthly fee, which can be waived by maintaining a $2,000 daily balance, making deposits through Chase QuickAccept, or using a Chase Ink Business Card for purchases. Additional fees apply after the first 20 transactions, and it’s best to avoid costly wire transfers if possible.
Interest Rates
Chase doesn’t offer interest on business checking accounts. To earn interest, you’ll need to open a business savings account with an APY of up to 0.02%.
Minimum Balance
To avoid the monthly service fee, it’s important to maintain a daily balance of at least $2,000 in your checking account. Falling below this amount even once per month could result in a fee. However, savings accounts are fee-free if you maintain an active checking account with Chase.
Access to Mobile Banking
The Chase mobile app provides standard banking services and additional features, such as the ability to lock or unlock your credit card if it’s misplaced. The app also includes a budgeting tool to help you save for large purchases and credit monitoring tools to protect your credit health.
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City National Bank of Florida - Best Bank for Transactions
City National Bank of Florida brings over 75 years of experience to customers nationwide. They offer up to 200 transactions and $10,000 in free cash deposits monthly, which is more generous than many other banks. Navigating APY rates across different accounts can be confusing and sometimes frustrating, but their excellent mobile app helps ease some of that frustration.
Why We Choose It: City National Bank of Florida offers a generous transaction and cash deposit allowance, exceeding that of many other banks.
Pros:
- Allows up to 200 transactions monthly
- Offers $10,000 in cash deposits for free each month
- Excellent mobile app
Cons:
- Requires maintaining a monthly balance
- Branches are mostly concentrated in the Miami area
- Lack of clarity on APY rates
Fees
New small business owners will encounter a $25 monthly fee for City National's business checking account. However, with careful planning, this cost can be avoided. The only other fees you'll see are for domestic and international wire transfers.
Interest Rates
City National Bank of Florida's website needs to provide information about its interest rates clearly. While checking accounts don’t offer an APY, savings accounts can earn up to 0.05%, but only after maintaining a monthly minimum balance.
Minimum Balance
To avoid the $25 maintenance fee on your checking account, you’ll need an average monthly balance of $5,000. A minimum balance of $3,500 is required in your savings account to qualify for the bank's interest rate.
Access to Mobile Banking
City National's mobile banking pairs seamlessly with Zelle for quick transfers and payments. The app also doubles as a digital wallet and offers money management tools. It includes free credit reporting and provides tips to help improve or maintain your credit score.
>> Open Your City National Bank Account Today >>
Methodology for the Best Banks for Small Businesses in Florida
We evaluated several key factors when determining the best banks for small businesses in Florida, focusing on both account setup and ongoing financial management. Here are the main criteria we used in our selection process:
- Fees: For small businesses, every penny counts. Banks that charge excessive fees for minor services can quickly drain your account. We prioritized banks that either don’t charge maintenance fees or offer easy ways to waive them. We also looked for institutions that keep transaction and transfer costs low, ensuring your business can operate efficiently.
- Interest Rates: While business accounts are primarily used for organization and payments, there’s no reason you shouldn’t earn some interest on your balance. We highlighted banks offering competitive interest rates on checking and savings accounts, with some options exceeding the national average.
- Minimum Balance: Banks often waive maintenance fees if you maintain a certain balance. Since small businesses may have limited funds early on, we focused on banks with low balance requirements to avoid fees. We also considered banks offering rewards or interest rate boosts to meet minimum balance thresholds.
- Access to Mobile Banking: In today’s fast-paced world, accessing your banking needs through mobile devices is essential. We considered banks with robust mobile banking options, whether online-only or those with enhanced mobile apps, to ensure you can manage your finances and make payments from anywhere.
- Ease of Use: We prioritized banks that offer straightforward, user-friendly features. This includes everything from simple transfers and payments to opening a business bank account with just an EIN. A bank account should make your financial management easier, not more complicated.
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Best Banks for Small Businesses in Florida Frequently Asked Questions (FAQs)
How Do I Open an LLC Bank Account in Florida?
To open an LLC bank account in Florida, you’ll need your business's operating agreement and articles of organization, proof of identification as a Florida resident, and an Employer Identification Number (EIN) for tax purposes. With these documents, opening an account should be quick and straightforward.
Can I Open a Bank Account With My Ein Number?
Yes, using your EIN to open a bank account is recommended. Any business with at least one employee needs an EIN for tax purposes, and banks use this number when setting up your account. If you’re the sole employee, you can use your Social Security Number (SSN), but this may blur the lines between personal and business finances.
Do I Need a Florida ID to Open a Bank Account in Florida?
Most Florida banks require proof of residency before you can open an account. However, you can opt for an online-only bank account, which can be managed regardless of your current location.
How Much Should a Small Business Have in a Bank Account?
It’s wise to keep at least six months’ worth of operating expenses in reserve to cover any business slowdowns. This financial cushion can help you recover from temporary setbacks. Aim to save at least 10% of your monthly profits to grow these savings if possible.
Bottom Line
Business bank accounts are invaluable for small businesses managing funds and tracking debits and credits. The best banks for small businesses in Florida minimize fees while offering easy money transfers and other essential tools. These banks provide everything your Florida-based business needs to achieve your financial goals.
>> Open Your Account Today With Bluevine >>
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