7 Best Banks for Small Businesses in Georgia – 2024 Guide

Bluevine stands out among fintech companies by offering an interest-bearing checking account with no minimum balance requirements. You can start with any initial deposit, and there’s no need to maintain a specific balance. Most banking actions are fee-free, although there’s a charge for cash deposits.

Why we chose it: Bluevine is our top pick due to its exceptional interest rate, straightforward setup, and absence of monthly fees.

Fees

Bluevine eliminates monthly fees, enhancing your banking experience. The primary fee to watch for is $4.95 for each cash deposit. To avoid additional fees, use Bluevine’s network of affiliated ATMs.

Interest Rates

Bluevine offers a lucrative 2.0% APY on your checking account up to the first $100,000, with no balance requirements or other conditions. Balances above $100,000 do not earn interest.

Minimum Balance

There’s no minimum balance requirement with Bluevine, allowing you to start small and still benefit from the high-interest rate.

Access to Mobile Banking

Bluevine’s mobile app extends the functionality of their online banking. You can manage payments, schedule future transactions, and check your balances anytime. The app is designed to make financial management accessible and understandable, helping you track every transaction effortlessly.

>> Get Started With Bluevine >>

Capital One understands that cash flow can be a challenge for small businesses, and it accommodates this by not charging for overdrafts. Unlimited digital transfers further alleviate financial pressures. While there may not be bank branches outside the capital, Capital One’s extensive ATM network supports withdrawals and deposits efficiently.

Why we chose it: Capital One protects your finances with overdraft protection and unlimited digital transfers, helping to prevent unnecessary fees.

Fees

Capital One does not charge for overdrafts, but monthly fees apply to checking and savings accounts unless certain balance requirements are met. Cash deposits also incur a fee, so it’s wise to plan those transactions carefully.

Interest Rates

Capital One offers a promotional interest rate of 0.20% for the first year on business savings accounts. While the future of this rate isn’t guaranteed, it has remained stable since 2020. Checking accounts does not earn interest.

Minimum Balance

To avoid monthly service fees, maintain an average balance of at least $2,000 in your checking account over a 30 or 90-day period. The savings account requires a lower threshold of $300 over the same period.

Access to Mobile Banking

Capital One’s mobile app is robust, offering standard features such as bill payment and account management, plus the ability to set up automatic savings. Integrated with CreditWise, the app also helps monitor and improve your credit score.

>> Get Started With Capital One >>

Wells Fargo operates over 8,000 branches nationwide, with nearly 300 located in Georgia, making it a convenient choice for LLCs operating across multiple states. Even if you’re far from a physical branch, Wells Fargo provides comprehensive online services.

Different account tiers offer additional benefits but come with varying fee schedules. Regular account monitoring is crucial to avoid charges for excess deposits and overdraft fees.

Why we chose it: Wells Fargo’s vast network and range of business services are designed to elevate your business.

Fees

Managing Wells Fargo’s fees requires vigilance. Keep a close watch on your transactions and deposits to avoid exceeding monthly limits and incurring overdraft fees, which can be charged up to three times in one day. Monthly maintenance fees are also present but can be waived under certain conditions.

Interest Rates

Wells Fargo offers a starting interest rate of 0.15% on introductory savings accounts. Higher account tiers can achieve up to 2.00% interest, provided you meet the balance requirements.

Minimum Balance

The Initiate Business Checking account has a manageable $10 monthly fee, waivable with a $500 minimum daily balance. Requirements increase sharply in higher tiers, with a jump to a $10,000 minimum. The basic savings account requires a $300 balance to avoid fees, with requirements escalating in higher-tiered accounts.

Access to Mobile Banking

Wells Fargo’s mobile app provides a seamless banking experience. Use it as a digital wallet, monitor your funds to avoid fees, and utilize features like bill payment, fund transfers, or locating the nearest ATM.

Where most banks impose charges for each cash deposit, Axos allows free deposits at any MoneyPass or AllPoint ATM location. Its business checking account comes without a monthly fee, though there’s one for savings accounts.

You can make transfers freely, and the bank does not penalize for overdrafts. However, it’s important to note that Axos does not support Zelle integrations.

Why we chose it: Axos Bank excels by offering unlimited credits, debits, and cash deposits free of charge.

Fees

Axos has minimal fees, enhancing the free banking experience. The first 50 checks are free, and the bank reimburses costs for the first two wire transfers. However, subsequent wire transfers cost $35 each. There’s a $5 monthly fee for the savings account, which can be waived by maintaining a sufficient balance.

Interest Rates

Axos offers a 0.20% APY on its business savings accounts, applicable regardless of the account balance. Unfortunately, checking accounts do not earn interest.

Minimum Balance

There are no initial deposit or balance requirements for opening a business checking account and no monthly maintenance fees even if your balance drops low. The $5 service fee for the savings account can be avoided by keeping an average monthly balance of $2,500.

Access to Mobile Banking

Axos provides a robust mobile banking experience. You can manage your accounts, create a personalized dashboard, deposit checks, and handle external transfers all through the app. However, the app’s inability to integrate with Zelle may limit options for quick transfers.

>> Get Started With Axos Bank >>

Bank of America boasts a strong presence throughout Georgia with over 4,300 branches nationwide. You can sign up for the bank’s Preferred Rewards program either in person or online, unlocking a host of benefits.

These perks include higher interest rates, fee waivers on various banking services, and credit card rewards. Although each account typically incurs a monthly fee, strategic planning can help you avoid these costs.

Why we chose it: Bank of America enhances its traditional banking services with an attractive rewards program for its members.

Fees

A $16 monthly maintenance fee applies to small business checking accounts unless you maintain a $5,000 average monthly balance, make at least $250 in debit card purchases, or join the Preferred Rewards for Business program. Savings accounts require a $2,500 minimum balance or a Preferred Rewards membership to avoid fees.

Interest Rates

Business savings accounts start with an interest rate of 0.01%. By advancing through the Preferred Rewards tiers to the Platinum level, you can increase this rate to 0.04%. Checking accounts does not earn interest.

Minimum Balance

Meeting minimum balance requirements can help you avoid service fees and improve your status in the Preferred Rewards program, enhancing your benefits.

Access to Mobile Banking

Bank of America’s robust mobile app allows you to manage your finances on the go. You can pay bills, send money via Zelle, and use tools for budgeting and tracking expenditures, all from your mobile device.

>> Get Started With Bank of America >>

Chase offers a $300 bonus for opening a Business Complete Checking account and completing a few qualifying activities. Additionally, you can benefit from a variety of business services designed to support growth. 

While accounts incur monthly fees, there are several ways to waive them. Although the interest rates are not the highest, the array of other features provided by Chase more than compensates.

Why we chose it: The opportunity to earn a $300 sign-up bonus and up to $900 in cash back makes Chase Business especially attractive to small business owners.

Fees

Chase imposes monthly maintenance fees but provides several options to avoid them. You get 20 free transactions per month, with each additional transaction costing $0.40, which can accumulate quickly.

Interest Rates

The sign-up bonus comes with modest interest rates; Chase’s savings accounts start at 0.01% APY and can increase to 0.02% over time. The impact of these rates will vary depending on account balances.

Minimum Balance

To waive service fees on Chase’s business checking account, maintain a daily balance of $2,000, or achieve $2,000 in net Chase business card purchases or $2,000 in incoming deposits. The savings account requires a $1,000 balance or needs to be linked to a checking account to avoid fees.

Access to Mobile Banking

The Chase mobile app allows you to manage your finances effectively, offering features like account alerts and the ability to transfer money nationwide. Tools like Chase QuickDeposit and QuickPay facilitate rapid movement of funds, ensuring you always have access to your money when needed.

>> Get Started With Chase >>

Regions Bank offers various account types tailored to small businesses of any size, complete with additional services like payroll solutions and business loans designed to enhance your company’s success potential. While you can benefit from a rewards system with certain accounts, the low-interest rates and steep overdraft fees might be less appealing.

Why we chose it: Regions Bank represents traditional banking at its finest, providing a broad selection of account options and business services.

Fees

Overdrawing your account incurs a hefty $36 fee, which can be a significant hit unexpectedly. Exceeding three withdrawals per month triggers a $3 fee per transaction, and using out-of-network ATMs also costs $3, which can add up quickly.

Interest Rates

Regions Bank’s savings accounts offer a minimal 0.01% interest rate. Money market accounts have similarly low rates, but earning some interest is better than none.

Minimum Balance

Maintaining an average monthly balance of $2,500 in your checking account waives monthly fees. Alternatively, making at least $1,000 in Visa card purchases or conducting one or more Merchant Services transactions can also eliminate these fees. A $500 balance in your business savings account will waive its monthly fee.

Access to Mobile Banking

Regions Bank’s mobile app keeps your business operations smooth, allowing you to set up alerts for transactions and receive notifications for incoming funds. It integrates with Zelle for 

quick transfers and enables check deposits via your smartphone’s camera. For rapid information access, you can also use text commands within the app.