8 Best Business Banks in Idaho – Reviews & Rankings

Bluevine stands out as a top choice for those seeking a financial institution with high-interest rates. It doesn’t charge monthly fees and allows unlimited transfers.

This bank accepts cash deposits over $100,000 and provides free ATM use. Bluevine offers flexible business lines of credit up to $300,000, making it an excellent option for startups and those who prefer remote work.

Why we chose it: Bluevine is ideal for LLCs or other business types due to its high-interest rates, low fees, and no maintenance requirements.

Fees

With Bluevine, you won’t encounter monthly fees, so you can bank without spending a penny. However, there are charges for using ATMs outside the network. The mobile app becomes handy here, helping you locate free withdrawal spots. Note, that each cash deposit costs $4.95, so you should limit this activity.

Interest Rates 

Bluevine really delivers with a 2.0% APY, which is 50 times the national average, applicable on balances up to $100,000. If your small business’s balance exceeds this, the additional funds won’t earn any interest.

Minimum Balance

There’s no minimum balance required at Bluevine. You can start with almost nothing and still benefit from the high interest rate.

Access to Mobile Banking

The Bluevine mobile app makes it easy to handle your banking from anywhere. This well-designed tool allows you to manage accounts, track your spending, pay vendors via wire or check, and schedule payments for later, all from your phone.

>> Get Started With Bluevine >>

Lili Bank is a mobile banking platform tailored for freelancers and entrepreneurs. It stands out as the best choice for those concerned about cash deposit fees, offering no minimum deposit requirements, free ATM access, and only a minimal charge for cash deposits.

Lili Bank also boasts a suite of features and benefits that enhance its appeal. These include early access to direct deposits, cashback rewards, and comprehensive budgeting tools, making it a user-friendly and economical banking choice. Their cards are particularly beneficial, providing unique cashback and travel rewards without hidden fees.

Why they come recommended: Lili Bank shines with its flexible banking options. Low maintenance fees and the absence of balance requirements make it highly attractive. For those searching for an online business checking account that is easy to set up, Lili comes highly recommended.

Fees

Lili stands out with its free tax software, and business owners will appreciate the absence of account and overdraft fees. There’s no charge for foreign transactions or for using any of the 38,000+ in-network ATMs across the U.S. However, using an out-of-network ATM will cost you between $2.50 and $5.

Interest Rates

Lili’s Business Checking account doesn’t offer interest. For those interested, there’s a savings account option with a 1.5% APY available, but you’ll need to keep at least $34,000 in it at all times to negate the monthly fees.

Minimum Balance

Lili Bank requires no minimum balance for its checking accounts, making it an excellent choice for those starting a business or dealing with variable income.

Access to Mobile Banking

The Lili Bank mobile app is tailored for freelancers and small business owners. It lets you handle finances on the go, from expense management and tax savings to payments. The app also offers instant payment notifications, budgeting tools, and mobile check deposit capabilities.

>> Get Started With Lili >>

Capital One is a major player in Idaho’s banking scene, boasting numerous branches nationwide and a reputation for outstanding financial services. Freelancers and remote workers will appreciate how simple it is to get started with Capital One, thanks to its array of digital products.

Recognized as one of the top SBA lenders in the country, Capital One also offers straightforward loan payment options. Their business checking account is particularly well-suited for small businesses in Idaho, making banking hassle-free.

Why we chose it: Capital One stands out for its unlimited digital transfers, which allow you to manage your funds effortlessly.

Fees

Capital One’s business accounts come with a $15 monthly fee, which might feel steep for a small business. However, you can dodge this fee by maintaining an average balance of $2,000 over a 30 or 90-day period. Plus, there’s no fee for using any of Capital One’s 70,000 ATMs across the country.

Interest Rates

By opening a business savings account with Capital One, you can access interest rates of up to 0.20% during your first year, applicable to balances as high as $5 million. This gives small businesses ample room to grow their savings. Note that the bank’s checking accounts do not earn interest, making the perk of free digital transfers even more appealing.

Minimum Balance

There’s no strict minimum balance required to keep your Capital One account open, but keeping at least $2,000 in your checking account avoids the $15 monthly fee. Parking additional funds in your savings can also yield some interest, making your money work harder for you.

Access to Mobile Banking

Given the sparse physical presence of Capital One branches, their highly-rated mobile app is a game changer. It allows you to handle all banking transactions transfers, digital payments, and check deposits 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 useful financial tips.

>> Get Started With Capital One >>

U.S. Bank offers free business checking accounts that are perfect for small and medium-sized businesses in Idaho. They operate several branches where you can open a no-fee business checking account.

Their Silver Business account package requires a minimal balance and no monthly fees, making it an excellent choice for startups and small businesses looking to conserve cash. With over 3000 branches nationwide, accessing their MoneyPass ATMs is a breeze.

Why we chose it: U.S. Bank offers a wide range of lending options for small businesses seeking additional funding.

Fees

With U.S. Bank’s Silver Checking package, small businesses don’t have to fret over monthly fees. As your company expands, higher-tier accounts may come with monthly fees, but these can be waived. Keep an eye on your monthly transactions to avoid charges for exceeding set limits.

Interest Rates

U.S. Bank’s checking accounts don’t offer interest-earning opportunities. Their savings accounts do provide certain benefits, though the maximum interest rate currently stands at just 0.01%. It’s a small amount, but importantly, there’s no cap on the balance that can earn this rate.

Minimum Balance

There’s no minimum balance requirement for starting with U.S. Bank’s Silver account package, tailored for small businesses. Other checking accounts feature waivable fees if you maintain the required balances. For savings accounts, maintaining a minimum balance of $500 helps dodge service fees.

Access to Mobile Banking

If you’re far from a U.S. Bank branch, their mobile app makes banking effortless. You can transfer funds, monitor financial status, and stay informed with customized alerts, all from your phone. This tool ensures you can manage your finances wherever you are.

>> Get Started With U.S. Bank >>

Oxygen is a digital bank designed to meet the needs of freelancers, entrepreneurs, and small business owners, offering them swift access to funds and effortless transfers.

The bank ensures a smooth digital experience with its user-friendly app, which makes it simple for customers to quickly access funds, initiate transfers, and efficiently manage their accounts.

Key features of Oxygen include instant funding for mobile check deposits, fee-free ATM withdrawals, and the provision of virtual debit cards. These elements enhance convenience and accessibility, catering to customers who value a streamlined banking experience.

Why we chose it: Oxygen appeals to the modern business owner with its stylish and practical banking features. It’s particularly beneficial for sole proprietors, ranking as one of the top checking accounts available.

Fees

Oxygen positions itself as largely fee-free, although charges may apply for out-of-network and international withdrawals. You won’t face fees for ACH transfers or simply keeping your account open, making financial management a bit less stressful.

Interest Rates

While funds in your business checking account don’t earn interest, Oxygen addresses this by offering a business savings account option. Deposits up to $20,000 in this account earn a 1.0% interest rate. Higher amounts still accrue interest, albeit at a reduced rate.

Minimum Balance

Oxygen Bank doesn’t impose any minimum balance requirements on its checking or savings accounts. This means you won’t encounter monthly fees, even if your account balance drops to zero. There’s no need to worry about fees tied to meeting specific balance thresholds.

Mobile Banking Features

Oxygen’s mobile app is tailored to assist small business owners in managing their finances on the move. The app allows you to deposit checks, pay bills, and access your account statements. Additionally, it provides spending insights, helping you keep track of your financial activities effectively.

>> Get Started With Oxygen >>

Axos Bank offers business checking and savings accounts with competitive interest rates. Customers can earn the Annual Percentage Yield (APY) without needing a minimum deposit or completing specific transactions. 

The interest rate for business accounts varies depending on your monthly balance. However, it’s important to note that their Business Interest Checking account requires maintaining an average balance of $4,500 to avoid a monthly fee. 

Additionally, this account allows for 100 free transactions per month. Cash deposits are accessible at all MoneyPass and AllPoint ATMs across the network.

Why we chose it: Axos Basic Business Checking stands out due to its free cash deposit options and low fee structure, making it one of the top business bank accounts available.

Fees

Axos Bank’s Basic Business Checking account stands out because it doesn’t charge a monthly maintenance fee or have any minimum balance requirements to keep the account open.

You’ll get reimbursed for any ATM fees you incur each month, essentially making the account free to use. However, if you frequently send wire transfers, keep in mind that Axos charges $35 for each one.

Interest Rates

This account does not offer an annual percentage yield (APY), focusing instead on business-related perks. If you have surplus funds, you might consider opening one of Axos’s interest-bearing business savings accounts to earn interest.

Minimum Balance

Axos Bank’s checking or savings accounts do not require a minimum balance, making them particularly attractive options for small business owners without a large reserve of funds.

Access to Mobile Banking

Axos Bank provides a comprehensive mobile banking app that enables you to manage your accounts, deposit checks, transfer funds, pay bills, and execute wire transfers, all from your mobile device. The app also includes features like account alerts and budgeting tools to help you keep a close eye on your financial health.

>> Get Started With Axos >>

Bank of America caters to small businesses with low minimum requirements and straightforward lending options. As one of the largest brick-and-mortar banks in the U.S., they boast numerous ATM branches throughout Idaho. Their Business Advantage banking account is offered in two tiers, providing flexibility for small businesses and entrepreneurs to manage their finances effectively.

These accounts do not require a minimum balance, adding convenience for business owners. Additionally, you can integrate their mobile app with other business applications like Google Analytics and QuickBooks, streamlining your financial and analytical tasks.

Why we chose it: Bank of America’s rewards program includes several perks, making banking beneficial for all parties involved.

Fees

Bank of America’s basic checking account carries a $16 monthly fee. You can avoid this fee by maintaining a $5,000 monthly balance, spending at least $250 with your debit card, or joining the Preferred Rewards program. Be mindful of additional fees for using out-of-network ATMs and for excessive deposits within a single month.

Interest Rates

The interest rate for most small business savings accounts starts at 0.01%. Active participation in Bank of America’s rewards system could boost this rate to 0.04%. It’s important to note that their checking accounts do not offer interest.

Minimum Balance

To waive the $16 monthly service fee, you need to keep an average monthly balance of $5,000 in your checking account. For savings accounts, maintaining at least $2,500 will help you avoid a $10 monthly fee.

Access to Mobile Banking

Bank of America’s mobile app is highly regarded for its functionality. It allows you to manage your accounts, pay bills, and transfer funds from anywhere. Additionally, the app includes a budgeting tool that helps you monitor expenses and control spending, enhancing your financial management.

>> Get Started With Bank of America >>

Chase Bank stands out as an excellent option for businesses with high transaction volumes and those engaged in e-commerce, thanks to its robust online banking capabilities, comprehensive fraud protection, and a wide array of merchant services and payment processing solutions.

Moreover, Chase boasts a vast network of branches and ATMs across the country, ensuring easy access to funds and convenient account management for business owners.

Why we chose it: Chase complements its traditional banking offerings with an extensive range of merchant services designed to support your business’s growth and success.

Fees

Chase Business Complete Banking starts with a monthly fee of $15. You can waive this fee by maintaining a daily balance of $2,000, making deposits through Chase QuickAccept, or using your Chase Ink Business Card for purchases. Be mindful that there is a charge for transactions beyond the initial 20 each month, and try to steer clear of expensive wire transfers if feasible.

Interest Rates

Like many banks, Chase does not offer interest on business checking accounts. To benefit from an interest rate, you would need to open a business savings account, which can accrue interest at up to 0.02%.

Minimum Balance

To dodge the monthly service fee at Chase, ensure your checking account balance is always at least $2,000. Dropping below this threshold even once a month can trigger the fee. Fortunately, there are no fees for savings accounts as long as you maintain an active checking account with Chase.

Access to Mobile Banking

Chase enhances its traditional banking services with a comprehensive mobile app that offers several useful features. If you misplace your credit card, you can quickly lock or unlock it directly through the app. Additionally, the app includes a budget planning tool that allows you to earmark funds for significant purchases and provides credit monitoring tools to help safeguard your credit health.

>> Get Started With Chase >>