9 Best Illinois Business Banks for 2024

Bluevine is Illinois’ top choice for small business banking thanks to its quick funding, adaptable loan conditions, and competitive rates. Small businesses can apply online and get funding in just 24 hours without needing any collateral. 

Offering lines of credit and invoice factoring with repayment periods from 6 to 12 months, Bluevine provides versatile financing solutions. So, whether you’re launching a startup or running an established small business, Bluevine is a prime pick for your financial needs in Illinois.

Why we chose it: Bluevine’s high-interest rates, minimal fees, and no maintenance requirements make it the top business bank account for LLCs and other business structures.

Fees

Bluevine lets you bank without monthly fees, enhancing cost efficiency. Out-of-network ATM withdrawals will incur charges, making the mobile app essential for locating free withdrawal points. Be aware that each cash deposit costs $4.95, so plan your cash transactions carefully.

Interest Rates

With a 2.0% APY, Bluevine offers an interest rate 50 times the national average, applicable on balances up to $100,000. However, funds exceeding this limit will not earn interest. Access the advantage of a 4.25% APY for additional benefits.

Minimum Balance

There are no minimum balance requirements at Bluevine, allowing businesses to start banking regardless of their initial balance while benefiting from high interest rates.

Access to Mobile Banking

The Bluevine mobile app facilitates banking from anywhere, with features designed to manage your money effectively. You can also pay vendors via wire or check and schedule upcoming payments, making financial management straightforward and efficient.

>> Check Out Bluevine >>

Effective treasury management is vital for small businesses aiming to manage their finances with precision. Capital One Bank provides a suite of treasury management tools, such as cash management, payroll services, and remote deposit capabilities. 

These offerings aid small businesses in enhancing cash flow, saving valuable time, and minimizing error risks. By leveraging Capital One Bank’s treasury management services, small businesses can sharpen their focus on expansion and financial objectives.

Here’s why we recommend it: Capital One allows unlimited digital transfers, granting you the liberty to maintain fluid cash flow.

Fees

Capital One’s business accounts have a $15 monthly fee, which can be waived by maintaining an average balance of $2,000 over 30 or 90 days. Using any of Capital One’s 70,000 ATMs nationwide incurs no fees.

Interest Rates

Opening a business savings account with Capital One could unlock interest rates up to 0.20% in the first year for balances up to $5 million. This provides ample space for small businesses to grow their savings. None of the checking accounts earn interest, which highlights the benefit of free digital transfers even more.

Minimum Balance

There’s no required minimum balance for keeping your account open with Capital One, but maintaining at least $2,000 in your checking can help you avoid the monthly service fee. Keeping additional funds in your savings could generate some interest on idle cash.

Access to Mobile Banking

With few physical locations, Capital One’s highly-rated mobile app is a crucial tool. It allows you to handle all your banking transactions, including transfers, digital payments, and mobile deposits using your device’s camera. The app also provides access to Capital One’s CreditWise service, offering credit monitoring and financial tips.

>> Check Out Capital One >>

For small businesses eager to cut down on banking expenses, Lili’s lack of account fees and minimum balance requirements is especially appealing. This proves crucial for startups and businesses with limited cash flow, as they often can’t afford extra bank account charges. Lili offers a more cost-effective banking solution, helping small businesses grow by removing financial burdens like unnecessary fees.

Why we chose it: Lili’s minimal fees and tax optimization tools help businesses retain more of their profits. If you’re in the market for an online business checking account that skips credit checks, Lili stands out as an excellent choice.

Fees

Lili is notable for its free tax software and absence of account and overdraft fees. There are no charges for foreign transactions or using any of the 38,000+ in-network ATMs across the US. However, using an out-of-network ATM might cost you between $2.50 and $5.

Interest Rates

Lili’s Business Checking account doesn’t accrue interest. Those who opt for a savings account can earn a 1.5% APY, but it requires maintaining at least $34,000 consistently to balance the monthly fees.

Minimum Balance

There’s no minimum balance required for Lili’s checking accounts, making it an attractive option for businesses just starting out or those with variable income.

Access to Mobile Banking

Lili Bank’s mobile app is tailor-made for freelancers and small business owners. It enables comprehensive financial management from your mobile device, including expense control, tax savings, and payment handling. The app features instant payment notifications, budgeting tools, and mobile check deposit capabilities.

>> Check Out Lili >>

Small businesses often need precise and streamlined payroll management services. U.S. Bank offers such services, including direct deposit, tax filing, time and attendance monitoring, online access, and compliance with legal standards. These features simplify payroll processes for small businesses significantly.

Why we chose it: Small businesses looking for additional capital can explore a variety of lending options at U.S. Bank.

Fees

With U.S. Bank’s silver checking package, small businesses don’t face any monthly fees. While higher-tier accounts might come with monthly fees, these can be waived as your business expands. Just keep an eye on your transaction count to avoid extra fees for going over the monthly limit.

Interest Rates

Checking accounts at U.S. Bank don’t earn interest. While savings plans offer certain advantages, the highest interest rate currently stands at just 0.01%. This rate applies no matter how high your balance might grow.

Minimum Balance

Starting with U.S. Bank’s silver account package, specially designed for small businesses, requires no minimum balance. Other checking accounts feature waivable fees if you maintain the required balance, and savings accounts start with a $500 minimum to avoid service charges.

Access to Mobile Banking

Away from one of U.S. Bank’s branches? No problem. You can manage all your banking needs through their mobile app, including seamless fund transfers and updates on your financial status. U.S. Bank also keeps you in the loop with personalized alerts.

>> Check Out U.S. Bank >>

Oxygen Bank’s invoicing and bill payment system offers an excellent solution for small businesses by simplifying financial management, which saves time and money. This service allows business owners to handle invoices, accept payments, and pay bills online effortlessly. 

With these capabilities, small businesses can monitor their cash flow in real time, reducing the risk of missed payments and late fees. Given their limited resources, small businesses benefit significantly from an efficient invoicing and bill payment system that minimizes the need for manual processes.

Why we chose it: Oxygen caters to the modern business owner with trendy, innovative banking features. It’s also highly rated for sole proprietors.

Fees

Oxygen promotes a fee-free structure, although charges may apply for out-of-network and international withdrawals. There are no fees for ACH transfers or for maintaining your account.

Interest Rates

You won’t earn interest on funds in your business checking account; however, Oxygen compensates by offering a business savings account. Savings up to $20,000 earn 1.0% interest, with higher balances earning at a reduced rate.

Minimum Balance

There are no minimum balance requirements for Oxygen’s checking and savings accounts, eliminating monthly fees regardless of your account balance.

Mobile Banking Features

Oxygen Bank’s mobile app aids small business owners in managing finances on the move. Features include the ability to deposit checks, pay bills, and access account statements directly from your device. The app also provides spending insights to keep your finances on track.

>> Check Out Oxygen >>

For small business owners, managing bills can often be a drain on both time and resources. Axos Bank caters to this challenge by providing a complimentary online bill pay service. This feature allows business owners to handle and pay their bills online at no extra cost, saving the hassle of writing checks and buying stamps and envelopes for mailing payments. 

Simply by logging into their Axos Bank account from any internet-connected device, owners can swiftly and conveniently pay their bills online.

Why we chose it: Axos Basic Business Checking’s free cash deposits and low fee structure rank it among the top business bank accounts.

Fees

Axos Bank’s Basic Business Checking comes without a monthly maintenance fee and doesn’t set any conditions for account retention. You’ll get reimbursed for any ATM fees you encounter, effectively making the use of this account cost-free. However, note the $35 charge for each wire transfer if you frequently use this service.

Interest Rates

While this account doesn’t offer an annual percentage yield, it focuses on providing business benefits. For earning interest, you might consider opening one of Axos’s interest-bearing business savings accounts.

Minimum Balance

There are no minimum balance requirements for either checking or savings accounts at Axos Bank, offering flexibility for small business owners without the need to maintain a high balance to avoid fees.

Access to Mobile Banking 

Axos Bank’s comprehensive mobile app enables customers to manage their accounts seamlessly, including activities like depositing checks, transferring funds, and paying bills directly from their mobile devices. The app also includes features for account alerts and budgeting tools to help stay financially organized.

>> Check Out Axos >>

For small businesses, a credit card with bespoke features and rewards is essential for managing expenses and reaping benefits. Bank of America understands this and offers credit cards specifically designed for small enterprises. These cards provide access to rewards programs and cashback, making them a powerful resource for effectively managing finances and saving money.

Why we chose it: Bank of America’s rewards include multiple perks, creating a mutually beneficial banking experience.

Fees

Bank of America’s basic checking account incurs a $16 monthly fee, avoidable by maintaining a $5,000 monthly balance, spending $250 on your debit card, or joining the Preferred Rewards program. Be mindful of fees from using ATMs outside the network and for excessive deposits each month.

Interest Rates

Opening a savings account at Bank of America starts with a 0.01% interest rate, potentially increasing to 0.04% with significant activity in their rewards program. Checking accounts don’t offer interest accrual.

Minimum Balance

Maintain an average monthly balance of $5,000 in your checking to avoid the $16 service fee. To dodge a $10 monthly charge, keep at least $2,500 in your savings.

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. Additionally, its budgeting tool helps monitor expenses and control spending.

>> Check Out Bank of America >>

Chase Business is rolling out a variety of business services including payment collection and fraud protection, plus a $300 bonus just for signing up. The Chase app also allows you to accept credit card payments directly into your account. Although there’s a monthly service fee, there are multiple ways to bypass it.

Why we chose it: Chase not only satisfies your basic banking needs but also offers an extensive array of additional business services.

Fees

While the presence of a monthly service fee might deter some, given the availability of many fee-free accounts, Chase offers several ways to have this fee waived. Simply maintain a $2,000 minimum daily balance, make $2,000 in net purchases with a business credit card, or receive $2,000 in deposits via the Chase QuickAccept app.

>> Check Out Chase for Business >>

Small businesses require a bank that minimizes unnecessary fees. Chase Bank provides a beneficial feature where no overdraft fees are charged unless the account is overdrawn by more than $50, coupled with a 24-hour grace period to rectify overdrafts beyond this threshold. This is a crucial advantage for small business owners focused on maintaining their financial health and avoiding extra costs.

Why we chose it: Chase enriches its traditional banking offerings with a comprehensive suite of merchant services designed to propel your business forward.

Fees

Chase Business Complete Banking has a starting monthly fee of $15, which you can eliminate by maintaining a daily balance of $2,000, receiving deposits through Chase QuickAccept, or making purchases with a Chase Ink Business Card. Be aware that there are charges for transactions beyond the initial 20 free ones, and wire transfers can be expensive.

Interest Rates

Chase doesn’t offer interest on business checking accounts. To earn interest, you might open a business savings account, which offers up to 0.02% APY.

Minimum Balance

To dodge Chase’s monthly service fee, it’s advisable to keep a minimum of $2,000 in your checking account consistently. A single dip below this amount within the month could incur fees. Savings accounts are fee-free as long as you maintain an active checking account with Chase.

Access to Mobile Banking

Beyond basic banking tasks, the Chase mobile app allows you to secure your credit card by locking or unlocking it if misplaced. It also includes budget planning tools to earmark funds for significant purchases and credit monitoring services to safeguard your financial reputation.

>> Check Out Chase >>