Choosing the right bank for your business is crucial, as it can significantly impact your financial savings and the opportunities for future growth. This article highlights our top picks for the best banks for small business owners in Maryland for 2024. Read on to learn more.
>> Open a Business Bank Account With Bluevine >>
We evaluated several criteria to select the banks featured on this list. Initially, we assessed the ease of opening a business account and the availability of mobile banking options. We examined key financial aspects such as transaction fees, the feasibility of waiving account maintenance fees, interest rates, and the availability of bonus rewards for users.
Bluevine Bank packs a punch with features essential for small business owners. They offer a zero minimum deposit requirement, two checkbooks, and no account maintenance fees.
The standout feature is their high interest rate, business owners can earn up to 2.0% APY on balances up to $250,000. As a fully online bank, Bluevine also ensures top-notch customer support, easing the stress often associated with banking issues.
Why we chose it: With high interest rates, minimal fees, and no maintenance requirements, Bluevine stands out as the best business bank account for LLCs and other business entities.
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Bluevine offers a fee-free monthly banking experience, allowing you to manage your finances without extra costs. However, using out-of-network ATMs incurs fees, so it’s wise to use their mobile app to locate free withdrawal locations. Be mindful of the $4.95 charge per cash deposit; it’s best to limit these if possible.
Bluevine shines with a 2.0% APY, which is 50 times the national average, applicable to balances up to $100,000. Remember that any amount over this won’t earn interest, so plan your finances accordingly. You may earn up to a 4.25% APY with a Business Checking account.
No minimum balance is required at Bluevine, giving small businesses the flexibility to start with any amount and still benefit from high-interest rates immediately.
The Bluevine mobile app simplifies banking on the go. Its user-friendly interface lets you handle your finances efficiently, pay vendors via wire or check, and schedule future payments, ensuring you’re always on top of your business transactions.
Capital One operates as a comprehensive online bank, offering a variety of services including savings and checking accounts, CDs, and a diverse array of credit cards like business, secured, and travel credit cards.
The standout feature is the absence of a monthly maintenance fee combined with a competitive interest rate of 0.20% APY. Capital One provides excellent mobile banking tools that facilitate online transactions, free access to credit scores, and the ability to lock your card for security.
Why we chose it: Capital One offers unlimited digital transfers, providing you the flexibility to manage your funds effortlessly.
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Capital One’s business accounts typically have a $15 monthly fee, which might be a stretch for small businesses. However, this fee can be waived by maintaining an average balance of $2,000 over 30 or 90 days. Use any of Capital One’s 70,000 ATMs nationwide for free, which is a significant perk.
Capital One’s business savings accounts offer initial interest rates of up to 0.20% for the first year on balances up to $5 million. This generous cap provides substantial flexibility for small businesses. Note that their checking accounts do not yield interest, making the availability of free digital transfers even more valuable.
There’s no strict minimum balance required to keep your Capital One account active. Maintaining at least $2,000 in your checking account is advisable to avoid the monthly fee. Placing surplus funds in a savings account will also accrue some interest, optimizing your cash flow.
With limited physical branches, Capital One’s highly-rated mobile app is a crucial tool. It enables you to manage all banking transactions, including transfers, digital payments, and mobile check deposits using your device’s camera. The app also provides access to Capital One’s CreditWise service, helping you monitor your credit score and receive useful financial tips.
Lili Bank operates as a comprehensive hub for small business owners, seamlessly integrating banking, accounting, and tax services.
Their versatile online banking app, available on both desktop and mobile platforms, is packed with powerful tools tailored for business management. These include invoicing software, a write-off tracker, an automatic tax saver, and credit card options.
Moreover, Lili charges no monthly deposit or maintenance fees and allows all banking transactions to be conducted online.
Why we chose it: Lili’s minimal fees and robust tax optimization software are designed to help businesses retain more of their earnings. For those seeking an optimal online business checking account that doesn’t require credit checks, Lili presents an excellent choice.
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Lili stands out with its complimentary tax software and the absence of account and overdraft fees. You won’t face charges for foreign transactions or withdrawals at over 38,000 in-network ATMs across the U.S. However, using an out-of-network ATM could cost you between $2.50 and $5.
Lili’s Business Checking account does not earn interest. For those interested in earning, Lili offers a savings account with a 1.5% APY, though you’ll need to maintain at least $34,000 in your account to avoid monthly fees.
Lili Bank’s checking account requires no minimum balance, making it an appealing option for those just starting out or with variable incomes.
Lili Bank’s mobile app is tailored for freelancers and small business owners, enabling comprehensive financial management directly from your device. It includes features like instant payment notifications, budgeting tools, and mobile check deposit capabilities, helping you manage expenses, save for taxes, and handle payments efficiently.
U.S. Bank, one of the largest and most established banks in the United States, has a significant presence with thousands of branches and ATM outlets, including hundreds across Maryland.
They provide a comprehensive suite of transactional services ideal for small business owners, ranging from savings and checking accounts to money market accounts, CDs, and credit card services. Notably, business owners can access quick loans up to $250,000 and long-term loans up to $1 million for business expansion.
Why we chose it: For small businesses seeking additional funding, U.S. Bank offers a broad array of lending options to support growth.
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With U.S. Bank’s Silver Checking package for small businesses, you can enjoy the freedom of no monthly fees. For higher-tier accounts, monthly fees are waivable as your business expands; just monitor your monthly transactions to avoid extra charges for exceeding limits.
U.S. Bank’s checking accounts don’t offer interest-earning options. Their savings plans, while modest, have a maximum interest rate of 0.01%, it’s a small amount but with no cap on the balance you can earn from.
There’s no minimum balance required for U.S. Bank’s Silver account package tailored for small businesses. For other checking accounts, fees can be waived by maintaining the required balances. Savings accounts need a minimum of $500 to avoid service fees.
Away from a branch? No problem. U.S. Bank’s mobile app lets you handle all your banking needs remotely, from transferring funds between accounts to monitoring your financial status. Plus, the app keeps you updated with customized alerts tailored to your needs.
Oxygen is an ideal choice for entrepreneurs and freelancers who don’t require traditional brick-and-mortar banking. This fully online bank provides an array of transactional features including online bill pay, early direct deposit, peer-to-peer transfers, and mobile check deposit.
Oxygen doesn’t charge monthly maintenance fees and offers the ability to create virtual or single-use debit cards for secure online shopping. The Oxygen app also provides valuable spending insights, enabling users to effectively track their finances.
Why we chose it: Oxygen resonates with modern, savvy business owners by providing innovative banking features. It’s particularly well-suited for sole proprietors, making it one of the top checking account options available.
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Oxygen markets itself as a fee-free bank, although out-of-network and international withdrawals might incur charges. You won’t have to pay for ACH transfers or simply to keep your account active.
Oxygen doesn’t offer interest on its business checking accounts, but it provides a solution by including a business savings account. In this account, balances up to $20,000 earn 1.0% interest, while larger amounts accrue interest at a lower rate.
There are no minimum balance requirements for either checking or savings accounts at Oxygen Bank, meaning no monthly fees, even if your account balance drops to zero. This setup ensures you won’t face penalties for low balances.
Oxygen’s mobile banking app is tailored for small business owners who need to manage their finances on the move. It allows you to deposit checks, pay bills, and view account statements directly from your device. The app provides spending insights, helping you keep track of your financial activity effectively.
Axos Bank is highly favored among small business owners for its straightforward banking solutions and attractive interest rates tailored to various business types, including non-profits.
Their business checking accounts offer a generous 1.01% APY, while their Saving, Premium Saving, Money Market, and Non-Profit Money Market accounts all provide up to 0.20% APY. Axos ensures cost-efficiency with zero monthly maintenance fees and offers treasury management services for handling high-volume transactions.
Why we chose it: Axos Basic Business Checking stands out with free cash deposits and a low fee structure, making it one of the top choices for business banking.
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Axos Bank Basic Business Checking offers no monthly maintenance fee and no requirement to keep your account open. Any ATM fees you incur are reimbursed each month, effectively making the account free to use. However, if you frequently send wire transfers, be mindful of the $35 charge.
While this checking account does not offer an annual percentage yield, it prioritizes business perks instead. For earning interest, you can open one of Axos’s interest-bearing business savings accounts.
Axos Bank does not require a minimum balance for its checking or savings accounts. This flexibility is ideal for small business owners who may need more sums to maintain in their accounts, making Axos a appealing choice.
Axos Bank’s comprehensive mobile app enables you to manage accounts, deposit checks, transfer funds, and pay bills directly from your mobile devices. You can utilize account alerts and budgeting tools to keep your finances in check.
Small business owners who bank with Bank of America benefit from a suite of special services. They offer a range of effective digital business management tools, including Zelle, Cash Flow Monitor, and Mobile Check Deposit, which help owners manage and monitor all their business transactions conveniently in one place.
They provide zero fees for incoming wire transfers. Account holders also have the chance to earn a $200 cash bonus by depositing $5,000 within the first 30 days of opening an account.
Why we chose it: Bank of America’s banking rewards offer numerous perks, making it a mutually beneficial choice for all involved.
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Bank of America’s basic checking account carries a $16 monthly fee, which can be waived 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 out-of-network ATM withdrawals and excessive deposit activity within a month.
Small business savings accounts at Bank of America start with a 0.01% interest rate, which can be increased to 0.04% by engaging more with their rewards system. However, their checking accounts do not offer any interest accrual.
Avoid the $16 monthly service fee by keeping an average monthly balance of $5,000 in your checking account. For savings accounts, maintaining at least $2,500 will help you dodge a $10 monthly fee.
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 you track expenses and manage spending effectively.
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Chase Bank offers an array of excellent features specifically designed for small business owners. These include unlimited debit card purchases, free transactions at Chase ATMs, and versatile options for sending and receiving funds.
Their online banking services are robust, and they provide several methods for users to waive monthly maintenance fees. Chase entices new clients with significant incentives: a $300 signup bonus and a substantial $750 cash-back bonus feature.
Why we chose it: Chase integrates a comprehensive suite of merchant services into its traditional banking offerings, enhancing your business’s ability to thrive.
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Chase Business Complete Banking starts with a monthly fee of $15. You can waive this fee by maintaining a $2,000 daily balance, processing deposits via Chase QuickAccept, or using your Chase Ink Business Card for purchases. Be aware that charges apply after your first 20 transactions, and try to avoid costly wire transfers.
Like many banks, Chase doesn’t offer interest on business checking accounts. To earn interest, consider opening a business savings account, which accrues at a rate of up to 0.02%.
To avoid the monthly service fee, maintain at least $2,000 in your checking account consistently. Falling below this amount even once a month triggers the fee. However, savings accounts are fee-free if you keep an active checking account with Chase.
Chase’s mobile app extends beyond basic banking functionalities. It allows you to lock or unlock your credit card if misplaced. The app also includes budget planning tools to earmark funds for significant purchases and credit monitoring tools to safeguard your financial health.
Here’s a detailed explanation of the criteria we used to select the best banks for small business owners in Maryland:
>> Open a Business Bank Account With the Bluevine >>
Here, we’ve compiled answers to some frequently asked questions on this topic that you might also find helpful.
To open a business account in Maryland, register your business with the Maryland Department of Assessments and Taxation. Next, obtain an Employer Identification Number (EIN) and secure any necessary business licenses. You’ll also need to provide personal identification, articles of incorporation (if applicable), and an initial deposit.
Be aware that some banks might request additional documentation, such as proof of address or a business plan.
Yes, opening a bank account with an EIN is advisable. If your business has employees, you’ll need an EIN for tax purposes, and banks typically require it to register your account.
If you’re the sole employee, you could use your Social Security Number (SSN) instead. However, using your SSN might mix your personal and business finances, which is best avoided.
Opening a bank account in Maryland without an SSN can be challenging, but there are alternatives. One option is to apply for an Individual Taxpayer Identification Number (ITIN) from the IRS.
Alternatively, you can provide other forms of identification, though the bank’s policies may dictate their acceptance. It’s wise to contact the bank directly to understand their specific requirements for opening an account.
Setting aside at least six months’ operating expenses as a financial safety net for your business is prudent.
This reserve can support you during unexpected downturns or operational challenges. If workable, aim to save at least 10% of your monthly profits to increase this emergency fund gradually.
Opening a bank account in Maryland is now more accessible than ever for business owners. With a range of options, from traditional brick-and-mortar banks to fully online banking platforms, Maryland’s small business owners can easily find and set up the banking solutions that best fit their needs.
Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.
