Starting a small business comes with its challenges, and having the right bank by your side is crucial for success. The top choices offer additional benefits that ensure the financial health of your business remains robust. Keep reading to discover our picks for the best banks for small businesses in North Dakota.
When evaluating the top banks for small businesses in North Dakota, we considered several factors. These included the fees associated with maintaining an account and the minimum balances required to avoid these fees. We also assessed additional costs for using bank services and the potential interest benefits for account holders. We looked into the mobile banking features offered by these banks.
Bluevine offers a reliable online banking solution perfect for small business owners across North Dakota. It provides a fast, accessible, and secure financial platform tailored to meet the specific needs of any small business. With no minimum deposit requirements and minimal fees, Bluevine stands out. Their customer support is exceptional and highly rated.
Why we chose it: Bluevine’s high-interest rates, low fees, and no maintenance demands make it the top choice for business bank accounts, suitable for LLCs and various other business structures.
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Bluevine offers a virtually fee-free banking experience, with no monthly fees. Charges apply when using out-of-network ATMs, and the mobile app is handy for locating free withdrawal locations. Note that each cash deposit incurs a $4.95 fee.
Bluevine offers a significant 2.0% APY, which is 50 times the national average, applicable on balances up to $100,000. Balances above this threshold will not earn interest.
There is no minimum balance required with Bluevine, allowing small businesses to start with little and still benefit from the high-interest rate immediately.
The Bluevine mobile app enhances the banking experience, allowing you to manage your finances from anywhere easily. The app is designed for efficiency, enabling you to manage accounts, make payments to vendors by wire or check, and schedule future payments effortlessly.
Capital One provides outstanding cash advance options and additional benefits that are incredibly valuable for small businesses in North Dakota. Their innovative online tools and mobile app simplify transactions and make account management effortless from anywhere. With features like unlimited transfers, accessing your funds quickly and easily is a hallmark of banking with Capital One.
Why we chose it: Capital One’s lack of limits on digital transfers allows you the flexibility to move funds freely.
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Capital One charges a $15 monthly fee for business accounts, which can be waived by maintaining a $2,000 average balance over 30 or 90 days. Using any of Capital One’s 70,000 nationwide ATMs incurs no charge.
Capital One’s business savings accounts offer introductory interest rates of up to 0.20% for the first year, applicable to balances up to $5 million, providing ample flexibility for small businesses. The bank’s checking accounts do not accrue interest, which highlights the value of unlimited free digital transfers.
There is no minimum balance requirement to keep your Capital One account open, but maintaining at least $2,000 in your checking account helps avoid the monthly service fee. Holding extra funds in your savings can also yield some interest.
With limited physical locations, Capital One’s highly-rated mobile app is essential. It enables you to perform all your banking transactions, make digital payments, and deposit checks using your device’s camera. The app also provides access to Capital One’s CreditWise service, offering credit monitoring and useful financial tips.
If your small business is looking for financial assistance, U.S. Bank is ready to help. They offer a variety of financial services, including mortgages and loans that can propel your business forward. Additionally, U.S. Bank boasts a vast network of branches and ATMs, ensuring easy access to banking services and your accounts anywhere in North Dakota. Coupled with enticing rewards, competitive rates, and low fees, U.S. Bank provides a compelling package for its users.
Why we chose it: Small businesses in need of additional funding can benefit from U.S. Bank’s wide range of lending options.
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With U.S. Bank’s silver checking package for small businesses, you won’t have to worry about monthly fees. As your business grows, higher-tier accounts come with monthly fees that can be waived. It’s important to monitor your transactions to avoid fees for exceeding set limits.
U.S. Bank’s checking accounts do not offer interest. Their savings plans, while offering various benefits, currently provide a maximum interest rate of just 0.01%, though there is no cap on the balance that can earn this rate.
The silver account package from U.S. Bank, tailored for small businesses, does not require a minimum balance. For other checking accounts, waivable fees apply if you maintain the required balances. Savings accounts have a starting minimum balance of $500 to waive service fees.
Remote banking is straightforward with U.S. Bank’s mobile app, especially if you’re far from a physical branch. The app allows you to transfer funds smoothly, manage your financial status, and stay informed with customized alerts, enhancing your banking experience.
Bank of America has bolstered its security measures with advanced fraud detection tools, tokenization, and encryption to safeguard small businesses and their customers from fraudulent activities.
Moreover, Bank of America offers robust merchant services designed to assist small businesses in accepting debit and credit card payments. This flexibility in payment options not only increases sales but also helps reduce fraud risks.
Why we chose it: Bank of America’s rewards program offers numerous benefits, making banking beneficial for all involved.
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Bank of America’s introductory checking account includes a $16 monthly fee, which can be waived by maintaining a $5,000 monthly balance, spending at least $250 on your debit card, or enrolling in the Preferred Rewards program. Additional fees apply for out-of-network ATM withdrawals and excessive deposits within a month.
Opening a savings account with Bank of America typically yields a 0.01% interest rate, which can increase to 0.04% with significant activity in the rewards program. Checking accounts do not earn interest.
Maintaining an average monthly balance of $5,000 in your checking account waives the $16 service fee. A minimum of $2,500 in your savings account is necessary to avoid a $10 monthly fee.
Bank of America’s mobile app is highly acclaimed for its functionality. It allows you to manage accounts, pay bills, and transfer funds from anywhere. The app also features a budgeting tool to help monitor expenses and manage spending effectively.
>> Check Out Bank of America >>
If you’re operating a personal business in North Dakota, Lili Bank is tailored for your banking needs. Initially designed for independent contractors and personal businesses, Lili has now expanded to support all business types.
It equips you with essential tools for efficient tax reporting, along with a variety of digital resources to help you save for taxes, manage expenses, process customer payments, and track tax deductions. With Lili, you can open an online business checking account that requires no minimum deposit and carries no monthly fees.
Why we chose it: Lili’s minimal fees and advanced tax optimization software enable businesses to retain more of their earnings. Plus, if you’re searching for a top-notch online business checking account without credit checks, Lili is an excellent choice.
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Lili excels with its free tax software and lack of account and overdraft fees. There are no fees for foreign transactions or for using any of the 38,000 in-network ATMs across the United States. However, using an out-of-network ATM incurs a fee between $2.50 and $5.
Lili’s Business Checking account does not earn interest. Those interested can open a savings account that offers a 1.5% APY, though maintaining at least $34,000 in the account is necessary to avoid monthly fees.
Lili Bank does not require a minimum balance for its checking account, making it a viable option for those just starting their business or with variable income levels.
Lili’s mobile banking app is specifically designed for freelancers and small business owners. It allows you to manage your finances effectively, including expense control, tax savings, and payment processing, all from your mobile device. The app features instant payment notifications, budgeting tools, and the capability for mobile check deposits.
In March 2022, Axos Bank enhanced its free business checking account by introducing deposit requirements, eliminating transaction limits, and incorporating cash deposit capabilities across all accounts. These significant improvements complement existing features like nationwide free ATM access, 24-hour customer support, and unlimited domestic ATM fee reimbursements. When you bank with Axos, you gain access to all these services directly.
Why we chose it: The absence of fees for cash deposits and a low overall fee structure make Axos Basic Business Checking one of the top business bank accounts available.
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Axos Bank Basic Business Checking does not levy a monthly maintenance fee or set requirements for keeping your account active. Any ATM fees incurred are reimbursed monthly, essentially making this account free to use. Be mindful of a $35 fee for each wire transfer if you frequently use this service.
This account does not offer an annual percentage yield, focusing instead on business-oriented perks. For those looking to earn interest, Axos provides interest-bearing business savings accounts.
There are no minimum balance requirements for Axos Bank’s checking and savings accounts, making it an appealing choice for small business owners without significant funds to maintain.
Axos Bank’s comprehensive mobile banking app allows customers to manage their finances on the go. You can deposit checks, transfer funds, pay bills, and execute wire transfers directly from your mobile devices. The app also includes features like account alerts and budgeting tools to help you stay financially organized.
Oxygen Bank is a digital banking solution tailored for freelancers and self-employed individuals. It offers a free checking account with no monthly fees, making it a cost-effective option for those looking to minimize banking expenses. The user-friendly mobile app enables freelancers to easily manage their finances on the move, making Oxygen Bank a practical choice for those seeking convenience and affordability in their banking experience.
Why we chose it: Oxygen resonates with the modern business owner by providing innovative banking features. It stands out as one of the top checking accounts for sole proprietors.
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Oxygen positions itself as largely fee-free, but notes that charges may apply for out-of-network and international withdrawals. There are no fees for ACH transfers or to maintain the account.
Oxygen does not offer interest on its business checking accounts but includes a savings option where funds can earn 1.0% interest on balances up to $20,000. Higher balances continue to accrue interest at a lower rate.
There are no minimum balance requirements for either checking or savings accounts at Oxygen Bank, ensuring no monthly fees regardless of your account balance.
Oxygen Bank’s mobile app is designed to support small business owners with their financial management needs while on the go. You can use the app to deposit checks, pay bills, and generate account statements. The app provides insights into spending to help you monitor and manage your finances effectively.
Chase Business has introduced a suite of business services including payment collection and fraud protection, complemented by a $300 bonus just for signing up. Additionally, you can accept credit card payments directly through the Chase app. Although there is a monthly service fee, there are several ways to have it waived.
Why we chose it: Chase goes beyond basic banking needs with an extensive array of business services.
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The presence of a monthly service fee might deter some, yet Chase offers multiple ways to avoid it. You can waive this fee by maintaining a $2,000 daily balance, making $2,000 in net purchases with a business credit card, or receiving $2,000 in deposits via the Chase QuickAccept feature.
>> Check Out Chase for Business >>
Chase Bank is an excellent option for business owners in North Dakota, offering a comprehensive array of financial products and services including business loans, credit cards, merchant services, and cash management solutions. Its robust online and mobile banking platforms allow business owners to easily manage their finances from anywhere.
Additionally, Chase Bank has a strong presence across North Dakota with a wide network of branches and ATMs, providing convenient access to banking services. These features collectively make Chase Bank a strong candidate for business banking in North Dakota.
Here’s why we recommend it: Chase Bank enhances its traditional banking offerings with a broad array of merchant services to support your business growth.
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Chase Business Complete Banking starts with a $15 monthly fee, which can be waived by maintaining a $2,000 daily balance, making deposits via Chase QuickAccept, or using a Chase Ink Business Card for purchases. Be mindful of additional transaction costs after the first 20, and try to avoid expensive wire transfers.
Unlike other banks, Chase does not offer interest on business checking accounts. To earn interest, consider opening a business savings account, which offers up to 0.02% APY.
Maintain at least $2,000 in your checking account to avoid the monthly service fee. Dropping below this amount even once can incur charges. There are no fees for savings accounts as long as there is an active checking account with Chase.
Chase’s mobile app extends beyond basic banking functions. It allows you to secure your credit card by locking or unlocking it if misplaced. The app also includes features for budget planning to earmark funds for significant purchases and credit monitoring tools to safeguard your financial health.
To identify the best banks for small businesses in North Dakota, we examined several critical factors involved in opening and managing a business bank account. Here’s what guided our decision:
>> Open a Business Bank Account With the Bluevine >>
Do you have additional questions about setting up a bank account for your North Dakota business? Here are the answers to some frequently asked questions:
The documents required to open a business bank account in North Dakota can vary by bank and account type. Typically, you’ll need to provide your business’s legal name and registration documents, tax identification number, and proof of address. Identification documents for authorized signers, such as driver’s licenses or passports, may also be required.
Yes, using an Employer Identification Number (EIN) to open a bank account is advisable for any business with employees, as it’s needed for tax purposes. If you’re a sole proprietor, you might use your Social Security Number (SSN) instead, but be aware that this could complicate the separation between personal and business finances.
Yes, you can open a bank account in North Dakota without an SSN. Banks may offer alternative ways to open savings or business checking accounts without requiring an SSN.
It’s prudent for a small business to maintain at least six months’ worth of operating expenses in its bank account to safeguard against unforeseen challenges. Consider adding at least 10% of your monthly profits to this reserve to help it grow.
Opening a business bank account in North Dakota can be highly beneficial for small businesses, providing an effective way to manage finances and monitor transactions.
The leading banks in the area offer competitive fees, easy transfer options, and dependable customer support, helping businesses achieve their financial objectives and sustain strong vendor relationships. These banks are an excellent resource for meeting your business’s financial needs in North Dakota.
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.
