Starting a small business demands financial access, which can pose challenges. Thus, securing a business banking partner is crucial for success. The listed Arizona banks for small businesses provide optimal functionalities and services, ensuring excellent management of your business’ monetary affairs. Continue reading to explore our top picks further.
We evaluated the leading Arizona Bank for small businesses by examining account opening and maintenance costs, as well as the minimum balance needed to waive these fees. We assessed service charges and interest rates, along with the efficiency and dependability of their mobile banking platforms.
Interest Rates: 4.25% APY
Bluevine stands out as an ideal banking solution designed specifically for small businesses in Arizona. Its online banking platform is easy to use and accessible from anywhere. With their swift and convenient services, you can access updates for your small business account within minutes.
Bluevine caters to all businesses, providing secure and adaptable financing options to suit diverse needs. They offer unlimited transactions, no minimum deposit balance, and no monthly fees. Their customer service is top-notch and their client support is reliable.
Why we chose it: It’s based on Bluevine’s high-interest rates, minimal fees, and absence of maintenance requirements, making it the optimal business bank account for LLCs and other business types.
Pros
Cons
When you bank with Bluevine, there are no monthly fees, allowing you to manage your finances with no additional costs. However, using ATMs outside of the network may incur charges, so using the mobile app to locate free withdrawal locations is advisable. Cash deposits come with a fee of $4.95 each, so it’s best to limit or avoid them whenever possible.
Banking with Bluevine means you won’t face monthly fees, enabling you to handle your finances without extra expenses. But, using ATMs not in the network could lead to charges, so it’s wise to use the mobile app to find free withdrawal spots. Each cash deposit will cost $4.95, so it’s better to minimize or avoid them when you can.
Bluevine doesn’t impose a minimum balance requirement, regardless of your account balance. Small businesses can begin with very little and immediately benefit from the high-interest rate.
The Bluevine mobile app simplifies banking from any location. This well-designed tool makes managing your accounts and tracking your expenses easy. You can pay vendors via wire or check and schedule future payments.
>> Get Started With Bluevine Business Bank Account >>
Lili is a trustworthy provider of online checking accounts in Arizona. They prioritize offering banking solutions that are easy to use and affordable. Lili provides a range of tools to assist you in accurately filing tax reports for your small business. With their digital tools, you can conduct multiple financial transactions using just one account. Lili is a great choice for businesses seeking online checking accounts with low fees.
We chose it: Lili’s minimal fees and easy-to-use digital tools are highly attractive. For businesses seeking to simplify their finances, Lili is the solution.
Pros
Cons
Lili stands out for its complimentary tax software, and business owners can appreciate the absence of account and overdraft fees. There are no charges for foreign transactions or at over 38,000 in-network ATMs in the United States. However, using an out-of-network ATM may incur a fee ranging from $2.50 to $5.
Lili’s Business Checking account doesn’t earn interest. However, you can opt for a savings account with a 1.5% APY if you’re willing to pay for it. To waive the monthly cost, you’ll need to maintain a minimum balance of $34,000 in your account at all times.
Lili Bank’s checking account doesn’t require a minimum balance, so you don’t have to keep a specific amount to avoid monthly fees. This makes it a suitable choice for new businesses or those with variable incomes.
Lili Bank provides a mobile banking app tailored for freelancers and small business owners. With this app, you can handle your finances, including tracking expenses, setting aside funds for taxes, and handling payments, all using your mobile devices. The app offers features like instant payment alerts, budgeting tools, and the capability to deposit checks via mobile.
Capital One is well-suited for small businesses seeking competitive savings rates and no interest fees. They provide comprehensive banking services, attractive rewards for new customers, and essential banking features essential for business growth.
Moreover, Capital One’s mobile banking system offers a user-friendly interface, enabling easy account management from any location. Their unlimited transfers mean there are no fees to access your funds when needed. Their customer service is available to assist you at any time.
Reason for selection: Capital One’s lack of limits on digital transfers grants flexibility in managing funds.
Pros
Cons
Capital One charges a $15 monthly fee for its business accounts, a sum that might feel steep for a small business. You can dodge this fee, though, if you keep at least $2,000 in your account over a 30 or 90-day period. Plus, there’s no cost for withdrawals at any of Capital One’s 70,000 ATMs across the country.
Opening a business savings account with Capital One lets you enjoy interest rates as high as 0.20% during your first year, applies to balances up to $5 million, giving your business ample space to grow. While the checking accounts don’t earn interest, the perk of free digital transfers adds a sweet note.
No need to maintain a minimum balance to keep your Capital One account open. Yet, it’s wise to keep at least $2,000 in your checking to skirt the $15 monthly service fee. Stashing extra cash in your savings can accrue some interest on funds you’re not currently using.
Capital One’s physical branches are scarce, but their top-tier mobile app fills that gap. It lets you handle all your banking needs, transfers, digital payments, and deposits using your device’s camera. The app also hooks you up with Capital One’s CreditWise service, a cool way to track your credit score and pick up handy tips.
Small businesses often seek banks that cater specifically to their unique financial needs. U.S. Bank steps up with a suite of services designed just for them. They provide stellar financial options, like loans that can help elevate your business to new heights. Their extensive range of accounts and financial products means you’re never short on choices for deposit accounts.
U.S. Bank shines with dependable customer support, competitive rates, and minimal fees. Plus, their expansive network of branches and ATMs ensures you can easily manage your accounts and tap into banking services throughout Arizona.
Why we chose it: Small businesses looking for additional financing can find a variety of lending choices at U.S. Bank.
Pros
Cons
With U.S. Bank’s silver checking package tailored for small businesses, you won’t face any monthly fees. As your business expands, higher-tier accounts come with monthly fees, but you can waive these. Just keep an eye on your monthly transactions to avoid extra charges for exceeding limits.
U.S. Bank’s checking accounts don’t offer interest-earning options. However, their savings plans, while offering a modest maximum interest rate of 0.01%, don’t restrict how much you can earn, regardless of the balance.
Starting out, U.S. Bank’s silver account package for small businesses requires no minimum balance. For other checking accounts, you can avoid fees by maintaining required balances. Savings accounts need a $500 minimum balance to bypass service fees.
Even when you’re far from a U.S. Bank branch, their mobile app has you covered. It allows for smooth fund transfers between accounts and keeps you in the loop with your financial status. U.S. Bank also offers customized alerts to help manage your banking needs effectively.
Interest Rates: Up to 0.04% APY
If you’re searching for a dependable banking solution for your small business, consider Bank of America. They offer merchant services that simplify the acceptance of credit and debit card payments, enhancing customer convenience and boosting sales.
Their services are versatile, supporting a range of payment systems including point-of-sale (POS) terminals, mobile payment platforms, and online payment gateways. This flexibility allows small businesses to select the payment system that best suits their needs.
Bank of America offers competitive rates that can help increase your business’s income. Their user-friendly mobile app includes features like bill pay and mobile check deposit and adds an extra layer of security with fingerprint scanning to protect small businesses and their customers from fraud.
Why we chose it: Bank of America’s banking rewards come with several perks, creating a win-win situation for all parties involved.
Pros
Cons
Bank of America charges a $16 monthly fee for their introductory checking account. However, you can avoid this fee by maintaining a $5,000 monthly balance, spending at least $250 on your debit card, or by joining the Preferred Rewards program. Be mindful of additional fees for using out-of-network ATMs and for making excessive deposits within a month.
For most small businesses, opening a savings account at Bank of America starts with an interest rate of 0.01%. You can bump this up to 0.04% by engaging more with Bank of America’s rewards system. Unfortunately, their checking accounts do not offer any interest accrual options.
To dodge the $16 monthly service fee, 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 charge.
Bank of America’s mobile app is highly regarded for its robust functionality. It allows you to effortlessly manage accounts, pay bills, and transfer funds from anywhere. The app includes a budgeting tool to help you track expenses and manage spending effectively.
>> Consider Bank of America >>
Axos Bank, fully FDIC-insured, has become a well-known name in Arizona, thanks to its stellar customer service, robust security measures, and cutting-edge technology. In 2022, Axos made significant strides in enhancing their service delivery.
These improvements include the introduction of a cash deposit feature available to all account holders and the removal of transaction limits. They’ve also set specific opening deposit requirements for their business accounts.
Axos offers two main business checking accounts: the Basic Business Checking, which is free of charge, and the Basic Business Checking, which offers up to 1.01% APY for a $10 monthly fee.
Why we chose it: The free cash deposits and low fee structure make Axos’s Basic Business Checking one of the top choices for business bank accounts.
Pros
Cons
Axos Bank’s Basic Business Checking comes with no monthly maintenance fee and no requirements to keep your account open. You’ll also 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 transfer.
This account doesn’t offer an annual percentage yield, focusing instead on business-oriented perks. If you have surplus funds, you can open one of Axos’s interest-bearing business savings accounts to start accruing interest.
There are no minimum balance requirements for Axos Bank’s checking or savings accounts. This feature makes Axos an appealing option for small business owners who might not have a large amount of money to maintain in their accounts.
Axos Bank provides a comprehensive mobile banking app that lets customers handle their accounts on the go. You can deposit checks, transfer funds, pay bills, and initiate wire transfers all from your mobile device. The app also includes account alerts and budgeting tools to help you manage your finances effectively.
>> Open an LLC Bank Account With U.S. Bank >>
Oxygen is highly regarded among small businesses and startups as a leading online banking provider. It’s a modern, fee-free online bank that offers several benefits for managing finances efficiently.
Oxygen doesn’t charge any monthly fees for their business accounts, and there are no minimum balance requirements. An Oxygen business account comes equipped with complimentary online banking, mobile banking, and a debit Mastercard.
Why we chose it: Oxygen resonates with the contemporary business owner, providing some slick banking features. It’s also recognized as one of the top checking accounts for sole proprietors.
Pros
Cons
Oxygen markets itself as a bank without top-to-bottom fees, though charges may apply for out-of-network and international withdrawals. You won’t face any fees for ACH transfers or just for keeping your account open.
You won’t earn interest on the balance in your business checking account, but Oxygen offsets this by offering a business savings account option. Funds in the savings account earn 1.0% interest on balances up to $20,000. Higher amounts still earn interest, albeit at a reduced rate.
Oxygen Bank requires no minimum balance for its checking and savings accounts, meaning you won’t encounter monthly fees, even if your account balance drops to zero. You also don’t have to worry about incurring charges for not reaching a certain balance.
Oxygen Bank’s mobile app is crafted to aid small business owners in managing their finances wherever they are. With the app, you can deposit checks, pay bills, and access your account statements easily. The app provides spending insights, helping you keep track of your financial activities effectively.
>> Open an LLC Bank Account With Oxygen >>
Interest Rates: Up to 0.02% APY
Chase stands out as a favorite among small business owners due to its comprehensive merchant services and attractive financial loan options. The bonuses for new customers are among the many rewarding perks available.
With an extensive network of branches and ATMs, accessing your funds throughout Arizona is incredibly convenient. Chase offers a full suite of services, including checking accounts, loans, credit cards, and investment opportunities.
Why we chose it: Chase combines an extensive array of merchant services with traditional banking to bolster your business’s success.
Pros
Cons
Chase Business Complete Banking begins with a monthly fee of $15. You can eliminate this fee by maintaining a $2,000 daily balance, using Chase QuickAccept for deposits, or making purchases with a Chase Ink Business Card. Be aware that there’s a fee for transactions after the initial 20 free ones each month, and wire transfers can be costly.
Like many banks, Chase doesn’t offer interest on business checking accounts. To earn interest, consider opening a business savings account, which can accrue up to 0.02%.
To dodge the monthly service fee at Chase, ensure you maintain at least $2,000 in your checking account. Dropping below this amount even once can trigger the fee. Savings accounts don’t incur fees as long as you have an active checking account with Chase.
Beyond regular banking tasks, the Chase mobile app offers useful features like the ability to lock or unlock your credit card if it’s misplaced. It also includes a budget planning tool to help save for big purchases and credit monitoring tools to safeguard your financial health.
>> Get Started With Chase Business Bank Account >>
When searching for the best banks for small businesses in Arizona, we evaluated several critical aspects that impact the ease of managing finances and opening a business bank account. Here’s what we considered before making our recommendations:
These factors were all considered to ensure that the selected banks offer the best combination of services, accessibility, and cost-effectiveness for small businesses in Arizona.
>> Get Started With Bluevine >>
If you’re considering opening a bank account for your Arizona business, this FAQ is here to help address your questions and guide you through the process:
When applying for a small business loan in Arizona, the required documents can vary based on the loan type. Generally, you’ll need:
Yes, opening a bank account with an EIN (Employer Identification Number) is advisable for any business, particularly if you have employees. An EIN is necessary for tax purposes and helps separate your personal and business finances. If you’re a sole proprietor without employees, you might use your SSN, but using an EIN is preferable to maintain clear financial boundaries.
To open a business checking account in Arizona:
It’s prudent for a small business to maintain at least six months’ worth of operating expenses in the bank to safeguard against unforeseen financial challenges. Contributing at least 10% of monthly profits to this reserve can help grow your savings and ensure financial stability for your business.
Opening a business bank account as a small business owner in Arizona brings many advantages.
A dedicated business account helps in effectively managing and monitoring your financial transactions. It also facilitates easier access to financial services such as loans, credit cards, and merchant services, which are crucial for business operations and growth.
The banks featured in this list are distinguished by their user-friendly online banking platforms, exceptional security measures, attractive promotional offers, and outstanding customer service. If you’re operating in Arizona and looking for a reliable financial partner, these banks are well-equipped to meet the diverse financial needs of your small business.
