8 Best Small Business Banks in Connecticut Ranked for 2024

Bluevine provides a range of financial services that cater to various needs. These services include deposits, withdrawals, foreign exchange transactions, and other investment opportunities. For small businesses in Connecticut, Bluevine offers both checking and savings accounts that are beneficial.

The Annual Percentage Yield (APY) offered by Bluevine is higher than the typical market average, and their rates are also competitive. Bluevine provides lending and investment products typical of online banks. Their mobile app and website are user-friendly, offering a suite of services that entrepreneurs will find invaluable. Exclusive benefits await premier customers with an impressive 4.25% APY.

Why we chose it: Bluevine stands out due to its high interest rates, low fees, and no maintenance requirements, making it an optimal business banking solution for LLCs and various other business types.

Fees

You won’t find any monthly fees when using Bluevine, making it possible to bank without ever paying a dime. Expect charges for using out-of-network ATMs, making the mobile app a valuable tool for finding free withdrawal sites. Each cash deposit will set you back $4.95, making this a tool you want to use sparingly if at all.

Interest Rates

Bluevine comes through in a big way with its 2.0% APY. The rate is 50 times the current national average and applicable on balances up to $100,000. Once your small business’s balance grows beyond this amount, those extra funds won’t accrue any interest.

Minimum Balance

There’s no minimum balance requirement for using Bluevine, no matter how much you have in your account. Small businesses can start with next to nothing and take immediate advantage of the high interest rate.

Access to Mobile Banking

The Bluevine mobile app makes banking from anywhere a breeze. The thoroughly-designed tool makes it easy to manage your accounts and see where your money is going. It’s also possible to pay vendors by wire or check and schedule payments for fulfillment down the road.  

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Capital One caters specifically to students and budding entrepreneurs with a suite of financial products designed to ease their monetary concerns. These offerings boast no balance requirements, minimal fees, and the convenience of global money access. If you’ve recently graduated or are still in school, you’re in luck; you can set up fee-free savings and business checking accounts right from your smartphone.

Consider Capital One a hybrid in the banking world. Despite its robust online presence, it maintains some unique physical spaces known as ‘Capital One Cafés.’ You might want to explore options like the Money Teen Checking Account or a 360 Performance Savings account, both of which are cost-free and offer competitive interest rates.

We’ve picked Capital One for a reason: unrestricted digital transfers mean your money never has to sit still.

Fees

Capital One’s business accounts include a $15 monthly fee, which is steep for a small business. However, you can dodge this fee by maintaining an average balance of $2,000 across a 30 or 90-day period. Using any of Capital One’s 70,000 ATMs across the country won’t cost you a dime.

Interest Rates

When you open a business savings account with Capital One, you can benefit from interest rates as high as 0.20% during your first year. This rate applies to balances of up to $5 million, providing ample flexibility for small businesses. None of the bank’s checking accounts yield interest, which makes the perk of free digital transfers even more appealing.

Minimum Balance

With Capital One, there’s no need to maintain a minimum balance to keep your account active. However, it’s beneficial to have at least $2,000 in your checking account to sidestep the $15 monthly service fee. Storing additional cash in your savings account also enables you to earn interest on funds that aren’t being used at the moment.

Access to Mobile Banking

Since Capital One has a small network of physical branches, their highly-rated mobile app fills the gap. Through the app, you can handle all your transfers, execute digital payments, and deposit checks using your device’s camera. The app also provides access to Capital One’s CreditWise service, which allows you to monitor your credit score and offers handy tips.

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Lili is an online bank that collaborates with institutions insured by the Federal Deposit Insurance Corp, making it a secure choice for your banking needs. Tailored for freelancers, those engaged in online jobs, or remote services, Lili offers both Standard and Pro Accounts, each packed with features designed to suit the unique needs of freelancers.

These include straightforward categorization of business expenses, the ability to receive direct deposits early, and convenient access to foreign exchange services. Lili accounts are particularly beneficial for small businesses and freelancers who prioritize top-notch digital banking services.

Why we chose it: Lili’s minimal fees and tax optimization software are key for businesses looking to preserve their hard-earned income. If you’re in search of an excellent online business checking account that doesn’t require credit checks, Lili stands out as a top choice.

Fees

Lili stands out with its complimentary tax software, and business owners will appreciate the absence of account and overdraft fees. There’s also no fee for foreign transactions or for using any of the over 38,000 in-network ATMs across the United States. However, if you use an out-of-network ATM, be prepared for a fee ranging from $2.50 to $5.

Interest Rates

Lili’s Business Checking account doesn’t offer interest. For those willing to pay, there’s an option to access a savings account that features a 1.5% APY. However, you’ll need to maintain at least $34,000 in your account at all times to offset the monthly fees associated with this service.

Minimum Balance

Lili Bank’s checking account comes with no minimum balance requirement, meaning you don’t have to maintain a specific amount to avoid monthly fees. This flexibility makes it an excellent option if you’re just starting your business or if your income tends to fluctuate.

Access to Mobile Banking

Lili Bank provides a mobile banking app tailored for freelancers and small business owners. This app enables you to manage your finances effortlessly from your mobile devices, including controlling expenses, setting aside money for taxes, and handling payments.

The app comes equipped with features like instant payment notifications, budgeting tools, and the capability to deposit checks via your mobile device, enhancing your financial management on the go.

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U.S. Bank offers a sweet deal for small businesses in Connecticut with a checking account that has no transaction or maintenance fees. This means you can put your profits right back into growing your business.

Unlike digital banks that nibble away at your funds with percentages for transfers and maintenance, U.S. Bank keeps it straightforward and fee-free. Recognized as one of the top online banks, U.S. Bank is a go-to for businesses keen to dodge unnecessary costs.

Their free checking and savings accounts come with added perks like mortgage loans and retirement products.

Why we chose it: For small businesses hunting for additional capital, U.S. Bank presents a wealth of lending options.

Fees

With U.S. Bank’s silver checking package for small businesses, you can forget about monthly fees. As your business expands and you move to higher-tier accounts, there are waivable monthly fees to consider. Just monitor your monthly transactions closely to avoid charges for going over the set limit.

Interest Rates

U.S. Bank’s checking accounts don’t offer interest-generating options. While their savings plans include various perks, the highest interest rate available is currently only 0.01%. Despite being minimal, there’s no cap on the balance you can earn interest on.

Minimum Balance

U.S. Bank’s silver account package for small businesses comes with no minimum balance requirement to get started. Other checking accounts offer waivable fees, provided you maintain the necessary balance. For savings accounts, a minimum balance of $500 is required to waive service fees.

Access to Mobile Banking

If you’re far from a U.S. Bank branch, their mobile app has you covered for all your banking needs. You can effortlessly transfer funds between accounts and keep track of your financial status. U.S. Bank also keeps you in the loop with customized alerts to ensure you’re always informed.

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Oxygen Bank is a prime choice if you’re after a high APY with no monthly fees or minimum balance requirements. They’re celebrated as the top savings account provider for small businesses in Connecticut.

Utilizing their mobile app, you’ll experience smooth online financial services. This bank stands out for offering high-yield savings specifically tailored for small businesses, making it our top pick for online banking in Connecticut.

Why we chose it: Oxygen caters to the modern business owner, providing trendy banking features that make financial management both easy and stylish. It’s also highly recommended for sole proprietors looking for one of the best checking accounts available.

Fees

Oxygen promotes itself as completely fee-free, but it notes that charges may apply for out-of-network and international withdrawals. However, you won’t face any fees for ACH transfers or simply maintaining your account.

Interest Rates

Although you won’t earn interest on the money in your business checking account, Oxygen addresses this by offering a business savings account. Funds in this account earn 1.0% interest on balances up to $20,000. For amounts exceeding $20,000, the interest continues to accrue, albeit at a reduced rate.

Minimum Balance

Oxygen Bank features no minimum balance requirements for its checking and savings accounts, ensuring you won’t face monthly fees, even if your account balance drops to zero. This means you don’t need to stress about incurring charges for not maintaining a specific amount in your account.

Access to Mobile Banking

Oxygen Bank provides a mobile banking app tailored to assist small business owners with financial management while on the move. With this app, you can deposit checks, pay bills, and generate account statements easily. The app offers spending insights, giving you a clearer view of your financial habits and helping you track your finances effectively.

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Axos gives small businesses in Connecticut the opportunity to open a checking account without incurring additional fees. Beyond being fee-free, you also have the chance to earn rewards and tap into various financial benefits.

Small businesses keen on preserving their profits instead of spending on maintenance and transaction fees will find Axos particularly appealing. Axos stands out by not charging for overages, card replacements, or demanding a minimum balance.

Why we chose it: With free cash deposits and a low fee structure, Axos Basic Business Checking ranks as one of the top business bank accounts available.

Fees

Axos Bank Basic Business Checking offers the convenience of no monthly maintenance fees and no requirements to keep your account open. You’ll also be reimbursed for any ATM fees incurred each month, effectively making the account free to use. However, if you frequently use wire transfers, keep in mind that Axos charges $35 for each one.

Interest Rates

This specific account doesn’t offer an annual percentage yield, focusing instead on business perks. If you have extra funds, you can opt for one of Axos’s interest-bearing business savings accounts to accrue interest.

Minimum Balance

Axos Bank offers checking and savings accounts with no minimum balance requirements. As a small business owner, you won’t need to maintain a specific balance to dodge monthly fees. This feature makes Axos an appealing choice if you’re operating with a limited amount of funds in your account.

Access to Mobile Banking

Axos Bank provides a comprehensive mobile banking app that enables customers to manage their accounts, deposit checks, transfer funds, pay bills, and initiate wire transfers, all from their mobile devices. You can use the account alerts feature and budgeting tools to maintain a close watch on your financial activities.

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Bank of America stands out as one of the top banks in the nation with an array of financial products. Ideal for those seeking an online bank that offers distinctive checking and savings options for small businesses, BOA is a top choice. Along with these accounts, you’ll gain access to credit cards, investment services, and a top-notch mobile app.

The bank accounts at Bank of America feature small annual percentage yields that edge out many other online banks. It’s a dependable choice for those with savings and financial service needs. If you’re running a small business in Connecticut and prefer to consolidate your accounts under one financial institution, Bank of America is perfectly suited.

Why we chose it: Bank of America’s rewards system is packed with perks, making banking beneficial for all involved.

Fees

Bank of America’s introductory checking account includes a $16 monthly fee. You can avoid this fee by maintaining a $5,000 monthly balance, spending a minimum of $250 with your debit card, or by joining the Preferred Rewards program. The only additional fees you need to be aware of are those for out-of-network ATM withdrawals and for excessive deposits within a month.

Interest Rates

Most small businesses starting a savings account with Bank of America will earn an interest rate of 0.01%. However, active participation in Bank of America’s rewards system can bump this rate up to 0.04%. It’s important to note that Bank of America’s checking accounts don’t offer any interest accrual options.

Minimum Balance

Maintaining an average monthly balance of $5,000 in your checking account will waive the $16 service fee. Likewise, to avoid a $10 monthly charge on your savings account, keep at least $2,500 in it.

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. The app includes a budgeting tool that helps you monitor expenses and control spending effectively.

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Chase rolls out a suite of business services including payment collection and fraud protection, topped with a $300 bonus just for signing up. You can also accept credit card payments directly through the Chase app. Although there’s a monthly service fee, Chase offers multiple avenues to avoid it.

Why we chose it: Chase not only fulfills your banking needs but also offers an extensive array of additional business services, making it a comprehensive choice for your financial operations.

Fees

Monthly fees for Chase Business Complete Banking start at $15. You can eliminate this fee by maintaining a daily balance of $2,000, making deposits via Chase QuickAccept, or purchasing a Chase Ink Business Card. Be mindful that there are charges for transactions beyond the first 20, and it’s wise to steer clear of expensive wire transfers if possible.

Interest Rates

Like many banks, Chase doesn’t offer interest on the funds in business checking accounts. If you want to earn interest, you need to open a business savings account, where you can accrue up to 0.02% interest.

Minimum Balance

To avoid Chase’s monthly service fee, you must always maintain a minimum balance of $2,000 in your checking account. You’ll incur the fee if your balance dips below this amount even once during the month. Savings accounts are fee-free if you maintain an active checking account with Chase.

Access to Mobile Banking

Beyond typical banking tasks, the Chase mobile app offers several handy features. If you misplace your credit card, you can easily lock or unlock it directly through the app. There’s also a budget planning tool that allows you to earmark funds for large purchases. The app includes credit monitoring tools to help safeguard your credit health.

>> Check Out Chase Bank >>