Starting a small business in Delaware requires careful consideration of various factors, one of which is selecting the right banking partner. Choosing a dependable bank that offers the necessary services to support your business growth is crucial.
This article offers a comprehensive review of the best banks in Delaware for small businesses. Continue reading to discover more about these banks and what they offer.
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9 Best Banks for Small Businesses in Delaware
Our Methodology
We evaluated several important factors to identify the best banks in Delaware for small businesses. Our criteria included the fees for opening an account and the required minimum balance.
We also looked at the monthly service charges and the interest rates offered to account holders. We considered the convenience of banking, security features, and the quality of customer service.
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Bluevine: Best Overall Bank for Banking Solutions in Delaware
Bluevine offers a range of services and solutions tailored for small businesses in Delaware, making it an excellent choice for entrepreneurs seeking loans with manageable repayment terms.
Their merchant services facilitate seamless transactions, such as bill payments and product purchases, enhancing operational efficiency. Bluevine ensures high security for all financial transactions, providing peace of mind for business owners.
Why we chose it: Bluevine is the top choice for business banking due to its high-interest rates, minimal fees, and absence of maintenance requirements, making it ideal for LLCs and various other business entities.
Pros
- High-interest rates
- Minimal fees
- No minimum deposit required
Cons
- No business savings account
- No ATM fee reimbursement
- Charges for cash deposits
Fees
Fees: Bluevine doesn’t charge any monthly fees, allowing businesses to bank cost-free. However, there are fees for using ATMs outside their network, and cash deposits cost $4.95 each, which should be considered for frequent cash transactions.
Interest Rates
Bluevine offers a standout 2.0% APY, which is significantly above the national average, applicable to balances up to $100,000. Balances exceeding this limit will not earn additional interest. Access exclusive benefits with an impressive 4.25% APY for premier clients.
Minimum Balance
There’s no minimum balance requirement, enabling small businesses to start banking immediately and benefit from the high-interest rates.
Access to Mobile Banking
The Bluevine mobile app simplifies banking, allowing you to manage accounts, make payments, and schedule future transactions from anywhere. This tool is useful for paying vendors via wire or check.
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Capital One: Best Bank for Small Businesses in Delaware for Rewards
Capital One enhances the banking experience for small businesses in Delaware with its array of rewarding options. They make banking engaging by offering incentives such as cash back, travel rewards, and other reward cards.
Their user-friendly mobile app simplifies account management, and their advanced technology ensures secure online transfers and financial transactions. Capital One provides loans tailored to the needs of small businesses with flexible repayment terms.
Why we chose it: Capital One allows unlimited digital transfers, granting you the flexibility to manage your funds seamlessly.
Pros
- Unlimited digital transfers
- No overdraft fees
- Extensive ATM network
Cons
- Few physical branches
- Monthly account fees
- Charges for using out-of-network ATMs
Fees
Capital One charges a $15 monthly fee for business accounts, which can be waived by maintaining a $2,000 balance over a 30 or 90-day period. There are no fees for using any of Capital One’s 70,000 nationwide ATMs.
Interest Rates
Opening a business savings account with Capital One can earn you an interest rate of up to 0.20% in your first year on balances up to $5 million, offering substantial growth potential. However, their checking accounts don’t accrue interest, highlighting the value of their free digital transfers.
Minimum Balance
There’s no minimum balance requirement for keeping your account open, but maintaining at least $2,000 in your checking account will help avoid the monthly fee. Additional funds in your savings account can accrue interest, maximizing your resources.
Access to Mobile Banking
With limited physical branches, Capital One’s highly-rated mobile app is invaluable. It allows you to handle all banking activities, including transfers, digital payments, and check deposits using your device’s camera. The app also provides access to the CreditWise service, helping you monitor your credit score and receive financial tips.
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Lili: Best Business Checking Account for Overdraft Fees
Lili provides an online business checking account specifically designed for small businesses in Delaware. This account boasts no fees, no minimum balance requirements and includes a free Visa debit card. There are no monthly overdraft fees.
Lili enhances the banking experience with various rewards, such as cashback on selected services. Their merchant services offer multiple payment options, including online banking and access to a fee-free ATM network.
Why we chose it: Lili stands out with its minimal fees and tax optimization software, which are great for helping businesses retain more of their income. If you’re seeking a top-notch online business checking account that doesn’t require credit checks, Lili is an excellent choice.
Pros
- No account fees, minimum balance requirements, or initial deposit necessary
- Unlimited transactions with no fees
- Access to fee-free ATMs through the MoneyPass network and cash deposit capabilities via the Green Dot network
- Integrated tools for expense management and tax planning
- Early payment feature with direct deposit, allowing you to access funds up to two days earlier than traditional banking
Cons
- Fees of up to $4.95 for cash deposits at Green Dot locations
- No checkbook availability; inability to send or receive wire transfers
- Limited business-specific features, such as the absence of joint accounts, multiple business debit cards, or third-party integrations
Fees
Lili offers free tax software and doesn’t charge account or overdraft fees. There are no fees for foreign transactions or for using over 38,000 in-network ATMs across the United States. Charges apply for using out-of-network ATMs, ranging from $2.50 to $5.
Interest Rates
Lili’s Business Checking account doesn’t offer interest. For those interested in earning interest, Lili offers a savings account with a 1.5% APY, requiring a minimum balance of $34,000 to avoid monthly fees.
Minimum Balance
There’s no minimum balance required for the checking account, making it a viable option for new businesses or those with variable income.
Access to Mobile Banking
Lili’s mobile app is tailored for freelancers and small business owners, enabling comprehensive financial management including expense tracking, tax savings, and payment handling from your mobile device. The app also features instant payment notifications, budgeting tools, and mobile check deposit capabilities.
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U.S. Bank: Best Bank for Small Businesses in Delaware for Its Merchant Services
U.S. Bank provides exceptional merchant services tailored to the needs of small businesses in Delaware. They support small business financial operations by offering various payment solutions, including point-of-sale (POS) services and online banking options.
Their widespread network of ATMs ensures that you can conduct financial transactions and access your funds throughout Delaware. U.S. Bank also offers competitive rates and rewards that facilitate the growth of small businesses.
Why we chose it: U.S. Bank is a reliable source for small businesses seeking a range of lending options.
Pros
- Lending solutions tailored to meet specific needs
- Specialized merchant services for restaurants, retailers, and service providers
- 2,400 branch locations across various states
Cons
- Fees for overdrafts
- Relatively low APY
- Branches limited to 28 states
Fees
With U.S. Bank’s Silver Checking Package for small businesses, there are no monthly fees. Higher-tier accounts might have fees that can be waived as your business grows. Be mindful of transaction limits to avoid extra charges.
Interest Rates
U.S. Bank’s checking accounts don’t offer interest-generating options. Their savings accounts offer perks, although the maximum interest rate is currently 0.01%.
Minimum Balance
There’s no minimum balance required for the Silver Account Package specifically designed for small businesses. Other accounts may have waivable fees contingent on maintaining certain balances. A minimum of $500 is needed in savings accounts to waive service fees.
Access to Mobile Banking
Away from a branch, you can manage all your banking needs via U.S. Bank’s mobile app. This convenient tool allows for effortless funds transfers between accounts and keeps you informed about your financial status with customized alerts.
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Oxygen: Best Business Checking Account for Fee-Free Digital Banking
Oxygen provides unlimited digital banking with no fees for small businesses in Delaware, including unlimited transactions and free ATM access through the Allpoint network. The mobile banking experience is enhanced with features like temporary or reusable virtual cards.
Oxygen supports the growth of small businesses with accounts that have no monthly fees, no minimum deposit requirements, and no balance requirements. Users can earn rewards such as cash back and travel incentives with Oxygen business accounts.
Why we chose it: Oxygen caters to the modern business owner with innovative banking features and is especially suited for sole proprietors.
Pros
- Designed for the modern entrepreneur
- Offers 5% cashback rewards
- Ability to create virtual, single-use debit cards
Cons
- Limited mobile user-friendliness
- No support for multiple users
- Higher pricing
Fees
Oxygen is largely fee-free, though charges may apply for out-of-network and international ATM withdrawals. There are no fees for ACH transfers or account maintenance.
Interest Rates
While the business checking account doesn’t earn interest, Oxygen offers a business savings account where funds can accrue 1.0% interest on balances up to $20,000, with lower rates on higher balances.
Minimum Balance
There are no minimum balance requirements for either checking or savings accounts, ensuring no monthly fees regardless of account balance.
Mobile Banking Features
Oxygen’s mobile app is tailored for small business owners, allowing for check deposits, bill payments, and account management on the go. The app also provides financial insights to help track spending and manage finances effectively.
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Axos: Best Online Bank for Competitive Rates
Axos Bank, an online institution, provides highly competitive interest rates on deposit accounts and loans that are ideal for small businesses in Delaware. Leveraging these financial products can significantly aid in business growth.
Axos excels in user-friendly mobile banking, enabling customers to access their funds and conduct transactions from anywhere. The bank prioritizes security with advanced fraud monitoring and alert systems, along with robust 128-bit SSL encryption to safeguard online transactions.
Why we chose it: Axos Basic Business Checking offers free cash deposits and a low-fee structure, ranking it among the top business bank accounts available.
Pros
- No monthly fees and unlimited transactions
- Unlimited reimbursements for domestic ATM fees
- Ability to make cash deposits at MoneyPass and Allpoint ATMs
- Welcome bonus for new customers (subject to terms)
- Round-the-clock customer support
Cons
- Lacks third-party app integrations
- The interest-checking APY is competitive but not the highest available
Fees
There are no monthly maintenance fees with Axos Bank Basic Business Checking, and it offers reimbursement for any ATM fees incurred, essentially making it free to use. However, be mindful of the $35 charge per wire transfer if you frequently need this service.
Interest Rates
While the basic checking account doesn’t offer an APY, Axos provides interest-bearing business savings accounts for those looking to earn interest on their surplus funds.
Minimum Balance
There are no minimum balance requirements for either checking or savings accounts at Axos, making it a flexible option for small business owners, especially those starting with lower capital.
Access to Mobile Banking
Axos Bank’s comprehensive mobile app allows for complete financial management on the go. Customers can deposit checks, transfer funds, pay bills, and more. The app also features account alerts and budgeting tools to help keep your finances in check.
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Bank of America: Best Bank for Small Businesses in Delaware Digital Services
Bank of America provides exceptional digital services to small businesses in Delaware. Their cutting-edge online and mobile banking platforms allow customers to easily access funds and manage their accounts from anywhere.
Additionally, Bank of America offers attractive business incentives, such as higher interest rates and waived fees on certain banking services. They also extend business credit lines to assist small businesses with short-term needs like inventory and payroll. Their merchant services include various payment options, such as point-of-sale services.
Why we chose it: Bank of America’s rewards program offers many benefits, enhancing the banking experience for all involved.
Pros
- Preferred rewards boost interest rates
- Over 17,000 ATMs and 4,300 branches available
- Potential to waive monthly fees
Cons
- No 24/7 customer service
- Monthly maintenance fees
- Transaction fees at non-Bank of America ATMs
Fees
Bank of America’s basic checking account incurs a $16 monthly fee, which can be waived by maintaining a $5,000 monthly balance, spending a minimum of $250 on your debit card, or joining the Preferred Rewards program. Additional fees may apply for out-of-network ATM withdrawals and excessive deposits within a month.
Interest Rates
Opening a savings account typically starts with a 0.01% interest rate, which can increase to 0.04% through active participation in the rewards program. Checking accounts, however, don’t accrue interest.
Minimum Balance
A monthly balance of $5,000 in your checking account will eliminate the $16 service fee. A minimum of $2,500 in your savings account is necessary to avoid a $10 monthly fee.
Access to Mobile Banking
Bank of America’s mobile app is valued for its functionality, allowing you to manage accounts, pay bills, and transfer funds from anywhere. The app also features a budgeting tool to help monitor and control spending.
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Chase Business: Best for Cash Back Bonuses
Chase offers a variety of business services, including payment collection, fraud protection, and a $300 bonus for new sign-ups. With the Chase app, you can even accept credit card payments directly into your account.
Although there’s a monthly service fee, there are multiple ways to have it waived. Unlock $1,000 bonus cash back when you spend $10,000 on purchases within your first 3 months of account opening.
Why we chose it: Chase not only fulfills your basic banking needs but also provides an extensive range of additional services tailored for businesses.
Pros
- No minimum deposit required to open an account
- Unlimited fee-free electronic transactions
- Built-in credit card processing capabilities
- Welcome bonus for new customers (subject to terms)
- No overdraft fee if the account is overdrawn by $50 or less, with a 24-hour grace period for overdrafts that exceed this amount
Cons
- $15 monthly maintenance fee
- Monthly limits on fee-free cash deposits (up to $5,000) and in-person transactions (20)
- Charges for using ATMs outside the network
Fees
While the prospect of a monthly service fee might deter some, Chase for Business offers several ways to have this fee waived. Options include maintaining a $2,000 minimum daily balance, making $2,000 in net purchases with a business credit card, or receiving $2,000 in deposits via the Chase QuickAccept app.
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Chase: Best Bank for Small Businesses in Delaware for Its Financial Security
Chase Bank ensures robust security for financial transactions, offering exceptional protection for small businesses in Delaware. With proactive fraud monitoring and a zero-liability policy for unauthorized transactions, customers can feel confident about the safety of their funds.
Chase also delivers comprehensive online banking capabilities, including bill payment and funds transfer services accessible anywhere in Delaware. It offers a diverse array of checking and savings accounts that are easy to open and come with minimal requirements.
Why we chose it: Chase enhances its traditional banking services with an extensive array of merchant services designed to support your business’s growth and success.
Pros
- A wide range of merchant services available
- Multiple options to waive the monthly maintenance fee
- $300 sign-on bonus for new customers
Cons
- Monthly maintenance fees apply
- Limit of 20 free transactions per month
- Minimal interest on APY
Fees
Fees Chase Business Complete Banking starts with a $15 monthly fee, which can be waived by maintaining a $2,000 daily balance, making deposits through Chase QuickAccept, or making purchases with a Chase Ink Business Card. Be mindful of additional transaction costs after the first 20 each month, and consider the high cost of wire transfers.
Interest Rates
Chase doesn’t offer interest on business checking accounts. To earn interest, consider opening a business savings account, which offers up to 0.02% APY.
Minimum Balance
To avoid the monthly service fee, maintain a minimum of $2,000 in your checking account. Savings accounts incur no fees as long as you maintain an active checking account with Chase.
Access to Mobile Banking
The Chase mobile app goes beyond basic banking, allowing you to lock or unlock your credit card if lost, set aside funds for major purchases with its budgeting tool, and utilize credit monitoring services to maintain your financial health.
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Methodology for the Best Banks for Small Businesses in Delaware
When selecting the best banks in Delaware for small businesses, we meticulously evaluated various factors that meet specific business and financial needs. These included merchant services, banking convenience, rates, and fees, along with security, customer service, and digital banking capabilities.
- Fees: For small businesses, every dollar counts. We sought banks that either don’t charge maintenance fees or offer ways to waive them easily. It was also essential to find institutions that keep transaction and transfer costs low, as these are crucial for daily business operations.
- Interest Rates: Although business bank accounts are primarily used for organizational purposes and making payments, earning some interest is a bonus. We highlighted banks that provide accessible interest rates on checking and savings accounts, some of which significantly surpass the national average.
- Minimum Balance: We identified banks that either don’t require a minimum balance or set low thresholds to avoid fees, understanding that small businesses often start with limited funds. Some banks require a certain balance to unlock higher interest rates or other benefits.
- Access to Mobile Banking: In today’s fast-moving world, having mobile banking access is invaluable. We focused on banks that offer robust mobile apps, including those from online-only banks that allow account management from anywhere, as well as traditional banks that have upgraded their mobile services.
- Ease of Use: Our top picks for small business banking needed to be user-friendly, covering everything from making transfers and payments to opening an account with just an EIN. We prioritized banks that make managing finances straightforward and hassle-free.
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Frequently asked questions
When opening an LLC bank account in Delaware, you need to submit your LLC formation documents, tax identification number, personal identification documents, and a business license (if required).
Different banks might ask for extra documents or details, so it’s advisable to contact the bank you’re considering to understand their specific requirements and the steps involved in opening an LLC bank account.
Yes, opening a bank account with an EIN (Employer Identification Number) is recommended. Any business that has employees must have an EIN for tax purposes, and banks typically require this number to set up your account.
If you’re the sole employee of your business, you could alternatively use your Social Security Number (SSN), but this may lead to confusion between personal and business finances. Using an EIN helps maintain a clear separation between these accounts.
Yes, you can open a bank account for a Delaware LLC. To do so, you’ll need to provide the bank with the required documentation for account setup. This typically includes your LLC formation documents, EIN (Employer Identification Number), and any additional identification or financial information that the bank may require.
It’s prudent to set aside at least six months’ worth of operating expenses as a safety net in case your business encounters any operational difficulties. This reserve will provide financial stability while you navigate through any temporary setbacks. If workable, consider adding at least 10% of your monthly profits to this fund to increase your savings.
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Bottom Line
Having a business account in Delaware offers many benefits for small businesses. It’s essential to evaluate a small business’s specific financial and operational needs when selecting a banking partner. The top banks for small businesses provide a range of helpful products and services, such as flexible loan options and convenient banking solutions.
They also deliver high-quality customer support, exceptional merchant services, robust financial security, and comprehensive digital banking capabilities. These features are vital for the growth and maintenance of small businesses in Delaware.
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