9 Best Banks for Small Businesses in Hawaii Ranked for 2024

Bluevine stands out as one of the top banking options in Hawaii for small businesses. They provide a variety of checking and savings accounts tailored to meet your needs, ensuring easy deposits and transfers across all services. Bluevine checking accounts support FX transactions and facilitate quick international payments.

Small businesses in Hawaii will benefit from the excellent customer experience and the user-friendly interface these banks offer.

Why we chose it: High interest rates, minimal fees, and no maintenance requirements make Bluevine an ideal choice for business bank accounts, whether for LLCs or other types of businesses.

Fees

With Bluevine, you won’t encounter any monthly fees, allowing you to manage your finances without extra costs. However, using out-of-network ATMs incurs charges, making the mobile app a handy resource for locating free withdrawal spots. Be mindful that each cash deposit costs $4.95, so it’s best to use this service judiciously.

Interest Rates

Bluevine offers a compelling 2.0% APY, which is 50 times the current national average, applicable on balances up to $100,000. However, any amount over this threshold won’t earn interest, something for growing businesses to consider. You can also benefit from 4.25% APY.

Minimum Balance

There are no minimum balance requirements with Bluevine, enabling small businesses to start with minimal funds and still benefit from the high-interest rates from the outset.

Access to Mobile Banking

The Bluevine mobile app simplifies banking from any location. This well-designed tool allows you to manage your accounts efficiently, track your spending, and even handle vendor payments via wire or check, with the option to schedule these for future fulfillment.

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Capital One excels in online banking services, making it an ideal choice for small businesses in Hawaii that prioritize digital operations. The bank offers robust E-banking capabilities, with user-friendly mobile apps that simplify transfers and other digital products. 

Capital One provides two business checking accounts and up to five different credit cards, which can be activated online. You can also easily block these cards if they go missing.

Why we chose it: Capital One stands out by offering unlimited digital transfers, giving you the flexibility to manage funds seamlessly and efficiently, which is especially beneficial for online businesses looking for uninterrupted Internet banking experiences.

Fees

Capital One’s business accounts include a $15 monthly fee, which could be a significant expense for small businesses. However, this fee can be waived by maintaining an average balance of $2,000 over a 30- or 90-day period. Fortunately, there are no fees for using any of Capital One’s 70,000 ATMs nationwide.

Interest Rates

Capital One’s business savings accounts offer interest rates of up to 0.20% during your first year, applicable to balances up to $5 million. This provides considerable flexibility for small businesses. It’s worth noting, though, that the bank’s checking accounts do not accrue any interest, making free digital transfers even more appealing.

Minimum Balance

There is no mandatory minimum balance to keep your Capital One account active. However, maintaining at least $2,000 in your checking account is advisable to avoid the monthly service fee. Keeping surplus funds in your savings account can help you earn some interest on idle money.

Access to Mobile Banking

With limited physical branches, Capital One’s highly-rated mobile app is valuable. Through the app, you can manage all your banking needs, such as making transfers, paying digitally, and depositing checks using your device’s camera. The app also provides access to Capital One’s CreditWise service, which helps you monitor your credit score and offers useful financial tips.

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Lili is an excellent banking choice for small businesses in Hawaii, particularly for those requiring flexible financing solutions such as loans and credit lines. If your business consistently needs access to funds to maintain operations, Lili could be your ideal partner. 

This digital bank caters to freelancers, remote workers, and startups, providing the crucial financial support needed for success. Beyond offering loans, Lili facilitates manageable repayment plans, making it easier for businesses to handle their financial obligations without strain.

Why we chose it: Lili is distinguished by its minimal fees and innovative tax optimization software, which help businesses maximize their income retention. Lili offers a compelling solution for those seeking an online business checking account without the hassle of credit checks.

Fees

Lili stands out with its free tax software, but business owners will also appreciate the absence of account and overdraft fees. There are no charges 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 will result in a fee ranging from $2.50 to $5.

Interest Rates

Lili’s Business Checking account does not offer interest. For those who opt for a savings account, a 1.5% APY is available, although maintaining a minimum balance of $34,000 is necessary to counterbalance the monthly costs associated with this account.

Minimum Balance

Lili Bank doesn’t require a minimum balance for its checking account, eliminating the need to maintain a specific amount to avoid monthly fees. This feature is beneficial for those just starting out or with variable income streams.

Access to Mobile Banking

Lili Bank’s mobile app is tailored for freelancers and small business owners. It provides comprehensive financial management capabilities, including expense control, tax savings, and payment handling, all from your mobile device. 

The app also features instant payment notifications, budgeting tools, and the ability to deposit checks via mobile, enhancing the banking experience for users on the go.

>> Check Out Lili >>

U.S. Bank stands out for small businesses that handle a large volume of transactions, making it an excellent choice for merchants and POS agents engaged in both online and offline businesses. Not all banks can support high transaction volumes, but the savings and checking accounts offered by U.S. Bank are particularly well-suited for this need.

To avoid maintenance fees, it’s wise to maintain an average balance in your account. For businesses experiencing a high volume of sales, U.S. Bank provides several options, such as the Silver Business Checking Account, Gold Business Account, and Platinum Business Checking Account.

Why we chose it: U.S. Bank is a top choice for small businesses looking for additional financing, offering a wide range of lending options to support growth and operational needs.

Fees

With U.S. Bank’s Silver Checking Package, small businesses enjoy no monthly fees. However, as your business expands, higher-tier accounts do come with waivable monthly fees, so monitoring monthly transactions is crucial to avoid charges exceeding set limits.

Interest Rates

U.S. Bank’s checking accounts don’t offer interest-generating options. While their savings plans do provide various perks, the highest interest rate available is currently 0.01%. It’s a minimal rate, but importantly, there’s no cap on the balance that can earn this interest.

Minimum Balance

The Silver Account Package, tailored for small businesses, has no minimum balance requirement. However, other checking accounts might have waivable fees if you maintain the required balances. For savings accounts, a minimum balance of $500 is needed to avoid service fees.

Access to Mobile Banking

For those not near a U.S. Bank branch, the mobile app offers a complete banking experience. You can effortlessly transfer funds between accounts and monitor your financial status. U.S. Bank also enhances user experience with customized alerts to keep you informed about your financial activities.

>> Check Out U.S. Bank >>

Oxygen is a top-rated financial institution in Hawaii, renowned for its support of small to mid-sized businesses. The bank offers checking and savings accounts that are particularly well-suited for freelancers and remote workers, accommodating easy receipt of deposits in foreign currencies.

Oxygen simplifies the processing of FX transactions, facilitating seamless operation from any location within the country. With widespread ATM access, withdrawals are convenient, making it an ideal choice for business owners looking for hassle-free banking. Oxygen’s capability to handle transfers globally ensures that it caters to the needs of modern, dynamic businesses.

Why we chose it: Oxygen resonates with the modern, trendy business owner, providing innovative banking features that enhance operational efficiency. It’s also highly recommended for sole proprietors, offering one of the best checking account options available.

Fees

Oxygen promotes a fee-free experience for most services, although charges may apply for out-of-network and international withdrawals. There are no fees for ACH transfers or simply maintaining your account, making it financially accessible for small business owners.

Interest Rates

Oxygen’s business checking account does not offer interest; however, they provide a solution with their business savings account. Balances of $20,000 or less in the savings account will accrue interest at a rate of 1.0%. Higher amounts continue to earn interest but at a reduced rate, accommodating different levels of savings.

Minimum Balance

There are no minimum balance requirements for either the checking or savings accounts at Oxygen Bank. This means there are no monthly fees associated with your account balance, ensuring you are free from financial pressure regarding account maintenance.

Mobile Banking Features

Oxygen Bank’s mobile app is crafted to assist small business owners in managing their finances efficiently while on the move. The app enables functionalities such as check deposits, bill payments, and the generation of account statements. It offers spending insights, which are valuable tools for monitoring and controlling your financial activities effectively.

>> Check Out Oxygen >>

Axos stands out as one of the top banking choices for small businesses in Hawaii, especially for those involved in investment sectors like real estate and cryptocurrencies. They offer free business checking accounts, particularly beneficial for individuals engaged in property dealings and mortgage services. 

You can avoid any maintenance fees by maintaining a balance of at least $5,000 each month. This makes Axos an attractive option for professionals in home sales, mortgage financing, and cryptocurrency transactions.

We chose it: The Axos Basic Business Checking account is highly favored due to its free cash deposits and low fee structure, making it one of the best business banking options.

Fees

Axos Bank’s Basic Business Checking account stands out because it does not require a monthly maintenance fee, and there are no conditions for keeping your account active. Any ATM fees you incur are reimbursed each month, making the account cost-free. 

However, if you frequently send wire transfers, be mindful of the $35 fee Axos charges for each transaction.

Interest Rates

The Basic Business Checking account doesn’t offer an annual percentage yield, focusing instead on business-oriented benefits. For those with surplus funds, Axos provides interest-bearing business savings accounts where you can earn interest.

Minimum Balance

There are no minimum balance requirements for either checking or savings accounts at Axos Bank. This feature is beneficial for small business owners who may not have large sums available to maintain in their accounts, offering flexibility and ease of management.

Access to Mobile Banking

Axos Bank delivers a comprehensive mobile banking experience. The app enables you to manage accounts, deposit checks, initiate transfers, pay bills, and execute wire transfers directly from your mobile device. Features like account alerts and budgeting tools help you closely monitor your financial health.

>> Check Out Axos >>

Bank of America is a favored choice among small businesses in Hawaii. Setting up a business bank account is straightforward if you’re already a customer. Even without an existing account, you can start one quickly, often within minutes. As a well-established brick-and-mortar bank, Bank of America simplifies transfers for everyone.

The bank also facilitates the application process for SBA loans and credit loans. If you want to monitor your business operations live and seamlessly integrate your mobile apps with your business, opening a BOA business account could be a smart move.

Why we chose it: Bank of America offers many rewards that provide significant perks, making banking beneficial for all parties involved.

Fees

Bank of America’s introductory checking account incurs a $16 monthly fee. However, this fee can be waived by maintaining a $5,000 monthly balance, spending at least $250 using your debit card, or joining the Preferred Rewards program. Be aware of additional fees for using out-of-network ATMs and for excessive deposits within a single month.

Interest Rates

Most small businesses that open a savings account with Bank of America will start with an interest rate of 0.01%. This rate can be increased to 0.04% by actively participating in Bank of America’s rewards program. Note that Bank of America checking accounts do not offer the possibility to earn interest.

Minimum Balance

Avoid the $16 monthly service fee by keeping an average monthly balance of $5,000 in your checking account. Maintaining at least $2,500 in your savings account will help you dodge a $10 monthly service charge.

Access to Mobile Banking

Bank of America’s mobile app is highly acclaimed for its user-friendly interface. It allows you to manage accounts, pay bills, and transfer funds from virtually anywhere. The app also includes a budgeting tool that helps you track expenses and manage spending efficiently.

>> Check Out Bank of America >>

Chase stands out with its array of business services, including payment collection and robust fraud protection, plus a $300 bonus simply for opening an account. With the Chase app, businesses can conveniently accept credit card payments directly into their accounts. Although there is a monthly service fee, Chase offers several options to waive it, making it financially manageable for businesses.

Why we chose it: Chase caters to a wide range of banking needs and extends beyond with an extensive list of additional business services, making it a comprehensive banking solution for businesses.

Fees

While the monthly service fee might initially seem unappealing, given the availability of fee-free accounts, Chase provides several straightforward ways to have this fee waived. 

You can maintain a $2,000 minimum daily balance, make $2,000 in net purchases with a business card, or receive $2,000 in deposits via the Chase QuickAccept app. These options make it easier to avoid the fee and enjoy the benefits of Chase’s banking services.

>> Check Out Chase for Business >>

Chase Bank provides a variety of attractive incentives and rewards systems tailored for small businesses. When you open a business bank account with Chase, you receive a free credit card, though additional cards may incur a small fee. 

Furthermore, Chase rewards customers with high transaction volumes through monthly bonuses and incentives, solidifying its position as one of Hawaii’s leading banks committed to supporting the growth and success of local businesses.

Why we chose it: Chase enhances traditional banking offerings with an extensive array of merchant services, aiming to provide comprehensive support that helps your business thrive.

Fees

Chase Business Complete Banking has a starting monthly fee of $15. You can waive this fee by maintaining a $2,000 daily balance, making deposits via Chase QuickAccept, or using your Chase Ink Business Card for purchases. Be aware that transaction fees apply after the first 20 transactions each month, and wire transfers can be expensive.

Interest Rates

Chase doesn’t offer interest on business checking accounts. To earn interest, consider opening a business savings account, where you can accrue up to 0.02% interest.

Minimum Balance

To avoid the monthly service fee with Chase, ensure you maintain at least $2,000 in your checking account. Falling below this amount even once per month can trigger the fee. Savings accounts do not incur a fee as long as you have an active checking account with Chase.

Access to Mobile Banking

The Chase mobile app offers more than just basic banking functionalities. You can lock or unlock your credit card if misplaced, use a budget planning feature to save for significant purchases, and access credit monitoring tools to safeguard your financial health.

>> Check Out Chase >>