Best Business Banks in Massachusetts

Bluevine Bank is a fintech firm that delivers online banking services catering to small businesses. In contrast to conventional brick-and-mortar banks, Bluevine has partnered with Coastal Community Bank, an FDIC member, guaranteeing FDIC insurance coverage of up to $3 million per depositor for customer deposits. This collaborative effort not only provides businesses with enhanced security but also instills a sense of confidence.

Tailoring its offerings to suit the specific requirements of small businesses in Massachusetts, Bluevine Bank provides a diverse range of business banking solutions. Boasting competitive interest rates, no monthly fees, and user-friendly mobile banking services, Bluevine equips businesses with the necessary tools for effective financial management. While certain limitations exist, such as restricted physical branch access and cash deposit fees, the overall array of benefits and features positions Bluevine Bank as an appealing choice for businesses in Massachusetts. Whether you’re embarking on a new startup venture or managing an established business, consider Bluevine Bank your trusted financial partner.

Why we chose it: Our selection of Bluevine Bank stems from its comprehensive suite of business banking solutions expressly crafted to streamline financial management for small businesses. The services provided cover business checking accounts, lines of credit, and invoice factoring, offering a well-rounded toolkit for businesses seeking efficient and tailored financial solutions.

Fees

Bluevine Bank’s business checking accounts offer zero monthly maintenance fees, ensuring substantial cost savings for businesses. Nevertheless, there is a cash deposit fee of $4.95 per transaction at Green Dot locations, which could affect businesses dealing with significant cash volumes. Outgoing wire transfers attract a $15 fee, a relatively reasonable cost, especially for businesses involved in frequent wire transactions. When it comes to international payments in currencies other than USD, Bluevine Bank imposes a fee of $25 plus 1.5% of the payment amount—a vital consideration for businesses, depending on the currency and transfer amount.

Interest Rates 

Bluevine Bank’s business checking accounts offer an attractive opportunity with a competitive 2.0% APY on balances up to $250,000, allowing businesses to earn passive income on idle funds and promote financial growth. Moreover, for qualifying companies enrolled in Bluevine Premier, the rewards become even more compelling, with the Premier account featuring an impressive 4.25% APY on balances up to $3 million. This heightened interest rate can be a substantial advantage for businesses that maintain more significant account balances, contributing significantly to their overall finances.

Minimum Balance Requirements 

Banking with Bluevine Bank brings the advantage of no minimum balance requirements for their business checking accounts. This means businesses can establish and keep an account without the concern of needing to maintain a specific balance to avoid fees. This flexibility proves especially advantageous for small businesses experiencing fluctuating cash flows.

Despite the absence of minimum balance requirements, businesses need to aim for a healthy account balance. Doing so allows them to leverage the competitive interest rates provided by Bluevine Bank, maximizing the financial benefits associated with their business checking accounts.

Access to Mobile Banking

Bluevine Bank extends convenient mobile banking services to businesses in Massachusetts. Through the Bluevine mobile app, companies gain access to their accounts, transaction management, deposit capabilities, fund transfers, and bill payments, all effortlessly executed from the convenience of their mobile devices. The app features a user-friendly interface, facilitating easy navigation for businesses to handle diverse banking tasks with simplicity.

Mobile banking with Bluevine offers businesses the flexibility to efficiently manage their finances while moving, saving valuable time. The mobile app, compatible with iOS and Android devices, ensures accessibility for businesses, catering to users regardless of their preferred mobile platform.

Lili Bank stands out as a fintech company specializing in business banking services. Specifically designed to meet the needs of entrepreneurs and small businesses in Massachusetts, the bank provides tailored business banking solutions. Boasting fee transparency, convenient mobile banking access, and integrated financial tools, Lili Bank is an appealing choice for businesses seeking a modernized banking experience.

It’s essential to understand that Lili Bank is a non-traditional bank, partnering with Choice Financial Group, a Member FDIC. This partnership ensures the provision of banking services and secures deposits up to $250,000 through the Federal Deposit Insurance Corp (FDIC). Lili Bank’s overarching goal is to streamline banking for small businesses, offering a diverse range of features and tools to manage finances effectively.

Why we chose it: Our decision to opt for Lili Bank was driven by its comprehensive offering of integrated tools and features specifically designed to streamline financial management for small businesses.

Fees 

Lili Basic is an attractive option for businesses seeking a fee-free banking solution without any monthly charges. However, it’s important to note that Lili Pro, Lili Smart, and Lili Premium accounts come with monthly fees.

The Lili Pro account from Lili Bank introduces BalanceUp, a fee-free overdraft protection program covering up to $200 in debit overdrafts (subject to terms). This feature provides financial flexibility for eligible businesses, making it an appealing choice for those meeting the criteria.

One notable advantage of Lili Bank is the absence of transaction fees, excluding cash deposits. This presents a cost-saving benefit for businesses involved in frequent transactions. However, it’s essential to be aware that cash deposits made at Green Dot locations incur a fee of $4.95 per deposit, a factor that businesses should carefully consider in evaluating the overall benefits offered by Lili Bank.

Interest Rates

Lili Bank does not offer interest on its checking accounts. However, for Lili Pro, Lili Smart, and Lili Premium account holders, there is the opportunity to earn a variable Annual Percentage Yield (APY) of 4.15% on balances up to and including $100,000. It’s crucial to know that balances exceeding $100,000 will not accrue interest.

The notable feature of a high APY on the Lili Savings Account can prove advantageous for businesses aiming to maximize their savings while maintaining accessibility to their funds.

Minimum Balance Requirements

Lili Bank adopts a flexible approach by not imposing minimum balance requirements on its business accounts. This flexibility is particularly advantageous for businesses, regardless of whether they are in their early stages or experiencing fluctuations in cash flow. With Lili Bank, businesses can maintain their accounts without worrying about meeting specific balance thresholds.

Access to Mobile Banking

Lili Bank extends mobile banking access to businesses in Massachusetts, providing a user-friendly mobile app for convenient account management, transactions, and access to various financial tools on the fly. The seamless banking experience offered by the mobile app enables businesses to stay connected and maintain control over their finances from any location.

Capital One Bank is a well-established financial institution that delivers a comprehensive array of banking services to businesses in Massachusetts. Boasting a substantial lending portfolio of $95 billion, Capital One Bank provides a diverse range of tailored solutions to address the unique needs of businesses. Their dedicated team, specializing in various industries, ensures clients receive customized advice and support.

As one of the leading commercial banks, Capital One Bank has gained the trust of business owners and decision-makers in the middle market. With expertise spanning over 15 industries, their experienced teams possess a national reach and local knowledge, enabling them to execute their clients’ financial goals effectively. 

Why we chose it: We chose Capital One due to its provision of personalized solutions and an array of tailored products to navigate diverse business environments effectively. Businesses can enjoy the expertise of a dedicated team with profound industry knowledge. Opting for Capital One Bank also gives businesses confidence and a steadfast partner for their financial journey.

Fees

Capital One Bank offers a variety of business account options, each accompanied by its fee structure. It is essential for businesses to thoroughly understand these fees to ensure alignment with their financial goals.

With the Basic Checking account, there is a $15 monthly service fee, but this can be avoided by maintaining a minimum balance of $2,000. Standard wire fees apply, but digital transactions such as mobile deposits, ACH payments, and online bill pay do not incur additional charges.

For the Enhanced Checking account, there is a $35 monthly service fee, which is waived if a minimum balance of $25,000 is maintained. This account provides free incoming domestic wires, and the first five domestic outgoing wires each month are also free.

Interest Rates

The interest rates for business accounts at Capital One Bank can vary depending on the specific type of account. In the case of the online checking account, the annual percentage yield (APY) is tiered based on the account balance. For balances of $49,999.99 or less, the APY is 0.10%. Balances between $50,000 and $99,999.99 also earn a 0.10% APY, and if the balance exceeds $100,000, the 0.10% APY applies to the entire balance. This tiered structure ensures a consistent APY within each specified balance range.

Minimum Balance Requirements

Capital One Bank imposes minimum balance requirements for specific accounts, including the enhanced checking account. To avoid the monthly service fee associated with the improved checking account, a minimum balance of $25,000 is necessary. Businesses should carefully evaluate their ability to maintain this required minimum balance before opening such an account, ensuring they can meet the criteria to avoid incurring fees or penalties.

Mobile Banking with Capital One Bank in Massachusetts

Recognizing the significance of convenience and accessibility for businesses, Capital One Bank provides comprehensive mobile banking solutions. This enables businesses to manage their finances while on the move efficiently. Through mobile banking, businesses can securely access their accounts, perform deposits, initiate transactions, and monitor financial activities at any time and location, ensuring flexibility and ease of financial management.

Bank of America stands out for the Business Advantage Fundamentals Banking account tailored to businesses with substantial cash transactions. Noteworthy for its generous cash deposit allowances, this account allows companies, particularly those in sectors like restaurants and bars, to benefit from up to $7,500 in monthly fee-free cash deposits. 

Bank of America also takes the spotlight as the best bank for rewards in Massachusetts. The bank’s Preferred Rewards program offers exclusive perks, such as boosted interest rates and fee waivers on select banking services. With nearly 300 branches in Massachusetts and a vast ATM network, Bank of America provides extensive coverage. While the bank does have monthly maintenance fees, they can be waived by meeting balance requirements or enrolling in the Preferred Rewards program.

Why We Chose It: Businesses relying on cash transactions and seeking the convenience of a well-established national bank with an extensive array of business services will find Bank of America Business an excellent choice.

Fees

For the Basic Checking account, there is a $16 service fee, which can be waived by fulfilling specific criteria. This includes maintaining a $5,000 monthly balance, making $250 in debit card purchases, or becoming a member of the Preferred Rewards program to enjoy fee-free account usage. The savings account operates under similar rules, incurring a $10 monthly fee if the specified requirements are unmet.

Interest Rates

Bank of America’s interest rates are contingent on the rewards status of the account holder. Savings account interest rates start at 0.01% APY and increase to 0.04% at the platinum tier. Although reaching the platinum tier may require time, it offers the potential for higher interest, which is especially beneficial for businesses.

Minimum Balance

For non-Preferred Rewards members, maintaining a $5,000 balance in the checking account is essential to avoid incurring the monthly maintenance fee.

Access to Mobile Banking

Bank of America’s mobile app offers easy access to all accounts. Deposit checks, transfer money, pay bills, and manage your budget directly from your phone, enhancing convenience for your financial activities.