Pennsylvania, rich in history and economic diversity, provides a fertile ground for businesses to thrive. However, effectively managing your business’s finances is a key element in its success.
Choosing the right bank plays a crucial role in simplifying fund management. But, there are several banking options for your Pennsylvania-based business, and choosing one can be a challenging task. This guide will help you discover the best banks for small businesses in Pennsylvania, providing the information you need to make a wise decision.
Table of Contents
Best Business Banks in Pennsylvania
Our Methodology
Bluevine: Best Overall Business Bank in Pennsylvania
Lili Bank: Best for Its Simple Financial Management
Axos Bank: Best for Its Customer Support
PNC Bank: Best for Its High-level Financial Solutions
Citibank: Best for Its Lending Options and Rewards Program
Our Methodology for Choosing the Best Business Banks in Pennsylvania
Frequently Asked Questions on Best Business Banks in Pennsylvania
Bottom Line
Best Business Banks in Pennsylvania
Bluevine: Best Overall Business Bank in Pennsylvania
Lili Bank: Best for Its Simple Financial Management
Axos Bank: Best for Its Customer Support
PNC Bank: Best for Its High-level Financial Solutions
Citibank: Best for Its Lending Options and Rewards Program
$2.50 for out-of-network ATMs, $5 for international ATMs, and $5 for card replacement.
None
$0
Available for iOS and Android
Axos bank
$0 – $100 (based on the type of account)
$0
Up to 1.01% APY
$100 initial deposit for Interest Business Checking
Available for iOS and Android
PNC Bank
$12
$36 for overdraft fees
Up to 0.01% APY
$500 average daily balance or $1,000 average ledger balance
Available for iOS and Android
Citibank
$25 – $30
Varies depending on account type
0.01% APY
$10,000 – $30,000 to avoid monthly fees.
Available for iOS and Android
Our Methodology
When choosing the best banks for businesses in Pennsylvania, several factors were considered, including monthly account maintenance fees, minimum balance requirements, and the availability of advanced mobile apps and user-friendly systems.
Our analysis also focused on banks that offer competitive rates in the state and highlighted those with top-tier mobile banking options, ease of use, and comprehensive business checking account perks.
In addition, our evaluation considered physical locations, monthly fees, required opening deposit and balance minimums, transaction limits, ACH and wire transfer fees, ATM fees, cash deposit fees, interest yield, and other checking account perks.
Bluevine: Best Overall Business Bank in Pennsylvania
Bluevine is a common choice for businesses in Pennsylvania for its secure online banking and versatile financing solutions. The bank distinguishes itself through long-term loans and credits featuring reasonable interest rates and accommodating repayment structures.
While it’s well known for its high interest rates, minimal fees, and no maintenance requirements, Bluevine does not provide a business savings account and imposes a fee for cash deposits.
Why we chose it: With competitive interest rates, minimal fees, and no maintenance requirements, Bluevine is the optimal choice for various business entities seeking a top-notch business bank account.
Pros
Zero mandatory minimum deposit
They offer a high-interest rate
Sparse fees on checking accounts
Cons
Bluevine charges fees for cash deposits
They do not provide a savings account for businesses
Fees
Bluevine does not impose monthly fees, enabling businesses to bank without additional charges. Nevertheless, there is a $2.50 fee for using out-of-network ATMs and a $4.95 charge for cash deposits.
Interest Rates
Bluevine offers an impressive 2.0% APY, surpassing the current national average by 50 times. This rate applies to balances up to $100,000, with no interest accruing on additional funds beyond this threshold.
Minimum Balance
Bluevine is accessible to businesses of all sizes as it does not impose a minimum balance requirement.
Access to Mobile Banking
Bluevine offers a mobile app with a user-friendly interface, enabling businesses to conveniently manage accounts, execute transfers, and deposit checks while on the move.
Lili Bank: Best for Its Simple Financial Management
Lili Bank, a fintech company specializing in business banking services, caters to entrepreneurs and small businesses in Pennsylvania. The bank offers tailored solutions with fee transparency, convenient mobile banking access, and integrated financial tools.
As a non-traditional bank, Lili Bank partners with Choice Financial Group, ensuring FDIC protection for deposits up to $250,000. Furthermore, Lili Bank provides a diverse range of features and tools for effective financial management.
Why we chose it:We chose Lili Bank because of its extensive array of integrated tools and features, uniquely crafted to simplify financial management for small businesses.
Pros
Clear fee framework
Easy financial management
Integrated tools and features
Cons
Limited customer assistance
Fees and restrictions on deposits
Limited fund transfer options
Fees
Lili Basic offers fee-free banking without monthly charges, but Lili Pro, Smart, and Premium accounts have monthly fees. Lili Pro, however, offers BalanceUp, a fee-free overdraft protection program covering up to $200 in debit overdrafts.
Lili Bank stands out with no transaction fees (excluding cash deposits), offering savings for businesses that perform frequent transactions. Cash deposits at Green Dot locations also incur a $4.95 fee, an important factor for businesses considering accounts with Lili Bank.
Interest Rates
Lili Bank does not provide interest on its checking accounts. But Lili Pro, Lili Smart, and Lili Premium account holders can earn a variable Annual Percentage Yield (APY) of 4.15% on balances up to $100,000; balances beyond this limit won’t accrue interest.
The high APY on the Lili Savings Account is a notable feature, beneficial for businesses looking to maximize savings while retaining accessibility to their funds.
Minimum Balance Requirements
Lili Bank offers flexibility by not requiring minimum balances on its business accounts. This adaptability benefits businesses, especially those in their early stages or experiencing fluctuations in cash flow.
With Lili Bank, businesses can manage their accounts without concerns about meeting specific thresholds.
Access to Mobile Banking
Lili Bank offers businesses in Pennsylvania mobile banking access through a user-friendly app. This app allows for convenient account management, transactions, and access to various financial tools.
Axos Bank: Best for Its Customer Support
Axos Bank is a top choice for online banking in Pennsylvania, featuring a robust online platform that transcends state borders.
The Basic Business Checking account offers businesses unlimited fee-free transactions, automatic refunds for domestic ATM fees, and the convenience of cash deposits through MoneyPass and AllPoint ATMs.
Despite the absence of physical branches, Axos Bank compensates with comprehensive online services. New customers may qualify for a welcome bonus, subject to specific terms.
Why We Chose It: Axos Bank’s commitment to 24/7 customer support, coupled with its fee-free banking solutions, makes it an appealing choice for businesses prioritizing accessibility and convenience.
Pros
No monthly fees
Unlimited fee-free transactions
Round-the-clock customer support
Cons
$25 fee for insufficient funds or returned uncollected funds
Absence of third-party app integration
Fees
Opening a Rewards Checking account with Axos Bank requires a $50 minimum deposit, providing an accessible entry point for most customers. Despite this initial requirement, the account remains free from maintenance fees and non-sufficient fund fees, offering unlimited reimbursements for domestic ATM fees.
To qualify for the $200 welcome bonus, it’s crucial to deposit $50 within the initial 30 days of opening the account. Additionally, meeting the bonus criteria involves ensuring direct deposits of at least $5,000 each calendar month for the initial seven months of the account.
Interest Rates
Axos Bank provides diverse checking account options with different interest rates. The Basic Business Checking account comes with a 0% Annual Percentage Yield (APY), while the Interest Business Checking account offers a 1.01% APY on balances up to $49,999.99. Opening an Interest Business Checking account necessitates an initial deposit of $100.
Minimum Balance
Axos Bank’s checking accounts do not have a minimum balance requirement.
Access to Mobile Banking
Axos Bank provides mobile banking access through the Axos All-In-One Mobile Banking app, allowing customers to manage accounts, bill payments, check deposits, fund transfers, and expense tracking. The app is compatible with both iOS and Android devices.
PNC Bank: Best for Its High-level Financial Solutions
PNC Bank, a prominent regional institution in Pennsylvania, delivers a banking product suite for businesses.
From business checking accounts to lending solutions, credit cards, and other tailored financial services, PNC Bank stands out for its commitment to meeting the unique needs of businesses in the region.
Focused on customer satisfaction and personalized service, PNC Bank is a trusted partner for Pennsylvania businesses with competitive rates and a dedication to supporting local enterprises.
Why we chose it: With a strong reputation for delivering high-level financial solutions, PNC Bank is an ideal partner for businesses of all sizes.
Pros
PNC Bank offers various business checking accounts to cater to diverse needs.
Their lending options provide businesses the necessary financial flexibility for growth and success.
PNC Bank features a user-friendly mobile banking app.
Cons
PNC charges fees for some of its services.
Their interest rates are relatively low.
PNC Bank has limited physical branch locations.
Fees
For the Initiate Business Checking account, PNC Bank imposes a $12 monthly service fee. This fee can be avoided by maintaining a minimum daily balance of $500 or an average ledger balance of $1,000. Additional fees may apply for overdraft services.
Interest Rates
PNC Bank provides an interest rate of up to 0.01% APY for their Initiate Business Checking account. Although this rate may not be the most competitive, it enables businesses to earn some interest on their account balances.
Minimum Balance
To avoid the monthly service fee associated with the Initiate Business Checking account, businesses must have a minimum daily balance of $500 or maintain an average ledger balance of $1,000.
Access to Mobile Banking
PNC Bank offers businesses convenient mobile banking access through its user-friendly app. This application enables businesses to effortlessly handle account management, fund transfers, and payments while on the move.
Citibank: Best for Its Lending Options and Rewards Program
Citibank is a premier option for Pennsylvania businesses seeking advanced financial services. The bank provides flexible loan options, competitive rates, and customized repayment structures to meet diverse business needs.
With branches strategically located in key economic regions of Pennsylvania, Citibank offers local support and expertise to foster the success of businesses.
Why We Chose It: We chose Citibank because of its lending options, specialized merchant services, and rewarding programs, ensuring customer satisfaction for businesses of all sizes.
Pros
Extensive branch network for easy access.
Offers high-level financial services, including specialized merchant services.
Provides a range of lending options to support business growth.
Cons
No free business checking account.
Limited branch locations in Pennsylvania.
Savings interest rates are relatively low.
Fees
Citibank provides diverse business checking accounts, each with unique fee structures.
The Citibank Account incurs a $25 Monthly Service Fee, waived with a $10,000 average monthly balance in eligible linked retirement and investment accounts.
The Citi Priority checking account offers investment guidance with a $30 Monthly Service Fee for linked accounts, waived with a $30,000 balance.
While the Citigold Account Package necessitates a minimum of $800,000 in combined assets in eligible accounts to remain in the package.
Interest Rates
Citibank’s checking accounts offer relatively low-interest rates at 0.01% APY for balances below $10,000. However, the bank provides various lending options with competitive rates, allowing businesses seeking loans or lines of credit to explore Citibank’s offerings for optimal financial solutions.
Minimum Balance
Citibank’s business checking accounts do not have a specific minimum balance requirement. However, to waive the $25 monthly fee for the Citibank Account, maintaining at least a $10,000 balance is required. Similarly, for the Citi Priority account, a balance of $30,000 is necessary to avoid the $30 monthly fee.
Access to Mobile Banking
Citibank provides a mobile banking app offering a convenient means to stay connected with business finances while on the go.
Our Methodology for Choosing the Best Business Banks in Pennsylvania
Fee Assessment
We meticulously examined the fee structures of each bank, considering account opening fees, monthly maintenance charges, transaction fees, and any additional costs associated with services such as wire transfers or ATM usage.
Interest Rates
The interest rates presented by banks played a crucial role in our evaluation. We thoroughly examined the Annual Percentage Yield (APY) across different account types to ensure that businesses can secure competitive returns on their balances.
Mobile Banking
We assessed the functionality, user-friendliness, and features of each bank’s mobile app, ensuring that businesses have convenient and secure access to their accounts while on the go.
Minimum Balance
We evaluated the minimum balance requirements set by banks to avoid monthly service fees. Understanding these thresholds allowed us to suggest options that align with the financial needs of businesses in Pennsylvania.
Ease of Use
In addition to mobile banking, we examined the overall user experience, including the ease of navigating online platforms, the availability of customer support, and accessibility to essential banking services. This contributes to a seamless experience for businesses in Pennsylvania.
Banks in Pennsylvania typically offer a variety of business accounts, including business checking, savings, and money market accounts. These accounts cater to different needs, with features such as low fees, interest-bearing options, and tailored services for businesses of various sizes.
While specific requirements may vary between banks, common documents needed include a valid EIN (Employer Identification Number), business formation documents, owner identification (such as driver’s license), and sometimes proof of address. It’s advisable to check with the chosen bank for their specific criteria.
Most banks in Pennsylvania offer online banking services for business accounts. Once your account is set up, you can access it through the bank’s website or mobile app. Online banking allows you to view balances, transfer funds, pay bills, and manage your business finances conveniently.
Small businesses in Pennsylvania can explore various financing options, including business loans, lines of credit, and Small Business Administration (SBA) loans. Local banks may also have specific programs tailored to support small business growth, so it’s worthwhile to inquire about these opportunities.
Pennsylvania has its own set of banking regulations, and businesses need to comply with both state and federal regulations. It’s important to be aware of licensing requirements, tax obligations, and any other regulations that may impact business banking activities in the state.
Banks in Pennsylvania offer various services to help businesses manage their finances effectively. This includes cash management tools, merchant services, payroll processing, and integration with accounting software. Many banks also provide financial advisors who can offer guidance on optimizing business finances.
Cybersecurity is a significant concern for businesses. Banks in Pennsylvania implement robust security measures, but it’s crucial for businesses also to take proactive steps. This includes regularly monitoring accounts, using secure networks, educating employees about cybersecurity best practices, and considering additional security services the bank offers.
Bottom Line
Choosing the best business bank in Pennsylvania requires careful consideration of factors such as fees, interest rates, mobile banking access, and overall ease of use. Bluevine, Lili Bank, Axos Bank, PNC Bank, and Citibank each offer unique features catering to diverse business needs.
Bluevine is our top choice, but it doesn’t have to be yours. However, we are sure that among these top banks we have listed, you’ll find one that suits your business needs.
Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.
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