9 Best Banks for Small Businesses in Kentucky Ranked in 2024

Bluevine offers outstanding online banking solutions tailored for small businesses in Kentucky. With Bluevine, businesses benefit from cost-effective banking services such as no minimum balance requirements, free monthly pricing, and low transaction fees.

Small businesses that open a savings account with Bluevine can enjoy a 2.0% APY yield interest. Bluevine also provides excellent customer support for business account holders.

Why we chose it: Bluevine’s high-interest rates, minimal fees, and lack of maintenance requirements make it the optimal business bank account for LLCs and various other business structures.

Fees

Bluevine offers a fee-free monthly experience, enabling cost-free banking. However, using out-of-network ATMs incurs charges, making the mobile app essential for locating free withdrawal points. A fee of $4.95 is applied to each cash deposit, so it’s wise to use this service judiciously.

Interest Rates

Bluevine significantly outperforms the industry with a 2.0% APY, which is 50 times the national average and applies to balances up to $100,000. Beyond this, additional funds will not earn interest. You can also get up to 4.25% APY with a Bluevine Business Checking account.

Minimum Balance

Bluevine doesn’t require a minimum balance, allowing small businesses to start with minimal funds and immediately benefit from the high interest rates.

Access to Mobile Banking

The Bluevine mobile app provides seamless banking functionality from anywhere. This well-designed app simplifies account management, vendor payments via wire or check, and scheduling future payments, making financial operations efficient and straightforward.

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Capital One offers outstanding cashback rewards on credit usage for both businesses and individuals across the US. Their cashback rewards and loan options provide small businesses in Kentucky with a reliable line of credit, ensuring they have the funds needed to operate smoothly. Capital One equips businesses with user-friendly tools and features for efficient management.

Why we chose it: Capital One allows unlimited digital transfers, giving you the flexibility to move funds freely.

Fees

Capital One’s business accounts are subject to a $15 monthly fee, which can be waived by maintaining an average balance of $2,000 over 30 or 90 days. There’s no fee for using any of Capital One’s 70,000 ATMs nationwide.

Interest Rates

Opening a business savings account with Capital One offers interest rates up to 0.20% during the first year, applicable to balances up to $5 million, providing substantial growth potential. The bank’s checking accounts don’t accrue interest, highlighting the benefit of free digital transfers.

Minimum Balance

There’s no required minimum balance to keep your Capital One account active. However, maintaining at least $2,000 in your checking account will help you avoid the monthly service fee, and storing additional funds in your savings account will generate some interest.

Access to Mobile Banking

With limited physical locations, Capital One’s highly-rated mobile app is essential. It enables you to perform all your banking activities, such as transferring funds, making digital payments, and depositing money using your device’s camera. The app also provides access to Capital One’s CreditWise service, which helps monitor your credit score and offers helpful financial tips.

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If you operate a sole proprietorship or freelance, Lili Bank could be the perfect banking choice for you. Lili provides financing options tailored for small businesses, along with a comprehensive suite of tools for managing business finances. Small businesses using Lili benefit from a free online business checking account that carries no monthly fees or minimum opening balance, eliminating additional costs for the business.

Why we chose it: Lili’s minimal fees and tax optimization software enable businesses to preserve more of their income. If you’re seeking the best online business checking account without credit checks, Lili offers an attractive solution.

Fees

Lili stands out with its free tax software and absence of account and overdraft fees. You won’t face charges for foreign transactions or using any of the 38,000 in-network ATMs across the United States. Charges between $2.50 and $5 may apply at out-of-network ATMs.

Interest Rates

Lili’s Business Checking account doesn’t earn interest. For those interested, a savings account with a 1.5% APY is available, though maintaining at least $34,000 in your account is necessary to avoid monthly fees.

Minimum Balance

Lili Bank doesn’t require a minimum balance for its checking accounts, making it a practical option for those starting out or with variable incomes.

Access to Mobile Banking

Lili Bank offers a mobile banking app designed specifically for freelancers and small business owners. The app facilitates comprehensive financial management, including expense tracking, tax savings, and payment handling, all from your mobile device. It also features instant payment notifications, budgeting tools, and the capability for mobile check deposits.

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If you’re a business owner in Kentucky looking for lending options and online banking, U.S. Bank is an excellent choice. U.S. Bank offers a wide range of lending solutions, providing essential funds for the expansion and growth of businesses throughout Kentucky and across the US. The lending services available at U.S. Bank are highly accessible and affordable for small businesses.

Why we chose it: U.S. Bank offers a broad array of lending options, making it a go-to for small businesses seeking additional funding.

Fees

With U.S. Bank’s silver checking package for small businesses, you don’t have to worry about monthly fees. Although higher-tier accounts come with waivable fees as your business grows, it’s important to monitor your transactions to avoid charges for exceeding limits.

Interest Rates

U.S. Bank’s checking accounts don’t offer interest options. While their savings plans have various benefits, the maximum interest rate currently stands at just 0.01%, a minimal amount, but without a cap on earnings.

Minimum Balance

No minimum balance is required to get started with U.S. Bank’s silver account package, specifically designed for small businesses. Other checking accounts offer waivable fees if you maintain the necessary balances, and savings accounts start with a $500 minimum to avoid service charges.

Access to Mobile Banking

Should you be away from a U.S. Bank branch, their mobile app allows you to manage all your banking needs remotely. You can easily transfer funds between accounts and stay informed of your financial health. U.S. Bank also provides customized alerts to keep you updated.

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Oxygen is a fintech-oriented bank tailored for freelancers, online entrepreneurs, small businesses, and various other commercial entities. It doesn’t charge transaction fees, making it a favorable option for small businesses in Kentucky. 

Oxygen enhances the banking experience by offering a 5% interest cashback on expenditures from their accounts. It enhances security by enabling users to generate single-use debit cards for transactions, effectively reducing fraud risks.

Why we chose it: Oxygen resonates with the modern, stylish business owner by providing innovative banking features. It’s also highly recommended for sole proprietors.

Fees

Oxygen promotes a completely fee-free banking experience, although it notes that charges may apply for out-of-network and international withdrawals. There are no fees for ACH transfers or account maintenance.

Interest Rates

Oxygen doesn’t offer interest on funds in business checking accounts but addresses this by offering a business savings account. Funds in the savings account earn 1.0% interest on balances up to $20,000, with lower rates for higher balances.

Minimum Balance

Oxygen Bank doesn’t impose any minimum balance requirements on its checking or savings accounts, ensuring no monthly fees regardless of account balance.

Mobile Banking Features

Oxygen Bank’s mobile app is crafted to assist small business owners with managing their finances on the move. The app allows for check deposits, bill payments, and account statement generation. It also provides spending insights to help users monitor and control their finances effectively.

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Axos is a well-regarded full-service online bank that caters to the general public and businesses of all sizes, including small businesses in Kentucky. As a trailblazer in digital banking, Axos offers a broad array of competitive banking services.

These include innovative financial products such as checking accounts and high-yield savings accounts, all delivered with top-tier security. Kentucky small businesses can take advantage of Axos’s free business checking account.

Axos provides two primary types of business checking accounts: Basic Business Checking and Business Interest Checking. The Basic Business Checking account is free, while the Business Interest Checking has a monthly fee of $10, which can be waived if the average daily balance is maintained at $5.

Why we chose it: Axos Basic Business Checking’s lack of cash deposit fees and its low overall fee structure rank it among the best business bank accounts available.

Fees

Axos Bank’s Basic Business Checking doesn’t impose a monthly maintenance fee or account retention requirements. Any ATM fees incurred are reimbursed each month, essentially making this account cost-free. Be mindful of a $35 fee for each wire transfer if you frequently make wire transactions.

Interest Rates

This account doesn’t offer an annual percentage yield, focusing instead on business-friendly perks. Those with surplus funds may consider opening one of Axos’s interest-bearing business savings accounts to earn interest.

Minimum Balance

There are no minimum balance requirements for Axos’s checking or savings accounts, making it a particularly attractive option for small business owners who may not have substantial funds.

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 conduct wire transfers, all from their mobile devices. The app also includes features such as account alerts and budgeting tools to help users maintain control over their finances.

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Bank of America serves as a comprehensive merchant services provider, ideal for small businesses in Kentucky. The bank offers a wide range of lending options to facilitate smooth business operations without financial worries. 

Small businesses in Kentucky benefit from easy access to credit, along with seamless payment acceptance and processing capabilities.

Kentucky small businesses can choose from various payment options including point-of-sale systems, mobile payment solutions, and online payment gateways. This diversity in payment platforms ensures that businesses face no issues with payment processing. Bank of America secures its infrastructure with advanced encryption and tokenization technologies.

Why we chose it: Bank of America’s rewards program offers numerous benefits, making banking beneficial for all parties involved.

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 $250 on your debit card, or becoming a Preferred Rewards member. Additional fees include charges for using out-of-network ATMs and for making excessive deposits within a month.

Interest Rates

Opening a savings account with Bank of America typically starts with an interest rate of 0.01%, which can increase to 0.04% with active participation in the rewards program. Checking accounts don’t earn interest.

Minimum Balance

Maintaining an average monthly balance of $5,000 in your checking account waives the $16 service fee. To avoid a $10 monthly fee, you should also keep at least $2,500 in your savings account.

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 tools for budgeting, helping you monitor expenses and manage spending effectively.

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Chase for Business offers a variety of business services, including payment collection, fraud protection, and a $300 bonus just for signing up. You can accept credit card payments directly through the Chase app. Although there’s a monthly service fee, there are multiple ways to avoid it.

Why we chose it: Chase not only meets your basic banking needs but also provides an extensive array of additional business services.

Fees

While the presence of a monthly service fee might deter some, Chase for Business offers several ways to have this fee waived. Maintain a $2,000 daily balance, spend $2,000 on a business credit card, or receive $2,000 in deposits via the Chase QuickAccept app to avoid these charges.

>> Check Out Chase for Business >>

Chase Bank offers a comprehensive array of financial products to small businesses in Kentucky, including a variety of business credit cards, business loans, and additional lines of credit. The substantial offerings from Chase have consistently made it a preferred bank among small businesses. Chase provides an extensive suite of tools for business financial management.

Why we chose it: Chase enriches its traditional banking offerings with a comprehensive list of merchant services to aid in your business’s success.

Fees

Chase Business Complete Banking starts with a monthly fee of $15, which can be waived by maintaining a $2,000 daily balance, making deposits through Chase QuickAccept, or using the Chase Ink Business Card for purchases. Be mindful that there are costs for transactions beyond the initial 20 free ones, and it’s wise to avoid expensive wire transfers if possible.

Interest Rates

Like many banks, Chase doesn’t offer interest on business checking accounts. To earn interest, opening a business savings account is necessary, which can accrue up to 0.02%.

Minimum Balance

To avoid the monthly service fee from Chase, ensure a minimum of $2,000 is maintained in your checking account at all times. Falling below this amount even once can result in fees. There are no fees for savings accounts as long as you maintain an active checking account.

Access to Mobile Banking

Beyond typical banking operations, the Chase mobile app lets you secure your credit card by locking or unlocking it if misplaced. The app also features budget planning tools to earmark funds for significant purchases and credit monitoring tools to maintain your financial health.

>> Check Out Chase >>