Starting a small business can be challenging, and selecting the right banking partner is crucial for success. The best banks offer additional features that help maintain your business’s financial health. Read through this article to discover more about our top recommended banks and how they can support your business’s growth.
>> Best Business Banking at Louisiana Overall – Bluevine >>
When hunting for primo banks for small businesses in Louisiana, we scoped out the fees for maintaining an open account and the minimum balance necessary to keep things rolling.
We peered into all the extra charges for using the bank’s services and checked if account holders snag any perks just for joining up. Plus, we considered the infrastructures and facilities these banks have rigged up to guarantee everything runs slick.
Interest Rates: 2.0% APY
Bluevine rocks the online banking scene, focusing on juicing up small businesses across Louisiana. Their speedy banking services are a total win for small business owners craving convenience.
What sets Bluevine apart? It offers a flexible and secure business financing option that’s designed to boost business owners’ growth and help them smash their targets. To tap into Bluevine’s financial goodies, a small business needs to have raked in at least $100,000 in annual revenue and been in the game for a minimum of six months.
Why it’s our top pick: Bluevine brings to the table high interest rates with minimal fees and zero maintenance hassles, positioning it as the go-to bank account for LLCs and various other business types.
Pros
Cons
Bluevine lets you bank sans monthly fees, so you can keep your cash without it trickling away on the regular. However, watch out for charges at out-of-network ATMs. Their mobile app is a gem for sniffing out free withdrawal spots. Each cash deposit will cost you $4.95, so keep those to a minimum.
Bluevine really delivers with a smashing 2.0% APY, blowing the national average out of the water by 50 times. It’s good for balances up to $100,000. But remember, once your business’s balance tips over that, the surplus doesn’t grow interest.
There’s no need to worry about maintaining a certain balance here. Bluevine doesn’t fuss about minimums, so you can start small and still score from the high-interest rate from the get-go.
Bank is on the move with the Bluevine mobile app. This slick tool helps you keep tabs on your funds, pay vendors via wire or check, and even set up future payments. It’s all about banking that fits your busy lifestyle.
>> Get Started With Bluevine >>
Lili, powered by Choice Financial Group and a proud member of FDIC, offers streamlined online banking exclusively. Available throughout Louisiana, Lili ditches hidden fees and laughs in the face of minimum balances and deposits, making it a top pick for small businesses.
Their mobile app isn’t just a tool; it’s a powerhouse for managing your expenses. Plus, the app’s invoicing software is a game-changer, allowing you to create, send, organize, and accept payments in various forms. And for those steering clear of credit checks, Lili’s business checking account is a slam dunk.
Why it snagged our nod: Lili’s robust app simplifies finance management for small businesses, making it easier to keep your financial health in check.
Pros
Cons
Lili stands out with its zero-cost tax software, and business owners will appreciate the absence of account and overdraft fees. You’re also off the hook for foreign transaction fees and can access over 38,000 in-network ATMs across the U.S. without a fee. However, stepping outside this network might cost you between $2.50 and $5 per transaction.
Don’t expect any interest earnings on Lili’s Business Checking account. Those ready to pony up can opt for a savings account with a 1.5% APY, but remember, you’ll need a steady $34,000 in your account to neutralize the monthly fees.
Lili Bank keeps it simple with no minimum balance requirements for its checking account, making it an ideal choice for new businesses or those with varying income streams.
Lili’s mobile app is tailor-made for freelancers and small business owners. It’s a financial command center, enabling you to manage expenses, save for taxes, and handle payments right from your smartphone. The app is also packed with features like instant payment alerts, budgeting tools, and the ability to deposit checks on the go.
Interest Rates: 0.20% APY
Capital One offers loans and credit cards packed with perks and incentives tailored for businesses. They also handle business checking, banking, and savings accounts with ease. Thanks to their robust website and mobile app, you can manage your accounts from anywhere in Louisiana, making their banking services a breeze to use.
Why it’s our top choice: Capital One offers unlimited digital transfers, granting you the freedom to keep your funds fluid without any hassle.
Pros:
Cons:
Capital One’s business accounts do come with a $15 monthly fee, which might feel steep for smaller operations. However, you can dodge this fee by maintaining an average balance of $2,000 over a 30 or 90-day period. Plus, using any of Capital One’s 70,000 ATMs across the nation is free, so that’s a big relief.
By opening a business savings account with Capital One, you unlock interest rates of up to 0.20% during your first year. This rate is applicable to balances as high as $5 million, offering substantial flexibility for small businesses. While the bank’s checking accounts don’t accrue interest, the perk of free digital transfers adds a sweet touch.
There’s no requirement to keep a minimum balance just to keep your account open at Capital One. But, to skirt around the $15 monthly service fee, it’s wise to keep at least $2,000 in your checking account. Plus, parking extra funds in your savings can churn out some interest, optimizing money not in active use.
Given the scarcity of physical Capital One branches, their top-tier mobile app is a lifesaver. Through it, you can handle all your transfers, make digital payments, and even deposit checks using your device’s camera. The app also grants access to Capital One’s CreditWise service, helping you monitor your credit score and pick up handy financial tips.
>> Get Started With Capital One >>
Interest Rates: 0.01% APY
The U.S. Bank stands ready to bolster your small business with the financial backing it needs. Fully integrated with online services, this bank offers the convenience of accessing its services and your account from anywhere in Louisiana.
Why it’s a standout choice: For small businesses in need of a cash influx, U.S. Bank provides a vast array of lending options, making it easier to find a financial solution tailored to your specific needs.
Pros
Cons
With U.S. Bank’s silver checking package tailored for small businesses, you can forget about monthly fees. As your business expands, though, higher-tier accounts might introduce waivable monthly fees. Keep a close eye on your monthly transactions to avoid extra charges for going over the limit.
While U.S. Bank’s checking accounts don’t offer interest, their savings plans come with modest perks, including a maximum interest rate of just 0.01%. It’s not much, but there’s no cap on the balance that can earn this interest, so every bit helps.
No need to worry about a minimum balance with U.S. Bank’s silver account package, made just for small businesses. For other checking accounts, managing the necessary balance can waive fees. Savings accounts kick off with a $500 minimum to dodge service fees.
If you’re far from a U.S. Bank branch, their mobile app has got you covered. You can effortlessly shuffle funds between accounts and keep tabs on your financial health. Plus, U.S. Bank’s customized alerts will keep you in the loop at all times.
>> Get Started With U.S. Bank >>
Interest Rates: Up to 0.04% APY
Bank of America’s online services streamline the process for small businesses to accept debit card payments from customers throughout Louisiana. Their mobile banking suite includes a fully integrated cash flow monitor along with other essential apps and tools to ensure seamless banking operations.
Why we picked it: Bank of America’s rewards system is packed with perks, making banking beneficial for all parties involved.
Pros
Cons
Bank of America’s introductory checking account has a $16 monthly fee. You can waive this by maintaining a $5,000 monthly balance, spending at least $250 using your debit card, or by joining the Preferred Rewards program. Be mindful of additional fees for using out-of-network ATMs and for excessive deposits within a month.
The starting interest rate for small businesses opening a savings account is 0.01%. Active participation in Bank of America’s rewards system can bump this up to 0.04%. Remember, Bank of America’s checking accounts do not offer interest accrual.
Keep an average monthly balance of $5,000 in your checking account to dodge the $16 service fee. For savings accounts, maintaining at least $2,500 will avoid a $10 monthly charge.
Bank of America’s mobile app is highly rated for its functionality. It allows you to manage accounts, pay bills, and transfer funds from wherever you’re. The included budgeting tool is handy for monitoring expenses and managing spending effectively.
>> Get Started With Bank of America >>
Axos provides a diverse lineup of six small business checking accounts: Basic Business Checking, Business Interest Checking (up to 1.01% APY), Business Premium Savings (up to 0.20% APY), Business Savings (up to 0.20% APY), Business Money Market (up to 0.20% APY), and Non-Profit Money Market (up to 0.20% APY).
The Business Interest Checking account, offering up to 1.01% APY, is ideal for small businesses with cash reserves. Axos waives the $10 monthly fee for this account when you maintain an average daily balance of at least $5,000, making it a smart choice for businesses aiming to grow their reserves.
Why it’s a top pick: Axos’s Basic Business Checking, with free cash deposits and a low fee structure, stands out as one of the best business bank accounts available.
Pros
Cons
Axos Bank’s Basic Business Checking comes without a monthly maintenance fee, and there’s no minimum requirement to keep your account open. You’ll get a refund on any ATM fees incurred each month, essentially making this account free to use. Just note if you’re planning on frequent wire transfers, Axos charges $35 per transaction.
While the Basic Business Checking account doesn’t earn interest, it offers other business-focused perks. If you have extra funds, consider one of Axos’s interest-bearing business savings accounts to start accumulating interest.
Axos Bank does not require a minimum balance for its checking and savings accounts, which is great news if you’re starting small or don’t have a large cash reserve. This flexibility makes Axos an appealing option for small business owners looking to avoid burdensome fees.
The Axos Bank mobile app is a powerhouse for managing your finances on the go. It lets you deposit checks, transfer funds, pay bills, and initiate wire transfers right from your mobile device. Plus, with features like account alerts and budgeting tools, you can keep a tight watch on your financial health.
Oxygen Bank, operating through The Bancorp Bank an FDIC member caters specifically to freelancers and entrepreneurs. It’s crafted to meet the unique banking needs of small businesses and independent professionals.
With a clear fee structure and no hidden charges, Oxygen allows you to set savings targets and boost your funds with competitive APYs. Plus, using your Oxygen card at selected merchants can net your cash-back rewards, adding a nice perk to your spending.
Why it’s our pick: Oxygen Bank resonates with the modern business owner by providing slick, user-friendly banking features. It stands out as one of the best checking accounts for sole proprietors, blending convenience with rewards.
Pros
Cons
Oxygen boasts a fee-free structure across the board, though it does note that charges may apply for out-of-network and international withdrawals. You’ll enjoy zero costs for ACH transfers and maintaining your account, which simplifies your financial management.
While your business checking account at Oxygen won’t generate interest, there’s a sweet remedy. They offer a business savings account where funds up to $20,000 earn a solid 1.0% interest. If your balance exceeds this, it still accrues interest, albeit at a reduced rate.
Oxygen Bank keeps it straightforward with no minimum balance requirements for either checking or savings accounts. This means no monthly fees, even if your account balance dips to zero, freeing you from the stress of hitting specific balance targets.
Oxygen’s mobile app is engineered for the bustling small business owner. It lets you deposit checks, pay bills, and pull up your account statements directly from your phone. The app also provides spending insights, giving you a clearer view of where your money goes, which is invaluable for budget control and financial planning.
Interest Rates: Up to 0.02% APY
Chase, a commercial banking branch of JPMorgan Chase & Co., operates online seamlessly with leading accounting software like QuickBooks. Their mobile app empowers you to manage your finances efficiently, allowing bill payments, check deposits, transfers, and real-time balance checks.
With branches spread across Louisiana and robust online customer support, Chase ensures accessibility and convenience. Besides banking, they offer additional financial services such as money lending and credit card issuance.
Why it’s our pick: Chase enhances its traditional banking offerings with a comprehensive array of merchant services, all designed to support and propel your business to success.
Pros
Cons
Chase Business Complete Banking starts with a monthly fee of $15. You can avoid this fee by maintaining a $2,000 daily balance, making deposits via Chase QuickAccept, or using your Chase Ink Business Card for purchases.
Keep in mind that there’s a fee for transactions beyond your first 20 each month, and wire transfers can be expensive, so plan accordingly.
Like many banks, Chase does not offer interest on business checking accounts. To benefit from interest, you’ll need to open a business savings account, which can accrue up to 0.02% interest.
To dodge the monthly service fee, keep your checking account balance at or above $2,000. Falling below this threshold even once a month triggers the fee. Fortunately, savings accounts incur no fees as long as you maintain an active checking account with Chase.
Chase’s mobile app extends beyond basic banking functions. It allows you to lock and unlock your credit card if misplaced, plan your budget for significant expenditures, and utilize credit monitoring tools to safeguard your financial health.
Here’s a breakdown of the key factors we considered while selecting the best banks for small businesses in Louisiana:
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Here’s a crafted FAQ section that can help you navigate the process of opening a bank account for your small business in Louisiana:
To set up a business bank account in Louisiana, ensure you’ve got your business paperwork and a minimum deposit ready. Some banks also ask for a business plan or proof of address.
Indeed, opening a bank account with an EIN number is wise. Businesses with even one employee need an EIN for taxes, and banks will utilize this during your account setup. If you’re your venture’s sole employee, you might opt for your social security number instead. Yet, this choice might mix personal and business finances.
Indeed, opening a bank account in Louisiana without an SSN is possible. Instead, the bank might ask for different identification forms, such as a government-issued ID or an ITIN. They could also require proof of address.
To learn exactly what’s needed, it’s best to reach out to the bank whose services you wish to use and ask about their requirements for account setup without a Social Security Number.
Stashing away at least six months’ operating expenses is prudent in case your business encounters hurdles. This reserve serves as a safety net during times of slowdown, helping you bounce back. If feasible, consider boosting this fund by adding at least 10% of your monthly profits to grow your savings.
Small businesses in Louisiana stand to gain from opening a business bank account to streamline their financial management.
The top banks for small businesses in the state provide cost-efficient solutions like minimal or no fees, dependable customer support, and intuitive mobile apps. Prioritize these banks when selecting financial partners for your Louisiana-based small business.
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.
