Operating a small business can be challenging, particularly for those new to entrepreneurship. Given the financial complexities involved, having a reliable banking partner is essential. The top banks for small businesses provide additional features that support business growth. Continue reading to discover more about our top picks in this comprehensive roundup.
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To identify the top banks for small businesses in Maine, we evaluated several key factors, including the cost of maintaining an account, minimum balance requirements, and potential additional fees that small businesses might face when utilizing the bank’s services.
We looked into the interest rates offered to customers and the quality of these banks’ mobile and Internet banking capabilities.
Bluevine delivers exceptional online banking services, making it an excellent choice for small businesses throughout Maine. Known for its high security and flexible financing options, Bluevine caters well to the diverse financial needs of small enterprises.
It offers accounts with no minimum balance requirements and provides a competitive 2.0% APY interest rate. With a business checking account, you can earn up to 4.25% APY. Customers can expect prompt and efficient customer support whenever needed.
Why we chose it: Bluevine stands out with high interest rates, minimal fees, and no maintenance requirements, making it an ideal business bank account for LLCs and other business entities.
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Bluevine offers a fee-free banking experience, allowing you to manage your finances without monthly charges. However, be prepared for fees when using ATMs outside of their network, and cash deposits cost $4.95 each, so it’s best to use this service judiciously.
Bluevine offers an impressive 2.0% APY, which is 50 times the current national average, applicable to balances up to $100,000. Once your account exceeds this limit, the additional funds will not earn any interest. With a Bluevine Business Checking account, you can earn up to 4.25% APY.
There are no minimum balance requirements with Bluevine, enabling small businesses to start banking with any amount and immediately benefit from high-interest rates.
The Bluevine mobile app enhances the banking experience by allowing you to manage your finances seamlessly from anywhere. This well-designed app is perfect for routine tasks like managing accounts, paying vendors by wire or check, and scheduling payments.
Capital One provides exceptional cashback rewards on its credit cards, which, along with other perks, support maintaining a solid line of credit for businesses. The bank equips users with user-friendly features and tools that facilitate business operations management. Whether in Maine or elsewhere, Capital One enables you to manage your business effortlessly using its mobile apps and online tools, simplifying banking processes.
Why we chose it: Capital One allows unrestricted digital transfers, providing the flexibility to move funds freely.
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Capital One’s business accounts have a $15 monthly fee, which can be significant for a small business. However, you can waive this fee by maintaining a $2,000 balance over 30 or 90-day days. There are no fees for using any of the 70,000 ATMs in Capital One’s network.
Capital One’s business savings accounts offer interest rates up to 0.20% for the first year on balances up to $5 million, providing ample room for small business growth. The bank’s checking accounts do not accrue interest, making free digital transfers even more appealing.
There’s no minimum balance requirement to keep your Capital One account active, but maintaining at least $2,000 can help avoid the monthly service fee. Keeping extra funds in your savings account can yield some interest.
With limited physical branches, Capital One’s highly-rated mobile app is invaluable. It allows you to conduct all your banking transactions, make digital payments, and deposit checks using your mobile device’s camera. The app also provides access to Capital One’s CreditWise service to help monitor your credit score and offer useful financial tips.
Lili is an ideal banking solution for small businesses, sole proprietors, and freelancers seeking business financing. Lili offers essential financial tools for efficient business operation and management. Businesses with a Lili account benefit from a free online business checking account that requires no monthly fees or minimum opening balance.
This account enables comprehensive management of taxes and expenses and accepting payments all in one place. Lili is not limited to freelancers but is open to all business types.
Why we chose it: Lili’s minimal fees and tax optimization software are significant advantages, helping businesses retain more of their income. Lili is a superb choice for those seeking an optimal online business checking account without credit checks.
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Lili stands out with its free tax software, lack of account, and overdraft fees. There are no charges for foreign transactions or using any 38,000 in-network ATMs across the U.S. However, using an out-of-network ATM could incur charges between $2.50 and $5.
Lili’s Business Checking account doesn’t earn interest. A savings account with a 1.5% APY is available for those interested, although maintaining at least $34,000 in the account is necessary to avoid monthly costs.
Lili Bank requires no minimum balance for its checking accounts, making it an attractive option for newly established businesses or those with variable incomes.
Lili Bank’s mobile app is tailored specifically for freelancers and small business owners, allowing them to manage finances effectively, including expense tracking, tax savings, and payment handling, directly from their mobile devices. The app also features instant payment notifications, budgeting tools, and mobile check deposit capabilities.
U.S. Bank is an excellent choice for small businesses in Maine looking for comprehensive financial services. With its extensive network of branches across the United States, you can easily access your accounts no matter where you are.
Opting for U.S. Bank in Maine means benefiting from low fees and competitive rates. Moreover, using U.S. Bank cards can earn your business exceptional rewards.
Why we chose it: U.S. Bank offers a wide range of lending options ideal for small businesses seeking additional funding.
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With U.S. Bank’s silver checking package for small businesses, you won’t face monthly fees. However, as your business grows, higher-tier accounts with waivable monthly fees may become relevant. Keep an eye on your transaction count to avoid extra charges for exceeding limits.
U.S. Bank’s checking accounts do not offer interest-earning options. However, the savings accounts offer various perks, with interest rates starting as low as 0.01%, albeit with no cap on the balance that can earn interest.
The silver account package, designed specifically for small businesses, doesn’t require a minimum balance. Other checking accounts may have waivable fees if you maintain the required balances. Savings accounts start with a $500 minimum to avoid service fees.
If you’re away from a U.S. Bank branch, their robust mobile app allows you to manage all your banking needs remotely. The app enables seamless fund transfers between accounts and helps you stay on top of your financial status with customized alerts.
Oxygen is a fintech-focused bank ideally suited for freelancers and online entrepreneurs. It offers a compelling option for small businesses in Maine by eliminating transaction fees. For business owners, Oxygen benefits from earning 5% cashback on purchases made at designated merchants. A significant advantage for small businesses is Oxygen’s capability to generate single-use debit cards, enhancing security by reducing the risk of fraud.
Why we chose it: Oxygen appeals to modern, trend-savvy business owners with its innovative banking features, making it a top choice for sole proprietors.
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Oxygen promotes a fee-free banking experience, although charges may apply for out-of-network and international withdrawals. You won’t have to worry about fees for ACH transfers or account maintenance.
Oxygen doesn’t offer interest on business checking accounts but includes a business savings account option where funds can earn 1.0% interest on balances up to $20,000. Higher balances accrue interest at a lower rate.
There are no minimum balance requirements for Oxygen’s checking and savings accounts, ensuring no monthly fees regardless of your account balance.
Oxygen Bank provides a mobile banking app designed to assist small business owners in managing their finances on the go. Features include check deposits, bill payments, and the generation of account statements. The app offers financial insights to help you monitor your spending effectively.
Axos Bank is renowned as a comprehensive online bank offering a full spectrum of banking services to small businesses in Maine. It provides attractive high-yield savings accounts and doesn’t impose limits on transaction amounts, making it an excellent choice for small business owners. Axos delivers a broad range of banking products and gives small businesses in Maine access to a free business checking account.
Axos features two main types of checking accounts for businesses: Basic Business Checking, which is free, and Business Interest Checking, which has a monthly fee of $10. This fee can be waived by maintaining an average daily balance of $5. Axos is insured by the Federal Deposit Insurance Corp (FDIC).
Why we chose it: Axos Basic Business Checking’s lack of cash deposit fees and its low overall fee structure make it one of the best business bank accounts available.
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Axos Bank’s Basic Business Checking account doesn’t incur a monthly maintenance fee, and it doesn’t set conditions for keeping your account active. You’ll be reimbursed for any ATM fees incurred, making the account free. Be mindful of a $35 charge for each wire transfer if you frequently use this service.
The Basic Business Checking account doesn’t offer an Annual Percentage Yield (APY), focusing instead on business-friendly perks. Those with additional funds may open one of Axos’s interest-bearing business savings accounts to earn interest.
There are no minimum balance requirements for either checking or savings accounts at Axos, which is especially beneficial for small business owners who may not have large funds.
Axos Bank’s robust mobile app provides comprehensive functionality, allowing customers to manage their accounts, deposit checks, transfer funds, pay bills, and conduct wire transfers from their mobile devices. The app also features account alerts and budgeting tools to help manage finances effectively.
Bank of America offers specialized merchant services designed for small businesses in Maine, providing easy access to credit lines and enabling the acceptance of credit and debit card payments. This simplifies transactions and can significantly increase sales and revenue for small businesses.
Furthermore, Bank of America presents a variety of payment solutions including point-of-sale systems, mobile payment options, and online payment gateways. These allow small businesses to choose the payment system that best suits their customer’s needs.
Small businesses in Maine can be confident in the security of their funds, as Bank of America employs advanced encryption and tokenization technologies to ensure high security.
Why we chose it: Bank of America’s rewards program offers several benefits, making banking advantageous for all parties involved.
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Bank of America’s basic checking account incurs a $16 monthly fee, which can be waived by maintaining a $5,000 monthly balance, spending at least $250 on your debit card, or by enrolling in the Preferred Rewards program. Watch out for additional charges, such as out-of-network ATM withdrawals and excessive deposits.
Typically, opening a savings account with Bank of America starts at a 0.01% interest rate, potentially increasing to 0.04% with active participation in their rewards program. Checking accounts, however, do not offer interest.
Maintaining an average monthly balance of $5,000 in your checking account removes the $16 service fee. A minimum of $2,500 in your savings account is needed to avoid a $10 monthly charge.
Bank of America’s mobile app is acclaimed for its functionality, enabling you to manage accounts, pay bills, and transfer funds from any location. It also includes budgeting tools that assist in monitoring and managing your expenses efficiently.
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Chase for Business offers various business services, including payment collection and fraud protection, and even provides a $300 bonus for new sign-ups. The Chase app allows you to accept credit card payments directly into your account. While there’s a monthly service fee, Chase offers several ways to avoid this charge.
Why we chose it: Chase caters to your banking needs comprehensively with extensive business services.
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While the presence of a monthly service fee might initially deter some, Chase for Business provides several options to have this fee waived. You can maintain a $2,000 daily balance, make $2,000 in net purchases with a business credit card, or receive $2,000 in deposits via the Chase QuickAccept app to avoid the monthly fee.
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Chase provides a comprehensive suite of financial products, including business credit cards, loans, and substantial credit lines, to small businesses in Maine and throughout the US. These offerings contribute to Chase’s popularity among small business owners. Chase equips small businesses with a broad array of tools for financial management and strategic planning.
Why we chose it: Chase enhances traditional banking with a wide range of merchant services designed to help your business thrive.
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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 Chase Ink Business Card for purchases. Be aware of additional costs for transactions beyond the initial 20, and avoid expensive wire transfers.
Like many banks, Chase doesn’t offer interest on business checking accounts. You could open a business savings account to earn interest, which offers up to 0.02% APY.
To avoid Chase’s monthly service fee, consistently maintain at least $2,000 in your checking account. A drop below this amount could incur fees, although savings accounts are fee-free if you maintain an active checking account.
Chase’s mobile app goes beyond standard banking functions. It allows you to secure your credit card if it is misplaced and provides budget planning features to allocate funds for significant purchases. The app also includes credit monitoring tools to help maintain your financial health.
To identify the best banks for small businesses in Maine, we evaluated various factors critical for opening and managing a business bank account. Here are the key considerations that informed our decision:
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If you have further questions about opening a bank account for your business in Maine, these FAQs can provide the answers you need:
To open a business bank account in Maine, you must provide your business documentation, personal identification for the business owners or authorized signers, and possibly a minimum deposit. Some banks may also require additional documents, such as a business plan or proof of address.
Yes, opening a bank account using an Employer Identification Number (EIN) is advisable. Any business with at least one employee needs an EIN for tax purposes, and banks will require this when setting up your account. If you’re a sole proprietor, you might use your Social Security Number (SSN) instead, but be cautious, as this can complicate the separation between personal and business finances.
While opening a bank account without an SSN in Maine is possible, it can be challenging. Alternatively, you can apply for an Individual Taxpayer Identification Number (ITIN) from the IRS to open your account. Ultimately, it will depend on the bank’s policies and state regulations regarding acceptable forms of identification.
Keeping at least six months’ operating expenses in your bank account is prudent to cover unforeseen difficulties in your business operations. This reserve provides a financial cushion to help you manage during slow periods. Consider adding at least 10% of your monthly profits to enhance these savings.
As a business owner in Maine, we find it essential to open a business account. Having a business account is critical for accessing necessary financing when required. We have reviewed the top banks for small businesses in Maine that offer low fees, cashback rewards, user-friendly services, and cost-effective financing options.
These banks are designed to help Maine businesses fulfill their financial requirements while fostering strong business relationships. They’re the preferred choice for managing your small business finances in Maine.
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.
