8 Best Banks for Small Businesses in Mississippi for 2024

Bluevine is a top FDIC-insured online bank in Mississippi, serving small to mid-sized businesses looking for a reliable banking option. As an account holder, you’ll benefit from 50 free monthly transactions, making Bluevine a favorite among e-commerce owners and freelancers. Notably, no monthly fees or minimum balance requirements exist to start earning interest.

Bluevine offers business checking and savings accounts, providing regular perks to small businesses. It seamlessly integrates with business apps such as QuickBooks, Shopify, and Slack, enhancing its usability.

Why we chose it: Bluevine’s high-interest rates, minimal fees, and no maintenance requirements make it an excellent choice for LLCs and other business types.

Fees

With Bluevine, you can enjoy fee-free banking, avoiding monthly charges. However, using out-of-network ATMs will incur fees, and cash deposits cost $4.95 each, so they should be used judiciously.

Interest Rates

Bluevine offers an impressive 2.0% APY, significantly higher than the national average, applicable to balances up to $100,000. Beyond this, additional funds will not accrue interest.

Minimum Balance

There is no minimum balance required, allowing small businesses to start banking immediately and benefit from high-interest rates regardless of account size.

Access to Mobile Banking

The Bluevine mobile app provides comprehensive banking capabilities from anywhere, designed to help you efficiently manage your accounts, pay vendors via wire or check, and schedule payments. This makes managing your business finances straightforward and accessible.

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Capital One is an excellent option for small business entrepreneurs in Mississippi looking for robust digital services. Unlike some banks that impose fees after reaching a monthly sales limit, Capital One offers incentives for businesses with high transaction volumes.

Capital One offers two types of business accounts that might interest you: Basic Checking and Unlimited Checking. These accounts require no initial deposit to open and provide free local wire transfers. There are various business credit card options available that offer many cashback rewards.

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

Fees

Capital One’s business accounts have a $15 monthly fee, which can be waived by maintaining a $2,000 average balance over a 30 or 90-day period. There are no fees for using any of the 70,000 Capital One ATMs nationwide.

Interest Rates

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 financial growth. The bank’s checking accounts do not accrue interest, which emphasizes the benefit of free digital transfers.

Minimum Balance

There is no minimum balance required to keep your Capital One account open, but maintaining at least $2,000 in your checking can help avoid the monthly service fee. Keeping extra funds in your savings can accrue some interest.

Access to Mobile Banking

With limited physical branches, Capital One’s highly-rated mobile app is crucial. It enables comprehensive banking operations including transfers, digital payments, and deposits using your device’s camera. The app also offers access to Capital One’s CreditWise service, which can help monitor your credit score and provide financial tips.

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Lili is a trusted FDIC-insured bank that is well-suited for small businesses in Mississippi seeking SBA loans and credit lines. They provide checking and savings accounts without an opening fee and offer straightforward credit facilities for businesses with high transaction volumes. Lili also boasts a responsive customer support team available 24/7 and several ATM locations throughout the state.

Why Lili is a Good Choice: Lili offers flexible financing options crucial for small businesses looking to expand in Mississippi. Their mobile app seamlessly integrates with various business applications, enhancing operational efficiency. 

The bank’s customer service team is available around the clock, embodying the reliability expected from a top financial institution. For businesses seeking an online business checking account with unlimited transactions, Lili stands out.

Fees

Lili excels with its free tax software and lacks account and overdraft fees, ensuring cost-effective banking. While there are no fees for foreign transactions or using in-network ATMs, using an out-of-network ATM may incur a charge between $2.50 and $5.

Interest Rates

Lili’s Business Checking account does not offer interest. However, those who qualify can access a savings account with a 1.5% APY, though a significant balance of at least $34,000 is required to offset monthly costs.

Minimum Balance

There is no minimum balance required for Lili’s checking accounts, making it an accessible option for those starting a business or experiencing fluctuating income levels.

Access to Mobile Banking

Lili’s mobile app is tailored for freelancers and small business owners, facilitating financial management directly from mobile devices. It offers functions such as expense control, tax saving, and payment management, along with features like instant payment notifications, budgeting tools, and mobile check deposits.

>> Check Out Lili >>

U.S. Bank is an excellent option for small business owners in Mississippi looking for a reliable banking service with a variety of account options. They offer a fee-free Silver Business Checking Account with 120 free transactions per month, a Gold Business Account which includes 320 free transactions for a $20 monthly fee, and a Platinum Business Checking Account with 600 free transactions for a $30 monthly fee, each designed to meet different business needs.

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

Fees

U.S. Bank’s Silver Business Checking Account offers a fee-free experience for small businesses, although higher-tier accounts include monthly fees that can be waived under certain conditions. Monitoring your transaction volume is crucial to avoid fees for exceeding the free transaction limit.

Interest Rates

The checking accounts at U.S. Bank do not offer interest, but their savings accounts do, although at a modest rate of 0.01% with no cap on balance for earning interest.

Minimum Balance

The Silver Business Checking Account does not require a minimum balance, making it accessible for small businesses just starting out. Higher-tier checking accounts and savings accounts have minimum balance requirements that can waive service fees.

Access to Mobile Banking

U.S. Bank’s robust mobile app allows you to manage banking operations remotely, from fund transfers between accounts to staying updated on your financial status. The app also provides customized alerts to keep you informed, enhancing your banking experience even when you’re away from physical branches.

>> Check Out U.S. Bank >>

Oxygen is a leading online-only bank in Mississippi, making it an excellent option for freelancers, entrepreneurs, and small business operators. The Oxygen app is available for both iOS and Android devices, providing a user-friendly platform for those seeking checking and savings accounts without the hassle of traditional banking. 

The app is known for its reliability, allowing users to easily access their transaction history without bugs.

Why we chose it: Oxygen caters to the modern, trendy business owner with innovative banking features and is particularly suitable for sole proprietors.

Fees

Oxygen operates mostly fee-free, but charges may apply for out-of-network and international ATM withdrawals. There are no fees for ACH transfers, and no account maintenance fees.

Interest Rates

Oxygen doesn’t offer interest on its business checking accounts but includes a savings account option where balances up to $20,000 can earn 1.0% interest, with lower rates for higher balances.

Minimum Balance

There are no minimum balance requirements for Oxygen’s checking or savings accounts, ensuring no monthly fees regardless of your account balance.

Mobile Banking Features

Oxygen’s mobile banking app supports small business owners with their financial management needs on the go. Users can deposit checks, pay bills, and review account statements directly from their phones. The app also provides financial insights to help users track and manage their money effectively.

>> Check Out Oxygen >>

Bank of America offers robust financial solutions for small business owners in Mississippi, particularly those engaging in high-volume transactions. Their Business Advantage Checking account simplifies cash management, making it easier to transfer funds to customers and is an excellent choice for businesses seeking SBA loans, credit lines, and other financing options to support growth.

Bank of America has a substantial physical presence across the state with numerous branches and ATM locations. They offer advanced tools for cash flow management and projections, enhancing your ability to monitor your business finances. The mobile app integrates smoothly with most business applications, adding to its convenience.

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

Fees

Bank of America’s introductory checking account has a $16 monthly fee, which can be waived by maintaining a $5,000 monthly balance, spending $250 on your debit card, or joining the Preferred Rewards program. Be aware of additional fees for out-of-network ATM withdrawals and excessive deposits.

Interest Rates

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

Minimum Balance

Maintaining a $5,000 average monthly balance in your checking account eliminates the $16 service fee. Keeping at least $2,500 in your savings can also help you avoid a $10 monthly charge.

Access to Mobile Banking 

Bank of America’s mobile app is highly rated for its functionality, allowing you to manage accounts, pay bills, and transfer funds from anywhere. The app also features a budgeting tool to help you monitor and control your expenses efficiently.

>> Check Out Bank of America >>

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

Why we chose it: Chase provides comprehensive banking solutions with an extensive array of business services.

Fees

While the monthly service fee might deter some, it can be waived by maintaining a $2,000 minimum daily balance, making $2,000 in net purchases with a business credit card, or receiving $2,000 in deposits via the Chase QuickAccept feature. This flexibility makes it easier for businesses to manage their banking costs effectively.

>> Check Out Chase for Business >>

Chase Bank is among the largest banks in the United States, renowned for its low fees and extensive branch network with over 3,000 locations nationwide. If you’re a business owner in Mississippi looking to minimize maintenance costs, opening a Chase business account could simplify your financial management. 

There’s no minimum required to open the account, and the monthly service fee is waived if you maintain a daily balance of $2,000. Customers also benefit from access to a business credit card and various loan options with flexible repayment plans.

Why we chose it: Chase offers a comprehensive range of merchant services, enhancing its traditional banking services to support your business success.

Fees

Chase Business Complete Banking starts with a $15 monthly fee, which can be waived by maintaining a $2,000 daily balance, making deposits through Chase QuickAccept, or using a Chase Ink Business Card. After the first 20 transactions, additional fees may apply, and it’s advisable to avoid expensive wire transfers.

Interest Rates

Chase doesn’t offer interest on business checking accounts; however, opening a business savings account can yield up to 0.02%.

Minimum Balance

To avoid the monthly service fee at Chase, it’s necessary to keep a minimum of $2,000 in your checking account consistently. Falling below this balance can trigger the monthly fee, although savings accounts do not incur fees as long as you have an active checking account.

Access to Mobile Banking

Chase’s mobile app provides extensive functionality, allowing you to manage banking operations such as locking or unlocking your credit card if lost, planning budgets for large purchases, and monitoring your credit health directly from your phone.

>> Check Out Chase >>