gabrielSelecting the right bank is crucial for managing your small business’s finances effectively. With numerous options available, pinpointing the perfect banking service tailored to your specific needs can be daunting.
We’ve compiled a list of the top banks for small businesses in Montana. These reputable institutions provide all the essential tools you need to streamline your financial management and maximize savings. They offer personalized services, competitive rates, and much more, ensuring you have the support necessary to thrive.
>> Best Business Banking at Montana Overall – Bluevine >>
To determine the top banks for small businesses in Montana, we considered several critical factors. These factors included the cost of account maintenance, the minimum balances required, and any extra fees associated with using the bank’s services.
Additionally, we looked at the interest rates these banks offer to their customers. We also assessed the mobile banking features each bank provides, ensuring they offer both convenience and security for our users.
For a more in-depth explanation of our methodology, click here.
| Bank | Pricing (Per Month) | Additional Fees | Interest Rates | Minimum Balance | Access to Mobile Banking |
| Bluevine | $0 | $4.95 per cash deposit, $2.50 for out-of-network ATM fees, $15 for outgoing wires | 2.0% APY | $0 | Pay vendors by wire or check, schedule payments, manage cash flow |
| Capital One | $15 (waivable) | $15 per incoming domestic wire, $25 for outgoing domestic wire | 0.20% APY | $2,000 | Access credit card accounts, transfer money, deposit checks, access bank statements, access to CreditWise service |
| U.S. Bank | $0 | $0.50 fee for transactions after the first 125, fees at out-of-network ATMs | 0.01% APY | $500 for business savings | Transfer funds, view documents, find branch/ATM locations, manage cards |
| Bank of America | $16 | Out-of-network ATM fees, fees for excessive deposits | Up to 0.04% APY | $5,000 | Manage accounts, pay and transfer, digital wallets, bill pay |
| Lili | $0 | $2.5 for out of network | 1.50% APY | $0 | manage finances and payments, control expenses, and save money for taxes |
| Chase | $15 (waivable) | $25 to $40 for wire transfers, $0.40 per transaction (after the first 20) | Up to 0.02% APY | $0 | Fraud monitoring, card control, pay, and transfer, view offers |
| Axos | $0 | $35 for a wire transfer | – | $0 | Fund transfer, wire transfer, bill payment, |
| Oxygen | $0 | $3 for out-of-network ATM fee, fees for international transactions, $5 international ATM fee, fees for Ingo mobile check deposit | 1.0% APY | $0 | Check deposit, bill payment, check deposit, account statement |
To determine the best banks for small businesses in Montana, we examined various factors critical for opening a business bank account and managing finances effectively. Here are the key considerations that guided our evaluations:
>> Start Using Bluevine Now! >>
In Montana, banks offer a variety of business bank account options designed to meet the specific needs of different types of businesses. Common types of business bank accounts include checking accounts, savings accounts, merchant services accounts, and credit card processing accounts. These are tailored to facilitate the diverse financial operations that businesses typically engage in.
Yes, it’s advisable to open a bank account using an Employer Identification Number (EIN). Any business with at least one employee needs an EIN for tax purposes, and banks typically require this number when setting up your account.
If you’re the sole employee of your business, you could alternatively use your Social Security Number (SSN). However, using your SSN may complicate the separation between personal and business finances.
When opening a business bank account in Montana, you may encounter various fees. Common charges include overdrafts, wire transfers, transactions, and monthly maintenance fees. Some banks charge for check writing, online banking, and cash withdrawals. It’s important to thoroughly review each bank’s fee schedule to choose an account that offers the features and pricing that align best with your business’s needs.
It’s prudent to set aside at least six months’ worth of operating expenses as a financial safety net for your business. This reserve can provide crucial support if you encounter unexpected challenges in your operations.
To strengthen this fund, consider adding at least 10% of your monthly profits to your savings. This strategy ensures you have a buffer to sustain your business during downturns.
Choosing the right bank is critical for small businesses in Montana to manage their finances and achieve their financial goals effectively. It’s important to consider key factors such as fees, interest rates, customer service, and digital tools when selecting a bank that meets the specific needs of your business.
Conducting a thorough comparison of multiple banks is crucial before making a final decision. With the appropriate banking services and institutions, small businesses in Montana can thrive and profit.
