8 Best Business Banking at Montana – Reviews & Rankings

8 Best Business Banking at Montana – Reviews & Rankings

Selecting 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 >>

8 Best Banks for Small Businesses in Montana 

  • Bluevine: Best Overall Bank for Small Businesses in Montana
  • Capital One: Best for Convenient Online Banking and Business Services
  • U.S. Bank: Best in Terms of Customer Satisfaction and Convenience
  • Oxygen: The Best Cost-Effective Banking Solution for Small Businesses
  • Axos: Best Bank In Maximizing Business Earnings with Competitive Business Savings Accounts
  • Lili: Best for Streamlined Expense Tracking Tools
  • Bank of America: Best Bank In Supporting Small Business Growth with a Variety of Funding Options
  • Chase: Best Bank for Effortlessly Managing Payroll and Direct Deposit

Our Methodology

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.

BankPricing (Per Month)Additional FeesInterest RatesMinimum BalanceAccess to Mobile Banking
Bluevine$0$4.95 per cash deposit, $2.50 for out-of-network ATM fees, $15 for outgoing wires2.0% APY$0Pay vendors by wire or check, schedule payments, manage cash flow
Capital One$15 (waivable)$15 per incoming domestic wire, $25 for outgoing domestic wire0.20% APY$2,000Access 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 ATMs0.01% APY$500 for business savingsTransfer funds, view documents, find branch/ATM locations, manage cards
Bank of America$16Out-of-network ATM fees, fees for excessive depositsUp to 0.04% APY$5,000Manage accounts, pay and transfer, digital wallets, bill pay
Lili$0$2.5 for out of network1.50% APY$0manage 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$0Fraud monitoring, card control, pay, and transfer, view offers
Axos$0$35 for a wire transfer        –   $0Fund 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 deposit1.0% APY$0Check deposit, bill payment, check deposit, account statement


Best Overall Bank for Small Businesses in Montana

Small businesses can maximize their earnings through deposits with high interest rates on their accounts. Bluevine caters to this need by offering attractive rates to its small business clients without imposing monthly fees.

This makes Bluevine an excellent choice for small businesses aiming to economize and enhance their financial growth.

Why we chose it: Bluevine stands out as the optimal business bank account for LLCs and other business entities due to its high-interest rates, minimal fees, and no maintenance requirements.


  • Competitive high-interest rates
  • Very few associated fees
  • No requirement for a minimum deposit


  • Lacks a business savings account option
  • No reimbursement for ATM use
  • Charges a fee for cash deposits


Bluevine allows you to bank without monthly fees, enabling you to manage your finances without any cost. However, charges apply when using out-of-network ATMs, making the mobile app a crucial tool for locating free withdrawal locations. Be mindful that each cash deposit incurs a $4.95 fee, so it’s best to use this service judiciously.

Interest Rates

Bluevine significantly boosts your earning potential with a 2.0% APY, which is 50 times the current national average, applicable on balances up to $100,000. Keep in mind any amount over this will not earn interest, so plan your deposits accordingly.

Minimum Balance

With no minimum balance requirement, Bluevine offers great flexibility for small businesses. You can start with virtually any amount and immediately benefit from the high interest rates offered.

Access to Mobile Banking

The Bluevine mobile app simplifies banking, making it accessible from anywhere. This well-designed tool allows for efficient account management and financial tracking. You can also use it to pay vendors via wire or check and schedule payments for upcoming needs, enhancing your financial operations seamlessly.

>> Get Started With Bluevine >>

Capital One

Best with Convenient Online Banking and Business Services

For small businesses, effective cash flow management is critical, and unexpected expenses or cash shortages can lead to steep overdraft fees. Capital One offers a practical overdraft feature, providing small businesses with a safety net that allows them to access additional funds up to an approved limit.

This overdraft line of credit helps prevent disruptions in daily operations and manages finances more efficiently, aiding businesses in maintaining financial stability and avoiding unnecessary costs.

Why we chose it: Capital One enables unrestricted digital transfers, offering the flexibility to keep funds flowing smoothly.


  • Unlimited digital transfers
  • No overdraft fees
  • Extensive ATM network


  • Few physical branch locations
  • Monthly account fees
  • Charges for using out-of-network ATMs


Capital One business accounts are typically associated with a $15 monthly fee, which might be significant for a small business. Fortunately, you can have this fee waived by maintaining an average balance of $2,000 over a 30 or 90-day period. Additionally, using any of Capital One’s 70,000 ATMs across the country incurs no charges.

Interest Rates

By opening a business savings account with Capital One, you can access interest rates of up to 0.20% during your first year. This rate is applicable to balances up to $5 million, offering ample flexibility for small businesses. It’s worth noting that Capital One’s checking accounts do not accrue interest, which makes the benefit of free digital transfers even more appealing.

Minimum Balance

There’s no strict minimum balance required to keep your Capital One account open. However, maintaining at least $2,000 in your checking account is advisable to avoid the monthly service fee. Additionally, keeping extra funds in your savings account can help you earn some interest on the money that needs to be actively used.

Access to Mobile Banking

With a limited number of physical branches, Capital One’s highly-rated mobile app is a crucial tool. The app allows you to manage all your transactions, make digital payments, and deposit funds using your device’s camera. It also provides access to the Capital One CreditWise service, which helps monitor your credit score and offers useful financial tips.

>> Get Started With Capital One >>

U.S. Bank

Best in Terms of Customer Satisfaction and Convenience

Effective financial management is crucial for the success of small businesses. U.S. Bank provides essential tools and services that can greatly assist small business owners in managing their finances efficiently. These services enable businesses to handle transactions effortlessly, receive payments, monitor account activities, and keep track of expenses.

Why we chose it: Small businesses looking for additional financial support can benefit from U.S. Bank’s wide range of lending options.


  • Tailored lending solutions to meet specific business needs
  • Specialized merchant services for restaurants, retailers, and service providers
  • Extensive network with 2,400 branch locations


  • Fees for overdrafts
  • Relatively low Annual Percentage Yield (APY)
  • Presence limited to 28 states


With U.S. Bank’s Silver Checking Package for small businesses, you won’t have to worry about monthly fees. As your business expands, higher-tier accounts may come with monthly fees that can be waived. Just be sure to monitor your monthly transactions carefully to avoid extra charges for exceeding limits.

Interest Rates

U.S. Bank’s checking accounts do not offer interest-generating options. While savings accounts provide certain benefits, the maximum interest rate available is currently only 0.01%. Although minimal, there’s no cap on the balance that can earn this rate.

Minimum Balance

The Silver Account Package from U.S. Bank, tailored for small businesses, does not require a minimum balance. For other checking accounts, waivable fees are available provided you maintain the required balances. Savings accounts have a minimum balance requirement of $500 to avoid service fees.

Access to Mobile Banking

If you’re not near a U.S. Bank branch, their mobile app makes it easy to handle all your banking needs remotely. You can transfer funds between accounts and keep track of your financial health seamlessly. U.S. Bank’s app also provides personalized alerts to keep you informed about your finances.

>> Get Started With U.S. Bank >>


The Best Cost-Effective Banking Solution for Small Businesses

Small businesses often operate on tight budgets, making every penny crucial. That’s where a banking solution like Oxygen Bank comes in, offering a checking account with no monthly fees. This feature is a boon for small businesses, helping them save on banking fees and allocate those funds to other essential needs.

The absence of monthly fees also means better financial predictability for businesses, eliminating concerns over unexpected banking costs. With Oxygen Bank, small businesses enjoy a cost-effective and streamlined banking experience that lets them focus more on growth and less on financial overhead.

Why we chose it: Oxygen Bank resonates with the modern, trendy business owner by offering innovative banking features. It stands out as one of the top checking accounts for sole proprietors.


  • Tailored for the contemporary business owner
  • Generous 5% cashback rewards
  • Ability to create virtual, single-use debit cards


  • Not optimized for mobile use
  • Does not support multiple users
  • Higher pricing compared to some competitors


Oxygen Bank promotes a fee-free experience for most of its services, although charges may apply for out-of-network and international withdrawals. You won’t face any fees for ACH transfers or simply keeping your account open, ensuring ease and affordability in managing your business finances.

Interest Rates

Oxygen doesn’t offer interest on business checking accounts, but it provides a solution with its business savings account option. Funds up to $20,000 in savings earn a 1.0% interest rate, while higher balances accrue interest at a reduced rate, allowing you to still benefit from keeping excess funds.

Minimum Balance

There are no minimum balance requirements for either checking or savings accounts at Oxygen Bank. This flexibility means there are no monthly fees, even if your account balance is zero, removing the stress over maintaining a specific amount to avoid charges.

Mobile Banking Features

Oxygen Bank’s mobile app is crafted to support small business owners with their financial management needs while on the move. The app enables you to deposit checks, pay bills, and access your account statements easily. It also provides valuable spending insights, helping you keep a close watch on your financial activities and budget effectively.

>> Get Started With Oxygen >>


Best Bank In Maximizing Business Earnings with Competitive Business Savings Accounts

Small businesses often require a safe and reliable place to store their surplus cash while earning interest. Axos Bank meets this need with business savings accounts that offer attractive interest rates, allowing businesses to grow their profits while keeping their funds secure.

Additionally, Axos provides flexible and cost-effective banking solutions specifically designed to help small businesses reach their financial goals.

Why we chose it: The Axos Basic Business Checking account stands out due to its free cash deposits and low fee structure, making it one of the top choices for business bank accounts.


  • No monthly fees and unlimited transactions
  • Unlimited domestic ATM fee reimbursements
  • Ability to make cash deposits via MoneyPass and AllPoint ATMs
  • Welcome bonus for new customers (specific terms apply)
  • 24/7 customer support is available


  • Lacks integration with third-party apps
  • The interest-checking APY is decent but could be more exceptional


Axos Bank’s Basic Business Checking account comes without a monthly maintenance fee and doesn’t require a minimum balance to keep the account open. It effectively refunds any ATM fees you incur each month, making it a cost-free option for daily use. However, be mindful of the $35 fee for each wire transfer if you frequently use this service.

Interest Rates

This account does not offer an annual percentage yield (APY), focusing instead on providing business-related perks. For those with surplus funds, Axos offers interest-bearing business savings accounts where interest can be accrued, enhancing your financial growth.

Minimum Balance

Axos Bank does not impose minimum balance requirements for its checking or savings accounts. This flexibility makes Axos an appealing choice for small business owners who may need more funds to maintain their accounts consistently.

Access to Mobile Banking

Axos Bank provides a comprehensive mobile banking app that enables customers to handle their banking needs remotely. Through the app, you can manage accounts, deposit checks, transfer funds, pay bills, and execute wire transfers directly from your mobile device. The app also includes features for account alerts and budgeting tools to help you maintain tight control over your finances.

>> Get Started With Axos >>


Best for Streamlined Expense Tracking Tools

The prosperity of small businesses largely depends on effective cost tracking and financial management. Lili Bank provides a vital service that helps small business owners monitor their expenditures and categorize their expenses accurately.

With Lili Bank’s cost tracker tool, businesses can tailor spending categories, track deductible expenses, and annotate each expense with notes and tags. This functionality is crucial for making informed financial decisions. Owners can easily access this tool through the Lili Bank mobile app, allowing for efficient account management on the move.

Why we chose it: Lili Bank’s minimal fees and tax optimization tools are excellent for helping businesses retain more of their hard-earned money. Additionally, if you need an online business checking account that does not require credit checks, Lili is an outstanding choice.


  • No fees, no minimum balance requirements, and no requirement for a minimum opening deposit
  • Unlimited transactions without fees
  • Free ATM access through the MoneyPass network and cash deposit options via the Green Dot network
  • Comprehensive tools for expense management and tax planning
  • An early payment feature with direct deposit, enabling receipt of funds up to two days earlier than traditional bank accounts


  • Fees of up to $4.95 for cash deposits at Green Dot locations
  • Lack of checkbooks and inability to send or receive wire transfers
  • Limited business-oriented features, such as no options for joint accounts, multiple business debit cards, or third-party integrations


Lili Bank stands out with its complimentary tax software and absence of account and overdraft fees. There are also no charges for foreign transactions or for using over 38,000 in-network ATMs across the U.S. However, using an ATM outside this network could cost between $2.50 and $5.

Interest Rates

While Lili’s Business Checking account does not earn interest, those looking for growth can opt for a savings account offering 1.5% APY. Note that maintaining at least $34,000 in the account is necessary to counterbalance the monthly costs.

Minimum Balance

There’s no minimum balance requirement for Lili’s checking account, making it an appealing choice for new businesses or those with variable income. This feature helps business owners manage their finances without the stress of maintaining a specific account balance.

Access to Mobile Banking

Lili Bank’s mobile app is tailor-made for freelancers and small business owners, facilitating comprehensive financial management directly from mobile devices. The app enables you to control expenses, save for taxes, and manage payments effortlessly.

It also includes features like instant payment notifications, budgeting tools, and the capability to deposit checks via mobile, enhancing your banking experience and financial oversight.

>> Get Started With Lili >>

Bank of America

Best Bank In Supporting Small Business Growth with a Variety of Funding Options

Small businesses often require loans to fuel expansion and bolster success. Bank of America recognizes this need and offers a variety of funding options to help small businesses reach their financial aspirations.

With its extensive lending expertise, Bank of America provides tailored loan solutions that cater specifically to the unique needs of small business owners.

Why we chose it: Bank of America’s reward program comes with several benefits, making banking a mutually beneficial experience for all involved parties.


  • Preferred Rewards program that enhances interest rates
  • Access to over 17,000 ATMs and 4,300 branches nationwide
  • Possibility to waive the monthly fees


  • No 24/7 customer service availability
  • Monthly maintenance fees
  • Transaction fees for using non-Bank of America ATMs


Bank of America’s introductory checking account includes a $16 monthly fee, which can be waived by maintaining a $5,000 monthly balance, spending at least $250 on your debit card, or enrolling as a Preferred Rewards member. Be mindful of additional fees such as those for out-of-network ATM withdrawals and excessive deposits within a month.

Interest Rates

For small businesses opening a savings account, the starting interest rate is 0.01%. This rate can increase to 0.04% by engaging sufficiently in Bank of America’s rewards system. Note that Bank of America checking accounts do not offer the opportunity to accrue interest.

Minimum Balance

To avoid the $16 monthly service fee, maintain an average monthly balance of $5,000 in your checking account. Additionally, a minimum of $2,500 in your savings account is necessary to bypass a $10 monthly fee.

Access to Mobile Banking

Bank of America’s mobile app is highly regarded for its comprehensive functionality. It allows you to manage your accounts, pay bills, and transfer funds seamlessly from anywhere. The app also includes a budgeting tool to help track and manage your spending efficiently.

>> Get Started With Bank of America >>


Best Bank for Effortlessly Managing Payroll and Direct Deposit

Small businesses can streamline their payment processes using Chase Bank’s direct deposit service. This feature allows business owners to schedule and automate payments efficiently, simplifying payroll processes and reducing administrative burdens.

It eliminates the need for physical checks or cash, securely and promptly transferring funds directly into recipients’ accounts. Enhanced with robust security protocols, Chase Bank’s direct deposit ensures that all transactions are protected.

Why we chose it: Chase integrates a comprehensive array of merchant services with its traditional banking offerings, providing the tools necessary for your business to thrive.


  • A wide range of merchant services is available
  • Multiple options to waive the monthly maintenance fee
  • Attractive $300 sign-on bonus for new customers


  • Monthly maintenance fees apply
  • Limit of 20 free transactions per month
  • Minimal Annual Percentage Yield (APY) on deposits


Chase Business Complete Banking starts with a monthly fee of $15. You can eliminate this fee by maintaining a $2,000 daily balance, making deposits through Chase QuickAccept, or using the Chase Ink Business Card for purchases. Be aware that there are charges for transactions beyond your first 20, and it’s advisable to minimize costly wire transfers.

Interest Rates

Chase does not offer interest on business checking accounts. To earn interest, consider opening a business savings account, which provides an APY of up to 0.02%.

Minimum Balance

To avoid Chase’s monthly service fee, maintain a minimum balance of $2,000 in your checking account. Falling below this threshold even once during the month can result in the fee being applied. Savings accounts do not incur fees as long as you maintain an active checking account with Chase.

Access to Mobile Banking

Chase’s mobile app goes beyond basic banking functions, allowing you to lock or unlock your credit card if it’s lost or misplaced. It also includes features for budget planning, enabling you to set aside funds for significant expenditures, and credit monitoring tools to help safeguard your financial health.

>> Get Started With Chase >>

Methodology for the Best Banks for Small Businesses in Montana

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:

  • Fees: For small businesses, every cent counts. We prioritized banks that don’t excessively charge for routine services, focusing on those without maintenance fees or offering options to waive them easily. It was also important to find institutions that minimize transaction and transfer costs expenses businesses frequently incur.
  • Interest Rates: While business bank accounts are mainly used for organizational and payment purposes, earning some interest can provide a small financial boost. We highlighted banks that offer accessible interest rates on both checking and savings accounts, with some rates significantly above the national average.
  • Minimum Balance: Often, banks will waive maintenance fees if a certain balance is maintained. Recognizing that small businesses might start with limited funds, we identified banks with low balance requirements to help avoid fees. Additionally, some banks set account minimums to unlock interest rates or other benefits.
  • Access to Mobile Banking: In today’s fast-moving world, having immediate access to banking services is a significant advantage. We considered the role of mobile technology in the rise of online-only banks and noted that traditional banks have enhanced their mobile apps to stay competitive. Our picks include banks that offer top-tier mobile banking experiences, enabling efficient financial management and transactions from anywhere.
  • Ease of Use: In selecting the top banks for small businesses, ease of use was a critical criterion. We looked for features that are straightforward and intuitive, covering everything from making transfers and payments to opening a business bank account using just an EIN. Our goal was to ensure that managing a bank account always becomes a manageable task for business owners.

>> Start Using Bluevine Now! >>

Frequently asked questions

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.

Bottom Line

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.

>> Best Business Banking at Montana Overall – Bluevine >>


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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.