Small businesses are the lifeline of New Hampshire’s economy, thriving through vital support from various financial partners. If you’re navigating the maze of banking options, you’ve come to the right place!
We’ll explore top-tier banks in the Granite State that cater primarily to small businesses. These banks offer competitive services, handy features, and custom support to help you achieve your business goals.
Are you kickstarting a new venture or steering an established business? Either way, this guide throws you the essential insights to help you cherry-pick the perfect banking ally for your enterprise. Get ready to arm yourself knowing that could steer your business toward sustained growth and success!
To create a thorough list of primo banks for small businesses in New Hampshire, we examined multiple factors. Our probe focused on fees for keeping an account open and the minimal balance necessary to dodge these fees.
Thanks to this deep dive, we’ve handpicked a lineup of banks that deliver stellar value and service to New Hampshire’s small enterprises. Ready to discover which banks cut? Here’s your guide to banking excellence, tailored for the small business hustler.
>> Open a Business Bank Account With Bluevine >>
Bluevine is a top-notch online bank, perfect for small businesses craving payment flexibility and swift access to funds. It offers two main services, business checking, and lending, designed to keep things smooth and efficient for busy entrepreneurs.
The checking account is a breeze, with no monthly fees, unlimited transactions, and zero minimum balance requirements. On the lending front, Bluevine offers invoice factoring, lines of credit, and term loans, all tailored to boost your cash flow and fuel your business operations.
Bluevine’s compatibility with popular accounting tools like QuickBooks, Xero, and Wave makes it even more appealing. This feature enables seamless integration, making financial management easy.
Here’s why we’re all in on Bluevine: It offers high-interest rates, minimal fees, and zero maintenance hassles, making it a prime choice for LLCs and other business setups.
Pros
Cons
With Bluevine, you can enjoy banking free of monthly fees, allowing you to manage your finances without spending extra. However, be aware of charges for using out-of-network ATMs. Utilize the mobile app to locate ATMs to withdraw cash for free. Each cash deposit incurs a $4.95 fee, so it’s wise to limit this activity to avoid unnecessary costs.
Bluevine delivers with a stellar 2.0% APY, which is 50 times the national average, applicable to balances up to $100,000. It also offers 4.25% APY for premier customers. Should your small business’s balance exceed this threshold, the additional funds won’t earn any interest.
Bluevine has no minimum balance requirement, allowing small businesses to start with virtually any amount in their account. This setup enables immediate access to the high-interest rates, regardless of your starting balance.
The Bluevine mobile app turns banking on the go into a smooth experience. This well-crafted app allows you to manage your accounts effortlessly and track your finances. You can also pay vendors via wire or check and schedule future payments, making financial operations convenient and efficient.
Lili Bank shines as the go-to choice for remote deposit capabilities. Their mobile app lets businesses deposit checks remotely by snapping a photo. Beyond that, the app includes handy features like real-time notifications for deposits and expenditures, expense categorization, and tools for tax savings. Lili Bank stands out for businesses that prioritize quick and efficient check depositing.
Here’s why we picked it: Lili’s minimal fees and tax optimization software are key for businesses aiming to preserve their hard-earned money. For those in search of an online business checking account that skips the credit checks, Lili is an excellent option.
Pros
Cons
Lili stands out with its complimentary tax software, and business owners will appreciate the absence of account and overdraft fees. There are no fees for foreign transactions either, and you can access over 38,000 in-network ATMs across the United States for free. However, using an out-of-network ATM will incur a fee ranging from $2.50 to $5.
Lili’s Business Checking account does not earn interest. However, for those willing to pay, a savings account option offers a 1.5% APY. To make this worthwhile, you’ll need to constantly maintain at least $34,000 in your account to balance out the monthly fees.
Lili Bank’s checking account has no minimum balance requirement, so you don’t have to maintain a specific amount to dodge monthly fees. This feature makes it an attractive option for those starting a business or dealing with variable income.
Lili Bank provides a mobile banking app tailored for freelancers and small business owners. This app lets you handle your finances directly from your mobile devices, including tracking expenses, setting aside money for taxes, and overseeing payments.
The app has features like instant payment notifications, budgeting tools, and the capability to deposit checks via your mobile device.
Capital One is a top pick for businesses needing credit lines, offering secured and unsecured options tailored to meet diverse business needs. Capital One’s credit lines come with flexible repayment terms, whether you require short-term or long-term financing.
The bank also features a rewards program where businesses can accumulate cashback and rewards points on purchases. Capital One provides straightforward online access to account management tools that assist businesses in tracking expenses and monitoring credit scores.
Here’s why we recommend it: Capital One allows unlimited digital transfers, giving you the freedom to manage your funds seamlessly.
Pros
Cons
Capital One’s business accounts have a $15 monthly fee, which might be substantial for a small business. However, this fee can be waived if you maintain an average balance of $2,000 over a 30 or 90-day period. Using any of Capital One’s 70,000 ATMs across the country comes at no extra charge.
Opening a business savings account with Capital One offers interest rates of up to 0.20% during your first year, applicable to balances up to $5 million. This gives small businesses ample flexibility. Since none of Capital One’s checking accounts accrue interest, the perk of free digital transfers becomes even more appealing.
With Capital One, there’s no requirement to maintain a minimum balance to keep your account active. However, it’s beneficial to have at least $2,000 in your checking account to sidestep the $15 monthly service fee. Storing additional funds in your savings account can also yield some interest on money that’s only sometimes needed.
Given the scarcity of physical Capital One branches, the bank’s highly-rated mobile app is a vital resource. Through the app, you can handle all your transfers, make digital payments, and deposit checks using your device’s camera. It also provides access to Capital One’s CreditWise service, which allows you to monitor your credit score and receive useful tips.
U.S. Bank excels in cash management services, making it an excellent choice for businesses focused on efficient cash flow management. Their offerings include online banking, bill pay, wire transfers, ACH payments, and remote deposit capture.
With U.S. Bank, businesses can effortlessly manage their finances, pay bills, and transfer funds from virtually anywhere, anytime. They also provide a comprehensive mobile banking app that allows businesses to access their accounts and conduct transactions on the move.
Here’s why it stands out: For small businesses seeking additional financial support, U.S. Bank offers an extensive range of lending options.
Pros
Cons
With U.S. Bank’s silver checking package for small businesses, monthly fees are off the table. As your business expands and moves into higher-tier accounts, you may encounter waivable monthly fees. Just monitor your monthly transactions closely to avoid extra charges for exceeding the set limits.
U.S. Bank’s checking accounts don’t offer any interest-generating options. While their savings plans provide various benefits, the highest interest rate currently available is only 0.01%. Although this rate is quite low, there’s no upper limit to the balance on which you can earn interest.
U.S. Bank’s silver account package for small businesses comes with no minimum balance requirements. Other checking accounts offer waivable fees, provided you maintain the balances. For savings accounts, maintaining a minimum balance of $500 will eliminate service fees.
If you’re far from a U.S. Bank physical branch, you can handle all your banking needs via their mobile app. This allows you to transfer funds between accounts and keep track of your financial status. U.S. Bank enhances your banking experience with customized alerts to keep you informed.
Bank of America is renowned for its robust overdraft protection services tailored for small businesses. Their program lets businesses connect their checking accounts to a savings account or credit line, safeguarding against overdraft fees and ensuring timely payments.
The bank’s mobile app enhances this service by sending real-time alerts to businesses when their account balances are low, giving them a chance to act before any overdraft fees are incurred.
Here’s why it stands out: Bank of America’s rewards program is loaded with various perks, making banking beneficial for all involved parties.
Pros
Cons
Bank of America’s basic checking account incurs a $16 monthly fee, which you can avoid by maintaining a $5,000 monthly balance, spending a minimum of $250 with your debit card, or joining the Preferred Rewards program. The only additional fees to consider are those for out-of-network ATM withdrawals and charges for excessive deposits within a month.
Most small businesses starting a savings account with Bank of America will initially earn an interest rate of 0.01%. Active participation in Bank of America’s rewards system can boost this rate to 0.04%. However, it’s important to note that Bank of America’s checking accounts do not offer the ability to accrue interest.
Maintaining an average monthly balance of $5,000 in your checking account will eliminate the $16 service fee. Similarly, to avoid a $10 monthly charge on your savings account, keep at least $2,500 in it.
Bank of America’s mobile app is highly acclaimed for its functionality. It allows you to manage accounts, pay bills, and transfer funds from anywhere. The app includes a budgeting tool that helps you monitor expenses and control spending effectively.
>> Check Out Bank of America >>
Axos Bank excels in mobile banking, offering an app that significantly simplifies banking for small businesses. Through the Axos app, businesses can deposit checks, check account balances, pay bills, transfer funds, and manage finances seamlessly on the move.
The app also sends real-time alerts, helping businesses keep tabs on their account activities and prevent fraudulent transactions.
Here’s why we recommend it: The Axos Basic Business Checking account comes with free cash deposits and a competitively low fee structure, making it one of the best business banking options available.
Pros
Cons
Axos Bank Basic Business Checking is cost-free to maintain, with no monthly maintenance fee or minimum balance requirements. You’ll also be reimbursed for any ATM fees you incur each month. However, if you frequently send wire transfers, keep in mind that Axos charges $35 for each one.
This specific account does not offer an annual percentage yield, focusing instead on business-related perks. For those with surplus funds, opening one of Axos’s interest-bearing business savings accounts provides an opportunity to earn interest.
Axos Bank does not impose minimum balance requirements for its checking and savings accounts. As a small business owner, you won’t need to maintain a specific balance to avoid monthly fees. This feature makes Axos a compelling choice if you’re not looking to keep a large amount of money in your account.
Axos Bank provides a powerful mobile banking app that enables customers to handle their accounts, deposit checks, transfer funds, pay bills, and conduct wire transfers, all from their mobile devices. You can take advantage of account alerts and budgeting tools to closely monitor your financial activities.
Oxygen Bank excels in wire transfer services, offering fast, reliable, and secure transactions. Their comprehensive mobile banking app allows businesses to easily manage their accounts, view transactions, and initiate wire transfers from anywhere, accommodating both domestic and international fund transfers.
Here’s why we recommend it: Oxygen resonates with modern business owners by providing innovative banking features. It’s also an excellent choice for checking accounts, particularly for sole proprietors.
Pros
Cons
Oxygen promotes itself as fee-free, but it notes that withdrawals at out-of-network and international ATMs might incur fees. However, you can enjoy free ACH transfers, and there are no fees for maintaining your account.
Although funds in your Oxygen business checking account won’t earn interest, Oxygen offers a solution by including a business savings account option. Money in the savings account earns 1.0% interest on balances up to $20,000. Balances exceeding that amount continue to accrue interest, albeit at a reduced rate.
Oxygen Bank has no minimum balance requirements for its checking and savings accounts, and it doesn’t charge monthly fees, regardless of your account balance. This means you won’t face any fees even if your account is empty, ensuring you’re free from worrying about maintaining a specific balance to avoid charges.
Oxygen Bank provides a mobile banking app tailored to assist small business owners in managing their finances while on the move. The app allows users to deposit checks, pay bills, and generate account statements. It delivers spending insights, helping users keep a close watch on their financial activities.
Chase Bank stands out as a top choice for business bill pay. Their online bill-pay service makes it easy for businesses to handle their bills swiftly from any location. With Chase, businesses can also schedule recurring payments and establish automatic payments, which helps prevent late fees and guarantees bills are paid promptly.
Moreover, Chase Bank offers a comprehensive mobile banking app that enables businesses to manage their accounts and monitor expenses on the go.
Here’s why we recommend it: Chase combines an extensive array of merchant services with traditional banking, providing a robust platform to help your business thrive.
Pros
Cons
Monthly fees for Chase Business Complete Banking begin at $15. However, you can eliminate this fee by maintaining a daily balance of $2,000, making deposits through Chase QuickAccept, or purchasing a Chase Ink Business Card. Be aware that there are charges for transactions beyond the initial 20, and it’s advisable to steer clear of expensive wire transfers when possible.
Like many banks, Chase does not offer interest on balances in business checking accounts. If you want to earn interest, you need to open a business savings account, which can accrue interest at a rate of up to 0.02%.
To dodge Chase’s monthly service fee, consistently maintain at least $2,000 in your checking account. Dropping below this threshold, even briefly within a month, will trigger the fee. However, there are no fees for savings accounts as long as you have an active checking account with Chase.
Beyond regular banking activities, the Chase mobile app offers the ability to lock or unlock your credit card if it’s misplaced. The app also includes a budget planning feature, allowing you to earmark funds for a large purchase and credit monitoring tools to help safeguard your credit health.
To identify the best banks for small businesses in New Hampshire, we evaluated several crucial aspects:
>> Open a Business Bank Account With the Bluevine >>
A business bank account is tailored for business use. It allows companies to receive payments, pay bills, and oversee their finances. These accounts typically come with various features and services, such as credit lines, debit cards, online banking, and mobile banking capabilities.
Yes, opening a bank account using an Employer Identification Number (EIN) is advisable. Any business with employees needs an EIN for tax purposes, and banks will require this number to register your account. If you’re the sole employee of your business, you could use your Social Security Number (SSN), but this might mix personal and business finances. Using an EIN helps maintain a clear separation between the two.
Maintaining a business bank account offers numerous benefits, including the separation of personal and business finances, enhancing credibility and professionalism, allowing companies to manage payments under their business name, streamlining accounting and tax processes, facilitating access to credit and other financial services, and potentially lowering the risk of fraud and identity theft.
It’s prudent to save at least six months’ worth of operating expenses as a financial safety net for your business. This reserve can support you during any operational difficulties or slowdowns. If workable, aim to set aside at least 10% of your monthly profits to increase this savings buffer.
Opening a business bank account offers substantial benefits for small businesses in New Hampshire. It enables them to manage their finances and keep track of their transactions effectively.
The leading banks serving small businesses in New Hampshire offer competitive fees, user-friendly money transfer options, and dependable customer support. These attributes help companies reach their financial goals and build solid relationships with their suppliers.
For your business’s financial needs in New Hampshire, considering these banks as your top choice is recommended.
