Starting a small business is challenging, and choosing the right bank is crucial for your success. The best banking options offer additional features to help you manage your business finances smoothly. In this detailed guide, discover our top picks for the best banks for small businesses in New Mexico.
>> Best Business Banking at New Mexico – Bluevine >>
To determine the best banks for small businesses in New Mexico, we examined various factors, including the fees for maintaining an account, the minimum balances needed to avoid these fees, and any extra charges linked to the bank’s services.
We also examined the interest rates offered to customers and thoroughly reviewed these banks’ mobile banking features to ensure they meet contemporary business demands.
For a more detailed 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 first 20) | Up to 0.02% APY | $0 | Fraud monitoring, card control, pay, and transfer, view offers |
| Axos | $0 | $35 for 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 |
| Interest Rates | 2.0% APY |
| Star Rating | 4.7 |
Bluevine is an online bank that offers high-yield savings accounts tailored for small businesses. These accounts come without minimum balance requirements or monthly fees, making them accessible for businesses of various sizes.
Bluevine’s savings account also features a competitive interest rate, enabling businesses to maximize their savings earnings. The bank provides a user-friendly experience with easy access to accounts via their mobile app or online banking, simplifying financial management for business owners.
Why we chose it: Bluevine stands out with its high interest rates, minimal fees, and no maintenance requirements, making it an excellent banking choice for LLCs and other business entities.
Pros:
Cons:
Bluevine offers a fee-free banking experience, allowing you to manage your finances without monthly charges. However, be mindful of fees for using out-of-network ATMs; use the mobile app to locate free withdrawal points. Cash deposits cost $4.95 each, so it’s best to use this service judiciously.
Bluevine offers a standout 2.0% APY on balances up to $100,000, 50 times the national average. Be aware, though, that any balance over this limit will not earn interest, which could affect larger business funds.
There’s no minimum balance required with Bluevine, enabling small businesses to open accounts with minimal initial funds and still benefit from high interest rates right away.
Bluevine’s mobile app enhances your banking flexibility, allowing you to manage finances anywhere easily. The app is designed for user-friendliness, enabling you to handle transactions, pay vendors, and schedule payments efficiently.
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| Interest Rates | 0.20% APY |
| Star Rating | 4.6 |
Capital One is a prominent provider of small business loans, offering a diverse array of financing options such as lines of credit, term loans, and SBA loans. These options are designed to support businesses at various stages of growth.
Capital One stands out for its streamlined application process and rapid funding, making it a top choice for business owners needing quick access to capital. Additionally, their experienced team of business bankers provides valuable guidance and support throughout the lending process.
Why we chose it: Capital One is favored for its unlimited digital transfers, allowing business owners the flexibility to manage their funds efficiently without constraints.
Pros:
Cons:
Capital One charges a $15 monthly fee for its business accounts, 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 Capital One’s 70,000 ATMs nationwide.
Capital One’s business savings accounts offer an interest rate of up to 0.20% for the first year, applicable to balances up to $5 million. This gives small businesses substantial flexibility. The bank’s checking accounts do not offer interest, which underscores the value of their free digital transfers.
There’s no mandatory minimum balance to keep your Capital One account open, but maintaining at least $2,000 in your checking account will help avoid the monthly fee. Additionally, holding surplus funds in a savings account can accrue interest, maximizing your financial resources.
Capital One’s extensive mobile app compensates for the scarcity of its physical branches. The app allows for easy transfers, digital payments, and mobile check deposits using your device’s camera. It also provides access to Capital One’s CreditWise service, offering tools and insights to manage and improve your credit score.
>> Get Started With Capital One >>
| Interest Rates | 0.01% APY |
| Star Rating | 4.5 |
U.S. Bank stands out as a top provider of business credit cards, offering various options tailored to different business needs. Their cards feature benefits such as cashback rewards, travel incentives, and introductory offers.
U.S. Bank also excels in providing comprehensive online account management tools and robust fraud protection, which help business owners easily track spending and secure their accounts.
Why we chose it: U.S. Bank is highly recommended for small businesses seeking additional funding, thanks to its wide array of lending options.
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U.S. Bank’s Silver Checking package for small businesses is free of monthly fees. As your business grows and you upgrade to higher-tier accounts, those accounts may have waivable monthly fees. Remember to make monthly transactions to avoid extra charges for exceeding set limits.
U.S. Bank’s checking accounts do not offer interest. Their savings accounts offer interest, but the rate is only 0.01%. However, these accounts do not have a cap on the balance that can earn interest.
There are no minimum balance requirements for U.S. Bank’s Silver Checking package, making it ideal for small businesses just starting. For other checking accounts, maintaining certain balances can waive monthly fees. Savings accounts require a minimum balance of $500 to avoid service fees.
U.S. Bank’s mobile app allows you to manage your banking needs remotely, which is ideal if you’re away from a branch. The app lets you transfer funds, monitor your financial status, and receive customized alerts to inform you about important account activities.
>> Get Started With U.S. Bank >>
| Interest Rates | Up to 0.04% APY |
| Star Rating | 4.4 |
Bank of America stands out as a top provider of merchant services, catering to businesses of all sizes. They offer a comprehensive suite of payment processing solutions, including credit card, debit card, and e-commerce payment systems.
These services streamline payment processes, enhance operational efficiency, and boost cash flow. Additionally, Bank of America provides 24/7 customer support and custom solutions tailored to each business’s unique needs.
Why we chose it: Bank of America’s merchant services have numerous benefits, making banking beneficial for all parties involved.
Pros:
Cons:
Bank of America’s introductory checking account carries a $16 monthly fee, which can be waived by maintaining a $5,000 balance, spending at least $250 on your debit card, or joining the Preferred Rewards program. Be aware of additional fees for out-of-network ATM withdrawals and excessive monthly deposits.
Savings accounts at Bank of America typically start with a 0.01% interest rate, which can increase to 0.04% through active participation in the rewards program. Note that their checking accounts do not earn interest.
To avoid the $16 monthly service fee, maintain an average monthly balance of $5,000 in your checking account. A minimum of $2,500 in your savings account is required to dodge a $10 monthly fee.
Bank of America’s mobile app is highly functional. It allows you to manage accounts, pay bills, and transfer funds from anywhere. It also includes a budgeting tool to help you track expenses and manage spending effectively.
>> Get Started With Bank of America >>
Star rating: 4.61/5
Axos Bank is an online bank specializing in cash management solutions for businesses across various sizes.
It offers comprehensive services designed to enhance cash flow management, including deposit accounts, wire transfers, ACH transfers, and remote deposits. Axos Bank’s solutions are both user-friendly and cost-effective, catering to businesses seeking to optimize their cash-handling processes efficiently.
Why we chose it: Axos Bank’s 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 banking.
Pros:
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Axos Bank Basic Business Checking offers fee-free banking with no monthly maintenance charges or account minimums. ATM fees incurred are reimbursed monthly, effectively making this account free to use. Note that there’s a $35 fee for each wire transfer, which could add up if you frequently send wires.
The Basic Business Checking account does not earn interest; however, Axos offers interest-bearing business savings accounts for those looking to earn on their deposits.
There are no minimum balance requirements for either checking or savings accounts at Axos, making it an excellent option for small business owners with varying cash flow needs.
Axos provides a comprehensive mobile banking app that enables full management of your accounts. Features include depositing checks, transferring funds, paying bills, and conducting wire transfers directly from your mobile device. Additionally, the app includes tools for account alerts and budgeting to help you monitor your financial health effectively.
Star rating: 4.57/5
Lili Bank is a mobile banking platform tailored for freelancers and small business owners. It provides essential banking services such as a free checking account and streamlined wire transfer capabilities, facilitating quick and easy fund transfers. This makes Lili Bank particularly suitable for businesses that regularly need to move money.
Why we chose it: Lili stands out with its minimal fees and tax optimization tools, designed to help businesses retain more of their earnings. Moreover, if you’re searching for a top online business checking account without credit checks, Lili offers a compelling solution.
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Lili excels with its gratis tax software and a no-fee policy on accounts and overdrafts. You’re also spared from fees for foreign transactions and using over 38,000 ATMs within their network across the United States. Yet, stepping outside this network to withdraw cash? You might pay anywhere from $2.50 to $5.
Lili’s Business Checking account won’t yield any interest. However, those willing to pay can tap into a savings account offering a 1.5% APY. Remember that you’ll need to maintain a hefty $34,000 in your account constantly to balance out the monthly costs.
Lili Bank does not require a minimum balance, so you can open a checking account without worrying about maintaining a specific sum. This feature is especially beneficial for those just starting out or dealing with variable income.
Lili Bank’s mobile app simplifies financial management and is tailored for freelancers and small business moguls. Through your mobile device, control expenses, stash away tax money, and handle payments smoothly. The app’s arsenal includes instant payment alerts, budget tools, and even the facility to deposit checks on the go.
Star rating: 4/5
Oxygen Bank positions itself as a prime mobile banking solution for freelancers and small business proprietors. It provides a suite of banking services, with a standout feature being remote deposit.
This allows business owners to deposit checks directly from their mobile devices. Oxygen Bank’s remote deposit service is both swift and secure, catering to businesses that require quick and hassle-free check deposits.
Why we chose it: Oxygen resonates with the modern business owner through its trendy banking features. It stands out as one of the top checking account options for sole proprietors, blending style with practicality.
Pros:
Cons:
Oxygen promotes itself as a fee-free banking option, yet charges may apply for out-of-network and international withdrawals. Thankfully, there are no fees for ACH transfers or just keeping your account active.
Don’t expect to earn interest on your business checking account with Oxygen. However, they’ve introduced a business savings account to the equation. Any funds up to $20,000 will earn a neat 1.0% interest. For any higher amounts, the interest rate drops but still provides some earnings.
Oxygen Bank lifts the burden of maintaining a minimum balance in its checking and savings accounts. This means no monthly fees, even if your account dips to zero. Rest easy knowing you won’t face penalties simply because your balance is low.
Oxygen’s mobile banking app is crafted for small business owners on the move. You can deposit checks, pay bills, and pull up your account statements through the app. It also offers spending insights, giving you a clearer view of where your money goes, which is especially handy for budgeting and financial planning.
| Interest Rates | Up to 0.02% APY |
| Star Rating | 4.2 |
Chase Bank is a top choice for business banking services, offering a comprehensive suite of products, including checking accounts, credit cards, and lending options.
Their robust fraud protection is a major draw, featuring account alerts, 24/7 monitoring, and zero liability for unauthorized transactions. This suite of security measures ensures that businesses can operate with enhanced financial security.
Why we chose it: Chase goes beyond traditional banking by incorporating various merchant services. This integration is designed to support and propel your business toward success, making Chase an invaluable partner in your business ventures.
Pros:
Cons:
Chase Business Complete Banking has a starting monthly fee of $15. However, you can easily avoid this fee by maintaining a $2,000 daily balance, making deposits via Chase QuickAccept, or using your Chase Ink Business Card for purchases. Be mindful, though, as transaction costs kick in after the first 20, and wire transfers tend to be pricey.
Like many banks, Chase doesn’t offer interest on business checking accounts. If you want to earn interest, opening a business savings account is the way to go, with rates reaching up to 0.02%.
To sidestep Chase’s monthly service fee, consistently maintaining at least $2,000 in your checking account is crucial. Falling below this threshold even once a month triggers the fee. Fortunately, savings accounts incur no fees if you keep your checking account active with Chase.
Chase’s mobile app extends beyond typical banking activities. It lets you secure your credit card by locking or unlocking it if misplaced. Additionally, the app features budget planning tools to earmark funds for big purchases and credit monitoring services to safeguard your credit health.
To pinpoint the top banks for small businesses in New Mexico, we delved into various facets of managing business finances and opening bank accounts in the state. Here are the essential criteria we considered:
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Do you have more questions about opening a bank account for your business in New Mexico? This FAQ section has all the answers you need.
You’ll generally need to furnish several key documents to set up a business bank account in New Mexico. These include a valid ID like a driver’s license or passport, your business’s legal name and physical address, and your Employer Identification Number (EIN).
You’ll also need to present business formation documents, such as a certificate of incorporation or a partnership agreement. Moreover, some banks might ask for additional proof of business ownership, such as registration documents or tax forms.
Yes, opening a bank account with an EIN (Employer Identification Number) is smart, especially if your business has employees. Banks require this number for account registration. If you’re a solo entrepreneur, use your Social Security number (SSN).
However, using an EIN instead helps separate your personal and business finances, which is crucial for better financial management and clarity.
You can open a bank account in New Mexico without a Social Security Number (SSN), but it might be more challenging. Many banks use an SSN to verify and identify their customers.
However, alternative forms of identification like an Individual Taxpayer Identification Number (ITIN) or a passport may be accepted by some banks. Each bank has its own policies and procedures for opening accounts without an SSN, so it’s advisable to contact the bank directly to understand their specific requirements.
It’s smart to stash away at least six months’ worth of operating expenses as a safety net in case your business operations encounter any hiccups. This reserve will be your fallback when you’re recovering from a slowdown. If feasible, consider adding 10% of your monthly profits to these savings to help them grow.
Opening a business bank account can benefit small businesses in New Mexico by streamlining financial management and tracking transactions more effectively. Top banks catering to small New Mexico businesses offer cost-effective fee structures, user-friendly money transfer options, and reliable customer service.
These features help businesses achieve their financial goals smoothly and maintain strong vendor relationships. Consider these banks a key resource for meeting your company’s financial needs in New Mexico.
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.
