Choosing the ideal bank for your North Carolina-based small business can be a daunting task. We’ve made it easier by selecting renowned financial institutions for exceptional services and minimal fees. Continue reading to discover all the details about our top picks for 2024.
In selecting the best banks for your small business, we considered various factors. We scrutinized troublesome fees and the balance requirements needed to eliminate them. We also sought out banks offering attractive interest rates and efficient mobile apps that streamline operations. Our final choices were influenced by these banking services’ overall ease of use.
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Bluevine doesn’t offer a business savings account but truly excels in its checking services. Right from signup, you’ll benefit from their high interest rates and face minimal fees. Bluevine also provides access to lines of credit for small businesses requiring additional financial flexibility. Plus, organizing your funds is straightforward, with the option to create sub-accounts.
Here’s why we recommend it: Bluevine stands out with its competitively high interest rates, low fees, and user-friendly interface, making it hard to beat.
With Bluevine, you’ll enjoy the peace of mind that comes from knowing there are no monthly fees to maintain your account. Most transactions will only cost you a little, although it’s wise to steer clear of out-of-network ATMs and wire transfers, which incur fees. Remember, each cash deposit comes with a charge, so it’s best to manage your cash flow carefully.
With a 2.0% APY, it’s challenging to find a financial institution that offers a better interest rate. Premier customers can enjoy an impressive 4.25% APY rate with their offerings. This rate is advantageous for small businesses but applies only to balances up to $100,000. Any funds exceeding this amount will not accrue any interest.
Bluevine’s setup doesn’t require maintaining a minimum balance. Opening and keeping your account is free, even if your balance hovers close to $0. Plus, there’s no threshold you need to meet to start benefiting from Bluevine’s impressive interest rate.
Bluevine’s mobile app mirrors the capabilities you have on your personal computer, giving you complete access to manage your business checking account on the go. Along with the standard features, the app also allows you to deposit checks directly from your phone, adding convenience to your banking experience.
Lili Banking Services stands out with a fee setup that’s clear as day. Ditching the usual hidden charges, Lili provides fee-free banking for most essential services. This includes zero monthly maintenance fees, overdraft fees, or ATM withdrawal fees at a wide network of ATMs.
Lili offers competitive rates on savings accounts, making it a top pick for those aiming to boost their funds. With rates that often beat industry averages, you can maximize your savings with minimal risk.
Lili caters to all financial stages by scrapping minimum balance requirements. Whether you’re kickstarting your savings journey or you’ve got a hefty balance, you won’t face restrictions or penalties based on your account size, making it accessible for every business.
With minimal fees and competitive rates, Lili’s custom small business checking and savings accounts are a game changer. Their straightforward digital banking platform and personal support let entrepreneurs streamline their finances, freeing them up to focus on their business triumphs.
Lili brings several cash management solutions to the table, including expense monitoring, invoicing, bill management, automatic savings, and cash flow analysis. These tools simplify financial tasks, helping businesses optimize their cash flow and make savvy decisions.
Managing your business finances is a breeze with Lili’s secure online banking. From transferring funds to depositing checks remotely, businesses can handle their financial transactions from any device, assured by top-tier security measures.
Lili provides a variety of business banking products designed to meet the unique needs of entrepreneurs. These include checking and savings accounts, cash management tools, and a full suite of digital banking services, all tailored to enhance business operations.
Lili’s robust mobile banking platform puts control at your fingertips, anytime and anywhere. The intuitive app allows for easy monitoring of accounts, bill payments, fund transfers, and mobile check deposits, making financial management effortless for businesses on the move.
Capital One understands the financial constraints of small businesses. As you transfer money or make payments, the bank ensures you’re not penalized with overdraft fees should an account dip too low. With unlimited digital transfers, your funds keep circulating smoothly, and thanks to their vast ATM network, withdrawing or depositing money is hassle-free.
Why we chose it: Capital One supports your business with endless digital transfers and protects you from the pitfalls of low balances.
Capital One doesn’t charge overdraft fees; however, there’s a monthly service fee unless specific conditions are met. Transactions and cash deposits up to $5,000 monthly are free. The primary fees you might face are for incoming and outgoing wire transfers.
Capital One provides promotional interest rates to new members. Open a savings account and enjoy rates above the average for your first year. Following this period, your account will accrue interest at the standard rate applicable at that time.
You can dodge maintenance fees on your business checking account by maintaining an average balance of $2,000 across either a 30 or 90-day period. For savings accounts, keep at least $300 to sidestep fees. The promotional interest rate is yours regardless of the amount in your savings.
The Capital One mobile app includes all the essential functions such as bill payments, mobile deposits, and account transfers. It also features CreditWise, a tool specifically designed to monitor your credit score and provide advice on maintaining a high rating.
U.S. Bank’s minimal fee structure is a boon for small businesses that need to budget carefully. With some strategic planning, it’s possible to manage all your banking activities incurring no fees. U.S. Bank offers a vast network of branches nationwide and a comprehensive suite of merchant services tailored to help businesses in your sector thrive.
Why we chose it: U.S. Bank enables comprehensive banking without the burden of fees, allowing you to keep your financial focus on your business’s growth.
U.S. Bank’s small business checking account comes with no monthly fees and includes up to 125 free transactions. The savings accounts are just $4 per month, a fee that can be easily waived. As long as you use one of U.S. Bank’s 4,700 ATMs nationwide for deposits or withdrawals, you won’t face any ATM fees.
Interest rates are a notable weakness in U.S. Bank’s offerings. You cannot earn interest on checking accounts. The interest rates for most savings and money market accounts don’t exceed 0.01% APY. Higher rates are available with U.S. Bank’s Platinum Money Market account, but it comes with stringent maintenance requirements.
You can maintain any amount in your business checking account without facing fees. If you keep a minimum daily balance of $500 in U.S. Bank’s small business savings account, you can avoid monthly fees. As your business expands, consider other accounts that require maintaining at least $10,000.
While using U.S. Bank’s mobile app, you can effortlessly perform daily banking activities thanks to the intuitive U.S. Bank Smart Assistant. By using your voice, you can deposit checks, pay bills, and transfer money. The app also includes features to manage your business credit cards efficiently.
Bank of America boasts extensive accessibility with over 4,300 branches and 17,000 ATMs nationwide. It offers a variety of checking and savings accounts tailored to suit the diverse needs of your business at any stage. Competitive interest rates and a robust rewards system further enhance its appeal.
Why we chose it: With its wide range of account choices and comprehensive merchant services, Bank of America provides the essential tools for small business success.
While Bank of America’s checking and savings accounts typically include monthly fees, there are several waivers available. For checking accounts, fees can be avoided by maintaining a $5,000 average monthly balance, spending at least $250 on debit card purchases, or by enrolling in the Preferred Rewards program. Similarly, you can use your savings account without a fee by keeping a minimum balance of $2,500 or by becoming a Rewards member.
Upon joining Bank of America, you’ll start with a base interest rate of 0.01% APY. However, this rate can increase to 0.04% APY as you advance through the rewards program, which also includes additional perks. For those looking to maximize their earnings, consider investing in a Certificate of Deposit (CD), where you can earn up to 3.51% APY over time.
Maintaining minimum balances in your checking and savings accounts is key to avoiding monthly fees. The amount you have in these accounts influences your rewards tier, potentially elevating you to higher levels with more benefits.
Managing your account is straightforward with the Bank of America mobile app. This platform includes a spending and budgeting tool that assists you in achieving your financial objectives. You can configure custom alerts to notify you when your balances hit specified thresholds or when it’s time to make a payment.
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First Citizens Bank offers an array of six checking account options, catering to businesses both large and small. Whether you’re budget-conscious or financially flexible, there’s a plan that fits.
Most of these accounts feature monthly fees that can easily be waived, and you can deposit up to $5,000 in cash each month without any penalties. While First Citizens Bank operates in just 21 states, it boasts nearly 500 branches in North Carolina alone.
Why we chose it: First Citizens Bank is a top choice for small businesses due to its versatile checking account options and flexible fee waiver opportunities.
You can avoid maintenance fees for various accounts by opting for paperless statements or maintaining a minimal balance. Aside from that, there are few additional fees. However, First Citizens Bank charges a $2.99 fee for any transfers to external banks.
A business savings account offers an interest rate of 0.03% APY on your deposits. Currently, money market accounts yield similarly modest returns. Opting for Certificates of Deposit (CDs) with terms of 12, 24, or 36 months might provide slightly higher rates.
First Citizen Bank offers a no-fee introductory checking account if you opt for paperless statements. For other checking accounts, maintaining a minimum balance of $25,000 is necessary to avoid fees. The savings account requirements are more lenient, needing a balance of at least $2,500 to dodge charges.
You can easily deposit checks through the First Citizen’s app using just your camera. The app also supports digital wallets, allowing you to make payments with your phone on the go. It facilitates transfer requests and enables you to view your balances from anywhere in the world.
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Chase Bank excels in member benefits. Open a qualifying account and receive a $300 bonus, plus the potential to earn up to $1,000 in cash back by using your credit card. The bank offers essential services such as fraud protection and business loans to maintain your company’s peak performance. While the APY offerings are modest, the array of other features generously compensates.
Why we chose it: The $300 sign-on bonus is just the beginning of Chase’s extensive perks tailored for your small business.
You can avoid monthly service fees for both checking and savings accounts. For checking, this can be achieved by maintaining a specified monthly balance, making deposits via Chase QuickAccept, or using your Chase Ink Business Card for purchases. To waive fees on a savings account, simply link it to your checking account. Keep in mind, however, that Chase limits you to 20 free transactions per month.
Chase’s savings accounts don’t offer competitive interest rates. Initially, the APY is just 0.01%, but it can gradually increase to 0.02%. If you’re looking to earn substantial interest, let’s explore Chase’s certificates of deposit instead.
If you’re not interested in making deposits or purchases using your business card, then maintaining a monthly balance of $2,000 will help you avoid any service fees on your checking account. For savings, there are no specific monthly requirements as long as it’s linked to your checking account. In order to be eligible for the sign-on bonus, you must reach a balance of $2,000 within the initial 30 days and maintain it for the following 60 days.
Chase QuickPay, available on the mobile app, utilizes Zelle for fast payment transfers. The software also allows for traditional money transfers and scheduling future payments. In addition, users can conveniently check their balances and transaction history via text messages.
Truist’s extensive network of 500+ locations in North Carolina ensures that no matter where you reside, you’re always close to their services. The bank prioritizes accessibility for new businesses, offering a range of account levels and member perks. In addition, they provide safeguards against overdrafts and offer a buffer for negative balances to mitigate any unforeseen challenges.
Reason for selection: Truist stands out as the preferred choice among residents in North Carolina due to its exceptional banking services and unparalleled presence across the state.
Truist’s Simple Business Checking is a perfect option for new businesses as it doesn’t charge a monthly fee. Unlike other accounts, which have balance requirements to waive their service fees, this account offers up to 50 free transactions per month. However, any transactions beyond that limit will incur a charge of $0.50 each. To avoid an additional cost of $3 per month, it’s advisable to opt out of receiving paper statements.
Truist’s savings account offers numerous enticing advantages, although the interest rates aren’t among them. Regardless of your balance, you will only earn a mere 0.01% on funds deposited in this account.
The minimum balance needed to avoid service fees increases as you go along. To prevent charges on your savings account, you must maintain a balance of at least $2,500. For checking accounts, the requirement starts at $5,000 in tier two.
You have the convenience of seamlessly switching from your computer to the Truist mobile app. Not only can you access a digital wallet and integrate with Zelle, but you also gain valuable insights into your spending habits and receive alerts for any unusual account activity.
In this segment, we present the rationale behind our chosen approach for determining the top banks suitable for small businesses in North Carolina. Our decision-making process was primarily guided by five key criteria:
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Finding the perfect bank for your small business can be a daunting decision. This frequently asked questions (FAQ) section aims to provide answers to the most common inquiries regarding this matter.
After a thorough evaluation, we have pinpointed the seven financial institutions on this compilation as the top choices for commencing a small business account in North Carolina. Our preferred selection is Bluevine due to its adaptability, competitive interest rates, and low charges.
Bank of America and Truist Bank are highly sought-after in North Carolina. These two banking establishments receive the highest number of deposits and have an extensive network of branches throughout the state.
When opening a bank account, banks typically require your EIN and Articles of Operation. You’ll need to provide an Ownership Agreement and business license to finalize the application process.
A business bank account for your LLC is prudent, even if you’re currently the sole operator. This ensures that your personal and business assets remain distinct, enabling you to fully benefit from the limited liability protection offered by an LLC.
It’s essential to make a timely decision when setting up a bank account for your small business in North Carolina. Take the time to find a bank that offers fees, interest rates, and balance requirements that align with your business needs.
It’s also crucial to consider how the bank’s services will cater to your growing business and maximize its potential in the long run. While we’re enthusiastic about what Bluevine offers, any banks listed can effectively meet your needs.
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.
