As a small business owner, securing a dependable business bank account is vital for your business’s growth. Before you can open one, it is essential to select a bank that provides benefits tailored to your business objectives.
We’ve identified the top banks for small businesses in Ohio that you should consider. Keep reading to learn more about these banks and why they could be perfect for your small business.
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Before selecting our top picks for the best banks for small businesses in Ohio, we thoroughly researched several key aspects. This included analyzing each bank’s fees, like maintenance, overdraft, and wire transfer fees.
We also evaluated the minimum balance requirements and features like mobile banking capabilities and integration options. Additionally, our research delved into each bank’s interest rates, customer service quality, and any incentives they provide.
Bluevine stands out as a high-yielding bank ideal for small businesses in Ohio, thanks to its competitive interest rates. This bank is particularly advantageous as it charges no transaction or maintenance fees, allowing you to maximize your financial resources.
Additionally, you can earn interest on your account balances. Opening a Bluevine business checking account is straightforward, and the mobile banking interface is user-friendly and easy to navigate.
Why we chose it: Bluevine is an excellent choice for LLCs and other business entities due to its high interest rates, minimal fees, and absence of maintenance requirements, making it the top business banking option.
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Bluevine provides a fee-free banking experience with no monthly charges, letting you manage your funds without worrying about diminishing your budget. However, it’s important to watch out for fees associated with using out-of-network ATMs.
Use the mobile app to find ATMs with free withdrawals. However, making cash deposits costs $4.95 each, so use this service sparingly.
Bluevine offers a notable 2.0% APY, 50 times the current national average, applicable to balances up to $100,000. It’s crucial to remember that balances exceeding this limit will not accrue interest, which could impact your financial strategy as your business expands.
There’s no minimum balance requirement at Bluevine, making it a viable option for small businesses just starting or those with limited funds. This feature lets businesses immediately take advantage of the high interest rate, irrespective of their account balance.
The Bluevine mobile app makes banking on the go a breeze. It is intuitively designed, simplifying financial management and providing clear transaction visibility. The app also supports wire transfers and check payments to vendors and allows you to schedule future payments, enhancing overall payment management and planning.
Capital One is celebrated as one of the top banks for small businesses in Ohio, offering many advantages and perks. These include unlimited transactions without fees, opportunities for business savings, the possibility to waive monthly maintenance fees, and access to various loan products and credit cards.
You can conveniently manage your Capital One business account through your mobile device or visit any of their branches for those who prefer in-person service.
Why we chose it: Capital One excels by providing unlimited digital transfers, giving you the flexibility to manage your funds smoothly and maintain your business’s cash flow without any constraints.
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Capital One charges a $15 monthly fee for business accounts, which might be substantial for a small business. However, you can waive this fee by maintaining an average balance of $2,000 over 30 or 90-day days. Using any of Capital One’s 70,000 ATMs nationwide incurs no charge.
By opening a business savings account with Capital One, you can access interest rates up to 0.20% during your first year, applicable on balances up to $5 million.
This provides substantial flexibility for small businesses to grow their savings. Notably, none of the bank’s checking accounts earn interest, making free digital transfers even more valuable.
Maintaining a minimum balance to keep your Capital One account active is optional. However, to avoid the $15 monthly fee, it’s advisable to keep at least $2,000 in your checking account. Storing additional funds in your savings account helps avoid fees and earns some interest on idle money.
With limited physical locations, Capital One’s mobile app is particularly beneficial. It allows you to manage transfers, execute digital payments, and deposit checks using your device’s camera.
The app also provides access to Capital One’s CreditWise service, which helps you monitor your credit score and offers useful financial tips.
The U.S. Bank is well-regarded for its rapid loan processing, providing businesses access to loans at reasonable interest rates.
Alongside its robust lending options, U.S. Bank also offers a variety of other benefits, including a widespread ATM network, comprehensive merchant services, and extensive mobile banking capabilities.
With over 2,000 physical branches nationwide, U.S. Bank is a convenient choice for customers who prefer in-person banking experiences.
Why we chose it: U.S. Bank stands out for small businesses needing additional funding due to its wide array of lending options, making it a go-to source for financial growth and support.
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With U.S. Bank’s Silver Checking Package for small businesses, you can enjoy banking without worrying about monthly fees. As your business grows and you move to higher-tier accounts, be aware of waivable monthly fees. It’s important to monitor your monthly transactions to avoid exceeding set limits, which could incur extra charges.
U.S. Bank’s checking accounts do not offer interest-earning options. However, while offering a modest maximum interest rate of 0.01%, their savings plans do not limit the balance on which you can earn this interest. Although the rate is minimal, it applies to any amount in your account.
The Silver account package, tailored specifically for small businesses, does not require a minimum balance, making it an accessible option for startups. Other checking accounts offer waivable fees if you maintain the required balances. To avoid service fees, savings accounts need a minimum balance of $500.
U.S. Bank’s mobile app ensures you can manage your finances effectively, even when you’re far from a physical branch. The app allows for smooth transfers between accounts and provides up-to-date financial information. U.S. Bank enhances the experience with customized alerts to inform you of important account activities
Bank of America is renowned for its rewarding programs tailored to small businesses. These programs not only help waive various fees but also offer numerous other benefits. Additionally, they provide free digital tools that assist in monitoring business performance.
Whether you manage your accounts via your mobile device for seamless banking or prefer visiting one of their many physical branches, Bank of America caters to your preferences.
Why we chose it: Bank of America’s rewards program offers numerous perks, making banking beneficial for all involved. This approach ensures a win-win situation, enhancing the overall banking experience for small business owners.
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Bank of America charges a $16 monthly fee for their basic checking account, but you can waive this. You can either maintain a $5,000 monthly balance, spend a minimum of $250 with your debit card, or join the Preferred Rewards program. Additional fees to consider include those for out-of-network ATM withdrawals and for making excessive deposits in any given month.
Small businesses’ starting interest rate for savings accounts is 0.01%. However, active participation in Bank of America’s rewards program could bump this rate to 0.04%. Note that Bank of America’s checking accounts do not offer any interest accrual.
To avoid the $16 monthly service fee, you should maintain an average monthly balance of $5,000 in your checking account. A minimum balance of $2,500 is necessary for savings accounts to avoid a $10 monthly fee.
Bank of America’s mobile app is highly rated for its comprehensive functionality. It allows you to manage accounts, pay bills, and transfer funds from anywhere effortlessly. The app also includes a budgeting tool that helps monitor your expenses and manage spending effectively.
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Axos Bank is a highly user-friendly option for small businesses and startups in Ohio, particularly because it operates solely online. Despite its virtual nature, Axos delivers exceptional customer service that is always ready to address any concerns.
A significant advantage is its minimal fee structure, including ATM fee reimbursements, which are rare among traditional brick-and-mortar banks in the area. Axos is ideal for small businesses looking to avoid monthly fees and minimum balance requirements.
With Axos, you can effortlessly track your deposits and withdrawals by linking your Axos account with your QuickBooks, eliminating the need for manual entry. Opening an Axos check account is straightforward, and its mobile-friendly app ensures you can manage your finances anytime and anywhere.
Why we chose it: Axos Basic Business Checking offers free cash deposits and a low fee structure, making it one of the best business bank accounts available, especially for those prioritizing cost-efficiency and accessibility.
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Axos Bank’s Basic Business Checking account stands out for not charging monthly maintenance fees or requiring a minimum balance to keep the account open.
A standout feature is the reimbursement of ATM fees incurred each month, effectively making the account free to use. However, if you frequently make wire transfers, note that Axos charges $35.
While the Basic Business Checking account does not offer an annual percentage yield (APY), Axos caters to those looking to earn interest through its interest-bearing business savings accounts, an option for anyone looking to grow their surplus funds.
Axos offers several lending options, including lines of credit, with eligibility criteria that typically require businesses to have been operational for at least two years, among other qualifications. This is due to the high minimum loan amounts, starting at $10 million, reflecting the bank’s targeting of more established businesses.
New business owners who open an Axos checking account are eligible for a $200 welcome bonus while existing businesses are not left out—they can earn $100 for opening an account.
Axos provides access to over 91,000 ATMs nationwide without fees and even offers reimbursement for out-of-network ATM fees. The first two monthly wire transfers are reimbursed, enhancing the account’s appeal.
On the technical side, Axos integrates effortlessly with QuickBooks, simplifying financial management and bookkeeping for business owners.
Lili is specifically designed to support individuals who work independently under their name. This bank offers a low-fee account with a unique feature to track and report daily expenses effortlessly.
Additionally, Lili provides an automatic savings feature within its accounts, which users can activate to set aside money for tax payments or emergency funds—a handy tool for financial planning.
The Lili mobile app enhances the banking experience with its user-friendly interface, which is accessible to anyone with a Lili account. While Lili doesn’t operate physical branches, its online support is responsive and efficient, promptly addressing any queries.
Why we chose it: Lili stands out as the optimal banking choice for freelancers and solo entrepreneurs. Its easy accessibility and powerful features for expense management and tax preparation make it a valuable asset for those managing their business finances solo.
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Lili stands out with its free tax software and the absence of various banking fees. Business owners will appreciate the lack of account and overdraft fees. Additionally, there are no charges for foreign transactions or using any 38,000 in-network ATMs across the United States. However, using an out-of-network ATM will incur a fee ranging from $2.50 to $5.
Lili’s Business Checking account does not offer interest. For those looking for a return on their deposits, Lili provides a savings account option with a 1.5% APY, though it requires maintaining a minimum balance of $34,000 to negate the monthly costs.
Currently, Lili does not offer lending products such as loans or lines of credit. Clients needing financial borrowing services will need to explore other financial institutions.
The Lili debit card offers cash back at participating merchants, directly depositing earnings into your business checking account. Using the debit card is free of service or transaction fees worldwide.
Lili’s tax optimizer tool is a standout feature designed to minimize tax liabilities efficiently. It enables easy categorization of purchases, identification of applicable tax brackets, and hassle-free filing.
The online bank’s mobile app also excels in managing both personal and business expenses on the go. Signing up with Lili is straightforward, with no paperwork required, allowing you to start banking within minutes.
Oxygen is a digital-only bank renowned for its attractive cash-back rewards. Each purchase made with an Oxygen debit card earns a cash refund, appealing particularly to those who
frequent their debit cards for business expenses.
Aimed at small businesses seeking cost-effective banking solutions, Oxygen provides a mobile-only service with unlimited fee-free transactions. Additionally, customers can benefit from handy mobile tools and reusable virtual cards, enhancing financial management flexibility.
The Oxygen mobile app is praised for its user-friendly interface, making it simple for users to navigate their banking needs efficiently.
Why we chose it: Oxygen resonates with modern, trend-conscious business owners by offering innovative banking features. It’s particularly well-suited for sole proprietors, making it one of the top choices for those running their business independently.
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Oxygen prides itself on being largely fee-free, though it does note that charges may apply for out-of-network and international ATM withdrawals. However, you won’t face fees for ACH transfers or simply maintaining your account, which adds a layer of financial ease for business owners.
Oxygen does not offer interest on its business checking accounts, but it compensates by providing a business savings account option. Funds up to $20,000 in these accounts earn an interest rate of 1.0%. Balances exceeding this amount continue to accrue interest, albeit at a reduced rate.
As a mobile fintech entity rather than a traditional bank, Oxygen does not provide lending services. This could limit businesses seeking growth or emergency funding through traditional loans.
Oxygen enhances the purchasing experience by offering 5% cash back on everyday business expenses such as gas, rideshares, and shipping services, making necessary spending more rewarding.
Oxygen is a banking platform that offers LLC formation services, making it an attractive option for freelancers and small businesses looking to formalize their operations. This feature is conveniently accessible directly through Oxygen’s mobile app, facilitating quick and easy business registration.
Chase for Business enhances its business banking with various valuable services, including efficient payment collection and robust fraud protection. New clients are greeted with a $300 bonus simply for signing up.
The Chase for Business app also allows direct credit card payments into your account, streamlining transactions. Although there is a monthly service fee, Chase for Business provides multiple avenues to waive it, offering flexibility based on your account activity and balance.
Why we chose it: Chase stands out by meeting basic banking needs and offering extensive services that support business operations comprehensively. This makes it a compelling choice for businesses looking for more than just a place to store their money.
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While the monthly service fee might deter some, given the availability of fee-free accounts, Chase offers several ways to have this fee waived.
Simply maintain a $2,000 minimum daily balance, make $2,000 net purchases with a business card, or receive $2,000 in deposits via the Chase QuickAccept app. These options provide flexibility to avoid fees based on how you manage your finances.
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Chase enhances its traditional banking offerings with comprehensive merchant services designed to secure and streamline payment processes for your customers. These services allow customers to pay in a manner that suits them best without compromising the security of their accounts.
Opening a Chase business bank account is straightforward, and new clients are incentivized with up to a $300 bonus upon signing up. Additionally, account access is convenient through the mobile app and at any of Chase’s physical locations.
Why we chose it: Chase integrates a broad spectrum of merchant services with its conventional banking solutions, significantly contributing to your business’s success and operational efficiency. This combination of services ensures businesses have the tools to thrive in a competitive marketplace.
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Chase Business Complete Banking begins with a monthly fee of $15. However, this fee can be waived by maintaining a $2,000 daily balance, making deposits with Chase QuickAccept, or using your Chase Ink Business Card for purchases.
Consider that additional costs apply after your first 20 transactions each month, and avoid expensive wire transfers if possible.
Like many banks, Chase does not offer interest on business checking accounts. If you want to earn interest, you’ll need to open a business savings account with a modest interest rate of up to 0.02%.
To dodge Chase’s monthly service fee, ensure you always maintain at least $2,000 in your checking account. Falling below this threshold, even once a month, triggers the fee. Fortunately, savings accounts do not incur fees if you maintain an active checking account with Chase.
Chase’s mobile app extends beyond basic banking functions. It includes features like the ability to lock or unlock your credit card, and a handy security feature if your card is misplaced. Additionally, the app offers budget planning tools to help earmark funds for significant purchases and credit monitoring tools to safeguard your financial health.
Opening a business bank account is critical in launching a profitable enterprise. Here are the key factors we considered in curating our list of the best banks for small businesses in Ohio:
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If you’re a business owner in Ohio, this FAQ section can help clarify any questions.
While an SSN is not legally required to open a bank account, most banks ask for it to verify the individual’s identity and the legitimacy of the business. Therefore, whether an SSN is needed depends on the bank’s policies. Reviewing a bank’s specific requirements before opening an account there is essential.
While banks in Ohio may vary in their specific requirements, certain documents are commonly required across all institutions for opening a business bank account.
These typically include an Employer Identification Number (EIN) or Social Security Number (SSN), a Certificate of Incorporation or formation, and a home or company address. Gathering these documents before approaching a bank streamlines the account setup process.
Opening a bank account with an EIN (Employer Identification Number) is advisable. Any business with at least one employee needs an EIN for tax purposes, and banks typically require this number for account registration.
If your business is a sole proprietorship with you as the only employee, you could use your Social Security Number (SSN) instead. However, using an EIN helps separate your personal and business finances, which is crucial for proper financial management and transparency.
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It’s prudent to save at least six months of operating expenses as a financial cushion for any unexpected downturns in your business.
This reserve will provide a safety net, allowing you to navigate periods of reduced activity without drastically impacting your operations. If feasible, consider contributing at least 10% of your monthly profits to this fund to increase your savings over time steadily.
Selecting the right banking service provider is crucial for any small business. With so many options available, the process can become overwhelming. The bank you choose plays a significant role in your business’s success or failure.
Our top recommendation is Bluevine, but feel free to explore other options from our roundup that better suit your specific needs. Before you open a small business account, carefully evaluate each bank’s fees, interest rates, minimum balance requirements, and overall ease of use to ensure they align with your business goals.
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.
