To ensure your small business flourishes in Oklahoma, selecting the right banking partner is essential. This article outlines the top 10 banks for small businesses in the state, highlighting those that offer exceptional services and products tailored specifically for small enterprises.
We chose these banks based on several key factors including their accessibility, customer service quality, fee structures, interest rates, and the range of services designed to support the growth and success of small businesses.
>> Best Business Banking at Oklahoma – Bluevine >>
A detailed evaluation process is essential to identify the best banks for small businesses in Oklahoma. We will assess each bank’s operational procedures, digital capabilities, maintenance fees, and hidden costs. Additionally, we will examine the bank’s product offerings, interest rates, ATM network, and the speed at which they issue credit cards.
Bluevine is a financial institution that equips local businesses with the tools they need for growth and success. Known for offering competitive interest rates for small businesses with high-volume transactions, Bluevine has become a favored option for entrepreneurs in need of financing.
Besides traditional loans, Bluevine specializes in providing small business loans to startups that may find it challenging to secure funding. It is also among the largest providers of Small Business Administration (SBA) loans in Oklahoma.
For business owners who value convenience, Bluevine offers the ability to open up to three checking accounts with no hidden fees. Additionally, the bank simplifies business operations by integrating tax services, HR, and payroll solutions, making it a one-stop shop for comprehensive financial management.
Why we chose it: Bluevine’s high-interest rates, minimal fees, and no maintenance requirements make it the ideal business bank account for LLCs and other business entities.
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With Bluevine, you can enjoy banking without monthly fees. However, using out-of-network ATMs incurs charges, though the mobile app helps locate free withdrawal points. Be aware that each cash deposit costs $4.95, so it’s wise to limit such transactions.
Bluevine offers a significant 2.0% APY, which is 50 times the national average, applicable on balances up to $100,000. Once your business’s balance exceeds this threshold, the surplus does not earn interest.
There is no minimum balance requirement at Bluevine, allowing small businesses to start banking immediately and benefit from the attractive interest rates.
The Bluevine mobile app enhances the banking experience by enabling you to manage your accounts and financial transactions effortlessly from anywhere. The app is designed to allow payments to vendors via wire or check and schedule ongoing payments conveniently.
In Oklahoma, Capital One is recognized as a top financial institution, noted for its generous rewards program and user-friendly banking policies. It appeals especially to small businesses with its straightforward process for opening checking accounts and issuing credit cards.
Capital One allows small businesses to open up to two checking accounts and issue up to seven business credit cards, a feature that is highly beneficial for managing transactions across multiple platforms.
An additional perk of using Capital One credit cards is the ability to earn various loyalty rewards without any additional fees. For small businesses in search of a banking partner that offers simplicity alongside valuable rewards, Capital One is an excellent choice.
Why we chose it: Capital One’s policy of unlimited digital transfers provides the flexibility to move funds freely.
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Capital One’s business accounts have a $15 monthly fee, which can be waived by maintaining a $2,000 average balance over a 30 or 90-day period. Additionally, using any of the 70,000 ATMs nationwide incurs no charges.
Opening a business savings account with Capital One can unlock interest rates up to 0.20% for the first year, applicable to balances up to $5 million, offering substantial flexibility for small businesses. The bank’s checking accounts, however, do not offer interest, making the free digital transfers even more advantageous.
There is no minimum balance requirement to keep a Capital One account open, but maintaining at least $2,000 in your checking account is advisable to avoid the monthly fee. Placing extra funds in a savings account can also yield some interest.
With limited physical locations, Capital One’s highly-rated mobile app is particularly useful. It allows for seamless fund transfers, digital payments, and money deposits using your mobile device’s camera. The app also provides access to Capital One’s CreditWise service, which helps monitor your credit score and offers useful financial tips.
U.S. Bank is an excellent choice for businesses looking for free account maintenance as they offer checking accounts without any monthly maintenance fees. This eliminates the worry of hidden charges and makes it simpler to manage your account. U.S. Bank also ensures convenient access to your account through its online and mobile banking platforms, as well as its extensive network of branches across the United States.
Why we chose it: U.S. Bank offers a wide range of lending options, making it a strong ally for small businesses in need of additional funding.
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With U.S. Bank’s silver checking package for small businesses, there are no monthly fees to worry about. As your business grows, higher-tier accounts may have fees that can be waived. It’s important to monitor your monthly transactions to avoid extra charges.
U.S. Bank’s checking accounts do not offer the option to earn interest. However, their savings plans, which come with various benefits, currently offer a maximum interest rate of just 0.01%, with no cap on the balance that can earn interest.
There is no minimum balance requirement for starting with U.S. Bank’s silver account package tailored for small businesses. Other accounts may have waivable fees depending on the balance maintained. Savings accounts require a minimum balance of $500 to avoid service fees.
If you’re away from a U.S. Bank branch, you can manage all your banking needs through their mobile app. The app allows for seamless fund transfers and keeps you updated on your financial status. U.S. Bank also provides customized alerts to help you stay informed.
Bank of America is highly regarded as the best bank for facilitating easy cash transactions in Oklahoma, thanks to its extensive network of ATMs and branches throughout the state.
Customers can conveniently withdraw and deposit cash, and carry out other transactions at any Bank of America location, making it an ideal choice for those who frequently manage cash, both for personal and business needs.
In addition to its physical presence, Bank of America enhances convenience with its robust online and mobile banking services, allowing customers to manage their accounts effortlessly from anywhere.
Why we chose it: Bank of America’s rewards system offers multiple benefits, creating a mutually beneficial banking experience for all involved.
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Bank of America’s basic checking account carries a $16 monthly fee, which can be waived by maintaining a $5,000 balance, spending $250 on your debit card, or by enrolling in the Preferred Rewards program. Additional fees may apply for out-of-network ATM use and excessive deposits each month.
Typically, small business savings accounts at Bank of America start with an interest rate of 0.01%, which can potentially increase to 0.04% with active participation in the rewards program. Bank of America checking accounts do not offer interest.
To avoid the $16 monthly service fee, maintain an average balance of $5,000 in your checking account. A minimum of $2,500 in your savings account is required to dodge a $10 monthly charge.
Bank of America’s mobile app is highly rated for its functionality, allowing you to manage your accounts, pay bills, and transfer funds seamlessly from anywhere. The app also includes a budgeting tool to help monitor and control your spending.
>> Check Out Bank of America >>
Axos Bank is an excellent choice for small businesses seeking straightforward credit lines and loans. It offers checking and savings accounts tailored for individuals with passive income and daily business operations, as well as investment services that include options for annuities, mutual funds, and IRAs.
Entrepreneurs, solopreneurs, and remote workers will find Axos particularly beneficial for securing financing and investing in fix-and-flip real estate opportunities. Axos stands out for its easy business account setup and minimal restrictions.
The bank provides a variety of loans, such as vehicle loans, student loans, business loans, and home improvement loans. While offering competitive interest rates, a decent monthly balance is necessary to access these benefits.
Why we chose it: Axos Basic Business Checking’s lack of cash deposit fees and low overall fee structure make it one of the best business bank accounts available.
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Axos Bank Basic Business Checking doesn’t incur a monthly maintenance fee or have specific requirements for account maintenance. It reimburses any ATM fees incurred, effectively making this account free to use. However, there is a $35 charge for each wire transfer, so frequent wire transfers can add up.
This account doesn’t offer an annual percentage yield, instead focusing on business-related perks. Those with surplus funds might consider Axos’s interest-bearing business savings accounts to accrue interest.
Axos Bank imposes no minimum balance requirements for its checking and savings accounts, making it an appealing option for small business owners without the need to maintain large account balances.
Axos Bank’s robust mobile app allows customers to manage their finances on the go efficiently. The app enables you to deposit checks, transfer funds, pay bills, and conduct wire transfers directly from your mobile devices. It also includes features like account alerts and budgeting tools to help you manage your finances effectively.
Lili Bank is a contemporary digital banking platform tailored for freelancers and self-employed individuals who need robust electronic banking solutions. The Lili mobile app is crafted to deliver a smooth banking experience, enabling users to handle their finances remotely and efficiently.
It includes features like mobile check deposit, instant expense categorization, and tax tracking, making it an ideal tool for those looking to manage their finances with ease.
Lili Bank offers a cost-effective solution with its fee-free banking services, which include no overdraft or minimum balance fees. This focus on electronic banking and a user-friendly interface makes Lili Bank a top choice for those who prefer digital finance management.
Why you should use Lili: Lili provides exceptional electronic services, rapid debit and credit card issuance, and flexible loan payments, making it an excellent option for small businesses seeking the online best business checking account with robust mobile apps and online features.
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Lili excels with its free tax software and the absence of account and overdraft fees. There are no charges for foreign transactions or using any of the 38,000 in-network ATMs across the U.S. However, using an out-of-network ATM may incur a fee ranging from $2.50 to $5.
Lili’s Business Checking account does not accrue interest. Those interested can opt for a savings account that offers a 1.5% APY, although maintaining at least $34,000 in the account is necessary to offset monthly costs.
Lili Bank requires no minimum balance for its checking accounts, making it an appealing option for new businesses or those with variable incomes.
Lili Bank’s mobile app is specifically designed for freelancers and small business owners. It facilitates comprehensive financial management from your mobile device, including expense tracking, tax savings, and payment management. The app also features instant payment notifications, budgeting tools, and the capability for mobile check deposits.
>> Get Started With Lili Bank >>
Oxygen is a digital banking platform tailored specifically for freelancers, offering a suite of features that make it an ideal choice for managing freelance finances. Its user-friendly mobile app allows freelancers to handle invoicing, bill payments, and expense tracking efficiently, integrating both personal and business financial management in one place.
Additionally, Oxygen rewards its users with cashback on purchases and charges no monthly fees, making it a cost-effective option for freelancers.
Oxygen also provides widespread ATM access across the country, ensuring freelancers can withdraw funds whenever necessary. With its focus on meeting the unique financial needs of freelancers, Oxygen stands out as an excellent choice for those seeking a banking solution that caters specifically to them.
Why we chose it: Oxygen aligns with the dynamic needs of modern business owners, offering innovative banking features. It’s also a top choice for sole proprietors.
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Oxygen operates mostly fee-free, though charges may apply for out-of-network and international withdrawals. There are no fees for ACH transfers or account maintenance.
Oxygen’s business checking accounts do not yield interest, but the platform compensates by offering a business savings account where funds can earn 1.0% interest on balances up to $20,000. Higher balances earn interest at a reduced rate.
There are no minimum balance requirements for Oxygen’s checking and savings accounts, ensuring no monthly fees regardless of account balances.
Oxygen’s mobile app is crafted to assist small business owners in managing their finances effectively on the move. The app allows for functionalities such as check deposits, bill payments, and financial statement generation. It also provides valuable spending insights to help users monitor and manage their finances efficiently.
Chase Bank has earned its reputation as the top brick-and-mortar bank, thanks to its expansive network of over 4,700 branches across the United States. This extensive presence ensures that customers have convenient access to in-person banking services. At these locations, customers can open accounts, apply for loans, seek investment advice, and more.
Beyond its physical branches, Chase also excels with its comprehensive online and mobile banking platforms, offering customers a seamless and convenient way to manage their banking needs digitally. For those who value the availability of in-person services, Chase stands out as a superb option.
Why we chose it: Chase combines a wide array of merchant services with traditional banking, enhancing your business’s potential for success.
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Chase Business Complete Banking has a starting monthly fee of $15, which can be waived by maintaining a $2,000 daily balance, making equivalent deposits through Chase QuickAccept, or using a Chase Ink Business Card. Be mindful of additional costs after the initial 20 transactions, and consider avoiding costly wire transfers.
Chase does not offer interest on business checking accounts. To potentially earn interest, consider opening a business savings account that provides up to 0.02% APY.
Maintaining at least $2,000 in your checking account is necessary to avoid the monthly service fee. Failing to meet this balance even once a month can result in fees. Savings accounts do not incur fees as long as there is an active checking account with Chase.
Chase’s mobile app extends beyond basic banking functionalities, allowing you to lock or unlock your credit card if misplaced. The app also includes budget planning features for major purchases and credit monitoring tools to ensure your financial security.
We evaluated over a dozen banks to compile this list of the best banks in Oklahoma. Our selection criteria were based on several key factors:
If you’re an entrepreneur or small business owner in Oklahoma, here are some frequently asked questions and their answers to help guide you:
The initial deposit required to open a business bank account in Oklahoma varies by bank. While some banks might require a minimum deposit of $25 or $50, others may ask for a larger amount depending on their policies.
Yes, opening a bank account with an Employer Identification Number (EIN) is advisable if your business has at least one employee, as it’s needed for tax purposes. If you are the sole proprietor, you might use your Social Security Number (SSN), but be cautious as this could complicate the separation between personal and business finances.
Most banks typically require a Social Security Number (SSN) to open a business bank account. However, some financial institutions might accept other forms of identification like an Individual Taxpayer Identification Number (ITIN) or an Employer Identification Number (EIN) for non-US citizens.
It is prudent to have at least six months’ worth of operating expenses saved to cushion against any potential financial difficulties. Additionally, consider adding at least 10% of your monthly profits to these reserves to help your savings grow.
Small business owners, freelancers, and remote workers in Oklahoma can enhance their prospects for success by opening a business bank account. These accounts are essential for effectively managing finances, supported by banks that specifically cater to the needs of small enterprises.
The top banks in Oklahoma stand out by offering exceptional customer service, various transfer options, and accessible loan facilities to small businesses. If you’re launching a small business in Oklahoma, opening an account with one of these dedicated banks is strongly advised.
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.
