Setting up a business bank account is essential for your Pennsylvania-based company. However, finding the ideal one for your organization can be challenging. To help you save time, we’ve identified the best business bank accounts in Pennsylvania that you can start using today to support your company’s growth.
When choosing the top banks for small businesses in Pennsylvania, we considered several factors. These included fee schedules and minimum balance requirements to avoid maintenance charges, as well as interest rates and the accessibility of mobile banking.
Additionally, it was crucial that each bank offered a user-friendly experience, both during the initial setup and throughout the banking relationship.
| Interest Rates | Up to 2.0% APY |
| Star Rating | 4.7 |
Most banks don’t offer interest on checking accounts, but Bluevine is an exception. Its checking account features an impressive 2.0% APY, far surpassing typical rates. This fintech company skips traditional savings accounts due to its strong checking account offer.
Moreover, you’ll encounter few fees, and there’s no minimum deposit needed to open an account.
Here’s why we picked it: Bluevine stands out with minimal fees, a user-friendly design, and a high-interest rate on its checking account.
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With Bluevine, you can manage nearly all your banking needs without encountering fees. There’s no monthly charge for maintaining your account, and you have access to thousands of MoneyPass ATMs in Pennsylvania for free withdrawals. However, be aware of a $4.95 fee for each cash deposit, so it’s best to use this service judiciously.
Bluevine offers an exceptional 2.0% APY on checking accounts, a rate that’s rare even for savings accounts. This rate applies to balances up to $100,000; any amount beyond that does not earn interest.
Bluevine does not require a minimum balance to open an account, nor does it impose a fee if your balance drops below a certain level. This flexibility allows small businesses to start with any amount of funds and immediately benefit from the competitive interest rate.
Transform your mobile device into a banking hub with the Bluevine app. This platform enables you to pay bills via wire or check, schedule future payments, manage your funds, deposit checks, and transfer money between accounts. It’s a robust tool for comprehensive financial management.
| Interest Rates | 0.20% APY |
| Star Rating | 4.6 |
Whether you’re paying bills or transferring funds, Capital One offers unlimited digital transactions each month. The bank even overlooks occasional overdrafts while you move money around. Enjoy the benefits of a high promotional interest rate for at least a year. Although physical branches are sparse, a robust online presence compensates well.
Here’s why we chose it: Capital One ensures your business operations run smoothly with unlimited digital transactions and leniency on overdrafts.
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Capital One’s checking and savings accounts come with monthly fees that are easy to waive under reasonable conditions. While there are fees for incoming and outgoing wire transfers, the benefit of unlimited digital transactions becomes even more appealing. Your first $5,000 in cash deposits each month is free, with a $1 charge for every additional $1,000 deposited.
Upon opening an account, you’ll enjoy a promotional interest rate on your savings account for the first year. Currently, Capital One offers a 0.20% APY on balances up to $5 million.
To waive the monthly fee on Capital One’s Basic checking account, maintain an average balance of $2,000 over a 30 or 90-day period. The savings account requires a $300 monthly balance to avoid service charges.
The Capital One mobile app features a virtual assistant that alerts you to unusual transactions or potential fraud. It’s ideal for monitoring spending and managing your frequent transactions. If you’re planning a significant purchase, the app also provides your credit score and tips for maintaining a healthy financial profile.
| Interest Rates | 0.20% APY |
| Star Rating | 4.5 |
Axos stands out as a superb online banking choice with its user-friendly interface and straightforward tools. Fees are minimal, and there are reimbursement options available for the few that are unavoidable.
The bank partners with both MoneyPass and AllPoint ATM networks nationwide, facilitating convenient cash deposits and withdrawals. Additionally, new business owners have the opportunity to secure a $200 welcome bonus.
Here’s why we chose it: Axos simplifies banking with its free checking services, ATM fee reimbursements, and unlimited transaction processing.
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Axos Bank offers a small business checking account with no monthly maintenance fees and provides reimbursements for domestic ATM usage and the first two domestic wire transfers each month. The initial set of 50 checks is also free. However, subsequent outgoing wires cost $35 each, and there’s a $25 fee for any returned checks. The Axos savings account carries a $5 monthly service fee, which can be avoided with careful financial management.
Axos Bank offers a 0.20% APY on all its savings accounts, regardless of the balance. Additionally, there is an interest-bearing checking account that starts at a 1.01% APY, although the rate decreases as your balance increases.
There are no minimum balance requirements for the standard small business checking account. However, other Axos accounts do have minimums: $2,500 is required in your savings account to waive the monthly fee, and the Business Interest Checking account requires a $5,000 minimum to avoid service fees.
The Axos mobile app integrates all your accounts, making it simple to monitor your finances. The app allows for easy bill payments, check deposits, and fund transfers. With just a swipe, you can view your transaction history, assess spending patterns, and understand where your money is going.
| Interest Rates | Varies by region (0.01% to 0.03% APY) |
| Star Rating | 4.4 |
PNC Bank boasts a significant footprint across the United States with over 60,000 ATMs providing fee-free access. Notably, it has over 300 branches in Pennsylvania, ensuring it’s a convenient option whether or not you venture outside the state. The bank offers a 24-hour grace period to address overdrafts before imposing any fees, and it welcomes new members with a $200 sign-up bonus.
Here’s why we chose it: With more than 300 branches throughout Pennsylvania, excellent service and easy ATM access are always within reach.
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PNC Bank’s basic checking and savings accounts both incur a $12 monthly maintenance fee, but the criteria for waiving them differ. For checking accounts, maintaining a minimum balance, using a credit card for purchases, or making regular deposits can avoid the fee. In contrast, money market accounts can only bypass fees by maintaining a specific balance.
Interest rates at PNC Bank vary by region and are not explicitly detailed on the website. In Pennsylvania, you can earn between 0.01% and 0.03% with a money market account. Specifics can be obtained by visiting a branch, which you’ll need to do anyway to open an account.
A minimum balance of $500 in PNC’s business checking account is sufficient to avoid maintenance fees. Money market accounts are less lenient, requiring a $2,500 minimum balance throughout the month to waive fees.
While PNC boasts an extensive network of ATMs and branches, the mobile banking app enhances accessibility further, providing card services along with comprehensive income and expense management. Additionally, linking to PINACLE offers extra services to support your business operations.
| Interest Rates | 0.01% APY |
| Star Rating | 4.4 |
Banking with U.S. Bank can be entirely free if you manage your finances wisely. There’s no fee for opening or maintaining a checking account, and you can make transfers and withdrawals without charges at in-network ATMs.
While branch locations are predominantly in major cities, they are also strategically placed throughout the heart of Pennsylvania. Additionally, U.S. Bank offers a variety of merchant services tailored to specific industries like restaurants, retailers, and service providers.
Here’s why we chose it: U.S. Bank makes it easy to run your business without the worry of being nickel-and-dimed with fees.
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U.S. Bank’s Silver Business Checking account is free of service fees, but there is a waivable $4 monthly charge for maintaining a savings account. Additional fees may apply for using out-of-network ATMs, overdrafting your account, or exceeding a set number of transactions each month.
Earning significant interest with U.S. Bank is challenging; most savings plans offer a mere 0.01% APY. However, the Platinum Business Money Market account features bonus rates up to 3.50% if you meet the high balance requirements.
There are no minimum balance requirements for U.S. Bank’s small business checking packages to avoid monthly fees. However, basic savings accounts require at least a $500 balance. To access the higher interest rates offered by the Platinum Money Market account, you’ll need to maintain $25,000.
The U.S. Bank mobile app keeps you connected to your finances effortlessly. With it, you can monitor your balances, transfer funds, and receive alerts about significant account activities. The app also provides access to your credit score and helps you locate the nearest U.S. Bank branch.
U.S. Bank provides straightforward banking solutions, especially for small businesses seeking flexibility and minimal fees, complemented by useful digital tools for managing finances on the go.
| Interest Rates | Up to 0.02% APY |
| Star Rating | 4.3 |
Chase is a major financial institution that offers a comprehensive suite of business services designed to support your company’s needs. These services include various lending options, which can be crucial for making significant purchases or overcoming financial challenges.
Although all Chase products come with monthly fees, there are several strategies available to waive them. Additionally, business owners can earn a $300 bonus for joining and meeting certain conditions.
Here’s why we chose it: Chase excels with its array of loan and credit line options, enhanced by other top-notch business services.
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Chase applies monthly service fees to all its accounts but offers several methods to waive them. Small businesses typically face $15 for checking and $10 for savings accounts. However, keep in mind that only the first 20 transactions each month are free, and fees may accumulate if you frequently exceed this limit.
New business owners with Chase can expect an APY of between 0.01% and 0.02% on savings accounts. For those able to commit more time and funds, certificates of deposit rates can reach up to 4.00%.
To avoid the service fee on a Chase business checking account, you’ll need to maintain a minimum balance of $2,000, make $2,000 in business card purchases, or receive $2,000 in deposits via Chase QuickAccept each month. For savings accounts, maintaining a $1,000 balance or linking to a business checking account will waive the fees.
The Chase mobile app is equipped with Chase QuickDeposit and Chase QuickPay, facilitating fast and efficient fund transfers. It also allows you to set balance alerts and transfer money across the U.S. With over 100 branches and ATMs across Pennsylvania, the app can also guide you to your nearest location, ensuring convenience is always at your fingertips.
| Interest Rates | Up to 0.02% APY |
| Star Rating | 4.2 |
For comprehensive support, Citizens Bank’s customer service page is a go-to resource, offering department-specific phone numbers and a detailed FAQ section. The website is also equipped with necessary forms and documents, saving you the hassle of searching elsewhere.
The absence of monthly fees or balance requirements makes their basic checking account an excellent choice for LLCs, partnerships, or sole proprietors.
Here’s why we chose it: Citizens Bank prioritizes your business needs with exceptional customer service and a broad network of branch locations.
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Citizens Bank imposes a hefty $39 overdraft fee, which is best avoided. The business savings account comes with a $4.99 monthly fee, though this is waived for the first four months of membership. Additionally, make sure to limit your transactions to under 200 per billing cycle to avoid extra fees.
Interest earnings are not a strong point for Citizens Bank. Savings accounts start at a modest 0.01% APY, and upgrading to a money market account bumps this up slightly to 0.02%. Certificates of deposit (CDs) provide an average of 0.03% APY across all terms.
For small businesses opting for free business checking, maintaining a balance is mainly a concern for savings accounts. A $500 average daily balance is required for business savings, but this increases to $2,500 for additional benefits in a money market account.
Citizens Bank has recently upgraded its mobile banking app, enhancing both the interface and security features. The new security measures ensure safe money transfers and payments regardless of your location. Additional features now include access to the document center and tools for managing your debit card.
In our methodology section, we clearly outline the factors considered when selecting the best banks for small businesses in Pennsylvania. Here are our primary considerations:
These criteria were meticulously considered to ensure that our selected banks provide the most benefit and least hassle to Pennsylvania’s small business owners.
Interested in opening a bank account for your business in Pennsylvania? This FAQ addresses common queries on the topic.
A business checking account is an excellent choice for small businesses. It simplifies making payments, transferring money, and managing your finances effectively.
PNC Bank leads in terms of locations and deposits, making it the most popular bank in the area. Citizens Bank and Chase also boast substantial coverage. However, online banks compensate for their lack of physical branches by offering access to thousands of ATMs throughout the state.
Using a local bank for your small business has both advantages and disadvantages. If your business is brick-and-mortar, a local institution might better understand your area’s needs and offer more personalized service. Conversely, larger banks provide broader coverage which can be beneficial for business expansion, and online banks offer the convenience of accessing your accounts from anywhere.
Having a business bank account is essential for an LLC. Although it’s not a legal requirement, having a dedicated account for business transactions helps keep personal and business finances separate. This separation is crucial in the event of a lawsuit, as it supports the limited liability protection that an LLC provides.
The top banks for small businesses in Pennsylvania offer a beneficial combination of low fees, easy access to mobile banking, and user-friendly services. They also provide incentives such as competitive interest rates and business services to ensure smooth financial operations.
We consider Bluevine to be the standout choice, but any bank on our list should serve your small business effectively.
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.
