8 Best Business Banks in Rhode Island – Reviews & Rankings

8 Best Business Banks in Rhode Island – Reviews & Rankings

Table of Content

Small business owners in Rhode Island encounter numerous challenges, yet opening a business account with one of the state’s top banks can simplify many aspects of business management. 

These leading banks provide outstanding financial services, leveling the playing field and enabling small businesses to compete effectively with larger enterprises. If you’re running a small business in Rhode Island, it’s a smart move to consider the options offered by the best banks in the region.

>> Best Business Banking at Rhode Island Overall – Bluevine >>

8 Best Banks for Small Businesses in Rhode Island  

  • Bluevine: Best for Savings and Checking Accounts
  • Capital One: Best for Its Online Facilities
  • U.S. Bank: Best Bank for Making Large Transactions 
  • Bank of America: Best for Convenience
  • Axos: Best Bank for Real Estate Businesses 
  • Lili: Best for Flexible Loan and Credit Options
  • Oxygen: Best Bank for Freelancers 
  • Chase: Best Bank for Businesses Rewards

Our Methodology

When selecting the top banks in Rhode Island for small businesses, we focus on several important criteria. These include the ease of opening an account, the availability of ATM locations and branches nearby, the rewards programs offered, the cost of maintenance fees, and the functionality of mobile banking options.

Additionally, we assess the range of banking services provided and how seamlessly business apps can integrate with these banks. 

Bluevine: Best for Savings and Checking Accounts

Interest Rates2.0% APY
Star Rating4.7

Rhode Island-based small businesses have several excellent banking choices, including Bluevine, which offers specialized checking and savings accounts for small business needs. Bluevine accounts provide effortless deposits and transfers, and their checking accounts support foreign exchange transactions and facilitate fast international payments.

Additionally, Bluevine stands out with its exceptional customer service and user-friendly interface, making it a preferred choice for small business owners looking for a dependable banking partner in Rhode Island.

Why we chose it: Bluevine is highly recommended due to its competitive interest rates, minimal fees, and absence of maintenance requirements. These make it an optimal business bank account choice for LLCs and other business entities.


  • Attractive interest rates
  • Minimal fees
  • No initial deposit is necessary


  • Lacks a business savings account
  • No reimbursement for ATM fees
  • Charges for cash deposits


With Bluevine, you can enjoy banking without monthly fees, saving every penny possible. However, be aware that using out-of-network ATMs will incur charges, so using the mobile app to locate ATMs where free withdrawals are beneficial. Also, each cash deposit costs $4.95, so consider using this service only when necessary.

Interest Rates

Bluevine offers a highly competitive 2.0% APY, which is fifty times the current national average, applicable on balances up to $100,000. It’s important to note that any funds exceeding this amount will not earn interest, which could influence your financial planning as your business grows.

Minimum Balance

There’s no minimum balance required to utilize Bluevine, making it accessible for small businesses starting with minimal funds. This feature lets businesses immediately benefit from the high interest rate without needing a large initial deposit.

Access to Mobile Banking

The Bluevine mobile app provides seamless banking capabilities from anywhere, designed to manage your accounts and track financial activities efficiently. Additionally, the app supports wire transfers and check payments to vendors and allows for scheduling future payments, enhancing your financial management flexibility.

>> Get Started With Bluevine >>

Capital One: Best for Its Online Facilities

Interest Rates0.20% APY
Star Rating4.6

Capital One is an excellent choice for small businesses in Rhode Island, particularly those prioritizing robust online banking capabilities. Capital One’s e-banking services are especially noteworthy despite having physical branches nationwide. 

The bank’s mobile apps are user-friendly and facilitate easy management of transactions and access to various electronic products.

Capital One enhances its digital offerings with two business checking account options and up to five types of business credit cards. Business owners can conveniently activate and, if necessary, block their credit cards online, adding a layer of security and control.

Why we chose it: Capital One is chosen for its unlimited digital transfers, which allow small business owners to manage their funds effortlessly and ensure their business’s cash flow remains uninterrupted.


  • Unlimited electronic transactions
  • No overdraft charges
  • Extensive ATM network


  • Few physical branches
  • Recurring monthly fees
  • Charges for using ATMs outside the network


Capital One’s business accounts normally include a $15 monthly fee, 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. Additionally, you can use any of Capital One’s 70,000 ATMs nationwide without incurring fees.

Interest Rates

By opening a business savings account with Capital One, you can access interest rates of up to 0.20% for the first year, applicable to balances up to $5 million. This provides substantial room for small businesses to grow their savings. It’s worth noting that Capital One’s checking accounts do not offer interest, making free digital transfers even more valuable.

Minimum Balance

There’s no minimum balance requirement to keep your Capital One account active, but maintaining at least $2,000 in your checking account is advisable to avoid the monthly fee. Additionally, keeping funds in your savings account enables you to accrue some interest on idle money.

Access to Mobile Banking

Capital One’s robust mobile app compensates for the scarcity of physical branches. The app allows you to manage all your transactions, make digital payments, and deposit checks using your device’s camera. It also offers access to the Capital One CreditWise service, which helps monitor your credit score and provides useful financial tips.

>> Get Started With Capital One >>

U.S. Bank: Best Bank for Making Large Transactions 

Interest Rates0.01% APY
Star Rating4.5

U.S. Bank is a superior banking choice for small businesses that handle a high volume of transactions, making it especially advantageous for merchants and point of sale (POS) agents who operate online and offline businesses. 

Unlike many banks, U.S. Bank is well-equipped to support large-scale transactions with business savings and checking accounts designed specifically for such needs. Maintaining an average balance in these accounts is crucial to avoid maintenance fees. 

For businesses dealing with significant sales volumes, U.S. Bank offers various account types, including the Silver Business Checking Account, Gold Business Account, and Platinum Business Checking Account. 

These options allow for more efficient financial management and enable businesses to utilize U.S. Bank’s robust services fully.

Why we chose it: U.S. Bank provides a wide range of lending options, making it an ideal partner for small businesses needing additional capital to grow and expand.


  • Customizable lending options
  • Tailored merchant services for restaurants, retailers, and service providers
  • 2,400 branch locations available


  • Overdraft fees apply
  • Branches limited to 28 states
  • Comparatively low Annual Percentage Yield (APY)


With U.S. Bank’s Silver Checking Package for small businesses, you can enjoy banking without monthly fees. As your business expands, you may opt for higher-tier accounts with monthly fees that can be waived under certain conditions. It’s important to monitor your transaction frequency to avoid extra charges that may apply when you exceed the set monthly transaction limit.

Interest Rates

U.S. Bank’s checking accounts do not offer interest-earning options. However, their savings accounts come with varying benefits, although the maximum interest rate available is a modest 0.01%. This rate applies regardless of the account balance, offering some return on stored funds.

Minimum Balance

The Silver Checking Package does not require a minimum balance, making it accessible for small businesses just starting out. Maintaining a certain balance can help avoid fees for other checking accounts. The savings accounts require a minimum balance of $500 to waive service fees.

Access to Mobile Banking

U.S. Bank’s mobile app provides comprehensive banking capabilities, allowing you to manage your finances effectively even far from a physical branch. The app enables smooth fund transfers between accounts and informs you of your financial status with customized alerts. This tool is particularly useful for staying connected with your financial activities on the go.

>> Get Started With U.S. Bank >>

Bank of America: Best for Convenience

Interest RatesUp to 0.04% APY
Star Rating4.4

Bank of America is a widely recognized and preferred banking choice for small businesses in Rhode Island. Setting up a business bank account is remarkably straightforward if you’re a customer. For those new to Bank of America, opening an account is quick and uncomplicated, often taking just a few minutes.

As a dependable brick-and-mortar bank, Bank of America ensures smooth transaction processing for all its customers. The bank also provides valuable assistance in applying for Small Business Administration (SBA) loans and obtaining credit loans. 

If you aim to control your business finances and seamlessly integrate mobile apps into your operations, opening a business account with Bank of America is wise.

Why we chose it: Bank of America is favored for its rewarding programs that offer multiple benefits, creating advantageous banking experiences for all involved. This makes it attractive for those looking to enhance their business banking efficiency and rewards.


  • Option to waive monthly fees
  • Preferred rewards enhance interest rates
  • Extensive network with over 17,000 ATMs and 4,300 branches


  • Monthly service charges
  • No 24/7 customer service available
  • Fees on transactions at non-Bank of America ATMs


Bank of America’s basic checking account incurs a $16 monthly fee, which you can avoid by maintaining a $5,000 monthly balance, spending at least $250 on your debit card, or joining the Preferred Rewards program. Additional fees to be aware of include charges for using out-of-network ATMs and for excessive deposits within a single month.

Interest Rates

For small business savings accounts, the initial interest rate is 0.01%. Active participation in Bank of America’s rewards program can increase this rate to 0.04%. However, Bank of America’s checking accounts do not offer any interest accrual options.

Minimum Balance

To waive your checking account’s $16 monthly service fee, you should maintain an average monthly balance of $5,000. Keeping a minimum of $2,500 for savings accounts will help you avoid a $10 monthly fee.

Access to Mobile Banking

Bank of America’s mobile app is highly regarded for its functionality. It allows you to manage your accounts, pay bills, and transfer funds from anywhere. The app also includes a budgeting tool, helping you keep track of expenses and manage your spending effectively.

>> Get Started With Bank of America >>

Axos: Best Bank for Real Estate Businesses 

Star Level: 4.61/5

Axos stands out as a top banking choice for small businesses in Rhode Island, especially those involved in investing and mortgages. It offers free business checking accounts, which are particularly beneficial for those in the real estate sector, providing services specifically designed to meet their specialized needs.

Notably, Axos does not charge any maintenance fees as long as you maintain a monthly balance of at least $5,000. This feature is particularly advantageous for professionals involved in home sales, mortgages, and even those dealing with cryptocurrency transactions.

Why we chose it: Axos is highlighted for its Basic Business Checking account, which offers free cash deposits and maintains a low fee structure, making it one of the best banking options for businesses in the market.


  • No monthly fees with unlimited transactions
  • Reimbursement for all domestic ATM fees
  • Ability to make cash deposits through MoneyPass and AllPoint ATMs
  • Welcome bonus for new customers (subject to terms)
  • Continuous customer support is available 24/7


  • Lack of integration with third-party apps
  • The interest rate for checking accounts is decent but not exceptional


Axos Bank’s Basic Business Checking account offers a maintenance-free banking experience with no monthly fees or specific balance requirements to keep the account open. You’ll be reimbursed for any ATM fees, making it free to use. However, be mindful of the $35 charge per wire transfer if you frequently send money this way.

Interest Rates

The Basic Business Checking account does not offer an annual percentage yield (APY); instead, it focuses on providing valuable business perks. For those looking to earn interest, Axos also offers interest-bearing business savings accounts that can help grow your funds.

Minimum Balance

There are no minimum balance requirements for either checking or savings accounts at Axos Bank. This flexibility makes Axos an appealing choice for small business owners, especially those needing more substantial funds to maintain their accounts regularly.

Access to Mobile Banking

Axos Bank’s comprehensive mobile app enables you to handle nearly all your banking needs remotely. The app allows you to deposit checks, execute transfers, pay bills, and initiate wire transfers directly from your mobile device. Additionally, features like account alerts and budgeting tools help you monitor and manage your finances effectively.

>> Get Started With Axos >>

Lili: Best for Flexible Loan and Credit Options

Star Level: 4.55/5

Lili is highly recommended for small businesses in Rhode Island, especially those looking for flexible financing options such as loans and credit lines. This digital bank caters effectively to freelancers, remote workers, and startups, providing easy access to the funds needed for success.

Lili offers loans and features manageable repayment plans, making it an outstanding choice for businesses needing financial support while managing limited cash flow. Whether your business requires ongoing funding or a one-time financial boost, Lili ensures you have the resources to help your business flourish.

Why we chose it: Lili stands out due to its minimal fees and effective tax optimization tools that help businesses maximize their income. Additionally, Lili presents a compelling option for those in search of an online business checking account that does not require credit checks.


  • No associated fees, minimum balance requirements, or requirements for initial deposits
  • Unlimited transactions without fees
  • Access to fee-free ATMs via the MoneyPass network and cash deposit options through the Green Dot network
  • Tools integrated for managing expenses and tax planning
  • Early payment feature with direct deposit, allowing receipt of funds up to two days earlier than traditional accounts


  • Fees up to $4.95 for cash deposits at Green Dot locations
  • No option for checkbooks or wire transfers
  • Limited features tailored for business needs, such as no options for joint accounts, multiple business debit cards, or third-party integrations


Lili stands out for its complimentary tax software, and business owners will appreciate the absence of account and overdraft fees. Additionally, there are no charges for foreign transactions or withdrawals at over 38,000 in-network ATMs across the United States. However, using an out-of-network ATM will result in fees ranging from $2.50 to $5.

Interest Rates

Lili’s Business Checking account does not accrue interest. For those interested in earning interest, Lili offers a savings account with a 1.5% APY, though maintaining a minimum balance of $34,000 is necessary to offset the monthly costs.

Minimum Balance

Lili Bank does not require a minimum balance for its checking account, which is particularly beneficial for new businesses or those with variable incomes, as it eliminates the worry of maintaining a specific balance to avoid monthly fees.

Access to Mobile Banking

Lili Bank has developed a mobile banking app tailored specifically for freelancers and small business owners. The app provides comprehensive financial management tools, allowing users to control expenses, save for taxes, and handle payments directly from their mobile devices. 

It also features instant payment notifications, budgeting tools, and the capability to deposit checks via mobile, enhancing your banking convenience and efficiency.

>> Get Started With Lili Bank >>

Oxygen: Best Bank for Freelancers

Star Level: 4.1/5

Oxygen is a premier banking choice for small businesses in Rhode Island, offering exceptional services that set it apart from many other financial institutions. Its checking and savings accounts are especially advantageous for freelancers and remote workers, providing the flexibility to handle deposits in foreign currencies seamlessly.

Moreover, Oxygen simplifies foreign exchange transactions, enabling businesses to operate globally without the usual financial hurdles. With a widespread network of ATMs throughout the state, accessing funds is convenient and straightforward. For small business owners seeking a hassle-free account that supports international transfers, Oxygen is an excellent option.

Why we chose it: Oxygen’s innovative banking features appeal to modern, savvy business owners. It’s particularly well-suited for sole proprietors, making it one of the top checking account options.


  • Tailored for modern, trendy business owners
  • Offers 5% cashback rewards
  • Ability to create virtual, single-use debit cards


  • Not optimized for mobile use
  • Does not support multiple-user access
  • Higher pricing compared to competitors


Oxygen promotes itself as a fee-free bank, yet certain actions like out-of-network and international withdrawals might incur fees. However, you can enjoy cost-free ACH transfers, and there’s no fee for maintaining your account, making everyday banking worry-free.

Interest Rates

Oxygen’s business checking accounts do not offer interest, but they address this by offering a business savings account option. Funds in this savings account earn 1.0% interest on balances up to $20,000, with a reduced rate applied to higher amounts, providing a straightforward way to grow your reserves.

Minimum Balance

There are no minimum balance requirements for either checking or savings accounts at Oxygen Bank. This flexibility means you won’t face monthly fees, even if your account balance drops to zero, ensuring stress-free financial management regardless of your business’s cash flow.

Mobile Banking Features

Oxygen Bank’s mobile app is tailored to support small business owners who need to manage their finances remotely. The app lets you deposit checks, pay bills, and conveniently access account statements from your mobile device. Additionally, it provides spending insights, which can be invaluable for tracking and optimizing your financial health.

>> Get Started With Oxygen >>

Chase: Best Bank for Businesses Rewards

Interest RatesUp to 0.02% APY
Star Rating4.2

Chase Bank provides small businesses with a variety of incentives and rewards that are highly appealing. When you open a business bank account with Chase, you are entitled to a free credit card, although there may be a small fee for additional cards. 

Furthermore, Chase offers bonuses and incentives for customers with high transaction volumes, supporting businesses in maximizing their financial operations. Chase is recognized as one of the top banks in Rhode Island and is committed to helping local businesses thrive.

Why we chose it: Chase stands out by incorporating a comprehensive array of merchant services into its traditional banking offerings. This integration is designed to support and enhance the success of your business, making Chase an invaluable partner in your business endeavors.


  • $300 sign-on bonus
  • Several available merchant services
  • Multiple ways to waive the monthly maintenance fee


  • Monthly maintenance fees apply.
  • Limited to only 20 free transactions per month.
  • Low Annual Percentage Yield (APY)


Chase Business Complete Banking starts with a monthly fee of $15. However, you can waive this fee by maintaining a $2,000 daily balance, using Chase QuickAccept for deposits, or purchasing a Chase Ink Business Card. Be aware that additional fees apply after your first 20 transactions each month, and you should also try to avoid costly wire transfers if possible.

Interest Rates

Like many banks, Chase does not offer interest on business checking accounts. If you want to earn interest, consider opening a business savings account, which offers a rate of up to 0.02%.

Minimum Balance

To avoid Chase’s monthly service fee, it’s crucial to consistently maintain at least $2,000 in your checking account. Falling below this threshold, even once a month, will result in a fee. On the other hand, savings accounts do not incur any fees as long as you maintain an active checking account with Chase.

Access to Mobile Banking

Chase’s mobile app extends beyond typical banking activities. It includes security features allowing you to lock or unlock your credit card if misplaced. Additionally, the app offers budget planning tools to help set aside funds for significant purchases and credit monitoring tools to maintain your financial health

>> Get Started With Chase >>

Methodology for Choosing the Best Banks for Small Businesses in Rhode Island  

We considered several critical factors in opening and managing a business bank account to identify the best banks for small businesses in Rhode Island. Here’s what guided our decision-making process:

  • Fees: Small businesses need to be mindful of every expense. We focused on finding banks that don’t levy excessive fees and offer ways to waive routine charges. Minimizing costs associated with essential transactions and transfers was a priority, as these are frequent activities for any business.
  • Interest Rates: While business bank accounts are typically used for organizational purposes and making payments, the potential to earn interest can provide a financial boost. We looked for banks that offer competitive interest rates on both checking and savings accounts, with some exceeding the national average.
  • Minimum Balance: To avoid maintenance fees, we sought banks with low or no minimum balance requirements, understanding that many small businesses start with limited capital. Some banks also use minimum balances as thresholds for unlocking interest rates or additional rewards.
  • Access to Mobile Banking: In today’s digital age, having mobile access to banking services is invaluable. We favored banks that offer robust mobile banking solutions, allowing business owners to manage finances seamlessly from anywhere—this includes modern online banks and traditional institutions enhancing their digital offerings.
  • Ease of Use: Our top picks for small business banking must be user-friendly. We prioritized banks that simplify processes such as transfers, payments, and account opening, which should be doable with just an EIN. It’s essential that banking doesn’t add unnecessary complexity to running a business.

>> Start Using Bluevine Now! >>

Best Banks for Small Businesses in Rhode Island- Frequently Asked Questions (FAQs)

Do you have more questions? Check out the answers to these frequently asked questions:

What Are the Requirements for Opening a Small Business Bank Account in Rhode Island?

The requirements for opening a small business bank account in Rhode Island can differ from bank to bank. Still, typically, you’ll need to provide some form of identification and proof of your business, like your EIN or business license. Contacting the bank directly to understand their specific requirements is a good idea.

Can I Open a Bank Account With My EIN?

Yes, opening a bank account with an EIN (Employer Identification Number) is advisable. For tax purposes, any business with at least one employee must have an EIN, and banks will require this number when you register your account. 

If you’re a sole proprietor or the only employee of your business, you could alternatively use your Social Security Number (SSN). However, using an EIN instead helps clearly separate your personal and business finances, which is essential for proper financial management.

How Much Should a Small Business Have in a Bank Account?

It’s smart to set aside at least six months’ worth of operating expenses as a safety net in case of unexpected business challenges. This reserve can support you while you navigate through any slowdowns. If feasible, consider adding at least 10% of your monthly profits to this fund to steadily increase your financial cushion.

Do I Need a Business Account for My Small Business?

Yes, having a separate business account for your small business is recommended. This practice helps clarify your personal and business finances, simplifying accounting and tax filing processes. Additionally, having a dedicated business account can enhance your professional image with customers and vendors.

Bottom Line – Best Business Banks in Rhode Island

Rhode Island’s small businesses striving for success and enhanced productivity need outstanding banking support. While only some banks meet the unique demands of small businesses, the ones mentioned previously stand out as excellent options for those operating in the state. 

These banks provide exceptional online banking capabilities, minimal maintenance fees, and straightforward account opening procedures. To support the growth and expansion of your business, consider opening a business bank account with these recommended banks.

>> Best Business Banking at Rhode Island Overall – Bluevine >>


Written by

Aeron Rupar

Reviewed By



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.