8 Best Business Banks in South Dakota: Pros & Cons Compared

8 Best Business Banks in South Dakota: Pros & Cons Compared

Table of Content

To help small businesses in South Dakota find the best bank, we’ve scoured the area and spotlighted the top banks. Each bank on our list excels in various aspects such as services, features, and overall reliability.

For small business owners in the region, these banks offer many perks like competitive interest rates, easy account access, and tailored business solutions. They’re designed to meet the distinct needs of businesses just like yours. So, if you’re looking for a bank that understands the nuances of running a small business in South Dakota, this list is a great starting point.

>> Best Business Banking at South Dakota – Bluevine >>

8 Best Banks for Small Businesses in South Dakota

  • Bluevine: Best Overall Bank for Small Businesses in South Dakota
  • Capital One: Beat Bank for Managing Your Small Businesses Finances
  • U.S. Bank: Best Bank for Cash Management Services
  • Bank of America: Good at Financial Management (Online)
  • Lili Bank: Best for Charging No Fees
  • Axos: Best for Loan Rates
  • Oxygen: Best for No Overdraft Fees
  • Chase: Best Business Checking Account for Small Businesses in South Dakota

Our Methodology

We picked the top banks for small businesses in South Dakota by looking at several important factors. These included account fees, minimum balances, extra charges, interest rates, mobile banking features, ease of access, customer support, and each bank’s reputation and financial health.

After a deep dive into these areas, we ranked the banks that best meet the needs of small businesses in the region. For a deeper look into how we chose these banks, click here for a detailed breakdown of our methodology.

BankPricing (Per Month)Additional FeesInterest RatesMinimum BalanceAccess to Mobile Banking
Bluevine$0$4.95 per cash deposit, $2.50 for out of network ATM fees, $15 for outgoing wires2.0% APY$0Pay vendors by wire or check, schedule payments, manage cash flow
Capital One$15 (waivable)$15 per incoming domestic wire, $25 for outgoing domestic wire0.20% APY$2,000Access credit card accounts,  transfer money, deposit checks,  access bank statements,  access to CreditWise service
U.S. Bank$0$0.50 fee for transactions after the first 125, fees at out of network ATMs0.01% APY$500 for business savingsTransfer funds, view documents, find branch/ATM locations, manage cards
Bank of America$16Out of network ATM fees, fees for excessive depositsUp to 0.04% APY$5,000Manage accounts, pay and transfer, digital wallets, bill pay
Lili$0$2.5 for out of network1.50% APY$0manage finances and payments, control expenses, and save money for taxes
Chase$15 (waivable)$25 to $40 for wire transfers, $0.40 per transaction (after first 20)Up to 0.02% APY$0Fraud monitoring, card control, pay and transfer, view offers
Axos$0$35 for wire transfer        –   $0Fund transfer, wire transfer, bill payment, 
Oxygen$0$3 for out of network ATM fee, fees for international transaction, $5 international ATM fee, fees for Ingo mobile check deposit1.0% APY$0Check deposit, bill payment, check deposit, account statement

Bluevine: Best Overall Bank for Small Businesses in South Dakota

Interest Rates2.0% APY
Star Rating4.7

Bluevine stands out as a top choice for banking services in South Dakota, especially for small business owners. It offers critical resources like business lines of credit and invoice factoring. These features are particularly valuable for small businesses facing financial hurdles or aiming for growth.

With credit lines up to $250,000, businesses can secure funding for both immediate needs and future expansion. Additionally, Bluevine’s invoice factoring allows businesses to quickly turn unpaid invoices into cash, aiding those with slow-paying clients or long payment cycles.

Why we chose it: It offers attractive interest rates, minimal fees, and no maintenance requirements, making it a top pick for LLCs and other business entities.


  • Competitive interest rates
  • Low fee structure
  • No required minimum deposit


  • No business savings accounts available
  • No ATM fee reimbursement
  • Charges for cash deposits


Bluevine makes banking cost-effective with no monthly fees. However, there are charges for using non-network ATMs, and each cash deposit costs $4.95. Using the mobile app helps find free withdrawal locations to avoid extra fees.

Interest Rates

The 2.0% APY on offer is significantly higher than the national average, applicable on balances up to $100,000. However, any amount over this does not earn interest.

Minimum Balance

There’s no minimum balance requirement, allowing businesses to start banking immediately and benefit from high interest rates.

Access to Mobile Banking

Bluevine’s mobile app enhances banking flexibility, allowing you to manage finances on the go. It’s easy to use for paying vendors and scheduling payments, making financial management seamless for busy entrepreneurs.

>> Get Started With Bluevine >>

Capital One: Beat Bank for Managing Your Small Businesses Finances

Interest Rates0.20% APY
Star Rating4.6

Capital One’s online banking platform excels in delivering efficient financial management, crucial for small business success. It provides easy access to account management, transfers, bill payments, and mobile check deposits, saving business owners precious time.

The platform also offers valuable tools like customizable financial dashboards, budgeting tools, and account alerts, helping you make savvy financial decisions.

Why we chose it: It offers unlimited digital transfers, giving you the flexibility to manage funds effectively.


  • Unlimited digital transfers
  • No overdraft fees
  • Extensive ATM network


  • Few physical branches
  • Monthly account fee
  • Charges on out-of-network ATM usage


Capital One charges a $15 monthly account fee, which might seem steep for small businesses. However, maintaining an average balance of $2,000 over 30 or 90 days can waive this fee. Using any of the 70,000 ATMs nationwide is free, avoiding extra charges.

Interest Rates

By opening a business savings account with Capital One, you can earn up to 0.20% interest in the first year on balances up to $5 million. Although checking accounts don’t earn interest, the freedom of free digital transfers compensates.

Minimum Balance

There’s no mandatory minimum balance for keeping your account active, but maintaining at least $2,000 in your checking helps avoid the monthly fee and potentially earn interest on higher balances in your savings account.

Access to Mobile Banking

With limited physical locations, Capital One’s robust mobile app is a boon. It allows complete banking operations, including transfers, digital payments, and deposits via your device’s camera. The app also provides access to Capital One’s CreditWise service, helping you monitor your credit score and receive financial tips directly on your mobile.

>> Get Started With Capital One >>

U.S. Bank: Best Bank for Cash Management Services

Interest Rates0.01% APY
Star Rating4.5

U.S. Bank recognizes the crucial importance of effective cash management for the success of small businesses and offers a robust suite of services to streamline financial operations. These services include features like automated cash sweeps and wire transfers designed to improve cash flow, facilitate smart financial decisions, and enable quick fund transfers globally.

By utilizing U.S. Bank’s cash management tools, small business owners can optimize their financial processes, saving time and resources that can be redirected towards business growth.

Why we chose it: U.S. Bank provides a variety of lending options tailored to the needs of small businesses.


  • Tailored lending solutions
  • Specialized merchant services for diverse industries like dining, retail, and services
  • Extensive network with 2,400 branch locations


  • Fees on overdrafts
  • Low APY on savings
  • Limited to 28 states


The silver checking package from U.S. Bank, aimed at small businesses, does not include monthly fees. Higher-tier accounts come with monthly fees that can be waived as your business expands, provided you monitor your transactions to avoid excess fees.

Interest Rates

While U.S. Bank’s checking accounts don’t offer interest-earning potential, their savings options do, albeit at a low maximum rate of 0.01%. This rate applies without a balance cap, allowing earnings on larger sums.

Minimum Balance

Starting with U.S. Bank’s silver business package requires no minimum balance, making it accessible for new businesses. Higher-level checking accounts offer waivable fees with maintained balances, and savings accounts begin with a $500 minimum to avoid service charges.

Access to Mobile Banking

The U.S. Bank mobile app ensures you can manage your banking needs remotely, even if you’re far from a physical branch. It allows for easy fund transfers between accounts and keeps you informed with real-time financial updates and personalized alerts.

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

Bank of America: Good at Financial Management (Online)

Interest RatesUp to 0.04% APY
Star Rating4.4

To streamline financial management, small businesses need convenient access to their accounts. Bank of America’s mobile banking platform is tailored for small business owners, enabling them to manage their finances seamlessly from anywhere, at any time.

Using their mobile devices, business owners can check account balances, transfer funds between accounts, and more, ensuring they stay competitive and manage their finances effectively.

Why we chose it: Bank of America offers rewarding perks that make banking beneficial for all involved.


  • Preferred rewards enhance interest rates
  • Access to over 17,000 ATMs and 4,300 branches
  • Options to waive monthly fees


  • No 24/7 customer service
  • Standard monthly fees
  • Fees for using non-Bank of America ATMs


The basic checking account at Bank of America carries a $16 monthly fee, which can be waived by maintaining a $5,000 monthly balance, spending a minimum of $250 with your debit card, or by joining the Preferred Rewards program. Be mindful of fees for out-of-network ATM withdrawals and excessive deposit charges in a single month.

Interest Rates

Opening a savings account typically starts with an interest rate of 0.01%, which can be increased to 0.04% through active participation in the rewards program. Checking accounts, however, do not earn interest.

Minimum Balance

To avoid the $16 monthly service fee, maintain a $5,000 average monthly balance in your checking account. In savings, keeping at least $2,500 helps avoid a $10 monthly fee.

Access to Mobile Banking

The Bank of America mobile app is highly acclaimed for its functionality. It allows you to manage accounts, pay bills, and transfer funds from anywhere. It also features a budgeting tool to help track and regulate your spending.

>> Get Started With Bank of America >>

Lili Bank: Best for Charging No Fees

Star rating: 4.57/5

Lili Bank offers a banking solution tailored for freelancers and entrepreneurs, making it a perfect fit for small businesses that want to avoid hefty monthly fees.

The main advantage of banking with Lili is its fee-free service, which allows small business owners to cut costs and reallocate funds to crucial aspects of their business. As a fintech company, Lili Bank delivers specialized banking services crafted specifically for the needs of small business operators.

Why we chose it: Lili’s minimal fees and innovative tax optimization tools help businesses preserve more of their income. Additionally, for those seeking an online business checking account without credit checks, Lili stands out as an excellent choice.


  • No account fees, no minimum balance or opening deposit requirements
  • Unlimited transactions without any fees
  • Free ATM access within the MoneyPass network and cash deposit options through the Green Dot network
  • Integrated expense management and tax planning tools
  • Early payment feature with direct deposit, allowing access to funds up to two days earlier than traditional banks


  • Fees up to $4.95 for cash deposits at Green Dot locations
  • No availability of checkbooks or wire transfer services
  • Limited business-specific features, such as no options for joint accounts, multiple business debit cards, or third-party app integrations


Lili is notable for its absence of account and overdraft fees. There are no charges for foreign transactions or for using any of the 38,000 in-network ATMs across the U.S. However, using an out-of-network ATM could cost between $2.50 and $5.

Interest Rates

The Lili Business Checking account does not earn interest. Those interested in earning interest may opt for a savings account offering a 1.5% APY, although maintaining at least $34,000 in the account is necessary to offset monthly fees.

Minimum Balance

There’s no minimum balance requirement for Lili’s checking account, making it an attractive option for startups or businesses with variable income.

Access to Mobile Banking

Lili Bank’s mobile app is specifically designed for freelancers and small business owners. It enables efficient financial management, including expense control, tax saving, and payment handling, all from your mobile device. Additional features include instant payment notifications, budgeting tools, and mobile check deposit capabilities.

>> Get Started With Lili Bank >>

Axos: Best for Loan Rates

Star rating: 4.61/5

To scale up and manage unexpected expenses, small businesses often need additional funds. Axos Bank provides small business loans that deliver the necessary capital for growth, new equipment purchases, and inventory acquisition.

These loans come with flexible terms and competitive rates, making them an ideal choice for small businesses in need of financial assistance to thrive.

Why we chose it: Axos Basic Business Checking’s free cash deposits and low fee structure make it one of the best business bank accounts available.


  • No monthly fees and unlimited transactions
  • Unlimited reimbursements for domestic ATM fees
  • Cash deposits available through MoneyPass and AllPoint ATMs
  • Welcome bonus for new account holders (terms apply)
  • Round-the-clock customer support


  • Lack of integration with third-party apps
  • Decent interest checking APY, but not the highest available


Axos Bank’s Basic Business Checking has no monthly maintenance fees or minimum balance requirements, making it cost-effective to maintain. While there’s no charge for ATM use, a $35 fee applies to each wire transfer.

Interest Rates

The account does not offer an annual percentage yield, focusing instead on business-oriented perks. For earning interest, Axos also offers interest-bearing business savings accounts.

Minimum Balance

There are no minimum balance requirements for Axos Bank’s checking or savings accounts, making it a flexible option for small business owners without a large cash reserve.

Access to Mobile Banking

The Axos Bank mobile app is comprehensive, enabling customers to manage accounts, deposit checks, transfer funds, and pay bills directly from their devices. Additional features like account alerts and budgeting tools help keep your finances in check.

>> Get Started With Axos >>

Oxygen: Best for No Overdraft Fees

Star rating: 4/5

Oxygen Bank is a standout choice for small business owners who want to avoid overdraft fees. It offers a user-friendly mobile app, free ATM usage, and no monthly maintenance fees, providing a cost-effective solution for managing your business finances. Furthermore, its no-overdraft-fee policy ensures that small business owners can bank with confidence and cost-efficiency.

Why we chose it: Oxygen Bank appeals to the modern, trendy business owner with its innovative banking features, making it an excellent choice for sole proprietors.


  • Designed for the contemporary business owner
  • Offers 5% cashback rewards
  • Ability to create virtual, single-use debit cards


  • Limited mobile-friendliness
  • Does not allow multiple users
  • Higher pricing compared to competitors


Oxygen promotes a fee-free structure across most services but notes that fees may apply for out-of-network and international ATM withdrawals. There are no charges for ACH transfers or account maintenance.

Interest Rates

Although there’s no interest on the business checking account, Oxygen compensates by offering a business savings account where balances up to $20,000 earn 1.0% interest. Higher balances still accrue interest, albeit at a reduced rate.

Minimum Balance

There are no minimum balance requirements for either checking or savings accounts at Oxygen Bank. This means there are no monthly fees, even if your account balance drops to zero, ensuring you’re free from worries about maintaining a certain balance.

Access to Mobile Banking 

Oxygen Bank’s mobile app is tailored to help small business owners handle their finances efficiently while on the move. The app allows you to deposit checks, pay bills, and access spending insights to monitor your financial health. It also supports the generation of account statements, further simplifying financial management for busy entrepreneurs.

>> Get Started With Oxygen >>

Chase: Best Business Checking Account for Small Businesses in South Dakota

Interest RatesUp to 0.02% APY
Star Rating4.2

Maintaining finances is often challenging for small businesses, making a reliable banking partner essential for managing daily transactions. Chase Business Checking is tailored to meet these needs, offering features like no minimum balance requirements, unlimited electronic deposits, and 24/7 customer support. 

The Chase mobile app enables business owners to easily access their accounts and handle transactions on the go. Plus, with Chase’s extensive network of ATMs and branches, banking is convenient and accessible, no matter where you are.

Why we chose it: Chase combines traditional banking with a comprehensive suite of merchant services to support your business’s growth.


  • Extensive merchant services available
  • Various options to waive the monthly maintenance fee
  • $300 sign-up bonus


  • Monthly maintenance fees
  • Limit of 20 free transactions per month
  • Low APY on deposits


Chase Business Complete Banking starts with a $15 monthly fee, which can be waived by maintaining a $2,000 daily balance, making deposits via Chase QuickAccept, or using a Chase Ink Business Card for purchases. Keep in mind there’s a charge for transactions beyond the initial 20, and wire transfers can be costly.

Interest Rates

Chase doesn’t offer interest on business checking accounts; however, opening a business savings account can yield up to 0.02% interest.

Minimum Balance

To avoid the monthly service fee, maintain at least $2,000 in your checking account. Falling below this amount even once a month incurs the fee. Savings accounts are fee-free as long as you maintain an active checking account with Chase.

Access to Mobile Banking

The Chase mobile app goes beyond basic banking; you can lock and unlock your credit card if misplaced, use budget planning tools to save for large purchases, and access credit monitoring tools to safeguard your financial health.

>> Get Started With Chase >>

Methodology for the Best Banks for Small Businesses in South Dakota

We carried out an extensive review to identify the best banks for small businesses in South Dakota, focusing on key factors critical for establishing a business bank account and managing finances effectively.

  • Fees: It’s crucial for small businesses to minimize expenses, so we prioritized banks that don’t impose hefty maintenance fees or offer easy ways to waive such charges. We also looked for banks that keep transaction and transfer costs low, as these are frequent needs for any business.
  • Interest Rates: While business bank accounts are mainly used for organizational and payment purposes, earning interest can be a bonus. We highlighted banks that offer competitive interest rates on checking and savings accounts, with some rates significantly above the national average.
  • Minimum Balance: Many banks waive maintenance fees if a minimum balance is maintained. Recognizing that small businesses often start with limited funds, we focused on banks with low balance requirements to help avoid fees. We also considered banks that offer additional benefits, like higher interest rates or rewards, for maintaining a higher balance.
  • Access to Mobile Banking: In today’s digital age, having banking capabilities on your mobile device is invaluable. We looked for banks that offer robust mobile banking options, allowing businesses to manage their finances, make payments, and conduct transactions seamlessly from anywhere. This includes both online-only banks and traditional banks that have developed strong mobile platforms.
  • Ease of Use: Our top picks for small business banking in South Dakota are not only feature-rich but also user-friendly. We ensured that the banks we selected make it easy to perform essential functions like transfers, payments, and opening an account using just an EIN. Our goal was to choose banks where managing your business finances is straightforward and not a burden.

These criteria helped us form a well-rounded perspective on what makes a bank suitable for small businesses, aiming to provide options that combine cost efficiency, convenience, and ease of use.

>> Start Using Bluevine Now! >>

Best Banks for Small Businesses in South Dakota Frequently Asked Questions (FAQs)

Looking for more information on selecting the right bank account for your small business in South Dakota? This FAQ has got you covered with detailed answers to your questions.

What Are the Requirements to Open a Business Account in South Dakota?

To open a business account in South Dakota, you usually need to present evidence of your business registration with the South Dakota Secretary of State and various identification documents such as a Tax ID number, a business license, and Articles of Incorporation. Keep in mind the exact requirements can differ from one financial institution to another.

Can I Open a Bank Account With My EIN Number?

Yes, opening a bank account with an EIN is advisable, especially if your business has employees, as it is necessary for tax filing and simplifies the process with banks. If you’re a sole proprietor without employees, you might use your SSN, but this can make separating personal and business finances more difficult.

What Questions Should I Ask Before Opening a Small Business Account in South Dakota?

When setting up a small business account in South Dakota, it’s crucial to understand all your options and the associated costs. Questions to ask a bank representative include what types of accounts are available to small businesses, what fees are linked to these accounts, and what the minimum balance requirements are for each.

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

It’s advisable to keep at least six months’ worth of operating expenses in your bank account to cover unexpected challenges in business operations. Additionally, if feasible, contribute at least 10% of your profits each month to help this fund grow, ensuring you have a robust financial buffer to support your business.

Bottom Line

Opening a business bank account is a crucial step for small businesses in South Dakota, enhancing financial management and simplifying the tracking of transactions. The best banking solutions for these businesses feature affordable fees, easy transfer options, and dependable customer service, all of which are essential for achieving financial goals and strengthening relationships with suppliers.

When selecting a bank, it’s important to view it as a reliable partner that can support your business’s financial needs effectively in South Dakota.

>> Best Business Banking at South Dakota – 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.