Every business needs to grow, and the bank you pick can majorly boost or block that growth. If you’re a small business owner in Utah wondering which bank to go with, you’re in the right spot!
This guide is chock-full of insights to help you make a savvy choice. We’ve done the legwork, sifting through loads of data to bring you a rundown of top banks for small businesses in Utah. Dive in to find the perfect fit for your business ambitions!
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Our lineup of Utah’s top banks for small businesses comes from detailed research. We checked out each bank’s mobile access, interest rates, fees per month and per transaction, online reviews, minimum balance rules, and ease of use.
Bluevine is the go-to bank for small business owners who prefer managing their finances on the move, eliminating the need to visit a physical branch. It stands out with an interest rate that tops our list, allowing you to earn up to 2.0% APY on your account balance.
Opening a checking account with Bluevine offers numerous perks, such as unlimited transactions without fees, zero monthly or overdraft fees, and no requirement for a minimum opening deposit.
This institution is purely online and supports a mobile app available for both Android and iPhone users. They are renowned for their exceptional customer support, always ready to tackle any queries.
Here’s why we picked it: The combination of high-interest rates, minimal fees, and no maintenance demands places Bluevine as the prime banking choice for LLCs and other business types.
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With Bluevine, you won’t encounter any monthly fees, so you can bank without spending a cent on maintenance. However, be prepared for charges when using out-of-network ATMs, but the mobile app can help you locate free withdrawal spots. Each cash deposit incurs a $4.95 fee, so it’s wise to deposit cash judiciously.
Bluevine shines with a 2.0% APY, which is fifty times the national average. This rate applies to balances up to $100,000. If your small business’s balance exceeds this threshold, the additional funds won’t earn interest. Maximize your business funds with Bluevine’s Premier tier, featuring up to 4.25% APY, priority support, and reduced payment fees.
There’s no minimum balance required at Bluevine, allowing small businesses to start banking with little to no initial deposit and still benefit from the high-interest rate.
The Bluevine mobile app offers seamless banking on the go. This well-designed tool allows easy management of your accounts and financial oversight. Additionally, you can pay vendors via wire or check and set up scheduled payments, making financial transactions smooth and efficient.
Capital One is renowned not only for its extensive credit card options but also for its substantial benefits for small businesses. A standout feature of Capital One credit cards is the ability to accumulate more rewards with each purchase.
Additionally, there are no monthly maintenance fees or minimum balance requirements to start an account, and you face no restrictions on transfers. Capital One offers the flexibility of banking online via their mobile app or visiting one of their branches for in-person service.
Why we chose it: Capital One empowers you with unlimited digital transfers, providing the flexibility to keep your funds fluid.
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Capital One’s business accounts typically include a $15 monthly fee, which might seem steep for small businesses. However, you can avoid this fee by maintaining an average balance of $2,000 over a 30 or 90-day period. Using any of Capital One’s 70,000 ATMs across the nation won’t cost you a dime.
By opening a business savings account with Capital One, you can access interest rates up to 0.20% during your first year, applicable to balances as high as $5 million. This gives small businesses significant flexibility. However, it’s worth noting that Capital One’s checking accounts don’t yield any interest, making the benefit of free digital transfers even more attractive.
There’s no strict minimum balance required to keep your Capital One account active. But maintaining at least $2,000 in your checking account is advisable to sidestep the monthly service fee. Placing surplus funds in your savings can help you accrue interest on money not immediately needed.
With few physical branches to visit, Capital One’s highly-rated mobile app is particularly useful. It enables you to manage all your banking needs from transfers to digital payments and even deposit checks using your 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 stands out as a top choice for small businesses in need of swift access to funds. They offer the best loan terms for small businesses in Utah, featuring flexible repayment options and competitive rates that ease the financial burden.
Additionally, U.S. Bank enhances business operations with comprehensive merchant services, allowing customers to pay through various methods, including modern point-of-sale systems. Opening an account with U.S. Bank might also net you up to a $500 sign-up bonus.
With more than 2,000 branches nationwide, accessibility is a major perk, even when you’re traveling out of state. Plus, their mobile app offers convenient online account management.
Why we chose it: U.S. Bank provides a wealth of lending options ideal for small businesses looking to expand or manage cash flow more effectively.
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With U.S. Bank’s Silver Checking Package tailored for small businesses, you’ll enjoy the benefit of no monthly fees. As your business expands and you possibly upgrade to higher-tier accounts, be aware that these can come with monthly fees, though they are waivable under certain conditions. Keep an eye on your monthly transactions to avoid extra charges for going over the set limits.
Unfortunately, U.S. Bank’s checking accounts don’t offer the possibility to earn interest. However, their savings plans, while offering a modest maximum interest rate of 0.01%, do not have a cap on the balance that can earn interest. Although minimal, it allows for some incremental growth of your funds.
The Silver account package, designed specifically for small businesses, has no minimum balance requirement, making it accessible and hassle-free. For other checking accounts, maintaining a certain balance can waive monthly fees. Savings accounts require a minimum balance of $500 to avoid service charges.
Whether you’re near a U.S. Bank branch or not, the mobile app ensures you can manage all your banking needs remotely. This convenient tool allows for seamless fund transfers between accounts and provides real-time financial updates. U.S. Bank also enhances user experience with customized alerts to keep you informed on the go.
Bank of America stands out as a top pick for those who value the convenience of a widespread physical presence and extensive ATM networks. It offers superior online capabilities along with a variety of reward opportunities that cater to both your business and customer needs.
Key offerings include merchant services, payroll solutions, remote deposit capabilities, and access to a vast network of ATMs. Bank of America’s business checking account does not require a minimum deposit to get started, and the monthly fees can be waived by meeting specific criteria.
Why we chose it: Bank of America provides rewarding banking experiences with multiple benefits that ensure both businesses and their clients thrive.
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Bank of America’s introductory checking account carries a $16 monthly fee. This can be waived by maintaining a $5,000 monthly balance, spending at least $250 with your debit card each month, or enrolling as a Preferred Rewards member. Be aware of additional fees for using out-of-network ATMs and for making excessive deposits within a month.
For small business savings accounts, the starting interest rate is 0.01%. Active participation in Bank of America’s rewards system can bump this rate up to 0.04%. It’s important to note that Bank of America’s checking accounts do not offer any interest accumulation.
To avoid the $16 monthly service fee, keep an average monthly balance of $5,000 in your checking account. For savings accounts, a minimum balance of $2,500 helps dodge a $10 monthly fee.
Bank of America’s mobile app is highly rated for its comprehensive functionality. It allows you to effortlessly manage your accounts, pay bills, and transfer funds from anywhere. The app includes a budgeting tool that helps track expenses and manage spending efficiently.
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If you’re aiming for cost-effective banking solutions, the Axos business checking account stands out as an excellent choice. With Axos, there’s no need to worry about monthly fees or maintaining a minimum balance, and you’ll enjoy a generous allowance of free transactions each month.
Axos excels in providing a full-service online banking experience, enhanced by user-friendly tools that make account management a breeze. Axos sets itself apart by offering ATM fee reimbursement, a feature not commonly found with other banks.
With Axos, you can maximize your financial resources and achieve more.
Why we chose it: Axos Basic Business Checking account offers free cash deposits and a low fee structure, ranking it among the best options for business banking.
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Axos Bank Basic Business Checking is particularly appealing because it doesn’t charge a monthly maintenance fee, nor does it have minimum requirements to keep the account open. Any ATM fees you incur are reimbursed each month, effectively making this account free to use. However, if you frequently use wire transfers, be mindful of Axos’s $35 fee per transaction.
This account doesn’t offer an annual percentage yield, focusing instead on operational perks for businesses. If you have surplus funds, consider opening one of Axos’s interest-bearing business savings accounts to start accumulating interest.
There are no minimum balance requirements for Axos Bank’s checking and savings accounts. This feature is particularly beneficial if you’re a small business owner without a large cash reserve, as it eliminates the worry of maintaining a specific balance to avoid fees.
Axos Bank’s mobile app is comprehensive, enabling you to handle a wide range of financial tasks from your device. You can manage accounts, deposit checks, transfer funds, and pay bills, all on the go. Additional features like account alerts and budgeting tools help you monitor and control your finances efficiently.
Lili Bank is a standout choice for small businesses, especially those without dedicated accountants to manage their finances. Lili’s mobile banking platform includes integrated tools that provide precise financial monitoring. Its business accounting software is adept at managing all financial records, from daily transactions to tax preparations.
Moreover, opening a Lili bank account comes without the need for a minimum deposit or balance, and there are no monthly fees. Lili also offers free overdraft protection.
Why we chose it: Lili’s minimal fees and specialized tax optimization software help businesses preserve their hard-earned income. Furthermore, for those seeking an online business checking account without credit checks, Lili is an excellent option.
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Lili stands out with its free tax software and lack of typical banking fees. There are no charges for account maintenance, overdrafts, or foreign transactions. Plus, you have access to over 38,000 in-network ATMs across the U.S. without fees. However, using an out-of-network ATM could cost you between $2.50 and $5 per transaction.
Lili’s Business Checking account does not earn interest. For those interested in earning, Lili offers a savings account option with a 1.5% APY, but to make it worthwhile, you’ll need to maintain at least $34,000 in your account to balance out the monthly fees.
Lili Bank does not require a minimum balance for its checking accounts, making it an attractive option for new businesses or those with variable income. This flexibility helps avoid monthly fees and keeps banking simple.
Lili Bank’s mobile app is tailored for freelancers and small business owners. It enables you to manage your finances effectively, including expense tracking, tax savings, and payment management, all from your mobile device. The app also features instant payment notifications, budgeting tools, and the capability to deposit checks via your smartphone.
Oxygen Bank is specifically tailored to meet the needs of sole proprietors and independent business owners, making it an ideal choice for those managing a one-person operation. It provides a suite of accounting services and tools, including in-app accounting software that ensures precise financial tracking.
Oxygen offers enticing cash-back rewards on debit card purchases, enhancing the banking experience. Importantly, there are no monthly fees, no minimum balance or deposit requirements, and no overdraft fees associated with Oxygen.
Why we chose it: Oxygen appeals directly to the modern, trend-savvy business owner by offering innovative banking features. It’s particularly well-suited for sole proprietors looking for a top-notch checking account.
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Oxygen promotes itself as a fee-free bank but notes that charges may apply for out-of-network and international withdrawals. Fortunately, you won’t incur fees for ACH transfers, and there’s no cost associated with keeping your account active.
Oxygen’s business checking accounts do not offer interest. To compensate, Oxygen includes a business savings account option where funds can earn 1.0% interest on balances up to $20,000. Higher amounts still accrue interest, albeit at a reduced rate.
There are no minimum balance requirements for Oxygen Bank’s checking and savings accounts. This means you won’t face monthly fees, regardless of your account balance, ensuring financial flexibility without the stress of maintaining a specific amount.
Oxygen Bank’s mobile app is crafted to support small business owners with their financial management while on the move. The app allows you to deposit checks, pay bills, and generate account statements directly from your device. It provides spending insights, helping you keep track of your financial health and budget effectively.
Chase Business steps up with a range of business services including payment collection and robust fraud protection, sweetened by a $300 sign-up bonus. The Chase Business app also enables direct credit card payments into your account. Although there’s a monthly service fee, it can be avoided through several available methods.
Why we chose it: Chase Business goes beyond basic banking needs with a comprehensive suite of additional business services, making it an all-encompassing choice for business banking.
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While a monthly service fee might seem unappealing given the plethora of fee-free accounts out there, Chase Business offers several ways to have it waived.
You simply need to maintain a $2,000 minimum daily balance, make $2,000 in net purchases with a business credit card, or receive $2,000 in deposits via the Chase Business QuickAccept app. This flexibility allows you to choose the option that best fits your business activities, making it easier to avoid those fees.
>> Check Out Chase for Business >>
Chase Bank sets itself apart by prioritizing the security of your business accounts with robust measures against fraudulent activities. It provides complimentary fraud monitoring to protect your account from unauthorized access.
Beyond security, Chase excels in offering banking services designed to augment your finances. Its merchant services, for example, allow customers to pay using various methods, fostering your business’s growth. Additionally, Chase’s mobile app is designed for efficiency, streamlining transactions to be quick and hassle-free.
Why we chose it: Chase integrates a comprehensive array of merchant services with traditional banking features, aiming to bolster your business success.
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Chase Business Complete Banking starts with a monthly fee of $15. You can eliminate this fee by maintaining a $2,000 daily balance, making deposits via Chase QuickAccept, or purchasing with a Chase Ink Business Card. Be mindful that transaction fees kick in after the first 20, and wire transfers can be expensive.
Like many banks, Chase doesn’t offer interest on business checking accounts. To generate interest, you’ll need to open a business savings account, which can accrue up to 0.02%.
To dodge Chase’s monthly service fee, it’s crucial to keep at least $2,000 in your checking account consistently. Falling below this amount even once per month triggers the fee. However, there are no fees for savings accounts as long as you maintain an active checking account with Chase.
Chase’s mobile app extends beyond basic banking functionalities. It includes features allowing you to lock or unlock your credit card if misplaced. The app offers a budget planning tool to allocate funds for significant purchases and credit monitoring tools to safeguard your financial health.
Here are the key factors we considered while evaluating banks and compiling the list featured in this article:
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Considering opening a business bank account in Utah? Take a look at these frequently asked questions to get some useful insights.
The top choices for opening a business bank account include Axos, Capital One, Lili, Chase, Bank of America, Oxygen, and U.S. Bank. Each of these banks offers a variety of services and policies tailored to support business owners in expanding their businesses.
When selecting a bank for your small business, consider key factors like fees, interest rates, minimum balance requirements, online and mobile banking capabilities, merchant services, customer support, and any special incentives or rewards programs. Evaluating your business needs and comparing the available options carefully will help you make an informed decision.
Yes, you generally need to provide your Social Security Number (SSN) when opening a bank account in Utah. Banks require this to verify your identity and to report your account details to the Internal Revenue Service (IRS) for tax-related purposes. However, some banks might accept an Individual Taxpayer Identification Number (ITIN) as an alternative to the SSN.
Yes, it’s advisable to open a business bank account using an Employer Identification Number (EIN). This is especially crucial if your business has at least one employee, as an EIN is required for tax purposes.
Banks will use the EIN to register your account. If you’re a sole proprietor or the only employee of your business, consider using your Social Security Number (SSN), but be cautious as this can sometimes blur the lines between personal and business finances. Using an EIN helps maintain a clear separation, enhancing financial management and professionalism.
It’s prudent to set aside at least six months’ worth of operating expenses as a safety net in case your business encounters any operational difficulties. This reserve can provide crucial support while you navigate through any slowdowns or unexpected challenges. If feasible, aim to contribute at least 10% of your monthly profits to this fund to grow your savings steadily.
When opening a business bank account, it’s crucial to evaluate factors like interest rates, the range of services offered, fees, and the bank’s availability and security measures. These considerations will guide you in choosing a bank that best fits your business needs and objectives.
Review the banks discussed in this article and choose one that provides the services and features that align with your business goals, helping propel your business forward.
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.
