Are you searching for the best banks for small businesses in Wisconsin to handle your financial needs? Launching a business can be challenging, but selecting the right banking partner can simplify the process significantly. With numerous financial institutions to choose from, finding the one that best suits your business requirements can be tough.
That’s why we’ve put together a comprehensive review of the top banking options that provide low fees, personalized services, and additional features to maintain your business’s finances in top condition. Continue reading to find out our top picks for the best banks for small businesses in Wisconsin.
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In our assessment of the leading banks for small businesses in Wisconsin, we focused on the accessibility and convenience of their banking services, such as online banking platforms, mobile applications, and ATM networks.
We also examined the interest rates and fees tied to their checking and savings accounts, alongside the availability of business credit cards that offer rewards programs. We looked at each bank’s track record of successfully financing small businesses and their dedication to supporting the local business ecosystem.
Bluevine stands out as one of the top choices for small businesses in Wisconsin, thanks to its tailored services and products designed specifically for small business owners. Key offerings from Bluevine include its business checking account and savings account, each crafted with the needs of small enterprises in mind.
The Bluevine business checking account is engineered to streamline banking for small business owners. It features no monthly fees or minimum balance requirements, making it accessible for small businesses. The account offers unlimited transactions and complimentary ATM access nationwide, providing convenient access to funds whenever needed.
In addition to the checking account, Bluevine’s savings account is another valuable asset for small businesses. It boasts competitive interest rates and carries no monthly fees, making it an economical option for business owners looking to enhance their savings. This account also allows for unlimited transfers and includes easy-to-use online banking features, facilitating efficient fund management.
Why we chose it: Bluevine’s competitive interest rates, minimal fees, and absence of maintenance requirements make it the ideal business bank account for LLCs and other business entities.
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Bluevine offers a fee-free banking experience, eliminating monthly charges and allowing you to manage your finances without extra costs. However, using out-of-network ATMs incurs fees, so it’s wise to utilize the mobile app to locate free withdrawal sites. Be mindful that each cash deposit costs $4.95, a factor to consider when depositing cash frequently.
Bluevine offers a standout 2.0% APY, which is 50 times the national average, applicable to balances up to $100,000. Once your small business’s balance exceeds this threshold, the additional funds will not earn interest, so plan your finances accordingly. Earn up to 4.25% APY with a business checking account.
There’s no minimum balance required with Bluevine, giving small businesses the flexibility to start with any amount and immediately benefit from the high-interest rate. This feature is particularly beneficial for startups and smaller enterprises looking to grow.
The Bluevine mobile app enhances the banking experience by allowing you to manage your accounts from anywhere. This well-designed tool enables you to oversee your finances, make payments to vendors via wire or check, and schedule future payments efficiently. Its user-friendly interface ensures you can keep track of your financial activities with ease.
Capital One is highly regarded as one of the top banks for small businesses in Wisconsin, largely due to its robust merchant services and specialized credit card options.
Merchant Services: For small businesses, the ability to process credit and debit card transactions is crucial. Capital One’s merchant services are designed to be both user-friendly and economical, accommodating the unique needs of small enterprises.
The bank offers a variety of payment processing solutions, such as mobile payments, online transactions, and point-of-sale systems. Capital One provides analytics tools that enable businesses to monitor sales and analyze customer spending patterns, which can be invaluable for strategic planning.
Credit Cards: Capital One also offers a range of credit cards tailored to the demands of small businesses. These cards come with several benefits, such as cash-back rewards, travel incentives, and no annual fees. The Capital One Spark Business credit cards, particularly the Spark Cash card, are popular among small business owners in Wisconsin. The Spark Cash card, for example, offers unlimited 2% cash back on all purchases, which is ideal for businesses with substantial operational costs.
Why we chose it: Capital One enhances business operations with unrestricted digital transfers, providing significant flexibility in managing funds.
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Capital One’s business accounts typically include a $15 monthly fee, which might be steep for smaller operations. Fortunately, this fee can be waived by maintaining an average balance of $2,000 over a 30 or 90-day period. Using any of Capital One’s 70,000 nationwide ATMs incurs no charges, offering significant savings on withdrawal fees.
Opening a business savings account with Capital One can yield interest rates of up to 0.20% for the first year. This rate applies to balances up to $5 million, providing ample flexibility for small businesses to grow their savings. While the bank’s checking accounts don’t offer interest, the ability to make free digital transfers adds a valuable financial benefit.
There’s no minimum balance requirement to keep a Capital One account open, which eases the financial burden on small business owners. However, maintaining at least $2,000 in your checking account is advisable to avoid the monthly service fee. Placing additional funds in your savings account can also accrue interest, effectively utilizing idle money.
With a limited number of physical branches, Capital One’s highly-rated mobile app is especially crucial. It allows you to handle all your banking needs remotely, from transferring funds and making digital payments to depositing money using your device’s camera. The app also provides access to Capital One’s CreditWise service, which offers valuable insights into your credit score and financial tips.
U.S. Bank stands out as one of the top banking options for small businesses in Wisconsin, particularly due to its comprehensive loan and line of credit offerings. For small business owners, securing financing can often be a hurdle, but U.S. Bank provides a variety of financing solutions to help overcome this challenge.
One of the standout options is the SBA loan, backed by the U.S. Small Business Administration. As an SBA-preferred lender, U.S. Bank has the authority to process and approve SBA loans directly, bypassing the need for separate SBA approval. This streamlined process allows small business owners to access funds more quickly.
U.S. Bank offers a Business Line of Credit, which is ideal for managing short-term expenses such as inventory or payroll. This flexible financing option allows business owners to draw funds as needed and pay interest only on the amount they use.
Why we chose it: U.S. Bank provides a broad array of lending options, making it an excellent choice for small businesses in Wisconsin looking for additional funding.
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With U.S. Bank’s Silver Checking Package for small businesses, you can enjoy banking without worrying about monthly fees. For accounts at higher tiers, although monthly fees exist, they can be waived under certain conditions as your business grows. Just be mindful of your monthly transactions to avoid fees for exceeding transaction limits.
U.S. Bank’s checking accounts don’t offer interest-earning capabilities. However, their savings accounts do provide interest, albeit at a modest rate of 0.01%. There’s no cap on the balance for earning interest, which, despite being minimal, allows for some incremental growth of your funds.
There’s no minimum balance requirement for starting with U.S. Bank’s Silver account package tailored specifically for small businesses. For other checking accounts, maintaining a certain balance can help waive monthly fees. Savings accounts require a minimum balance of $500 to avoid service fees, making it manageable for most small businesses.
U.S. Bank’s mobile app provides a convenient way to handle your banking needs remotely, especially if you’re far from a physical branch. The app allows for easy fund transfers between accounts and keeps you updated on your financial status. Customized alerts help ensure you stay informed of any significant account activities, enhancing your banking experience.
Bank of America is a prominent name in the banking sector, renowned for its robust services tailored to the needs of small businesses. This bank is particularly lauded in Wisconsin for its comprehensive cash management solutions.
A standout feature is the Zero Balance Account, designed to streamline cash flow management for small businesses. This account automatically consolidates funds into a single account at the end of each day, simplifying the process of tracking cash flow and reconciling accounts.
Bank of America provides a suite of cash management tools that are invaluable for small businesses. These include mobile check deposits, wire transfers, and ACH payments, enabling business owners to manage their finances effectively from anywhere, at any time.
Why we chose it: Bank of America’s banking services offer significant benefits, making banking beneficial for all parties involved.
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Bank of America’s introductory checking account carries a monthly fee of $16. However, you can avoid this fee by maintaining a $5,000 monthly balance, spending at least $250 with your debit card, or joining the Preferred Rewards program. Be aware of additional fees for out-of-network ATM withdrawals and charges for excessive deposits within a single month.
Small businesses that open a savings account with Bank of America will typically earn an interest rate of 0.01%. This rate can increase to 0.04% if you engage sufficiently in Bank of America’s rewards program. Note there’s no option to earn interest on Bank of America checking accounts.
To waive the $16 monthly service fee on your checking account, maintain an average monthly balance of $5,000. For savings accounts, keeping a minimum of $2,500 will avoid a $10 monthly fee.
Bank of America’s mobile app is highly regarded for its functionality. It allows you to manage your accounts, pay bills, and transfer funds anywhere you go. The app also includes a budgeting tool, helping you monitor expenses and control your spending efficiently.
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Axos Bank stands out as a premier digital bank that delivers a range of financial services, including specialized business banking solutions to customers across the United States. For small business owners in Wisconsin, Axos Bank presents an exemplary choice for managing their financial operations, primarily due to its advanced online and mobile banking capabilities.
Online Banking Platform: Axos Bank’s online banking interface is designed to be user-friendly, secure, and highly accessible, providing small business owners with round-the-clock access to their financial data. Through this platform, customers can view account balances, execute fund transfers, pay bills, and handle their transactions from anywhere with internet access. The system offers tools to monitor account activities and configure real-time alerts for enhanced security.
Mobile Banking App: Complementing its online services, Axos Bank also provides a robust mobile banking app compatible with iOS and Android devices. The app mirrors the online platform’s functionality, allowing users to check balances, transfer funds, pay bills, and more, all from their mobile devices. Features like mobile check deposits and customizable account alerts further simplify financial management for busy entrepreneurs.
Why we chose it: Axos Basic Business Checking offers free cash deposits and a low-fee structure, marking it as one of the top business bank accounts available.
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Axos Bank Basic Business Checking offers a fee-free experience, not charging a monthly maintenance fee or imposing minimum account requirements. You will receive reimbursements for any ATM fees incurred, essentially making this account free to use. However, be mindful of the $35 fee per wire transfer if you anticipate frequent use of this service.
The Basic Business Checking account doesn’t offer an annual percentage yield (APY), focusing instead on providing valuable business perks. For those looking to earn interest on their surplus funds, Axos offers interest-bearing business savings accounts as an alternative.
Axos Bank doesn’t require a minimum balance for its checking or savings accounts, making it an appealing option for small business owners who may not have large amounts of capital available. This flexibility helps avoid the stress of maintaining a specific balance to keep the account free from monthly fees.
Axos Bank’s mobile app is comprehensive, allowing customers to manage their finances on the go efficiently. The app enables you to deposit checks, transfer funds, pay bills, and initiate wire transfers directly from your mobile device. It features account alerts and budgeting tools, helping you monitor and manage your finances effectively and stay informed of all account activities.
One standout feature of Lili Bank is its remote deposit capability, which significantly streamlines the banking process for small business owners.
Remote Deposit: This feature enables customers to deposit checks directly into their Lili Bank account using the camera on their smartphone. This eliminates the need to visit a bank branch, saving valuable time and reducing hassle. Business owners can simply snap a picture of the check and deposit it remotely at any time and from any location.
Benefits: Remote deposit not only offers convenience but also provides quicker access to funds. Traditional check deposits often require several days to clear, but with remote deposit, the funds are typically available much sooner. This prompt access is crucial for small businesses that need immediate funding to manage expenses or make timely purchases.
Why we chose it: Lili Bank stands out for its minimal fees and effective tax optimization tools, which help businesses maximize their income. Additionally, Lili is an excellent choice for those seeking an online business checking account without credit checks.
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Lili Bank stands out with its complimentary tax software and absence of account and overdraft fees. There are also no charges for foreign transactions or for using any of the 38,000 in-network ATMs across the United States. However, should you use an ATM outside this network, be prepared for charges ranging from $2.50 to $5.
Lili’s Business Checking account doesn’t offer interest. For those interested in earning interest, Lili provides a savings account with a 1.5% APY, though maintaining at least $34,000 in the account is necessary to offset monthly costs.
There’s no minimum balance required for Lili’s checking account, making it a flexible option for business owners who are just starting out or those who experience variable income levels. This feature helps reduce financial pressure by eliminating the worry about meeting minimum balance requirements to avoid fees.
Lili Bank’s mobile app is tailored specifically for freelancers and small business owners, allowing them to manage their finances effectively on the go. The app facilitates expense control, tax savings, and payment management. Additional features like instant payment notifications, budgeting tools, and mobile check deposit capability enhance the user experience, making financial management both simple and efficient.
Oxygen Bank distinguishes itself with robust wire transfer capabilities, a crucial feature for small businesses requiring swift and secure transactions.
Wire Transfers: Oxygen Bank offers a reliable wire transfer service that facilitates quick and efficient money transfers between banks or financial institutions. This service is particularly valuable for small businesses that need to handle large payments or international funds transfers promptly. Oxygen doesn’t charge fees for wire transfers, cash transfers, direct deposits, or ACH transfers, making it a cost-effective option.
Transaction Tracking: An additional benefit of using Oxygen’s wire transfer service is the ability to receive real-time updates on transaction statuses. Businesses can track their transfers and get notified when the recipient has received the funds. This feature is incredibly beneficial for managing cash flow and ensuring timely payments.
Why we chose it: Oxygen caters to the modern, style-conscious business owner with innovative banking features, making it an excellent choice for sole proprietors.
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Oxygen Bank promotes itself as a fee-free banking solution, although charges may apply for out-of-network and international withdrawals. However, you won’t face any fees for ACH transfers or for simply maintaining your account, making it financially accessible for business operations.
Oxygen Bank doesn’t offer interest on its business checking accounts, but it addresses this by providing a business savings account option. This savings account earns 1.0% interest on balances up to $20,000. For amounts exceeding this, the interest rate drops, but it still allows for the accumulation of earnings on larger balances.
There are no minimum balance requirements for either checking or savings accounts at Oxygen Bank, ensuring that you won’t incur monthly fees regardless of your account balance. This flexibility is particularly advantageous for businesses with fluctuating cash flows or those just starting out.
Oxygen Bank’s mobile app is tailored to support small business owners who need to manage their finances while on the move. The app enables you to deposit checks, pay bills, and access account statements conveniently from your mobile device. It provides valuable spending insights, helping you keep track of financial transactions and manage your budget effectively.
Chase Business is enhancing its business banking services, including payment collection and fraud protection, plus an enticing $300 bonus simply for signing up. The Chase Business app also facilitates direct acceptance of credit card payments into your account. Although there’s a monthly service fee, Chase Business offers several ways to have this fee waived, making it more accessible.
Why we chose it: Chase Business offers a comprehensive suite of business services that go beyond typical banking needs, providing extensive support for small business operations.
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While a monthly service fee might seem unappealing given the availability of many fee-free accounts, Chase Business offers several ways to have this fee waived.
To avoid the fee, you can maintain a $2,000 minimum daily balance, make $2,000 in net purchases with a business card, or receive $2,000 in deposits through the Chase Business QuickAccept app. These options provide flexibility, allowing you to choose the best method that suits your business’s cash flow and spending habits.
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Chase Bank distinguishes itself with its Business Bill Pay service, a feature specifically designed to streamline payment processes for small business owners. This service allows users to efficiently handle payments to vendors, suppliers, and contractors, as well as manage overall business finances through a single, integrated platform.
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Why we chose it: Chase’s comprehensive suite of merchant services, including Business Bill Pay, enhances its traditional banking offerings, helping businesses operate more efficiently and successfully.
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Chase Business Complete Banking starts with a $15 monthly fee. However, you can avoid this fee by maintaining a $2,000 daily balance, making deposits through Chase QuickAccept, or using your Chase Ink Business Card for purchases. Be aware that after your first 20 transactions, additional costs may apply, and it’s wise to minimize the use of costly wire transfers.
Like many banks, Chase doesn’t offer interest on business checking accounts. If you’re looking to earn interest, consider opening a Chase business savings account, which offers a modest interest rate of up to 0.02%.
To dodge the monthly service fee with Chase, it’s crucial to maintain at least $2,000 in your checking account consistently. Falling below this amount even once a month can trigger the service charge. However, savings accounts don’t incur a fee as long as you maintain an active checking account with Chase.
Chase’s mobile app extends beyond traditional banking functionalities. It includes options to lock or unlock your credit card, a handy feature if it’s misplaced. The app offers budget planning tools to help set aside funds for significant purchases and credit monitoring features to safeguard your financial health. These comprehensive tools ensure you can manage your finances effectively and securely from anywhere.
Selecting the best bank for small businesses in Wisconsin involves a meticulous evaluation of various factors crucial to business financial management. Here’s the methodology we employed to identify the top banks for small businesses in the state:
By considering these factors, we aimed to provide a well-rounded view of the banking landscape for small businesses in Wisconsin, making it easier for business owners to make informed decisions based on their specific needs.
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Do you have questions about how to open a bank account for your business in Wisconsin? This FAQ provides all the answers you’re looking for:
No, a Wisconsin LLC is typically required to open a bank account in the state where the business operates and where at least one member of the LLC resides. It’s important for the bank account to be opened in the state of operation to comply with banking and business regulations.
Yes, opening a bank account with an Employer Identification Number (EIN) is advisable. Any business with at least one employee must have an EIN for tax purposes, and banks typically require this number when setting up a business account.
If you’re the sole proprietor and the only employee, you could use your Social Security Number (SSN), but this might require more clarification on the separation between your personal and business finances. Using an EIN helps maintain clear financial boundaries, which is essential for proper business management.
An LLC, or Limited Liability Company, is a business structure that merges the limited liability features of a corporation with the tax efficiencies and operational flexibility of a partnership. This type of entity allows one or more individuals referred to as members to own a part of the business while having limited personal liability for the business’s debts and obligations.
This means members are protected from being personally held accountable for the company’s liabilities and debts in most situations.
It’s prudent to set aside at least six months’ worth of operating expenses as a financial safety net in case your business encounters unexpected challenges. This reserve fund acts as a buffer, allowing you to maintain operations and recover without immediate financial strain.
If feasible, aim to contribute at least 10% of your monthly profits to this fund to gradually increase your savings, further strengthening your business’s financial security.
For small businesses in Wisconsin, opening a business bank account is a critical step toward effective financial management. Choosing one of the top banks for small businesses in the state can simplify financial operations, allowing business owners to focus on growth.
These banks are often characterized by low fees, easy online access to account information, and a variety of transaction options, including electronic and wire transfers. This setup not only streamlines financial tasks but also enhances the ability of businesses to handle their finances efficiently.
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.
