The Best Business Banks in Illinois

When it comes to finding the best bank for your small business in Illinois, it can be overwhelming with so many options available. However, by understanding the unique needs of your business and conducting thorough research, you can make an informed decision. In this article, we will explore some of the top banks for small businesses in Illinois, their key features, and why they are recommended choices.
Table of Contents
- The Best Business Banks in Illinois
- Our Methodology
- Bluevine: Overall Best Bank for Businesses in Illinois
- Lili Bank: Best Banking Option for One-Person Businesses with No Account Fees
- Wells Fargo: Best Bank for Small Businesses in Illinois for Comprehensive Services
- Axos Bank: Best Online Bank for Small Businesses in Illinois with Free Online Bill Pay
- Chase: Best Bank for Small Businesses in Illinois for No Overdraft Fees
- Methodology for Choosing the Best Business Banks in Illinois
- Frequently Asked Questions on Best Business Banks in Illinois
- Bottom Line
The Best Business Banks in Illinois
- Bluevine: Overall Best Bank for Businesses in Illinois
- Lili Bank: Best Banking Option for One-Person Businesses with No Account Fees
- Wells Fargo: Best Bank for Small Businesses in Illinois for Comprehensive Services
- Axos Bank: Best Online Bank for Small Businesses in Illinois with Free Online Bill Pay
- Chase: Best Bank for Small Businesses in Illinois for No Overdraft Fees
| Bank Name | Monthly Payments | Additional Fees | Interest Rates | Minimum Balance | Access to Mobile Banking |
| Bluevine | $0 | $4.95 per cash deposit, $2.50 for out-of-network ATM fees, $15 for outgoing wires | 2.0% APY | $0 | Manage accounts, make transactions, schedule payments on the go, and access customer support. |
| Lili | $0 | $2.50 for out-of-network ATMs, $5 for international ATMs, and $5 for card replacement. | None | $0 | Mobile check deposit, expense categorization, and real-time transaction tracking. |
| Wells Fargo | $10 | $25 for account management$75 for optimization$0.50 per transaction exceeding 1000.3% fee on cash deposits beyond the limit$5.0 for intentional withdrawal | 0.03 – 0.05 APY depending on the type of account | $500 – $1000 | Pay bills, transfer funds, deposit checks |
| Axos bank | $0 – $100 (based on the type of account) | $0 | Up to 1.01% APY | $100 initial deposit for Interest Business Checking | Available for iOS and Android for users to manage their accounts. |
| Chase | $15 | Up to $40 for wire transfer.$0.40 fee on every transaction after the first free 20 ones | None | $2,000 to avoid monthly fee | Yes. Users can manage their accounts, make transactions, and access customer |
Methodology
We looked into different banks in Illinois to find the best ones for businesses. We considered factors like how much support they offer, the types of accounts available, services for merchants, and whether they integrate well with mobile banking. We checked out reviews from customers and chose banks with good overall services, convenient branch locations, and positive feedback from customers.
Bluevine Bank is a financial technology company that offers a range of business banking solutions tailored to meet the needs of small businesses in Illinois. Bluevine Bank allows businesses to manage their finances effectively, including no monthly fees, competitive interest rates, and convenient mobile banking services. One notable feature of Bluevine Bank is its focus on providing a seamless online banking experience, allowing businesses to manage their finances from anywhere, at any time. Bluevine Business Checking is an interest-bearing online business checking account that can earn a competitive 2.00% APY on account balances up to and including $250,000. Terms apply.
Why we chose it: Bluevine Bank offers high-interest rates, minimal fees, and a lack of maintenance requirements, making it the best business bank account for LLCs or other business types.
Fees
Bluevine Bank offers a business checking account with a transparent and customer-friendly fee structure. They do not charge monthly maintenance fees for their business checking accounts, which can result in significant cost savings for businesses. However, they do have fees for certain transactions. For instance, they charge a fee of $4.95 for each cash deposit made at Green Dot locations and $15 for each outgoing wire transfer. Additionally, for international payments, they charge a fee of $25 plus 1.5% of the payment amount for non-USD payments, which can vary depending on the currency and amount being transferred. Businesses need to consider these fees, especially if they frequently engage in cash transactions, wire transfers, or international payments
Interest Rates
Bluevine Bank offers competitive interest rates for its business checking accounts. For balances up to $250,000, eligible customers can earn an impressive 2.0% APY, allowing businesses to earn passive income on their idle funds and maximize their financial growth. Additionally, for businesses that qualify for Bluevine Premier, the interest rate is even more attractive, with a remarkable 4.25% APY on balances up to $3 million. This high interest rate can be a significant advantage for businesses with higher account balances.
Minimum Balance Requirements
Bluevine Bank offers a flexible business checking account that does not require a minimum balance, making it an attractive option for small businesses with fluctuating cash flows. This account also offers a competitive interest rate of 2.0% APY on balances up to $250,000.
However, businesses should still aim to maintain a healthy account balance to take advantage of the interest rates offered by the bank. For businesses that qualify for Bluevine Premier, the interest rate is even more enticing, with a remarkable 4.25% APY on balances up to $3 million.
Access to Mobile Banking
Bluevine Bank offers mobile banking services to businesses in Illinois, providing a convenient way to manage finances on-the-go. The Bluevine mobile app allows businesses to access their accounts, manage transactions, make deposits, transfer funds, and pay bills using mobile devices. The app offers a user-friendly interface, making it easy for businesses to navigate their accounts and perform various banking tasks.
Lili Bank is a financial institution that offers business banking solutions tailored to the needs of entrepreneurs and small businesses in Illinois. Lili Bank provides fee transparency, convenient mobile banking access, and integrated financial tools, making it an attractive option for businesses seeking a modern banking experience. However, businesses should consider the limitations, such as the absence of check payments and limited customer support, before deciding.
By exploring the features, benefits, and drawbacks of Lili Bank, businesses can make an informed choice that aligns with their financial goals and requirements. Lili Bank’s offerings can provide the tools to effectively manage finances and support business growth for freelancers, startups, and established small businesses. Lili Bank’s services include business banking, bright bookkeeping, invoices and payments, and tax planning tools, all in one place, so businesses can focus on growing their business.
Why we chose it: Lili Bank is the best banking option for one-person businesses due to its no account fees and tailored features for freelancers and gig workers.
Fees
Lili Bank offers a fee structure that aims to minimize costs for businesses. Lili Basic has no monthly fees, making it an attractive option for businesses seeking a no-cost banking solution. However, Lili Pro, Lili Smart, and Lili Premium accounts have applicable monthly fees. Lili Bank’s Lili Pro account includes BalanceUp, a fee-free overdraft protection program that covers up to $200 in debit overdrafts (terms apply).
Lili Bank does not charge transaction fees (excluding cash deposits). Cash deposits made at participating Green Dot locations are subject to a $4.95 fee per deposit. It is vital to review Lili Bank’s fee structure thoroughly and consider the specific needs and transaction patterns of your business to determine if the associated fees align with your budget and financial requirements.
Interest Rates
Lili Bank offers businesses an opportunity to earn interest on their balances. As of September 1st, 2023, Lili Bank offers a variable Annual Percentage Yield (APY) of 4.15% on balances up to and including $100,000 for Lili Pro, Lili Smart, and Lili Premium account holders. It is important to note that balances exceeding $100,000 will not earn interest or yield.
The high APY on the Lili Savings Account can significantly benefit businesses looking to maximize their savings while keeping their funds easily accessible. Lili also offers a business checking account with no monthly fees or transaction fees, but it does not offer interest on balances.
Minimum Balance Requirements
Lili Bank does not impose minimum balance requirements on its business accounts, allowing businesses to manage their finances without worrying about maintaining a certain balance. This feature can be advantageous for businesses in their early stages or those experiencing fluctuations in cash flow. Lili Bank offers a business checking account with no hidden fees, overdraft fees, and no deposit or minimum balance required.
Access to Mobile Banking
Lili Bank provides businesses in Illinois with the convenience of mobile banking access. Through its easy-to-use mobile app, businesses can efficiently oversee their accounts, conduct transactions, and utilize various financial tools while on the move. The mobile app ensures a smooth and connected banking experience, empowering businesses to maintain control over their finances from any location.
Wells Fargo Bank is a trusted and reliable partner for businesses in Illinois, offering a range of banking services tailored to their unique needs. From business checking accounts to mobile banking access, Wells Fargo provides the tools and support necessary for businesses to thrive. While there may be specific fees associated with their accounts, businesses can take advantage of the benefits and rewards offered by Wells Fargo Bank. With their extensive branch and ATM network, businesses can conveniently access their banking services and manage their finances with ease. Consider Wells Fargo Bank for your business banking needs and experience the benefits of a trusted financial partner.
Why we chose it: Wells Fargo stands out for its comprehensive range of services, including merchant services and payroll management, making it an ideal choice for small businesses in Illinois.
Fees
Wells Fargo Bank offers a range of options for businesses in Illinois, each with its fee structure. The account types include Initiate Business Checking®, Navigate Business Checking, and Optimize Business Checking.
Initiate Business Checking has a $10 monthly service fee, which can be waived by maintaining a minimum daily balance of $500 or an average combined business deposit balance of $1,000. Navigate Business Checking comes with a $25 monthly service fee, but this fee can be avoided by maintaining a minimum daily balance of $10,000 or an average combined business deposit balance of $15,000. Optimize Business Checking has a $75 monthly service fee, and there is no option to waive it through a minimum balance requirement.
It’s important to note that Wells Fargo Bank provides certain benefits and rewards for maintaining a banking relationship with them. These perks include customized cards and checks, tap-to-pay options, and access to treasury management services.
Interest Rates
The Platinum and Analyzed accounts are intended for earning interest, though at a modest rate ranging from 0.03% to 0.06% APY. Despite having an interesting feature, the relatively low APY indicates that there isn’t a significant motivation for account holders to keep high balances in these accounts.
Minimum Balance Requirements
To steer clear of monthly service fees, Wells Fargo Bank mandates that businesses uphold specific minimum balances in their business checking accounts, and these requirements differ based on the selected account type.
For Initiate Business Checking, businesses can sidestep the $10 monthly service fee by maintaining a minimum daily balance of $500 or an average ledger balance of $1,000 throughout the fee period.
Navigate Business Checking offers a route to avoid the $25 monthly service fee, requiring businesses to sustain a minimum daily balance of $10,000 or an average combined business deposit balance of $15,000.
Optimize Business Checking, with a monthly maintenance fee of $75, incorporates the benefit of up to 5 linked Optimize Business Checking accounts. Interestingly, this account does not impose specific minimum balance requirements.
Access to Mobile Banking
Through the Wells Fargo app, businesses can effortlessly deposit checks, review account balances, make payments, and efficiently manage their finances using their mobile devices.
Axos Bank stands out as the top choice for online banking in Illinois, thanks to its robust online platform that enables banking from anywhere, extending beyond state borders. The Basic Business Checking account from Axos Bank offers businesses numerous benefits, including unlimited fee-free transactions, automatic refunds for all domestic ATM fees, and the convenience of cash deposits through MoneyPass and AllPoint ATMs. Despite the absence of physical branch locations, Axos Bank compensates with a comprehensive range of online services. New customers also have the opportunity to qualify for a welcome bonus, subject to specific terms and conditions. However, it’s essential to acknowledge that Axos Bank has limited integrations compared to other financial institutions, and its CD rates are below the industry average.
Why We Chose It: Axos Bank’s dedication to round-the-clock customer support, combined with its fee-free banking solutions, establishes it as an attractive option for businesses that value accessibility and convenience.
Fees
To open a Rewards Checking account with Axos Bank, a minimum deposit of $50 is required, offering a readily accessible entry point for most customers. Despite this initial requirement, the account remains free from maintenance fees and non-sufficient fund fees while also providing unlimited reimbursements for domestic ATM fees.
To qualify for the $200 welcome bonus, it is essential to make a $50 deposit within the initial 30 days of opening the account. Furthermore, meeting the bonus criteria involves ensuring that direct deposits of at least $5,000 are made each calendar month for the initial seven months of the account.
Interest Rates
Axos Bank offers a range of checking account options with varying interest rates. The Basic Business Checking account provides a 0% Annual Percentage Yield (APY), while the Interest Business Checking account offers a 1.01% APY on balances up to $49,999.99. It’s crucial to be aware that opening an Interest Business Checking account requires an initial deposit of $100.
Minimum Balance
There is no minimum balance requirement for Axos Bank’s checking accounts.
Access to Mobile Banking
Axos Bank offers mobile banking access, enabling customers to manage accounts, make bill payments, deposit checks, transfer funds, and track expenses using the Axos All-In-One Mobile Banking app. The app is compatible with both iOS and Android devices.
Chase Bank, a renowned financial institution, offers a diverse array of services for businesses, encompassing credit cards, mortgages, commercial banking, auto loans, investing and retirement planning, and checking and business banking. Particularly advantageous for those who prioritize in-person banking, Chase Bank stands out in Illinois with an extensive branch network boasting 600 locations across the state – a notable advantage over other banks. A $300 sign-on bonus further heightens the attraction for new customers. However, it is essential to be mindful of Chase Bank’s limitation on free monthly transactions and its modest savings interest rates.
Although certain accounts may entail fees, these can be alleviated by fulfilling qualifying criteria. For businesses seeking a comprehensive banking solution, Chase Bank is a compelling choice to address diverse financial needs.
Why we chose it: Chase Bank delivers customized financial services designed to meet the specific requirements of businesses in Illinois.
Fees
Chase Total Checking comes with a $12 monthly fee, which can be avoided by maintaining a daily minimum balance of $1,500, receiving monthly direct deposits totaling at least $500, or keeping a cumulative balance of $5,000 across Chase accounts. While there is no minimum opening deposit requirement, non-Chase ATMs in the U.S. incur a $3 fee plus additional charges from the ATM owner. Overdrafts attract a $34 fee, applicable up to three times daily, with no charge for overdrafts under $50 by the end of the day.
Chase Secure Banking, featuring a $4.95 monthly fee, does not require a minimum opening deposit and charges $3 for non-Chase U.S. ATM usage, plus any extra fees from the ATM owner. Notably, there are no overdraft fees associated with this account.
For Chase Premier Plus Checking, a $25 monthly fee applies. Still, it can be waived by maintaining a daily balance of $15,000, enrolling in automatic payments for a linked qualifying Chase first mortgage, or being a U.S. Armed Forces member or veteran. This account has no minimum opening deposit requirement and offers four free non-Chase ATM withdrawals per statement period. Overdrafts incur a $34 fee up to three times daily, with no charge for overdrafts under $50 at the end of the day.
Chase Sapphire Checking carries a $25 monthly fee, which can be waived by maintaining a $75,000 daily average balance across linked Chase accounts. The account has no minimum opening deposit and does not impose ATM fees worldwide. Overdrafts are not charged for up to four occurrences within 12 months, after which a $34 fee applies thrice daily. There is no charge when the account is overdrawn by $50 or less at the end of the day, and no sign-up bonus is offered.
Interest Rates
Chase Bank offers varying interest rates based on market conditions and the chosen account type. Chase Total Checking and Chase Secure Banking accounts do not accrue interest, whereas Chase Premier Plus Checking and Chase Sapphire Checking accounts provide a 0.01% annual percentage yield (APY) on balances.
Minimum Balance Requirements
Chase Bank may require businesses to maintain a minimum daily balance in their accounts to avoid monthly service fees. The exact minimum balance criterion depends on the selected account type. It is recommended that businesses carefully evaluate their cash flow and financial needs to determine a minimum balance that suits their comfort level.
Access to Mobile Banking
Chase Bank offers a mobile banking app that is both user-friendly and feature-rich, providing businesses with the convenience of managing their finances on the go. The app guarantees secure access to accounts, allowing businesses to quickly check balances, review transaction history, and monitor account activity. Additionally, it enables efficient payment initiation and fund transfers between accounts, ensuring prompt financial transactions even when away from the office.
A notable highlight of Chase Bank’s mobile app is its streamlined check deposit process. It allows businesses to deposit checks remotely using their smartphone cameras, eliminating needing to visit a branch or ATM. The app simplifies bill management and payments, ensuring timely transactions with vendors and suppliers.
Customizable alerts and notifications for various account activities, such as low balances, significant transactions, and payment due dates, are available to businesses. This functionality helps businesses stay informed and maintain control over their finances. While Chase Bank’s mobile banking app is widely accessible on select mobile devices, businesses are advised to confirm the compatibility of their devices before downloading and using the app.
Methodology for Choosing the Best Business Banks in Illinois
In choosing the best banks for businesses in Illinois, we considered several factors, including fees, interest rates, access to mobile banking, ease of use, and minimum balance requirements.
By analyzing these criteria, we identified the banks that best meet the needs of small businesses in Illinois.
Fees:
We evaluated the fees associated with business bank accounts, including monthly maintenance fees, transaction fees, and ATM fees.
Interest Rates:
Our team considered the interest rates offered on business savings accounts and other interest-earning accounts.
Access to Mobile Banking:
We examined the availability and functionality of mobile banking apps, including features such as check deposits, fund transfers, and account management.
Ease of Use:
We assessed the overall user experience, including the ease of opening an account, navigating the online banking platform, and accessing customer support.
Minimum Balance:
We examined the minimum balance requirements for business bank accounts and considered the impact on small businesses.
Frequently asked questions
Can I open a business bank account online?
Yes, many banks offer online account opening for business bank accounts. You can visit the bank’s website and follow the instructions to apply online.
What documents do I need to open a business bank account?
The documents required may vary depending on the bank, but typically, you will need to provide identification documents, proof of business ownership, and business registration documents.
Can I get a business loan from the same bank where I have my business bank account?
Many banks offer business loans to their existing business bank account holders. It’s worth exploring loan options with your current bank as they may offer competitive rates and terms.
Can I link my business bank account to accounting software?
Yes, most banks provide integration with popular accounting software, allowing you to sync your bank transactions with your accounting system for easier financial management.
Can I switch banks if I already have a business bank account?
You can switch banks if unsatisfied with your current bank’s services. However, it’s essential to consider any potential fees or complications in transferring your funds and updating your banking information.
Bottom Line
Choosing the best bank for your small business in Illinois requires careful consideration of your business’s unique needs and preferences.
By evaluating factors such as fees, interest rates, access to mobile banking, ease of use, and minimum balance requirements, you can make an informed decision and find a bank that aligns with your business goals.
Whether you choose Bluevine Bank, Lili Bank, Wells Fargo, Axos Bank, or Chase Bank, each offers unique features and benefits that cater to different types of small businesses in Illinois.