7 Best Banks for Small Businesses in Florida Ranked for 2024

Bluevine’s online-only banking is an ideal choice regardless of where you’re in Florida. Its business checking account offers some of the highest interest rates available, which compensates for the absence of a savings account option.

Opening a Bluevine account is straightforward, with no minimum deposit or balance requirements and very few fees. However, it’s advisable to limit cash deposits due to associated charges.

Why we chose it: Bluevine’s high-interest rates, minimal fees, and no maintenance requirements make it an excellent bank account option for LLCs and other business entities.

Fees

Bluevine does not charge monthly fees, allowing you to bank cost-free. Charges apply for using out-of-network ATMs, and the mobile app is useful for locating free withdrawal points. Each cash deposit incurs a $4.95 fee, so it’s best used sparingly.

Interest Rates

Bluevine offers a 2.0% APY, which is 50 times the national average, applicable on balances up to $100,000. Balances above this amount do not earn additional interest.

Minimum Balance

There are no minimum balance requirements with Bluevine, enabling small businesses to start banking immediately and benefit from the high-interest rates.

Access to Mobile Banking

The Bluevine mobile app facilitates banking from anywhere, designed to manage your accounts and transactions efficiently. It supports payments to vendors via wire or check and allows the scheduling of future payments.

>> Get Started With Bluevine >>

Capital One’s business checking account offers unlimited transfers between accounts, ensuring you always have funds where you need them. Additionally, there are no overdraft fees if you do happen to overdraw an account.

While Capital One Cafés are available in some Florida cities for in-person banking, they’re not widespread. There’s a monthly fee associated with the account, but maintaining a sufficient balance can waive it.

Why we chose it: Capital One allows unrestricted digital transfers, giving you the flexibility to manage your funds freely.

Fees

Capital One business accounts have a $15 monthly fee, which can be waived by maintaining a $2,000 average balance over a 30 or 90-day period. Using any of Capital One’s 70,000 nationwide ATMs incurs no charges.

Interest Rates

Opening a business savings account with Capital One can unlock interest rates of up to 0.20% for the first year, applicable to balances up to $5 million, providing substantial growth potential. The bank’s checking accounts do not accrue interest, enhancing the value of free digital transfers.

Minimum Balance

There’s no requirement for a minimum balance to keep your account open. However, to avoid the $15 monthly service fee, a balance of at least $2,000 is recommended in your checking account.

Access to Mobile Banking

With limited physical branches, Capital One’s highly-rated mobile app is essential. It enables you to conduct transfers, digital payments, and check deposits using your mobile device. The app also features access to Capital One’s CreditWise service, which helps monitor your credit score and provides financial tips.

>> Get Started With Capital One >>

When your small business requires financial support, U.S. Bank offers a variety of loan and line of credit options that can help you expand your operations without overwhelming repayment terms.

The bank provides specialized merchant services tailored to a wide range of business types, furnishing additional resources to aid your success. If you prefer in-person banking, U.S. Bank has physical branches in Orlando and several coastal cities.

Why we chose it: U.S. Bank is a reliable source for small businesses looking for diverse lending options to fuel growth.

Fees

The U.S. Bank Silver Checking Package for small businesses does not have monthly fees. For more advanced accounts, monthly fees can be waived as your business grows, provided you monitor and manage your transaction volume to avoid exceeding limits.

Interest Rates

Checking accounts at U.S. Bank do not offer interest opportunities. However, savings accounts come with benefits and a maximum interest rate of 0.01%, with no cap on the balance for earning this interest.

Minimum Balance

The Silver Checking Account, designed for small businesses, requires no minimum balance. For other accounts, maintaining specified balances can waive monthly fees. Savings accounts have a minimum balance requirement of $500 to avoid service fees.

Access to Mobile Banking

U.S. Bank’s mobile app allows you to handle all banking needs remotely, from fund transfers to staying updated on your financial status. The app also includes customized alerts to keep you informed, enhancing your banking experience.

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

Bank of America’s rewards system is unparalleled, providing substantial benefits and incentives that evolve with your business. These perks include higher interest rates and waived fees on certain banking services.

With over 4,300 branches nationwide, including numerous facilities across Florida, accessibility is a strong point. Although there’s a monthly fee, astute business owners have the opportunity to have this fee waived through strategic banking practices.

Why we chose it: Bank of America offers a rewarding banking experience with numerous advantages that benefit all involved parties.

Fees

Bank of America’s basic checking account incurs a $16 monthly fee, which can be waived by maintaining a $5,000 monthly balance, spending a minimum of $250 on your debit card, or enrolling in the Preferred Rewards program. Be aware of additional fees for out-of-network ATM withdrawals and for making excessive deposits.

Interest Rates

Opening a savings account typically yields an interest rate of 0.01%, which can be increased to 0.04% by engaging more with Bank of America’s rewards system. Checking accounts do not earn interest.

Minimum Balance

To avoid the $16 monthly service fee, maintain an average monthly balance of $5,000 in your checking account. A minimum balance of $2,500 in your savings account will help avoid a $10 monthly fee.

Access to Mobile Banking

Bank of America’s mobile app is highly rated for its functionality, enabling you to manage your finances, pay bills, and transfer funds effortlessly from anywhere. The app also includes a budgeting tool to help you monitor and regulate your spending.

>> Get Started With Bank of America >>

Suncoast Credit Union serves Florida with numerous physical branches and an excellent free online banking app. While monthly fees are rare, maintaining high balances in some accounts is necessary to avoid them. The credit union’s high interest rates can counterbalance unavoidable fees and provide a modest additional income.

Why we chose it: Suncoast Credit Union boasts some of the highest interest rates available in Florida, making it a top choice for earning on your deposits.

Fees

Some accounts at Suncoast may incur monthly fees if minimum balance requirements are not met, though basic plans are exempt from this, allowing small businesses to bank worry-free. Additional fees may include charges for using out-of-network ATMs and for returned checks.

Interest Rates

Suncoast’s checking accounts do not offer interest, but their savings accounts start with a 0.25% APY and can go as high as 3.55% APY through share certificates. If you’re able to set aside funds, these rates can be quite beneficial.

Minimum Balance

Opening an account at Suncoast requires $50, but the Smart Checking plan does not require a minimum balance. Higher-tier accounts require a minimum of $2,000 to avoid fees. Savings accounts and share certificates have varying balance requirements, ranging from $5 to $100,000, depending on the desired interest rate.

Access to Mobile Banking

The SunMobile app allows you to manage your finances comprehensively, from opening accounts to transferring funds to other financial institutions. You can also pay suppliers, set savings goals, and deposit checks. The app is user-friendly and easy to navigate, providing a seamless banking experience.

Chase offers an extensive range of merchant services that can significantly enhance your business operations. From fraud protection to cash management tools, the benefits extend well beyond the basics.

New account holders can receive up to a $300 bonus for signing up, along with opportunities to earn bonus points on purchases. While monthly fees are part of the package, there are numerous ways to circumvent them.

Why we chose it: Chase incorporates a comprehensive suite of merchant services into its traditional banking offerings to foster business success.

Fees

Chase Business Complete Banking starts with a $15 monthly fee, which can be avoided by maintaining a $2,000 daily balance, making deposits through Chase QuickAccept, or using a Chase Ink Business Card for purchases. Additional transaction fees apply after the first 20, and high fees on wire transfers should be avoided.

Interest Rates

Chase does not offer interest on business checking accounts. To earn interest, opening a business savings account is necessary, which offers up to 0.02% APY.

Minimum Balance

To dodge Chase’s monthly service fee, a minimum of $2,000 should be maintained in your checking account. Dropping below this amount even once can trigger the fee. Savings accounts do not incur fees as long as there’s an active checking account.

Access to Mobile Banking

The Chase mobile app goes beyond basic banking with features that allow you to secure your credit card if lost, plan budgets for significant purchases, and access tools for monitoring your credit health.

>> Get Started With Chase >>