The Best Business Banks in Florida

Bluevine is a leading online bank that offers a range of financial services designed specifically for businesses.

Their business checking account offers a streamlined digital banking experience, making it easy for entrepreneurs to manage their finances on the go. 

With no monthly fees, unlimited transactions, and generous cash deposit allowances, Bluevine is an excellent choice for businesses in Florida.

Why We Chose It: We selected Bluevine as the top bank for businesses in Florida because of its user-friendly online platform and comprehensive business offerings. 

With a focus on convenience and accessibility, Bluevine provides business owners with the tools they need to effectively manage their finances while saving time and money.

Fees

Bluevine has no monthly fees or transaction fees. They also do not charge for incoming wire transfers which means that you can deal with your vendors without worrying. 

However, you may get charged if you use an out-of-network machine. Also, if you deal with a lot of cash, you’ll need to be careful about the charges on cash deposits.

Interest Rates

Bluevine offers an interest rate of 2.0%. While this is low, there is also an exciting offer – the interest rate only applies to amounts worth about $100,000

Minimum Balance

There are no minimum balance requirements. With Bluevine, you do not have to worry about any charges or service fees if your balance is very low. This makes the bank an ideal option if your cash flow is limited. 

Access to Mobile Banking

Bluevine offers a robust mobile banking app on both Android and iOS that allows business owners to easily access and manage their accounts on the go.

Lili Bank is a digital banking platform specifically designed for freelancers and sole proprietors. 

With a focus on simplifying finances and providing tailored solutions for self-employed individuals, Lili Bank offers a range of features and benefits that cater to the unique needs of this demographic.

Why We Chose It: We chose Lili Bank as one of the top banks for businesses in Florida due to its specialized offerings for freelancers and sole proprietors. 

With features such as expense tracking, tax tools, and instant payment notifications, Lili Bank provides a comprehensive banking solution for self-employed individuals.

Fees

Choosing Lili for your banking needs offers flexibility with no minimum deposit requirements, but it’s essential to be mindful of potential fees that could impact your business profits. 

Lili Basic comes with no monthly fee, while Lili Pro, Lili Smart, and Lili Premium have monthly fees of $9, $20, and $35, respectively. 

Additional fees include $2.50 for out-of-network ATMs, $5 for international ATMs, and $5 for card replacement. 

On the positive side, Lili doesn’t charge overdraft, stop payment, or return item fees. 

Standard ACH transfers are free, but if you opt for express transfers, there’s a fee of 1.5% of the transaction total, with a maximum limit of $20. 

Interest Rates

Lili doesn’t offer any interest on deposits in its checking account, not even the minimal 0.01% seen in traditional brick-and-mortar bank savings accounts. 

While Lili is great for maintaining accessible business cash, it may not be the ideal choice for long-term savings that yield interest. 

Minimum Balance

Like Bluevine, Lili Bank does not require any minimum balance, so there’s no cause for worry if your business is low on funds.

Access to Mobile Banking

Lili Bank offers a user-friendly mobile banking app that allows freelancers and sole proprietors to easily manage their finances on the go.

Chase Bank is one of the largest and most well-known banks in the United States. 

With a strong presence in Florida, Chase offers a range of business banking services tailored to the needs of established businesses. 

From business checking accounts to credit cards and lending solutions, Chase provides comprehensive financial solutions for businesses.

Why We Chose It: We chose Chase Bank as one of the top banks for businesses in Florida due to its extensive network of branches and its comprehensive suite of business banking services. 

With a strong reputation and a wide range of offerings, Chase Bank is an excellent choice for established businesses in Florida.

Fees

Monthly fees vary depending on the type of business checking account. Chase offers a checking account with the first 20 transactions, either with a teller or paper checks, being fee-free. After that, a 40-cent charge applies per transaction. 

The monthly fee for a Chase Business Account account is $15, but it can be waived by meeting specific conditions, such as maintaining a $2,000 minimum daily balance, making $2,000 in purchases on a Chase Ink Business Card, having $2,000 in deposits from Chase QuickAccept or other eligible Chase Merchant Services transactions, or maintaining a linked Chase Private Client Checking account.

Chase also imposes a $34 overdraft fee for each item, with a maximum of six overdraft fees per day. 

However, overdraft fees can be waived under certain circumstances, such as an overdrawn balance, items causing overdrafts being $5 or less, having a sufficient available balance during a debit card transaction authorization, or in cases of repeated check submissions by a merchant.

For activating the Chase QuickAccept feature, payment processing fees vary. Key entry transactions incur a 3.5% charge plus 10 cents per authorized payment. 

Card reader transactions have a 2.6% charge plus 10 cents per authorized transaction when using magnetic strip-enabled cards, EMV-enabled cards, or NFC-enabled (contactless) cards. 

Interest Rates

You cannot earn interest on a Chase business account, however, you can link it to a Chase savings account that could yield interest.

Minimum Balance

Chase does not require any minimum balance. However, to avoid the monthly maintenance fee, simply ensure your account maintains a minimum daily balance of $2,000 at the start of each day during the statement period.

Access to Mobile Banking

Chase Bank offers a user-friendly mobile banking app that allows business owners to easily manage their accounts on the go.

Wells Fargo is a well-established bank with a strong presence in Florida. 

Known for its extensive range of financial services, Wells Fargo offers a variety of business banking solutions, including business checking accounts, loans, and credit cards. 

With a focus on business lending, Wells Fargo is an excellent choice for businesses in need of financing.

Why We Chose It: We chose Wells Fargo as one of the top banks for businesses in Florida due to its extensive range of business loan options. 

With a strong emphasis on business lending and a wide network of branches, Wells Fargo provides businesses with the financial resources they need to grow and succeed.

Fees

To start using a Wells Fargo checking account, there’s a $10 monthly fee. If you want to manage it better, there’s a $25 fee, and for optimizing it further, there’s a $75 fee. If you exceed the 100 free transactions, it’s an extra $0.50 each time. 

Depositing cash beyond the limit incurs a 0.3% processing fee. In-person or mailed deposits have a $2.50 charge. If you opt for direct pay, it’s a $10 monthly cost. 

Adding more Optimize Business Checking accounts is $30 each. Using non-Wells Fargo ATMs costs $2.50 per withdrawal, balance inquiry, or funds transfer, and $5.00 for international withdrawals. 

International purchases have a 3% fee. Outgoing domestic wire transfers are $30, incoming domestic ones are $15, and incoming international ones are $16. 

Outgoing international wire transfers cost about $45 in US currency.

Interest Rates

Although the interest rates for Wells Fargo checking accounts vary based on the type of checking account, it is still minimal, ranging from 0.03% to 0.05% APY. 

This doesn’t provide a significant motivation to keep a substantial balance in these accounts.

Minimum Balance

Wells Fargo Bank requires a minimum balance for its Business checking accounts. 

For example, the Initiate Business Checking account has a $500 minimum daily balance to avoid the $10 monthly service fee. 

The Navigate Business Checking account, on the other hand, requires a $10,000 minimum daily balance to avoid the $25 monthly service fee. 

Access to Mobile Banking

Wells Fargo offers access to mobile banking, which allows users to manage their bank accounts, pay bills, transfer funds, deposit checks, and more. 

The app is available for iPhone, iPad, and Android mobile and tablet devices, and it can be downloaded for free. 

Additionally, Wells Fargo’s mobile website provides access to online banking features optimized for mobile devices.

Bank of America is one of the largest banks in the United States and offers a range of financial services for businesses. 

BOA provides business owners with the opportunity to earn cash back and enjoy additional perks through their business checking accounts.

Why We Chose It: We chose Bank of America as one of the top banks for businesses in Florida due to its rewarding business checking accounts. 

With the ability to earn cash back and access a wide range of benefits, Bank of America offers business owners an attractive banking experience.

Fees

The Basic Checking account charges a $16 service fee, but meeting specific criteria makes it fee-free. 

You need to maintain a $5,000 monthly balance, spend $250 on debit card purchases, or join the Preferred Rewards program to use your account without charges.

The savings account follows similar rules, with a $10 monthly fee if requirements aren’t met.

Interest Rates 

The Bank of America interest rate varies based on rewards status. Savings accounts start at 0.01% APY, reaching 0.04% at the platinum tier. Though it may take time for businesses to achieve this tier, the potential for higher interest is present.

Minimum Balance

If not a Preferred Rewards member, you’ll need to maintain a $5,000 checking account balance to avoid the monthly maintenance fee. 

Access to Mobile Banking

Bank of America’s mobile app provides easy access to all accounts. Deposit checks, transfer money, pay bills, and manage your budget directly from your phone, enhancing convenience for your financial activities.