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When starting a small business, obtaining funding can often present a challenge. As such, it’s vital to find the right banking partner to ensure your business succeeds. Our top picks for the best banks for small businesses in Tennessee offer excellent features and services to ensure your monetary affairs are in order. For more information on our recommendations, keep reading this guide.
Best Banks for Small Businesses in Tennessee
- Bluevine: Overall Best Bank for Small Businesses in Tennessee
- Lili: Best for Its Affordable Banking Solutions
- Capital One: Best Bank for Saving Rates and Low Fees
- U.S. Bank: Best Bank for Its Customised Financial Products
- Bank of America: Best Bank for Banking Convenience
- Axos: Best Online Standard Checking Account
- Oxygen: Best Business Checking Account for Startups
- Chase: Best Bank for Its Merchant Services
Featured Partner
Bluevine Business Checking
Annual Percentage Yield
2.0%
Minimum Deposit Requirement
$0
Maintenance Fee
$0
Our Methodology
When evaluating the best Tennessee bank for small businesses, we took into account several factors. These included the cost of account opening and maintenance, as well as the minimum balance necessary to avoid such fees. We also examined the service fees for utilising the bank’s offerings and the interest rates for account holders. Furthermore, we assessed the efficiency and dependability of their various mobile banking systems.
Click here for a more detailed explanation of our methodology.
Bank
Pricing (Per Month)
Additional Fees
Interest Rates
Minimum Balance
Access to Mobile Banking
$0
$4.95 per cash deposit, $2.50 for out-of-network ATM fees, $15 for outgoing wires
2.0% APY
$0
Pay vendors by wire or check, schedule payments, manage cash flow
$0
$2.5 for out of network
1.50% APY
$0
Manage finances and payments, control expenses, and save money for taxes
$15 (waivable)
$15 per incoming domestic wire, $25 for outgoing domestic wire
0.20% APY
$2,000
Access credit card accounts, transfer money, deposit checks, access bank statements, access to CreditWise service
$0
$0.50 fee for transactions after the first 125, fees at out-of-network ATMs
0.01% APY
$500 for business savings
Transfer funds, view documents, find branch/ATM locations, manage cards
$16
Out-of-network ATM fees, fees for excessive deposits
Up to 0.04% APY
$5,000
Manage accounts, pay and transfer, digital wallets, bill pay
$15 (waivable)
$25 to $40 for wire transfers, $0.40 per transaction (after the first 20)
Up to 0.02% APY
$0
Fraud monitoring, card control, pay, and transfer, view offers
$0
$3 for out-of-network ATM fee, fees for international transactions, $5 international ATM fee, fees for Ingo mobile check deposit
1.0% APY
$0
Check deposit, bill payment, check deposit, account statement
Bluevine: Best Overall Bank for Small Businesses in Tennessee
4.7
Bluevine is a banking solution that is perfectly suited for small businesses in Tennessee. Their online banking platform is user-friendly and can be accessed from anywhere, making it convenient for users. With their speedy and effortless service, you can quickly connect to your small business account and receive updates in real-time.
Bluevine offers secure and adaptable financing options to cater to the needs of every business. They provide unlimited transactions, no minimum deposit balance, and no monthly fees, ensuring that no business is left out. Additionally, they offer exceptional customer service and dependable client support.
Why we chose it: High interest rates, minimal fees, and a lack of maintenance requirements make Bluevine the best business bank account for LLCs or other business types.
- High interest rates
- Very few fees
- No minimum deposit required
- No business savings account
- No ATM reimbursement
- Fee for cash deposits
Fees
You won’t find any monthly fees when using Bluevine, making it possible to bank without ever paying a dime. Expect charges for using out-of-network ATMs, making the mobile app a valuable tool for finding free withdrawal sites. Each cash deposit will set you back $4.95, making this a tool you want to use sparingly if at all.
Interest Rates
Bluevine comes through in a big way with its 2.0% APY. The rate is 50 times the current national average and applicable on balances up to $100,000. Once your small business’s balance grows beyond this amount, those extra funds won’t accrue any interest.
Minimum Balance
There’s no minimum balance requirement for using Bluevine, no matter how much you have in your account. Small businesses can start with next to nothing and take immediate advantage of the high-interest rate.
Access to Mobile Banking
The Bluevine mobile app makes banking from anywhere a breeze. The thoroughly-designed tool makes it easy to manage your accounts and see where your money is going. It’s also possible to pay vendors by wire or check and schedule payments for fulfillment down the road.
Lili Bank: Best for Its Affordable Banking Solutions
For small businesses seeking a dependable online checking account in Tennessee, Lili is an excellent choice. Lili is dedicated to providing affordable and user-friendly banking solutions. They offer a range of tools that help businesses file accurate tax reports.
Additionally, Lili provides digital tools that allow for multiple financial transactions to be executed with one account. Lili is a great option for businesses seeking an online checking account that has low fees.
We chose it: Lili’s low fees and user-friendly digital tools make it hard to overlook. Also, for a business that wants to streamline its finances, Lili is the answer.
- No fees, minimum balance requirements, or minimum opening deposit.
- Unlimited fee-free transactions.
- Fee-free ATM access through the MoneyPass network; ability to deposit cash through the Green Dot network.
- Integrated tools for managing expenses and planning for taxes.
- Offers an early payment feature with direct deposit, allowing you to receive funds up to two days sooner than you might with a traditional bank account.
- Cash deposits at Green Dot locations incur a fee of up to $4.95 per deposit.
- No checkbooks; can’t send or receive wire transfers.
- Limited business-related features, e.g., doesn’t offer joint accounts, multiple business debit cards, or third-party integrations.
Fees
While Lili shines for its free tax software, business owners can also rejoice over a lack of account and overdraft fees. You won’t even incur a charge for foreign transactions or at over 38,000 in-network ATMs in the United States. If you end up using an out-of-network machine, expect a charge between $2.50 and $5.
Interest Rates
There is no interest on Lili’s Business Checking account. Those willing to pay can access a savings account with 1.5% APY, but you’ll need at least $34,000 in your account at all times to offset the monthly cost.
Minimum Balance
Lili Bank has a no minimum balance requirement for its checking account, which means that you do not need to maintain a certain balance to avoid monthly fees. This makes it a good option if you are just starting your business or have fluctuating income.
Access to Mobile Banking
Lili Bank offers a mobile banking app that is specifically designed for freelancers and small business owners. The app allows you to manage your finances, including controlling expenses, saving money for taxes, and managing payments, all from your mobile devices. Plus, the app includes features such as instant payment notifications, budgeting tools, and the ability to make mobile check deposits.
Capital One: Best Bank for Saving Rates and Low Fees
4.6
When it comes to meeting the banking needs of small businesses, Capital One stands out. They offer competitive savings rates and zero interest fees, making them an attractive option for small businesses looking to maximise their profits.
One of the many benefits of banking with Capital One is their exceptional rewards program for new customers. In addition to this, they provide comprehensive banking services and essential features designed to help businesses grow and prosper.
Why we chose it: With no limits on digital transfers, Capital One gives you the freedom to keep funds moving.
- Unlimited digital transfers
- Does not charge overdraft fees
- Large ATM network
- Limited physical locations
- Monthly account fee
- Out-of-network ATM fees
Fees
Capital One’s business accounts come with a $15 monthly fee that can be hefty for a small business. Luckily, you can waive this fee by keeping an average balance of $2,000 over a 30 or 90-day window. There’s no charge for using one of Capital One’s 70,000 ATMs nationwide.
Interest Rates
Opening up Capital One’s business savings accounts unlocks interest rates of up to 0.20% for your first year. This amount applies to balances up to $5 million, giving small businesses plenty of wiggle room. None of the bank’s checking accounts offer any interest, making free digital transfers that much sweeter.
Minimum Balance
You don’t need to keep a minimum balance with Capital One to keep your account open. It is in your best interest to maintain at least $2,000 in your checking to avoid the $15 monthly service fee. Keeping extra funds in your savings account allows you to generate some interest on money not currently in use.
Access to Mobile Banking
Since you won’t find many physical Capital One locations, the bank’s top-rated mobile app comes to the rescue. With it, you can do all your transfers, make digital payments, and deposit money with your device’s camera. The app also gives you access to Capital One’s CreditWise service to monitor your credit score and hear cool tips.
U.S. Bank: Best Bank for Its Customised Financial Products
4.5
For small businesses, finding a bank that provides customised financial products and services tailored to their specific needs is crucial. The U.S. Bank is a prime example of such a bank, offering an array of fantastic financial services, including loans to help businesses grow.
Their wide selection of deposit accounts and financial products ensures that small businesses have access to the right tools and resources to manage their finances effectively. Additionally, U.S. Bank boasts reliable customer service, competitive rates, and low fees, making it an excellent choice for small businesses looking to maximize their profits.
U.S. Bank’s vast network of branches and ATMs is another advantage, enabling small business owners to access their accounts and other banking services conveniently from anywhere in Tennessee.
Why we chose it: Small businesses in need of extra funds can turn to U.S. Bank for a plethora of lending options.
- Lending to fit your needs
- Specialized merchant services for restaurants, retailers, and service providers
- 2,400 branch locations
- Charges for overdrafts
- Relatively low APY
- Only has locations in 28 states
Fees
You’ll never have to worry about monthly fees when using U.S. Bank’s silver checking package for small businesses. Higher-tier accounts do have waivable monthly fees to contend with as your company grows. You’ll just need to keep tabs on monthly transactions to ensure you don’t incur charges for exceeding the monthly limit.
Interest Rates
U.S. Bank’s checking accounts do not come with any options to generate interest. While savings plans come with different perks, the current maximum interest rate is just 0.01%. Although a minimal amount, there is no balance cap to what you can earn.
Minimum Balance
There’s no minimum balance requirement when starting off with U.S. Bank’s silver account package designed specifically for small businesses. Other checking accounts have waivable fees should you keep up with the necessary balance amounts. Savings accounts start at a $500 minimum balance to remove service fees.
Access to Mobile Banking
If you find yourself away from one of U.S. Bank’s physical locations, you can perform all your banking through the mobile app. It’s possible to seamlessly transfer funds from one account to another and stay up to date with your financial status. The U.S. Bank will also keep you informed with customized alerts.
Bank of America: Best Bank for Banking Convenience
4.4
Bank of America is an excellent banking solution for small businesses seeking reliability and convenience. With their merchant services, small businesses can easily accept credit and debit card payments from customers, simplifying the banking process and boosting sales.
Their services are also compatible with various payment systems, including point-of-sale (POS) terminals, mobile payment platforms, and online payment gateways, giving small businesses the flexibility to choose the payment system that best fits their needs.
Bank of America’s competitive business rates can help small businesses grow their income over time. Their mobile app is user-friendly and features bill pay and mobile check deposit. It also includes advanced security features such as fingerprint scan and fraud protection to keep small businesses and their customers safe.
Why we chose it: Bank of America’s rewards come with several perks to make banking a win-win for all parties involved.
- Preferred rewards to boost interest rate
- Over 17,000 ATMs and 4,300 branches
- Can waive the monthly fee
- Lacks 24/7 customer service
- Monthly fees
- Transaction fees when using non-Bank of America ATMs
Fees
Bank of America’s introductory checking account comes with a $16 monthly fee. You can negate this amount by maintaining a $5,000 monthly balance, spending at least $250 on your debit card, or by becoming a Preferred Rewards member. The only other fees to watch out for come from out-of-network ATM withdrawals and charges for excessive deposits in a given month.
Interest Rates
Most small businesses opening a savings account will earn 0.01% interest out of the rate. It is possible to increase this to 0.04% with enough activity in Bank of America’s rewards system. There’s no option to accrue interest with a Bank of America checking account.
Minimum Balance
Keeping an average monthly balance of $5,000 in your checking account will remove the $16 service fee. Similarly, you’ll want to have at least $2,500 in your savings account to avoid a $10 monthly charge there.
Access to Mobile Banking
Bank of America’s mobile app consistently earns high honors for its functionality. Within, you can manage your accounts, pay bills, or transfer funds from any location. You can also make use of the budgeting tool to monitor expenses and control spending.
Bank of America: Best Bank for Banking Convenience
4.4
Bank of America is an excellent banking solution for small businesses seeking reliability and convenience. With their merchant services, small businesses can easily accept credit and debit card payments from customers, simplifying the banking process and boosting sales.
Their services are also compatible with various payment systems, including point-of-sale (POS) terminals, mobile payment platforms, and online payment gateways, giving small businesses the flexibility to choose the payment system that best fits their needs.
Bank of America’s competitive business rates can help small businesses grow their income over time. Their mobile app is user-friendly and features bill pay and mobile check deposit. It also includes advanced security features such as fingerprint scan and fraud protection to keep small businesses and their customers safe.
Why we chose it: Bank of America’s rewards come with several perks to make banking a win-win for all parties involved.
- Preferred rewards to boost interest rate
- Over 17,000 ATMs and 4,300 branches
- Can waive the monthly fee
- Lacks 24/7 customer service
- Monthly fees
- Transaction fees when using non-Bank of America ATMs
Fees
Bank of America’s introductory checking account comes with a $16 monthly fee. You can negate this amount by maintaining a $5,000 monthly balance, spending at least $250 on your debit card, or by becoming a Preferred Rewards member. The only other fees to watch out for come from out-of-network ATM withdrawals and charges for excessive deposits in a given month.
Interest Rates
Most small businesses opening a savings account will earn 0.01% interest out of the rate. It is possible to increase this to 0.04% with enough activity in Bank of America’s rewards system. There’s no option to accrue interest with a Bank of America checking account.
Minimum Balance
Keeping an average monthly balance of $5,000 in your checking account will remove the $16 service fee. Similarly, you’ll want to have at least $2,500 in your savings account to avoid a $10 monthly charge there.
Access to Mobile Banking
Bank of America’s mobile app consistently earns high honors for its functionality. Within, you can manage your accounts, pay bills, or transfer funds from any location. You can also make use of the budgeting tool to monitor expenses and control spending.
Oxygen: Best Business Checking Account for Startups
Oxygen is a highly regarded online banking provider for small businesses and startups. This modern and free online bank offers many benefits for managing finances.
Oxygen’s business accounts are charged zero monthly fees and have no minimum balance requirements. A business account with Oxygen includes free online banking, mobile banking, and a debit Mastercard.
Why we chose it: Oxygen speaks the language of the trendy business owner, offering some cool banking features along the way. It’s also one of the best checking accounts for sole proprietors.
- Aimed at trendy business owners
- 5% Cashback rewards
- Create virtual, single-use debit cards
- Virtual bank, no cash deposits
- Fewer integrations than other options
- No lending options
Fees
Oxygen claims to be fee-free from top to bottom but does specify that out-of-network and international withdrawals may be subject to a charge. You’ll never have to worry about paying for ACH transfers or keeping your account open.
Interest Rates
While you won’t earn interest for funds in your business checking account, Oxygen remedies the problem by adding a business savings account to the mix. Any money hanging out in savings accrues 1.0% interest for balances of $20,000 or less. Amounts in excess still earn interest, but at a much lower rate.
Minimum Balance
Oxygen Bank has no minimum balance requirements for its checking and savings accounts. There will be no monthly fees even if there’s no money in your account. You don’t have to worry about any charges if you don’t make up to a certain amount.
Mobile Banking Features
Oxygen Bank offers a mobile banking app that is designed to help small business owners manage their finances on the go. You can deposit checks, make bill payment, and generate your account statement. Plus, the app offers spending insights to help you track your finances.
Chase – Best Bank for Its Merchant Services
4.2
Small business owners prefer Chase for its exceptional merchant services and financial loan options. New customers can enjoy exciting bonuses and rewards, adding value to their banking experience.
With numerous branches and ATMs, Chase offers easy access to cash throughout Tennessee. This full-service bank also offers checking accounts, credit cards, loans, and investment options to meet the diverse needs of small businesses.
Why we chose it: Chase adds a long list of merchant services to its traditional banking to help your business succeed.
- Several available merchant services
- Multiple ways to waive the monthly maintenance fee
- $300 sign-on bonus
- Monthly maintenance fees
- Only 20 free transactions per month
- Minimal APY
Fees
Monthly fees start at $15 for Chase Business Complete Banking. You can do away with this charge by maintaining a $2,000 daily balance, making deposits through Chase QuickAccept, or through Chase Ink Business Card purchases. There is a cost for transactions after your first 20, and you’ll want to avoid costly wire transfers if possible.
Interest Rates
As with most banks, Chase doesn’t provide any interest for money you have in a business checking account. To earn a rate, you’ll need to start up a business savings account that accrues up to 0.02%.
Minimum Balance
If you want to avoid Chase’s monthly service fee, you’ll want to keep at least $2,000 in your checking account at all times. Dipping below this amount even once per month is enough to merit the charge. Savings accounts have no fee as long as you have an active checking account with Chase.
Access to Mobile Banking
In addition to standard banking procedures, you can use the Chase mobile app to lock or unlock your credit card should you misplace it. There’s also a budget planning feature to set aside funds for a large purchase and credit monitoring tools to protect your credit health.
Methodology for the Best Banks for Small Businesses in Tennessee
Before deciding on this roundup,we took into account several crucial aspects of opening and managing a business bank account. These key factors included:
- Fees: Small businesses often have to count every penny. Using a bank that nickels and dimes you for every little thing can quickly run your account dry. We looked for banks without maintenance fees or at least the option to waive said charge with a few simple steps. It was also crucial to locate institutions that minimize costs for transactions and transfers that every business needs to perform.
- Interest Rates: We realize business bank accounts function primarily for organizations and making payments, but that doesn’t mean you can’t earn a little interest on the side. Between checking and savings accounts, we called out banks offering easily accessible rates you can use for some extra cash. Some options even go well beyond the national average.
- Minimum Balance: Banks with maintenance fees will often waive them if you have enough money in said account. Small businesses may not have a lot of money to work with early on, so we identified institutions with low balance requirements to avoid fees. Some banks also have account minimums to unlock interest rates or other rewards.
- Access to Mobile Banking: In our fast-paced world, having all your banking needs at your fingertips is a huge win. Mobile devices also played a role in the emergence of online-only banks with accounts you can access from anywhere. Even banks traditionally known for physical locations are amping up mobile apps to compete with the masses. Our selections highlight banks with top-tier mobile banking options to manage finances and make payments.
- Ease of Use: When making our top banking for small business picks, we wanted to ensure features were straightforward to use. This applies to everything from transfers and payments to opening a business bank account with nothing more than an EIN. No bank account should be more trouble than it’s worth.
Best Banks for Small Businesses in Tennessee Frequently Asked Questions (FAQs)
Do you have questions about opening a bank account for your Tennessee business? This FAQ will answer those questions:
Bottom Line
Opening a business bank account as a small business owner in Tennessee provides several benefits such as easy financial record-keeping, access to loans, credit cards, and merchant services.
The banks listed here offer top-notch security, user-friendly online banking systems, fantastic offers, and excellent customer service. These banks can be a great solution for fulfilling the financial needs of your small business in Tennessee.
Best Business Bank Accounts by State
Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.
