4 Best Banks for Businesses in Columbus in 2024

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    Choosing the right bank for your business can help you overcome most challenges associated with savings and financial services with both your team and your business associates. Keep reading to know the right picks for your business in Columbus.

    Best Business Checking Accounts in Columbus

    Here is a list of the best business checking accounts in Columbus. 

    • Union Savings Bank – Best Bank for Low Closing Costs and Low Mortgage Resolutions
    • Bank of America – Best Bank for Low-interest Rate
    • U.S. Bank – Best Bank for Money Market Investment
    • Chase – Best for Small Bank Business Loans and Processing Payment
    Union Savings Bank logo

    Union Savings Bank – Best Bank for Low Closing Costs and Low Mortgage Resolutions


    Rated 4.5 out of 5 ratings, Union Savings Bank is known for making mortgage services affordable for small businesses in Columbus. Small business owners enjoy banking with Union Savings Bank because of its low-interest rate and quick approval when you apply for one.

    Union Savings Bank has as low as $500 for purchase closing and $250 for refinance closing. Union Savings Bank has up to 11 loan variety spreads including: 

    • Fixed Rate Loans
    • Adjustable Rate Loans
    • Home Equity Loans
    • Blanket Loans
    • Investment Property Loans
    • Commercial Real Estate Loans

    These loans can spread from 30, 20, and 15 years. Union Savings Bank also runs an incredible mobile service app that makes your financial transactions flawless and hitch-free. 

    Why we chose it: Union Savings Bank runs up to 35 full banking service offers. In most of these services, Union Savings Bank still offers some of the best services in terms of low-minimum savings requirements of 0.03%. 

    • Union Savings Bank offers low-minimum balance requirements. 
    • Union Savings Bank offers a highly competitive rate with a balance as low as  
    • Low-minimum balance requirements of $5,000
    • Union Savings Bank runs a 24/7 phone for ease of customer service.
    • No monthly service charge or fee
    • Has a low savings rate of 0.03%
    • Union Savings Bank’s interest rate is not competitive
    Bank of America logo

    Bank of America – Best Bank for Low-interest Rate


    Founded in 1998 and rated 3.9 out of 5 ratings, the Bank of America is the second largest banking institution in the whole United States. It runs a variety of banking services such as savings, credit cards, home loans, checking, small businesses, and auto loans.

    Bank of America has a minimum deposit of $100 and an interest rate of $0.01. Bank of America also has an $8 monthly fee which is waived for the first six months of joining the bank.

    Why we chose it: Bank of America runs a low-interest rate of $0.01 and waives its monthly fee for the first six months. Its minimum deposit is also as low as $100, and you can avoid the monthly charges by ensuring a daily minimum amount of $500. There is no fee attached for running or opening a Bank of America account if the owner is below 18 years of age.

    • Has a large national spread, maintaining about 4,300 financial centers with 16,800 ATMs
    • Easy process for opening a new account
    • Waives monthly fee for the first six months
    • Offers low-interest rate of $0.01 
    • 4 times overdraft charge of up to $35 daily 
    • To qualify for high reward offers, a high account balance is required
    • Low-interest rates for savings
    U.S. Bank logo

    U.S. Bank – Best Bank for Money Market Investment


    Founded in 1863, the U. S Bank is rated 3.9 out of 5. It is headquartered in Minneapolis, Minnesota. It runs a series of bank services ranging from personal bank accounts, Bank Smartly, credit cards, personal loans and lines, home loans, and mortgages. It allows a daily single wire for all your transactions and runs an automated payroll feature for new accounts, which is available on the bank’s mobile app.

    Why we chose it: U.S Bank is strongly dedicated to family financial health and money market investment. Seniors aged 65 and above, young adults of 18 to 24 years, youth aged 13 to 17 years, and military veterans are all entitled to special rewards.

    • No monthly maintenance fees for accounts holding a combined monthly deposit of $1000 or an average account balance of up to $1500 and above.
    • Waives fees for non-U.S ATM fees
    • Has a low mortgage loan closing credit of $0.25 for your first mortgage loan amount amounting to $1000
    • Overdraft fee waived for $50 or less
    • Has a low Annual Percent Yield on savings, as well as a money market account
    • Free fees are not available for all checking accounts, ATM withdrawals, or overdrafts.
    • Has limited branch locations in 26 states
    Chase Business logo

    Chase – Best for Small Bank Business Loans and Processing Payment


    Chase is one of the incredible top banks for your small businesses in Columbus. Founded in 1799, Chase bank is rated 3.8 out of 5 ratings. It offers a variety of financial services such as savings accounts, mortgages, and planning and investing.

    Chase bank is reputed for a variety of loan offers including business term loans, auto loans, joint loans, and credit card cash advances. Depending on your creditworthiness, there is no limit to the amount you can borrow, but the minimum is $500. Payback time can range from 6 to 24 months.

    Why we chose it: Chase bank has enormous loan offers with an incredible payment processing system. It is the largest bank in the U.S. and has no ATM, membership, or monthly service charges.

    • A large presence of branch and ATM centers
    • A variety of loan services are available
    • Availability of mobile apps
    • Interest rates on savings products are low
    • Bank branches not present in all states
    • There are requirements for waiving monthly service fee
    • Out-of-network ATM fees are high
    • Does not run a retirement account.

    Recommended Bank Account for Businesses in Columbus

    For your businesses in Columbus, we recommend Union Savings Bank, Bank of America, U.S Bank, and Chase Bank. These banks run incredible financial features that will cater to your loans, fewer charges or fees, and great ease of financial transactions that will promote your business and ensure great returns. We advise that you choose these banks for the purpose of trust, reliability, and confidence in your business in Columbus.