One of the challenges most business owners face is choosing the best bank for their business because not all banks have features beneficial to small or medium-scale businesses. Business owners must consider some factors before choosing any bank, including the business size, financial strengths, growth projection, type of business model, and the need to contact customer service.
Many banks are available in Denver, including traditional, online, credit unions, and national and regional banks. This article will list some of the best banks for businesses in Denver and their strengths.
Best Business Checking Accounts in Denver
The best banks with the best checking accounts for businesses in Denver are:
- Capital One – Best Nationwide Business Bank
- Novo Bank – Best Overall Small Business Account
- Bellco Credit Union – Best Credit Union for Business in Denver
- Revolut Business – Best Account for Global Business
Capital One is one of the best banks used by most Americans, not just those in Denver; this bank is famous due to the fantastic and high-quality app and small fees, which is beneficial to businesses. Their customer service is also top-notch, and the quality of their banking services is scored high by people who have used them.
Capital One makes it easier for business owners to use multiple payment options like Google Pay, Apple Pay, prepaid, and credit cards.
The FDIC insures this bank, so your business funds are safe and carefully managed. Capital One gives out loans to businesses from $10,000 to $5 million for investments.
Why we chose it: Capital One has exceptional exchange rates with free withdrawals and deposits. Free withdrawals and deposits can help businesses save more money and grow financially.
- Different loans are readily available for businesses
- A bank business over $2,000 will not pay the monthly fee
- Protection for all payments
- Limitless transactions and no charges for cash deposits of $5,000
- Monthly maintenance charges
- Only ATM withdrawals are free
- No interest earned on deposits
Novo Bank is recommended for all small businesses as it has an excellent interface and the lowest money deposit. Another fantastic fact about this bank is that it is online, and you can open it within ten minutes without any minimum deposit amount.
Novo boasts of having no hidden monthly charges or fees; customers are not required to pay standard bank charges like ATM withdrawals, incoming or outgoing Automated Clearing House (ACH), or domestic wire charges.
Businesses using Novo as their bank can enjoy sending and receiving unlimited funds and free online invoices; this can help set out your business from competitors. Novo app is integrated with online stores like Amazon, eBay, Shopify, Stripe, Slack, and Wise. The FDIC insures this bank, so your funds are safe and secured.
Why we chose it: There are no monthly charges or fees for both domestic and international transactions.
- Refunds for all ATM transactions with out-of-network issues
- There are rewards and cashback for some integrated stores
- Instant payouts for customers using Stripe and Wise
- No fees or charges
- There are no loans for businesses, nor are there credit cards
- Businesses must purchase money if there is a need to deposit cash
- Outgoing wire transfers are not allowed or supported
You must mention Bellco Credit Union to list some of the best credit unions available for businesses in Denver. This credit union benefits businesses with a free Visa debit card and up to 200 free monthly items on the checking account.
With Bellco Credit Union, you can enjoy free and unlimited access to Automated Phone Banking, business loans, and online banking. There is also overdraft protection for all businesses banking with this credit union.
This Equal Housing Lender, Bellco Credit Union, is insured by the National Credit Union Administration (NCUA).
Why we chose it: Customer support and local financing for businesses, especially local ones.
- Available business loans and credit cards
- No monthly maintenance fee for business account checking
- Business financing and support
- Lacks foreign and international currency features
- No online mode; you must visit the physical office to sign up
- Accounting software and web tools are primarily basic, and there is no upgrade or sophistication
For business owners who conduct international business using different currencies, Revolut is the best option. With an account from this bank, you can have different account numbers for various currencies, including dollars, pounds, euros, and many more; you can also transfer money from one currency to the other.
Revolut partners with Metropolitan Commercial Bank and Sutton Bank so business owners can access a mobile checking account and a debit card. You can open a Revolut business account with little or no money, but the standard or basic plan does not come with free allowances or charges. The higher you increase your business account, the lower fees and more free allowances you will enjoy.
Business owners can have and transact with up to 28 currencies with free debit cards for all team members, and they can top up the cards to accept and exchange 150 currencies.
Why we chose it: Business owners can transact with 28 currencies and get paid in the local currency.
- Debit cards for all team members
- Track both local and international invoices
- Perform transactions in about 28 currencies
- The basic plan comes with low free allowances
- No loans or credit cards for businesses
- There are limits to free domestic and international payment charges
Recommended Banks for Businesses in Denver
The best banks for businesses in Denver include Capital One, Novo, Bellco Credit Union, and Revolut Business. These banks have most of the fantastic features that will significantly benefit both small and large businesses in Denver and other places in Denver.