There are many banks in San Francisco for personal and business, so knowing which favors you as a business owner is important. However, choosing the best bank for your business can be confusing especially when there are so many options.
If you’re looking for a good business banking option, this article will consider some of the best banks for businesses in San Francisco.
Best Business Checking Accounts in San Francisco
The best banks with the best checking accounts for businesses in New York are:
- Chase Bank – Best Bank for Unlimited Electronic Transactions and Business Resource Tools
- Wells Fargo – Best Bank with Easy Branch Access and Quality Customer Support.
- NBKC – Best Bank with No Monthly Fee or Transaction Fees.
- Bluevine Bank – Best Bank with Free Business Checking and a High Annual Interest.
- Bank of the West – Best Bank with Two Credit Cards and No Annual Charges.
Chase Bank is for businesses that deal with a lot of cash and need to deposit it occasionally because there are many branches around San Francisco and 24/7 live customer service for queries and complaints. The lowest account is Chase Business Complete, and the monthly charge is $15; it is possible to waive the fee if the business owners meet specific requirements.
With Chase Bank, business owners can use their cards to accept payments anywhere and anytime. There is no limit to the amount of money you can deposit if you use electronic means of payment, but paper and in-person transactions are limited to 20 to 250 times monthly.
Business loans are available for small and medium-scale businesses like equipment financing, SBA loans, and others.
Why we chose it: There are rewards for business owners that use Chase credit cards.
- 24/7 live customer service
- Small business loans
- Payment options for e-commerce and online businesses.
- Welcome bonus for new customers.
- Monthly charge of $15.
- Monthly limit for in-person and paper transactions.
- The charge for out-of-network ATM withdrawals.
Wells Fargo is everything a business bank should be, with its outstanding loans and merchant accounts for businesses. There is a monthly charge of $10 for business checking, but if the business owner can continuously have a daily balance of $500 and an average ledger account of $1000.
The bank allows business owners to deposit cash up to $5,000 without any monthly charges and 100 free-fee transactions, including mobile deposits, withdrawals, and debits. However, the free transactions do not include debit card purchases and payments.
Customers can open an account with Wells Fargo online, over the phone, or in person.
Why we chose it: Business loans like SBA loans are easily accessible to business owners.
- You can open business accounts online, in person, or over the phone.
- There are many branches all over San Francisco
- Quality customer service is available.
- Monthly charge of $10 for accounts below $500.
- There is a charge for out-of-network ATMs.
- All business checking accounts come with a charge.
The NBKC is one of the business banks with no fees and unlimited transactions and cash deposits with no charges. For out-of-network ATM transactions, NKBC refunds $12 automatically to customers.
With NBKC, business owners do not have to visit the bank for account opening and management, as these can be done online in the comfort of their houses. There is also no minimum amount required for account opening.
Small business owners can enjoy short-term loans, equipment and inventory loans, SBA, etc.
Why we chose it: No monthly maintenance charges, unlimited cash deposits, and no minimum opening deposit.
- No minimum deposit is required for account opening
- Unlimited transactions with no monthly fee or charge
- Monthly refunds of $12 for ATM charges
- Customer support is off during the weekends and after work hours
- The bank app does not allow third-party integration
- International wire transfers come with a charge of $45
Bluevine Bank is one bank in San Francisco recommended for businesses as there is an annual interest of 2.00% for accounts with $250,000 and above. There is no monthly transaction fee or a limit to the minimum amount you can deposit. All transactions come with no cost, and they are unlimited.
One fantastic feature of Bluevine Bank is that business owners can sync their business accounts with Wave or even QuickBooks; they can also integrate their checking accounts with multiple payment options like PayPal and Swipe.
Why we chose it: There is a 2.00% interest on all accounts with up to $250,000; however, terms and conditions apply.
- There are unlimited transactions with no monthly fees or charges
- No minimum opening deposit
- Business owners can deposit cash through the Green Dot network, but there are attached terms
- All out-of-network ATM transactions come with a fee
- There is a limit of $500 for cash deposits and $2000 for online transactions daily
- No option for a joint account
Business owners can also consider the Bank of the West, and there are 50 free transactions each month, including transfers, withdrawals, debit card transactions, and checks.
Business owners can deposit up to $2,500 cash with no additional charges, and the two business credit cards issued by the bank come with no annual charge. Some business loans include short-term, equipment, and inventory loans.
Why we chose it: Up to 50 free banking transactions each month.
- Small business loans are available
- Two business credit cards without annual charges
- Cash deposits up to $2,500 have no charge
- There is no refund for out-of-network ATM fees, which are costly
- Entry-level and mid-tier business checking accounts have a low allowance
Recommended Banks for Businesses in San Francisco
San Francisco has many banks, but some are recommended for small and large businesses. These banks, like Bank of the West, Bluevine Bank, Chase, Wells Fargo, and NBKC, are suitable for businesses as they have free transactions, integration of checking accounts with multiple payment options, and refund of out-of-network ATM transactions.