Choosing the best bank for your business can be challenging. This is because the success of your business depends very much on the facilities and resources available to you at your bank.
If you are starting out your business in Seattle there are many banks to choose from. This article provides you with a list of the best banks in Seattle, exposing their strengths and why you should bank with them.
Best Business Checking Account In Seattle
These are the best business checking accounts in Seattle:
- Ally Bank — Best Online Bank
- Homestreet Bank — Best Savings Account
- Banner Bank — Best For Customer Service
- Columbia Bank — Best Low Fees
- Chase Bank — Best Nationwide Bank
This is a fairly new bank and they are online, with no physical branches. But this is what makes it one of the best online bank account, plus the mobile experience it gives to users is topnotch. They have one of the most appealing interest rates among banks.
Ally offers on savings accounts, a 3.40% APY. If you want a checking account checking that comes with the ability to use a debit card then a 0.25% APY applies. The bank doesn’t have its own dedicated ATMs so they partner with Allpoint which has a worldwide network of ATMs numbering 55,000.
Why we choose it: Ally offers a $0 minimum deposit to customers. Start businesses will find this appealing. The high APY is also very attractive for businesses. If you are one who loves online and mobile banking then this is definitely for you.
- They offer high APY
- Customer service at Ally is topnotch.
- There are no fees nor minimums for their accounts.
- The drawback with this bank is the lack of physical branches
- No proprietary ATMs owned by Ally bank.
The ubiquitous Chase Bank is one of the best in Seattle for good reason. If you live in the city, chances are you have seen one of their branches. In Seattle alone there are 236 branches of this bank. A business doesn’t have a hard time associating with one.
Chase bank offers different types of savings accounts. You can also have a 120 month certificate of deposit and more, giving you the opportunity to pick the one that suits your business the most. They charge monthly fees for all the accounts though.
The least of the bank accounts carry a 0.01% APY, which is the lowest of them all. If you link a checking and savings accounts together, the bank can help you boost your rates. The minimum deposit for Chase Bank is $25.
Why we choose it: We chose the bank for the benefit of those who prefer walking into a physical bank. And those who don’t care about the interest rates.
- An abundance of physical branches in Seattle
- Different types of accounts that you can choose from
- Available online and mobile banking
- Low interest rates
- There are monthly fees to contend with
- The existence of a minimum account balance
If you’re looking for the best savings account bank in Seattle, this is it. Of all the banks in the area, Homestreet Bank has the highest savings rates. All account owners in the bank are offered 0.05% APY, and it doesn’t matter what your balance is.
To enjoy this offer you must open an account with at least $200 with a monthly fee of $1. Unlike most banks, Homestreet exerts no extra charge for bank statements, whether they be paper or e-copies.
Why we choose it: Homestreet Bank is great for businesses just starting out and looking to build their savings account at the best rates around the city.
- They offer the highest savings rates in Seattle
- APY to all account holders
- No extra charge for bank statements
- Few branches in Seattle —just 25
- A high account minimum
- High minimum deposits
Customers rate banks with great customer service highly and Banner Bank offers this benefit to businesses. This bank has been voted overall best in this regard. They offer a 24 hour customer service for any questions about your account, or any other features.
You can reach a physical person at their branch on work days and during work times. The bank offers different types of accounts from checking accounts to money markets accounts and CDs. They also offer IRAs.
Why we choose it: we chose the bank for customers who value a great customer service experience.
- A variety of accounts and features
- Online and mobile banking features
- Low fees
- Few branches—25 in Seattle
- High minimum balances for some accounts
Whether you are a startup or a business that’s been in existence, you will find the low fees of Columbia Bank appealing. This bank offers low fees in both their checking and savings accounts.
All businesses know those fees can add up to a lot by the time they go through their books at the end of the month. They offer an APY of 0.01% which can increase to 0.05% if you have more than $1 million in your account balance.
Why we choose it: For those businesses who love to bank with small sized financial institutions while enjoying low fees.
- Low account minimums
- Different types of accounts
- Few branches in Seattle —only 36 branches
- Low interest rates
Recommended Bank Account For Businesses in Seattle
This list has outlined the best banks for businesses, small and big, in Seattle. They are, namely, Ally Bank, Columbia Bank, Chase Bank, Banner Bank and Homestreet Bank. Each comes with its own pros and cons. But businesses will find that any one of the banks has a feature that meets their needs, so choose one that is best for you today.