A good banking relationship can give your business essential financial services such as loans, credit lines, and merchant services. With so many banks, it can be overwhelming to decide which is the best fit for your business. Continue reading to know the best banks for businesses in Washington.
Best Business Checking Accounts in Washington
The best banks with the best checking accounts for businesses in Washington are:
- Umpqua Bank – Best for Checking Account
- CIT Bank – Best Savings Builder account
- Chase Bank – Best For Saving Accounts
- Banner Bank – Best For Connected Account 130 words
Umpqua Bank‘s Embark Checking account is the best free checking account for businesses in Washington. As the best regional bank in the state, Umpqua Bank offers customers a range of flexible banking options with personalized service. The Embark Checking account stands out for its lack of a monthly service fee, making it an excellent choice for small businesses looking to save on banking costs.
With various other features, including online and mobile banking, bill pay, and overdraft protection options, Umpqua Bank’s Embark Checking account is an excellent choice for businesses looking for a simple and cost-effective checking solution.
Why we chose it: Umpqua Bank’s Embark Checking account is the best for businesses in Washington because it offers a simple and cost-effective solution with no monthly service fee.
- No monthly service fee
- Online and mobile banking options
- Bill pay and overdraft protection are available
- Personalized service from a regional bank
- Limited physical branch locations
- No interest earned on account balances
CIT Bank is the best bank for savings with its Savings Builder account, which offers a substantial APY of 0.45% to customers who manage to deposit at least $100 per month or maintain a balance of $25,000. With a focus on online banking and personalized service, CIT Bank provides a range of flexible banking options for customers looking to save money and reach their financial goals.
The Savings Builder account is an excellent choice for those who prioritize savings and want to earn a competitive interest rate on their deposits. CIT Bank also offers a range of other savings and investment options, including CDs and money market accounts, as well as home loans and personal loans.
Why we chose it: We chose CIT Bank for its Savings Builder account, which offers a substantial APY of 0.45% to customers who deposit at least $100 per month or maintain a balance of $25,000.
- High APY for those who meet deposit requirements
- No monthly maintenance fees
- Online banking for easy account management
- FDIC-insured deposits
- High balance requirement of $25,000 to earn the higher APY
- No physical branches for in-person banking services
Chase Bank is one of the largest banks in the United States and is known for its wide range of financial products and services for personal and business banking. When it comes to businesses, Chase Bank offers various options, including checking accounts, savings accounts, credit cards, loans, and merchant services.
Chase Bank is considered one of the best banks for businesses regarding saving accounts. The bank offers several business savings accounts, including Chase Business Total Savings, Chase Premier Savings, and Chase Business CD. These accounts offer competitive interest rates and flexible terms to help businesses grow and manage their finances effectively.
Why we chose it: Chase Bank is a top choice for business savings accounts due to its competitive interest rates, easy-to-use online banking platform, and extensive network of ATMs and branches.
- Competitive interest rates on savings accounts
- Wide range of business banking services, including lending and credit card options
- Convenient online and mobile banking platform
- Higher fees compared to some smaller, online-only banks
- Limited availability in some geographic areas
Banner Bank is an excellent choice for businesses seeking a “connected” account experience. Their Connected Business Checking account integrates seamlessly with popular accounting software like QuickBooks, allowing for real-time data sharing and financial management.
Other benefits of banking with Banner Bank include competitive interest rates, low fees, and a variety of other business banking services like lending and treasury management. Plus, they have a strong presence in the Pacific Northwest, making them a great option for businesses in that region.
Why we chose it: We chose Banner Bank for its Connected Business Checking account, which offers real-time data sharing and financial management integration with popular accounting software.
- Connected Business Checking account integrates with popular accounting software for real-time data sharing and financial management
- Competitive interest rates and low fees
- Variety of business banking services, including lending and treasury management
- Limited availability outside of the Pacific Northwest
- Smaller network of branches and ATMs compared to larger banks
Recommended Bank Account for Businesses in Washington
We recommend Umpqua Bank, CIT Bank, Chase Bank, and Banner Bank for their competitive interest rates, low fees, convenient online banking platforms, and wide range of business banking services. Each bank offers unique benefits, such as Umpqua Bank’s personalized customer service and CIT Bank’s high-yield savings accounts.