8 Best Banks for Small Businesses in Hawaii in 2024

Sections of this topic

    Having a small business in Hawaii has some challenges. But, when you have a business account with a reliable bank in Hawaii, things will become easier.

    The best banks provide excellent monetary services to small businesses so that they can compete with larger businesses. Learn more about the best banks for small businesses in Hawaii. 

    Best Banks for Small Businesses in Hawaii 

    • Bluevine: Best for savings and checking accounts 
    • Lili: Best for easy loans access and credit lines 
    • Capital One: Best Bank for Online banking in Hawaii 
    • U.S. Bank: Best Bank for Small Businesses With huge transactions 
    • Oxygen: Best Bank for Freelancers, Remote workers, and E-commerce businesses 
    • Axos: Best Bank for Investment and mortgage 
    • Bank of America: Best Overall Brick and Mortar Bank 
    • Chase Bank: Best Bank for Businesses rewards 

    Our Methodology

    There are certain criteria that we examine when choosing the best banks in Hawaii for small businesses. We check how easy it is to open an account, the proximity of ATM locations and branches, rewards offered, maintenance fees, and mobile banking. Also, we will examine banking services and the easy integration of business apps into these banks. 

    Click here for a more detailed explanation of our methodology.

    Bank

    Pricing (Per Month)

    Additional Fees

    Interest Rates

    Minimum Balance

    Access to Mobile Banking

    $0

    $4.95 per cash deposit, $2.50 for out-of-network ATM fees, $15 for outgoing wires

    2.0% APY

    $0

    Pay vendors by wire or check, schedule payments, manage cash flow

    $0

    $2.5 for out of network

    1.50% APY

    $0

    Manage finances and payments, control expenses, and save money for taxes

    $15 (waivable)

    $15 per incoming domestic wire, $25 for outgoing domestic wire

    0.20% APY

    $2,000

    Access credit card accounts, transfer money, deposit checks, access bank statements, access to CreditWise service

    $0

    $0.50 fee for transactions after the first 125, fees at out-of-network ATMs

    0.01% APY

    $500 for business savings

    Transfer funds, view documents, find branch/ATM locations, manage cards

    $16

    Out-of-network ATM fees, fees for excessive deposits

    Up to 0.04% APY

    $5,000

    Manage accounts, pay and transfer, digital wallets, bill pay

    $15 (waivable)

    $25 to $40 for wire transfers, $0.40 per transaction (after the first 20)

    Up to 0.02% APY

    $0

    Fraud monitoring, card control, pay, and transfer, view offers

    $0

    $35 for wire transfer

    $0

    Fund transfer, wire transfer, bill payment.

    $0

    $3 for out-of-network ATM fee, fees for international transactions, $5 international ATM fee, fees for Ingo mobile check deposit

    1.0% APY

    $0

    Check deposit, bill payment, check deposit, account statement

    Bluevine logo

    Bluevine: Best for Savings and Checking Accounts

    Interest Rates: 2.0% APY

    4.7

    Bluevine is one of the best banks you can use in Hawaii. They offer small businesses various checking and savings accounts that can attend to your needs. The accounts offered guarantees easy deposits and transfers on all services. Bluevine checking accounts can accept FX transactions and allows swift international payment.

    Moreover, small businesses in Hawaii can take advantage of the features offered by these banks. The customer experience is superb and the user interface is simple to use. 

    Why we chose it: High-interest rates, minimal fees, and a lack of maintenance requirements make Bluevine the best business bank account for LLCs or other business types.

    • High-interest rates
    • Very few fees
    • No minimum deposit required
    • No business savings account
    • No ATM reimbursement
    • Fee for cash deposits

    Fees

    You won’t find any monthly fees when using Bluevine, making it possible to bank without ever paying a dime. Expect charges for using out-of-network ATMs, making the mobile app a valuable tool for finding free withdrawal sites. Each cash deposit will set you back $4.95, making this a tool you want to use sparingly if at all.

    Interest Rates

    Bluevine comes through in a big way with its 2.0% APY. The rate is 50 times the current national average and applicable on balances up to $100,000. Once your small business’s balance grows beyond this amount, those extra funds won’t accrue any interest.

    Minimum Balance

    There’s no minimum balance requirement for using Bluevine, no matter how much you have in your account. Small businesses can start with next to nothing and take immediate advantage of the high-interest rate.

    Access to Mobile Banking

    The Bluevine mobile app makes banking from anywhere a breeze. The thoroughly-designed tool makes it easy to manage your accounts and see where your money is going. It’s also possible to pay vendors by wire or check and schedule payments for fulfillment down the road.

    Lili bank logo - Lili Review: All-Purpose Business Bank Account for Sole Proprietors

    Lili: Best for Easy Loans Access and Credit Lines

    4.55

    Lili is an ideal bank for small businesses in Hawaii that need flexible loan options and credit lines. If your business needs regular funds to keep it running, then using Lili is the best.

    This digital bank ensures that freelancers, remote workers, and Startups have access to the fund which can make them successful. Asides from loans offered to customers, Lili allows you to pay back such loans in affordable plans.

    Why we chose it: Lili’s minimal fees and tax optimization software help businesses hold onto hard-earned income. Plus, if you’re looking for an online best business checking account with no credit checks, Lili is a great option.

    • No fees, minimum balance requirements, or minimum opening deposit.
    • Unlimited fee-free transactions.
    • Fee-free ATM access through the MoneyPass network; ability to deposit cash through the Green Dot network.
    • Integrated tools for managing expenses and planning for taxes.
    • Offers an early payment feature with direct deposit, allowing you to receive funds up to two days sooner than you might with a traditional bank account.
    • Cash deposits at Green Dot locations incur a fee of up to $4.95 per deposit.
    • No checkbooks; can’t send or receive wire transfers.
    • Limited business-related features, e.g., doesn’t offer joint accounts, multiple business debit cards, or third-party integrations.

    Fees

    While Lili shines for its free tax software, business owners can also rejoice over a lack of account and overdraft fees. You won’t even incur a charge for foreign transactions or at over 38,000 in-network ATMs in the United States. If you end up using an out-of-network machine, expect a charge between $2.50 and $5.

    Interest Rates

    There is no interest on Lili’s Business Checking account. Those willing to pay can access a savings account with 1.5% APY, but you’ll need at least $34,000 in your account at all times to offset the monthly cost.

    Minimum Balance

    Lili Bank has a no minimum balance requirement for its checking account, which means that you do not need to maintain a certain balance to avoid monthly fees. This makes it a good option if you are just starting your business or have a fluctuating income.

    Access to Mobile Banking

    Lili Bank offers a mobile banking app that is specifically designed for freelancers and small business owners. The app allows you to manage your finances, including controlling expenses, saving money for taxes, and managing payments, all from your mobile devices. Plus, the app includes features such as instant payment notifications, budgeting tools, and the ability to make mobile check deposits.

    Capital one logo

    Capital One: Best Bank for Online Banking in Hawaii

    Interest Rates: 0.20% APY

    4.6

    Capital One is a bank with ideal online facilities. While it has many branches nationwide, it has one of the top E-banking facilities for small businesses in Hawaii. It’s easy to download their mobile apps, make transfers, and other e-products.

    Capital One banks have two business checking accounts and they offer up to five credit cards. You can activate your business credit cards online, and block them if missing. If you are interested in a bank for your online business that offers seamless Internet access, Capital One is great for you.

    Why we chose it: With no limits on digital transfers, Capital One gives you the freedom to keep funds moving.

    • Unlimited digital transfers
    • Does not charge overdraft fees
    • Large ATM network
    • Limited physical locations
    • Monthly account fee
    • Out-of-network ATM fees

    Fees

    Capital One’s business accounts come with a $15 monthly fee that can be hefty for a small business. Luckily, you can waive this fee by keeping an average balance of $2,000 over a 30 or 90-day window. There’s no charge for using one of Capital One’s 70,000 ATMs nationwide. 

    Interest Rates

    Opening up Capital One’s business savings accounts unlocks interest rates of up to 0.20% for your first year. This amount applies to balances up to $5 million, giving small businesses plenty of wiggle room. None of the bank’s checking accounts offer any interest, making free digital transfers that much sweeter.

    Minimum Balance

    You don’t need to keep a minimum balance with Capital One to keep your account open. It is in your best interest to maintain at least $2,000 in your checking to avoid the $15 monthly service fee. Keeping extra funds in your savings account allows you to generate some interest on money not currently in use.

    Access to Mobile Banking

    Since you won’t find many physical Capital One locations, the bank’s top-rated mobile app comes to the rescue. With it, you can do all your transfers, make digital payments, and deposit money with your device’s camera. The app also gives you access to Capital One’s CreditWise service to monitor your credit score and hear cool tips.

    U.S. Bank logo

    U.S. Bank: Best Bank for Small Businesses With Huge Transactions

    Interest Rates: 0.01% APY

    4.5

    The U.S. Bank offers the best services to small businesses that engage in a huge amount of transactions. This is a great choice for merchants and POS agents who deal in several online and offline businesses.

    Not every bank can cope with huge transactions, however, when you consider the savings and checking business accounts provided by this bank, you will love them. 

    However, ensure you have an average balance to avoid paying maintenance fees. If you are dealing with a huge volume of sales, you can consider opening a Silver Business Checking Account, Gold business account, or Platinum Business checking Account.

    Why we chose it: Small businesses in need of extra funds can turn to U.S. Bank for a plethora of lending options.

    • Lending to fit your needs
    • Specialized merchant services for restaurants, retailers, and service providers
    • 2,400 branch locations
    • Charges for overdrafts
    • Relatively low APY
    • Only locations in 28 states

    Fees

    You’ll never have to worry about monthly fees when using U.S. Bank’s silver checking package for small businesses. Higher-tier accounts do have waivable monthly fees to contend with as your company grows. You’ll just need to keep tabs on monthly transactions to ensure you don’t incur charges for exceeding the monthly limit.

    Interest Rates

    U.S. Bank’s checking accounts do not come with any options to generate interest. While savings plans come with different perks, the current maximum interest rate is just 0.01%. Although a minimal amount, there is no balance cap to what you can earn.

    Minimum Balance

    There’s no minimum balance requirement when starting with U.S. Bank’s silver account package designed specifically for small businesses. Other checking accounts have waivable fees should you keep up with the necessary balance amounts. Savings accounts start at a $500 minimum balance to remove service fees.

    Access to Mobile Banking

    If you find yourself away from one of U.S. Bank’s physical locations, you can perform all your banking through the mobile app. It’s possible to seamlessly transfer funds from one account to another and stay up to date with your financial status. The U.S. Bank will also keep you informed with customized alerts.

    Axos logo

    Axos: Best Bank for Investment and Mortgage

    4.61

    Axos is one of the best banks in Hawaii you can use for small businesses. They provide free business checking accounts for people who are interested in investment and Mortgages. This is a financial institution, and people who deal in properties and real estate business should consider it.

    If you can ensure your balance is up to 5k monthly, you won’t be deducted any maintenance fees. Individuals who deal in home sales, mortgage, and crypto, can take advantage of this bank.

    Why we chose it: Free cash deposits and a low fee structure make Axos Basic Business Checking one of the best business bank accounts out there.

    • No monthly fee and unlimited transactions.
    • Unlimited domestic ATM fee reimbursements.
    • Cash deposits via MoneyPass and AllPoint ATMs.
    • Welcome bonus for new customers (terms apply).
    • 24/7 customer support.
    • No third-party app integrations.
    • Interest checking APY is good, but not great

    Fees

    Axos Bank Basic Business Checking does not charge a monthly maintenance fee or impose requirements on keeping your account open. You’ll receive back any ATM fees you incur each month, making this account effectively free to use. If you plan to spend a lot of wire transfers, be aware of Axos’s $35 charge for each one.

    Interest Rates

    This particular account does not have an annual percentage yield and instead focuses on business perks. Anyone with extra money can open up one of Axos’s interest-bearing business savings accounts and accrue interest that way.

    Minimum Balance

    Axos Bank has no minimum balance requirements for its checking and savings accounts. As a small business owner, you do not need to maintain a certain balance to avoid monthly fees. This makes Axos an attractive option for you if you do not have a large amount of money to keep in your account.

    Access to Mobile Banking 

    Axos Bank offers a robust mobile banking app that allows customers to manage their accounts, deposit checks, transfer funds, pay bills, and wire transfer all from their mobile devices. You can also use the account alerts feature and budgeting tools to stay on top of your finances.

    Bank of America logo

    Bank of America: Best for Convenience

    Interest Rates: Up to 0.04% APY

    4.4

    Bank of America is popular among small businesses in Hawaii. If you already have an account with them, then opening a business bank account is easy. Even if you don’t have an account with BOA, you could open one today in a few minutes. It is a nice brick and Mortar Bank which makes transfers easy for everyone. 

    This Bank helps with the easy application of SBA loans and credit Loans. If you want to monitor your business live and integrate YOUR mobile app apps with your business, open a BOA business account today.

    Why we chose it: Bank of America’s rewards come with several perks to make banking a win-win for all parties involved.

    • Preferred rewards to boost interest rate
    • Over 17,000 ATMs and 4,300 branches
    • Can waive the monthly fee
    • Lacks 24/7 customer service
    • Monthly fees
    • Transaction fees when using non-Bank of America ATMs

    Fees

    Bank of America’s introductory checking account comes with a $16 monthly fee. You can negate this amount by maintaining a $5,000 monthly balance, spending at least $250 on your debit card, or becoming a Preferred Rewards member. The only other fees to watch out for come from out-of-network ATM withdrawals and charges for excessive deposits in a given month.

    Interest Rates

    Most small businesses opening a savings account will earn 0.01% interest out of the rate. It is possible to increase this to 0.04% with enough activity in Bank of America’s rewards system. There’s no option to accrue interest with a Bank of America checking account.

    Minimum Balance

    Keeping an average monthly balance of $5,000 in your checking account will remove the $16 service fee. Similarly, you’ll want to have at least $2,500 in your savings account to avoid a $10 monthly charge there.

    Access to Mobile Banking

    Bank of America’s mobile app consistently earns high honors for its functionality. Within, you can manage your accounts, pay bills, or transfer funds from any location. You can also make use of the budgeting tool to monitor expenses and control spending.

    Oxygen logo

    Oxygen: Best Bank for Freelancers, Remote Workers, and E-commerce businesses

    4.5

    Oxygen is a highly-rated financial institution in Hawaii that helps small businesses in the state. Oxygen provides small and mid-size businesses with facilities that very few can deliver. Their checking and savings business account is excellent for freelancers and remote workers. You can easily receive deposits from foreign currencies without problems.

    They also help process FX transactions easily which makes working from any part of the country easily. The ATM locations of oxygen are everywhere, which makes withdrawal easy. If you want a stress-free business account that allows transfers from everywhere in the world, then Oxygen is your best bank.

    Why we chose it: Oxygen speaks the language of the trendy business owner, offering some cool banking features along the way. It’s also one of the best checking accounts for sole proprietors.

    • Aimed at trendy business owners
    • 5% Cashback rewards
    • Create virtual, single-use debit cards
    • Virtual bank, no cash deposits
    • Fewer integrations than other options
    • No lending options

    Fees

    Oxygen claims to be fee-free from top to bottom but does specify that out-of-network and international withdrawals may be subject to a charge. You’ll never have to worry about paying for ACH transfers or keeping your account open.

    Interest Rates

    While you won’t earn interest for funds in your business checking account, Oxygen remedies the problem by adding a business savings account to the mix. Any money hanging out in savings accrues 1.0% interest for balances of $20,000 or less. Amounts in excess still earn interest, but at a much lower rate.

    Minimum Balance

    Oxygen Bank has no minimum balance requirements for its checking and savings accounts. There will be no monthly fees even if there’s no money in your account.  You don’t have to worry about any charges if you don’t make up to a certain amount. 

    Mobile Banking Features

    Oxygen Bank offers a mobile banking app that is designed to help small business owners manage their finances on the go. You can deposit checks, make a bill payment, and generate your account statement. Plus, the app offers spending insights to help you track your finances. 

    Chase Business logo

    Chase: Best Bank for Businesses Rewards

    Interest Rates: Up to 0.02% APY

    4.2

    Chase Bank offers small businesses various incentives and rewards systems that will entice them. When you open a business bank account with Chase you are entitled to A free credit card, however, if you want more cards, you might have to pay a small fee

    Monthly, Chase gives customers high transaction volumes bonuses and incentives. Chase is one of Hawaii’s top banks which assures all local businesses grow and remain successful.

    Why we chose it: Chase adds a long list of merchant services to its traditional banking to help your business succeed.

    • Several available merchant services
    • Multiple ways to waive the monthly maintenance fee
    • $300 sign-on bonus
    • Monthly maintenance fees
    • Only 20 free transactions per month
    • Minimal APY

    Fees

    Monthly fees start at $15 for Chase Business Complete Banking. You can do away with this charge by maintaining a $2,000 daily balance, and making deposits through Chase QuickAccept, or Chase Ink Business Card purchases. There is a cost for transactions after your first 20, and you’ll want to avoid costly wire transfers if possible.

    Interest Rates

    As with most banks, Chase doesn’t provide any interest for the money you have in a business checking account. To earn a rate, you’ll need to start up a business savings account that accrues up to 0.02%.

    Minimum Balance

    If you want to avoid Chase’s monthly service fee, you’ll want to keep at least $2,000 in your checking account at all times. Dipping below this amount even once per month is enough to merit the charge. Savings accounts have no fee as long as you have an active checking account with Chase.

    Access to Mobile Banking

    In addition to standard banking procedures, you can use the Chase mobile app to lock or unlock your credit card should you misplace it. There’s also a budget planning feature to set aside funds for a large purchase and credit monitoring tools to protect your credit health.

    Methodologies for Choosing the Best Banks for Small Businesses in Hawaii 

    When seeking the best banks in Hawaii for small businesses, we considered many important factors to consider. We have looked at the modes of operations, and how they manage small businesses. Here are some methodologies used in choosing the best banks :

    • Fees: Small businesses often have to count every penny. Using a bank that nickels and dimes you for every little thing can quickly run your account dry. We looked for banks without maintenance fees or at least the option to waive said charge with a few simple steps. It was also crucial to locate institutions that minimize costs for transactions and transfers that every business needs to perform.
    • Interest Rates: We realize business bank accounts function primarily for organization and making payments, but that doesn’t mean you can’t earn a little interest on the side. Between checking and savings accounts, we called out banks offering easily accessible rates you can use for some extra cash. Some options even go well beyond the national average.
    • Minimum Balance: Banks with maintenance fees will often waive them if you have enough money in said account. Small businesses may not have a lot of money to work with early on, so we identified institutions with low balance requirements to avoid fees. Some banks also have account minimums to unlock interest rates or other rewards.
    • Access to Mobile Banking: In our fast-paced world, having all your banking needs at your fingertips is a huge win. Mobile devices also played a role in the emergence of online-only banks with accounts you can access from anywhere. Even banks traditionally known for physical locations are amping up mobile apps to compete with the masses. Our selections highlight banks with top-tier mobile banking options to manage finances and make payments.
    • Ease of Use: When making our top banking for small business picks, we wanted to ensure features were straightforward to use. This applies to everything from transfers and payments to opening a business bank account with nothing more than an EIN. No bank account should be more trouble than it’s worth.

    Best Banks for Small Businesses in Hawaii – Frequently Asked Questions (FAQs)

    Here are answers to some of the most frequently asked questions:

    Bottom Line

    Small Businesses in Hawaii that want to be successful and more productive, need a great banking solution. While not all banks offer small businesses great facilities, the above banks mentioned providing small businesses in Hawaii a good avenue to stay afloat.

    These banks offer great online banking options, low maintenance fees, and easy account opening. If you want your business to grow and expand, consider opening a business bank account with these banks. 

    Best Business Bank Accounts by State

    Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

    AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY DC