For your small business to thrive in Oklahoma, having the appropriate banking partner is crucial. This article will explain the top 10 banks for small businesses in Oklahoma that provide outstanding services and products specifically designed for small businesses.
The selection criteria for these banks include their accessibility, customer service, fees, interest rates, and the extent of services they offer to aid in the growth and success of small businesses.
Best Banks for Small Businesses in Oklahoma
- Bluevine: Best Overall Bank for Small Businesses in Oklahoma
- Capital One: Best for Online Business Checking Account
- U.S. Bank: Best for Free Account Maintenance
- Bank of America: Best Bank for Easy Cash Transactions in Oklahoma
- Axos: Best for Small Business Loans
- Lili: Best for E-banking Banking
- Oxygen: Best for Startup Businesses
- Chase: Best Brick and Mortar Bank
To select the optimal Oklahoma banks, a systematic approach is necessary. When identifying suitable banks for small businesses in Oklahoma, we will evaluate their operational procedures, digital interface, maintenance fees, and concealed expenses.
Furthermore, we will scrutinize the bank’s offerings, interest rates, ATM accessibility, and the expeditiousness of credit card issuance.
Click here for a more detailed explanation of our methodology.
Pricing (Per Month)
Access to Mobile Banking
$4.95 per cash deposit, $2.50 for out-of-network ATM fees, $15 for outgoing wires
Pay vendors by wire or check, schedule payments, manage cash flow
$15 per incoming domestic wire, $25 for outgoing domestic wire
Access credit card accounts, transfer money, deposit checks, access bank statements, access to CreditWise service
$0.50 fee for transactions after the first 125, fees at out-of-network ATMs
$500 for business savings
Transfer funds, view documents, find branch/ATM locations, manage cards
Out-of-network ATM fees, fees for excessive deposits
Up to 0.04% APY
Manage accounts, pay and transfer, digital wallets, bill pay
$2.5 for out of network
Manage finances and payments, control expenses, and save money for taxes
$25 to $40 for wire transfers, $0.40 per transaction (after the first 20)
Up to 0.02% APY
Fraud monitoring, card control, pay, and transfer, view offers
$35 for wire transfer
Fund transfer, wire transfer, bill payment.
$3 for out-of-network ATM fee, fees for international transactions, $5 international ATM fee, fees for Ingo mobile check deposit
Check deposit, bill payment, check deposit, account statement
Bluevine bank is a financial institution that offers local enterprises the resources they need to grow and succeed. With competitive interest rates for small businesses that handle high-volume transactions, Bluevine has become a popular choice for entrepreneurs seeking financing options.
In addition to traditional loans, Bluevine provides targeted small business loans to startups that may struggle to secure capital. The bank is also one of the largest lenders of Small Business Administration (SBA) loans in Oklahoma. For business owners who prioritize convenience, Bluevine allows individuals to open up to three checking accounts without hidden fees. Moreover, the bank offers streamlined integration of tax services, HR, and payroll for small businesses seeking a comprehensive financial solution.
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
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.
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.
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.
In Oklahoma, Capital One bank is a leading financial institution with a reputation for its generous rewards program and seamless banking policies. Small businesses are particularly drawn to the bank’s straightforward process for opening checking accounts and credit cards.
Capital One offers the added convenience of allowing small businesses to open up to two checking accounts and add up to seven business credit cards. This feature is especially beneficial for small businesses that engage in transactions across multiple accounts.
Another benefit of using Capital One credit cards is the opportunity to earn various loyalty rewards without incurring any access fees. Small businesses seeking a banking partner that prioritizes simplicity and rewards should consider Capital One bank.
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
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.
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.
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.
US Bank is a great option for free account maintenance because they offer free checking accounts with no monthly maintenance fees, making it easy to maintain your account without worrying about hidden charges. Additionally, US Bank provides easy account access through online and mobile banking, as well as at their numerous branches across the United States.
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
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.
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.
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.
Bank of America is considered the best bank for easy cash transactions in Oklahoma due to its widespread network of ATMs and branches. Customers can easily access cash from Bank of America ATMs, and they can also make deposits, withdrawals, and other transactions at Bank of America branches. This makes it a convenient option for people who need to handle cash frequently, whether it’s for personal or business purposes.
Additionally, Bank of America offers online and mobile banking services that allow customers to manage their accounts from anywhere, further enhancing the convenience factor.
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
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.
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.
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.
Axos is an ideal banking choice for small businesses that require simple credit lines and loans. They offer checking and savings accounts for individuals who earn passive income and conduct daily business, along with investment services that allow funds to be invested in annuities, mutual funds, and IRAs.
Entrepreneurs, solopreneurs, and remote workers can benefit from Axos accounts for obtaining financing and investing in fix-and-flip properties. Axos is a distinctive financial institution that offers ease of opening a business account and few restrictions.
Loans available through Axos include vehicle loans, student loans, business loans, and home improvement loans. Although they provide one of the best interest rates among top banks in Oklahoma, a decent monthly balance is required to qualify for such incentives.
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
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.
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.
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.
Lili Bank is a modern digital banking platform that caters to the needs of freelancers and self-employed individuals who require electronic banking services. Lili Bank’s mobile application is designed to provide a seamless banking experience, allowing users to manage their finances remotely and on the go.
The app offers features such as mobile check deposit, instant expense categorization, and tax tracking, making it a convenient tool for individuals who need to manage their finances efficiently.
Lili Bank also offers fee-free banking services with no overdraft or minimum balance fees, making it a cost-effective banking solution for freelancers and self-employed individuals. With its emphasis on e-banking and user-friendly interface, Lili Bank is a great option for those who prefer to manage their finances digitally.
Why you should use Lili: Lili offers small businesses excellent e-services, quick debit and credit cards, and flexible loan payments. When seeking an online best business checking account with good mobile apps and online services, Lili is the best.
- 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.
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.
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.
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.
Oxygen is a digital banking platform that caters to the needs of freelancers, making it the best banking option for this group. Oxygen offers a user-friendly mobile application that allows freelancers to manage their finances easily and efficiently.
The app provides features such as invoicing, bill payment, and expense tracking, making it a valuable tool for managing both personal and business finances. Oxygen also offers cashback rewards and no monthly fees, making it an affordable banking option for freelancers.
Additionally, Oxygen provides access to ATMs nationwide, making it easy for freelancers to access their funds when they need them. With its emphasis on catering to the needs of freelancers, Oxygen is a great option for those looking for a banking platform that understands their unique financial needs.
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
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.
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.
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 Bank has been recognized as the best brick-and-mortar bank due to its extensive network of physical branch locations. With over 4,700 branches across the United States, Chase offers its customers easy access to in-person banking services. Chase’s physical locations provide a range of banking services, including account opening, loan applications, investment advice, and more.
In addition to its brick-and-mortar branches, Chase also offers robust online and mobile banking platforms, providing customers with a seamless and convenient banking experience. For those who prefer the reassurance of physical branch locations, Chase is a great option for in-person banking services.
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
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.
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%.
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.
Methodology for Choosing the Best Banks For Small Businesses in Oklahoma
We looked at over a dozen banks before arriving at this list of best banks in Oklahoma. Our methodology for choosing the best banks in this roundup includes:
- 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.
Frequently Asked Questions (FAQs) on Best Banks for Small Businesses in Oklahoma
If you are an entrepreneur and a small business owner in Oklahoma, here are answers to your questions :
Small business owners, freelancers, and remote workers in Oklahoma can increase their chances of success by opening a business account. Such accounts allow them to manage their finances effectively, with the help of banks that cater specifically to their needs.
The best banks in Oklahoma provide excellent customer service, offer multiple transfer options, and provide easy loan access to small businesses. If you are starting a small business in Oklahoma, it is highly recommended to consider opening an account with one of 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.