7 Best Banks for Small Businesses in Pennsylvania
Your Pennsylvania-based business isn’t complete without a business bank account. However, choosing the perfect one for your organization can be quite the daunting task. To save you time, we identified the best business bank accounts in Pennsylvania you can use right now to help your company grow.
Best Banks for Small Businesses in Pennsylvania
- Bluevine – Best Overall Bank for Small Businesses
- Capital One – Best Bank for Digital Transfers
- Axos Bank – Best Bank for Online Banking
- PNC Bank – Best Bank for ATMs
- U.S. Bank – Best Bank for Low Fees
- Chase Bank – Best Bank for Lending
- Citizens Bank – Best Bank for Customer Service
When selecting the best banks for small businesses in Pennsylvania, we looked at fee schedules and minimum balance requirements for keeping maintenance charges at bay. We also studied interest rates and how accessible mobile banking happens to be. Finally, it was important that each bank be easy to use both at set up and throughout your banking journey.
You can find a more detailed explanation of our methodology here.
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 for checking (waivable), $3 for savings (waivable)
$15 per incoming domestic wire, $25 for outgoing domestic wire, fee for excess cash deposits
$2,000 for checking, $300 for savings
Access credit card accounts,
access bank statements,
access to CreditWise service
$5 (waivable) for savings
$35 for outgoing wire transfers, $25 returned check fee
$2,500 on savings account
Pay bills, analyze spending patterns, monitor accounts
$12 (waivable) for savings and checking
Fees for excess transactions, out of network ATM use
Varies by region (0.01% to 0.03% APY)
$500 for checking, $2,500 for savings
Bill pay, cash flow insights, access to merchant services, PINACLE
$4 (waivable) for savings
$0.50 fee for transactions after the first 125, fees at out of network ATMs, overdraft fee
$500 for business savings
Transfer funds, view documents, find branch/ATM locations, manage cards
$15 for checking (waivable), $10 for savings (waivable)
$25 to $40 for wire transfers, $0.40 per transaction (after first 20)
Up to 0.02% APY
$2,000 for checking, $1,000 for savings
Fraud monitoring, card control, pay and transfer, view offers
$0.50 fee for each excessive transaction, $39 overdraft fee
Up to 0.02% APY
$500 for savings account
Custom business alerts, check balances, transfer funds, find branch locations
Most banks don’t put interest rates on checking accounts, but Bluevine breaks the mold. Not only does its checking account have 2.0% APY, it blows the average rate out of the water. Because of this, the fintech company doesn’t offer any account specifically for savings. You also won’t find many fees and don’t have to worry about a minimum deposit when signing up.
Why we chose it: Bluevine sets the bar high with minimal fees, an intuitive layout, and a generous interest rate on a checking account.
- High interest rates
- Very few fees
- No minimum deposit required
- No business savings account
- No ATM reimbursement
- Fee for cash deposits
It’s possible to handle almost all of your banking with Bluevine and never come across a single fee. There’s no monthly cost to maintain your account and thousands of MoneyPass ATMs around Pennsylvania you can draw money from for free. You will see a $4.95 charge every time you go to make a cash deposit, so use this feature sparingly.
A 2.0% APY is unheard of even on most savings accounts, and Bluevine offers it here on the money you keep in checking. Funds up to the $100,000 mark accrue this interest, but the fintech draws the line there. Anything you have beyond this amount doesn’t receive any interest at all.
Bluevine doesn’t require a minimum balance to open an account and will never charge you a fee if your balance falls below a certain amount. Small businesses can start with a lot or few funds and take advantage of the interest rate right away.
Access to Mobile Banking
Your mobile device becomes an extension of Bluevine’s web features through the app. You can use the software to pay bills by wire, check, or set up a payment to go out in the future. It’s a great tool for managing your funds, depositing checks, and transferring money between bank accounts.
Whether you’re making payments or sending money to another account, Capital One allows unlimited digital transactions each month. The bank also looks away should you overdraft an account while moving money from place to place. Perks continue with a high promotional interest rate you can savor for at least a year. A strong online presence makes up for the lack of branch locations in the state.
Why we chose it: Capital One won’t slow your business down with unlimited digital transactions and overdraft forgiveness.
- Unlimited monthly digital transactions
- High promotional interest rates
- Does not charge overdraft fees
- Limited physical locations
- Monthly account fee
- Out-of-network ATM fees
Capital One checking and savings accounts have waivable monthly fees to contend with, but the demands aren’t too extreme. You’ll also run into charges for incoming and outgoing wire transfers, making unlimited digital transactions that much sweeter. Your first $5,000 in cash deposits each month is free, but it costs $1 for every $1,000 deposited after that.
When signing up, you’ll receive a guaranteed promotional interest rate on your savings account for the first year of use. At the time of writing, Capital One offers 0.20% APY on funds up to $5 million.
It takes a $2,000 average balance over a 30 or 90-day window to eliminate the monthly fee on Capital One’s Basic checking account. Savings works the same way, requiring $300 each month to remove service fees there.
Access to Mobile Banking
The Capital One mobile app comes with a virtual assistant to notify you of unusual transactions or potential fraud. It’s also perfect for tracking spending and making all those transactions you do each month. If you’re eyeing a big purchase, the app shares your credit score and ways to keep it in a good range.
Axos is a great online banking option, keeping an intuitive layout and easy-to-use tools. Fees are few and far between, with reimbursement options for those you can’t work around. The bank links up with both MoneyPass and AllPoint ATMs around the country for cash deposits and withdrawals. New business owners can even capitalize on a $200 welcome bonus.
Why we chose it: Axos makes banking easy no matter where you are with free checking, ATM reimbursements, and unlimited item processing.
- Free online banking
- Cash deposits allowed via MoneyPass and AllPoint ATMs
- Minimal monthly fees
- Limited integrations
- Below average CD rates
- Significant returned check fee
Your Axos Bank small business checking account does not have monthly maintenance costs and will reimburse both domestic ATM fees and your first two domestic wires each month. If you use checks, the first set of 50 is also free. Outgoing wires after your first two cost $35 apiece, and the bank will charge $25 for any returned checks. There is a $5 monthly service charge for upkeep on an Axos savings account, but you can avoid this with careful planning.
Axos users will earn 0.20% APY through any of its available savings accounts. This interest is flat across all balances. The bank does offer an interest-based checking account starting at 1.01%, but it quickly diminishes the more you have stored in there.
Standard checking for small businesses has no minimum balance requirements, but all other Axos accounts do. You must maintain $2,500 in your savings account to remove the monthly fee. The Business Interest Checking account has a $5,000 minimum balance to skirt around any service fees there.
Access to Mobile Banking
The Axos app lets you link all your accounts to check funds at a glance. It’s easy to pay bills, deposit checks, or transfer funds from one place to another. With a swipe, you can follow your transaction history, analyze spending patterns, and learn where your money flows.
PNC Bank has a huge presence across the United States, either owning or partnering with more than 60,000 ATMs for fee-free access. Over 300 branches reside in Pennsylvania alone, making it a popular choice even if you have no plans to leave the state. The bank allows 24 hours to remedy overdrafts before assigning you a fee, and new members receive a $200 sign-up bonus just for joining.
Why we chose it: With over 300 branches in the Keystone State, you can rest assured good service and ATM access is never far away.
- Over 60,000 fee-free ATMs in the US
- $200 sign-up bonus
- 24-hour overdraft protection
- High overdraft fee
- APY varies by region
- Must call or visit a branch to open an account
Both PNC Bank’s basic checking and savings charge $12 for account maintenance but have wildly different measures to waive them. You can make do with a minimum balance in your checking account to avoid the fee, but you can also make purchases with a credit card or generate monthly deposits. The only way to do away with costs on a money market account is by keeping a certain balance.
Interest rates are unclear from PNC’s website and can vary considerably from region to region. In Pennsylvania, you’re likely to earn somewhere between 0.01% and 0.03% if you use a money market account. You’ll have to visit the nearest branch location to learn specifics, but you need to pay them a visit to open an account anyway.
You only need to keep a $500 balance in PNC’s business checking account to steer clear of maintenance fees. Money market accounts aren’t so unforgiving, mandating a $2,500 minimum throughout the month to remove fees there.
Access to Mobile Banking
ATMs and branches are everywhere, but you’re still in luck even if you’re not near one. The mobile banking app allows for card services and all the income and expense management you’ll ever need. You can also link up to PINACLE, offering additional services to help your business thrive.
It’s not difficult to bank with U.S. Bank completely for free if you play your cards right. There’s no charge for opening or maintaining a checking account, and you can transfer and withdraw funds fee-free from in-network ATMs. Branch locations tend to hang out in the big cities but exist strategically in the heart of Pennsylvania as well. The bank also has a list of merchant services for specific industries you can take advantage of.
Why we chose it: With all but nonexistent fees, U.S. Bank doesn’t nickel and dime you just for running your business.
- Nearly nonexistent fees
- Specialized merchant services for restaurants, retailers, and service providers
- 2,400 branch locations
- Charges for overdrafts
- Relatively low APY
- Only locations in 28 states
U.S. Bank’s Silver Business checking doesn’t have a service fee, but there is a $4 waivable monthly charge for keeping a savings account. Other fees come from out-of-network ATMs, overdrafting your account, or making an abundance of transactions each month.
You won’t make a fortune off U.S. Bank’s interest rates. All but one savings plan has just 0.01% APY for excess funds you can spill over from your checking account. There is a Platinum Business Money Market account with bonus rates as high as 3.50% if you can manage the high balance requirements.
How much you keep in your checking account is entirely up to you. U.S. Bank’s package for small businesses does not have minimum requirements to negate a monthly fee. The same isn’t true for basic savings, where you’ll need at least a $500 balance. It takes $25,000 to tap into the high interest rates from the Platinum Money Market account.
Access to Mobile Banking
Stay up to date with your balances and transactions from your phone with the U.S. Bank mobile app. In addition, you can transfer funds and set alerts about account activity you want to keep an eye on. It’s also possible to view your credit score or find the U.S. Bank location nearest you.
Chase is a large financial institution with a long list of business services to help your business out. These include lending options to secure a large purchase or help you weather an untimely setback. Although there are monthly fees on all Chase products, you can work around them through one of several methods. Business owners also receive a $300 bonus for becoming a member by meeting certain criteria.
Why we chose it: Chase puts its best foot forward with several loan and line of credit options alongside other stellar business services.
- Several loan and line of credit options
- Up to $300 sign-on bonus
- Multiple ways to waive the monthly maintenance fee
- Monthly maintenance fees
- Only 20 free transactions per month
- Minimal APY
Chase places monthly service fees on all its accounts but includes several ways to waive them. Small businesses will likely introductory checking and savings, charging $15 and $10, respectively. Fees can get a bit out of hand if you do a lot of transactions, though. Only your first 20 each month come at no cost.
New business owners starting out with Chase will accrue somewhere between 0.01% and 0.02% APY with a savings account. Certificates of deposit can go as high as 4.00% if you have enough time and money.
A $2,000 minimum balance is all it takes to negate the service fee on your Chase business checking account. In lieu of that, you can make $2,000 in purchases on business cards or receive $2,000 in deposits through Chase QuickAccept. A savings account requires $1,000 in your account or a linked business checking account to remove fees there.
Access to Mobile Banking
The Chase mobile app utilizes Chase QuickDeposit and ChaseQuickPay to get funds where they need to go quickly. You can also set alerts in case balances run too low or transfer money anywhere in the United States. There are well over 100 Chase branches and ATMs in Pennsylvania, and the app will help you find the closest one.
Look no further than Citizens Bank’s customer service page for department-specific phone numbers and a well-documented FAQ page. The website also has forms and documents so you don’t have to hunt around for the right one. A lack of monthly fees or balance requirements makes basic checking a strong bank account option for LLCs, partnerships, or sole proprietors.
Why we chose it: Citizens Bank puts your business first with excellent customer service and hundreds of branch locations to choose from.
- Excellent customer service
- Over 250 branches in Pennsylvania
- No monthly maintenance fee on some accounts
- Low interest rates
- High overdraft fees
- Some accounts charge ATM fees
Citizens Bank accounts come with a hefty $39 overdraft fee, best avoided at all costs. The business savings account has an avoidable $4.99 monthly charge, automatically waived for the first four months of membership. Otherwise, ensure you don’t perform more than 200 transactions each billing cycle to avoid fees there.
Interest rates aren’t really Citizens Bank’s strong point. You’ll earn 0.01% with savings and graduate to 0.02% if you upgrade to a money market account. Even available CDs average 0.03% APY for the duration of each term.
Small businesses will likely choose free business checking, meaning balances only come into play with savings accounts. You only need a $500 average daily balance with business savings, but this number jumps to $2,500 if you want perks from a money market account.
Access to Mobile Banking
Citizens Bank recently revamped its mobile banking app with a new interface and a boost in security. The added protection allows you to move money and make payments wherever you happen to be. New features include access to the document center and debit card management tools.
Methodology for the Best Banks for Small Businesses in Pennsylvania
In our methodology section, we make clear all the factors we used when picking out the best banks for small businesses in Pennsylvania. These ended up being our top considerations:
- Fees: Fees are pretty self-explanatory and can be a real drag when you’re trying to make money. We made sure all our banks either have no monthly fee or at least a reasonable way to avoid it. Similarly, we opted for bank accounts you can use fee-free with a little foresight.
- Interest Rates: Earning interest on your finances may not make you rich, but it can cover an unavoidable fee or go towards a business expense. It’s harder than ever to find bank accounts with high interest rates in our current market, but we tried to find ones that at least meet the national average.
- Minimum Balances: Even if your small business has a steady source of income, distributing those funds between multiple accounts can be a challenge. If an account has a minimum balance requirement, you may be unable to float cash around as freely as you’d like. We looked for bank accounts with low minimum balances to allow for more flexibility.
- Access to Mobile Banking: Few people in our day and age live without a smartphone. The rest of us rely on these gadgets for many aspects of our lives. We wanted to make sure each of our best business bank accounts in Pennsylvania had the same functionality you can find anywhere else. It was also important to make sure no features got locked away behind paywalls.
- Ease of Use: Ease of use covers everything from setting up your account for the first time to day-to-day interactions. Some banks require lengthy in-person visits, while others allow you to join with little more than your EIN. As you use the website, mobile app, or in-person services, we checked on availability, accessibility, and just how much a small business can do.
Best Banks for Small Businesses in Pennsylvania Frequently Asked Questions (FAQs)
Want to know more about opening a bank account for your Pennsylvania business? This FAQ answers common questions about the subject.
The best banks for small businesses in Pennsylvania have a healthy mix of low fees, access to mobile banking, and are easy to use. Additionally, they offer incentives like interest rates or business services to keep finances running smoothly. We believe Bluevine is the best of the bunch, but any of the banks on this list should work well with your small business.
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.