7 Best Banks for Small Businesses in Texas in 2023

Sections of this topic

    In this day and age, banks do so much more than hold onto your finances. The best banks for small businesses in Texas offer comprehensive services while keeping your costs to an absolute minimum. Read on to hear about our favorite picks for the Lone Star State and why we liked each one.

    Best Banks for Small Businesses in Texas

    Our Methodology

    When creating our list of favorite Texas banks, we considered monthly pricing for account maintenance and any other fees that could slow your business down. We studied minimum balance requirements and which banks feature the best rates in the state. Finally, we picked institutions with solid mobile apps and all-around easy-to-use systems.

    You can find a more detailed analysis of our methodology here.

    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

    $10 (waivable)

    Fees for deposited items, excess transactions and cash deposits

    0.15% APY

    $500

    Deposit checks, send and receive money, toggle cards on or off

    $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

    $4 (waivable)

    $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 (waivable)

    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

    $12 (waivable)

    Fees for excess transactions, out of network ATM use

    Varies by region (0.01% to 0.03% APY)

    $500 – $2,500

    Bill pay, cash flow insights, access to merchant services, PINACLE

    $15 (waivable)

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

    Up to 0.02% APY

    $0

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

    BlueVine logo

    Bluevine: Best Overall Bank for Small Businesses in Texas

    Interest rates: Up to 2.0% APY

    4.7

    Bluevine provides an online-only service you can access from anywhere. Although there’s no savings account option, Bluevine’s business checking more than makes up for it. The fintech offers incredibly high interest rates for patrons and no monthly fees to keep your account active. There are a number of free ATMs for Texans to use, but charges start to creep in for out-of-network machines and cash deposits. 

    Why we chose it: Bluevine’s high interest rates, coupled with minimal fees and upkeep, make it the best bank for small businesses in Texas.

    • 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 incur any costs for doing business with Bluevine. Opening and maintaining an account is free, allowing you to transfer money and pay vendors without worry. While Bluevine has a large number of fee-free ATMs, you’ll get hit with a charge if you try to use an out-of-network machine. If your business deals with cash, you’ll have to be strategic to limit the number of cash deposit charges you incur.

    Interest Rates

    Bluevine has one of the best business checking accounts you’ll find, thanks to a 2.0% interest rate. Because of this, Bluevine does not offer a savings account to tuck away extra funds. It’s worth noting that this interest rate only applies to amounts up to $100,000.

    Minimum Balance

    You can open your Bluevine account at any time and never have to worry about maintaining a minimum balance. Even if your funds drop dangerously low, the financial technology company won’t start charging you a service fee. This is a huge sigh of relief for small business owners who work with limited cash flow.

    Access to Mobile Banking

    As an online company, Bluevine has to do mobile banking well. It has carefully crafted apps for both Android and iOS to create a simple, all-in-one banking experience. You can manage your cash flows, pay your vendors by wire or check, or even schedule recurring payments so you don’t have to worry about them.

    Wells Fargo logo

    Wells Fargo: Best Bank for Small Businesses in Texas for Branch Locations

    Interest Rates: 0.15% APY

    4.6

    With 560 branch locations across the Lone Star State, Wells Fargo beats out the competition through sheer volume. Its prowess doesn’t end there, thanks to an extensive banking network stretching from coast to coast. You will want to be careful of charges for excess deposits and transactions, but at least you can remove the monthly service fee with a bit of planning.

    Why we chose it: Wells Fargo has more branches in Texas than any other financial institution, making it ideal for anyone preferring in-person banking.

    • 560 branch locations in Texas alone
    • Possible to waive monthly fees
    • Extensive banking network around the country
    • Monthly fees
    • Charges for excess deposits or transactions
    • Low interest rates

    Fees

    Wells Fargo’s Initiate Business Checking is ideal for small businesses and only has a $10 monthly service fee. Circumventing this charge is as simple as holding a minimum balance in your account or ledger. Your savings account options function much the same way, but you also negate fees by setting up automatic transfers.

    Interest Rates

    There’s no opportunity to generate interest through a Wells Fargo checking account, but savings accounts more than make up for this issue. Even the most basic savings plans start you off at 0.15%, with higher-tier options reaching up to 2.00% APY.

    Minimum Balance

    It only takes $500 to avoid the monthly service fee on the Initiate checking account. As this is a daily minimum requirement, you’ll want to make sure not to dip below this number at any point during the month. Introductory-level savings accounts require $300 to keep things fee-free. Some savings accounts can accrue more interest with higher balances.

    Access to Mobile Banking

    You can bank conveniently from your phone through Wells Fargo’s mobile app. It’s possible to gather account information, send money from place to place, or track important payments. With a few button presses, the app will even point you to the nearest branch location or ATM.

    Capital one logo

    Capital One: Best Bank for Small Businesses in Texas for Transactions

    Interest Rates: 0.20% APY

    4.6

    Where many banks give only a handful of free transactions each month, Capital One goes the extra mile. You’ll never receive a charge for digital transactions, and the bank also waives overdraft fees should you accidentally pay too much. There are several branch locations in the bigger cities, but those living in other areas are limited to an online service.

    Why we chose it: Capital One doesn’t place a limit on digital transactions, allowing you to get money where it needs to go.

    • Unlimited digital transactions
    • High promotional interest rates
    • Does not charge overdraft fees
    • Limited physical locations
    • Monthly account fee
    • Out-of-network ATM fees

    Fees

    Small businesses will likely choose a Basic business checking account with a modest $15 monthly service fee. Capital One’s Unlimited checking affords more freedoms but has a $35 upkeep. In either case, you can waive these charges with the right requirements.

    Interest Rates

    Capital One offers promotional interest rates on savings accounts you can lock in for a year at a time. It’s currently possible to snag a 0.20% APY on all your savings, although there’s no guarantee this rate will stick 365 days from now. None of Capital One’s checking accounts generate any interest.

    Minimum Balance

    You’ll want to maintain a 30 or 90-day balance averaging $2,000 or more if you want to avoid Capital One’s $15 maintenance fee. Those looking at the bank’s Unlimited checking plan will need to average $25,000 in that account instead. There’s a $300 minimum on Capital One’s business savings account.

    Access to Mobile Banking

    Whether you live near one of Capital One’s Texas branches or not, you can take advantage of its stellar mobile app. From any device, it’s possible to perform all your digital transactions and deposit money through your camera. If that wasn’t enough, using the mobile app gives access to CreditWise for accurate credit assessments and tips on keeping your score high.

    US bank logo

    U.S. Bank: Best Bank for Small Businesses in Texas for Customer Service

    Interest Rates: 0.01% APY

    4.5

    For a large banking institution, U.S. Bank goes above and beyond with its customer service team. Call any time day or night and you’ll connect with a banker offering fast solutions to your issue. The bank also has a long list of specialized merchant services for your business type and plenty of lending options should you need some extra cash.

    Why we chose it: U.S. Bank makes up for a lack of Texas locations with an excellent 24/7 customer service team.

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

    Fees

    The U.S. Bank silver business checking account resonates best with small business owners. This plan has no monthly maintenance fee to contend with, whereas the bank’s other options do. You will want to keep track of monthly transactions; you only receive the first 125 for free. U.S. Bank’s savings account does have a waivable service fee.

    Interest Rates

    None of U.S. Bank’s checking accounts offer any sort of interest rate. Savings accounts do, but the best APY available is 0.01%. This holds true no matter how much money you have, but at least there are no upper limits.

    Minimum Balance

    You won’t need to worry about a minimum balance if you stick to U.S. Bank’s introductory checking account designed for small businesses. Its savings account requires at least a $300 balance to do away with the $4 fee each month.

    Access to Mobile Banking

    The U.S. Bank mobile app will help you track down the branch location nearest to you while offering a slew of services on its own. On your device, you can still transfer money and stay up to date on your account balances. It’s also possible to set alerts in case funds drop below a certain level to avoid unsightly overdraft fees.

    Bank of America logo

    Bank of America: Best Bank for Small Businesses in Texas for Rewards

    Interest Rates: Up to 0.04% APY

    4.4

    Over 300 of Bank of America’s branches are located right in the Lone Star State, making for easy banking. As you do business, the bank rewards you with higher interest rates and removes fees for some banking services. Perks grow with your business based on your average daily balance. Accounts do have monthly fees, but you can work around these through careful planning.

    Why we chose it: Bank of America’s extensive rewards system pays you back any time you do business as usual.

    • 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

    The Business Advantage Fundamentals checking account comes with a $16 service fee you can remove by meeting one of three criteria. As long as you maintain a $5,000 average monthly balance, spend at least $250 in debit card purchases, or join the Preferred Rewards program, your account will is free to use. Your savings account has similar requirements lest you pay $10 per month for upkeep.

    Interest Rates

    Your Bank of America interest rate can change depending on your rewards status with the company. Savings accounts start at 0.01% APY, but it’s possible to reach 0.04% at the platinum honors tier. Small businesses may have to work a while to reach this milestone, but the possibility is there.

    Minimum Balance

    If you’re not a Preferred Rewards member, you’ll need to keep at least $5,000 in your checking account to avoid Bank of America’s monthly maintenance fee. Savings accounts are a bit more forgiving, requiring just $2,500 to negate a $10 per month charge.

    Access to Mobile Banking

    You’ll be able to view and interact with all your accounts from the Bank of America mobile app. It’s possible to deposit checks, transfer money, or pay bills right from your phone. The app also helps with spending and budgeting as you save up for that next big purchase.

    PNC Bank logo

    PNC Bank: Best Bank for Small Businesses in Texas for Withdrawals

    Interest Rates: Varies by region (0.01% to 0.03% APY)

    4.3

    PNC Bank has one of the most extensive ATM networks in the nation. Whether you’re in state or on the road, there’s a good chance you’re not far from fee-free withdrawals. If you accidentally take out too much, PNC Bank offers 24-hour overdraft correction to fix your mistake. Business owners new to PNC can qualify for $200 just for opening an account.

    Why we chose it: PNC’s impressive network of banks and ATMs make taking out money a walk in the park.

    • Over 60,000 fee-free ATMs in the US
    • $200 sign-up bonus
    • 24-hour overdraft protection
    • High overdraft fee
    • APY varies by region
    • Harder to open standalone accounts

    Fees

    As a thank you for signing up, PNC Bank doesn’t charge any service fees for your first three months as a member. After that, you’ll pay $12 on both your checking and savings accounts to keep them active. You can remove these charges through monthly balances, making purchases, or generating money from deposits.

    Interest Rates

    PNC Bank’s interest rates are a bit of an enigma. They vary from region to region in the Lone Star State, requiring a phone call to determine your potential earnings. Based on our research, you’ll likely end up somewhere in the 0.01% to 0.04% range, depending on your balance.

    Minimum Balance

    Monthly balances play an important role in eliminating service fees from your accounts. It only takes $500 to keep your checking account fee-free, but savings accounts require a minimum of $2,500. Your account balance may also play a role in the interest rate you receive.

    Access to Mobile Banking

    The PNC mobile banking app allows you to pay bills and manage your accounts from the convenience of your smartphone. In the same vein, you can access cash flow insights to visualize the impact of projected transactions and see how spending lines up.

    Chase Business logo

    Chase: Best Bank for Small Businesses in Texas for Business Services

    Interest Rates: Up to 0.02% APY

    4.2

    Chase Bank adds a lot to the traditional banking mix through a long list of helpful business services. These tools include safeguarding your company against fraud or managing revenue through payment-collection solutions. Texans will also enjoy the number of Chase locations throughout the state and up to a $300 sign-on bonus with qualifying activities.

    Why we chose it: Chase’s business services complement an already substantial list of traditional banking features.

    • Several available business 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

    Chase’s introductory business checking account comes with a $15 easily waivable fee if you meet one of three criteria. All you need is a $2,000 daily balance, purchases with a Chase Ink Business Card, or deposits from Chase QuickAccept. As long as you have a checking account through Chase, maintaining a savings account is completely free.

    Interest Rates

    You won’t find the best rates on Chase’s savings accounts, but something is better than nothing. Most small businesses will start at 0.01%, but you can bump this up to 0.02% over time. Checking accounts won’t accrue any interest, so you’ll want to balance your funds accordingly.

    Minimum Balance

    It’s best to keep a daily balance of at least $2,000 in your checking account to do away with pesky service fees. A savings account requires a $1,000 balance, but you can also avoid this charge by linking it with your checking.

    Access to Mobile Banking

    Your mobile app dramatically simplifies the banking process. From your device, you can send payments just about anywhere and move funds from place to place between your accounts. If you don’t have time for the app, Chase also has several text prompts you can use to see your balances fast.

    Methodology for the Best Banks for Small Businesses in Texas

    We looked at several factors when choosing the best banks for small businesses in Texas. Here are the considerations we felt were most important and the reasoning behind each choice.

    • Fees: Small businesses often have to watch the bottom line as they build sales and rapport among clients. Banks can be a great way to track funds, but a financial institution with lots of fees does more harm than good. In our selection, we focused on companies with minimal fees or at least ways even a new business could waive them.
    • Interest Rates: The best banks for small businesses in Texas offer incentives in the form of interest just for letting them hold your money. We strove to identify those with easy-to-access above-average rates.
    • Minimum Balance: Most banks want you to keep a certain balance in each of your accounts or they’ll penalize you. We made sure these required amounts were well within the feasible range for small businesses to avoid charges.
    • Access to Mobile Banking: As a small business owner, you’re always on the go. Therefore, having access to mobile banking tools allows you to conduct business from wherever you may be. An excellent mobile app saves time while offering extra features to manage your funds.
    • Ease of Use: No one wants to fumble through enigmatic websites or hard-to-understand mobile apps. We make sure to pick out banks making every step of your experience as simple as can be. Convenience comes into play during the initial setup as well. At some banks, you can even open a bank account with nothing more than an EIN.

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

    Want to learn more about starting a bank account for your small business in Texas? This FAQ answers some of the most common questions about the topic.

    Bottom Line

    A bank account for your small business can do wonders for money management and watching your bottom line. The best options in Texas put the power at your fingertips while offering methods to work around ugly maintenance fees. We love what Bluevine brings to the table, but we feel any of the selections on this list will do you good.