Financial management is a critical aspect of small businesses globally, and unless you have a dependable banking institution, it can be challenging. To ensure your business’s success, the best banks in Vermont for small businesses offer exceptional banking services to their clients. This article provides comprehensive information about these banks and their products.
Best Banks for Small Businesses in Vermont
- Bluevine: Best Bank for SMEs
- Capital One: Best Bank for Versatile Financial Solutions
- U.S. Bank: Best Bank for Its Monetary Services
- Bank of America: Best Bank for Easy Banking
- Axos: Best Bank for Varying Financial Options
- Lili: Best at Offering Flexibility
- Oxygen: Best Bank for Excellent Customer Service
- Chase: Best Bank for Its Service Offerings
When choosing the best banks for small businesses in Vermont, there are some criteria we use to review them. We check how easy opening an account is, the documents needed, the charges to maintain the account, and customer support.
Moreover, we look at hidden charges, banking products, and interests on loans. It is also important to check their mobile apps and if their platform has a user-friendly UI/UX design.
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 Banking solution is a top-notch bank for small businesses in Vermont, designed to facilitate the growth of new small and medium-sized businesses. One of the advantages of banking with Bluevine is the opportunity for clients to earn interest on their account balance.
Signing up for their online bank is a quick and straightforward process, taking only five minutes to complete, allowing small business owners to perform multiple transactions seamlessly.
As an account holder, you’ll receive a Bluevine Business Debit Mastercard and can efficiently operate their mobile app. In case of any issues with your card, you can easily lock it through the app right away.
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.
Capital One Bank is among the leading financial institutions in Vermont that offers an array of services for small businesses. They have a reputation for being innovative, creative, and offering rewarding financial solutions. Once you become a registered customer with Capital One, you can be confident that your financial concerns will be addressed.
Their services include branch access, credit cards, auto loans, and attractive financial products. Capital One provides full-service internet banking with no hidden fees, making it an excellent choice for entrepreneurs who require online banking for their businesses.
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.
U.S. Bank, also known as U.S. Bancorp, is a financial institution that provides a range of monetary services, including loans, cash management, and ATM processing, in Vermont. They offer various checking account options, such as the Safe Debit Account and Smartly Checking Account, which cater to different financial needs.
Choosing the right account depends on your specific requirements. If you’re looking to avoid monthly service fees, the Smartly Checking Account would be a suitable option. On the other hand, if you want to waive overdraft fees, it is recommended to opt for the Safe Debit Account.
Why we chose it: Small businesses in need of extra funds can turn to the 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 has 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 off 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 a leading choice for individuals involved in small businesses in Vermont, as they offer a range of convenient checking and savings accounts. With over 3,500 branches across the country, their digital products are of exceptional quality and hard to match by other banks. Utilizing their online app enables customers to pay bills, transfer funds with ease, and access other online saving features.
BOA account holders also benefit from Erica, their AI-powered financial advisor, providing tailored advice to suit individual needs. Small businesses in Vermont requiring POS terminals or other financial services would do well to consider Bank of America for their banking needs.
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 by 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.
In 2000, Axos Bank was established to specifically serve small and medium-sized businesses in Vermont. They differentiate themselves as an innovative, technology-driven financial institution capable of serving millions of people. Axos offers a variety of online account options for both individuals and businesses.
Customers can take advantage of their diverse checking accounts, tailored for specific benefits. Additionally, Axos provides investment services, user-friendly loan options, POS terminals, and a lucrative money market. With such a range of monetary solutions, Axos is a compelling choice for all small business requirements.
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 digital financial institution that caters to small businesses, particularly freelancers. They provide adaptable accounts that can be opened at a low fee, and offer features that assist small e-commerce businesses in managing their income more efficiently.
It’s important to note that a Lili account is exclusively available to small businesses in Vermont that operate under their EIN and are registered under their business name. Lili does not charge fees for most accounts, except for deposited checks and international ATMs.
Why it is recommended: Lili is ideal for entrepreneurs and single members LLXs. It’s nice for businesses who want easy online banking services and individuals looking for an online best business checking account with no hidden fees, Lili comes highly recommended.
- 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 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 legitimate financial institution that offers a range of banking services to individuals and small businesses in Vermont. Despite not being a traditional bank, all funds and transactions with Oxygen are FDIC-insured. Furthermore, accounts with Oxygen do not incur large fees typical of traditional banks.
Customers can earn cash back on online purchases and utilize virtual cards for secure online transactions. Oxygen is especially favored among SMEs, startups, and individuals seeking a hassle-free online banking solution.
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 bill payment, and generate your account statement. Plus, the app offers spending insights to help you track your finances.
Chase is a major financial institution in Vermont that delivers outstanding services to small businesses. Their offerings include investment, foreign exchange, a range of digital products, and flexible loans, as well as credit cards and versatile account options.
Compared to other banks in Vermont, Chase provides a wider selection of checking and savings accounts. Opening an account with them is simple, and their requirements are minimal. While their interest rates may be lower, Chase makes up for it with excellent mobile apps and strong security measures.
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, making deposits through Chase QuickAccept, or through 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 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 the Best Banks for Small Businesses in Vermont
Although there are numerous banks and financial institutions in Vermont, not all of them can provide small businesses with an optimal banking experience. If you’re searching for the best banks for small businesses in Vermont, there are several factors to consider before opening an account. Here are some of the main ones:
- 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 the purpose of 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 Vermont Frequently Asked Questions (FAQs)
If you have a small business in Vermont, there are certain important things you need to know. Here are some frequently asked questions and answers which will benefit you:
Opening a business bank account in Vermont can offer numerous benefits for small businesses. However, it’s crucial to choose the best banks that can provide excellent financial services.
These banks typically offer flexible loan options, easy account registration, simple transfer options, and seamless customer service. The banks discussed earlier in this text are trustworthy, credible, and have the necessary features to help improve your 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.