Are you looking for the best banks for small businesses in Wisconsin to manage your finances? Starting a business can be a daunting task, but having the right banking partner can help ease the process. With so many financial institutions available, it can be challenging to choose the one that fits your business needs.
That’s why we have compiled a detailed roundup of the top banking options that offer low fees, personalized services, and extra functionalities to keep your business’ monetary affairs in excellent shape. Read on to discover our favorite picks for the best banks for small businesses in Wisconsin.
Best Banks for Small Businesses in Wisconsin
- Bluevine: Best Overall Bank for Checking and Savings Account in Wisconsin
- Capital One: Best Bank for Its Merchant Services and Credit Cards
- U.S. Bank: Best Bank for Loan and Line of Credit Options
- Bank of America: Best Bank for Cash Management
- Axos: Best for Online and Mobile Banking
- Lili: Best for Remote Deposit
- Oxygen: Best for Wire Transfers
- Chase: Best Bank for Its Business Bill Pay
In our evaluation of the top Wisconsin banks for small businesses, we took into consideration the accessibility and convenience of their banking services, including online banking, mobile apps, and ATM locations.
We also analyzed the interest rates and fees associated with checking and savings accounts, as well as the availability of business credit cards with rewards programs. Plus, we reviewed the bank’s history of successfully funding small businesses and its commitment to supporting the local business community.
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 is considered one of the best banks for small businesses in Wisconsin due to its exceptional services and products that cater specifically to small business owners. Two of the most noteworthy offerings of Bluevine are its business checking account and savings account.
Firstly, Bluevine’s business checking account is designed to simplify the banking experience for small business owners. With no monthly fees or minimum balance requirements, this account is affordable for small businesses. Additionally, the account comes with unlimited transactions and free ATM access across the country, which means that business owners can conveniently access their funds anytime and anywhere they need them.
Additionally, Bluevine has a savings account which is another excellent offering for small businesses. This account provides competitive interest rates and has no monthly fees, making it a cost-effective option for small business owners who want to grow their savings. Plus, the account comes with unlimited transfers and online banking, which makes it easy for business owners to manage their funds.
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 is one of the best banks for small businesses in Wisconsin because of its competitive merchant services and credit card offerings.
Merchant services are an essential component for small businesses, as they allow them to process credit and debit card transactions from customers. Capital One offers merchant services that are user-friendly and affordable for small businesses.
The bank provides a range of payment processing solutions, including mobile payments, online payments, and point-of-sale systems. Capital One’s merchant services also offer analytics tools, which help small businesses to track their sales and customer spending patterns.
In addition to merchant services, Capital One offers a variety of credit cards that are tailored to the needs of small businesses. Their credit cards come with numerous benefits, including cash-back rewards, travel rewards, and no annual fees.
Capital One’s Spark Business credit cards are particularly popular among small businesses in Wisconsin, as they offer rewards and benefits specifically designed for business owners. For example, the Spark Cash card offers unlimited 2% cash back on all purchases, making it an ideal choice for businesses with high expenses.
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 is one of the best banks for small businesses in Wisconsin for their loan and line of credit options. As small business owners, obtaining financing can be a challenging task, but with U.S. Bank, small business owners have access to a range of financing options.
One of the most popular loan options is the SBA loan, which is backed by the U.S. Small Business Administration. U.S. Bank is an SBA-preferred lender, which means they have the authority to approve SBA loans directly without the need for SBA approval. This process is more streamlined, and small business owners can get their funds quicker.
U.S. Bank also offers a Business Line of Credit, which gives small business owners access to funds that can be used to cover short-term expenses, such as inventory or payroll. This option provides small business owners with flexibility, as they can draw on the line of credit when they need it and only pay interest on the amount used.
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 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 a well-known name in the banking industry, and for good reason. One of the primary reasons why Bank of America is considered one of the best banks for small businesses in Wisconsin is because of its comprehensive cash management services.
One of the key cash management features offered by Bank of America is the Zero Balance Account. This account is designed to help small businesses manage their cash flow more efficiently so that at the end of the day, it is easier to track cash flow and reconcile accounts.
Bank of America also offers a variety of cash management tools, including mobile check deposits, wire transfers, and ACH payments. These tools make it easy for small businesses to manage their cash flow from anywhere, at any time.
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 Bank is a leading digital bank that offers a range of financial services, including business banking, to customers nationwide. For small businesses in Wisconsin, Axos Bank provides an excellent option for managing their finances. One of the primary reasons for this is the bank’s comprehensive online and mobile banking services.
Axos Bank’s online banking platform is user-friendly, secure, and convenient, providing small business owners with 24/7 access to their accounts. With online banking, customers can view account balances, transfer funds between accounts, pay bills, and manage their transactions from anywhere with an internet connection. The platform also allows customers to monitor their account activity and receive real-time alerts for any unusual activity, ensuring that their finances are secure.
In addition to online banking, Axos Bank also offers a mobile banking app that is available for both iOS and Android devices. The app provides the same functionality as the online platform, allowing customers to check balances, transfer funds, pay bills, and manage their accounts on the go.
The app also offers additional features, such as mobile check deposits and the ability to set up account alerts, making it even easier for small business owners to stay on top of their finances.
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.
One of the primary features that make Lili Bank stand out is remote deposit. Remote deposit allows small business owners to deposit checks directly into their Lili Bank account using their smartphone camera.
With this feature, customers can avoid the hassle of visiting a physical bank branch to deposit checks, saving them valuable time and effort. Instead, they can simply take a photo of the check and deposit it from anywhere, at any time, with just a few taps on their phone.
In addition to convenience, remote deposit also provides small business owners with faster access to their funds. Instead of waiting for checks to clear, which can take several days, remote deposit allows customers to access their funds almost immediately after depositing the check. This can be especially beneficial for small businesses that rely on timely access to their funds to cover expenses or make necessary purchases.
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.
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.
One important feature that Oxygen Bank offers is wire transfers, which is a fast and secure way to transfer money between different banks or financial institutions.
Wire transfers are essential for small businesses that need to send or receive funds quickly and efficiently. Oxygen Bank provides a reliable wire transfer service that ensures transactions are completed in a timely and secure manner.
Wire transfers are ideal for businesses that need to make large payments or send funds internationally, as they provide a fast and secure way to transfer funds. Oxygen charges no fees for wire transfers, cash transfers, direct deposits, or ACH transfers.
Another advantage of Oxygen Bank’s wire transfer service is that it provides real-time updates on the status of transactions. This means that businesses can track their wire transfers and receive notifications when the funds have been received by the recipient. This feature is particularly useful for businesses that need to monitor their cash flow and ensure that payments are made on time.
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 is known for its Business Bill Pay service. Business Bill Pay is a feature that allows small business owners to manage their business payments more efficiently. With this feature, business owners can pay bills, make payments to vendors, suppliers, and contractors, and manage their business finances all from a single platform.
One of the benefits of using the Business Bill Pay service is that it saves time. Instead of writing checks, purchasing stamps, and mailing payments, small business owners can make payments online with just a few clicks.
The service also provides a record of all payments made, so business owners can easily track their expenses and manage their cash flow more effectively. In addition, the Business Bill Pay service can be used to schedule recurring payments, which ensures that bills are paid on time and helps to avoid late fees and penalties.
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 the Best Banks for Small Businesses in Wisconsin
Selecting the best bank for small businesses in Wisconsin requires careful consideration of various factors that impact business finances. We used the following methodology to identify the best banks for small businesses in Wisconsin:
- 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 Wisconsin – Frequently Asked Questions (FAQs)
Do you have any questions about opening a bank account for your Wisconsin business? This FAQ has the answers that you need:
To effectively manage their finances, small businesses in Wisconsin must take the essential step of opening a business bank account. Opting for one of these top banks for small businesses in Wisconsin can streamline financial operations and enable businesses to concentrate on expanding. These banks usually offer low fees, convenient online access to account information, and various transaction options, including electronic and wire transfers.
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.