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Creating a bank account for your small business allows you to keep tabs on money flow so you can effectively manage your bottom line. The best options have additional features to keep your company’s finances in tip-top shape. Read on to learn more about our favorite picks in this comprehensive review.
Best Banks for Small Businesses in Florida
- Bluevine – Best Overall Bank for Small Businesses
- Lili Banking Services: Tailored Solutions for Small Businesses
- Capital One – Best Bank for Digital Transfers
- U.S. Bank – Best Bank for Lending Options
- Bank of America – Best Bank for Rewards
- Suncoast Credit Union – Best Bank for Interest Rates
- Chase Bank – Best Bank for Business Services
- City National Bank of Florida – Best Bank for Transactions
Featured Partner
Bluevine Business Checking
Annual Percentage Yield
2.0%
Minimum Deposit Requirement
$0
Maintenance Fee
$0
Our Methodology
When nailing down the best banks for small businesses in Florida, we looked into fees for keeping an account open minimum balances required to keep those costs at bay. We also checked out additional costs for using a bank’s various services and any interest rate bonuses that come with signing up. In an increasingly digital world, it was also crucial to find banks with excellent mobile banking services.
Click here for a more detailed explanation of our methodology.
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
$0
$2.5 for out of network
1.50% APY
$0
Manage finances and payments, control expenses, and save money for taxes
$0
$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
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
$0 to $20
$1.50 for out of network ATMs, $29 per returned check, up to $35 for wire transfers
From 0.25% to 3.55% APY
$0 to $100,000
Pay bills, transfer funds, deposit checks, set up savings goals
$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
$25 (waivable)
$40 for wire transfers
0.05% APY
$5,000
Pay bills, transfer money, set up digital wallet, mobile deposit
Bluevine: Best Overall Bank for Small Businesses in Florida
4.7
Bluevine’s online-only banking is perfect no matter what part of Florida you call home. Its business checking account offers some of the highest interest rates you’ll find anywhere, making up for the lack of a savings plan. You can start a Bluevine account at any time, thanks to no minimum deposit or balance. There are very few fees to work around; you’ll just need to keep cash deposits to a minimum.
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
Fees
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.
Interest Rates
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.
Minimum Balance
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.
Lili Banking Services: Tailored Solutions for Small Businesses
4.7
Lili Banking Services offers a tailored banking solution for small businesses in Florida, providing cost-effective digital banking services with minimal fees and competitive interest rates.
Why Choose Lili Banking Services?
Lili Banking Services stands out for its seamless digital experience and customer-centric approach, prioritizing convenience and security.
- 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.
- 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
Fee Structure:
Lili offers fee-free banking for most essential services, including no monthly maintenance fees, overdraft fees, or ATM withdrawal fees.
Interest Rates:
Competitive interest rates on savings accounts consistently outperform industry averages, allowing customers to maximize their savings.
No Minimum Balance:
Lili Banking Services eliminates minimum balance requirements, making banking accessible to everyone.
Business Checking Accounts:
Tailored small business checking and savings accounts with minimal fees and competitive interest rates.
Cash Management Features:
Lili offers various tools to streamline financial processes, including expense tracking, invoicing, bill management, automatic savings, and cash flow analysis.
Online Banking:
Convenient and secure online banking, enabling customers to manage their accounts, transfer funds, pay bills, and deposit checks remotely.
Business Products:
Lili provides several business products tailored to meet the diverse needs of entrepreneurs.
Some examples include:
Business Checking and Savings Accounts:
Lili offers specialized business accounts, offering features like online banking, mobile check deposits, and easy fund transfers.
Cash Management Tools:
These tools effectively help businesses manage their cash flow, including expense tracking, invoicing, and bill payment services.
Business Credit Cards:
Credit cards with competitive rates and rewards programs tailored to the needs of small businesses.
Business Loans:
Various loan options, including lines of credit, equipment financing, and commercial real estate loans, help businesses grow and expand.
Merchant Services:
Lili’s services help businesses accept payments online and in person, including credit card processing and point-of-sale solutions.
Business Insurance:
There are various Insurance options to protect businesses against risks such as property damage, liability, and business interruption.
Retirement Plans:
Lili offers retirement planning services and retirement plans tailored to the needs of small businesses, such as SEP IRAs and SIMPLE IRAs.
Business Advisory Services:
Services to help businesses develop and implement strategies for growth and success, including financial planning, budgeting, and risk management.
Mobile Banking:
A robust mobile banking platform, empowering customers with convenient access to their accounts anytime, anywhere.
Small Business Banking Packages:
- Premium Package: $55/month; premier service, advanced checking, metal debit card, fee-free ATM, early paydays, comprehensive accounting, and tax software.
- Smart Package: $35/month; similar benefits with slight variations.
- Pro Package: $15/month; essential banking features, automatic tax savings, expense management.
- Basic Package: $0/month; essential banking services with no minimum deposit.
***All packages include a 30-day free trial for businesses to explore and choose the best fit.
Capital One: Best Bank for Small Businesses in Florida for Digital Transfers
4.6
Capital One’s business checking account allows an unlimited number of transfers between your accounts so you never have to worry about having funds where you need them. Even if you do overdraft an account, Capital One won’t charge you for the mistake. The bank does have a number of Capital One Cafés in select Florida cities, but you won’t find these everywhere. There is a monthly fee, but you can waive this with a high enough balance.
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
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.
Interest Rates
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.
Minimum Balance
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: Best Bank for Small Businesses in Florida for Lending Options
4.5
When your small business needs a cash injection, U.S. Bank has you covered. You can make use of several loan and line of credit options to upgrade your venture and not go under trying to pay it all back. The bank also has specialized merchant services for most business types that provide additional tools to help you succeed. There are even physical locations in Orlando and some coastal cities if you like banking in person.
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
Fees
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.
Interest Rates
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.
Minimum Balance
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. U.S. Bank will also keep you informed with customized alerts.
Bank of America: Best Bank for Small Businesses in Florida for Rewards
4.4
Bank of America’s rewards system is second to none, offering valuable benefits and rewards while growing alongside your business. Bonuses include higher interest rates and waived fees on select banking services. Over 4,300 branches dot the country, with several locations in Florida cities. While there is a monthly fee, savvy business owners can waive this amount with careful banking.
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
Fees
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.
Interest Rates
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.
Minimum Balance
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.
Suncoast Credit Union: Best Bank for Small Businesses in Florida for Interest Rates
4.4
Suncoast Credit Union serves the Sunshine State through a number of physical branches and a stellar free online banking app. Monthly fees are few and far between, but you will need to keep high balances on some accounts to avoid them. Incredibly high interest rates help offset fees you can’t prevent and provide a small source of additional funds.
Why we chose it: This Florida-based credit union has some of the highest interest rates of any institution in the state.
- Very high interest rates
- Free online banking
- Minimal monthly fees
- High minimum balances on some accounts
- Significant returned check fee
- All locations on the west coast
Fees
Depending on your plan, you may have to contend with monthly fees if you can’t maintain minimum balance requirements. Introductory plans do not have this issue, allowing small businesses to bank without fear. Additional fees come in the form of out-of-network ATM fees and charges for returned checks.
Interest Rates
You won’t find any interest rates for Suncoast’s checking accounts, but there are some great options in the savings department. On the low end, you can generate 0.25% APY for basic savings and work up to 3.55% through share certificates. If you have some money to set aside, the paybacks can be worth it.
Minimum Balance
You’ll need $50 to open an account with Suncoast, but there’s no minimum balance for its Smart Checking plan. You’ll need at least $2,000 to avoid fees at higher levels. Savings accounts and share certificates have balance requirements from $5 to $100,000 depending on what interest rate you’re shooting for.
Access to Mobile Banking
It’s possible to use the SunMobile banking app to do anything from open an account to transfer funds to any financial institution. You can pay suppliers, set up savings goals, and deposit checks as well. Best of all, the app is very intuitive and takes moments to master.
Chase: Best Bank for Small Businesses in Florida for Merchant Services
4.2
Chase goes above and beyond, providing a number of merchant services you can use to improve your business. Fraud protection and cash management tools are just the tip of the iceberg for bonus features. New account owners receive up to a $300 bonus just for signing up, and there are several ways to earn bonus points on purchases. Although monthly fees are present, there are plenty of ways to work around them.
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
Fees
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.
Interest Rates
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%.
Minimum Balance
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.
City National Bank of Florida: Best Bank for Small Businesses in Florida for Transactions
4.2
City National Bank of Florida has over 75 years of experience serving customers throughout Florida. The bank allows up to 200 transactions and $10,000 in free cash deposits each month, a considerable step up from many other institutions. Understanding APY rates among various accounts is unclear and can lead to a frustrating experience. A great mobile app helps lessen some of the sting.
Why we chose it: City National Bank of Florida allows a wide margin for transactions and cash deposits where other banks fall short.
- Up to 200 transactions per month
- $10,000 in free cash deposits per month
- Great mobile app
- Requires a monthly balance
- Branches are primarily in the Miami area
- APY rates are not transparent
Fees
New small business owners will face a $25 monthly fee when signing up for City National’s business checking account. You can work around this expense with proper planning, and the only other charges come with domestic and international wire transfers.
Interest Rates
City National Bank of Florida is not transparent about its interest rates anywhere on the website. There’s no hope for APY with checking, but savings accounts can earn up to 0.05% after meeting a monthly minimum balance.
Minimum Balance
It takes an average minimum monthly balance of $5,000 to avoid City National’s $25 maintenance fee on your checking account. If that wasn’t enough, you’ll need to keep at least $3,500 in your savings account to be eligible for the bank’s interest rate.
Access to Mobile Banking
City National’s mobile banking setup marries well with Zelle for quick transactions and transfers. You can also use the app as a digital wallet for payments or organize finances with money management tools. There’s even free credit reporting and tips for improving or maintaining your score.
Methodology for the Best Banks for Small Businesses in Florida
We considered several facets for opening a business bank account and managing your finances once you’re up and running. Below are the top factors we used for determining the best banks for small businesses in Florida.
- 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 Florida Frequently Asked Questions (FAQs)
Have more questions about opening a bank account for your Florida business? This FAQ may have the answers you’re looking for.
Bottom Line
Business bank accounts can work wonders for small businesses trying to manage funds and stay on top of debits and credits. The best banks for small businesses in Florida minimize fees to your organization while making it easy to transfer money and keep your suppliers happy. Look no further than these banks for all the tools your Florida-based company needs to meet your financial goals.
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.
