7 Best Banks for Small Businesses in Georgia in 2023

Sections of this topic

    The best banks for small businesses in Georgia keep fees low while providing services designed specifically for your venture to succeed. Ready to open an account but not sure where to start looking? This article lists our top picks and explains the logic behind each one.

    Best Banks for Small Businesses in Georgia

    Our Methodology

    We weighed several factors when choosing our favorite banks for small businesses in Georgia. Our top considerations fell to fees and minimum balance requirements needed to maintain an account. We also looked at interest rates and access to mobile banking for each account. Finally, it was important for us to make sure each bank was easy to both set up and use.

    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

    $15 for checking (waivable), $3 for savings (waivable)

    $15 per incoming domestic wire, $25 for outgoing domestic wire, fee for cash deposits

    0.20% APY

    $2,000 for checking, $300 for savings

    Access credit card accounts, transfer money, deposit checks, access bank statements, access to CreditWise service

    $10 (waivable) for checking, $5 (waivable) for savings

    Fees for deposited items, excess transactions and cash deposits

    0.15% APY

    $500 for checking, $300 for savings

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

    $5 for savings (waivable)

    $35 for outgoing wire transfers

    0.20% APY

    $2,500 on savings account

    Pay bills, analyze spending patterns, monitor accounts

    $16 for checking (waivable), $10 for savings (waivable)

    Out of network ATM fees, fees for excessive deposits

    Up to 0.04% APY

    $5,000 for checking, $2,500 for savings

    Manage accounts, pay and transfer, digital wallets, bill pay

    $15 for checking (waivable), $10 for savings (waivable)

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

    Up to 0.02% APY

    $2,000 for checking, $1,000 for savings

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

    $12 for checking (waivable), $5 for savings (waivable)

    $3 for excessive withdrawals, $25 for wire transfers, $3 for out-of-network ATM

    0.01% APY

    $2,500 for checking, $500 for savings

    Set alerts and notifications, control your cards, make deposits, mobile payments

    BlueVine logo

    Bluevine: Best Overall Bank for Small Businesses in Georgia

    Up to 2.0% APY

    4.7

    Bluevine is one of the few fintech companies offering an interest rate on active funds in your checking account. This account has no minimums, so you can start with whatever deposit you have available and never have to maintain a certain balance. It’s possible to do all your banking without dealing with fees, but Bluevine does charge quite a bit for cash deposits.

    Why we chose it: Bluevine takes our top spot thanks to its incredible interest rate, simple setup, and lack of monthly fees.

    • High interest rates
    • Very few fees
    • No minimum deposit required
    • No business savings account
    • No ATM reimbursement
    • Fee for cash deposits

    Fees

    You’re forever free from the burden of monthly fees with Bluevine. The fintech’s biggest pinch point here comes from cash deposits, which cost $4.95 every time you use them. Otherwise, just be sure to use one of Bluevine’s affiliated ATMs to avoid out-of-network fees.

    Interest Rates

    There’s a 2.0% APY waiting for you the moment you sign up for Bluevine. It’s available to everyone without minimum balance requirements or other stipulations. The rate only applies to funds up to $100,000 in your account, with everything beyond that earning nothing.

    Minimum Balance

    You can join Bluevine’s ranks with pennies and not have to worry about charges for falling below some minimum balance. The high interest rate becomes immediately available as well, even if your account starts small.

    Access to Mobile Banking

    Everything you can do from your computer you can also do from Bluevine’s mobile app. From within, you’ll have the tools to pay vendors or schedule payments to go out in the future. Viewing your funds at any time is a cinch, and the software helps you understand where each cent is going.

    Capital one logo

    Capital One: Best Bank for Small Businesses in Georgia for Overdraft Protection

    0.20% APY

    4.6

    Money can be tight with small businesses, and Capital One gets that. Even perfect planning can result in account overdrafts, but the bank will never charge for the lack of funds. Unlimited digital transfers help to ease financial stresses that much more. You may not find any bank locations outside the capital, but Capital One’s extensive ATM network has you covered for withdrawals and deposits.

    Why we chose it: Capital One safeguards your account from unnecessary fees with overdraft protection and unlimited monthly digital transfers.

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

    Fees

    There may not be fees for overdrafts, but Capital One will hit you with monthly charges on both checking and savings if you don’t meet maintenance requirements. You’ll also have to pay every time you make a cash deposit, so plan accordingly.

    Interest Rates

    Capital One starts all new members off with a 0.20% promotional interest rate for the first year with your business savings account. There’s no guarantee that this APY will continue past that time, but the bank has kept its current rate since 2020. Your checking account won’t accrue any interest.

    Minimum Balance

    Keeping certain minimum balances is key to avoiding Capital One’s service fees. For checking, you’ll want to have an average of at least $2,000 over a 30 or 90-day period. Its savings account is a little more forgiving, requiring only $300 over the same window.

    Access to Mobile Banking

    Capital One comes through in a big way with its mobile banking tools. In addition to standard features like bill pay and account management, you can set up automatic savings from your phone. The app also comes together with CreditWise to inform you of your score and keep it high.

    Wells Fargo logo

    Wells Fargo: Best Bank for Small Businesses in Texas for Growth

    0.15% APY

    4.6

    Wells Fargo has more than 8,000 branches across the country. There are nearly 300 in Georgia alone, ideal for LLCs working out of more than one state. Even if you’re not near a physical location, the bank offers online services to meet your needs. Account tiers feature additional benefits but also have increasing fee schedules. Speaking of fees, you’ll need to monitor your account regularly to stay away from charges for excess deposits or overdraft fees.

    Why we chose it: Wells Fargo’s extensive banking network and business services serve to take your venture to the next level.

    • Several account options and business services
    • Possible to waive monthly fees
    • Extensive banking network around the country
    • Monthly fees
    • Charges for excess deposits or transactions
    • Revolving overdraft fee

    Fees

    While it is possible to navigate Wells Fargo’s fees, doing so is far from easy. You’ll need to keep tabs on transactions and deposits to be sure you don’t surpass your monthly limit. Should your account drop below zero, expect a hefty overdraft fee you can receive up to three times in one day. All this is on top of monthly maintenance fees, but at least you can waive these.

    Interest Rates

    Wells Fargo’s introductory savings account offers 0.15% interest across the board. Higher tiers can reach the 2.00% mark if you can keep up with balance requirements.

    Minimum Balance

    The Initiate Business Checking account has a $10 monthly fee you can cast aside with a $500 minimum daily balance. Minimum requirements jump all the way to $10,000 just one tier up.

    It only takes $300 in your basic savings account to negate fees, but savings accounts similarly scale very quickly.

    Access to Mobile Banking

    Wells Fargo boasts banking at your convenience with its comprehensive mobile app. You can use your account as a digital wallet or keep an eye on your funds to ensure you don’t wander into fee territory. If that wasn’t enough, the app also allows you to pay bills, transfer funds, or find the closest ATM.

    Axos logo

    Axos Bank: Best Bank for Small Businesses in Georgia for Cash Deposits

    0.20% APY

    4.5

    Where most banks charge you every time you deposit cash, Axos makes it free from any MoneyPass or AllPoint ATM location. Its business checking account has no monthly fee, although you will have to watch out for one with savings. You can transfer money around without penalty, and the bank looks away from overdrafts as well. Zelle fans will be disappointed to learn that it doesn’t integrate with Axos software.

    Why we chose it: Axos Bank showcases unlimited credits, debits, and cash deposits without costing you a dime.

    • Cash deposits allowed via MoneyPass and AllPoint ATMs
    • No monthly fee
    • Zero overdraft fees
    • Does not work with Zelle
    • Below average CD rates
    • Poor customer service

    Fees

    It’s not hard to avoid the few fees Axos has for a truly free banking experience. Your first 50 checks are free, and the bank even reimburses your first two wire transfers. At $35, additional wire transfers are costly. There is a $5 monthly fee for havings a savings account, but you can do away with this if you have a high enough balance.

    Interest Rates

    Axos’s business savings account awards a 0.20% APY for members. This rate remains the same whether your funds are high or low. There’s no option to earn interest on money in your checking account.

    Minimum Balance

    It’s possible to open a business checking account without initial deposit or balance requirements. This account has no monthly maintenance fees even if funds drop dangerously low. You can waive the service fee on Axos’s business savings account by keeping a $2,500 average monthly balance.

    Access to Mobile Banking

    Mobile banking with Axos is fast and free from any device. Use the app to manage your portfolios and create a custom dashboard to view them from. It also works well for depositing checks or handling external transfers. Unfortunately, the app does not integrate with Zelle for speedy transfers.

    Bank of America logo

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

    Up to 0.04% APY

    4.4

    Bank of America has locations throughout Georgia and over 4,300 branches from coast to coast. You can either visit in person or online to enroll in the bank’s Preferred Rewards program for a long list of benefits. Perks include higher interest rates, fee-free banking services, and credit card bonuses. Each account has a monthly fee, but you can work around it with some foresight.

    Why we chose it: Bank of America complements its impressive traditional banking with a suite of exclusive member rewards.

    • 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

    It’ll cost you $16 per month for upkeep on your small business checking account if you don’t meet at least one requirement. It will take a $5,000 average monthly balance, at least $250 in debit card purchases, or enrollment into the Preferred Rewards for Business program to remove the fee. Savings works much the same way, needing a $2,500 minimum balance or a Preferred Rewards for Business membership.

    Interest Rates

    Interest rates on your business savings account start at 0.01%. You can increase this over time by climbing the ranks of the Preferred Rewards program until reaching 0.04% at the Platinum level. Rates don’t apply to funds you have in your checking account.

    Minimum Balance

    Among Bank of America’s options for removing service fees are minimum balance requirements. The amount you have in each account is also an important factor in determining your Preferred Rewards level and resulting rewards.

    Access to Mobile Banking

    Bank of America’s excellent mobile app delivers just what you need while out and about. You can schedule and pay bills from anywhere you can connect or use Zelle to send money to friends and family. The software also has a spending and budget tool to keep your funds on course.

    Chase Business logo

    Chase: Best Bank for Small Businesses in Georgia for Sign-On Bonus

    Up to 0.02% APY

    4.2

    Chase will hand you $300 just for opening a Business Complete Checking account with a handful of qualifying activities. You can also take advantage of a number of business services to help your business grow. Accounts do have monthly fees, but you can eliminate these in multiple ways. Interest rates aren’t high, but Chase’s other features more than make up for it.

    Why we chose it: A $300 bonus for signing up and up to $900 in cash back make Chase Business very appealing to small business owners.

    • Up to $300 sign-on bonus
    • Several available business services
    • Multiple ways to waive the monthly maintenance fee
    • Monthly maintenance fees
    • Only 20 free transactions per month
    • Minimal APY

    Fees

    Chase accounts have monthly maintenance fees but offer several ways to get around paying them. You’re only allowed 20 free transactions per month, and each beyond that will cost you $0.40. While this may not seem like a lot, it can add up fast.

    Interest Rates

    Your sign-up bonus doesn’t come with very high interest rates. Chase savings starts at 0.01% APY and only increases to 0.02% over time. With balance requirements on each account, it’s hard to say how much of an impact this will make.

    Minimum Balance

    Anyone wanting to remove service fees on Chase’s business checking account needs a daily balance of just $2,000. You can also waive fees with $2,000 in net Chase business card purchases or $2,000 in incoming deposits. A savings account must have $1,000 or be linked to your checking account to avoid penalties.

    Access to Mobile Banking

    Through your phone and the Chase mobile app, you can set up account alerts and transfer money across the country. Chase QuickDeposit and QuickPay work to move money around quickly so you always have an accurate statement. You can also use the app to locate nearby Chase branches or ATM locations.

    Regions Bank logo

    Regions Bank: Best Bank for Small Businesses in Georgia for Traditional Banking

    0.01% APY

    4.1

    At Regions Bank, different account options allow small businesses of all sizes to pick the one perfect for them. Additional perks like payroll services and business loans work to maximize your company’s chances for success. Applicable accounts can tap into a rewards system, but low interest rates and high overdraft fees leave a bit of a bad aftertaste.

    Why we chose it: Regions Bank is traditional banking at its best, with several account options and business services to choose from.

    • Several checking and savings account options
    • Rewards system with applicable accounts
    • Payroll services available
    • Only three withdrawals per month
    • Low interest rates
    • Nasty overdraft fees

    Fees

    Any transaction leading to an account overdraft will set you back $36, a heavy blow for something that you may not see coming. Any withdrawals past your initial three each month are met with a $3 charge. Out-of-network ATMs will also cost you $3 to use, seeing Regions Bank’s fees stack up ever higher.

    Interest Rates

    At the time of writing, Regions Bank’s savings account will only let you accrue 0.01% in interest. Money market accounts are similarly low, but even a little bit is better than nothing.

    Minimum Balance

    It takes an average monthly balance of $2,500 to eliminate monthly fees associated with a Regions Bank checking account. If this isn’t doable, you can make at least $1,000 in Visa purchases or one or more Merchant Services transactions. Regions Bank will waive the monthly fee on your business savings account with a $500 balance.

    Access to Mobile Banking

    Mobile banking at Regions Bank will help keep your business on track. You can set alerts to know when a check clears or get notified when money comes in. The app taps into Zelle’s functionality for fast transfers and lets you deposit checks with your camera. If you’re really in a hurry, you can request information through a quick text.

    Methodology for the Best Banks for Small Businesses in Georgia

    Many financial institutions call the Peach State home, so finding the best bank for your small Georgia business can be overwhelming. Below you’ll find the methodology we used when making our selections.

    • Fees: We always take fees to heart when looking for the best banks for small businesses, as every penny matters. No bank is completely fee-free, but we’ve identified institutions where you can bank for free if you play your cards right. Most have monthly fees, but every Georgia bank on our list has ways to remove these.
    • Minimum Balance: Maintenance fees often go hand-in-hand with minimum balances. As long as you can meet a set amount, the bank will waive service fees for that month. We opted for banks with easier-to-reach requirements so your small business doesn’t have to come up with funds it doesn’t have.
    • Interest Rates: If fees are unavoidable, a bank should at least make it up to you through a nice interest rate. Accruing even a little interest each month can offset those fees and perhaps provide something to tuck away for a rainy day. 
    • Access to Mobile Banking: Mobile banking is crucial in modern society, and any bank not realizing this will get left in the dust. In a fast-paced world, there’s not always time to get back to a computer before funds need to move. Having immediate access can also prevent overdraft fees or money from getting stuck where you don’t need it. Many banks take these apps one step further, enabling tools for budgeting and the ability to turn your mobile device into a wallet.
    • Ease of Use: The best banks for small businesses in Georgia wouldn’t have made our list if they were a challenge to use. From branch/ATM access to online tools, each of these institutions makes banking as straightforward as possible. This ease of use translates to account setup as well. In most cases, you can be up and running in minutes with little more than an EIN.

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

    Still not sure about the importance of a bank for your small Georgia-based business? This FAQ may have the answers you’re looking for.

    Bottom Line

    Choosing the right bank for your small business doesn’t have to be a chore. Analyze the funds your company has to work with and make a determination from there. Pick accounts with balance requirements you can manage and fees you can deal with. Don’t be afraid to find a bank with additional features you can use, like high interest rates or business services for your industry.