7 Best Banks for Small Business in Florida

Kelsey SheehyMar 10, 2021
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

How did we identify the best banks for businesses in Florida? We started with the foundation — business checking accounts. We looked for banks with free business checking accounts, but also considered those with low monthly fees that were easy to avoid.

We also factored in ease of access, via a branch or online, as well as the banks' other business offerings, such as business loans, credit cards and add-ons like payroll or merchant services. NerdWallet considered national and regional banks, online banks and credit unions.

Summary of the best banks for small business in Florida

SunTrust Primary Business Checking

A regional bank with more than 400 branches in Florida.

Chase Business Complete Banking℠

at Chase, Member FDIC

Our favorite among the big banks for two reasons: unlimited electronic transactions and a slick mobile app.

Suncoast Credit Union Business Smart Checking

Free business checking with a community-minded institution.

IBERIABANK Free Business Checking

Free business checking with a high transaction limit and generous cash deposit allowance.

Nearly 550 branches in Florida and more than 13,000 ATMs nationwide.

Online banks we also like

Truly free checking with no monthly fee, overdraft fees or transaction fees.

Earn 1% interest on a free business checking account.

SunTrust

SunTrust bank stands out because of its low-fee business checking account, which becomes a free checking account if you complete just five transactions per month — a cinch for most business owners. SunTrust merged with BB&T to form Truist Bank, but still offers business banking under its own name for the time being. Business checking options could change down the road.

Here are some of the highlights:

Business checking:

  • Three business checking options: Simple Business Checking, Primary Business Checking and Business Advantage Plus Checking.

  • Simple Business Checking is $5 per month, but the fee is waived for the first 12 statement cycles. After that, make just five debit or credit transactions per month to avoid the fee.

  • Transaction limits range from 50 to 500 per month, depending on the account.

  • Up to $2,000 in fee-free cash deposits for Simple Business Checking. Up to $10,000 for Business Advantage Plus Checking.

  • More than 400 branch locations in Florida and no fees at SunTrust and BB&T ATMs.

  • You can open a SunTrust business checking account online.

Additional services:

  • Earn up to 5% back with SunTrust’s business rewards credit card.

  • Small-business loans, including SBA loans, term loans, lines of credit, and equipment and vehicle financing.

  • Multiple business savings accounts available, including money market accounts and certificates of deposit.

  • Point-of-sale systems available through Clover.

Chase

Chase has more than 400 brick-and-mortar locations in Florida and close to 5,000 nationwide.

Here are some of the highlights:

Business checking:

  • Chase offers three business checking accounts with monthly fees starting at $15 for Chase Business Complete Checking℠.

  • Business Complete Checking and Chase Performance Business Checking® include unlimited electronic deposits. In-person and paper transactions are limited to 20 per month for Business Complete and 250 per month for Performance Business checking.

  • Business Complete Checking includes Chase QuickAccept℠ so you can accept payments directly from the Chase mobile app.

  • You can open an account online or in person.

  • 24/7 live customer service.

Additional services:

  • Chase business credit cards, including Chase Ink Business Cash®, which earns up to 5% cash back.

  • Small-business loans, including SBA loans, lines of credit and equipment financing.

  • Payment services for e-commerce and retail businesses.

Suncoast Credit Union

Suncoast Credit Union services 39 counties in Florida. To bank with it, your business must be licensed in Florida and located in one of those counties.

Here are some of the highlights:

Business checking:

  • Two business checking options: Business Smart Checking and Business Classic Checking.

  • Business Smart Checking has no monthly fee or minimum balance requirement.

  • A $50 opening deposit is required with either account.

  • You get up to 200 fee-free transactions with Business Smart and up to 300 with Business Classic. Debit card purchases, online bill pay and other automated transactions do not count toward those limits.

  • More than 70 full-service branch locations.

  • No ATM fees at nearly 30,000 ATMs nationwide, including Suncoast ATMs and those in the Co-op ATM network.

Additional services:

  • Business lending services include SBA loans and microloans.

  • Use the Suncoast Business Platinum Visa card to earn points and give back to the community.

  • Suncoast offers insurance for small-business owners, including liability, property insurance and workers compensation.

Iberiabank

Iberiabank has 68 branches in the Sunshine State, with most concentrated in central Florida. The bank recently merged with First Horizon Bank, which will eventually expand its footprint in Florida.

Here are some of the highlights:

Business checking:

  • Three primary account options, including a free business checking account with no minimum balance requirement.

  • Business Interest Checking earns 0.1% on balances of $10,000 or higher.

  • Transaction limits apply but are more generous than those at many banks. Iberiabank's free checking, for example, allows up to 500 fee-free transactions per month, more than double the number allowed by Suncoast Credit Union.

  • No fee for cash deposits up to $10,000 on all accounts.

  • Download checking account transactions to QuickBooks for easy bookkeeping.

  • Apply for an account online, by phone or in person.

Additional services:

  • Small-business loans, including SBA loans, real estate loans and lines of credit.

  • Payroll services available through Paychex.

  • Business savings accounts, including money market and certificates of deposit.

Wells Fargo

Wells Fargo checks a lot of boxes for business owners who value ease of access — the bank has nearly 550 branches in Florida, more than 13,000 ATMs nationwide, plus online and mobile banking for access on the go.

Here are some of the highlights:

Business checking:

  • Three business checking accounts: Initiate, Navigate and Optimize.

  • Initiate Business Checking is $10 per month, which is waived if you maintain a daily balance of $500 or an average ledger balance of $1,000.

  • Fee-free cash deposits are capped at $5,000 for Initiate Business Checking to $20,000 for Navigate Business Checking.

  • Transaction limits range from 100 to 250 per month, depending on the account. Wells Fargo counts all withdrawals, debits and deposits, including mobile deposits, toward your transaction limit. Debit card purchases and payments do not count toward the limit.

  • You can open an account online, in person or over the phone.

Additional services:

  • Business savings accounts and CDs that earn 0.01%.

  • Wells Fargo offers SBA loans, equipment financing loans and commercial real estate loans.

  • Business owners can offer retirement accounts (profit sharing, 401(k) and IRA) through Wells Fargo.

  • Point-of-sale systems available through Clover.

  • Payroll services available through ADP.

NBKC

NBKC doesn’t have a physical presence in Florida, but the bank's free online business checking account is a winner no matter where you live.

Here are some of the highlights:

Business checking:

  • Online business checking with no monthly fees, overdraft fees or transaction fees.

  • Free, unlimited cash deposits at participating MoneyPass ATMs.

  • Fees charged by other ATMs automatically refunded (up to $12 per month).

  • Account can be opened and managed entirely online.

Additional services:

  • Add-on invoicing software for $10 per month, after a free 60-day trial.

  • Small-business loans, including term loans, construction loans, inventory and equipment financing, and SBA loans.

BlueVine

BlueVine’s free online business checking account doesn’t charge monthly fees or overdraft fees. The financial services company also offers small-business loans, including lines of credit and invoice factoring.

Here are some of the highlights:

Business checking:

  • Free business checking account with no minimum deposit.

  • No overdraft fees or transaction limits.

  • Earn 1% interest on balances up to $100,000.

  • No ATM fees at MoneyPass ATMs.

  • Checking account integrates with PayPal and Swipe and can sync with QuickBooks or Wave.

Additional services:

  • Small-business loans, including invoice factoring and lines of credit. New lines of credit temporarily on pause to prioritize Paycheck Protection Program loans.