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Best Banks for Small Business in Florida of February 2024

By Kelsey Sheehy
Last updated on February 9, 2024
Edited byRyan Lane
Fact checked and reviewed

⏰ Estimated read time: 9 minutes

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NerdWallet considered national, regional and online financial institutions to find the best banks for businesses in Florida. We started with the foundation — business checking accounts — looking for banks with free accounts, but also considering 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 offerings. The best small-business banks typically allow you to address multiple needs via products like small-business loans, credit cards and add-ons like payroll or merchant services. Here are our choices for the banks for small-business owners in Florida.

Best Banks for Small Business in Florida

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

Chase Business Complete Banking℠

Learn more

at Chase, Member FDIC

4.5/5

Best for All-in-one business bank

$15.00

Waived with $2,000 minimum balance

N/A$400

Requirements to qualify

Learn more

at Chase, Member FDIC

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

at Bank of America, N.A., Member FDIC

4.5/5

Best for Cash deposits + loyalty perks

$16.00

N/A$0
Learn more

at Bank of America, N.A., Member FDIC

Wells Fargo Initiate Business Checking℠ Account

4.0/5

Best for Branch access + business loans

$10.00

Waived with $500 minimum balance

N/A$0

TD Business Simple Checking℠

3.9/5

Best for SBA loans

$10.00

N/A$0

nbkc Business Account

Learn more

at nbkc bank, Member FDIC

4.9/5

Best for No-fee business banking

$0

N/A$0
Learn more

at nbkc bank, Member FDIC

Axos Bank® Basic Business Checking

Learn more

at Axos Bank®, Member FDIC

5.0/5

Best for 24/7 customer support

$0

N/A$400

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

4.7/5

Best for Non-bank option for small businesses

$0

2.00%

With $0 min. balance for APY

$0
Learn more

at Bluevine, Deposits are FDIC Insured

American Express® Business Checking

5.0/5

Best for Online banking and business credit cards

$0

1.30%

$240

Requirements to qualify

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5

Best for High-yield business savings

$0

4.00%

With $0.01 min. balance for APY

$0
Learn more

at Live Oak Bank, Member FDIC

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

Chase Business Complete Banking℠

Learn more

at Chase, Member FDIC

4.5/5

Best for All-in-one business bank

$15.00

Waived with $2,000 minimum balance

N/A$400

Requirements to qualify

Learn more

at Chase, Member FDIC

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

at Bank of America, N.A., Member FDIC

4.5/5

Best for Cash deposits + loyalty perks

$16.00

N/A$0
Learn more

at Bank of America, N.A., Member FDIC

Wells Fargo Initiate Business Checking℠ Account

4.0/5

Best for Branch access + business loans

$10.00

Waived with $500 minimum balance

N/A$0

TD Business Simple Checking℠

3.9/5

Best for SBA loans

$10.00

N/A$0

nbkc Business Account

Learn more

at nbkc bank, Member FDIC

4.9/5

Best for No-fee business banking

$0

N/A$0
Learn more

at nbkc bank, Member FDIC

Axos Bank® Basic Business Checking

Learn more

at Axos Bank®, Member FDIC

5.0/5

Best for 24/7 customer support

$0

N/A$400

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

4.7/5

Best for Non-bank option for small businesses

$0

2.00%

With $0 min. balance for APY

$0
Learn more

at Bluevine, Deposits are FDIC Insured

American Express® Business Checking

5.0/5

Best for Online banking and business credit cards

$0

1.30%

$240

Requirements to qualify

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5

Best for High-yield business savings

$0

4.00%

With $0.01 min. balance for APY

$0
Learn more

at Live Oak Bank, Member FDIC

I'M INTERESTED IN:

Our pick for

All-in-one business bank

Chase Business Complete Banking℠

Learn more

at Chase, Member FDIC

Our pick for

Cash deposits + loyalty perks

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

at Bank of America, N.A., Member FDIC

Our pick for

Branch access + business loans

Wells Fargo Initiate Business Checking℠ Account

Our pick for

SBA loans

TD Business Simple Checking℠

Our pick for

No-fee business banking

nbkc Business Account

Learn more

at nbkc bank, Member FDIC

Our pick for

24/7 customer support

Axos Bank® Basic Business Checking

Learn more

at Axos Bank®, Member FDIC

Our pick for

Non-bank option for small businesses

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

Our pick for

Online banking and business credit cards

American Express® Business Checking

Our pick for

High-yield business savings

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

Best banks for business accounts in Florida

Axos

Best for: 24/7 customer support
This online-only bank ups the ante for customer support, offering live, 24/7 phone support for business customers. The bank’s free business checking account also includes unlimited ATM fee refunds (including third-party fees) and cash deposits at compatible ATMs.
NerdWallet star rating:
5

American Express

Best for: Online banking and business credit cards
NerdWallet star rating:
5
American Express business banking customers enjoy 24/7 access to live customer support and earn up to
1.30%
APY with the bank’s free business checking account.

Live Oak

Best for: High-yield business savings
NerdWallet star rating:
5
This online bank’s big draw is its free high-yield savings account, which earns
4.00%
APY with no minimum balance requirements. Live Oak is also a prolific SBA 7(a) lender.

NBKC

Best for: No-fee business banking checking
NerdWallet star rating:
4.9
NBKC doesn’t have a physical presence in Florida, but the bank's free business checking account is a winner no matter where you live. Customers can access their account through the mobile app, the website and any of the 34,000+ MoneyPass ATMs nationwide.

Bluevine

Best for: Non-bank option for small businesses
NerdWallet star rating:
4.7
Bluevine’s free online business checking account doesn’t charge monthly fees or overdraft fees, and is insured by the FDIC for up to $3 million via the IntraFi sweep network. The financial services company also offers business lines of credit.

Chase

Best for: All-in-one business bank
NerdWallet star rating:
4.5
Chase is the total package for business banking, with multiple business checking options, top-rated business credit cards and in-app payment processing. Chase has more than 400 brick-and-mortar locations in Florida and more than 4,700 nationwide.

Bank of America

Best for: Cash deposits + loyalty perks
NerdWallet star rating:
4.5
Bank of America’s business checking accounts offer generous cash deposit allowances compared with other brick-and-mortar banks. And Preferred Rewards for Business members can earn lower rates and extra cash back on select Bank of America business products, including loans, savings accounts and business credit cards. Bank of America has more than 450 branch locations in Florida.

Wells Fargo

Best for: Branch access + business loans
NerdWallet star rating:
4
With nearly 500 branches in Florida and a wide range of banking services, Wells Fargo is a solid option for business owners who want in-person banking, especially if you can avoid the monthly fee.

TD Bank

Best for: SBA loans
NerdWallet star rating:
3.9
TD Bank has led the pack for SBA loan approvals in Florida, topping the list of SBA 7(a) loan approval counts in the state every year since at least 2017 (the oldest year the SBA offers data about). The regional bank has 10 locations in Florida — primarily in the Tampa and Orlando areas — and also offers multiple business checking accounts, business money market accounts and business loans and lines of credit.

Other Florida-based business banks to consider

While big-name national banks have their advantages — namely, a wide range of product offerings and large branch and ATM networks — they aren’t the best fit for every business. Community banks and credit unions like the following typically offer a more relationship-based banking experience, excelling at customer service and often exercising more discretion with small business loans.
  • MIDFlorida Credit Union: This credit union offers a free business checking account that includes up to 300 transactions and $30,000 in cash deposits for no additional fee. 
  • City National Bank: City National’s business checking account holders get a dedicated relationship manager. The bank also offers SBA loans, business lines of credit and equipment financing, among other services.
  • Space Coast Credit Union: One of the largest credit unions in Florida, Space Coast offers two business checking accounts, a suite of business savings products and business loans to help finances a variety of needs. This credit union has more than 60 branches and serves 34 counties along Florida’s east coast.
Last updated on February 9, 2024

Methodology

NerdWallet evaluates more than 30 business bank accounts from national, regional and online banks. Collectively, these accounts represent the largest banks by assets, internet search traffic and other factors, along with notable or emerging players in the industry.
We consider more than 20 data points for each account, scoring them on fees, perks and accessibility, among other factors. This information is gathered from each financial institution's website and company representatives. In addition, data is collected regularly and reviewed by our editorial team for consistency and accuracy.
Final star ratings are presented on a scale of one to five stars, where a one-star score represents "poor" and a five-star score represents "excellent." Learn more about how we rate business checking accounts.
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