Best Banks for Small Business in Florida
Best for | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
---|---|---|---|---|---|
All-in-one business bank Chase Business Complete Banking® Learn more at Chase, Member FDIC | 4.5/5 | $15.00 Waived with $2,000 minimum balance | N/A | $300 Requirements to qualify | Learn more at Chase, Member FDIC |
Cash deposits + loyalty perks Bank of America® Business Advantage Fundamentals™ Banking Learn more at Bank of America, N.A., Member FDIC | 4.5/5 | $16.00 $0 for the first 12 statement cycles. | N/A | $200 Requirements to qualify | Learn more at Bank of America, N.A., Member FDIC |
Branch access + business loans Wells Fargo Initiate Business Checking℠ Account | 4.0/5 | $10.00 Waived with $500 minimum balance | N/A | N/A | |
SBA loans TD Business Simple Checking℠ | 3.9/5 | $10.00 | N/A | $500 Requirements to qualify | |
No-fee business banking nbkc Business Account Learn more at nbkc bank, Member FDIC | 4.9/5 | $0 | N/A | N/A | Learn more at nbkc bank, Member FDIC |
24/7 customer support Axos Bank® Basic Business Checking Learn more at Axos Bank®, Member FDIC | 4.9/5 | $0 | N/A | $400 Requirements to qualify | Learn more at Axos Bank®, Member FDIC |
Non-bank option for small businesses Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 4.7/5 | $0 | 1.50% With $0 min. balance for APY | $300 Requirements to qualify | Learn more at Bluevine, Deposits are FDIC Insured |
Online banking and business credit cards American Express® Business Checking Learn more at American Express National Bank, Member FDIC | 5.0/5 | $0 | 1.30% With $0 min. balance for APY | N/A | Learn more at American Express National Bank, Member FDIC |
High-yield business savings Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 | $0 | 3.70% With $0.01 min. balance for APY | $400 Requirements to qualify | Learn more at Live Oak Bank, Member FDIC |
Best for | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
---|---|---|---|---|---|
All-in-one business bank Chase Business Complete Banking® Learn more at Chase, Member FDIC | 4.5/5 | $15.00 Waived with $2,000 minimum balance | N/A | $300 Requirements to qualify | Learn more at Chase, Member FDIC |
Cash deposits + loyalty perks Bank of America® Business Advantage Fundamentals™ Banking Learn more at Bank of America, N.A., Member FDIC | 4.5/5 | $16.00 $0 for the first 12 statement cycles. | N/A | $200 Requirements to qualify | Learn more at Bank of America, N.A., Member FDIC |
Branch access + business loans Wells Fargo Initiate Business Checking℠ Account | 4.0/5 | $10.00 Waived with $500 minimum balance | N/A | N/A | |
SBA loans TD Business Simple Checking℠ | 3.9/5 | $10.00 | N/A | $500 Requirements to qualify | |
No-fee business banking nbkc Business Account Learn more at nbkc bank, Member FDIC | 4.9/5 | $0 | N/A | N/A | Learn more at nbkc bank, Member FDIC |
24/7 customer support Axos Bank® Basic Business Checking Learn more at Axos Bank®, Member FDIC | 4.9/5 | $0 | N/A | $400 Requirements to qualify | Learn more at Axos Bank®, Member FDIC |
Non-bank option for small businesses Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 4.7/5 | $0 | 1.50% With $0 min. balance for APY | $300 Requirements to qualify | Learn more at Bluevine, Deposits are FDIC Insured |
Online banking and business credit cards American Express® Business Checking Learn more at American Express National Bank, Member FDIC | 5.0/5 | $0 | 1.30% With $0 min. balance for APY | N/A | Learn more at American Express National Bank, Member FDIC |
High-yield business savings Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 | $0 | 3.70% With $0.01 min. balance for APY | $400 Requirements to qualify | Learn more at Live Oak Bank, Member FDIC |
I'M INTERESTED IN:
Our pick for
All-in-one business bank
Chase Business Complete Banking®
at Chase, Member FDIC
Waived with $2,000 minimum balance
Up to $5,000 per month.
Requirements to qualify
Pros
- No minimum opening deposit.
- Unlimited fee-free electronic transactions.
- Integrated credit card processing.
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
- 24/7 customer support.
- No fees at 16,000 Chase ATMs and access to around 4,700 branches.
Cons
- $15 monthly fee.
- Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
- Fee for using out-of-network ATMs.
Our pick for
Cash deposits + loyalty perks
Bank of America® Business Advantage Fundamentals™ Banking
$0 for the first 12 statement cycles.
Up to $7,500 per statement cycle.
Requirements to qualify
Pros
- No monthly fee for the first 12 statement cycles.
- High cash deposit limits.
- Welcome offer for new accountholders.
- Loyalty perks via Preferred Rewards for Business program.
Cons
- $100 minimum opening deposit.
- Fee for using out-of-network ATMs.
Our pick for
Branch access + business loans
Wells Fargo Initiate Business Checking℠ Account
Waived with $500 minimum balance
Up to $5,000.
Pros
- Phone customer support available until 11 p.m. ET on weekdays and on Saturdays and Sundays.
- No fees at Wells Fargo ATMs and access to around 4,900 branch locations.
Cons
- No free business checking account option.
- Limit of 100 fee-free transactions per month.
Our pick for
SBA loans
TD Business Simple Checking℠
Up to $5,000 per month.
Requirements to qualify
Pros
- 24/7 live customer service.
- Some branches are open late and on weekends, including Sundays.
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
- No fees at 2,600 TD Bank ATMs and access to 1,100 branches.
- No fees if account is overdrawn by $50 or less.
Cons
- No free business checking account option.
- Cash deposits limited to $5,000 per month.
- Accounts only available in 15 states and the District of Columbia.
Our pick for
No-fee business banking
nbkc Business Account
Unlimited
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions, no overdraft fees and free incoming domestic wires.
- Up to $12 in monthly refunds for ATM fees charged by other banks worldwide.
- Unlimited cash deposits via MoneyPass and Allpoint ATMs.
- Accept contactless payments via the NBKC app (iOS only). Fees apply.
Cons
- High fee ($45) for international wire transfers.
- Phone support only available during business hours.
- No third-party app integrations.
Our pick for
24/7 customer support
Axos Bank® Basic Business Checking
Unlimited
Requirements to qualify
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions and free incoming wires.
- Automatic refunds of all ATM fees (domestic).
- Cash deposits via AllPoint ATMs.
- Welcome bonus for new customers (terms apply).
Cons
- $25 fee for insufficient funds/uncollected funds returned.
- No third-party app integrations.
Our pick for
Non-bank option for small businesses
Bluevine Business Checking
With $0 min. balance for APY
Fees vary by location.
Requirements to qualify
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.50% interest on account balances up to and including $250,000. Terms apply.
- Access up to $3 million in FDIC insurance with Insured Cash Sweep.
- No fees at MoneyPass ATMs.
- Free incoming wires and low outgoing wire transfer fees.
Cons
- Fee for cash deposits.
- Fee for using out-of-network ATMs.
- Does not offer jointly-owned accounts.
Our pick for
Online banking and business credit cards
American Express® Business Checking
With $0 min. balance for APY
No cash deposits.
Pros
- No monthly fees or minimum opening deposit.
- No excess transaction fees and no charge for domestic incoming wires.
- Earn 1.30% APY on balances up to $500,000.
- 24/7 customer support.
- No fees on withdrawals at more than 70,000 MoneyPass and Allpoint ATMs in the U.S.
Cons
- Can’t deposit cash.
- No outgoing international wire transfers.
Our pick for
High-yield business savings
Live Oak Bank Business Savings
With $0.01 min. balance for APY
No cash deposits
Requirements to qualify
Pros
- Industry-leading APY.
- Earn interest on balances of $0.01 and higher.
- No monthly fee or minimum deposit.
- Access up to $10 million in FDIC insurance with Insured Cash Sweep.
Cons
- No ATM or debit card access.
- No weekend customer support.
Best banks for business accounts in Florida
Axos
- Two business checking accounts: one free and one interest-earning account.
- Business Interest Checking is $10per month unless you maintain an average daily balance of $5000. The account earns up to1.01%APY.
- Basic Business Checking has no monthly fee or minimum opening deposit requirement and includes unlimited fee-free transactions.
- No ATM fees, regardless of the ATM you use, plus unlimited rebates for ATM fees you incur from other banks.
- Both accounts allow cash deposits via compatible AllPoint and MoneyPass ATMs.
- Business savings accounts, money market accounts and certificates of deposit.
- Merchant services, including point-of-sale systems, e-commerce solutions, and credit and debit card acceptance through Cerelo Merchant Services.
- Small-business loans, including SBA 7(a) loans, real estate and equipment financing, and working capital loans.
American Express
- Online business checking account with no monthly fees. Earn1.30%APY on balances up to $500,000.
- No limit on transactions and no charges for incoming wire transfers or stop payments.
- 24/7 customer support online, by phone or via the app.
- Cannot deposit cash.
- Top-rated business credit cards, including branded hotel and airline business cards for Hilton, Marriott, Delta and Amazon.
- American Express Business Blueprint™, a suite of products that includes business lines of credit, as well as invoicing and credit card processing.
Live Oak
- Three business checking options.
- Business Essential Checking has a $10 monthly fee (waived with $1,000 average daily balance) and no monthly transaction limits.
- Live Oak does not support cash deposits; accounts can be funded via ACH, wire transfer or check.
- No weekend customer support.
- Fee-free access to more than 55,000 AllPoint ATMs (savings accounts don’t have ATM access).
- High-yield savings account that earns3.70%APY with a balance of at least $0.01.
- A cash sweep account that provides FDIC insurance for up to $10 million in deposits.
- Business CDs that earn upwards of 4.00% APY.
- Issued more SBA 7(a) loans by dollar amount than any other lender in 2023.
NBKC
- Free business checking account that can be opened online anywhere in the U.S.
- Account includes unlimited fee-free transactions and no incoming domestic wire fees, overdraft, stop payment or similar incidental fees.
- Fee-free access to over 90,000 MoneyPass and Allpoint ATMs across the country; up to $12 in monthly refunds for ATM fees charged by other banks worldwide.
- Ability to deposit cash fee-free at eligible MoneyPass and Allpoint ATMs using your NBKC business debit card.
- Free online and mobile banking with mobile check deposit and online bill pay included.
- Option to customize your checking account by adding desktop deposit, ACH credit and debits, merchant processing and Autobooks invoicing software.
- Free business money market account, which earns2.75%APY as long as you have a balance of at least 1 cent.
- NBKC Visa business credit card.
Bluevine
- Free online business checking account with no overdraft fees, transaction limits or minimum opening deposit.
- Earn 1.50% interest on account balances up to and including $250,000. Terms apply.
- Cash deposits via Green Dot network for a fee ($4.95 per deposit). Daily and per-deposit limits apply.
- Access up to $3 million in FDIC insurance with Insured Cash Sweep.
- No fees at MoneyPass ATMs; fee for using out-of-network ATMs.
- Business line of credit up to $250,000.
Chase
- Chase Business Complete Checking℠ is $15 per month, but there are multiple ways to avoid the fee.
- Unlimited electronic deposits. In-person and paper transactions are limited to 20 per month for Chase Business Complete and 250 per month for Chase Performance Business Checking®.
- Payment processing through the Chase mobile app with QuickAccept℠, no additional point-of-sale equipment needed.
- Live customer service available by phone 24/7.
- A full suite of Chase Ink business rewards credit cards, which offer generous sign-up bonuses, as well as other Chase business credit cards.
- A variety of small-business loans, including lines of credit, equipment financing and SBA loans.
- Chase offers payment services for e-commerce and retail businesses, including Chase QuickAccept, which lets business owners accept credit card payments from the mobile app.
Bank of America
- Two account options with respective fees of $16and $29.95 per month, though both can be waived if you meet average monthly balance requirements. Both require a minimum opening deposit of $100.
- Bank of America Business Advantage Fundamentals Banking includes unlimited electronic transactions, up to 200 fee-free non-electronic transactions (checks paid, other debits, deposited items) and up to $7,500 in fee-free cash deposits per statement cycle.
- Opportunity to earn a welcome bonus. Terms apply.
- Suite of business credit cards including a secured business card for business owners with poor or limited personal credit history.
- Multiple business savings accounts, including a high-yield business CD.
- Bank of America business loans include secured and unsecured loans and lines of credit, SBA loans and franchise financing.
Wells Fargo
- Three business checking accounts with monthly maintenance fees ranging from $10 for the bank's entry-level checking account (Initiate Business Checking) to $75 for a premium checking account that earns credits to offset fees (Optimize 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.
- Up to $20,000 in cash deposits per month, depending on the account type.
- All business checking accounts can be opened online, over the phone or by visiting a branch.
- Small-business loans, including commercial real estate and equipment financing. Wells Fargo also offers SBA loans.
- Profit-sharing, 401(k) and IRA options for business owners and their employees.
- Point-of-sale systems available through Clover.
- Payroll services available through ADP.
TD Bank
- Four core business checking account options, with monthly fees starting at $10forTD Business Simple Checking℠.
- 24/7 live customer support (via phone) and extended branch hours, including on weekends.
- Business checking accounts can be opened online, over the phone or by visiting a branch.
- High-yield business money market account.
- Business loans, including vehicle and equipment loans, and business lines of credit.
- Payroll and HR services via Paycor®.
- Business credit card that earns 2% cash back.
Other Florida-based business banks to consider
- 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.