Best banks for business accounts in Florida
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.
5
-
Two business checking accounts: one free and one interest-earning account.
-
Business Interest Checking is $
10
per month unless you maintain an average daily balance of $
5000
. The account earns up to
1.01%
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.
Additional services
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Business savings accounts, money market accounts and certificates of deposit.
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Merchant services, including point-of-sale systems, e-commerce solutions and credit and debit card acceptance through Cerelo Merchant Services.
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Small-business loans, including SBA 7(a) loans, real estate and equipment financing, and working capital loans.
Best for: Online banking and business credit cards
5
1.30%
APY with the bank’s free business checking account.
-
Free online business checking account with almost no fees; outgoing domestic wire transfers ($20) are the exception.
-
Earn 1.30% APY (annual percentage yield) on balances up to $500,000 as of 02/07/2024.
-
No limit on transactions and no charges for overdrafts, nonsufficient funds, incoming wire transfers or stop payments.
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24/7 customer support online, by phone or via the app.
-
Cannot deposit cash.
Additional services
Best for: High-yield business savings
5
4.00%
APY with no minimum balance requirements. Live Oak is also a prolific SBA 7(a) lender.
-
Three business checking options.
-
Business Essential Checking has a $10 monthly fee (waived with $1,000 average daily balance) and no monthly transaction limits.
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Live Oak does not support cash deposits; accounts can be funded via ACH, wire transfer or check.
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No cash deposits or weekend customer support.
-
Fee-free access to more than 55,000 AllPoint ATMs (savings accounts don’t have ATM access).
Additional services:
-
High-yield savings account that earns
4.00%
APY on all balances, with no monthly fee or minimum deposit.
-
A cash sweep account that provides FDIC insurance for up to $10 million in deposits.
-
Business CDs that earn upwards of 5.00% APY.
-
Issued more SBA 7(a) loans by dollar amount than any other lender in 2023.
Best for: No-fee business banking checking
4.9
-
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 37,000 MoneyPass ATMs across the country; up to $12 in monthly refunds for ATM fees charged by other banks worldwide.
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Ability to deposit cash fee-free at eligible MoneyPass ATMs using your NBKC business debit card.
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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.
Additional services
Best for: Non-bank option for small businesses
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.
-
Free online business checking account with no overdraft fees, transaction limits or minimum opening deposit.
-
Earn 2.00% 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.
Additional services
Best for: All-in-one business bank
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.
-
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.
Additional services:
-
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.
Best for: Cash deposits + loyalty perks
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.
-
Two account options with respective fees of $
16
and $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 $
200
welcome bonus. Terms apply.
Additional services:
Best for: Branch access + business loans
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.
-
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.
Additional services:
-
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.
3.9
-
Four core business checking account options, with monthly fees starting at $
10
for
TD 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.
Additional services
-
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
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.
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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.
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.
