Updated May 31, 2024

Best Banks for Small Business in Florida

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The right bank account can help your business grow. Read on for the best bank options for your Florida-based small business.

Hey, Florida small business owners! Whether you're starting a new business or gearing to level up, the right bank can be an important sidekick to help you succeed.

Florida's banking scene isn't one-size-fits-all. Sure, it has the big-name national banks, but there are also smaller regional banks in tight-knit communities.

From sunny Miami to lively Tampa to bustling Jacksonville, we've explored the top banks with standout features for small businesses. Let's dive in.

10 Best Banks for Business Accounts in Florida

We looked at banks with low fees, good business accounts and services, and easy accessibility in Florida. Here are the top banks for small business owners in The Sunshine State.

Do I need a business bank account as an LLC in Florida?
LLCs in Florida are required to have a business bank account registered in its own name. An LLC legally separates you from your business, so there needs to be a clear divide between your personal and business finances.

Chase Bank

Best for: Local shops and restaurants

Chase Bank made our #1 spot before as a top bank for small businesses. They have over 400 physical locations across Florida.

Chase is a great option if you have a small local retail store, restaurant, or service business, and take credit card payments from customers.

It has a unique Chase Business Complete Banking account with credit card processing built in. No need for a separate merchant account.

And your funds from sales can be deposited the same day into your Chase checking account when you use QuickAccept. You don't have to wait for funds, so your cash flow keeps moving.

Chase is known for excellent customer service and business products. They also have an extremely popular lineup of business credit cards with good rewards.

In a JD Power 2023 U.S. Retail Banking Satisfaction Study, Chase ranked the highest in customer satisfaction among banks available in Florida.

Pros:

  • Checking account with built-in payment processing
  • Highly rated mobile app
  • Unlimited electronic transactions
  • Offers promotions for new customers

Cons:

  • Minimum requirements to waive the monthly fees
  • Many banking fees like overdrafts and wires
  • Low interest rates

Chase Bank offers new customers bonuses for opening new business bank accounts. Be sure to check their promotions so you don't miss them.

Wells Fargo

Best for: Getting small business loans; extensive business services

Wells Fargo is one of the most recognized banks across America. This large national bank has over 500 physical locations across 180+ cities in Florida.

They offer very comprehensive business products, including banking, payroll services, tax programs, insurance, and more. It's got you covered if you're looking to get everything from one bank.

Another reason to consider Wells Fargo is if you need a loan to kickstart your business. 28% of Florida small businesses say that accessing capital or financing is their biggest challenge.[1] As one of the top SBA 7(a) lenders, Wells Fargo can be a great resource.

Wells Fargo offers three different business checking accounts. The Initiate Business Checking Account is a good starter account, and you can upgrade as your business grows.

Pros:

  • Easy to find a physical location
  • Active SBA lender
  • Offers comprehensive small business services
  • Different checking and savings accounts based on your needs

Cons:

  • Many banking fees
  • Low-interest rates for savings accounts

Bank of America

Best for: Flexbility; seasonal businesses

Bank of America is one of the largest brick-and-mortar banks in the United States. You can find over 440 Financial Centers across Florida, though mostly along the southeastern coast.

Their Business Advantage Banking is a flexible business checking account with two tiers. The basic tier is a great starting point as it has low requirements. You can easily level up when you need to.

Bank of America understands the unique challenges businesses face in Florida. For many businesses, slow-downs are common during the low-tourist and hurricane seasons. That's why BofA lets you switch between the tiers at any time based on your current needs.

The account also comes with smart cash management tools. The Cash Flow Monitor® lets you connect with apps like Quickbooks to get your business stats in one place. You even get cash flow projections to help you plan for those slower times.

Pros:

  • Built-in cash management tools
  • Access to Small Business Specialists

Cons:

  • Less access to SBA loans

Truist Bank

Best for: Non-profit organizations

Truist Bank has a big footprint in Florida with over 400 branches in nearly 200 cities. It's even got locations in the Florida Keys.

They offer a few checking accounts for small businesses. If you're just starting out, their Simple Business Checking account is the best option as it has no monthly maintenance fee. But it's best if you do less than 50 transactions per month.

For non-profits, there's also a specially designed Community Checking account with $0 monthly fee. You get a larger number of free monthly transactions and unlimited cash processing.

Because Truist Bank was formed from a merger of two other banks (BB&T and SunTrust) in 2019, there have been some complaints regarding their customer service. This bank is still a good choice for customers who need access to a big bank in their area.

Pros:

  • Free business checking option available
  • Business debit cards for you and your employees
  • Personalized business debit card

Cons:

  • Low number of free transactions per month
  • Low interest rates

Regions Bank

Best for: Many business checking options; commitment to community

Regions Bank is a Midwestern and Southern regional bank and has a decent footprint in Florida. They have over 270 physical locations across 145 cities, with more branches in Orlando, Miami, and Tampa.

For small businesses, Regions Bank offers a wide range of business checking accounts. Whether you're just starting out or a nonprofit organization, they have something for you.

They also have a special rewards programs, where you can earn cashback when you shop with participating merchants.

Overall, Regions has relatively low requirements to waive monthly fees, compared to some other traditional banks. It's a good option if you want a regional bank that gives back to the community.

Regions Bank is very committed to community development and supporting local businesses. In 2022, they provided over $1 billion in small business and farm lending and offered millions in resources to small businesses.[2] Regions also supports small businesses by sponsoring entrepreneurship training and workshops.

Pros:

  • $100 to open a checking account
  • Budget and planning tools
  • QuickBooks integration
  • Supports local organizations

Cons:

  • Many other banking fees
  • Low interest rates for certain deposit accounts
  • Slow refunds and returns

PNC Bank

Best for: Low requirements; digital tools

After PNC's acquisition of BBVA in 2021, PNC Bank now has an even stronger presence in Florida. It now has close to 200 branches, but even if one isn't in your area, they have a highly-rated mobile banking app with all their services.

They offer a variety of business checking accounts for different sizes. The Business Checking Plus account, in particular, offers great value as it gives you more transactions and tools to help with your cash flow.

You only need $100 to open a new business checking account with PNC. The requirements to waive the monthly service fee are very reasonable. And it's even waived for the first three months after the account is opened.

Business owners can even get a personal Virtual Wallet with Performance Spend checking account with no monthly service fee. This is great if you want your personal and business checking with one bank.

PNC also has a built-in Cash Flow Insight® tool to help you make confident business decisions. You can see what you spend on, approve and pay bills, forecast upcoming transactions, and more.

Pros:

  • Opening deposit is only $100
  • Earn cash rewards at participating merchants
  • Built-in cash flow tools
  • QuickBooks, Xero, Intacct, and NetSuite integration

Cons:

  • No free business checking option
  • Low interest rates

PNC Bank also offers Merchant Services to help you with your payment processing. They have 24/7 customer service should you need it.

TD Bank

Best for: Customer service

TD Bank calls itself "America's Most Convenient Bank" due to its extended branch hours. Many of their branches are open on weekends and even some holidays. In Florida, you can find over 150 branches in nearly 100 cities.

And what's even more - it offers 24/7 live customer service. TD Bank is a convenient choice for small businesses since you'll never know if you might need help at odd times of the day.

However, TD Bank does not have a free business checking account. And the monthly fees and requirements to waive are higher compared to some other banks.

TD Bank offers integrated TD Online Accounting for $10/mo.[3] You can send professional invoices, accept credit card payments, set up payment reminders, and more. You don't need any extra software; it's all in your online banking account.

Other than checking and savings accounts, TD Bank also offers merchant solutions both in-person and e-commerce. You can get same-day setup, so your business can start accepting payments right away.

Pros:

  • 24/7 customer service
  • Personalized support from Small Business Specialists
  • TD Digital Wallet is accepted anywhere digital payments are accepted

Cons:

  • Many banking fees
  • Higher monthly fee than other banks

Fifth Third Bank

Best for: Best ATM access

Fifth Third Bank is a Midwest bank with over 150 locations in Florida. If you're in Orlando, Naples, or Tampa, you'll find the most branches.

However, Fifth Third partners with more than 40,000 fee-free ATMs. So you'll have more ATM options wherever you go, even when you travel out of Florida.

They offer three different checking accounts, including the Fifth Third Business Checking Account with no monthly fee or minimum balance needed. It includes 100 free transactions and up to $5,000 in cash deposits per month.

All accounts come with a debit card and access to online and mobile banking apps. Not only that, all of them have overdraft protection and access to discounted payroll solutions.

Pros:

  • Free business checking option
  • Large fee-free ATM network
  • Mobile check deposits

Cons:

  • Higher balance requirements for other accounts
  • Low savings APY
  • Fewer available branches

Suncoast Credit Union

Best for: Free business checking account with generous transaction limits

You can also look into a credit union instead of a traditional bank. Credit unions are known to be more community focused and offer more personalized service and even lower fees.

Suncoast Credit Union is one of Flordia's largest credit unions. It's headquartered in Tampa and has over 75 service centers in 19 counties. It has the most locations in Hillsborough and Lee.

It offers a Business Smart Checking account with no monthly fee. You get unlimited electronic transactions and 200 free paper check transactions each month. That's really generous for a free account.

Plus, besides Suncoast ATMs, you can get free ATM access at thousands of CO-OP Network ATMs and McDonalds ATMs in select countries.

Anyone who lives, works, attends school, or worships in the counties they serve in Florida is eligible to become a Suncoast member.

Pros:

  • Free business checking option
  • Large ATM network
  • Unlimited electronic transactions
  • Good APYs on certain savings accounts

Cons:

  • Limited branches
  • Limited business services compared to traditional banks

SouthState Bank

Best for: Business banking with a regional bank

SouthState Bank is a regional bank based in Winter Haven, FL. It has approximately 100 branches across 70 cities in Florida.

Their Small Business Checking account is their most popular business checking account. It has no monthly maintenance fee, making it just right for business owners just starting out. And you get the first 150 debit, credit, or deposit transactions per month free.

The online and mobile banking features are quite good too. You can set up bill pay, get spending reports, and download transactions directly into Quicken or Quickbooks.

Pros:

  • Free checking option when enrolled in e-statements
  • Only $50 to open
  • SBA Loans

Cons:

  • Limited number of branches
  • Slow customer service

How to Choose the Right Bank for Your Business?

Before committing to a bank, it's best to be sure they have the features you're looking for. Consider these:

  • Monthly fee & minimum balance
    Some banks require that you maintain a minimum balance in your account. If you don't, you'll have to pay a monthly fee. See if the requirement makes sense for your business.

    There are banks on our list with no minimums and no monthly fee too.

  • Monthly transaction limits
    Most business checking accounts cap the number of free transactions your account can do per month. Then a fee is charged for each one after that. Pick an account that can accommodate your transaction volume.

  • Cash deposits
    Does your business deal with a lot of cash? Most accounts offer fee-free cash deposits up to a certain amount per month.

  • Accessibility
    The banks on our list have a good number of branches and ATMs across Florida. It's still best to check the availability of your chosen bank in your area, and how convenient it would be for you on a day-to-day basis.

  • Small business loan options
    You never know when you might need a loan to keep your business afloat or to expand. Sometimes, it's easier to get a loan from the same bank you use for checking, since you have an established relationship. See what loan options the bank has and their terms.

  • Customer support
    It's best to be able to get help as soon as you need it. Get a sense of the bank's customer service for small business owners. Some banks have Small Business Specialists that can give you more tailored guidance.

  • Mobile app
    Many small business owners bank on the go. Having a reliable mobile banking app is a must.

  • Software integration
    Does the bank integrate with any accounting software, like QuickBooks, Freshbooks, or Xero? This will save you a lot of time and hassle when it comes to bookkeeping and tax reporting.

Why Have a Business Bank Account

If you have an LLC or corporation in Florida, you must legally separate your business finances. This protects you from personal liability in case you get sued or have business debt.

This isn't a requirement for sole proprietors, but having a business bank account will make life easier. Here are a few good reasons why all small business owners should have one:

  • Easier to calculate business expenses during tax time.
  • Makes the business look more professional to your customers and vendors.
  • Be able to apply for business loans.
  • Pay bills and make purchases from your business funds.
  • Allows you to accept credit card payments from customers.

What kind of bank account should I open for my small business?
Your small business should have at least a checking account. It's what you need for day-to-day operations like paying bills, receiving deposits, and making purchases.

If your business has extra funds, you can open a business savings account to save for emergencies and future plans.

Methodology

To come up with the best banks for small businesses in Florida, we first pinned down banks with a strong presence in the state. After all, you need to be able to find branches and ATMs easily.

Then we looked into the banks' fees, account features, and other business services. We chose banks that either have a free business checking option, or reasonable requirements to waive.

We also looked for unique banking features, like built-in payment processing, cash flow tools, or special accounts for non-profits. No matter what kind of business you have, you should find a bank that fits your needs.

FAQ

Do I need a Florida ID to open a business bank account in Florida?
Yes, most banks in Florida will require proof of residency in order to open a business bank account. This usually means a Florida driver's license, business license, and business registration.

What is the minimum to open a business account?
The minimum amount needed to open a business account can range anywhere from $0 to $1,000. It varies from bank to bank, so it's best to check with your preferred bank.

Can I open a business bank account with bad credit?
Banks generally do not do a credit check when you open a checking or savings account. So it is possible to open a business bank account even if you have low personal credit.

However, banks may check your ChexSystems report. So if you've had problems with your personal banking account, that may impact your ability to open a business banking account.

Can I use a regular bank account for my small business?
It's best that you have a dedicated business bank account for your small business. Aside from liability protection, it also helps keep your finances organized.

Bottom Line

Small business owners in Florida have a lot of options. Choosing the right bank is important to the success of your business. It can help provide the solutions you need to run and grow your business.

Consider what you need to make your business grow. You can always switch banks later if you need to, but it would be a hassle to start all over from scratch.

References

  1. ^ Florida Small Business Development Center. Florida's Small Business Needs, Retrieved 6/6/2023
  2. ^ Regions. 2022 Shared Value Report, Retrieved 6/6/2023
  3. ^ TD Bank. TD Online Accounting, Retrieved 6/11/2023

Write to Alex Alcasid at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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