The 14 Best Banks with Mobile Apps for Your Business

mobile apps

With a wide range of variety in the banking needs of small businesses, it can be difficult to find a one-size-fits-all financial solution. As a small business owner, you want to be able to make the best choice in finding a banking partner to help your company grow. We’ve compiled the account features and downsides of the top 14 banks for small businesses and their mobile apps to help you find the right fit for your company.

Azlo Bank

If you’re looking to escape hidden banking fees and long teller lines, Azlo Bank might be right for you. Offering fee-free banking on a digital platform, Azlo helps small businesses hit the ground running with third-party payment and invoicing options that help you control your cash flow from a single place. Business checking is straightforward with the following features:

  • Online Bill Pay
  • ATM Access
  • Free Custom Digital Invoicing Service
  • Links to third-party payment processing (PayPal, Square, or Stripe)
  • Easy online sign-up with no minimum deposit
  • No minimum balance
  • NO FEES

In addition, the mobile app’s UX design is clear-cut and intuitive. Features such as mobile check deposit and fee-free ATM finder can make your mobile banking experience easier.

Downside: Limited Deposit Options

Because they don’t have physical branch locations, cash deposits are a no-go. Also, until you build up some deposit history, deposited checks may take up to 5 business days to hit your account. Azlo also only accepts up to $20,000.00 in mobile deposits per month, meaning that larger companies would probably benefit more from a bank with physical locations and more flexible checking options.

Verdict: 4 of 5 Stars
 

Capital One

From business management tools and a high-ranking mobile app to the trademarked Spark Business IQ program, Capital One has a lot to offer. They also offer flexible payment processing and e-invoicing services, retirement benefit plans, and unlimited Spark Business credit card rewards for your benefit. Here’s the scoop on their banking services.

Spark Business Basic Checking

  • Unlimited monthly transactions
  • Free cash deposits up to $5,000
  • Online Account Access and Mobile Checking
  • Free Overdraft Protection with a linked account

Spark Business Basic Checking

  • For businesses with high transaction volumes and account balances
  • Includes all features of basic checking
  • Unlimited free cash deposits
  • Fee-free incoming domestic wired funds
  • Next-day access to deposited funds
  • ProDeposit remote check scanner service

Another strength of Capital One Business Banking is its innovative mobile presence. With a intuitive and customizable UX design, it’s no wonder their banking app received the J.D. Power award for “Highest in Customer Satisfaction Among Mobile Banking Apps” for the second year in a row in 2018.

Downside: Not Your Friendly Neighborhood Bank

Though their website and mobile app are well-designed and easy to use, a big downside to using Capital One is their limited availability of physical branches. In addition, their checking accounts have little to no interest rates and sometimes hefty overdraft fees. With an outstanding mobile presence and customer service, this is a great option for the tech-driven companies that aren’t looking for interest-bearing checking.

Verdict: 4 of 5 Stars

 

CitiBank

With a reputation for small business support all over the globe, CitiBank offers the convenience of a personal banking touch with user-friendly mobile and online account access. CitiBank handles business banking for small businesses and large organizations alike. Here are their four top business checking accounts.

CitiBusiness Streamlined Checking

  • $15 monthly fee
  • 250 free monthly transactions
  • $5,000 minimum balance

CitiBusiness Checking

  • $22 monthly fee
  • Unlimited free monthly transactions
  • No minimum balance (Cannot waive maintenance fee)

CitiBusiness Interest Checking

  • $22-$33 monthly fee
  • 25 free monthly transactions
  • $10,000 minimum balance

CitiBusiness Flexible Checking

  • $22-$33 monthly fee
  • 500 free monthly transactions
  • $10,000 minimum balance

Downside: Inconvenient Fees

Like most large banking institutions, CitiBank has a variety of inconvenient account fees that can build up over time. Overall, CitiBank is one of the most small-business-friendly banks out there. Despite their frequent fees, the flexibility of their banking services and their highly-rated mobile app will make this a great option for businesses of any size.

Verdict: 5 of 5 Stars

 

Axos Bank

3 star

With digital financial services providing access to your account, reliability is key. Axos Bank is the oldest digitally-based bank in the U.S. and can certainly offer the customer support and ease of internet banking that tech-savvy business owners are looking for. Axos Bank offers three main checking account options for a customized business banking experience. Here are some features of these three accounts.

Basic Business Checking

  • For businesses with simple checking needs
  • No daily minimum
  • No monthly fees
  • $1000 minimum deposit to open account
  • Online banking and bill pay
  • Up to 60 free monthly remote deposits

Business Interest Checking

  • For companies looking for a place to store larger cash reserves in interest-yielding accounts
  • Daily minimum of $5,000
  • Monthly fee of $10
  • $100 minimum deposit to open account
  • Online banking and bill pay
  • Up to 60 free monthly remote deposits

Analyzed Business Checking

  • For companies needing flexible checking options with treasury management services
  • No daily minimum
  • Monthly fee of $15
  • $100 minimum deposit to open account
  • Online banking and bill pay
  • Up to 60 free monthly remote deposits

Each of these accounts offers unlimited reimbursements of domestic ATM fees and overdraft transfer protection with a linked account. In addition to these customizable banking services, Axos offers industry-specific solutions for public sector and non-profit organizations, and a mobile app to help you stay on top of your finances from anywhere.

Downside: Mobile Fail

As an online banking entity, you would expect the mobile app from Axos Bank to be cutting-edge, but it falls pretty flat when it comes to user experience. With transfers and mobile deposits taking up to five business days, and glitchy performance making account access unreliable, this is a definite downside for an all-online bank.

Verdict: 3 of 5 Stars

 

Santander Bank

3 star

Predominantly based in a small Northeast region of the U.S., Santander Bank is one of the largest banks in the world. With international exchange and trade services, they are a high contender for businesses with an international interest. They also offer resources to help your business grow, including their Business First program and three main business checking options.

Basic Business Checking

  • Best for small businesses with lower monthly transactions.
  • $7.50 monthly fee
  • Daily balance of $1,500
  • 50 free transactions per month

Business Checking

  • Standard checking option for small businesses with moderate transactions
  • $15 monthly fee
  • Daily balance of $5,000
  • 300 free transactions per month

Business Checking Plus

  • Large companies with high monthly transactions and balances.
  • $50 monthly fee
  • Daily balance of $40,000
  • 750 free transactions per month

With competitive exchange rates and International-trade services offered through an online Trade Portal, Santander Bank is dedicated to helping your business grow overseas as well as domestically. The three different account types and various business resources are a testament that Santander is here to help you succeed.

Downside: Business Banking App Experience

In the digital age, on-the-go access to financial information is more important than ever. While Santander Bank offers decent online account access, they receive consistently low user ratings on their poorly designed mobile app. However, Santander Bank certainly fills a specific niche in banking services and is a good option for larger businesses looking for an internationally-friendly banking partnership.

Verdict: 3 of 5 Stars

 

SunTrust Bank

2 star

When it comes to trusting your financial institution, some companies feel more comfortable with larger retail banks than with the myriad of online-only banking options. With flexible options available for widely varied business types, SunTrust Bank offers more transparency with fees and customer support options, as well as a variety of loyalty award opportunities. Here are the three main business checking options.

Simple Business Checking

  • Perfect for freelancers and start-ups
  • No minimum balance
  • 50 free monthly transactions
  • $2,000 cash processing included
  • $5 monthly maintenance fee – waived with 5 or more monthly transactions
  • First 12 statement cycle fees waived

Primary Business Checking

  • Minimum required daily collected balance of $1,000
  • 150 free monthly transactions
  • $5,000 cash processing included
  • $15 monthly maintenance fee
  • First 2 statement cycle fees waived

Business Advantage Plus Checking

  • Minimum required daily collected balance of $20,000
  • 500 free monthly transactions
  • $10,000 cash processing included
  • $25 monthly maintenance fee
  • First 2 statement cycle fees waived

In the world of finely printed account details, SunTrust Bank offers unique transparency with their account access and fee cycles. This makes a big difference for smaller companies relying on a limited cash flow that doesn’t need to be consistently docked with high fees.

Downside: Unfavorable Business App Performance

While SunTrust Bank has a personal banking app with great reviews, the separate business banking app receives consistently low user ratings due to its unreliability, confusing UX design, and lack of mobile deposit. This is a better option for companies who prefer old-school banking and are based near physical branch locations.

Verdict: 2 of 5 Stars

 

M&T Bank

3 star

With a wide variety of business checking accounts to choose from, M&T Bank offers flexible and customized banking solutions that come with online and mobile access, as well as customizable debit cards. Industry-specific needs can be met through tailored accounts, from new businesses to non-profits. Here are the three most common business checking accounts.

Simple Checking for Business

  • Best for new businesses or smaller start-ups with fewer monthly transactions.
  • Minimum balance of $2,500
  • 100 free monthly transactions
  • $5,000 free monthly deposits

Tailored Business Checking

  • Best for small businesses needing scalable checking options
  • Minimum balance of $10,000
  • 500 free monthly transactions
  • $20,000 free monthly deposits

BizFlex Checking

  • Best for mid-sized businesses needing greater monthly cash flow management
  • Minimum balance of $50,000
  • 1000 free monthly transactions
  • $50,000 free monthly deposits
  • Treasury management services

M&T also offers a wide range of cash management, employee benefit, and investment resources that help your company remain competitive. A dedicated relationship manager can help you set up your banking experience to work for your business.

Downside: Limited Locations

With a limited number of physical branches and in-network ATMs, M&T Bank can be a difficult banking option for companies outside of the northeastern United States. However, their account flexibility the dedication of qualified relationship managers puts this bank on the list of those to consider closely.

Verdict: 3 of 5 Stars

 

Key Bank

3 star

As one of the nation’s largest financial service companies, Key Bank is based in Cleveland, Ohio. This award-winning bank is a good option to consider if your company is based in the bank’s coverage area in the northern areas of each coast and prioritizes diversity in the workplace. Here are their basic checking options.

Basic Business Checking

  • Best for smaller businesses or startups with lower monthly balances
  • $5 monthly fee
  • $1,000 minimum balance or combined balance of $10,000

Business Interest Checking

  • Best for businesses that need interest on their cash balances
  • $15 monthly fee
  • $5,000 minimum balance or combined balance of $15,000

Business Reward Checking

  • Best for larger companies with consistently high account balances
  • $25 monthly fee
  • $7,500 minimum balance or combined balance of $20,000

A huge benefit to banking with Key Bank is the investment it makes into the community. Not every bank is able to tout the ethical awards that Key Bank has on its resume. A key leader in the banking industry in diversity and LGBT equality in the workplace, you’ll be able to trust this bank as an institution that cares about people.

Downside: Lower Quality App

While Key Bank has been around the block for a long time, their mobile presence is relatively new and under-developed. With complaints of unreliability and system crashes, their mobile app isn’t the best out there, so small business owners might find the lack of mobile support frustrating.

Verdict: 3 of 5 Stars

 

Live Oak Bank

3 star

As one of the most recently founded banks on this list, Live Oak Bank has an interest rate 11 times more than the national average in business savings services. With a 1.10% APY, small businesses can maximize their savings in this FDIC-backed online bank. Their business savings accounts include the following features:

  • No monthly maintenance fees
  • 1.10% APY
  • First 6 monthly transactions free
  • Electronic funds transfer
  • Online account access
  • Daily compounded interest

Live Oak Bank also offers 20+ different industry-specific business loans. With SBA-guaranteed loans and specialized financial advisors, your investment in your company’s future will be in safe hands.

Downside: The Obvious

Obviously, a bank geared towards savings accounts and CDs doesn’t really provide the same kind of service as a larger bank that also offers checking accounts. This bank can provide valuable services, however, to companies willing to bank with separate checking and savings accounts in order to get the best rates.

Verdict: 3 of 5 Stars

 

TD Bank

2 star

A part of the Toronto-Dominion Bank of Canada, TD Bank is considered one of the nation’s best banks for small businesses. With three basic banking options, this small bank offers a variety of options to fit your business needs.

TD Business Simple Checking

  • Best for smaller businesses or startups with lower monthly balances
  • $10 monthly fee
  • 200 free monthly transactions

TD Business Convenience Checking Plus

  • For businesses with higher transaction expectations
  • $25 monthly fee
  • $1,500 minimum monthly balance

TD Business Premier Checking

  • Best for larger companies with consistently high account balances
  • $30 monthly fee
  • $40,000 minimum balance

Downside: Poor Customer Service

While TD Bank offers valuable checking services, they seem to have a problem with communication with customers. The lack of transparency with fee schedules and poor customer service makes for a poor customer experience both inside the branches and as an online customer.

Verdict: 2 of 5 Stars

 

PNC Bank

3 star

A flexible option for high-transaction small businesses, PNC Bank offers three business checking accounts with manageable fees and options for different financial needs.

Business Checking

  • Best for smaller businesses or startups with lower monthly balances
  • $10 monthly fee
  • $500 minimum balance
  • 150 monthly transactions

Business Checking Plus

  • $20 monthly fee
  • $5,000 minimum balance or combined balance of $20,000
  • 500 monthly transactions

Analysis Business Checking

  • Best for larger companies with high transactions
  • $20 monthly fee
  • Earning money from deposits can help cover monthly fees
  • Pay per transaction

Downside: Customer Experience

Like many larger banks, PNC Bank offers great banking options at the expense of the personal touch of more intimate banking relationships. Poor customer service can make this banking experience more of a hassle than you really need.

Verdict: 3 of 5 Stars

 

Bank of America

3 star

As one of the most well-known banking institutions around, Bank of America has a long history of offering great terms in small business checking. They offer two basic business accounts to choose from.

Business Fundamentals Checking

  • Best for smaller businesses or startups with lower monthly balances
  • $13 monthly fee
  • $3,000 daily/$5,000 monthly minimum or $15,000 combined balance

Business Advantage Checking

  • Standard account for most businesses
  • $29.95 monthly fee
  • $15,000 minimum or $35,000 combined monthly balance

Downside: Low Interest

With rates of 0.02-0.04% on business savings accounts, Bank of America doesn’t make much out of your money. While they certainly offer bank services suited to a wide array of business models, high fees and low interest can drive some small companies to smaller banks with better rates.

Verdict: 3 of 5 Stars

 

Chase

With a polished online platform and universally recognized credit cards, Chase also provides great management tools to help your business succeed. As a brand you can trust to help your business grow, here are their three main account options.

Chase Total Business Checking

  • Best for smaller businesses or startups with lower monthly balances
  • $15 monthly fee
  • 100 free monthly transactions
  • $1,500 minimum daily balance

Chase Performance Business Checking

  • Standard account for most businesses
  • $30 monthly fee
  • 250 free monthly transactions
  • $35,000 minimum daily balance

Chase Platinum Business Checking

  • Best for large companies with consistently high account balances
  • $95 monthly fee
  • 500 free monthly transactions
  • $100,000 minimum daily balance

Downside: Low Transaction Caps

For businesses expecting higher volumes of transactions, Chase might not be the right fit. With specified transaction limits and high balance requirements, it might be worth looking at another banking source if you fall in between the cracks of the checking account options.

Verdict: 4 of 5 Stars

 

Wells Fargo

As the nation’s #1 Best Bank for Small Business Loans in 2019, Wells Fargo certainly knows how to help small businesses grow. With various online resources and countrywide physical branch locations, Wells Fargo also offers great customer service to get you on the right track with your cash flow management. Here are the four main types of business checking accounts.

Simple Business Checking

  • Sole proprietors
  • Home-based freelancers

Business Choice Checking

  • Growing startups
  • Established freelancers/LLCs
  • Small businesses with few employees

Platinum Business Checking

  • Corporations
  • Small businesses with more than a few employees

Analyzed Business Checking

  • Larger businesses needing more flexibility with cash flow
  • Corporations in need of treasury management services

Not only is Wells Fargo a great lender for small business owners, they have also invested a lot into their Small Business Resource Center, which gives tips on everything from cash flow and credit management to navigating the SBA loan process. They also have the #9 Finance App in the App store, due to its high performance and intuitive UX design.

Downside: High Fees, Low Interest

Business checking with Wells Fargo tends towards the lower end in interest yields. These checking accounts also offer plenty of high fees to keep you on your toes. Despite typical high retail-bank fees, this is a great option for small business owners looking to establish a bank relationship with a potential lender.

Verdict: 4 of 5 Stars

 

Conclusion

Developing a relationship with a great banking partner is a key step in the right direction for your small business to succeed. While there are many decent banks out there, finding a great bank means finding a bank that really partners with you to help your company grow, while giving you 24/7 access to your cash flow for when you need it. See a bank in our list that piques your interest? Get more details on your favorite banks at Revenued.com

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