The number of small businesses in Florida is approximately 2.5 million. They employ 3.3 million workers, which is 42.2% of the state’s private-sector workforce, making up 99.8% of all businesses. Florida’s small businesses are thriving. In this blog we briefly explain Best banks in Florida for small business according to suited your business.
Depending on the industry, a small business is an independently owned and operated company with a limited size and revenue. A small business is an establishment that employs 10 people, such as a local coffee café. Likewise, a furniture manufacturing company with fewer than 500 employees is a small business.
You might want to know which bank is best for your small business in Florida; a bank that can give you all the support you need to scale up your business. The following are some of the best banks for small businesses in Florida.
Best banks in Florida for small business
City National Bank of Florida
A small business owner should do business with City National Bank of Florida, one of the best banks in Florida. City National Bank of Florida (CNBFL), based in Miami, Florida, is the second-largest financial institution in the state.
There are 32 CNBFL branches in Miami-Dade County and the greater Orlando area, and nearly 1,000 employees work there. Over the past 18 years, City National Bank of Florida has earned an “Outstanding” community reinvestment rating from the Office of the Comptroller of the Currency (OCC).
It is rated 5 stars “Superior” by Bauer Financial, one of Florida’s best-capitalized and most liquid banks. For the past two years, CNBFL has been named a Best Place to Work by American Banker.
Discover Bank
A Florida entrepreneur who is considering starting a business should consider Discover Bank as well. Morgan Stanley (NYSE: MWD) owns Discover Financial Services, Inc. More than 50 million Cardmembers use Discover Card brands and Discover Business Services.
Among Discover Bank’s products are checking, savings, CDs, and more. There are no monthly fees or overdraft charges at Discover Bank, which offers excellent accounts and a massive free ATM network.
Bank of America Financial Center
A small business owner in Florida should also consider doing business with Bank of America Financial Center. Bank of America Financial Center has 492 locations in Florida, even though the banks don’t have quite as many branches there as they do in other states.
Bank of America Financial Center also offers a convenient mobile app with over 54 million verified users, making it easy for Bank of America customers to manage their accounts on the go, whether they’re paying bills, cashing checks, or managing their checking account.
For Florida small business owners, Bank of America is a good choice due to its size, experience, and commitment to providing quality banking services in the digital age.
Tropical Financial Credit Union
Tropical Financial Credit Union is another Florida bank that small business owners should consider doing business with. A small business can leverage Tropical Financial Credit Union’s products and services to grow and expand utilizing their well-packaged services.
There are many banking services offered by Tropical Financial, including free and high-yield checking accounts, high-interest savings accounts, low interest rates on loans, retirement planning, debt consolidation and refinancing, small business services, and free financial seminars. In 2005, Tropical Financial Credit Union received a 4-star rating from Bauer Financial Inc. and the Governor’s Florida Sterling Award.
Chase Bank
You should consider Chase Bank if you own a small business in Florida and are looking for a bank to do business with. When you open a Chase Secure Banking SM account with qualifying activities, you will receive $100 as a new Chase checking customer.
Additionally, Chase Bank does not require a minimum deposit to open an account. Neither money orders nor cashier’s checks require tracking paper checks. A $4.95 monthly service fee enables you to pay bills, cash checks, and transfer money with Zelle.
With the Chase debit card, you can also avoid overdraft fees by spending only what you have available. With the Chase Mobile app, Chase OnlineSM, and 16,000 Chase ATMs, you can bank virtually anywhere.
After opening an account, customers can save an average of $50 a month on fees. Zero Liability Protection eliminates the worry of unauthorized card transactions.
Capital One
In Florida, Capital One is another bank that small business owners should consider. Checking and savings accounts are available for free with Capital One, and they offer nice returns compared to competitors. Capital One 360 Checking accounts offer no monthly fees and a modest interest rate with no minimum balance requirement – not bad for a checking account.
Capital One customers have access to the Allpoint and MoneyPass networks in addition to their own ATMs, which are fewer and farther between than some other major banks. With that many ATMs available, there are more than 70,000 in total.
Capital One 360 Performance Savings account pays slightly higher interest, still with no minimum balance. It may be worthwhile to consider Capital One’s rates if you are considering their other services, which are lower than Ally’s.
Suncoast Credit Union
In 2021, Suncoast Credit Union was considered the best bank for small-business loans in Florida. In order to bank with Suncoast Credit Union, your business must be licensed in Florida and located in one of the 39 counties that it serves.
There are two types of business checking available at Suncoast Credit Union: Business Smart Checking and Business Classic Checking. There is no monthly fee or minimum balance requirement for Business Smart Checking. Both accounts require an opening deposit of $50.
Suncoast Credit Union offers fee-free transactions for up to 200 transactions with Business Smart and 300 with Business Classic. The limits do not apply to debit card purchases, online bill payments, or other automated transactions.
You will also enjoy no ATM fees when you open Suncoast Credit Union, which includes Suncoast ATMs and those in the Co-op ATM network.
Iberia bank
Iberia bank is another bank that small business owners should consider in Florida. Central Florida is home to most of Iberia bank’s 68 branches in the Sunshine State. Eventually, the bank will expand its footprint in Florida after merging with First Horizon Bank.
Iberia bank offers three primary account options, including a free business checking account without a minimum balance requirement. For balances of $10,000 or more, Iberia bank’s Business Interest Checking earns 0.1% interest.
Iberia bank also offers no fee cash deposits up to $10,000 on all accounts. Checking account transactions can be downloaded to QuickBooks for easy bookkeeping. Paychex offers SBA loans, real estate loans, and lines of credit for small businesses, as well as payroll services.
Wells Fargo
One of the biggest banks in the world, Wells Fargo offers special products and services for small businesses. In Florida, Wells Fargo has 522 banking locations. No matter where you live, you’ll be able to find a convenient branch.
According to Small Business Administration (SBA) reports, Wells Fargo is among the top small business lenders, making them a good choice for small business owners.
Additionally, Wells Fargo is recommended due to their commitment to transparency, providing public access to interest rates on its loans, something that other banks rarely do. There are a number of excellent options available to small business owners in Florida who wish to open a bank account with Wells Fargo.
Synovus Bank
A small business owner in Florida should consider Synovus Bank as another ideal bank. Several business checking options are available through Synovus Bank, including a business interest checking account.
With Synovus Bank’s Pro Business Checking account, you can deposit up to $10,000 and complete up to 200 debit transactions without paying any fees. If you maintain a $1,000 average collected balance for the month, they will waive the $10 monthly fee.
You may want to consider Synovus’ Business Interest Checking even if you’re a sole proprietor or nonprofit. The Pro Business Checking account also offers free debit transactions and up to $10,000 in deposits.
The account also earns interest on your entire balance (you must keep at least $2,500 in there to waive the $10 monthly fee). Your interest rate will increase as your balance increases, as well as tiered interest rates.
Suncoast Credit Union
Small business owners should consider doing business with Suncoast Credit Union, one of the best banks in Florida. At Suncoast Credit Union, Business Smart Checking is the entry-level account. You will need a $50 minimum deposit to open an account here (for both business checking accounts).
This account does not require a minimum balance and does not charge a monthly maintenance fee. This account also offers free transactions for the first 200 transactions.
You can always look into their next tier, Business Classic Checking, if this isn’t quite enough for you. You will get 300 free transactions with this account, and a lower price if you go over ($0.10 instead of $0.20). To avoid the $20 maintenance fee, you must keep $2,000 in the account.
Axos Bank
Online banking institution Axos Bank, formerly known as Bank of the Internet, has an exceptional track record. With Axos Bank’s Basic Business Checking Option, there is no minimum balance requirement or monthly service fee. Using the account is free of charge and there is no minimum deposit.
Axos will reimburse you for using any ATM since they don’t have physical branches or dedicated ATMs. If you frequent ATMs, you can rest easy with them. If you open an Axos Business checking account with the code NEWBIZ200, you can get a $200 welcome bonus.
Businesses that are incorporated after June 1, 2020 are eligible for this bonus offer, but other businesses can also benefit. Businesses can get $100 in welcome bonuses when they open an account using the code NEWAXOSBIZ.
Regions Bank
An entrepreneur who intends to start a business in Florida should consider doing business with Regions Bank.
One of the nation’s largest providers of consumer and commercial banking, mortgage and wealth management, banking products and services, Regions Financial Corporation (Regions Bank) is a member of the S&P 500 Index. Small businesses can take advantage of the full spectrum of banking services offered by Regions.
SunTrust
When searching for a bank to do business with, small business owners in Florida should consider SunTrust. Among the benefits of SunTrust Bank is its low-fee business checking account, which becomes free if you complete five transactions per month.
For the time being, SunTrust is still offering business banking under its own name after merging with BB&T to form Trust Bank. There is a possibility that business checking options will change in the future. There are three types of business checking accounts offered by SunTrust: Simple Business Checking, Primary Business Checking, and Business Advantage Plus Checking.
The Simple Business Checking fee is $5 per month, but it is waived for the first 12 statement cycles. After that, you can avoid the fee by making only five debit and credit transactions per month. It depends on the account whether you can make 50 or 500 transactions per month.
If you sign up for Simple Business Checking, you’ll be able to make fee-free cash deposits up to $2,000 each year. You can earn up to $10,000 with Business Advantage Plus Checking. Under SunTrust, multiple business savings accounts are available, including money market accounts and certificates of deposit. Through Clover, you can also purchase point-of-sale systems.