Opening a business bank account is an essential part of running a small business. It’s the best way to separate your personal and business expenses. An added bonus is that it usually makes tax season a whole lot easier too. If you own a business in the Peach State, you may be looking for the best bank for small businesses in Georgia. The truth is that every financial institution is different. Finding the best one for you will depend on what you’re looking for in a bank.
The Best Banks for Small Business in Georgia
Establishing a business bank account can help streamline your bookkeeping and accounting tasks. In that spirit, we’ve rounded up a handful of the best business banks in Georgia.
1. Best for Growth: Wells Fargo
Wells Fargo stands out for its ability to support you while your business grows. On top of that, it’s super accessible. With close to two dozen branches peppered throughout Georgia, small business owners shouldn’t have a problem finding a local brick-and-mortar location or ATM at which to do their banking. Wells Fargo also delivers everything you’d expect from a leading national bank. This includes three different types of business checking accounts:
- Initiate Business Checking: This is the most basic account for smaller businesses. You’ll get 100 transactions and $5,000 in cash deposits per month. There’s a $10 monthly service fee, but you can avoid it by maintaining a $500 minimum daily balance.
- Navigate Business Checking: This mid-level account is designed for growing businesses. You’ll have access to 250 transactions and $20,000 in cash deposits per month. The $25 monthly service fee is waived as long as you keep a $10,000 minimum daily balance.
- Optimize Business Checking: This account is ideal for larger self-owned businesses with high transaction volume. You’ll get 250 transactions per month, though you’ll be on the hook for $0.0025 for every dollar of cash deposits. There’s a $75 monthly fee, but this covers up to five Optimize checking accounts. You may be able to offset some of the cost if you’re eligible for a Wells Fargo earnings allowance.
Wells Fargo also provides business savings accounts, HR services, business credit cards, and small business insurance among other resources — including SBA loans and business lines of credit.
2. Best Credit Union: Delta Community Credit Union
Going with a big bank certainly isn’t your only option. You may prefer partnering with a credit union. These member-owned, not-for-profit financial institutions are known for providing more individualized customer service. They mirror banks in that they generally provide a full spectrum of financial products but usually feature better interest rates and lower fees. If you’re doing business in Georgia, you might want to put Delta Community Credit Union on your list.
This credit union offers a variety of business banking options, like checking and savings accounts, mobile banking, and merchant services. The latter includes credit and debit card processing services for your small business as well as online reporting and customer analytics. They also offer add-ons to your employee benefits program that are focused on promoting financial education.
3. Best for Small Business Lending: JPMorgan Chase
Chances are you’ve heard of JPMorgan Chase. They’ve developed a robust small business banking program that includes many different lending options. Chase Bank is widely accessible throughout Atlanta, making for easy access — especially if you’re in need of capital. A variety of different SBA loans are available to qualifying borrowers. You can also expect different types of business lines of credit, term loans, business credit cards, and more.
In terms of SBA lending, Chase is up there as a leading lender. These kinds of loans are guaranteed by the Small Business Administration and can provide money to be used for all kinds of business expenses — from providing working capital to purchasing inventory to refinancing debt and beyond. Interest rates are generally lower with an SBA loan when compared to other types of financing. Just bear in mind that the application process can be cumbersome and lengthy. Your business will also have to meet certain lending requirements to qualify.
4. Best for Online Banking: NBKC
Depending on your business, you may not need access to a brick-and-mortar location. Online banking might feel like a better fit if you crave the ease and convenience of banking from your computer or while on the go. NBKC offers business bank accounts with very few fees, allowing for straightforward banking whenever you need it. Its business checking account doesn’t charge monthly fees or require a minimum opening balance or minimum account balance once you’re rolling. There are also no fees for:
- Check deposits
- Stop payments
- Incoming wires
When you need cash, you can tap a MoneyPass ATM free of charge — and there are plenty sprinkled throughout Georgia. You’ll also have up to $12 in monthly refunds if you’re charged ATM fees elsewhere.
What to Look for in a Small Business Bank
Finding the best bank for small businesses in Georgia really comes down to your unique business needs. If you’re a relatively new business that’s just getting started, a simple, low-fee online bank might be your best bet. Those who are established and growing might be more focused on securing capital by way of an SBA loan or business line of credit. In that case, a larger bank might make more sense. Meanwhile, many small business owners are invested in their communities and may enjoy the personalized attention that often goes hand in hand with a brick-and-mortar credit union.
The Bottom Line
When doing your small business banking in Georgia (or anywhere, really), it’s always wise to evaluate fees, restrictions, and accessibility before choosing a financial institution. For example, having to deal with transaction limitations each month could be a hurdle for your growing business. The same can be said for limited ATM availability. In other words, there isn’t one best banking option. Your business’s needs and goals should chart the course.