October 1, 2024

Best Banks for Small Business in Arizona

By Alyssa Supetran
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The right bank can help boost your business's growth. Discover the 10 best options for your small business in Arizona below.

What is the best bank to use for small business in Arizona?
Here are the top 10 banks for Arizona-based small businesses:
  1. Chase Bank for best overall
  2. Bank of America for flexibility
  3. U.S. Bank for national bank with free checking
  4. BMO Bank for easy access to resources
  5. Capital One for unlimited fee-free transactions
  6. Desert Financial Credit Union for best credit union
  7. Alliance Bank of Arizona for industry-specific solutions
  8. Arizona Bank & Trust for new businesses
  9. Bluevine for high-interest checking accounts
  10. Axos Bank for minimal fees

Whether you're organizing your finances or building your company's credit history, the right bank can meet your needs.

Fortunately, Arizona has many choices, from national banks like Chase to local institutions like Alliance Bank of Arizona. So, there's something for everyone.

Not sure which bank is best for your business? Read on to explore what each option offers, so you can make an informed decision.

10 Best Banks for Business Accounts in Arizona

From free checking accounts to treasury management, these banks provide the tools and resources to help your small business thrive in the Grand Canyon State.

Which bank account is best for a small business in Arizona?
Chase is our top pick for overall best since it has everything you'll need to run and manage your Arizona-based business. But Bluevine is a close second, especially if an interest-bearing checking account is your top priority. For local banks, the Alliance Bank of Arizona is one of the top choices.

Which banking service do you need for your small business in Arizona?

Chase Bank

Best for: Local shops and restaurants

Chase Bank consistently ranks at the top as one of the best banks for small businesses. With 180+ branches in Arizona, it's a great choice if you prefer a traditional brick-and-mortar bank.

It's also a great option if you have a small retail store, restaurant, or service business, and take credit card payments from customers.

The Chase Business Complete Banking account comes 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.

In addition, Chase is known for excellent customer service and business products. It also has an extremely popular lineup of business credit cards with good rewards.

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.

Bank of America

Best for: Flexibility; dedicated support

Bank of America is one of the largest brick-and-mortar banks in the United States. You can find over 100 financial centers across Arizona, with most located in the Phoenix area.

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 (and level down) according to your business 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 slow seasons.

And if you need help with anything, Bank of America's team of small business experts is ready to give you valuable advice and hands-on support whenever you need it.

Pros:

  • Flexible business checking
  • Built-in cash management tools
  • Access to small business specialists

Cons:

  • Less access to SBA loans
  • Many banking fees like overdrafts and wires

U.S. Bank

Best for: National bank with free checking

U.S. Bank is one of the country's largest banks with over 50 physical locations in Arizona. If you prefer a larger bank but don't want monthly fees, this bank is an excellent choice.

U.S. Bank is one of the few national banks that offers a free checking account to businesses. Its Silver Business Checking Account has no monthly fees or minimum balance requirements. You also have four other checking accounts to choose from.

Each of them comes with handy online and mobile banking features that let you monitor your cash flow, transfer money, deposit checks, and more at any time or place.

With U.S. Bank, you can also enjoy no-fee withdrawals through any of its more than 4,500 U.S. Bank ATMs across the country.

Pros:

  • Free checking option
  • Specialty checking accounts available
  • Extensive ATM network
  • No-fee withdrawals

Cons:

  • Limited fee-free transactions
  • Fewer features than others

BMO Bank

Best for: Easier access to resources; growing businesses

Although BMO Bank's presence is stronger in the Midwest, it still has a decent footprint in Arizona with 60+ branches.

Its multiple checking options can accommodate different needs, whether that's minimal fees or higher transaction limits. It even has specialty checking accounts for nonprofits and large enterprises.

More importantly, BMO helps entrepreneurs overcome common barriers to success, like insufficient capital or financial literacy.

For example, it provides accessible business credit lines that only charge interest on the borrowed amount. Other examples are the webinars and coaching sessions it hosts to help business owners better manage their money.

BMO's digital cash management services also streamline your company's payment, bill, and payroll processing. So you can just focus on running and growing your business.

BMO also offers tailored support to businesses owned and run by women, Hispanics, Blacks, and Native Americans. This support ranges from additional capital to one-on-one coaching from business experts.[1]

Pros:

  • Multiple checking options
  • Easier access to resources
  • Good financial management tools
  • Low waiver requirements for monthly fees

Cons:

  • No free business checking option (except for the non-profit account)
  • Limited fee-free transactions

Capital One

Best for: Unlimited fee-free transactions

Capital One can be a good fit for your business if it regularly handles high transaction volumes.

That's because it has unlimited free transactions for deposits, withdrawals, and money transfers. So, you can process all the transactions you want without worrying about the fees.

You also enjoy fee-free withdrawals when you use Capital One or partner ATMs. And with 1,000+ ATM locations in Arizona, you can find one almost anywhere with no problems.

In addition, Capital One has a wide selection of other banking products designed specifically with small businesses in mind. You can get business credit cards, savings accounts, and credit card processing services all from one bank.

Pros:

  • Unlimited fee-free transactions
  • Extensive ATM network
  • Fee-free withdrawals (Capital One, MoneyPass, & Allpoint ATMs)
  • Wide selection of small business banking products

Cons:

  • No branches in Arizona
  • High waiver requirements for monthly fees

What kind of bank do you want to use for your small business?

Desert Financial Credit Union

Best for: Local credit union

Desert Financial Credit Union is a local credit union with 50+ physical branches across the state and over 400,000 members. It's considered one of the best credit unions in Arizona because of the high level of member satisfaction and trust in its services.[2]

Aside from that, you can enjoy even more benefits for your business and its employees when you sign up to Desert Financial's MyMoney@Work program. You'll get additional cash bonuses for every eligible employee, free business checking accounts, and access to its financial educational tools.

You're eligible for a membership with Desert Financial Credit Union if you:[3]
  • Are an Arizona-based business owner
  • Are a Desert Financial employee
  • Are immediate family of a current member
  • Live, work, or attend school in one of its covered areas

Pros:

  • Easy application process
  • Exclusive membership perks
  • Cash bonus program
  • Debit card rewards

Cons:

  • Limited fee-free transactions
  • Higher requirements to waive monthly fees

Is it better to go with a bank or a credit union for a small business?
A credit union gives you access to additional perks that regular banks don't offer. But still allows you to enjoy the conveniences of one. However, a regular bank may have a wider selection of business banking products than a credit union.

Alliance Bank of Arizona

Best for: Industry-specific solutions

The Alliance Bank of Arizona is a division of the bigger Western Alliance Bank with about 10 branches in key cities in Arizona.

It's a good option if you prefer a local bank but want to enjoy the perks you usually only get from a larger bank. However, it's in customized financial solutions where Alliance truly shines.

It can tailor its banking services to match the unique needs of specific industries, like hotels or healthcare facilities. It's a great choice if your business needs services like treasury management and tailored loans with favorable terms.

Aside from that, Alliance has low opening requirements. You only need $100 to open any of its business checking accounts.[4]

Alliance Bank of Arizona can help you get additional capital by guiding you through the loan application process in your industry. With its expertise, you can access other financing options more easily.

Pros:

  • Customized financial solutions
  • Low opening requirements
  • Multiple checking options

Cons:

  • Limited locations
  • High requirements to waive monthly fees

Arizona Bank & Trust

Best for: New businesses

Arizona Bank & Trust is a division of HTLF Bank, with only around 5+ physical offices in Arizona. However, their parent company, HTLF, has over $20 billion in assets.[5]

Arizona Bank & Trust only has one business checking account, but it's still useful for new businesses because of the low opening requirements. You only need $100 for the initial deposit.

It also comes with convenient online and mobile banking features, so you can do transactions like wire transfers and bill payments at any time and place. You can even create multiple users with customized permissions for easier management.

In addition, Arizona Bank & Trust has a good selection of banking products for small businesses. These include merchant services, integrated payment solutions, and small business loans.

Arizona Bank & Trust offers small business bundles that can help you maximize your banking experience. These can help you simplify your financial management and better protect your business.

Pros:

  • Low opening requirements
  • Convenient online and mobile banking
  • Good selection of small business banking products

Cons:

  • Limited branches
  • Need to contact a banker for full disclosure

Bluevine

Best for: High-interest checking accounts

If you want competitive interest rates and don't mind an online-only option, Bluevine is a great choice for your business.

The standard account alone offers up to 2.0% APY on balances up to $250,000 with monthly eligibility requirements; 0% APY on balances over $250,000.[6]

Additionally, Bluevine allows you to open up to 5 free sub-accounts with individual account numbers and rules. This lets you organize funds for things like taxes, payroll, vendor payments, etc. So, managing your cash flow is now easier and more convenient.[7]

You also don't have to worry about monthly fees with the standard account. And with the MoneyPass ATM network, you enjoy no-fee withdrawals.

Pros:

  • High interest rates
  • Up to 5 sub-accounts
  • No monthly maintenance fees
  • Free withdrawals at approximately 40,000 MoneyPass ATMs

Cons:

  • No physical branches
  • Fees for cash deposits

Axos Bank

Best for: Minimal fees; free basic business checking

Axos is a full-service online bank, so it has no physical locations. But it's still a solid option for Arizona-based small businesses, especially if minimal fees sound good to you.

The Basic Business Checking account has no monthly fees and allows unlimited fee-free transactions. This covers incoming wire transfers, withdrawals, and deposits. Plus, you get up to 2 outgoing domestic wire reimbursements per month.

Another perk is the unlimited domestic ATM fee reimbursements. And with its approximately 91,000 partner ATMs, you can withdraw your money almost anywhere without worrying about how much each transaction costs.

Aside from that, you get a convenient mobile app and a Visa® debit card. Axos also has several support teams who can help you 24/7.

Pros:

  • Minimal fees
  • Extensive ATM network
  • Dedicated customer support
  • Unlimited domestic ATM fee reimbursements

Cons:

  • No physical branches
  • Limited support hours for non-clients

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:

  • Accessibility
    Most of the banks on our list have a good number of branches and ATMs across Arizona. 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.

    Alternatively, you can opt for online-only choices like Bluevine or Axos if you don't need a physical branch. They usually offer better fees and additional perks, like high interest rates for checking accounts.

  • 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. Some of our listed banks have no minimums and no monthly fees.

  • 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.

  • 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 who 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.

What's most important to you when choosing a small business bank?

Why Have a Business Bank Account

If you have an LLC or corporation in Arizona, 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 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 Arizona, 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 industry-specific lending options. No matter what kind of business you have, you should find a bank that fits your needs.

FAQ

Do I need an Arizona ID to open a business bank account in Arizona?
Yes, most banks in Arizona will require proof of residency to open a business bank account. This usually means your Arizona 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

When it comes to the best bank for Arizona-based small businesses, Chase tops the list. It has the essentials for seamless day-to-day operations but with room for future growth.

However, for a more local banking experience and industry-specific solutions, try a local bank like the Alliance Bank of Arizona.

That said, Arizona has plenty of other banking options for small businesses. Make sure to consider your business's unique needs, so you can choose the bank that best meets them.

References

  1. ^ BMO. Specialty Lending: Zero Barriers to Business, Retrieved 07/18/2024
  2. ^ Desert Financial Credit Union. Who We Are, Retrieved 07/21/2024
  3. ^ Desert Financial Credit Union. Our Story, Retrieved 07/21/2024
  4. ^ Alliance Bank of Arizona. Business Checking Accounts, Retrieved 07/18/2024
  5. ^ Arizona Bank & Trust. About Our Bank, Retrieved 07/23/2024
  6. ^ Bluevine. Interest Earned on Bluevine Business Checking Account, Retrieved 07/04/2024
  7. ^ Bluevine. Use Sub-Accounts Effectively, Retrieved 07/04/2024

Alyssa Supetran is a research analyst at CreditDonkey, a credit card comparison and reviews website. Write to Alyssa Supetran at alyssa@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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Best Bank for Small Business

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30% Local bank
39% Online bank
Source: CreditDonkey. Totals may not add to 100% due to rounding.
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