October 8, 2024

Best Banks for Small Business in Georgia

By Alyssa Supetran
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Looking for the perfect bank to support your Georgia small business? Explore the 10 best banks and their benefits below.

What is the best bank for small business in Georgia?
Here are the 10 best banks for small businesses operating in Georgia:
  1. Wells Fargo for SBA loans
  2. Bank of America for flexibility
  3. Chase Bank for built-in credit card processing
  4. Regions Bank for community-focused banking
  5. SouthState Bank for best regional bank
  6. Capital One for unlimited fee-free transactions
  7. Delta Community Credit Union for best credit union
  8. Relay for multiple checking accounts
  9. Bluevine for high-interest checking accounts
  10. Axos Bank for minimal fees

Working with the right bank can be a game-changer for startups and small businesses.

Fortunately, plenty of options are available in Georgia - from big banks like Wells Fargo and Chase, to local credit unions.

Keep reading to learn more about the top choices for small business owners in the Peach State.

10 Best Banks for Business Accounts in Georgia

Whether you're launching a startup in Atlanta or expanding to Savannah, these banks provide the tools and expertise necessary to help your business thrive.

Which bank account is best for a small business in Georgia?
Wells Fargo is our top pick for extensive services and small business loans. However, online options like Bluevine or Axos are better for lower fees and high APYs. While Delta Community Credit Union is great for strong local support.

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

Wells Fargo

Best for: SBA loans; extensive business services

Wells Fargo is one of the biggest banks in America with approximately 4,700 retail banking branches coast to coast.

It has 180+ locations in Georgia, so you won't have trouble finding a branch if you prefer banking in person, especially if you're around Atlanta.

Wells Fargo offers an extensive selection of business products, like banking, insurance, payroll services, and more. You can get everything your business needs from only one bank.

Need capital to start or grow your business? Wells Fargo is one of the country's top SBA 7(a) lenders. It can help you process small business loans much faster and receive more favorable terms, like longer repayment times or lower interest rates.

Approximately 87% of small business owners in Georgia consider financial challenges as one of their main barriers to success.[1]

For business checking options, the Initiate Business Checking Account is a great option for new businesses just starting to build their foundation. You can always upgrade if you need more features to accommodate your growing business's needs.

Pros:

  • Top SBA lender
  • 180+ locations in Georgia
  • Comprehensive small business services
  • Several business checking options

Cons:

  • Many banking fees like wires and overdrafts
  • Low interest rates for savings accounts

Bank of America

Best for: Flexibility; cash management

Like Wells Fargo, Bank of America is one of the largest brick-and-mortar banks in the United States. It has more than 130 financial centers in Georgia, mostly in Atlanta.

The Business Advantage Banking is a unique, flexible business checking account with 2 tiers. The basic tier is a great starting point because of the low maintenance requirements. And you can easily switch between the tiers as your business needs change.

All accounts come with Cash Flow Monitor®. This lets you connect your bank account with apps like QuickBooks and Expensify. You can view all your business metrics in one place and even get cash flow projections.

Bank of America's small business experts are always ready to give you valuable advice and support whenever you need it. Just get in touch with them during these hours:
    • Mon-Fri: 8am - 9pm (ET)
    • Sat: 8am - 8pm (ET)
    • Sun: 8am - 5pm (ET)

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

Chase Bank

Best for: Built-in credit card processing

Chase Bank is another large national bank with more than 100 branches in Georgia across 50 cities. It's easy to find a branch if you prefer in-person banking.

It offers one of the best checking accounts for small businesses. Particularly if you have a small retail store, restaurant, or service-based business that accepts credit card payments from customers.

The Chase Business Complete Banking account already comes with built-in credit payment processing. No need to open a separate merchant account, saving you hassle.

And with QuickAccept, all your sales revenue will be deposited to your account the same day. You don't have to worry about delayed funds slowing down your business operations.

Chase also has excellent customer service and a wide selection of business products, including an extremely popular lineup of business credit cards with good rewards.

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

Pros:

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

Cons:

  • Many banking fees like overdrafts and wires
  • Low interest rates

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

Regions Bank

Best for: Free financial planning; commitment to community

Regions Bank has a large footprint in southern states like Georgia, with more than 110 branches throughout the state. It's an excellent choice if you're looking for a traditional bank with strong community support.

Regions Bank has several business checking accounts to choose from, including a free non-profit account. It even has a special rewards program, where you can earn cashback when you shop with participating merchants.

In addition, Regions can help you maximize your small business's potential through proper financial planning.

With Regions Greenprint®, you'll work with a banker to design a free custom financial plan for your business. This includes setting realistic milestones and strategies for potential issues, so your business can effectively meet its goals.[2]

Regions Bank is strongly committed to community development and supporting local businesses. In 2023, it provided more than $2 billion in small business and farm lending and over $28 million in small business grants.[3] It also supports small businesses by sponsoring entrepreneurship training and workshops.

Pros:

  • Free personalized financial plan
  • Several business checking options
  • Strong community support
  • Good rewards program

Cons:

  • Many banking fees like wires and overdrafts
  • In-person applications only

SouthState Bank

Best for: Business banking with a regional bank

SouthState Bank is a regional bank based in Winter Haven, FL with a decent footprint in the Southeast. In Georgia, it has over 40 branches in several cities and towns.

The Small Business Checking account is its most popular business checking account, especially for new entrepreneurs. With no monthly maintenance fee and a low opening deposit, it's perfect for business owners who are just starting out.

Its online and mobile banking features are also quite good. You can import your transactions directly into Quicken or QuickBooks for seamless bookkeeping and accounting.

You can even set up custom alerts and automatic payments, leaving you with fewer things to worry about.

Pros:

  • Free business checking option
  • Low opening deposit
  • Good online and mobile features

Cons:

  • Limited number of branches
  • Slow customer service

Capital One

Best for: Unlimited fee-free transactions

Capital One doesn't have physical offices in Georgia, but it's still worth checking out for your business. Especially if you handle a high transaction volume every month.

It allows unlimited free transactions for withdrawals, deposits, and money transfers. You can make all the transactions your business needs without worrying about costly fees. You also enjoy withdrawals at over 70,000 no-fee Capital One, MoneyPass, and Allpoint ATMs.

Capital One offers a good selection of bank products for small businesses, like business loans, savings accounts, and payment processing services. It also has a good lineup of business credit cards that let you earn different rewards.

Pros:

  • Unlimited fee-free transactions
  • Huge no-fee ATM network
  • Business credit cards with rewards
  • Wide selection of small business banking products

Cons:

  • High waiver requirements for monthly fees
  • No physical branches in Georgia

Delta Community Credit Union

Best for: Local credit union

Delta Community Credit Union is Georgia's largest credit union with 25+ branches in the state, mainly in Atlanta.

Local credit unions can give you a more personalized experience that you might not get from traditional banks. It's a great option for Georgia's small business owners because of its strong support for the local community.

Delta Community offers a full range of financial services to its members, including business bank accounts, commercial loans, and merchant services.

It also partners with other institutions to create programs that empower its members. For example, it has member assistance programs that help members get back on their feet after hard times. It also provides financial support to deserving nonprofit organizations.[4]

Delta Community Credit Union was initially created for Delta Air Lines employees. However, it has since opened its membership to other Georgia residents. It has now over 500,000 members to date.[5]

Pros:

  • Low waiver requirements for monthly fees
  • Assistance programs for members
  • Offers financial support to local organizations
  • Good selection of business banking products

Cons:

  • Limited membership (specific metro Atlanta counties only)

Is it better to go with a bank or a credit union for a small business?
A credit union may offer additional benefits that regular banks don't, like additional community support or lower fees. However, a regular bank may have a broader selection of business banking products.

Relay

Best for: Multiple checking accounts; digital tools

Relay is online only, so you won't find physical branches in Georgia besides partner ATMs. But it's still a good option for small businesses, especially if you're a growing online business.

Relay lets you create up to 20 free business checking accounts that you can assign to different purposes. You can use one account for day-to-day expenses and another for taxes or payroll. This makes managing your company's cash flow more convenient and efficient.

You can even connect them to your favorite business apps, like QuickBooks or Gusto, for integrated accounting.

It also has its own digital tools that allow you to automate some of your banking processes. Like automatically transferring money from one account to another with specific conditions. No need to manually do it every time.

Relay lets you issue up to 50 physical and virtual Visa® debit cards. You can even set specific spending limits for each card to avoid going over budget. [6]

Pros:

  • Up to 20 free checking accounts
  • Up to 50 physical and virtual debit cards
  • Built-in digital banking tools
  • Native integration with popular business apps

Cons:

  • No physical branches
  • Long processing times for check deposits[7]

Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided by Thread Bank; Member FDIC.

Bluevine

Best for: High-interest checking accounts

Bluevine is another solid online-only alternative for small businesses. It offers several business checking plans to fit your needs, all with competitive interest rates.

Even at the basic tier, you earn up to 2.0% APY on balances up to $250,000 with monthly eligibility requirements; 0% APY on balances over $250,000. And it has no monthly fees or minimum balance requirements.

Plus, you can open up to 5 free sub-accounts with their own account numbers. This allows you to better organize your funds and set budgets for things like payroll, taxes, and vendor payments. You can even set custom rules and permissions for better security and account management.[8]

Need some extra funds to ride out a slow season or grow your business? Bluevine also offers a flexible business line of credit up to $250,000.[9] Decisions take as little as 5 minutes, so you can keep moving forward.

Pros:

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

Cons:

  • No physical branches
  • Fees for cash deposits

Bluevine is not a bank. It partners with Coastal Community Bank, Member FDIC, and a trusted network of program banks to provide FDIC insurance up to $3 million.

Axos Bank

Best for: Minimal fees; free basic business checking

Like Bluevine and Relay, Axos has no physical branches; just partner ATMs. However, it's still a good option for small businesses in Georgia, especially if you want minimal fees.

The Basic Business Checking has no monthly fee and allows an unlimited number of free transactions for incoming wire transfers, deposits, and withdrawals.

You also get up to two outgoing domestic wire reimbursements per month. As well as unlimited domestic ATM fee reimbursements with any of its approximately 91,000 partner ATMs nationwide.

Aside from that, you get a handy Visa® debit card and a mobile app to bank on the go. And if you need help with anything, Axos has several support teams who can answer your questions 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 what you're looking for. Here's what you should consider:

  • Monthly fee & minimum balance
    Some banks charge a monthly fee if you don't meet its minimum balance requirements. See if the requirement makes sense for your business. Some of our listed banks in Georgia don't have these conditions.

  • Monthly transaction limits
    Many business checking accounts limit the number of free transactions your account can do monthly. You're charged extra for every transaction exceeding the limit. 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 in Georgia. However, it's still best to check the availability of your preferred bank in your area, and how convenient it would be on a day-to-day basis.

    If you don't mind not having a physical branch, consider going for online-only options like Relay or Bluevine. They typically offer lower fees and other benefits, like multiple free accounts or higher APYs.

  • Small business loan options
    If you need a loan to keep your business afloat, it's sometimes easier to get one from a bank you have an established relationship with. Consider your bank's available options and their terms before deciding.

  • Customer support
    It's best to be able to get help as soon as you need it. Make sure to evaluate 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 necessary.

  • Software integration
    Integrations with popular apps like QuickBooks or Xero will save you a lot of time and effort when it comes to accounting and bookkeeping.

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 Georgia, separating your business finances from personal ones is a must. This protects you from personal liability if your business is sued or has unpaid debt.

While it's not a requirement for sole proprietors, having a business bank account will still make your life easier.

Here are a few reasons 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. You can also open a business savings account for emergencies and future plans.

Our Methodology

To come up with the best banks for small businesses in Georgia, we first pinned down banks with a strong presence in the state. So, you'll be able to find branches and ATMs easily wherever you are.

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 terms to waive the monthly fees.

We also looked for unique banking features, like built-in payment processing, cash flow tools, or financial planning services. That way, no matter what kind of business you have, you'll find a bank that fits your needs.

FAQs

Do I need a Georgia ID to open a business bank account in Georgia?
Yes, most banks in Georgia require proof of residency to open a business bank account. This means a driver's license, business license, and business registration with a Georgia address listed.

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 don't do a credit check when you open a checking or savings account. So, it's still possible to open a business bank account even if you have low personal credit.

Banks may still check your ChexSystems report. If you've had problems with your personal bank account, that may impact your ability to open a business 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 personal liability protection, it also helps keep your finances organized.

Bottom Line

Georgia's top banks for small businesses include big names like Wells Fargo and Chase. They have extensive business banking products, like checking accounts, SBA loans, and more. Whether you're a startup or expanding, they've got you covered.

But you can try local options like the Delta Community Credit Union if you want strong community support. While online choices like Bluevine is great if you want fewer fees and more features.

Georgia has plenty of options for potential banking partners for its small business owners. Make sure you do your research and pick the bank that best meets your business's needs.

References

  1. ^ Federal Reserve Bank of Atlanta. Small Business Credit Survey 2022: Key Insights from the Southeast, Retrieved 07/28/2024
  2. ^ Regions Bank. Regions Greenprint Financial Planning, Retrieved 07/28/2024
  3. ^ Regions Bank. 2023 Community Engagement Highlights, Retrieved 07/28/2024
  4. ^ Delta Community Credit Union. Philantrophic Fund, Retrieved 07/30/2024
  5. ^ Delta Community Credit Union. Company Facts, Retrieved 07/30/2024
  6. ^ Relay. Editing your Relay Card, Retrieved 07/04/2024
  7. ^ Relay. Depositing a Check, Retrieved 07/05/2024
  8. ^ Bluevine. Use Sub-Accounts Effectively, Retrieved 07/04/2024
  9. ^ Bluevine. Line of Credit, Retrieved 9/15/2024

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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