April 12, 2025

Best Banks for Small Business in Kentucky

By Alyssa Supetran
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Running a small business in Kentucky? U.S. Bank, Central Bank, and Bluevine are some of the best banks for small businesses in the Bluegrass State.

Which bank is the best for a small business account in Kentucky?
These are the 10 best banks for small business accounts in Kentucky:
  1. U.S. Bank for national bank with free checking
  2. PNC Bank for low requirements
  3. Fifth Third Bank for ATM access
  4. Chase Bank for built-in credit card processing
  5. Central Bank for local business banking
  6. Republic Bank for SBA loans
  7. Commonwealth Credit Union for local credit union
  8. Capital One for unlimited free transactions
  9. Bluevine for high-interest checking accounts
  10. Axos Bank for minimal fees

Kentucky isn't just home to the famous Kentucky Derby and 95% of the world's bourbon supply. With its business-friendly climate and low costs for doing business, it's also somewhere startups and small businesses can thrive.

However, to truly maximize the Bluegrass State's advantages, you need the support of a good bank.

From national banks like the U.S. Bank to local ones like Central Bank, read on for Kentucky's best banks for small businesses.

10 Best Banks for Business Accounts in Kentucky

Whether it's a small gift shop or a cozy cafe, these banks have the necessary services to help your Kentucky-based business thrive.

U.S. Bank

Best for: National bank with free checking

U.S. Bank has a large presence in Kentucky with over 70 state branches. Most are in the Jefferson and Kenton counties, so it's easier to find a branch if you're based there.

If you prefer a larger bank with fewer fees, U.S. Bank is an excellent choice. Its U.S. Bank Business Essentials has no maintenance monthly fee. The account come with convenient online and mobile banking tools, allowing you to monitor cash flow, transfer money, deposit checks, and more—whenever, wherever.

In addition to 4,700+ U.S. Bank ATMs across the country, you can also withdraw surcharge-free at approx. 40,000 MoneyPass® ATMs. So even if you don't live near a branch, ATMs are still convenient.

Pros:

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

Cons:

  • Limited fee-free transactions
  • Fewer features than others

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

PNC Bank

Best for: Low opening requirements

PNC Bank is another bank worth considering if you prioritize access to physical branches. With 60+ locations in Kentucky, finding a branch is easy, particularly around Fayette and Jefferson counties.

Additionally, PNC Bank is a solid choice if you want low opening requirements. You only need $100 as the initial deposit for its business checking accounts. And while it doesn't have a free checking option, the requirements to waive the monthly fees are easy to meet.

It also has a convenient Cash Flow Insight® tool that helps you keep track of expenses, pay bills, and forecast upcoming costs. With this, you can make better financial decisions for your business.

With a Business Checking Plus account, you can get a personal Virtual Wallet with Performance Spend checking account with no monthly service fee. This is great if you want personal and business checking accounts from only one bank.

Pros:

  • Built-in cash flow tools
  • Opening deposit is only $100
  • Reasonable requirements to waive monthly fees
  • QuickBooks, Xero, Intacct, and NetSuite integration

Cons:

  • No free checking option
  • Low interest rates

Fifth Third Bank

Best for: ATM access

Fifth Third Bank is a regional bank based in Cincinnati, OH with locations across 11 different states. It has 60+ physical branches in Kentucky, mainly around Boone, Fayette, and Jefferson.

Additionally, Fifth Third partners with more than 40,000 fee-free ATMs. You have plenty of ATM options wherever you go, even when traveling out of Kentucky.

It offers three different business checking accounts, including a free account with no monthly fees or minimum balance requirements. Since the free account only allows 100 free transactions monthly, it's ideal for small businesses with low activity.

All accounts come with a debit card and access to online and mobile banking apps. Plus, they all have overdraft protection and access to discounted payroll solutions.

Don't like the existing choices? Fifth Third also offers custom business checking options. You can work with its bankers to create a tailored account that accommodates your business's unique needs.

Pros:

  • Free business checking option
  • Large fee-free ATM network
  • Custom checking options available

Cons:

  • Higher balance requirements to waive monthly fees for higher-tier checking accounts
  • Low savings APY

Does your business process a lot of credit card transactions? This next option might be a good fit.

Chase Bank

Best for: Built-in credit card processing

Chase Bank is a national bank with a small but decent footprint in Kentucky—around 40 branches. Most are in or around Fayette and Jefferson, an advantage for businesses based there.

Chase is a great option if your small business accepts credit card payments from customers. It's good for small retail stores, restaurants, and service-based businesses.

The Chase Business Complete Banking account includes built-in credit card processing. No need for a separate merchant account.

With the QuickAccept feature, all payments are deposited into your account on the same day. So you can keep your cash flow moving and prevent business interruptions.

Chase also has excellent customer service and a wide selection of business products. In particular, its popular business credit cards give generous cashback and travel rewards.

Chase Bank often offers new customers bonuses for opening business bank accounts. Check back regularly to see current promotions.

Pros:

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

Cons:

  • Many banking fees
  • Low interest rates

Sometimes, a local bank offers better support than a national one. If that's important to you, check out this next option.

Central Bank

Best for: Local business bank & multiple checking options

Central Bank is a local community bank based in Lexington, KY with over 25 branches across the state. Most of them are in Fayette, including its main office.

Although it has no branches outside of Kentucky, it's still a good option if keeping things local. As a local institution, Central Bank has a deeper understanding of local business owners' needs than national banks and can provide better support.

It has several business checking accounts for varying business requirements. The Central Business 150 account is a no-muss, no-fuss option perfect for straightforward needs and low activity. If you need higher limits or want to earn interest on your balance, check out other accounts.

Additionally, all business checking accounts include a Visa® business debit card with a Visa Account Updater feature. This automatically updates your card number or expiry date with partner merchants charging recurring fees on your account. No need to do it manually every time, saving you time and effort.

When you enroll your Central Bank Visa® business debit card in its uChoose Rewards program, you'll earn points with every purchase. Exchange them to enjoy rewards like cash back, merch, gift cards, and more.

Pros:

  • Strong local support
  • Multiple business checking options
  • Visa Account Updater with business debit card
  • Rewards points for debit card purchases

Cons:

  • No online application for business checking accounts

Need extra capital to support your growing business? Then this next bank might be a good fit.

Republic Bank

Best for: SBA loans & after-hours deposits

Republic Bank is a full-service bank based in Louisville, KY with more than 25 branches across the state. It's a great option if you need a business loan fast.

Republic Bank is a preferred SBA lender, so the application and approval process is much quicker than with a regular lender. You'll have fewer hoops to jump through for that much-needed financial boost.

It has several business checking options available, including a specialty nonprofit account. All come with free overnight drop box services, so you can still deposit funds into your account even after regular business hours.[2]

Republic Bank also offers private banking services. A team of experienced bankers will work with you to develop a banking solution tailored to your specific requirements, so you can more effectively manage personal and business finances.

Besides SBA loans, Republic Bank's business lending options include business credit lines, term loans, and healthcare practice financing. It also offers accessible financing to small businesses in low-to-moderate-income areas through its Community Loan Fund.

Pros:

  • Active SBA lender
  • Good selection of business financing
  • Accepts after-hours deposits
  • Personalized banking services available

Cons:

  • Below-balance fees (except free account)
  • High opening requirements for higher-tier business checking

Not sure about using a traditional bank? Credit unions can be great alternatives, especially for lower fees and unique perks.

Commonwealth Credit Union

Best for: Local credit union

Commonwealth Credit Union is a state-chartered credit union based in Frankfort, KY. It has 16 branches in the state and more than 5,000 shared branches nationwide.

With Commonwealth CU, you get lower fees and more competitive rates. Additionally, business members enjoy exclusive discounts for certain services, like tax preparation and filing. You can extend your membership to employees, so they can also enjoy the credit union's services.[3]

For business checking, you've got three options available. The Small Business Account, in particular, is a solid choice if you need something simple and affordable to streamline your day-to-day transactions.

But if you already have a business account at another bank, Commonwealth CU can help you switch as seamlessly as possible. It'll only take around 10 minutes or less.[4]

Commonwealth CU's Live Video Tellers
While using specific ATMs, Commonwealth CU's real-time assistance can remotely assist you with transactions, like cash and check deposits, withdrawals, and transfers. Live video tellers are available at certain branches from 8 AM to 5:30 PM on weekdays and 9 AM to 12:30 PM on Saturdays.

Pros:

  • Access to 5,000+ shared branches
  • Special perks for business members
  • Quick and easy switching process
  • Live video tellers available

Cons:

  • No SBA loans

Traditional banks usually limit the number of free transactions you can do monthly. If your business has a high activity volume, consider this next option.

Capital One

Best for: Unlimited fee-free transactions

Capital One doesn't have physical branches in Kentucky. However, it's still worth checking out if you have an online business or if in-person transactions aren't necessary.

Capital One can be a great option for highly active businesses. It gives you unlimited free transactions for deposits, withdrawals, and money transfers. Process all business transactions without worrying about it becoming too costly.

Plus, enjoy free withdrawals at any of the over 70,000 no-fee Capital One, MoneyPass, and Allpoint ATMs nationwide.

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 free transactions
  • Extensive ATM network
  • Wide selection of small business banking products

Cons:

  • High waiver requirements for monthly fees

Bluevine

Best for: High-interest checking accounts

If you don't mind an online-only option, Bluevine is a great alternative to traditional brick-and-mortar banks. It stands out with its high-yield business checking and flexible lines of credit.

Even at the basic tier, you earn up to 1.5% APY on balances up to $250,000 with monthly eligibility requirements; 0% APY on balances over $250,000. There are no monthly fees, minimum balance requirements, or overdraft fees.

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

All sub-accounts also earn interest up to the combined maximum.[5] You can keep your funds well-organized and still get the most out of your high-yield checking account.

Need extra funds to ride out a slow season or grow your business?
Bluevine offers a flexible business line of credit up to $250,000.[6] Decisions take as little as 5 minutes, so you can keep moving forward.

Pros:

  • High APYs on checking balances
  • Up to five sub-accounts
  • No monthly fees
  • Free 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

Axos is a full-service online bank, so it has no physical branches. But it's still a solid option for small businesses in Kentucky thanks to its lower fees.

The Basic Business Checking account has no monthly fees and gives you unlimited free transactions for deposits, withdrawals, and incoming wire transfers. You also get up to two outgoing domestic wire reimbursements monthly.

Need to withdraw cash? Use any ATM you want, with unlimited domestic ATM fee reimbursements nationwide. You can also make cash deposits at participating machines.

Axos business banking customer support is available Monday-Friday 6 a.m. to 6 p.m. PT (except federal holidays). Help is just a call or email away.

Pros:

  • Free business checking option
  • Minimal fees
  • Unlimited domestic ATM fee reimbursements
  • Dedicated customer support

Cons:

  • No physical branches
  • Limited integrations

How to Choose the Right Bank

Before committing to a bank, be sure they have the features you're looking for. Consider these:

  • Monthly fee & minimum balance
    Some banks require a minimum balance in your account. Otherwise, you'll 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 monthly. Then a fee is charged thereafter. 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
    Most of the banks on our list have a good number of branches and ATMs in Kentucky. However, 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.

    You can try online-only options like Bluevine or Axos if you don't need a physical branch. They usually offer better fees and higher rates than brick-and-mortar banks.

  • Small business loan options
    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
    You should 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 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 helps save 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

It's important to separate your business finances if you have an LLC or corporation in Kentucky. Doing so helps protect your personal assets if your business gets sued or has unpaid debt.

While this isn't a requirement for sole proprietors, having a separate business bank account will make your life easier.

Here's why you should have a business bank account:

  • It's easier to calculate business expenses during tax time.
  • The business looks professional to customers and vendors.
  • Pay bills and make purchases from your business funds.
  • Accept credit card payments from customers.
  • Apply for business loans.

What kind of bank account should I open for my small business?
Your business should have at least a checking account for day-to-day operations like paying bills, receiving deposits, and making purchases. If your business has extra funds, open a business savings account to save for emergencies and plans.

Methodology

To come up with the best banks for small businesses in Kentucky, 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 mostly picked banks that either have a free business checking option or reasonable waiver requirements.

We also looked for unique banking features, like built-in payment processing, cash management tools, and after-hours deposits. No matter what your business needs, you should find a bank that can accommodate them.

FAQs

Do I need a Kentucky ID to open a business bank account in Kentucky?
Yes, most banks in Kentucky require proof of residency to open a business bank account. This usually includes a Kentucky driver's license, business license, and business registration.

Should a Kentucky LLC have a separate bank account?
Yes, it should. A separate bank account can reinforce your Kentucky LLC's liability protection by proving you're not commingling funds.

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 use a regular bank account for my small business?
It's best to have a dedicated business bank account for your small business. Aside from liability protection, it also helps keep your finances organized.

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 with low personal credit.

Banks may still check your ChexSystems report. If you had problems with your personal account, that may affect your ability to open a business bank account. If you think that'll be an issue, consider banks that don't use ChexSystems.

Bottom Line

U.S. Bank is one of the best banks for small businesses in Kentucky because of its extensive local presence, free checking account, and convenient digital tools.

There are other great options as well. Local banks like Central Bank are great for local expertise and great support, while online-only choices like Bluevine often have lower fees and higher APYs than traditional banks.

No matter what type of bank it is, consider your business's unique requirements before deciding on one.

References

  1. ^ PNC. Ways to Avoid Monthly Account Maintenance Fees, Retrieved 11/19/2024
  2. ^ Republic Bank. Business Checking, Retrieved 01/23/2025
  3. ^ Commonwealth Credit Union. Become a Business Partner, Retrieved 01/24/2025
  4. ^ Commonwealth Credit Union. Switch It, Retrieved 01/24/2025
  5. ^ Bluevine. Use Sub-Accounts Effectively, Retrieved 02/23/2025
  6. ^ Bluevine. Line of Credit, Retrieved 02/23/2025

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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