December 29, 2024

Best Banks for Small Business in Ohio

By Alyssa Supetran
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Looking for the right bank for your small business in Ohio? Discover the top 10 options for Ohio entrepreneurs below.

Which bank account is best for a small business in Ohio?
These are the 10 best banks for small business owners in Ohio:
  1. Chase Bank for built-in credit card processing
  2. U.S. Bank for national bank with free checking
  3. Huntington Bank for best regional bank
  4. PNC Bank for low requirements
  5. Capital One for unlimited free transactions
  6. Woodforest National Bank for second-chance banking
  7. Park National Bank for customer service
  8. Wright-Patt Credit Union for local credit union
  9. Bluevine for high-interest checking accounts
  10. Axos Bank for minimal fees

With its vibrant economy, low costs, and overall business-friendly climate, Ohio is considered one of the best states for businesses. In fact, it's home to over 900,000 small businesses, which make up 99.6% of all businesses in the state.[1][2]

To help businesses thrive, Ohio provides a variety of banking options to local entrepreneurs. You've got big national banks like Chase and local choices like Woodforest National Bank.

Not sure which bank to choose? Keep reading to find the perfect financial partner for your Ohio small business.

10 Best Banks for Business Accounts in Ohio

Whether you're just starting out in Columbus or expanding to Cincinnati, these banks have the services your business needs to thrive in the Buckeye State.

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

Chase Bank

Best for: Built-in credit card processing

Chase is a good choice if you prefer a large national bank and banking in-person. It has 240+ branches across 193 different cities and towns in Ohio.

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.

And 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

If you're a newer business with inconsistent cash flow, a bank with free checking can help you keep more in your pocket.

U.S. Bank

Best for: National bank with free checking

U.S. Bank is another national bank with a strong local presence in Ohio. It has more than 170 physical offices across the state, particularly around Cincinnati.

If you prefer a larger bank with fewer fees, US Bank is an excellent choice. Its Silver Business Checking Account has no monthly fee or minimum balance requirements. Just note that you're limited to 125 free transactions per statement cycle, then $0.50 each, so it's best for newer businesses with less activity.

And if the Silver account doesn't have what you're looking for, U.S. Bank has four other business checking accounts, including one tailored for non-profits.

All accounts 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

Huntington Bank

Best for: Best regional bank; healthcare financing

Huntington Bank is headquartered in Columbus, Ohio, and has a long history dating back to 1866. It has over 300 physical branches in Ohio, so it's easy to find a nearby branch.

It offers three business checking options, so you can choose the one that best accommodates your needs. Its Business Checking 100 account is great for startups and new entrepreneurs because there's no monthly fee or minimum balance requirements.

Besides checking accounts, it also provides other business services, like merchant accounts, business credit cards, and more. You can get what your business needs from a single bank.

Need a loan to keep your business afloat? Huntington offers a variety of options, from SBA loans to real estate loans. It even offers financing for businesses in the healthcare industry. You can get tailored loans to keep your medical practice running smoothly.

Huntington has a 24-hour grace period for overdrafts. Meaning it'll waive the fees as long as you cover the overdrawn amount within 24 hours. It doesn't charge overdraft fees for amounts less than $50.[3]

Pros:

  • Active SBA lender
  • Free business checking option
  • Specialty lending for healthcare businesses
  • 24-hour grace period for overdraft fees

Cons:

  • Limited free transactions (basic account)

PNC Bank

Best for: Low requirements; cash management tools

PNC Bank is another regional bank with a strong presence in Ohio. It has 200+ offices across the state, with the most branches in Cincinnati.

PNC Bank is a solid choice if you're looking for a checking account with low opening requirements. You only need $100 to open any of its business checking accounts.

While it doesn't have a free checking option, the requirements to waive the monthly fees are easy enough to meet.

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

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

Pros:

  • Low opening requirements
  • 200+ branches in Ohio
  • Built-in cash management tools
  • QuickBooks, Xero, Intacct, and NetSuite integration

Cons:

  • No free checking option
  • Low interest rates

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

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

Capital One

Best for: Unlimited fee-free transactions

While Capital One doesn't have a physical branch in Ohio, it's still worth looking into if you have an online business.

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

Starting a local business? While national banks offer convenience, sometimes a smaller local bank provides better personal support.

Woodforest National Bank

Best for: Second-chance banking; community development

Woodforest National Bank is a community bank with 70+ physical branches in Ohio. It's a great option for small business owners who want strong community support and diverse checking options.

It offers five business checking options to accommodate different needs. The Second Chance Business account, in particular, is worth checking out if you're having trouble opening a business account due to previous banking issues.

In addition, Woodforest has several community development programs designed to help their communities grow and thrive. This includes initiatives for small business growth and disaster recovery response.

So, they don't just provide access to financing to keep your business afloat. They can also help you rebuild if your business is affected by natural disasters.

Ohio is prone to many natural disasters, like storms and floods. These can have devastating effects on its residents and local businesses, often resulting in losses worth billions of dollars.[4]

Pros:

  • Multiple checking options available
  • Low opening requirements
  • High transaction limits
  • Strong community support

Cons:

  • Many banking fees like overdrafts and wires
  • Must contact a banker for full account disclosure

Park National Bank

Best for: Customer service; community investment

Park National Bank is another local community bank with 70+ branches in several cities, mostly around Columbus and Mansfield. Check it out if you value great customer service and local support.

It has several business checking accounts, including one for nonprofits. All of them have low opening requirements; you just need $50 to $100, depending on which option you choose.

However, Park National Bank stands out the most when it comes to customer service. It strives to build long-lasting relationships with its customers, so you can expect tailored and hands-on support.

It also has numerous programs and initiatives to help the local community, including sponsorships for individuals and organizations in key fields, like business, education, and health.

In addition to Ohio, Park National Bank also has branches in Kentucky, North Carolina, and South Carolina.[5]

Pros:

  • Low opening requirements
  • Personalized banking experience
  • Strong community support
  • Good selection of business bank products

Cons:

  • No free checking option
  • Must contact a banker for full account disclosure

Wright-Patt Credit Union

Best for: Local credit union

Wright-Patt Credit Union is one of the largest credit unions in Ohio, with 30+ member centers across the state and more than 500,000 members. It's worth looking into if you want benefits that traditional banks don't offer.

For example, members enjoy complimentary accidental death & dismemberment (AD&D) insurance worth $2,000 upon signing up. No health screening is required to qualify. Your member benefits also increase the more you use its services.

For business checking accounts, it offers three options you can choose from. The SimpleChoice account has no monthly fees and is an excellent starter account that has everything you need for day-to-day operations.

It also has a good selection of other business services, including business loans, savings accounts, and treasury services. It even has retirement planning services to help you plan for the future.

The Wright-Patt Credit Union is partnered with other credit unions in the country, with over 5,000 shared branching locations. So, you can easily access its services, even when you're traveling out of Ohio.

Pros:

  • Excellent member benefits
  • Highly rated mobile app
  • Great selection of other business services
  • Wide network (5,000+ shared branching locations)

Cons:

  • Low interest rates
  • High waiver requirements for interest-bearing account

Don't need in-person banking? Consider an online account for more features and benefits.

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. And there's no monthly fees, minimum balance requirements, or overdraft fees.

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. All sub-accounts also earn interest up to the combined maximum.[6]

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.[7] Decisions take as little as 5 minutes, so you can keep moving forward.

Pros:

  • High APYs on checking balances
  • Up to 5 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; 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 small businesses in Ohio, especially if less fees sound good to you.

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? Just use any ATM you want. You get unlimited domestic ATM fee reimbursements nationwide. You can also make cash deposits at participating machines.

Axos customer support is available 24/7 so you can reach out anytime—even after normal business hours.

Pros:

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

Cons:

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

How to Choose the Right Bank for Your Business?

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

  • 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 monthly. 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.

  • Accessibility
    Most of the banks on our list have a good number of branches and ATMs in Ohio. 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 also try online-only options like Bluevine or Axos if you don't need a physical branch. They usually offer better fees and higher rates compared to 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 Ohio. 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:

  • 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.

Our Methodology

To come up with the best banks for small businesses in Ohio, 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, unlimited free transactions, or high interest rates.

No matter what kind of business you have, you should find a bank that fits your needs.

FAQs

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

Should an Ohio LLC have a separate bank account?
Yes, it should. A separate bank account will reinforce your Ohio LLC's liability protection since proving you're not commingling funds will be easier.

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 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

Chase tops the list of the best banks for small businesses in Ohio. It has everything your business needs to operate efficiently, from built-in credit card processing to small business loans.

But if you're looking for strong local support and excellent customer service, you can try local options like Woodforest National Bank or the Wright-Patt Credit Union.

Overall, Ohio offers a lot of choices when it comes to small business banks. Make sure you weigh the pros and cons of each option to find the best one for your business.

References

  1. ^ CNBC. America's Top States for Business, Retrieved 08/15/2024
  2. ^ U.S. Small Business Administration Office of Advocacy. 2023 Small Business Profile Ohio, Retrieved 08/15/2024
  3. ^ Huntington. 24 Hour Grace for Business, Retrieved 07/04/2024
  4. ^ National Centers for Environmental Information. Billion-Dollar Weather and Climate Disasters - Ohio Summary, Retrieved 08/15/2024
  5. ^ Park National Bank. Locations, Retrieved 08/15/2024
  6. ^ Bluevine. Use Sub-Accounts Effectively, Retrieved 07/04/2024
  7. ^ Bluevine. Line of Credit, Retrieved 09/15/2024

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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Best Bank for Small Business

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32% National bank
29% Local bank
38% Online bank
Source: CreditDonkey. Totals may not add to 100% due to rounding.
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