February 20, 2025

Best Banks for Small Business in Pennsylvania

By Alyssa Supetran
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Running a small business in Pennsylvania? From Wells Fargo to Axos, here are the banks to help you maximize its potential.

Which bank is best for a small business in Pennsylvania?
These are the 10 best banks for small businesses in Pennsylvania:
  1. PNC Bank for low requirements
  2. Citizens Bank for best regional bank
  3. First National Bank for multiple checking options
  4. Wells Fargo for SBA loans
  5. Chase Bank for built-in credit card processing
  6. TD Bank for customer service
  7. Capital One for unlimited free transactions
  8. PSECU for local credit union
  9. Bluevine for high-interest checking accounts
  10. Axos Bank for minimal fees

Are you a small business owner in Pennsylvania? You're in good company! With 99.6% of businesses in the state a small business, you'll find a supportive environment to help you thrive.[1]

But to make the most of it, you need the right financial partner. Luckily, you've got plenty of options in the state, whether it's a national bank like Wells Fargo or a local credit union like PSECU.

Keep reading to learn more about them and see if they're a good fit for your small business in Pennsylvania.

10 Best Banks for Small Business in Pennsylvania

Whether you're running a small family business in Lakewood or trying to break into Philadelphia's competitive market, these banks can offer the necessary support to thrive in the Keystone State.

Pennsylvania has the 6th largest economy in the US and is close to other major markets, like New York City and Baltimore. This makes it an excellent location for entrepreneurs, particularly small business owners.[2][3]

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

PNC Bank

Best for: Low requirements and cash management tools

PNC Bank has a large footprint along the East Coast, especially in Pennsylvania. With over 250 branches across 150 cities, it's easy to find a branch, particularly around Philadelphia or Pittsburgh.

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 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. With this, you can make better financial decisions for your business.

You can get a personal Virtual Wallet with Performance Spend checking account with no monthly service fee when you have a Business Checking Plus account. This is great if you want your 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

Citizens Bank

Best for: Business banking with a regional bank

Citizens Bank is a well-established regional bank based in Providence, Rhode Island. It has 1,000+ branches in 14 states, with 230+ of them located in Pennsylvania, mostly around Philadelphia.

It has several business checking accounts, including special accounts for nonprofits and IOLTAs.

The Clearly Better Business Checking® account, in particular, is ideal for small businesses. It has no monthly fees or minimum balance requirements and allows up to 200 free transactions monthly. This simplifies your daily operations at no additional cost.

Citizens Bank also has a comprehensive online help center, so it's easy to find answers to your questions. Contact details are categorized by department and product, making it easy to call the right department without going through multiple people first.

All Citizens Bank business accounts come with Business Overdraft Pass™. You won't be charged overdraft fees as long as it's only $5 or less.

Pros:

  • Free business checking option
  • Overdraft protection for small amounts
  • Comprehensive online resources
  • 230+ branches in Pennsylvania

Cons:

  • Small ATM network
  • Low interest rates

First National Bank

Best for: Multiple checking options

First National Bank (FNB) is one of the biggest and oldest banks in Pennsylvania. It has more than 180 branches across the state, mostly around Pittsburgh, where its headquarters are.

FNB's Free Small Business Checking account is great for small business owners who just need something simple to manage their daily cash flow. It has no monthly fees or minimum balance requirements, so all funds can go towards running your business.

If you need more features or higher limits, FNB has 11 other business checking accounts, including specialty accounts for nonprofits and employers.

Plus, there's no minimum deposit required if you're opening an account in person. And even if you do it online, you only need $50 to open a business account.

Pros:

  • Variety of business checking accounts
  • Low opening requirements
  • Good selection of other business bank products

Cons:

  • Low interest rates

Planning to expand your business? This next option can give you the extra capital it needs to grow.

Wells Fargo

Best for: SBA loans and extensive business services

As one of the country's biggest banks, Wells Fargo has a large footprint in several key US markets, like Pennsylvania. It has over 170 physical branches across the state, mostly around Philadelphia.

Wells Fargo offers a comprehensive suite of business products, including banking, insurance, and payroll services under one roof.

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 secure small business loans quickly with more favorable terms, such as longer repayment times or lower interest rates.

For business checking, the Initiate Business Checking Account is a great starter account for new businesses with less activity. As your business grows, you can easily upgrade if you need more features.

Pros:

  • Top SBA lender
  • Comprehensive small business services
  • Several business checking options

Cons:

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

Chase Bank

Best for: Built-in credit card processing

With only 80+ branches overall, Chase Bank's presence in Pennsylvania isn't as extensive as in other states. But it's still worth checking out if you have a small business and want to bank with a well-established national institution.

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

Have an irregular schedule? This next bank makes it easy to get support beyond normal business hours.

TD Bank

Best for: Customer service and extended branch hours

TD Bank calls itself "America's Most Convenient Bank" due to its extended branch hours.

Many branches are open on weekends and even some holidays. So, you can still do in-person transactions if you're busy during the week. It has 70+ branches in Pennsylvania, most located around Philadelphia.

Aside from extended branch hours, TD Bank has 24/7 live customer service. This adds to its convenience since you never know if you'll need help at odd times of the day.

Other than checking and savings accounts, TD Bank also offers merchant solutions for both in-person and e-commerce businesses. You can even have them set it up the same day, so you can start accepting payments as soon as possible. It also offers instant-issue debit cards that you can use for transactions immediately.

With TD Bank's Early Pay feature, you can receive eligible deposits up to 2 days earlier than expected at no additional cost.[5]

Pros:

  • 24/7 customer service & extended branch hours
  • Personalized support from small business specialists
  • Same-day setup for merchant solutions
  • Receive deposits early (up to 2 days earlier)

Cons:

  • Many banking fees like overdrafts and wires
  • No free checking option

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: Unlimted fee-free transactions

Capital One has no physical branches in Pennsylvania, but 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

Don't need a physical branch for transactions? Consider these online-only options instead.

PSECU

Best for: Local credit union

PSECU, short for "Pennsylvania State Employees Credit Union", is a local credit union that can be a great alternative for small business owners in the state.

PSECU is unique due to being an "all-online" credit union, so it has fewer operational costs. Because of this, it can offer more benefits to members like lower fees, extra discounts, and higher APYs.[6]

In addition, you can enjoy surcharge-free transactions almost anywhere, thanks to its extensive ATM network. Can't find one in your area? No worries! PSECU rebates up to $20 per month in out-of-network ATM withdrawal fees.[7]

For business checking, PSECU only has one, but it has no monthly fees or minimum balance requirements. It also comes with overdraft protection and up to 4 free Visa® debit cards.

PSECU also supports the local community, including non-members, by allowing free access to its financial wellness resources. It even has a special program for local businesses that allows employers to offer better compensation packages to employees.

PSECU has financial and service centers you can visit for in-person account support, but you can't do bank transactions there. All transactions are done through its website or mobile app (compatible with iOS and Android).

Pros:

  • Excellent member benefits
  • Strong community support
  • Extensive ATM network (Allpoint, Credit Union Alliance, and CO-OP ATMs)

Cons:

  • No physical branches
  • Only 1 business checking account

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.[8]

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.[9] 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 and free basic checking account

Axos is a full-service online bank, so it has no physical locations. But it's still a solid option for small businesses in Pennsylvania 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. 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. 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 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 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 Pennsylvania. 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 Pennsylvania. 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 Pennsylvania, we first pinned down banks with a strong presence in the state. After all, you'll want 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, extended branch hours, and specialty accounts.

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

FAQs

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

Should a Pennsylvania LLC have a separate bank account?
Yes, it should. A separate bank account can reinforce your Pennsylvania 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 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 had problems with your personal account, that may affect your ability to open a business bank 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 banks for small businesses in Pennsylvania, PNC Bank tops the list because of its high number of branches, low opening requirements, and cash management tools.

But if you want unique perks like special programs and stronger community support, local choices like PSECU might be a better fit.

Make sure you evaluate your business's specific requirements before committing to a bank. That way, you can pick one that helps it grow and thrive in Pennsylvania's diverse economy.

References

  1. ^ U.S. Small Business Administration Office of Advocacy. 2024 Small Business Profile Pennsylvania, Retrieved 12/22/2024
  2. ^ Bureau of Economic Analysis. BEARFACTS, Retrieved 10/13/2024
  3. ^ Pennsylvania Gets It Done. Why Pennsylvania?, Retrieved 10/13/2024
  4. ^ PNC. Ways to Avoid Monthly Account Maintenance Fees, Retrieved 11/19/2024
  5. ^ TD Bank. TD Early Pay, Retrieved 07/27/2024
  6. ^ PSECU. What Is Digital Banking? Meaning, Products & Services, Retrieved 10/14/2024
  7. ^ PSECU.Over 85,000+ Surcharge-Free ATMs Worldwide, Retrieved 10/14/2024
  8. ^ Bluevine. Use Sub-Accounts Effectively, Retrieved 07/04/2024
  9. ^ 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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