December 27, 2024

Best Banks for Small Business in Washington

By Alyssa Supetran
Read more about Best Small Business Banks
Editorial Note: This content is not provided by the companies mentioned. Opinions expressed here are author's alone, and have not been reviewed, approved or otherwise endorsed by the companies.
Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. This compensation may impact how and where products appear on this site. You help support CreditDonkey by using our links. (read more)

Running a small business in Washington? Chase, Umpqua Bank, and Bluevine are some of the top banks for Washington's local small business owners.

Which bank is best for a small business account in Washington?
These are the 10 best banks for small business accounts in Washington:
  1. Chase Bank for built-in credit card processing
  2. U.S. Bank for national bank with free checking
  3. Bank of America for flexibility
  4. Wells Fargo for SBA loans
  5. Capital One for unlimited fee-free transactions
  6. Umpqua Bank for local bank
  7. KeyBank for large cash deposits
  8. Banner Bank for customer service
  9. Bluevine for high-interest checking accounts
  10. Novo for comprehensive business tools

Over 670,000 small businesses in Washington enjoy excellent support from the state.[1] They have tax incentives, mentoring programs, and even loan programs at their fingertips.

To maximize these benefits, you must partner with the right bank.

Fortunately, you have your pick of banks in the Evergreen State, from national banks like Chase to local favorites like Banner Bank.

Use this guide to see which bank best suits your business.

10 Best Banks for Washington Business Accounts

Whether you're launching a tech startup in Seattle or running a successful winery in Richland, these 10 banks can provide the support you need to thrive in the Evergreen State.

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

Chase Bank

Best for: Built-in credit card processing

Chase Bank is a national bank with 160+ branches in Washington. Finding a branch is easy if you prefer banking in person.

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 new 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 140+ branches across Washington. Going to a physical branch for transactions is easy, especially if you're around Seattle or Spokane.

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

Bank of America

Best for: Flexibility and cash management

Bank of America is one of the largest brick-and-mortar banks in the United States, with over 120 branches in Washington alone. It can be a good fit if your business needs flexibility.

Bank of America offers a unique flexible Business Advantage Banking account with two tiers you can switch between. The basic tier is an ideal starting point, thanks to its low requirements. You can seamlessly move up or down as your business needs change.

It also has better digital tools than other basic accounts. With their Cash Flow Monitor®, you can connect to apps like QuickBooks and Expensify to track your business metrics all in one place. Plus, get cash flow projections to help you plan for possible shortfalls.

If you need help with anything, Bank of America's team of Small Business Specialists is ready to provide valuable advice and hands-on support whenever you need.

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

You may need more capital as your business expands. This next option could help you achieve the growth you need.

Wells Fargo

Best for: SBA loans and extensive business services

Wells Fargo is another financial giant with an extensive presence in Washington. It has 110+ branches across 59 different cities, mostly around Seattle.

Wells Fargo offers a comprehensive suite of business products, including banking, insurance, payroll services, and more—all 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

Capital One

Best for: Unlimited fee-free transactions

Capital One is a popular hybrid physical/online bank with 262 branches across the country. While it doesn't have branches in Washington, it's still worth considering for small businesses.

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

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

While national banks offer convenience, a local bank can provide a more personalized experience.

Umpqua Bank

Best for: Local banking experience

Umpqua Bank is one of the largest regional banks in the Northwest. And after merging with Columbia Bank, it now has an even bigger presence in the region, with over 110 branches in Washington.[2]

It's an excellent option for business owners who want the personal touch of a local bank but with access to extensive services that only bigger banks normally offer—like merchant services, payroll solutions, and business lending options.

Additionally, Umpqua Bank has several business checking accounts that can accommodate businesses in different stages of growth.

For example, the Community Business Checking account is perfect for small businesses with fewer than 200 monthly transactions. It has a monthly fee, but the requirements to waive it are easy to meet. If you have a nonprofit, the fee is waived by default.

Have a higher monthly transaction volume?
You can opt for other accounts instead. With a Analyzed Business Checking account, you can offset the costs through credits when you maintain a high enough monthly balance.

Pros:

  • Large presence in Washington (110+ branches)
  • Multiple checking options available
  • High monthly transaction limits
  • Good selection of business banking products

Cons:

  • No interest-bearing checking account
  • High requirements to waive monthly fees for other accounts

Does your business handle a lot of cash? This next option has generous cash deposit limits for its business accounts.

KeyBank

Best for: Large cash deposits

KeyBank is a regional bank based in Cleveland, Ohio but has 140+ branches in Washington, mostly around Seattle and Tacoma.

It's worth checking out if your business handles many cash transactions. With any of its business checking accounts, you can deposit cash up to $25,000 per month for free. You just need a minimum deposit of $25 to open an account.

KeyBank doesn't have a free checking option, but the requirements to waive the monthly fees are reasonable. So, you don't have to worry about losing part of your earnings to monthly fees.

40,000+ KeyBank and Allpoint ATMs nationwide are available to you with no-fee withdrawals. So the money you save on ATM fees can go towards your business needs instead.

Have questions about KeyBank's business services or your account?
KeyBank's small business bank specialists are happy to help. You can call or chat with them from 8 AM to 9 PM ET on weekdays and until 5 PM ET on weekends.[5]

Pros:

  • Low opening requirements
  • High free cash deposit limits on all checking
  • Extended customer support hours
  • Large ATM network

Cons:

  • Low APY for checking account
  • In-person applications only

Best for: Customer service and community support

Banner Bank is a local bank based in Walla Walla, Washington with over 70 branches across the state. It offers a community-focused banking experience, so it can be a good fit if you want great customer service and strong local support.

Banner Bank partners with various local organizations to create programs that support residents and businesses. For example, it provides access to free financial education, which you can use to learn how to manage your company's finances better.

It also offers comprehensive banking solutions to small business owners, including business checking accounts to help streamline your day-to-day operations and expenses.

Although there's no free checking option, waiving the monthly fees is easy. It gives you multiple ways to waive, so you can choose which makes the most sense for your business.

Banner Bank is known for its customer-centric approach towards banking, with its motto even being "do the right thing." Because of this, it has won several awards for its quality of service over the years, including being named one of the country's best banks and most trustworthy companies.

Pros:

  • Strong community support
  • Award-winning service
  • Low requirements to waive monthly fees

Cons:

  • Many fees like overdrafts and wires
  • Limited ATM network

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.[7]

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.[8] 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.

Novo

Best for: Comprehensive business tools and eCommerce businesses

As a digital-only banking service, Novo has no physical branches, but it can be a game-changer if your Washington-based business uses a lot of business software.

It offers a high-tech and free business checking account that integrates with thousands of business tools, like Shopify, Slack, and QuickBooks. This lets you manage every part of your business from one place, making life as an entrepreneur much easier.

Additionally, its built-in invoicing feature lets you send unlimited custom invoices directly from the app or your online dashboard at no additional cost.

In addition, you can create up to 20 Reserves, so you can set aside funds for important things like taxes or new equipment.[9]

If you need quick working capital for your small business, Novo can provide up to $10,000 in funding that you can receive within a day.[10] It's revolving access that continues to be available as long as you pay back what you owe monthly.

Pros:

  • No monthly fee
  • Integrates with thousands of business software
  • Unlimited free custom invoices
  • Up to 20 Reserves

Cons:

  • No cash deposits
  • Can’t send wire transfers

Novo is a financial technology company, not a bank. Banking services and FDIC insurance are provided by Middlesex Federal Savings, F.A.; Member FDIC.[11]

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 Washington. 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 Washington. 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 identify the best banks for small businesses in Washington, we first looked for banks with a strong presence in the state. So, you'll be able to find branches or ATMs easily wherever you are.

Then we looked into the banks' fees, account features, and other business services. We chose banks with a free business checking option or reasonable terms to waive the monthly fees.

We also looked for unique banking features that cater to the specific needs of small businesses. This includes built-in payment processing, cash flow tools, or generous cash deposit limits.

FAQs

Do I need a Washington ID to open a business bank account in Washington?
Yes, most banks in Washington require proof of residency to open a business bank account. You may need to present a Washington driver's license, business license, or business registration.

What is the minimum to open a business account?
The minimum amount needed to open a business account can range from $0 to $1,000. It differs 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 possible to open a business bank account, even with low personal credit.

Banks may check your ChexSystems report.
So if you've had problems with your personal banking account, that may affect your ability to open a business banking account.

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 personal liability protection, it also helps keep your finances organized.

Bottom Line

Chase tops the list of the best banks for small businesses in Washington because it has everything a company needs to manage its daily operations. Its wide selection of products allows your business to scale seamlessly as your needs evolve.

But if you're looking for stronger community support, a local bank like Banner Bank might be a better fit. You can also go for an online-only option like Bluevine for lower fees or higher APYs.

Before committing to a bank, take the time to understand what your business needs. That way, you can choose the bank that best accommodates them.

References

  1. ^ Small Business Administration Office of Advocacy. 2024 Small Business Profile - Washington, Retrieved 12/15/2024
  2. ^ Umpqua Bank. Together for Better with Columbia Bank, Retrieved 10/25/2024
  3. ^ Umpqua Bank. Community Business Checking Account, Retrieved 10/25/2024
  4. ^ KeyBank. KeyBank Basic Business Checking, Retrieved 10/25/2024
  5. ^ KeyBank. Small Business Support & Assistance, Retrieved 10/25/2024
  6. ^ Banner Bank. Basic Business Checking Product Guide, Retrieved 10/25/2024
  7. ^ Bluevine. Use Sub-Accounts Effectively, Retrieved 07/04/2024
  8. ^ Bluevine. Line of Credit, Retrieved 09/15/2024
  9. ^ Novo. What are Novo Reserves?, Retrieved 10/03/2024
  10. ^ Novo. Novo Funding for Small Businesses, Retrieved 10/03/2024
  11. ^ Novo. Online Business Checking Accounts | Novo, Retrieved 10/03/2024

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.

Bank of America
Member FDIC

Bank of America Advantage Banking - $300 Bonus Offer

Learn More
Expires 1/31/2025
  • The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 01/31/2025.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
  • Bank of America, N.A. Member FDIC.

Best Bank for Small Business

Tips for Business
Discover the top 10 banks for small businesses. Unlock your business' potential with the best bank
Which banking service do you need for your small business in Washington?
What kind of bank do you want to use for your small business?
32% National bank
30% Local bank
38% Online bank
Source: CreditDonkey
Save money and build wealth. Sign up to get our FREE email newsletter.
Best Business Checking Account

Best Business Checking Account

Cut banking costs and keep more money in your business. Here are the best business checking accounts (#1 is free).

Home > Business > Best Bank for Small Business > Banks for Small Business in Washington

Next Page:

About CreditDonkey
CreditDonkey is a credit card comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

About Us | Reviews | Deals | Tips | Privacy | Do Not Sell My Info | Terms | Contact Us
(888) 483-4925 | 680 East Colorado Blvd, 2nd Floor | Pasadena, CA 91101
© 2024 CreditDonkey Inc. All Rights Reserved.