February 27, 2025

Best Banks for Small Business in Wyoming

By Alyssa Supetran
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Need a bank to support your small business in Wyoming? Wells Fargo, Pinnacle Bank, and Axos are some of the top choices for local entrepreneurs.

What is the best bank to use for a small business in Wyoming?
Here are the 10 best banks for small businesses in Wyoming:
  1. Wells Fargo for SBA loans
  2. U.S. Bank for national bank with free checking
  3. Chase Bank for built-in credit card processing
  4. Pinnacle Bank for local bank
  5. First Bank of Wyoming for cash deposits
  6. Blue Federal Credit Union for local credit union
  7. Capital One for unlimited free transactions
  8. Bluevine for high-interest checking accounts
  9. Relay for multiple checking accounts
  10. Axos Bank for minimal fees

Wyoming does its best to level the playing field for its local entrepreneurs through financial assistance and lower taxes. But to make the most out of that support, it's crucial to have the right financial partner.

Not sure which bank fits that role? From Wells Fargo to Axos, this guide walks you through the best banks for small businesses in Wyoming. See which one is a good fit for your business.

10 Best Banks for Business Accounts in Wyoming

Whether it's in Cheyenne or Jackson, these banks can give your business the financial boost it needs to flourish in Wyoming.

Well-known for its strong privacy laws, Wyoming is one of the few states where you can form an anonymous LLC. The state doesn't require LLCs to disclose who their owners are in the Articles of Organization, so business owners can keep their personal information off the public record.

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

Wells Fargo

Best for: SBA loans and extensive business services

Wells Fargo's presence isn't massive in Wyoming like in other states—only around 15 or so local branches. However, it can still be a good choice if you prefer using a national bank for your business.

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

Still finding your footing as a small business owner? This next option might be a better fit.

U.S. Bank

Best for: National bank with free checking

U.S. Bank only has 10 or so local branches in Wyoming. But it's still worth checking out if you have a small business with an inconsistent cash flow.

If you prefer a larger bank with fewer fees, U.S. 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

If your business accepts a lot of credit card payments, this next bank can be a good choice.

Chase Bank

Best for: Built-in credit card processing

Chase Bank only has a couple of branches in Wyoming, so doing in-person transactions can be tough. But don't count it out just yet.

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

National banks may offer convenience and comprehensive services, but a local bank can offer more personalized support.

Pinnacle Bank

Best for: Local business banking & agricultural financing

Pinnacle Bank is a local community bank with around 10 or so branches in the state. It's a good option if you want a bank with extensive business services and personalized support.

As a local bank, it has a deeper understanding of what Wyoming business owners need and uses that to deliver tailored financial solutions. And because it's part of a much larger company, it can offer a much wider selection of services.

You have 5 different options for business checking accounts alone. That includes a free account with no monthly fee or minimum balance requirements. It's perfect if you just need something simple to manage your finances without worrying about the fees.

The PinnFree Business Checking account limits free transactions to 250 per month. But if your total transactions go beyond that twice in 6 months, Pinnacle Bank can help you find another account more suited to your needs.

Aside from that, Pinnacle Bank has a variety of business lending options for both short-term and long-term needs, like business credit lines and real estate financing. It even has tailored financing options for businesses in the agricultural sector.

Pros:

  • Personalized support from a local bank
  • Good selection of business services
  • Tailored loans for agricultural businesses

Cons:

  • No live support on weekends
  • Need to talk to a banker to open a business checking account

Does your business handle a lot of cash? Then this next bank might be a good match for you.

First Bank of Wyoming

Best for: Cash deposits

With around 15+ branches, First Bank of Wyoming is another local bank worth checking out if you have a small business in Wyoming, especially if it handles a lot of cash payments.

It has several business checking accounts, all of which come with a generous fee-free cash processing limit of up to $10,000 per month.[3] Plus, with the Totally Free Business Checking account, you don't have to pay excess fees even if you exceed that limit.

The accounts also come with a free Visa® business debit card, online banking features, and free electronic statements. These can make managing your cash flow easier and more affordable.

Aside from that, you don't need an initial deposit to open a business checking account. So you can get started organizing your company's finances right away.

The First Bank of Wyoming donates to a charitable organization every time someone opens an account. It's the bank's way of further supporting the local community and showing it cares.

Pros:

  • Generous fee-free cash processing limit for business checking
  • No minimum opening deposit required
  • Donates to charity for every account opened

Cons:

  • Limited other business bank services

Not sure about using a traditional bank? Credit unions can be great alternatives for small businesses.

Blue Federal Credit Union (Blue FCU)

Best for: Local credit union

Blue Federal Credit Union is a credit union based in Cheyenne, WY. Although it only has 8 or so of its own branches in Wyoming, you can still access its services almost anywhere through CO-OP's 5,600+ shared branching locations.[4]

Blue FCU members enjoy excellent member benefits like better rates, lower fees, and more hands-on support. Plus, partner businesses and Select Employer Groups (SEGs) enjoy additional perks, including free financial coaching, invites to exclusive networking events, prioritized sponsorships, and more.

It's easy to become a member, too. Anyone in Colorado or Wyoming can join, and you can do so in multiple ways. The simplest way is to make a $10 deposit upon opening an account.[5]

Blue FCU's business checking accounts aren't as robust as other banks. But they're good enough for small businesses with simple needs and low monthly activity. The Basic Business Checking, in particular, is great if you want something affordable because it has no monthly fee or minimum balance requirements.

Blue FCU offers 24-hour support on weekends. You don't have to wait until the next business day to get assistance and risk disrupting your business operations.

Pros:

  • Wide network (5,000+ shared branching locations)
  • Great member benefits
  • Easy to become a member
  • 24-hour support on weekends

Cons:

  • Low monthly transaction limits for business checking

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 any physical branches in Wyoming. However, it's still worth looking into if you have an online business or don't need to do in-person transactions.

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

Want competitive APYs from your business checking account? Then this next pick might be a good fit.

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 extra funds to ride out a slow season or grow your business?
Bluevine 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.

Relay

Best for: Multiple checking accounts & digital tools

Running a growing online business in Wyoming? Relay is a powerful digital banking option to streamline your financial management, particularly for teams with greater checking needs.

You can create up to 20 checking accounts for free and get up to 50 debit cards.[9] This allows you to allocate accounts for specific purposes and make managing your business's cash flow easier.

If you have a team, you can assign user permissions for each account. Free up your time by having your team help pay bills, make purchases, deposit checks, and more.

Relay integrates with your favorite business apps, like QuickBooks or Gusto - making accounting and tax season less time-consuming and stressful.

In addition, Relay has built-in tools that let you automate banking processes. For example, you can set up auto-transfer rules. And the Pro account even offers accounts payable automation.

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[10]

Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided by Thread Bank; Member FDIC. Your deposits qualify for up to $3,000,000 in FDIC insurance coverage.

Axos Bank

Best for: Minimal fees and 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 Wyoming 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 Small Business 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 Wyoming. 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 Wyoming. 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 Wyoming, 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 high cash deposit limits.

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

FAQs

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

Should a Wyoming LLC have a separate bank account?
Yes, it should. A separate bank account can reinforce your Wyoming 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 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. Consider looking into banks that don't use ChexSystems if you're worried about it becoming an issue.

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.

Bottom Line

Wells Fargo is one of the best banks for small businesses in Wyoming. With its extensive list of business services and accessible SBA loans, your business can get everything from a single bank.

However, local banks like Pinnacle Bank can offer more hands-on support and tailored solutions. While online-only options like Bluevine usually has lower fees and better APYs.

Regardless of what type of bank you choose, identify your business's requirements first to find its best match.

References

  1. ^ Pinnacle Bank Wyoming. About Us, Retrieved 12/13/2024
  2. ^ Pinnacle Bank. Customer Service, Retrieved 12/13/2024
  3. ^ First Bank of Wyoming. Business Checking, Retrieved 12/13/2024
  4. ^ Blue FCU. Branches in Wyoming, Retrieved 12/14/2024
  5. ^ Blue FCU. Who Can Join?, Retrieved 12/14/2024
  6. ^ Blue FCU. Business Banking, Retrieved 12/14/2024
  7. ^ Bluevine. Use Sub-Accounts Effectively, Retrieved 02/23/2025
  8. ^ Bluevine. Line of Credit, Retrieved 02/23/2025
  9. ^ Relay. Business Checking Built For Business Owners | Relay, Retrieved 07/05/2024
  10. ^ Relay. Depositing a Check, Retrieved 07/05/2024

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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