Best bank for small business in Florida: Top 5

More and more companies are launching new payment solutions for small businesses. Due to this, Florida based business have multiple options to help manage their finances.

Most businesses in Florida are smaller, and may only require simple services. There are 2.8 million small businesses and 3.6 million small business employees in Florida.¹

Choosing the right bank in Florida may depend on your operations and personal preferences. In some cases, it may also be useful for your business to consider non-banking options.

💡 Looking for an alternative? Discover the Wise Business account. Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. You can easily send, receive, and manage local and international business payments all from one account.

Find out more about Wise Business

🔍 In this article:
Best banks for small business in Florida: Top 5 Chase Bank Wells Fargo Bank of America PNC Bank SunTrust (now Truist Bank) Key factors to consider when choosing the best bank in Florida Conclusion

Best banks for small business in Florida: Top 5

It may be difficult to find the best bank in Florida for small business on your own. There are numerous options and companies are launching new offerings every year.

Below are some of the 5 best banks for small business in Florida. These banks have a strong presence in Florida and offer multiple account options for small businesses.

Chase Bank

🔍 Key features

Chase Bank, the largest bank in the United States, is an obvious place to start. This bank is popular with retail and small business customers.

The Chase Bank Checking Account is a solid option for new customers to consider. You can earn between $300-500 when you fund a new account. The bank also has a strong global presence.² Chase is present in 48 states and operates 4,700 retail branches.³

👏 Great for
Chase Bank is a good international option, as the bank is present in more than 60 countries. The bank also offers a sign-up bonus and has low fees.

✅ Pros	❌ Cons
$500 Bonus No minimum amount to open an account \ Strong global presence	Relatively higher monthly fees Out of network ATM fees Not available in all states

Wells Fargo

🔍 Key features

Wells Fargo is another solid option for small businesses. The bank has three different checking accounts for small business customers.⁴ It has a strong presence in Florida and other states. However, it does not have any global branches.

👏 Great for
Wells Fargo is a better option for U.S. small businesses that want a low-fee bank. It is also good if you want a bank with a strong presence in Florida.

✅ Pros	❌ Cons
Low minimum balance required Ability to waive monthly fees Strong branch/ATM network	Charges for transactions and deposits No sign up bonus No foreign branches

Bank of America

🔍 Key features

Some customers may prefer to choose the largest bank in their region. Bank of America may be the best bank for small business in South Florida. It is currently the largest bank in South Florida.⁵ Moreover, Bank of America may be the best business bank for small businesses in Miami, as it is one of the top banks in the city.

This bank offers many attractive features for small businesses, including three different account options.⁶

👏 Great for
Bank of America is better for domestic companies with a larger presence in South Florida or Miami. If you prefer to complete many services in person, this may be a better option for you. The bank also offers a bonus for new customers.

✅ Pros	❌ Cons
New account bonus Relatively high cash deposit limits \ Easy online application	Fees for larger deposits No foreign branches

PNC Bank

🔍 Key features

PNC Business bank account is a great option for small businesses in Florida. The bank offers a basic business checking account and a business checking plus account.⁷ The bank has many favorable features and you only need a deposit of $100 to get started.⁸

👏 Great for
PNC Bank is a solid option for smaller businesses who want to easily waive the monthly fee.

✅ Pros	❌ Cons
$200 sign up bonus Several international branches \ No fees if you maintain a $500 balance	Limited global presence \ Out of network fees

SunTrust (now Truist Bank)

🔍 Key features

Truist is the largest bank in Central Florida, so it may be a good option if you live in Orlando. This bank offers a wide variety of checking account options for businesses, including non-profits.⁹

👏 Great for
Truist is great for any sized small business owner. This bank is a great option for small businesses that need in person services in Central Florida.

✅ Pros	❌ Cons
Easy online application Free account options	Transaction limits for smaller accounts High overdraft fees

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There are also plenty of non-bank alternatives to consider. These options can be better if you want a simpler application process. Moreover, other non-banks can be a great option if you make a lot of international payments. Non-banks may have lower fees and better conversion rates.

Let’s also take a look at a non-bank alternative.

Wise Business

🔍 Key features

Wise Business is not a bank, but a Money Services Business provider and a smart alternative to banks. It’s quick and easy to set up an account and get started.

With a Wise Business account, you can hold over 50 currencies in one place. You’ll also have access to local account details for up to 10 different currencies, enabling you to receive international payments like a local. This makes it easier for customers to pay in their local currency, and also saves you from having to pay cross border fees.

Overall, Wise Business is cheap to use. And where there are fees, you’ll know about them beforehand.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

👏 Great for
Wise Business is great for businesses looking for a cost-effective and easy to use business account that supports many currencies and gives you access to local account details.

✅ Pros	❌ Cons
Access to mid-market exchange rate No hidden fees Access to local account details Multi-currency account can hold up to 50 currencies Send to over 80 countries	Receiving fee of $4.14 USD for USD wire payments No option for cash deposits in person

Key factors to consider when choosing the best bank in Florida for small business

Choosing the right bank in Florida for your small business can be stressful. There are many important factors that you have to consider.

Most customers will first focus on the fees and ease of opening an account. However, it is also crucial to consider what services you value the most and to compare options. Some small businesses may care about the software features or other technical issues.

Fees

• Monthly fees: Monthly fees will vary depending on which bank you use and your account balance. It is not uncommon for some banks to waive the monthly fee for small business accounts.
• Account opening fees: Most business banks do not require you to pay an account opening fee. Other banks may require a minimum deposit of $25 or more.
• International use fees: You may need to pay extra fees if you send or receive international payments. There may be a flat fee, and you may also have a less favorable exchange rate.
• Business considerations: After you learn about the bank’s fees, it is best for you to determine which fees are worth it. If you frequently make international payments, a low fee bank may be best. Some fees, like a small $10/monthly fee, may not be important to you.

Integrations

• It is also important to figure out if you can integrate software that your small business already uses. Most banks can do this for you.
• For example, you may need to integrate your accounting or payroll software when you set up a new bank account.
• If you have multiple bank accounts, these can be hard to manage. Some software services allow you to link data from multiple accounts.

Customer service

• Having reliable customer service is also important for small business checking accounts.
• It is helpful if the branch offers calls, email or chat if you have any immediate needs.
• You may also want to choose a bank that has a branch nearby. Visiting a branch in person can be more helpful sometimes.

Ease of use

• Some banks also have apps, which can allow you to manage your account on the go.
• The design and colors of the interface can also make a big difference. Some online programs are easier to navigate than others.
• It also helps to make sure it is easy to immediately begin depositing funds, receiving payments, and paying your vendors.

Conclusion: Which is the best bank for small business in Florida?

Ultimately, the best business bank will depend on your businesses needs.

• Some people may focus on fees and convenience when choosing a bank.
• The physical location of the branch may be important for some.
• Others may want a user-friendly app and website.
• Finally, the decision may depend on whether you make a lot of international payments.

It's worth considering what features and integrations your business will need, and whether the bank fees will eat into your profits, e.g. if you do international business and the bank charges for international transfers.

If you have a lot of international suppliers and customers, then Wise Business may be a solid choice.

Discover Wise Business:
Easy to set up, easy to use

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Sources

1. 9 Fascinating Small Business Statistics in Florida
2. Chase
3. Chase Business Checking: 2023 Review - NerdWallet
4. Wells Fargo Business Checking Review - NerdWallet
5. South Florida's Largest Banks
6. Bank of America Business Checking: 2022 Review - NerdWallet
7. PNC
8. PNC Business Checking Review
9. Top of the List: Metro Orlando's largest banking Institutions
10. Truist Business Checking: Be Wary of Extra Fees - NerdWallet

All soruces checked June 20, 2023.