Top 6 Best Banks for Small Business in Colorado

If you're a small business in Colorado, you’ll find that you have a few business account options available. Finding the right bank to open a business checking account with can be the foundation of a strong business.

The right banking partner can provide you with account options suited to your business’s needs, as well as extra features such as access to loans and cash management tools. In some cases, a business checking account could also enable you to earn interest on your balance.

This article looks at the best banks in Colorado for small business, comparing their features.

Best Banks for Small Business in Colorado: Quick Overview

Here’s an overview of the best banks for small business in Colorado.

🏦 Bank	✅ Great for
Bank of Colorado	Free business checking account
Community Banks of Colorado	Local banking
BOK Financial	Preferred lending rates and free incoming domestic and international wires
Chase Business	Businesses looking to scale
Bank of America	Variety of account options
U.S. Bank	Nationwide access

💡 You can also learn about an alternative option, Wise Business, for small businesses with international needs.

Best Banks for Small Business in Colorado: Top 6

Let’s dive into the best banks for small business in Colorado. We’ll go through each of the business checking accounts offered, including fees and any standout features.

Bank of Colorado

The Bank of Colorado is one of the best banks for small business in Colorado. It’s a local bank which offers three different types of business accounts:

• Business Growth Account
• Business Relationship Account
• Business Analysis Account

The Business Growth Account lets you make up to 100 fee-free transactions per month.¹ That includes everything from writing checks to debits and deposits. If you go over the transaction limit, you’ll be charged a fee of $0.25 USD per transaction.

The account has a minimum daily balance requirement of $3,500 USD. If your daily balance drops below this, you’ll incur a fee of $8 USD.

Paperless eStatements are free of charge and your Visa® Debit Card will make paying for business expenses easy.

The Business Relationship Account offers a wider range of features for a monthly fee of $20 USD.¹ You can waive this fee if you keep a daily minimum balance of $10,000 USD, or $100,000 USD in qualifying relationship deposit/loan balances.

The account offers Visa Business Debit Cards, low-interest business loans, revolving credit, federal tax payment tools and credit card processing services. It includes 250 items per month and charges $0.10 USD per extra item.

The Business Analysis Account enables you to earn credits on your balance.² Using these credits, you can offset the cost of service charges.

The account charges a monthly fee of $10 USD, in addition to $0.10 USD per item. You can apply for a Visa Business credit card as well as small business loans.

🔍 Overall, the Bank of Colorado can be a good option for small businesses who expect to grow, or who want to earn credits on their balance. One important factor to consider, is that these accounts work best if you can maintain a relatively high daily balance.

Community Banks of Colorado

The Community Banks of Colorado is owned by NBH Bank and offers five different business accounts:

• Small Business Checking
• Small Business Interest Checking
• Business Checking
• Business Performance Checking
• Business Premium Checking³

All business accounts have a minimum opening deposit of $100 USD. They all offer online and mobile banking, as well as a Visa Debit Card.

The Small Business Checking account is great for startups or non-profits wanting to manage their cash flow. There’s a monthly service charge of $10 USD which you can waive by:

• Maintaining a minimum daily balance of $1,000 USD; or
• Maintaining an average daily balance of $2,000 USD; or
• Spending $1,000 USD in monthly debit card purchases

The Small Business Interest Checking account offers small businesses a rate of interest on their balance. There’s a monthly service charge of $12 USD which you waive by:

• Maintaining a minimum daily balance of $1,200 USD; or
• Maintaining an average daily balance of $2,400 USD; or
• Spending $1,200 USD in monthly debit card purchases

The Business Checking account option offers higher transaction limits with a monthly service charge of $20 USD. You can waive the fee by:

• Maintaining a minimum daily balance of $2,000 USD; or
• Maintaining an average daily balance of $4,000 USD; or
• Spending $2,000 USD in monthly debit card purchases

The Business Performance Checking account offers advanced features for businesses looking to scale, such as loans. It comes with a monthly fee of $25 USD, which can be waived through:

• Maintaining a minimum daily balance of $2,500 USD; or
• Maintaining an average daily balance of $5,000 USD; or
• Spending $2,500 USD in monthly debit card purchases

The Business Premium Checking account can be the best option if your business requires advanced treasury management in addition to loans. Its monthly fee of $25 USD can be waived by:

• Maintaining an average daily balance of $25,000 USD

🔍 Overall, the Community Banks of Colorado offer a range of flexible options for small to scaling business. The minimum balance on the Premium account, however, may be too steep for small businesses.

BOK Financial

BOK Financial is another one of the best banks in Colorado for small business. It offers two business checking accounts:

• Business Access
• Business Advantage

Both accounts offer the following features:

• Free business debit card
• Online and mobile banking
• No monthly transaction limits
• Discounts on business solutions and checks
• Preferred lending rates
• Free incoming domestic and international wire transactions
• Free bill pay transactions

The Business Access account offers a simple checking account for small businesses free of any monthly service fees. You can deposit up to $3,000 USD per month free of fees. Thereafter, you’ll be charged a fee of $3 USD for every $1,000 USD you deposit.

You’ll receive a 20% discount on merchant card processing set up fees, as well as 20% off your first order of checks.

The Business Advantage account offers a more advanced suite of business checking account features. It comes with a range of merchant services and digital management tools, all with fee waivers.

You can deposit up to $15,000 USD per month free of fees. For every extra $1,000 you deposit, you’ll be charged $3.⁴

The Business Advantage account comes with a monthly fee of $30 which you can waive by maintaining an average monthly collected balance of $15,000 USD or monthly collected balances of $30,000 USD across personal or business deposit accounts. Just keep in mind that you’ll need to notify BOK Financial of other personal accounts to link.⁵

🔍 Overall, BOK Financial can be worth considering for businesses who receive incoming payments via wire transactions, as this comes for free with both accounts.

Chase Business

Chase Business has a range of checking accounts for small to large businesses. It offers the following:

• Chase Business Complete Banking®
• Chase Performance Business Checking®
• Chase Platinum Business Checking^SM

The Chase Business Complete Banking account is perfect for small businesses. It covers a range of essential features and offers unlimited debit card and in-network ATM transactions. You’ll also receive up to 20 teller and paper transactions. You can make up to $5,000 USD in cash deposits per statement cycle, without incurring a fee.⁶

You’ll also be able to accept all major credit and debit cards through QuickAccept®, with contactless payments and same-day deposits. Payments come with these fees:

• 2.6% + $0.10 USD for tap, dip and swipe transactions
• 3.5% + $0.10 USD for manual transactions

The account has a monthly service charge of $15 USD, which you can waive by:

• Providing qualifying proof of military status (active or veteran); or
• Maintaining a $2,000 USD minimum daily balance; or
• Spending at least $2,000 USD on purchases with a Chase Ink® business credit card; or
• Receiving $2,000 USD in deposits from QuickAccept transactions or other eligible payment solutions; or
• Linking a Chase Private Client checking account

The Chase Performance Business Checking account offers greater flexibility, enabling small businesses to scale their operations. The account enables you to accept and process debit and credit card payments, in person and online, through Chase Payment Solutions.

You can make up to 250 fee-free transactions per month, as well as accept an unlimited number of electronic deposits. You can also receive all incoming wires free of charge as well as your top two most-expensive outgoing domestic wires for free, each statement cycle.⁷

The account also comes with the ability to earn interest on your balance.

There’s a $30 monthly fee which you can waive if you have average beginning day balances of $35,000 USD or more per day, in any combination of linked business deposit accounts that qualify.

The Chase Platinum Business Checking account is designed for larger businesses. This means that your Chase business checking account options can grow alongside your business, adapting to your needs.

You’ll be able to make 500 fee-free transactions, as well as make $25,000 worth of monthly cash deposits per statement cycle.⁸ You can also receive unlimited electronic deposits and incoming wires, as well as have your top 4 most-expensive outgoing wires free of charge, per statement cycle.

You’ll also have access to cash management features including cash vault services, reconciliation and commercial sweeps.

The account has a monthly fee of $95 USD which you can waive if you have average beginning day balances of $100,000 USD or more in any combination of qualifying linked accounts, per day. Alternatively, you can waive the monthly fee if you have $50,000 USD in a Chase Private Client Checking℠, JPMorgan Classic Checking or Private Client Checking Plus account.

🔍 For small businesses looking to scale, Chase business accounts offer the flexibility and tools that can help make this easier. The Platinum Business account may not suit small businesses, however, due to the high daily balance requirement.

Bank of America

Bank of America offers two business checking accounts for small businesses in Colorado:

• Business Advantage Fundamentals™ Banking
• Business Advantage Relationship Banking

The Business Advantage Fundamentals Banking account provides small businesses with essential banking functions. You’ll be able to make up to 200 fee-free transactions per month. Bank of America business checking accounts come with standout features, such as QuickBooks integration, access to Zelle and efficiency tools, including Erica and Cash Flow Monitor.⁹

The account has a monthly fee of $16 USD, as well as a $16 USD fee for additional accounts.

You can waive this fee by:

• Maintaining a combined average monthly balance of $5,000 USD or more in eligible linked business deposit accounts; or
• Spending at least $250 in qualifying debit card purchases

If your small business plans to scale, you might be better suited to the Business Advantage Relationship Banking account. It comes with a second business checking account free of charge, as well as a Business Advantage Savings account for free.

You can make up to 500 fee-free transactions per month and receive incoming wires and stop payments without fees.

If you maintain a combined average monthly balance of $15,000 USD or more in eligible linked business deposit accounts, you’ll be able to waive the monthly fee of $29.95 USD.

This comparatively lower combined average monthly balance requirement could make the Bank of America business checking account a better option for some businesses, than that offered by Chase.

🔍 Read the full comparison of Chase vs. Bank of America business accounts

U.S. Bank

U.S. Bank can be a great small business checking account option due to its coverage. You can find more than 13,000 in-network ATMs nationwide, giving you greater flexibility for businesses operating outside of Colorado.

U.S. Bank business checking accounts include:

• Silver Business Checking Account
• Gold Business Checking Account
• Platinum Business Checking Account
• Premium Checking Account

The Silver Business Checking account gives you 125 fee-free transactions every billing cycle. You’ll be able to make $2,500 USD worth of free cash deposits or 25 free cash transactions every billing cycle, whichever comes first. You’ll also receive a 50% discount on your first order of checks up to $50 USD.¹⁰

The account has zero monthly fees, making it perfect for small businesses finding their feet.

The Gold Business Checking account gives you 300 fee-free transactions every billing cycle. You’ll can make $10,000 USD worth of free cash deposits or 100 free cash transactions every billing cycle, whichever comes first. You’ll also receive a 50% discount of up to $100 USD on your first order of checks.

The account has a monthly maintenance fee of $20 USD which you can waive by:

• Opening a U.S. Bank Payment Solutions Merchant Account; or
• Maintaining an average collected checking balance of $10,000 USD or an average collected checking balance on interest-bearing account of $25,000 USD; or
• Maintaining an average collected checking balance of $20,000 USD or an average collected checking balance on interest-bearing account of $50,000 USD; or
• Maintaining a combined average collected business deposits and outstanding business credit balance of $50,000¹¹

The Platinum Business Checking account offers higher limits for established small businesses looking to scale. You can make up to 500 fee-free transactions every billing cycle. You’ll also be able to make $20,000 USD worth of free cash deposits or 200 free cash transactions every billing cycle, whichever comes first. You’ll also receive a 50% discount of up to $100 USD on your first order of checks.

You can waive the monthly account fee of $30 USD by:

• Maintaining an average collected checking balance of $25,000 USD; or
• Maintaining a combined average collected business deposits and outstanding business credit balance of $75,000 USD

The Premium Checking account is best suited for larger businesses with complex needs. Packages are typically designed on a case-by-case basis.

🔍 Overall, U.S. Bank can be a suitable option for small businesses who also operate outside of Colorado, due to its extensive coverage within the US.

Discover Wise Business: An Account for Small Businesses With Global Needs

If your small business in Colorado has customers and suppliers abroad, a Wise Business account can help support them.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks that can make your money go further. It's easy to open a business account online. You won't have to wait in line or book appointments, which can help you get set up faster and save your small business precious time.

Learn more about Wise Business

With Wise Business, you’ll be able to hold and manage more than 40 currencies within your account. You can convert between them at the mid-market exchange rate, free of hidden fees. Get major currency account details for a one-off fee to receive overseas payments like a local. You can also Send money to 160+ countries.

With seamless integration, all of your monthly payments can be automatically reconciled to QuickBooks, Xero, and more, making accounting easy.

Read the guide on how to open a Wise Business account

Some key features of Wise Business include:

Major local account details to receive international payments with ease No monthly account fees just a simple one-off fee for account details Receive payments from e-commerce platforms (such as Amazon or via Stripe). Create invoices using the Wise invoice generator or invoice templates. Accounting integrations, including a QuickBooks Bill Pay connection. Bill payments will be synced, matched, and categorized in QuickBooks for simple reconciliation. Batch payment options. Fast payment of up to 1,000 people.

Open a Wise Business account online

About the author:
	Panna is an expert in business finance topics for the US, covering topics from invoicing to international expansion. She creates high-quality reviews on business finance tools and products with the aim to help businesses save time and make informed decisions. You can read more useful business articles on her author profile.

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Sources:

1. Business Growth Account | Colorado
2. Business Analysis Account | Colorado
3. Small Business Checking Account | Community Banks of Colorado
4. BOK Financial - Business Advantage Checking
5. BOK Financial - Business Checking Solutions for Growing Businesses
6. Chase business checking
7. Chase Performance Business Checking
8. Chase Platinum Business Checking
9. Business Checking Accounts for Your Small Business
10. Open a Platinum Business Checking Account Online | U.S. Bank
11. Gold Business Checking Account Package | U.S. Bank

Sources checked February 2024.