Biz Owner Guide Blog

Best Bank for Small Business in Florida

by | Dec 2, 2023 | Blog, Financing

A good business checking account is one the initial steps you take. Choosing one that doesn’t have what you need could be a huge annoyance later.

Starting a small business in Florida is an exciting venture, but navigating the financial landscape can be a daunting task. Choosing the right bank for your small business is a crucial step for your business finances.

With a plethora of options available, it’s essential to consider various factors before selecting the best bank that aligns with your business needs. In this article, we’ll explore some of the top banks in Florida for small businesses and shed light on the key considerations entrepreneurs should be aware of.

Top Banks in Florida for Small Businesses

  1. Chase Bank: Known for its robust online banking services and a wide range of financial products, Chase Bank caters well to successful small businesses. It offers tailored solutions, including business checking accounts, loans, lines of credit, credit cards, and merchant services, suitable for businesses of different sizes.

    I have several clients that use Chase and it is one of the ones that I think does a pretty good job giving you a basic business checking account that will work well with 3rd party accountants too.

    If cash flow will be an issue, you may want to consider a bank that is more forgiving. Most business checking accounts will have overdraft fees and minimum balance requirement in order to avoid monthly maintenance fee.

    Furthermore, if you are expecting cash deposits, then Chase will be one of your better options since they have locations all over for you to make cash deposits securely in addition to mobile banking.

  2. Wells Fargo: This bank is renowned for its extensive branch network and diverse financial offerings. Small business owners can benefit from its specialized business banking services, credit options, and dedicated business support. Wells Fargo also provides easy-to-use products, tools, and resources for small businesses to help simplify your financial life.

  3. Bank of America: With a strong presence in Florida, Bank of America provides a suite of small business banking solutions, such as business checking accounts, credit cards, and cash management services.

    I’m not a huge fan of BoA. Their online banking platform isn’t super user-friendly and equipped with useful tools for entrepreneurs. When we have clients try to give us 3rd party viewer-only access, it’s like pulling teeth.

    Still those that get business checking accounts with them may get better discounts or offerings with their merchant services. This will depend on the volume of sales you do and the size of your business.

    Example: Do you do $100K in sales or over $1 million? You aren’t likely to get any deals if it is the former.

  4. Regions Bank: This institution offers a mix of traditional banking services along with innovative digital tools. Small business owners can access tailored financial solutions, loans, and treasury management services.

  5. SunTrust, now Truist: Renamed Truist after a merger with BB&T, this bank serves small businesses with an array of banking products and services. They offer customized solutions and personalized support for entrepreneurs.

Should I consider Online Banks (No physically locations)?

The short answer is yes. I have clients that use all the banks listed above. They are all great. I also have clients that use online and mobile banking for their business bank accounts. Here are some of the ones I recommend.


Okay, full disclosure here. I bank with Bluevine and I think they are pretty dang good. I came across them when I was onboarding a new client. I noticed he used Bluevine, which at the time I thought Bluevine only offered loans and financing products.

I was wrong and I found that Bluevine not only knew what business bank accounts needed to have for business owners but also what accountants need as well. It’s one of the best banks for small businesses I’ve come across. Let’s go over some of the features and takeaways.

PROS/CONS OF BLUEVINE (Accountant’s Choice)

  • Easy to get started: Setting up an account with Bluevine is fast and simple.

  • Multiple services from one company: Bluevine offers funding, invoice factoring, and business checking, all under one online roof. This means you have one less platform or program to learn, making your accounting workflow simple.

  • Fast disbursement: Funds are usually available in less than a business day. Which means you can access your credit and other financing options quickly.

  • Get access to line of credits and or credit cards.

  • Make 2% interest on your cash: A free business checking account is great because it usually does not have monthly fees but often that business bank account does provide interest. That’s not the case with Bluevine!

  • Connects with QuickBooks: Bluevine’s business bank accounts make it easy to connect with QuickBooks and also invite your accountant as a 3rd party (viewer-only user).

  • Interest rates can get high: Depending on your credit score, you may pay a little more in interest for your funding.

  • No financing options for VT, ND, SD: If you currently own and operate your business in Vermont, North Dakota, or South Dakota, you unfortunately cannot use BlueVine’s services.


Novo is a fintech company for small businesses, entrepreneurs and freelancers. If you’re self-employed and want a bank account that is easy to use with almost no fees, you’ll want to check out Novo.

This company is built for business owners who are comfortable managing their money online on the Novo website or mobile apps. While it doesn’t have every feature of a traditional checking account, Novo offers plenty of features for most modern entrepreneurs and cashless businesses. Let’s look at some of the features.



  • No monthly fees and few other fees: There are no recurring fees. The only fees charged are for insufficient funds when sending a check or when a deposited check is returned for insufficient funds.

  • Integrates with popular tools like Stripe, QuickBooks and Shopify: From your Novo account, you could, for example, track your QuickBooks transactions in real time.


  • No recurring payments with bill pay: You can save your payee’s information within your Novo account for future payments, but you can’t set payments to automatically send — meaning you’ll need to actively monitor your bills and initiate payments before their due dates.

  • Disappointing customer support: Novo has no customer service phone number or option to talk to someone in real time, but the service that is available (via email or mobile app) is only staffed limited hours: Monday through Friday, from 9 a.m. to 6 p.m. ET.

Both of these options have specific services and features that may be right for you and your business. The best thing you can do is research each one and learn all that they have to offer.

Should Credit Unions Be Considered?

In a world where financial institutions dominate the market, credit unions stand out as a beacon of community-focused banking. For businesses, opting for a credit union can offer a plethora of advantages that go beyond traditional banking services. Credit unions provide a more personalized experience for their members. They focus on their members’ needs and interests. This often results in better customer service and lower fees.

Key Considerations for Small Business Owners

While choosing a bank for your small business in Florida, here are essential factors to consider:

  1. Fee Structures: Evaluate the bank’s monthly fees for business accounts, transaction fees, overdraft charges, and other related costs. Opt for banks with transparent fee policies that suit your business’s financial activities.

  2. Services Offered: Consider the specific banking services your business requires—checking accounts, savings accounts, credit lines, merchant services, or specialized lending options. Choose a bank that offers a comprehensive suite of services aligned with your business needs.

  3. Accessibility and Convenience: Assess the bank’s accessibility through branches, ATMs, online banking platforms, and mobile apps. A bank with a robust digital presence can offer convenience, especially for businesses needing frequent online transactions.

  4. Customer Support and Relationship Management: Look for banks that prioritize customer support, offering dedicated relationship managers or business advisors. Strong customer service can make a significant difference when addressing your business’s financial concerns.

  5. Reputation and Stability: Consider the bank’s reputation, stability, and history in supporting small businesses. Check reviews, ratings, and testimonials from other small business owners to gauge their experiences.

  6. Interest Rates and Loan Options: If your business anticipates borrowing or savings, explore the bank’s interest rates for loans, lines of credit, and savings accounts. Competitive rates can save your business money in the long run.

Don’t Overthink it, Just Choose a Free Business Checking Account.

Choosing the best bank for your small business in Florida involves careful consideration of these factors. As you decide on the right bank account, just know that you can always get a better checking account if the one you choose turns out to not be a right fit long-term.

Conduct thorough research, compare offerings, and even consider scheduling meetings with bank representatives to discuss your business’s specific needs.

Remember, the right bank can serve as a valuable partner in your business journey, providing financial stability, growth opportunities, and essential support. Make an informed decision that not only meets your immediate needs but also aligns with your long-term business goals.

business owners at counter

Daniel Sleep, CPA

About the Author

Daniel is a Certified Public Accountant (AZ), Charted Retirement Planning Counselor (CRPC), Certified Tax Coach (CTC) and a Registered Investment Adviser (Series 65). He’s worked for large accounting firms like Deloitte & Touche to the small family businesses.

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