Florida is one of the best states for business in the United States. The state has many banks that offer baking services to small, medium, and large enterprises scattered all over the state. However, how can one know the best bank for small business in Florida?
The idea of the “best bank” is relative because it depends on the ranking criteria. For instance, one bank could be good at providing credit while the other is the best at giving rewards to customers. Therefore, the most common factors considered when raking banks include lending options, service delivery, business-friendliness, fees and charges, and rewards.
These factors are considered to identify the best banks or small businesses in Florida. As a result, the bank that emerges the best in each category is ranked here. Without further ado, here is a list of Florida’s best banks for small businesses.
5 best banks for small business in Florida
1. PNC Bank
PNC Bank has been expanding its presence in Florida. This bank has branches in Tampa, Orlando, Boca Raton, and Fort Lauderdale in Florida State. It also has numerous ATMs across Florida.
PNC Bank is known for its generous lending to small businesses. In fact, the bank prides itself in working with small businesses to help them grow, manage their assets, and offer credit facilities.
If you are a small-scale businessperson in Florida, this is the bank you should go to. Here is a list of the pros and cons of banking with this bank as a small business owner in Florida.
|Both online and in-person banking services
|Low APY on savings
|Reliable customer service
|Monthly fees apply
|A wide network of ATMs
|High minimum balance requirement
|Multiple savings and checking account options
|Handsome interest on deposits
|Low minimum deposit requirements
2. Bank of America
The Bank of America has a full suite of banking products for small-scale businesses. The bank stands out for its excellence in relationship banking, which gives customers extra perks and benefits.
Bank of America has the best rewards for customers. Therefore, you are sure that you will be rewarded for banking with them. Here is a summarized list of the pros and cons of banking with the Bank of America.
|The bank has multiple branches and ATMs
|Does not provide 24/7 service
|Offers good rewards
|Charges processing fees when using other ATMs
|Sometimes, it can waive the monthly fee
|Charges monthly fees
|Easy to open an account online or at a branch
|$10 overdraft fee
|Interest rates fall below other banks.
3. Chase Bank
This American bank is the best in terms of business services for customers in Florida. They are concentrated in central Florida, making it easily accessible and convenient for businesses. Chase Bank is preferred by many retail and small-scale business customers in Florida because of its many services and products.
This bank does not restrict the number of accounts you can have. Therefore, it makes it possible for business people to open several accounts and plan their finances appropriately.
If you are a small business owner in Florida, you can consider partnering with Chase Bank. You will benefit greatly if you utilize the financial products offered by this bank. Here are the Pros and cons of Chase Bank.
|$500 sign-up bonus and coupons
|High monthly fees
|Low monthly fees that can be waived
|High out-of-network fees
|No minimum amount for opening an account
|No retirement accounts
|It has a strong global presence.
|Requirements to waive monthly fee
|24/7 customer service
|Low-interest rates on savings accounts
|Online and mobile banking options
4. Wells Fargo
This bank is suitable for all people who prioritize in-person banking in a brick-and-mortar banking hall. It offers three core business checking accounts suitable for small businesses and retail stores.
Wells Fargo is one of the leading banks in the US and has a presence in Florida, too. It has several branches and ATMs in Florida. The branches operate differently depending on the location. Therefore, you check the operational schedule of the branch near you.
The good thing about banking with Wells Fargo as a small business owner is that you can open an account online without going to the bank. Here is a summarized list of the pros and cons of banking with Wells Fargo as a small business owner.
|Monthly fees can be waived.
|Transactions and deposits are charged.
|Low minimum balance requirement
|No sign-up bonuses
|Excellent customer service
|Few small business loan options
|Some branches open on Saturday
|Charges for use of out-of-network ATMs
|Free cash deposits at ATMs
|Yields on savings accounts are low.
|Business accounts can be opened online.
5. SunTrust Bank
SunTrust Bank recently merged with BB&T Bank to form a new bank called Truist. As a result, Truist is now the seventh-largest bank in America. However, the banks retained their original branding and their financial products.
This bank has several branches in Florida. You can bank in any branch near you. Small businesses benefit immensely from the financial services offered by Truist. For instance, they can get a mortgage to build your house, a loan to start or expand your business or save your money in the bank.
If you are a business owner in Florida, you may need to consider banking with SunTrust Bank. Here are the pros and cons of this American bank.
|Seamless integration of services with digital payment systems
|Low-interest rates on deposit accounts
|Text-based, mobile, and online banking available
|High overdraft fees
|Low deposit requirements
|Low monthly maintenance fees, which can be waived
The bottom line
The idea of the best bank for small business in Florida is relative because it depends on what you are looking for. Therefore, to know the best bank, you should first ask yourself what services you need from the bank.
The above list will help you identify the best banks for small businesses in Florida. You can work with any of the five banks depending on your financial priorities.