Best Small Business Banks in Arizona

Updated on September 28, 2021

Whether you’re starting a new small business or are merely shopping around for a new business banking provider, there are good reasons to consider your options seriously. This is true if you’re looking for the best small business banks in Arizona, or anywhere else in the country for that matter.

The best small business bank depends largely on your own unique needs, although there are a few common denominators. You’ll want a bank that gives you the right set of features, the flexibility to grow, and low fees (or no fees) attached. That’s just the start, though.

The Small Business Banks in Arizona

It’s essential to have a small business bank account, whether you’re a one-person operation or have a full roster of employees. Your needs will differ based on the size of your business, the number of transactions you make per month, and other factors. Here’s what you need to know about the best small business banks in Arizona.

1. Best Bank for ATM Access: Chase Bank

Chase is one of the largest banks across the United States, which means you’re never far from a branch almost anywhere in Arizona. As of mid-2019, Chase had 232 offices in Arizona, offering major convenience for small business owners who are on the go and may need to access cash anywhere within the Grand Canyon State.

Chase doesn’t just offer convenience in terms of locations, it also provides small business owners with a range of account types to help match their needs. Chase Business Complete Banking℠ provides you with the basics: There’s no deposit minimum to open your account, and a low $15 monthly fee. There are several ways to have your fee waived: maintaining a $2,000 daily balance, making purchases with a Chase Ink business credit card, or if the account holder is a veteran.

There are other accounts, such as Chase Performance Business Checking or Chase Platinum Business Checking, which are designed for mid- to large-sized companies with more features (and higher fees).

2. Best Regional Bank: Alliance Bank of Arizona

Alliance Bank of Arizona is an excellent pick for those who want to partner with a smaller bank that still offers the same perks and benefits as a bigger, national operation. This bank offers several options for businesses of different sizes: There are four different account types, each designed to help fill particular needs for companies of different sizes. Plus, Alliance Bank of Arizona also offers treasury management services, international banking, and a robust arrangement of business loans and credit products to help you finance your growth.

3. Best for Growth: BMO Harris

BMO Harris offers a range of perks and special offers when you open a new business savings or checking account, as well as benefits for payroll services and business credit cards. Although they’re far from the only bank to offer sign-up incentives, they offer more than most when it comes to providing perks for a variety of banking services.

This bank also provides tailored support for businesses run by women, Black and Latinx-owned businesses, and more. Plus, they have six different kinds of checking accounts—this means BMO Harris is able to support your journey from the early days of operation all the way to becoming a medium-sized enterprise.

4. Best Credit Union: Desert Financial Credit Union

Desert Financial Credit Union is Arizona’s largest credit union, which means you’re likely to qualify for a business bank account and access it more easily across the state. Credit unions are a bit different from banks: Chiefly, you become a member of a credit union rather than a customer. This means you’re entitled to certain benefits that most banks don’t offer, such as cash bonuses for members and community-oriented donation initiatives. Plus, you still get all the benefits and security that you would with a conventional bank.

To become a Desert Financial Credit Union member, you or your business need to live or operate in the following counties:

  • Gila
  • Maricopa
  • Pinal
  • Cochise (banking only available online)
  • Coconino (banking only available online)
  • La Paz (banking only available online)
  • Mohave (banking only available online)
  • Navajo (banking only available online)
  • Pima (banking only available online)
  • Yavapai (banking only available online)
  • Yuma (banking only available online)

So long as you qualify, you can choose from a variety of checking, savings, and loan products for you and your business. You’ll also get the satisfaction of knowing that your business banking account helps fund worthy causes across the state.

5. Best Bank for New Businesses: Arizona Bank & Trust

Arizona Bank & Trust is our pick for new businesses because of how easy it is to open an account. You only need a $100 minimum deposit to get started and can avoid a modest $5 monthly maintenance fee so long as you maintain a $1,500 average daily balance. You’ll get all of the same mobile and online banking services that come with a larger financial institution, as well as merchant services that can help you expand your operation by accepting a larger assortment of payment types.

Arizona Bank & Trust also offers a suite of banking tools designed to help medium-sized businesses grow, including treasury and payment services, working capital financing, and even retirement planning for you and your employees.

What to Look for in a Small Business Bank

Each small business bank should offer a few core elements to make them a solid financial partner for your company over the long term.

This starts with the features they provide: Businesses with few financial needs shouldn’t sign up for accounts that come with tons of free monthly wire transfers, for example. That’s because these accounts usually come with high service fees that may require you to maintain a larger minimum daily balance to have them waived. If you only need an account that covers the basics, look toward accounts that are either fee-free or have low waiver requirements.

Even if you don’t need a ton of features now, you may find you need them later as your business grows. Look into banks that come with different account tiers that offer different levels of support to help your business grow over time. Accounts for bigger or more complex business needs come with more free features, which you can usually get without paying a service fee with a high enough daily balance.

Don’t overlook the necessity of a good mobile experience, ATM access, or other matters of convenience that you need personally. These little details can go a long way toward making your daily life easier as a small business owner.

The Bottom Line

These are just a few of the top options for the best small business banks in Arizona. For some, a local credit union might be the best pick for their needs or values. In others, a large national chain might make the most financial sense. The best bank for your business is the one with which you feel the most comfortable as well as the most adequately primed for growth over the long term. Switching banks can be a complicated process; it’s often better to start off with a bank you believe can be a good fit for you today and in the future too.