Best Banks for Small Business in Ohio

Written on August 27, 2021

There are over 965,500 small businesses in Ohio, according to the U.S. Small Business Administration. If you’re in this camp, partnering with a reputable bank can help streamline your business finances so that it’s easier to keep track of your revenue and expenses. It also filters out your personal finances and gives your business a level of credibility, which are always good things.

What are the best banks for small business in Ohio? The answer really all depends on your individual banking needs.

The Best Banks for Small Business in Ohio

Once you’re clear on what you’re looking for in a bank, the next step is finding one that meets those needs. Here’s a roundup of some of the best banks for small business in Ohio.

1. Best for Free Checking: U.S. Bank

U.S. Bank could make for a great banking option. It offers several business checking accounts, but its Silver Business Package stands out for its affordability and ease of use. Ohio-based small businesses will enjoy no monthly fees or maintenance fees. You also won’t be on the hook to maintain a minimum balance. In other words, it’s pretty much a free business checking account.

Going with U.S. Bank likely makes the most sense for emerging small businesses as there are deposit maximums and transaction limits to deal with. This account allows for 125 free monthly transactions. After that, there’s a $0.50 fee for every additional one. Meanwhile, you can make 25 free cash deposits per month. Businesses that are scaling fast might find this restrictive, but it could make sense if your transactions and deposits are typically within that free range. The same goes for small businesses that have a low average checking account balance.

2. Best Credit Union: Wright-Patt Credit Union

Opting for a local credit union that’s geared toward small businesses can be a great alternative to a big bank. These types of not-for-profit financial institutions are known for delivering more personalized customer service and lower interest rates on loans. They can also help you feel more plugged into your local community.

Active in Southwest and Central Ohio, Wright-Patt Credit Union serves small businesses with a number of resources. Its SimpleChoice Checking account comes with no monthly service charges, plus 200 free check deposits. You’ll need a $50 deposit to get started. From there, your small business will have access to online and mobile banking as well as brick-and-mortar branches. This credit union also offers business loans and lines of credit, business credit cards, and more.

3. Best for Accessibility: PNC Bank

If you’re looking for the best banks for small business in Ohio, PNC Bank may tick off all the right boxes. It provides an array of resources to help your small business thrive and grow. This includes business credit cards and other types of financing, including SBA loans, lines of credit, and other tools to deliver the capital your small business needs. 

What’s more, PNC Bank offers a basic business checking account that allows for up to 150 monthly transactions and $5,000 worth of cash deposits. You’ll need a $100 minimum opening balance, but the $10 monthly maintenance fee is waived for the first three statement cycles. You can avoid it going forward if you maintain a $500 monthly balance. 

Alternatively, you can avoid this fee by making at least $500 in monthly purchases with a linked PNC business credit card or by depositing at least $500 into your business checking account from a PNC merchant services card payment. Speaking of merchant services, PNC also provides small businesses with a variety of payment processing add-ons.

4. Best for Online Banking: Bank Novo

When evaluating your options, you may find that online banking makes the most sense for your small business. It’s an option that comes with built-in convenience, especially for busy business owners who don’t have the time to visit an in-person branch to fill out an application. Bank Novo could be an ideal choice for self-employed folks in Ohio, particularly if you’re just looking for a business checking account.

The application process is said to take less than 10 minutes. Once approved, small business owners can link other bank accounts, send money, make payments, and process ACH transfers. Beyond that, account holders are able to deposit checks via the app, create and manage invoices, and receive domestic and international wire transfers. All that’s required to activate all your account features is a $50 opening deposit. Apart from that, there are no service fees or minimum balance requirements. You’ll also receive a debit card and will be refunded for all ATM fees.

How to Choose the Right Bank for You

Your business checking account isn’t just a place to park your money. Think of it more as a centralized hub for your business finances. Many banks also offer additional resources to help support small businesses. This can include everything from invoicing and payment processing solutions to stellar customer service when you need it.

To get started, focus on what your business is looking for in a bank. If you’re a relatively modest operation with a small number of monthly transactions and deposits, there are plenty of free checking account options that could serve you well. Meanwhile, small to medium-sized businesses that have growth in mind may be better off with a bank that offers extra support and financing options.

The Bottom Line

When all is said and done, the best banks for small business in Ohio are ones that are serving the needs of the small business community. Once you’ve settled on a bank, be sure to read up on any fees or limitations that may be prohibitive to your business. And if growth is top of mind, you can think long term by choosing a bank that can grow with you and provide the right resources as you scale.