10 Best Banks for Small Business in California 2023
This article is part of a larger series on Business Banking.
In this guide, we chose 10 of the best small business banks in California. The best for your business should offer a great business checking account to go with outstanding business products and services.
Many of the banks on our list have physical locations in multiple economic regions, and most providers allow you to open accounts from anywhere, even if you’re not near a branch. In addition to banks with branches, there are four online-only banks that can serve your business needs statewide.
Here are the 10 best banks for small businesses in California, each spotlighting an economic region of the state, with links directly to the bank’s websites:
- Featured bank in California Statewide: U.S. Bank Member Federal Deposit Insurance Corp. (FDIC)
- Featured bank in Southern California: BMO (formerly Bank of the West) Member FDIC
- Featured bank in Greater Sacramento: Bank of America Member FDIC
- Featured bank in Southern Border area: Chase Member FDIC
- Featured bank in Northern Sacramento Valley: Bluevine Provider is a financial technology (fintech) platform backed by and FDIC-insured through a supporting bank partnership with Coastal Community Bank.
- Featured bank in the Central Coast: Novo Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Middlesex Federal Savings.
- Featured bank in the Bay Area: Mercury Provider is a fintech platform backed by and FDIC-insured through supporting bank partnerships with Choice Financial Group and Evolve Bank & Trust.
- Featured bank in Northern California: Found Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Piermont Bank.
- Featured bank in the San Joaquin Valley: Citibank Member FDIC
- Featured bank in Central Sierra: PNC Bank Member FDIC
In each section, we also include a list of other business banks in that economic region, with a link to our review of the bank.
Economic Regions of California
The drop-down menu below lets you choose your region to go directly to that section of this guide. If you’re unsure of the region where your business is located, you can use our map of California’s economic regions by clicking on the header below.
Best Banks for Small Business in California At a Glance
Featured Location* | Account Name | Monthly Fee | Free Monthly Transaction Limit | Free Monthly Cash Deposit Limit | |
|---|---|---|---|---|---|
 | California Statewide | Silver Business Checking | None | 125 | $2,500 |
 | Southern California | Simple Business Checking | $10; waivable | 100 | $2,000 |
 | Greater Sacramento | Fundamentals Business Checking | $16; waivable | 200 | $7,500 |
 | Southern Border | Business Complete Banking | $15; waivable | 20 | $5,000 |
 | Northern Sacramento Valley | Business Checking | None | No limit | $4.95 per deposit (Green Dot Locations) |
 | Central Coast | Business Checking | None | No limit | None; Cash deposited through money orders |
 | Bay Area | Business Checking | None | No limit | Cash deposits not accepted |
 | Northern California | Business Checking | None | No limit | Available at 79,000+ retail locations |
 | San Joaquin Valley | Streamlined Checking | $15; waivable | 250 | $10,000 |
 | Central Sierra | Business Checking | $12; waivable | 150 | $5,000 |
*These banks may have branches outside this region. Check the individual sections below for a map of all regions with a branch. Also, many providers will allow you to open an account online. Check out our individual bank reviews, which are linked below, for more information. | |||||
California Statewide Business Bank: U.S. Bank
What We Like
- No monthly fee
- Easily waived monthly fee on three checking options
- Built-in point-of-sale (POS) options
Drawbacks
- Expensive wire fees
- Limited free transaction
- Opening deposit required
Regions With Physical Locations
(Click map for U.S. Bank’s location finder)
- Send and receive money through app
- Digital invoicing and payment systems integrated into your online dashboard
- Mobile app to monitor all of your accounts, transfer funds between accounts, and deposit checks online
- Easy integration with overdraft protection or credit card processing services for your business
- Free debit card and 50% discount on first check order up to $50
- Integrations with QuickBooks and U.S. Bank Payment Processing
- Customer service online, by phone, or in-branch during business hours
- Other products include lending and cash flow products, other checking options, and POS services
 | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 125 in a month, then 50 cents per transaction |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | $40 for outgoing, $14 for incoming |
International Wire Fees | $75 for outgoing, $15 for incoming |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply |
Cash Deposited | $2,500 in cash deposits or 25 free cash deposits per cycle, whichever comes first |
APY | N/A |
When To Choose U.S. Bank
No matter where your business is located in California, there is a U.S. Bank branch located somewhere nearby. With no monthly fees and up to 125 free transactions monthly, U.S. Bank is a great option for California businesses. While you can visit a branch location to open a business bank account, you can also do so online.
In addition to the free monthly transactions, you also get up to $2,500 in free cash deposits monthly with the bank’s Silver Business Checking account. If you regularly exceed those monthly transactions, you can switch to a higher-tier account. There are waivable monthly fees for the Gold and Platinum Business Checking accounts, but both allow more free transactions and other perks.
Also, U.S. Bank has an excellent mobile app with 4.7 out of 5 stars in Google Play and 4.8 out of 5 stars in App Store.
We recommend five other traditional banks with locations in all 10 economic regions of the state, which are listed in the box below. In addition, we have included five financial technology (fintech) companies with online-only business checking accounts.
Other Business Banks in California Statewide | |
|---|---|
 | |
Southern California Business Bank: BMO (formerly Bank of the West)
What We Like
- Easily waivable monthly fees
- Variety of business checking account options
- Now more than 1,000 branches in 32 states
Drawbacks
- No APY except for highest tier (BMO Elite Business Checking)
- Low free cash deposit limits
- Bank of the West customers may see account terms change with transition
Regions With Physical Locations
(Click map for Bank of the West’s location finder)
- Free debit Mastercard
- Digital banking
- Unlimited incoming wire transfers (BMO Digital Business Checking and BMO Elite Business Checking)
- Unlimited ACH credits (BMO Digital Business Checking)
- BMO Elite Business Checking relationship packages
- Specialty business checking accounts
- Robust lending options, such as Small Business Administration (SBA) loans, lines of credit, equipment leasing, real estate lending, and specialty financing
- Discounted payroll services through Business Online Payroll® and Paychex
| |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 100 per month, then 40 cents per transaction |
Monthly Fees | $10, waived with average collected balance of $100 or more |
Domestic Wire Transfer Fees | Incoming: $15 Outgoing: $30 |
International Wire Transfer Fees | Incoming: $15 Outgoing: $50 |
ATM Fees | None at BMO and Allpoint ATMs, $3 for non-BMO ATMs plus operator fees |
Cash Deposited | $2,000 per month free, then 25 cents per $100 |
APY | N/A |
On Sept. 5, 2023, Bank of the West completed its planned transition to BMO (formerly BMO Harris and Bank of the West).
When To Choose BMO
Bank of the West had provided banking services to California since being founded as the Farmers National Gold Bank of San Jose back in 1874. With the Bank of the West acquisition, BMO has branch locations in all but one of California’s economic regions and over 1,000 branches in 32 states.
BMO has two entry-level business checking accounts. BMO Simple Business Checking allows up to 100 transactions and $2,000 in cash deposits for free each month. The $10 monthly fee is easily waivable with an average collected balance of just $100 or more each statement period.
The company also offers BMO Digital Business Checking with unlimited ACH transactions and incoming wire transfers. You get up to $1,000 in free cash deposits monthly, and the $10 monthly fee can be waived by having an average collected balance of $500 or more each month.
The bank also offers two higher-tier accounts, which come with more free transactions each month. Both have higher monthly fees with higher thresholds to waive those fees.
While some of the account terms may change from what Bank of the West offered, BMO is another outstanding full-service bank that can meet your business needs as your company grows. Its Android app is rated 4.7 out of 5 based on nearly 20,000 reviews on Google Play. Meanwhile, the iOS version is rated 4.8 out of 5 based on over 55,000 reviews on the App Store.
Other Business Banks in Southern California | |
|---|---|
 | |
Greater Sacramento Business Bank: Bank of America
What We Like
- Bonus of up to $500, plus ongoing rewards if qualifications are met
- Free digital tools to track business performance
- 200 free transactions per month with basic business checking
Drawbacks
- Cash deposit fees charged per $100 over monthly allowance
- Doesn’t offer ATM fee reimbursements
- Requires a $100 opening deposit
Regions With Physical Locations
(Click map for Bank of America’s location finder)
- Deposit checks, view accounts, make transfers, and pay bills via the mobile app
- Credit card processing and payroll services through ADP
- Cash Flow Monitor®, a cash management tool, lets you connect accounting, analytics, and payroll apps to help you make business decisions
- Allows you to check your business credit score through a partnership with Dun & Bradstreet
- Free debit card
- Integrations with QuickBooks, TurboTax, and Zelle
- Customer service during business hours in branch and via phone or social media messages
- Merchant services available through Expensify
- Other products include business savings, certificates of deposits (CDs), lending products, and financial analysis through Merrill Financial Advisor
 | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 200, then 45 cents per item |
Monthly Fees | $16; waivable if conditions are met |
Required Balance Minimum to Waive Monthly Fee | One of three ways to waive fee:
|
Domestic Wire Transfer Fees | Fee varies |
International Wire Transfer Fees | Fee varies |
ATM Fees | None at over 17,000 ATMs nationwide; $2.50 per transaction on out-of-network ATMs |
Cash Deposited | Up to $7,500 per month free, then 30 cents per $100, per statement cycle |
APY | N/A |
When To Choose Bank of America
Another bank with branch locations in all of California’s economic regions is Bank of America, our choice for the best small business checking account. Like U.S. Bank, you can open accounts online, so you can bank with the company regardless of where your business is located in the Golden State.
Bank of America’s Fundamentals Business Checking gives you up to 200 transactions and $7,500 in cash deposits for free each month. If you exceed those limits regularly, your banking advisor may recommend a switch to the higher-tier Business Advantage Relationship Banking, with up to 500 free transactions and $20,000 in free cash deposits monthly.
You get outstanding ongoing rewards with Bank of America. They include up to $500 in combined cashback rewards and statement credits with its business checking and credit card products. The bank also offers preferred rewards for business, including 25% to 75% bonus rewards on credit cards and 5% to 20% higher interest rate on Business Advantage savings accounts.
The $16 monthly fee is waived with having at least a $5,000 combined average monthly balance, making $250 in new net purchases on your business debit card, or becoming a preferred rewards for business member.
You can even access your Dun & Bradstreet business credit score through the app, which is highly rated, with 4.6 stars on Google Play and 4.8 stars on App Store. The account’s drawbacks include a $100 minimum monthly deposit and fees on out-of-network ATM withdrawals.
Southern Border Business Bank: Chase
What We Like
- $300 bonus when you open an account
- Easily waived monthly fee on three checking options
- Built-in POS options
Drawbacks
- Only 20 free transactions at basic checking level
- ATM fees not reimbursed
- Low savings interest rates
Regions With Physical Locations
(Click map for Chase’s location finder)
- Manage debit, deposit, and ATM card settings for individual employees
- Deposit checks, view account balances, pay bills, and make transfers through the mobile app
- Integrates with QuickBooks and other leading accounting software
- Free debit card, mailed within 10 business days of application approval
- Physical checks’ costs, depending on type ordered
- Chase Merchant Services
- Live customer support online or in branch during business hours
- Other products include business savings, certificates of deposit (CDs), lending products, credit cards, merchant services, and collection services
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20, then 40 cents per transaction |
Automated Clearing House (ACH) Fees | $25 for first 25 items per month, 15 cents per item above 25 per month, $2.50 return fee |
Monthly Fees | $15; waivable if conditions are met |
Required Balance Minimum to Waive Monthly Fee | $2,000 minimum daily balance, or one of four other ways |
Domestic Wire Transfer Fees | Up to $35 for outgoing wires, up to $15 for incoming wires |
International Wire Fees | Up to $50 for outgoing wires, up to $15 for incoming wires |
ATM Fees | $3 per transaction at any non-Chase ATM, plus ATM operator fees |
Cash Deposited | $2.50 per $1,000 after you deposit $5,000 in a billing cycle |
Annual Percentage Yield (APY) | N/A |
When To Choose Chase
With branch locations in all 10 California economic regions and excellent online access for those not near a branch, Chase is a great choice for California companies. Chase’s entry-level account, Business Complete Banking, is excellent for smaller businesses without a lot of transactions or needing to deposit large amounts of cash each month. You get up to 20 free monthly transactions and up to $5,000 in free cash deposits.
For businesses needing more free transactions or would like a higher threshold of free cash deposits, Chase offers two additional business checking products. Its highest-tier account, Platinum Business Checking, is the best premium business checking account on the market.
To compare Chase’s three accounts, check out our review of Chase Business Checking.
Chase offers other outstanding business products and services, including business savings, lending products, credit cards, and lines of credit. It also provides commercial banking products through J.P. Morgan, such as commercial real estate loans, payment services, cash flow management, and merchant services.
For those who would rather do all of their business banking online or through an app, Chase’s app is well-rated on both Google Play (4.4 stars) and App Store (4.8 stars) out of more than 6 million combined reviews.
Other Business Banks in the Southern Border Area | |
|---|---|
 | |
Northern Sacramento Valley Business Bank: Bluevine
What We Like
- Interest-earning checking on balances of $250,000 or less
- Integrates with QuickBooks
- Excellent line of credit product
Drawbacks
- No savings, money market, and CD accounts
- No physical branch locations
- Only one debit card is issued per account
Statewide Availability
(Bluevine is online only and available statewide)
- No monthly maintenance fee
- No minimum balance requirement
- Free debit card and two free checkbook orders per year
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
- Has live customer support from dedicated professionals
- Offers line of credit
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Teller Cash Withdrawal Fee | None |
Domestic Wire Transfer Fees | $15 for outgoing, incoming are free |
International Wire Transfer Fees | $15 for outgoing, incoming are free |
ATM Fees | Free at MoneyPass locations nationally; $2.50 plus operator fees for non-network ATM use |
Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations |
APY | 2% on balances of up to $250,000, once qualifications are met |
*Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank. | |
Note: Bluevine is an online-only bank available to customers across the state of California. If you want a bank with a physical location in the Northern Sacramento Valley, see our list of the other business banks in the Northern Sacramento Valley at the end of this section.
When To Choose Bluevine
If you are looking to earn interest on your business checking account and don’t mind an online-only bank, Bluevine is an excellent choice. It is largely fee-free, with no monthly fees or transaction fees. It doesn’t require an opening deposit and has no minimum balance requirement.
In addition, you can earn up to 2.00% APY on balances of $250,000 or less by meeting one of the two criteria:
- Spend $500 or more a month with Bluevine Business Debit Mastercard issued by Coastal Community Bank.
- Receive $2,500 per month in customer payments into your account via ACH, wire transfer, mobile check deposit, or directly from a merchant payment processing provider.
Bluevine also offers the best business line of credit product on the market and has great international payment support. You can send payments to 32 countries in 15 currencies in as little as 24 hours. See Bluevine’s website for more information.
One drawback with this provider is the lack of free cash deposits. Cash deposits must be completed at a Green Dot retail location for $4.95 per deposit.
Bluevine has a solid mobile app, with 4.2 stars on Google Play and 4.6 stars on App Store.
Other Business Banks in Northern Sacramento Valley | |
|---|---|
 | |
Central Coast Business Bank: Novo
What We Like
- Zero maintenance fees
- Refunds all ATM fees
- Novo Boost and Express ACH allow faster access to your funds
Drawbacks
- Unable to deposit cash directly
- Lack of savings accounts
- Noninterest drawing account
Statewide Availability
(Novo is online only and available statewide)
- Integrates with other business tools, such as QuickBooks, Slack, Xero, Stripe, Square, PayPal, Wise, and Shopify
- Set aside funds for taxes and other large business expenses with Novo Reserves
- Deposit checks and send paper checks directly through the mobile app
- Online banking includes unlimited invoicing and bill pay
- Novo Boost, in coordination with Stripe, allows you to access funds faster
- Express ACH lets you accept or receive same-day ACH payments
- Virtual debit card available immediately, one free physical debit card per user
- Working capital lending product available to banking customers who qualify
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | None to receive; cannot send wires domestically but can send fee-free ACH transfers |
International Wire Transfer Fees | Novo partners with Wise to send international wires for a “low” fee |
ATM Fees | All fees refunded at the end of the month |
Cash Deposited | None; money orders can be purchased and deposited through the app |
APY | N/A |
*Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings. | |
Note: Novo is an online-only bank available to customers across the state of California. If you want a bank with a physical location in the Central Coast, see our list of the other business banks in the Central Coast at the end of this section.
When To Choose Novo
Another online-only bank that is a great option for businesses that operate online storefronts is Novo. It is ideal for all companies but is especially useful for ecommerce businesses as it offers two products that are especially useful for online businesses: Novo Boost and Express ACH products allow for faster access to funds and same-day ACH payments.
If you accept payments from Stripe, Novo Boost lets you receive payments sent from your Stripe account faster than other providers. Users can now connect Stripe, Square, or PayPal and get paid via card, Apple Pay, Google Pay, PayPal, or Venmo.
Meanwhile, Novo’s Express ACH allows you to accept or send same-day ACH payments. Combining Novo Boost and Express ACH allows you to send and receive payments faster than with many other digital banking providers.
Another perk that benefits companies that handle cash regularly is Novo’s policy of refunding all ATM fees at the end of the month with no limits.
The provider is also largely fee-free, with no monthly fee, transaction limits, and minimum opening deposit or minimum balance requirement. One drawback is that cash deposits must be made by purchasing money orders and depositing them in the app.
Novo’s has a very good mobile app. It has earned a 4.6-star rating on Google Play and 4.8-star rating on the App Store.
Other Business Banks in the Central Coast | |
|---|---|
 | |
Bay Area Business Bank: Mercury
What We Like
- No minimum deposit to open an account
- Physical and virtual debit cards
- Treasury product offers outstanding yield on balances over $250,000
Drawbacks
- Accounts unavailable to sole proprietorships and trusts
- Lacks paper check-writing abilities
- Limited lending options and no cash deposits
Statewide Availability
(Mercury is online only and available statewide)
- Earn interest with Mercury Treasury product if you have more than $500,000 in Mercury accounts and request Treasury
- Set customer user permissions for your team members
- Create auto-transfer rules for your accounts
- Integrate accounts with QuickBooks and Xero accounting software
- Virtual debit cards available right away, with physical debit cards arriving in the mail in a few days
- Physical checks unavailable
- Business payment integrations with Shopify, Stripe, Zapier, Amazon, and PayPal
- Email customer service available
- Savings account provided when you open checking account
- Other products include Mercury Treasury, capital, venture debt, and credit card
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
Monthly Fees | None |
Domestic Wire Transfer Fees | None |
International Wire Transfer Fees | None as long as it is sent through Mercury’s structure |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply; free access to Allpoint ATM network (55,000 locations worldwide) |
Cash Deposited | Cash deposits not accepted |
APY | N/A |
*Mercury is a business fintech platform backed by Federal Deposit Insurance Corp. (FDIC)-insured Choice Financial Group and Evolve Bank & Trust. | |
Note: Mercury is an online-only bank available to customers across the state of California. If you want a bank with a physical location in the Bay Area, see our list of the other business banks in the Bay Area at the end of this section.
When To Choose Mercury
With a large number of tech companies located in California, especially in the Silicon Valley, Mercury is an excellent choice for an online-only bank. It is our top choice for business banks in the Bay Area.
It offers free checking and savings accounts with no minimum deposit or balance requirements. Most businesses incorporated in the US are eligible for an account, except sole proprietorships and trusts.
For businesses looking to earn interest on reserve funds, Mercury’s Treasury account can earn up to 5.43% APY, with rates changing weekly. You need at least $500,000 in your account to request Treasury.
Mercury also offers extended FDIC Insurance with its Vault product. Mercury uses partner banks and a sweep network to insure business funds of up to $5 million.
In addition, you can get a $300 cashback bonus if you spend $2,000 on your debit or credit card within the first 90 days of account opening.
You can get physical and virtual debit cards and can withdraw money from one of the 55,000 Allpoint network ATMs for free. One major drawback is its inability to deposit cash.
The mobile app has an excellent rating for the iOS version and a solid rating for the Android version. The app has a 4.9 rating on App Store and a 3.7 rating on Google Play.
Other Business Banks in the Bay Area | |
|---|---|
 | |
Northern California Business Bank: Found
What We Like
- No monthly fees, minimum balances, account fees, and sign-up fees
- Excellent expense tracking on both its desktop and mobile apps
- Helps you track tax write-offs and gives you real-time tax estimates
Drawbacks
- No free cash deposits
- Interest earning only through paid-tier Found Plus
- Cannot purchase checks or issue them from the app
Statewide Availability
(Found is online only and available statewide)
- Provides a business debit Mastercard, which allows you to track expenses and receive purchase alerts
- Debit cards can be frozen in the Found app
- Desktop and mobile apps
- Connect to accounting software and payment apps, such as Cash App, PayPal, Square, Venmo, and eBay
- Integrated bookkeeping allows you to categorize expenses, customize invoices, capture receipts, and set custom rules
- Track tax write-offs in the app
- View your tax estimate update in real-time
- Pay your taxes directly from the app
- Send your Schedule C directly from the app
- Customer service via email, online form, and support guides on the website
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Free incoming wires; outgoing wires only sent to Found customers |
International Wire Fees | Unavailable |
ATM Fees | Found doesn’t charge for ATM usage; third-party ATM fees will likely apply |
Cash Deposited | Accepted at more than 79,000 retail locations; list available in the Found app |
APY | N/A |
*Found is a business fintech platform backed by FDIC-insured Piermont Bank. | |
Note: Found is an online-only bank available to customers across the state of California. If you want a bank with a physical location in Northern California, see our list of the other business banks in Northern California at the end of this section.
When To Choose Found
While Found is a great online-only bank for all businesses, it will be most useful to freelancers and self-employed small business owners. It is an all-in-one product that allows you to use bookkeeping integrated into the app to manage your finances. Bookkeeping features include the ability to categorize expenses, capture receipts, and set custom rules with its app.
You get unlimited free invoicing, and those invoices can be customized with your company’s logo and colors. Your business can accept payment for those invoices through payment apps like Cash App, PayPal, Square, Venmo, and eBay.
The provider doesn’t charge for any ATM withdrawals. Cash deposits can be made at more than 79,000 retail locations listed in the Found App, likely for a fee. Also, once your account is approved, you can deposit checks through the app.
Some of Found’s features are only included in Found Plus, which is $19.99 per month or $149.99 a year. You get interest-bearing checking with Found Plus, earning 1.5% APY on balances up to $20,000.
Found is another online-only bank with an excellent mobile app. Its app is rated 4.7 stars on Google Play and 4.8 stars on App Store.
Other Business Banks in Northern California | |
|---|---|
 | |
San Joaquin Valley Business Bank: Citibank
What We Like
- $1 opening deposit
- Waivable monthly fees
- High fee-free monthly cash deposit limits
Drawbacks
- No free business checking account
- Accounts cannot be opened online
- Branches only in Washington, D.C., and 10 states
Regions With Physical Locations
(Click map for Citibank’s location finder)
- Free optional debit card
- $2,000 welcome bonus (in selected areas)
- Send money, transfer funds, and deposit checks through mobile
- CitiBusiness® Checking Plus and CitiBusiness® Safety Check: Overdraft and uncollected funds protection
- Integrations with Quicken, QuickBooks, Paychex, Clover, and Zelle
- Customer service available toll-free Monday through Friday 7 a.m. to 11 p.m. Eastern time and weekends 9 a.m. to 5:30 p.m. ET
- Other products include savings, money market, CDs, credit cards, and lending
| |
|---|---|
Required Opening Deposit | $1 |
Required Minimum Balance | 250, then 45 cents per transaction |
Monthly Fees | $15; waivable |
Required Balance Minimum to Waive Monthly Fee | $5,000 monthly average balance |
Domestic Wire Transfer Fees | Incoming: $15 Outgoing: $55 ($17 if online) |
International Wire Fees | Incoming: $15 Outgoing: $65 ($27 if online) |
ATM Fees | None at Citibank ATMs and over 60,000 ATMs in the US, including MoneyPass ATMs; $2.50 plus operator fees out-of-network |
Cash Deposit Fees | Up to $10,000 per month free, then 17 cents for every $100 |
APY | N/A |
*Citibank currently requires that you visit a branch to complete an application for a business checking account. There are branch locations in Washington, D.C., and 10 states: California, Connecticut, Florida, Illinois, Maryland, Nevada, New Jersey, New York, South Dakota, and Virginia. | |
When To Choose Citibank
With a very highly-rated app and great checking features, Citibank is a fantastic option for California businesses. Its app is rated 4.7 stars on Google Play and 4.9 stars on the App Store out of nearly 4.5 million reviews.
The company’s Streamlined Checking has a $15 monthly fee, which is waived if you have at least a $5,000 monthly average balance. You get up to 250 free transactions and $10,000 in free cash deposits monthly.
One drawback with Citibank is you must visit a branch to open a business account. Branch locations are in areas from Greater Sacramento south to the Southern Border, except the Central Coast and Central Sierra regions.
Citibank offers a total of four business checking options. Monthly fees can vary for higher-tier accounts depending on your location, so check with your local branch for accurate pricing information.
In addition to free ATM transactions at Citibank ATMs, you won’t be charged at MoneyPass ATMs nationwide. However, Citibank does charge $2.50 for out-of-network transactions plus third-party fees.
It also offers business savings, money market, CD products, business credit cards, and lending. Lending options include business installment loans, lines of credit, healthcare practice finance, SBA loans, and commercial mortgages.
Other Business Banks in the San Joaquin Valley | |
|---|---|
 | |
Central Sierra Business Bank: PNC Bank
What We Like
- Waivable $12 monthly fee; no monthly fee for the first three months from account opening
- Up to 150 free transactions for Business Checking; 500 for Business Checking Plus
- $200 welcome bonus for Business Checking and Business Checking Plus; $500 for Treasury Enterprise Plan
Drawbacks
- No free checking account
- Hefty wire fees
- Banking is limited to 28 states and Washington, D.C.
Regions With Physical Locations
(Click map for PNC Bank’s location finder)
- Free Visa debit card with cash back rewards
- Deposit checks, pay bills, and view balances through the mobile app
- Online and mobile banking
- No setup fee for overdraft protection
- Integrates with QuickBooks, Xero, Intacct, and NetSuite
- Features PNC Merchant Services®, including ecommerce and in-person solutions
- Cash Flow Insight® tools help manage cash flow
| |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 150 per month, then 50 cents per transaction |
Monthly Fees | $12; waivable |
Domestic Wire Transfer Fees | Incoming: $15 Outgoing: $95 |
International Wire Transfer Fees | Incoming: $20 Outgoing: $135 |
ATM Fees | $3 per transaction at any non-PNC Bank ATM |
Cash Deposited | Up to $5,000 per month free, then 30 cents per $100, per statement cycle |
APY | N/A |
When To Choose PNC Bank
Another outstanding bank with locations in most of the southern two-thirds of the state of California is PNC Bank. It is an especially a good choice for larger businesses with high transaction or cash deposit volumes.
Like many options in this guide, it has waivable monthly fees. For the company’s Business Checking options, the entry-tier account, you can get the $12 fee waived by having a $500 average monthly collected balance or meeting specific business credit card or merchant service linking and usage requirements.
With Business Checking, you get 150 free transactions and up to $5,000 in free cash deposits monthly. For businesses that exceed those, PNC Bank’s other accounts have you covered.
The mid-tier Business Checking Plus offers 500 free transactions and $10,000 in free cash deposits monthly. The high-tier Treasury Enterprise Plan offers 2,500 free transactions and $50,000 in free deposits. The requirements for waiving monthly fees increase with each account.
While there are not as many reviews as some of the other banks on this list, PNC Bank’s app is solidly rated. It has 4.4 stars on Google Play and 4.8 on App Store out of a combined 1.5 million ratings.
One major drawback of PNC Bank is expensive outgoing wire fees. If you are a business that sends wires regularly, you should consider one of the other options on this list.
Other Business Banks in Central Sierra | |
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How We Evaluated the Best Small Business Banks in California
We considered over 30 California-based banks when compiling this list. When we evaluated the best banks for small business in California and the alternatives, we considered
- Banks with physical locations in California
- Monthly fees, if any, and how easily they are waived
- Required opening deposit and balance minimums
- Transaction limits before fees
- ACH and wire transfer fees
- ATM fees and availability
- Cash deposit fees and availability
- Interest yield, if applicable
- Other checking account perks
- Software integrations
- Other business services provided
- Lending products provided
- Customer service
- Customer reviews
What To Consider When Choosing the Best Banks for Small Business in California
While we used our own criteria to select the leading accounts from the best small business banks in California for this list, here are some things you should consider before making a selection:
1. Consider the Need for a Bank With Physical Locations.
Many of the options on this list allow you to open a business bank account without ever visiting a branch. And for some businesses, there may never be a need to visit a branch. However, if your business handles cash regularly, or you just prefer in-person banking, you will want to be near a branch.
Each section of this buyer’s guide shows the economic regions in which a bank has branch locations. If you click the map in that rubric section, it will take you to the location finder for each bank.
This is important because California is so large. Just because there is a branch in the same economic region as your business doesn’t mean it is conveniently located near your company.
2. Understand the Fee Structure & How It Will Apply to Your Business.
While some of the banks listed here are fee-free, others charge waivable fees. Some banks don’t allow you to waive monthly fees as well. Those fees are easy to account for, but other fees might require a little estimation and calculation.
For example, every bank in this guide allows you a certain amount of monthly free transactions and cash deposits. If your monthly transactions exceed those limits, you may end up paying fees. Or you might need to upgrade to a higher account with higher thresholds before fees are charged.
In addition, there are wire fees, ACH charges, and ATM fees. While we give you a basic list of fees each bank charges, be sure to get a full schedule of business fees from the bank before choosing your provider.
3. Find Out If You Can Open an Account Online or In Person.
Some banks allow you to open an account and conduct all of your business banking without visiting a branch. Others, like Citibank, require you to visit a branch. In addition, depending on how your business is organized, you might be required to visit a branch to open an account. This is especially true for businesses with multiple owners (like a partnership).
Most banks will directly tell you on their website or during the online application process if you might need to visit a bank location instead.
4. Read Customer Reviews.
All 10 of our best banks of California have links to our individual bank reviews. Near the end of each review, you will find customer reviews. This is a great way to learn about a bank before signing up for an account. The only thing to consider about these reviews is that they often include personal account and business reviews.
For more information, check out our guide on how to choose a bank for your small business. You may also be interested in our downloadable checklist of documents banks typically require to open an account, which can be found in our article on how to open a business bank account.
Frequently Asked Questions (FAQs)
Every business should have at least a business checking account. If you want to earn interest on your reserve funds, consider a business savings, money market account, or business certificate of deposit. As your business grows, you may need multiple accounts in multiple banks to ensure your company’s funds are adequately insured with the FDIC.
You should always consider a local bank for your small business, especially if you already have a personal relationship with that bank. You are more likely to get one-on-one attention, interest rate discounts, and other perks by opening an account with a local bank.
However, if your local bank doesn’t meet your business needs, then national banks with local branch offices can fulfill your needs while providing the same hometown perks of a local bank.
The requirements for opening a business bank account in California are generally the same as in any other state. Each state has local requirements that you must follow during the formation of your business, such as tax registration, a general business license, and additional regulatory licenses or permits. The specific documents required will vary depending on the organization type of your business.
You can open an account without an employer identification number (EIN) in California, but it isn’t recommended. If you are a sole proprietor or your business is organized as a single-member limited liability company (LLC), you can use your Social Security number instead. If your business is organized in any other way, you must obtain an EIN before opening a business bank account.
Bottom Line
For business owners in California looking for a great bank for their company, the 10 banks highlighted in this buyer’s guide can provide you with the products and services to help your business thrive. There are also additional banks listed in each economic region if you would like to consider an alternative. Find a bank that offers the services you need and allows your business to expand. Also, consider where the physical locations are if you need to bank in person regularly.
