For businesses looking for affordable checking products, El Dorado Savings Bank is a decent choice. It offers Checking for Small Business, a low-tier account with 50 fee-free check transactions; Business Checking, a midtier account with 100 fee-free check transactions; and Interest Checking, an account that earns 0.02% if you maintain a $2,500 daily balance.
All three accounts provide unlimited check-writing if you can meet designated minimum balance requirements. Other features include a free Business Visa debit card, online and mobile banking access, and free bill pay.
- Only 35 offices; limited to California and Nevada
- Low annual percentage yield (APY) for Interest Checking account
- $100 opening deposit requirement
- Free Business Visa debit card
- Online and mobile banking
- Free bill pay
- Card alerts
- Images of paid checks with monthly statement
How El Dorado Savings Bank Stacks Up With Its Competitors
When El Dorado Savings Bank Is a Good Fit
- You can maintain a minimum balance of $1,500 or greater: All El Dorado Savings Bank business checking accounts offer unlimited check-writing to accounts that meet minimum balance requirements.
- You want an account with low monthly fees: The monthly fee for Checking for Small Business is only $9.
- You’re looking for a wide range of business products: The bank offers business savings, business money market, business CDs, and various business retirement plans.
When To Choose an El Dorado Savings Bank Alternative
- Your business is outside California and Nevada: El Dorado Savings Bank has 35 locations exclusively in California and Nevada. If you need a bank with wider geographic availability, we recommend Chase. Read our Chase business checking review to learn more about its three checking products.
- You’re seeking high interest: While El Dorado Savings Bank offers an Interest Checking account, it only provides a meager 0.02%. You also need to maintain $2,500 to start earning interest in your account. A good alternative is Bluevine, which provides 2.0% APY for qualifying balances up to $250,000. Our review of Bluevine business checking provides more information on how to qualify for Bluevine’s APY.
- You want to bank without a monthly fee: The $9 Checking for Small Business monthly fee can only be waived with a minimum balance of $1,500. In contrast, U.S. Bank’s Silver Business Checking account provides 125 fee-free transactions each month and charges no monthly fee. Check out our U.S. Bank business checking review to see if the account fits the bill.
See more providers in our list of the best small business checking accounts.
El Dorado Savings Bank Business Checking Overview
El Dorado Savings Bank Business Checking Requirements
There’s no option to open a business checking account on El Dorado Savings Bank’s website. You need to visit one of its 35 offices to open an account.
The El Dorado Savings Bank business checking requirements have not been published on the website. For easy reference, see our guide on how to open a business bank account. It includes a free downloadable checklist of documents banks typically require to open an account.
El Dorado Savings Bank Business Checking Features
El Dorado Savings Bank’s business checking accounts offer a Visa debit card, interest, and access to online and mobile banking.
Free Business Visa Debit Card
All business checking accounts at El Dorado Savings Bank get a free business Visa debit card that doubles as an ATM card. It deducts directly from your checking account when you use it for point-of-sale purchases at over 18 million merchant locations.
Apple Pay, Samsung Pay, and Android Pay Integrations
El Dorado Savings Bank business checking accounts work with Apple Pay, Samsung Pay, and Android Pay.
Online & Mobile Banking
When you sign up for Internet banking, you can view your accounts and cleared checks, download statements and banking records to Quicken, create banking reports, perform fund transfers, and pay your bills. You can also use alerts for scheduled bill payments, transfers, or CD maturity.
Downloading the bank’s mobile app on iOS and Android devices allows you to transfer funds, pay bills, and view your account balances while on the go. Plus, its mobile express deposit feature lets you submit checks 24/7, receive email notifications, review prior deposits, including images, and send checks securely through encryption.
The bank received good ratings on the App Store (4.7 stars based on 2,000-plus reviews), but mixed reviews on Google Play (3.9 stars based on more than 200 reviews). Apple users said that most of the app’s features were reliable except for Face ID. Meanwhile, Android users commented they needed to periodically reinstall the app, making it frustrating to use.
Signing up for Internet Bill Pay allows you to pay your bills quickly and securely for free. You can pay an unlimited number of bills each month and have your authorized payments deducted automatically from your designated checking account.
To help you monitor your finances, El Dorado Savings Bank offers a Card Alerts service. You get notified of any funds added to and deducted from your account, suspected fraud, card status changes, and declined transactions. The service also informs you of signature transactions, international transactions, and out-of-state transactions.
Choosing to receive an online statement over a paper statement allows you to save since a $3 monthly fee applies for traditional paper statements. Online statements are only available for checking, savings, and CD accounts.
Other El Dorado Savings Bank Business Products
The bank offers business savings and a business money market savings account
- Regular Business Savings: The Regular Business Savings account requires an opening deposit of $100. If you maintain a balance of $300 or more, you earn 0.03% interest which is accrued daily and paid monthly. Failing to meet the $300 maintaining balance subjects you to a $3 monthly fee.
- Business Money Market Savings: A $5,000 minimum opening deposit is required for a Business Money Market Savings account. The interest is tiered, accrued daily, and paid monthly. Balances from $5,000 to $14,999 earn an interest of 0.01%, while balances of $1,000,000 and greater earn 0.10%.
Both Regular Business Savings and Business Money Market Savings can be linked with checking accounts, online banking, and bill pay. Both accounts also have unlimited teller counter withdrawals but only permit six preauthorized or third-party transfers each month.
El Dorado Savings Bank offers CDs ranging from 1-month to 60-month terms. Minimum opening deposits are varied at $250, $500, $1,000, and $10,000, depending on your term length. APY rates range from 0.05% to 4.50%.
Jumbo CDs are also available at a minimum opening deposit of $99,000. APY rates range from 0.08% to 4.55%. Any withdrawals before the CD term maturity can subject you to a penalty fee.
The bank offers a simplified employee pension (SEP) plan, profit sharing plan, and money purchase plan.
El Dorado Savings Bank Business Checking Reviews From Users
Only a few users have given a recent El Dorado Savings Bank business checking review on user review platforms. While the bank has a rating of 2.7 on WalletHub (based on around 20 reviews), there are no reviews published within the last decade.
The bank also has unclaimed Yelp pages for its Placerville and Sacramento branches. The Placerville branch received a 1.7-star Yelp rating (based on 20-plus reviews) while the Sacramento branch received a 3.3-star Yelp rating (based on more than 10 reviews).
Here are a few recurring customer comments:
- Overdraft fees are too steep.
- A couple of reviewers said that the bank offered friendly and personalized customer service, the majority of users found representatives rude, unhelpful, and inefficient.
Note that these reviews discuss the performance of two branches. Customers who bank outside Placerville and Sacramento may have different experiences.
El Dorado Savings Bank has great business checking accounts suitable for businesses with low to moderate transaction volumes. Its monthly fees, which start at $9, are waivable. You can also benefit from unlimited free check-writing if you can meet your account’s minimum balance requirements. However, if you’re seeking a high-interest business checking account and your business is based outside California and Nevada, it’s best to look at the alternatives we listed above.