This article is part of a larger series on Business Banking.
El Dorado Savings Bank provides three business checking accounts for businesses in California and Nevada (there are currently 35 offices in California and Nevada). 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. These accounts come with a free Business Visa debit card, online and mobile banking access, and free bill pay.
How El Dorado Savings Bank Stacks Up With Its Competitors
Annual Percentage Yield (APY)
Monthly Transaction Limits
Minimum Opening Deposit
Checking for Small Business
50 checks, then 25 cents per check
Silver Business Checking
125, then 50 cents per item
Local Business Checking
$12; waived for the first month or when minimum balance is met
Unlimited deposits of Plumas Bank checks, 150 fee-free combined checks paid and deposits of non-Plumas Bank checks, then 20 cents per item
When El Dorado Savings Bank Is a Good Fit
- You have a microbusiness or nonprofit with a low business volume: With Checking for Small Business, you get 50 fee-free check transactions each month.
- Your business has a moderate transaction volume: For businesses writing up to 100 checks per month, the Business Checking account is suitable with its fee-free transaction limit of 100 checks.
- 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 El Dorado Savings Bank Is Not a Good Fit
- If 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 Accounts review to learn more about its three checking products.
- If 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 and doesn’t require any minimum balance. Our review of Bluevine Business Checking provides more details about its features.
- If you prefer higher monthly transaction limits and no monthly fees: Even if El Dorado Savings Bank has a waivable $9 monthly fee for its Checking for Small Business account, it only offers a fee-free limit of 50 check transactions. In contrast, U.S. Bank provides 125 fee-free transactions each month and doesn’t charge a monthly fee for its lowest-tier business checking account. Check out our U.S. Bank Business Checking review for more detailed information.
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.
Before heading to the bank, 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.
Three Business Checking Options
El Dorado Savings Bank offers two regular checking accounts and one interest-bearing checking account.
- Checking for Small Business: Ideal for small businesses, nonprofits, and clubs, it offers 50 fee-free check transactions and charges 25 cents per check past the limit. Its $9 monthly fee can be waived by maintaining a daily minimum balance of $1,500.
- Business Checking: Businesses writing up to 100 checks can open a Business Checking account since it has a higher fee-free transaction limit. Beyond the first 100 check transactions, a 25-cent fee per check will be collected. The $12 monthly fee can be waived by meeting a $2,000 daily minimum balance.
- Interest Checking: Designed for sole proprietors, government agencies, and nonprofit organizations, the Interest Checking account provides an APY of 0.02% and offers the same check transaction limit as Business Checking. In excess of that, 25 cents is charged per check. To earn interest and waive the $15 monthly fee, a $2,500 daily minimum balance is required.
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.
Reviews for El Dorado Savings Bank’s mobile app are good on the App Store (4.7 out of 5) and average on Google Play (3.7 out of 5). Users rated it positively for its simplicity, ease of use, and convenience. However, many also mentioned that they needed to reinstall the app periodically, making it frustrating to use.
Signing up for Internet Bill Pay allows you to pay your bills for free quickly and securely. 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 from $50,000 to $99,999 earn 0.06%.
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 one-month to 60-month terms. Minimum opening deposits are varied at $500, $1,000, and $10,000. If you have a $500 balance, you generate 0.10% if you hold it for a 3-month term, but if you choose to place it in a 60-month term, you can earn as high as 0.90% interest. Balances of $10,000 under a three-month CD term earn 1.0% interest while keeping the same amount for a 14-month period provides an APY of 3.00%.
Jumbo CDs are also available at a minimum opening deposit of $99,000. If you place it under a 30- to 59-day term, it earns 0.08% interest, while keeping it for a five-year term gives you 1.00%. Any withdrawals before the CD term maturity can subject you to a penalty fee.
The bank offers a simplified employee pension individual retirement account (SEP IRA) Plan, profit-sharing plan, and money purchase plan.
El Dorado Savings Bank Business Checking User Reviews
El Dorado Savings Bank has a 2.7 out of 5 rating on WalletHub1 and a 2 out of 5 rating on Yelp2. Clients stated that the customer service is excellent with its professional and courteous bank personnel. They also mentioned that opening an account was an efficient experience. On the flip side, some reviewers said that the debit card delivery takes too long. Some also complained about the bank’s high overdraft charges.
There are no specific reviews about El Dorado Savings Bank’s business checking products.
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 its online and mobile banking, card alerts, and free Bill Pay services. But 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.
User Review Resources: