What Is the Best Bank for a Small Business?

If you're a small business owner, it can be tough to know which bank is best for your business's needs. A lot of places claim they're the best bank for small business, but what really sets them apart from the rest? At WaFd Bank, we can tell you a few things about why we're a great choice. Read on to learn more, and to find out what questions to ask yourself to find the right bank for your small business.

How Does WaFd Bank Help Small Businesses?

At WaFd Bank, we've been a small business bank for over 100 years. We first got our start in Seattle's Ballard neighborhood by doing business the same way we do now—lending money to support local, small businesses.

We believe in a common-sense approach to doing business, which can be a differentiating factor when it comes to small business lending. Unlike other banks, at WaFd Bank, all loan approvals and lending decisions are made by our team and we like to keep the loans we make on our own books, including lines of credit and small business loans. Because decisions are made this way, we can get creative to meet the needs of our community.

How does this make us one of the best banks for small business startup loans? We offer a variety of products, services, and tools to help you get your business off the ground or to the next level. This includes business term loans, lines of credit, merchant services like HR & payroll, payment processing services, accounting automation, remote check deposit, and much more, plus checking and savings accounts with low monthly maintenance fees.

What Types of Business Services and Accounts Does WaFd Bank Offer?

If you're not sure about the best type of bank for your business , the right fit depends on your business needs. Check out some of WaFd Bank's small business services and accounts:

• Small Business Savings: Our flexible, competitive accounts can help you save for a rainy day, a second location, or a business improvement.
  • Business Money Market Account: Just $100 to open and no monthly maintenance fee if you keep $1,000 balance ($12 a month if the balance falls below $1,000).
  • Business Savings: Only $25 to open and no monthly maintenance fee if you keep a $200 balance ($5 per month if the balance falls below $200).
  • Business CDs: Terms vary from 14 days to 5 years.
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• Business Checking: Hard-working checking account options help you manage your business better, faster, easier. All small business checking accounts require $100 minimum to open an account. Options include:
  • *Free Business Checking: Designed for businesses with lower monthly transactions and maintaining lower balances. *Nonsufficient funds charge may apply.
  • Business Interest Checking: This interest-bearing Business Checking Account is the right fit for clients with moderate activity and balances. Monthly service is $15 per month if balance falls below $5,000.
  • Business Analyzed Checking: Analyzed Checking provides flexibility and control. Design a package tailored to your business with the services you need. Monthly service fee is based on transaction volume. You can use your account balance to offset fees.
• Business Services: WaFd Bank partners with Heartland to help you more simply manage and grow your business by offering tools like an all-in-one Wi-Fi enabled device that's a terminal, receipt printer, barcode scanner, and back-office manager for the palm of your hand.
• Payroll Processing: Also offered through industry-leader Heartland, Payroll Processing allows you to quickly and confidently submit payroll and payroll taxes on time and simplify payroll compliance and HR administration.
• CollectEarly^™: With FINSYNC, you can get your invoices paid in 4 HOURS, not 4 weeks. You can get the tools you need to seamlessly get your business finances in sync and save on time and administrative costs so you can focus on running your business. Start for free and add other tools as needed.

WaFd Bank Business Online Banking Options

Whether you have a sole proprietorship or manage a commercial enterprise, our business online banking options make daily tasks easy.

• Treasury Express: This provides a simplified approach to online account management and treasury. Watch a demo to see what you have access to and how easy the platform is to work with. Through this user-friendly platform you can:
  • Create & manage sub-users and set sub-user limitations
  • Check account balances and activity
  • Place stop payments
  • Transfer funds between accounts
  • View cleared check images
  • Access eStatements
  • Utilize bill pay
  • Make deposits
  • Access payment origination; ask about ACH and wire features as some limitations apply
• Treasury Prime: from online and mobile banking to remote deposits, we offer a wealth of Treasury Management services for your convenience. Watch a demo. Features of WaFd Treasury Prime include dynamic online functionality; see account balances, stop payments, check images, user administration and both previous and current day transaction activity.
  • Send payments using ACH, wire, account transfers, check printing, and Bill Pay. Our consolidated payments feature allows you to send all your payments in one convenient file.
  • Sending information can be as easy or complex as you need it to be. Send files using FTP, SFTP, or WaFd Desktop Delivery. Send reports and account history through scheduled delivery every night right to your email.
  • Self-guided mapping tools remove the technical support from importing files.
  • Flexible reporting allows you to export the reports you need and in the format you need.
  • Audit reporting tools are available to review and download on demand or regularly to help you mitigate risk.

How Does WaFd Bank Help Entrepreneurs?

WaFd Bank has a team of small business bankers who live and work throughout our nine-state footprint so you can trust you're getting local expertise and guidance to help you establish your new business venture. Plus, since we like to keep all the loans we make, entrepreneurs can rest assured we'll make lending decisions that make sense—not based on rigid guidelines other banks might have to follow. If you've been thinking about next steps for your business, read our article on growing your small business.

What Are the Monthly Maintenance Fees?

Monthly maintenance fees vary by account type—view maintenance fees for Small Business Checking or Small Business Savings and view the schedule of business fees and service charges for a complete list of fees.

Helping Through the Hard Times

At WaFd Bank, you'll be banking somewhere with the financial resiliency to help you weather any storm, just like we helped our neighbors during the economic downturn of 2008, the Great Recession, and with PPP loans during the Covid-19 pandemic.

How Do You Open a Small Business Bank Account With WaFd Bank?

Getting started is easy. Visit your local branch to work with a dedicated banker to open your account today! Read more about account opening requirements in our article What is Needed to Open a Business Bank Account.

WaFd Bank is Here to Help

Our knowledgeable business bankers are available to help you manage success and have the expertise to become a trusted advisor to you and your team. With products that grow with your business and comprehensive tools to seamlessly manage it all, WaFd Bank is built for business. After over 100 years, we know what it takes to help you succeed, from start to legacy. Visit your local branch or give us a call at 800-324-9375 to experience the difference WaFd Bank can make for you.

All loans subject to credit approval; terms and conditions may apply.