8 Best Banks for Small Businesses in Alaska in 2024 (2024)

Bluevine was built to help small business owners who prefer to manage their finances on their phones and do not want the stress of visiting a physical branch. It has the highest interest rate of all the banks on our list. You can earn up to 2.0% APY on your account balance.

Other perks of opening a Bluevine checking account include unlimited fee-free transactions, no monthly or overdraft fees, and no minimum opening deposits.

It offers strictly online banking and has a mobile app that can be accessed by Android and iPhone users. Its customer care support is also top-notch; always available to tend to customers’ complaints.

Why we chose it: High-interest rates, minimal fees, and a lack of maintenance requirements make Bluevine the best business bank account for LLCs or other business types.

Fees

You won’t find any monthly fees when using Bluevine, making it possible to bank without ever paying a dime. Expect charges for using out-of-network ATMs, making the mobile app a valuable tool for finding free withdrawal sites. Each cash deposit will set you back $4.95, making this a tool you want to use sparingly if at all.

Interest Rates

Bluevine comes through in a big way with its 2.0% APY. The rate is 50 times the current national average and applicable on balances up to $100,000. Once your small business’s balance grows beyond this amount, those extra funds won’t accrue any interest.

Minimum Balance

There’s no minimum balance requirement for using Bluevine, no matter how much you have in your account. Small businesses can start with next to nothing and take immediate advantage of the high-interest rate.

Access to Mobile Banking

The Bluevine mobile app makes banking from anywhere a breeze. The thoroughly-designed tool makes it easy to manage your accounts and see where your money is going. It’s also possible to pay vendors by wire or check and schedule payments for fulfillment down the road.

Lili bank is best for small businesses that do not have accountants to manage their finances. Lili has a mobile banking system that provides integrated tools to keep track of your finances accurately.

From recording all business transactions to keeping financial records for tax time, Lili has business accounting software to help manage all of this accurately.

Also, the Lili bank account doesn’t require a minimum opening deposit or any minimum balance requirement. It doesn’t charge any monthly fee and offers free overdraft protection.

Why we chose it: Lili’s minimal fees and tax optimization software help businesses hold onto hard-earned income. Plus, if you’re looking for an online best business checking account with no credit checks, Lili is a great option.

Fees

While Lili shines for its free tax software, business owners can also rejoice over a lack of account and overdraft fees. You won’t even incur a charge for foreign transactions or at over 38,000 in-network ATMs in the United States. If you end up using an out-of-network machine, expect a charge between $2.50 and $5.

Interest Rates

There is no interest on Lili’s Business Checking account. Those willing to pay can access a savings account with 1.5% APY, but you’ll need at least $34,000 in your account at all times to offset the monthly cost.

Minimum Balance

Lili Bank has a no minimum balance requirement for its checking account, which means that you do not need to maintain a certain balance to avoid monthly fees. This makes it a good option if you are just starting your business or have a fluctuating income.

Access to Mobile Banking

Lili Bank offers a mobile banking app that is specifically designed for freelancers and small business owners. The app allows you to manage your finances, including controlling expenses, saving money for taxes, and managing payments, all from your mobile devices. Plus, the app includes features such as instant payment notifications, budgeting tools, and the ability to make mobile check deposits.

Capital One is popular for its extensive credit card offerings but it offers more benefits to small businesses. Capital One’s credit cards allow you to earn more money when you use them for purchases.

Capital One does not charge monthly fees or require a minimum balance to open an account and there is no limit on the transfers you can make. You can access Capital One on your mobile device and also visit any of their branches if you prefer physical banking.

Why we chose it: With no limits on digital transfers, Capital One gives you the freedom to keep funds moving.

Fees

Capital One’s business accounts come with a $15 monthly fee that can be hefty for a small business. Luckily, you can waive this fee by keeping an average balance of $2,000 over a 30 or 90-day window. There’s no charge for using one of Capital One’s 70,000 ATMs nationwide.

Interest Rates

Opening up Capital One’s business savings accounts unlocks interest rates of up to 0.20% for your first year. This amount applies to balances up to $5 million, giving small businesses plenty of wiggle room. None of the bank’s checking accounts offer any interest, making free digital transfers that much sweeter.

Minimum Balance

You don’t need to keep a minimum balance with Capital One to keep your account open. It is in your best interest to maintain at least $2,000 in your checking to avoid the $15 monthly service fee. Keeping extra funds in your savings account allows you to generate some interest on money not currently in use.

Access to Mobile Banking

Since you won’t find many physical Capital One locations, the bank’s top-rated mobile app comes to the rescue. With it, you can do all your transfers, make digital payments, and deposit money with your device’s camera. The app also gives you access to Capital One’s CreditWise service to monitor your credit score and hear cool tips.

If you’re looking for quick funds for your business, you should consider U.S bank. It has the best loan offer for small businesses in Alaska. The loan has a flexible term and competitive rate that makes paying back easy.

Apart from this, U.S bank also offers merchant services to help your customers make payments with different options, including point-of-sales options. It also provides an opportunity to earn up to a $500 sign-up bonus.

It has more than 2,000 physical branches that you can visit even when you’re out of state and you can also access it online on your mobile device.

Why we chose it: Small businesses in need of extra funds can turn to the U.S. Bank for a plethora of lending options.

Fees

You’ll never have to worry about monthly fees when using U.S. Bank’s silver checking package for small businesses. Higher-tier accounts do have waivable monthly fees to contend with as your company grows. You’ll just need to keep tabs on monthly transactions to ensure you don’t incur charges for exceeding the monthly limit.

Interest Rates

U.S. Bank’s checking accounts do not come with any options to generate interest. While savings plans come with different perks, the current maximum interest rate is just 0.01%. Although a minimal amount, there is no balance cap to what you can earn.

Minimum Balance

There’s no minimum balance requirement when starting with U.S. Bank’s silver account package designed specifically for small businesses. Other checking accounts have waivable fees should you keep up with the necessary balance amounts. Savings accounts start at a $500 minimum balance to remove service fees.

Access to Mobile Banking

If you find yourself away from one of U.S. Bank’s physical locations, you can perform all your banking through the mobile app. It’s possible to seamlessly transfer funds from one account to another and stay up to date with your financial status. The U.S. Bank will also keep you informed with customized alerts.

If you’re the kind of person that values access to physical branches and large ATM networks, then Bank of America is for you. It also has excellent online functionality and a lot of reward offers. Bank of America has many tools that can benefit your business and your customers.

It offers access to merchant services, payroll services, remote deposits, and access to massive ATM networks. Bank of America business checking account does not require a minimum deposit to open an account. Its monthly fees are also waivable if you meet the requirements.

Why we chose it: Bank of America’s rewards come with several perks to make banking a win-win for all parties involved.

Fees

Bank of America’s introductory checking account comes with a $16 monthly fee. You can negate this amount by maintaining a $5,000 monthly balance, spending at least $250 on your debit card, or becoming a Preferred Rewards member. The only other fees to watch out for come from out-of-network ATM withdrawals and charges for excessive deposits in a given month.

Interest Rates

Most small businesses opening a savings account will earn 0.01% interest out of the rate. It is possible to increase this to 0.04% with enough activity in Bank of America’s rewards system. There’s no option to accrue interest with a Bank of America checking account.

Minimum Balance

Keeping an average monthly balance of $5,000 in your checking account will remove the $16 service fee. Similarly, you’ll want to have at least $2,500 in your savings account to avoid a $10 monthly charge there.

Access to Mobile Banking

Bank of America’s mobile app consistently earns high honors for its functionality. Within, you can manage your accounts, pay bills, or transfer funds from any location. You can also make use of the budgeting tool to monitor expenses and control spending.

Axos business checking account is best for you if you’re looking for affordable banking. With Axos, you don’t have to worry about monthly fees or minimum balance requirements, and you’ll be given a modest number of free monthly transactions.

Axos offers full-service online banking and has user-friendly online banking tools that can be used to manage your account. It also offers ATM fee reimbursem*nt which is not common to other banks. With Axos, you can earn and do more with your money.

Why we chose it: Free cash deposits and a low fee structure make Axos Basic Business Checking one of the best business bank accounts out there.

Fees

Axos Bank Basic Business Checking does not charge a monthly maintenance fee or impose requirements on keeping your account open. You’ll receive back any ATM fees you incur each month, making this account effectively free to use. If you plan to spend a lot of wire transfers, be aware of Axos’s $35 charge for each one.

Interest Rates

This particular account does not have an annual percentage yield and instead focuses on business perks. Anyone with extra money can open up one of Axos’s interest-bearing business savings accounts and accrue interest that way.

Minimum Balance

Axos Bank has no minimum balance requirements for its checking and savings accounts. As a small business owner, you do not need to maintain a certain balance to avoid monthly fees. This makes Axos an attractive option for you if you do not have a large amount of money to keep in your account.

Access to Mobile Banking

Axos Bank offers a robust mobile banking app that allows customers to manage their accounts, deposit checks, transfer funds, pay bills, and wire transfer all from their mobile devices. You can also use the account alerts feature and budgeting tools to stay on top of your finances.

Like Lili bank, Oxygen is a bank that is most suitable for a one-man business. It sought to serve sole proprietors and independent business owners by providing a host of accounting services and features. Its service comes with in-app accounting software that helps track finances accurately.

Oxygen also offers cash-back rewards on debit card purchases. Its other perks include; no monthly fee, no minimum balance or minimum deposit requirements, and no overdraft fee.

Why we chose it: Oxygen speaks the language of the trendy business owner, offering some cool banking features along the way. It’s also one of the best checking accounts for sole proprietors.

Fees

Oxygen claims to be fee-free from top to bottom but does specify that out-of-network and international withdrawals may be subject to a charge. You’ll never have to worry about paying for ACH transfers or keeping your account open.

Interest Rates

While you won’t earn interest for funds in your business checking account, Oxygen remedies the problem by adding a business savings account to the mix. Any money hanging out in savings accrues 1.0% interest for balances of $20,000 or less. Amounts in excess still earn interest, but at a much lower rate.

Minimum Balance

Oxygen Bank has no minimum balance requirements for its checking and savings accounts. There will be no monthly fees even if there’s no money in your account. You don’t have to worry about any charges if you don’t make up to a certain amount.

Mobile Banking Features

Oxygen Bank offers a mobile banking app that is designed to help small business owners manage their finances on the go. You can deposit checks, make a bill payment, and generate your account statement. Plus, the app offers spending insights to help you track your finances.

One thing that stands out about Chase bank is that it makes sure your business account is free from all fraudulent activities. It provides free fraud monitoring to protect customers’ business accounts from any suspicious intrusion.

Along with this, it provides excellent banking services that would make your money grow. Its merchant service, for example, allows your customers to make payments with various methods thereby enhancing your business growth. It also has a comprehensive mobile app that makes it easier to do transactions swiftly.

Why we chose it: Chase adds a long list of merchant services to its traditional banking to help your business succeed.

Fees

Monthly fees start at $15 for Chase Business Complete Banking. You can do away with this charge by maintaining a $2,000 daily balance, and making deposits through Chase QuickAccept, or Chase Ink Business Card purchases. There is a cost for transactions after your first 20, and you’ll want to avoid costly wire transfers if possible.

Interest Rates

As with most banks, Chase doesn’t provide any interest for the money you have in a business checking account. To earn a rate, you’ll need to start up a business savings account that accrues up to 0.02%.

Minimum Balance

If you want to avoid Chase’s monthly service fee, you’ll want to keep at least $2,000 in your checking account at all times. Dipping below this amount even once per month is enough to merit the charge. Savings accounts have no fee as long as you have an active checking account with Chase.

Access to Mobile Banking

In addition to standard banking procedures, you can use the Chase mobile app to lock or unlock your credit card should you misplace it. There’s also a budget planning feature to set aside funds for a large purchase and credit monitoring tools to protect your credit health.