5 Best Banks for Small Business in Colorado in 2023 (& Runner Ups)

Choosing the right business bank account for a small business in Colorado can be challenging because it depends on various factors such as business model, size, growth projections, and need for loans and in-person customer service.

Monito has done the research for you and evaluated numerous banks based on relevant factors to help small business owners in Colorado find the best business bank account for their specific needs. We compare national banks, regional banks, online banks, credit unions, and neobanks to provide high-quality options for your business.

How To Choose the Best Bank Account for Your Small Business in Colorado

As a small business owner in Colorado, you have access to numerous banking services online offered by the American financial sector. These services are available to you in Denver, Colorado Springs, Aurora, and elsewhere. However, it's important to find a business bank account that meets the specific needs of your business, considering factors such as business model, size, growth projections, and loan and customer service needs. By taking these factors into account, you can find the best fit for your business.

Match Your Unique Business Channel 

Business owners with physical storefronts will benefit from free cash and check deposits. If you are selling goods and services online, then a business account integrated with popular e-commerce stores and payment processors will be key. If you offer personal consulting services, then you may want to send invoices as a way to avoid card transaction fees (from Stripe, for example).

Understand How You Use Cash

If you operate a restaurant or similar business with low margins, a business bank account with low-fee overdraft protection can help protect against unexpected expenses. High cash flow businesses may benefit from a bank that offers savings and investment accounts. For businesses planning upfront investments in capital, such as a warehouse or equipment, an SBA loan from a bank may be a good option.

Leverage Software Features

This day and age, many business bank accounts come with digital features that automate accounting and track spending. Here are a few other popular online tools:

• Mobile banking;
• No account maintenance fees;
• Multi-currency accounts;
• Payroll services;
• Invoice chasing and tracking.

Identify the Ideal Size for Your Business

Contrary to popular belief, being "big" does not necessarily equate to being "successful." In fact, some of the wealthiest freelancers and small business teams are able to achieve success by leveraging capital efficiently, running high margins, targeting the right customers, finding the ideal sales channel, or using various other tactics. The "best size" for your business can impact the type of business bank account that is most suitable for you.

For this reason, we may not always recommend traditional large American banks for all businesses. It's important to carefully consider the specific needs and goals of your business when choosing a business bank account.

For example, Novo is one of the best all-rounders but Revolut Business has superior software for team management. Wise Business is great for international payments. Bellco Credit Union is a local credit union in Colorado, and may provide local financing advice and customer service. Capital One, on the other hand, has a wide ATM network for free cash deposits across the Centennial State.

Best Overall Small Business Account: Novo

Novo offers one of the all-around best online checking accounts for small businesses in the United States. It has some great app integrations and one of the lowest fee schedules we've seen yet from an online business account. You can apply online in as little as ten minutes.

Novo charges no monthly or hidden fees and has no minimum deposit requirement. This includes free incoming and outgoing ACH payments, incoming domestic wires, and out-of-network ATM withdrawals (they even refund international withdrawals).

One major advantage of the Novo interface is the ability to send and track unlimited, free invoices online, which can be particularly appealing for small business owners. The Novo business checking account also allows for multi-user access for your team and connects you to a library of popular apps. Some of the well-known native Novo integrations include Stripe, Amazon, Etsy, Square, Shopify, Slack, Wise, eBay, Xero, and Quickbooks.

Trusted by over 175,000 small business owners across the country, Novo's banking services are provided by Middlesex Federal Savings F.A., a member of the FDIC.

Novo Advantages

• No monthly fees and free incoming and outgoing ACH payments;
• No fees for both incoming domestic and international wire payments;
• Refunds at all out-of-network ATMs;
• Savings and cashback rewards at select stores;
• Large library of easily-integrated apps and software;
• Integrated with Wise for wires and with Stripe for instant payouts.

Novo Disadvantages

• Does not initiate outgoing wire transfers;
• Insufficient funds charge of $27;
• Must purchase a money order to deposit cash;
• No business loans or credit cards.

Runner Up

Bluevine's main advantages over Novo is its 1.2% APY on balances up to $100,000 and its access to business loans. However, Bluevine does have a $15 fee for initiating a domestic wire transfer, which is not present with Novo. Both Bluevine and Novo charge fees for making cash deposits.

Overall, if you are looking to take on debt for your business, Bluevine may have better tools to help you do so. On the other hand, if you are more focused on integrating your business with e-commerce platforms, payment processors, and accounting software, Novo's technology may be a better fit for you.

Best Nationwide Business Bank in Colorado: Capital One

Capital One is a strong choice among large American banks due to its transparent fees and high-quality banking apps. It's important to note that most large American banks charge maintenance fees, unless you maintain a certain minimum deposit limit. These types of bank accounts are typically recommended for established businesses that are seeking advanced financial services, such as loans up to $5 million, capital management, or escrow services.

Capital One is a leading technology company in the American banking industry. Its business checking account is connected with a top-rated mobile app, allowing you to accept major credit cards and prepaid cards, including contactless, PayPal, Apple Pay, and Google Pay. As an FDIC-insured bank, Capital One also provides safe wealth management services and Small Business Administration (SBA) loans.

Unlike some digital finance platforms, Capital One and other large banks offer lines of credit and credit cards. You may be able to apply for loans ranging from $10,000 to $5 million with Capital One for real estate, cash flow, or other investments. Capital One also offers some of the best credit cards in the industry.

Be aware that you will be charged for domestic outgoing wires, Cashier's Check transactions, and all international wires. International wires with Capital One are very expensive, which is why we recommend you run a search on our international money transfer comparison engine instead.

Capital One Advantages

• Monthly fee waived if balance is over $2,000;
• Deposit $5,000 in cash per month without fees;
• Offers payment protection;
• Provides SBA loans, credit cards, and real estate terms.

Capital One Disadvantages

• Outgoing int'l wire cost: $40 + FX markup. Find cheap alternatives.
• Charges monthly maintenance fee;
• ATM withdrawals only free in the Capital One network.

Runner Up

Chase Bank is one of the most popular and widely recommended business bank account in Colorado and across the US. Banks like Chase that have many brick and mortar branches across Colorado may be useful for in-person service and customized banking.

It is highly advised that you speak to bank professionals about how to finance your small business. But in terms of user-friendly and 24/7 digital service, however, we recommend financial platforms like Novo and Revolut Business to streamline your financing activities.

Best Credit Union for Business in Colorado: Bellco Credit Union

Federally Insured by the NCUA and an Equal Housing Lender, Bellco Credit Union is a credit union based in Colorado that offers business banking services, including business checking accounts with up to 200 free items per month and a free Visa debit card. The credit union also provides free Business Online Banking, free bill pay, and free access to its Automated Phone Banking.

Optional overdraft protection is available through Bellco's Business Line of Credit, and business owners have access to Bellco's online banking platform.

Bellco Credit Union Advantages

• Local business financing with customer support;
• Offers business loans and credit cards;
• Basic Business Checking has no monthly maintenance fee;
• Insured by the NCUA.

Bellco Credit Union Disadvantages

• Lacks sophisticated web tools or accounting software;
• No foreign currency capabilities;
• Must go to a branch to sign up;
• Basic Plan limits you to 200 free transactions per month.

Best Business Account for Global Team Management: Revolut Business

Revolut is a UK-based neobank that offers strong international banking capabilities to business owners in Colorado. With a Revolut account, you will have access to account numbers for various currencies, including US dollars and British pounds. The neobank app is useful for international money transfers, team cards for spending, and multi-currency accounts to hold foreign-denominated currency. If you frequently conduct business internationally, Revolut may be a good choice for your business bank account.

Revolut Business offers a mobile checking account and debit card in partnership with Metropolitan Commercial Bank and its savings and APY with Sutton Bank (making it fully FDIC-insured).

Revolut Business can be started for free, but the standard plan has low fee-free allowances. You will need to pay a monthly fee to upgrade to one of the upper three tiers, which increase the free allowances for local payments and foreign exchanges. Revolut Business is well-suited for teams that do business globally, as it allows you to hold and exchange 28 currencies, give your team members debit cards for free, and top up those cards in 150 currencies.

If you are a freelancer, then Revolut Business has plans for you that range from free to $9.99 a month to $39.99 a month.

Revolut Business Advantages

• Foreign exchange is done at the mid-market rate;
• Hold and exchange 28 currencies, and get paid like a local in the UK;
• Provide cards to your team, and manage company-wide expenses;
• Connect to apps and accounting software for your business;
• Creates and tracks your invoices;
• Accepts payments on your website;
• Provides API integrations.

Revolut Business Disadvantages

• Free plan sets low monthly free allowances;
• Grow plan costs $39.99 per month;
• Enterprise plan costs $149.99 per month;
• Free limits are set on domestic and international wire payments;
• No business loans or credit cards.

Runner Up

Wise Business is a business product from the international money transfer service Wise that offers invoices, payroll services, and competitive international money transfers. However, its software is not as advanced as Revolut's platform and does not offer multiple team cards for spending or the ability to track spending activity.

On the other hand, Revolut Business is better equipped to receive payments from customers, as it can process cards, bank transfers, and Revolut Pay. Wise Business only allows for receiving money via bank transfer. If you need to make cheap international payments, Wise Business may be a better option, but if you need a more comprehensive platform for receiving payments and tracking spending activity, Revolut Business may be a better choice.

Best Business Account for Foreign Currency: Wise Business

Wise Business is the business product of one of the cheapest and most transparent international money transfer companies in the world. Wise was founded in the UK in 2011, and its US subsidiary partners with different FDIC-insured bodies depending on the US state in which it operates. See this list of Wise’s licenses. 

Wise Business is a good option to consider as a supplement to your existing business bank account for international transactions. Its transparent and low fees can help you save money on large international transactions. Wise Business is well-suited for paying foreign suppliers, receiving funding from international investors, or transferring foreign-denominated revenue into US dollars. If you frequently conduct international business, Wise Business may be a good choice to consider.

When pay a one-time fee of $31, Wise Business will give you unique international bank account details such as a European IBAN and a UK sort code. This platform is highly recommended by Monito if you want to save money when paying international suppliers.

Wise Business Advantages

• Use real exchange rate to withdraw revenue in foreign currency;
• Get bank account details in 10 currencies (USD, GBP, EUR, JPY);
• Batch pay up to 1,000 invoices and salaries at once;
• Industry-low fixed fees per international transfer payment;
• No monthly fees.

Wise Business Disadvantages

• Optional one-time fee of $31 to get the 10 bank account details;
• Minimal accounting software integrated;
• Local ACH transfers are not free;
• Not recommended to process customer payments.

Runner Up

Payoneer is an excellent choice, especially for international e-commerce businesses. Unlike Wise Business, Payoneer connects you to popular global marketplaces and allows you to receive payments into bank accounts in 8 currencies. It also offers access to working capital advances. Payoneer expands your reach to online customers around the world, enabling you to receive payments in their local currency.

When you are ready to transfer your revenue to your home account in US dollars, Payoneer exchanges the currency at the real mid-market exchange rate, without any hidden exchange rate margins. Instead, Payoneer charges a fixed fee of up to 2% per international transfer. If you are looking for a service that helps you reach international customers and manage global payments, Payoneer may be a good fit for your business.

Recapping the Best Banks for Small Business in Colorado

Here is a quick summary of the best banks for small business owners across Colorado, from Denver to Colorado Springs.

1. Novo — 🏆 Best overall business checking account
2. Capital One — 💸 Best for traditional finance services
3. Bellco Credit Union — 🏦 Local credit union in Colorado
4. Revolut Business — 👥 Best for (international) team management
5. Wise Business — 🌎 Best for making payments in foreign currency