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

Dec 29, 2022
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Choosing the right business bank account can be challenging for small business owners in Florida, as it depends on various factors such as business model, size, growth projections, and loan and customer service needs.

Monito has evaluated multiple banks and provides comparisons of national banks, regional banks, online banks, credit unions, and neobanks. Read our guide for small business owners in Florida to find the most suitable business bank account for their specific needs and circumstances.

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Free Business Checking in Florida With Novo

With no hidden fees and the lowest fee schedule we have seen, Novo's business checking seamlessly connects you with free transfers, ATM refunds, marketplaces, and payment systems to streamline your finances.

Key Facts About the Best Banks and Credit Unions for Small Business in Florida

👨‍⚖️ Regulatory body

FDIC or NCUA

🏆 Best business bank
💸 Average monthly fee

$0.00

🔎 No. of business accounts compared

5 (plus 4 runner ups)

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

As a small business owner in Florida, you have access to a wide range of banking services online, regardless of whether you are located in Miami, Tampa, or Orlando. With the American financial sector embracing digital technology, you have more options to choose from. However, it's important to keep in mind that business bank accounts vary greatly and it's important to find one that meets the specific needs of your business.

Match Your Unique Business Channel 

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

Understand How You Use Cash

If you own a business with low profit margins, you may want to consider a business bank account that offers low-fee overdraft protection to help manage any financial shortfalls. On the other hand, if your business generates a high amount of cash flow, you may want to consider a bank that offers wealth management options such as savings and investment accounts.

If you are planning to make upfront investments in capital assets like a warehouse or equipment, it may be beneficial to find a bank that offers attractive Small Business Administration (SBA) loans to help finance these purchases.

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. Suncoast Credit Union is a local credit union in Florida, 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 Sunshine 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 Business Bank Account

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).

The Novo interface offers small business owners the ability to send and track unlimited invoices online for free. The business checking account also allows 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 is a major competitor of Novo in the business bank account industry. One of Bluevine's main selling points is its 1.2% annual percentage yield (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 cash deposits.

In summary, if you are looking for tools to help manage debt, Bluevine may be a better choice. On the other hand, if you are focused on integration with e-commerce, payment processors, and accounting software, Novo may be a better fit.

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Compare Novo to Bluevine, Brex, and other top online US business checking accounts for small businesses with our dedicated comparison guide.

Best Nationwide Business Bank in Florida: Capital One

Capital One is a good choice among large American banks due to its transparent fees and high-quality banking apps. Like other large American banks, Capital One charges maintenance fees unless a minimum deposit limit is maintained. These types of bank accounts are suitable for established businesses seeking advanced financial services, such as loans up to $5 million, capital management, and escrow services.

Capital One is a technology leader in the American banking industry and its business checking account is connected to a top-rated mobile app. The account accepts major credit cards and prepaid cards, including contactless, PayPal, Apple Pay, and Google Pay. As an FDIC-insured bank, Capital One also offers wealth management services and SBA loans. In addition to these services, Capital One, like other large banks, offers lines of credit and credit cards. Business owners may apply for loans between $10,000 and $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 Florida and across the US. Banks like Chase that have many brick and mortar branches across Florida 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 Florida: Suncoast Credit Union

Federally Insured by the NCUA and an Equal Housing Lender, Suncoast Credit Union is a Florida-based credit union that offers financial services, including business banking, to its members.

It offers two business checking options: Business Smart Checking and Business Classic Checking, both of which require a $50 opening deposit. Business Smart Checking has no monthly fee or minimum balance requirement and includes up to 200 fee-free transactions, while Business Classic includes up to 300 fee-free transactions.

The credit union has more than 70 full-service branch locations and offers fee-free access to nearly 30,000 ATMs nationwide, including Suncoast ATMs and those in the Co-op ATM network. Suncoast Credit Union also offers business loan options, including lines of credit, equipment financing, and term loans.

Suncoast 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.

Suncoast Credit Union Disadvantages

  • Lacks integrations with 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 powerful international banking capabilities to business owners in Florida. With Revolut, you can get account numbers for multiple 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 do business internationally, Revolut may be a good option to consider.

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 offers a free account option, although the standard plan has low fee-free allowances. You can pay a monthly fee to upgrade to higher tiers that increase the free allowances for local payments and foreign exchanges. Revolut Business is a good choice for teams that conduct business globally, as it allows you to hold and exchange 28 currencies, provide debit cards to team members at no cost, 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 offered by the international money transfer service Wise. In addition to international money transfers, it provides invoices and payroll services. However, its software is not as sophisticated as Revolut's platform and does not offer multiple team cards for spending or the ability to track spending activity.

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.

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 choice if you need an international transfer system to supplement your existing small business bank account. Its transparent low fees can save you a significant amount of money on large international transactions. Wise Business is particularly useful for paying foreign suppliers, receiving funding from international investors, and transferring foreign-denominated revenue into US dollars. If these types of transactions are a regular part of your business, Wise Business may be a good solution.

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 for international e-commerce businesses, as it connects you to the world's most popular marketplaces. Payoneer allows you to get paid by customers into bank accounts in 8 currencies and provides access to working capital advance. With Payoneer, you can expand your reach to customers around the world and get paid in their local currency.

When you are ready to deposit your revenue into your home account in US dollars, Payoneer will exchange the currency at the real mid-market exchange rate without any hidden exchange rate margins. Payoneer charges a fixed fee of up to 2% per international transfer. If you need a reliable way to receive payments from international customers and make international transfers, Payoneer may be a good choice for your business.

Recapping the Best Banks for Small Business in Florida

Here is a quick summary of the best banks for small business owners across Florida, from Miami to Tampa.

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

Frequently Asked Questions About Small Business Banks in Florida

Find the Best Business Banks in the United States By State 🇺🇸

Find our catalogue of business banking guides for the best banks in the United States for small businesses, startups, freelancers.

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