There are about 2.5 million small businesses in Florida. They make up 99.8% of all businesses in the state and employ 3.3 million workers, which is about 42.2% of the state’s private-sector workforce. This shows that small businesses are thriving in Florida.

Please note that a small business is an independently owned and operated company that is limited in size and in revenue depending on the industry. A local coffee café that employs 10 people is an example of a small business. So also, a standard furniture manufacturing company that employs less than 500 people is an example of a small business.

If you run a small business in Florida, you might want to know the best bank that you should do business with; a bank that can give you all the needed support that will help you scale up your small business. Having said that, here are some of the best banks for small businesses in Florida that you can do business with.

14 Best Banks for Small Business in Florida

  1. City National Bank of Florida

City National Bank of Florida is one of the best banks in Florida that a small business owner should do business with. City National Bank of Florida (CNBFL), based in Miami, Florida, is the second-largest financial institution in the state with over $22 billion in assets.

CNBFL has 32 branches, from Miami-Dade County to the greater Orlando area, and nearly 1,000 employees. City National Bank of Florida has been recognized for its community involvement and has held an “Outstanding” community reinvestment rating from the Office of the Comptroller of the Currency (OCC) for the past 18 years.

It continues to be one of the most liquid and best-capitalized banks in Florida and is rated 5 stars “Superior” by BauerFinancial. CNBFL was named one of the Best Banks to Work For by American Banker magazine, for two consecutive years.

  1. Discover Bank

Another bank that an entrepreneur who is looking to start a business in Florida should consider is Discover Bank. Discover Financial Services, Inc., is a business unit of Morgan Stanley (NYSE: MWD). It operates the Discover Card brands and the Discover Business Services network for its more than 50 million Cardmembers.

Discover Bank offers a wide range of banking products – including checking, savings, CDs, and more. It is important to note that Discover Bank offers excellent accounts and a massive free ATM network, and it does not charge monthly or overdraft fees.

  1. Bank of America Financial Center

Bank of America Financial Center is yet another bank that a small business owner should consider doing business with in Florida. Even though the banks don’t have quite as many branches in Florida, it is safe to say that Bank of America Financial Center has an active presence in Florida and they have 492 branches.

Bank of America Financial Center also boasts of a convenient mobile app with over 54 million verified users, Bank of America customers can do most of what they need to do on the go, whether it’s paying bills, cashing checks, or managing a checking or savings account.

Considering the size of the bank, its experience, and its dedication to offering quality banking services in the digital age, Bank of America is indeed a good pick for any small business owner in Florida.

  1. Tropical Financial Credit Union

Another bank that a small business owner should consider doing business with in Florida is Tropical Financial Credit Union. Tropical Financial Credit Union operates as a financial cooperative and they offer well-packaged services and products that a small business can leverage to grow and expand.

Tropical Financial offers banking services such as free and high-yield checking accounts, high-interest savings accounts, low rates on loans, retirement planning, debt consolidation and refinancing, small business services, and free financial seminars. Tropical Financial Credit Union was awarded a 4-star rating with Bauer Financial Inc. as well as the Governor’s Florida Sterling Award in 2005.

  1. Regions Bank

The Regions Bank is yet another ideal bank that an entrepreneur who intends to start a business in Florida should consider doing business with.

Regions Financial Corporation (Regions Bank) is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, mortgage and wealth management, banking products and services. Regions offer a full spectrum of banking services and some of these services are targeted toward small businesses.

  1. Chase Bank

If you own a small business in Florida and you are looking for a bank to do business with, then you should consider a big and strong bank like Chase Bank. As a new Chase checking customer, you will enjoy $100 when you open a Chase Secure Banking℠ account with qualifying activities.

Other reasons why you should consider Chase Bank is that there is no minimum deposit to open an account with the bank. No paper checks to track and no Chase fees on money orders or cashier’s checks. You can easily pay bills, cash checks, and send money with Zelle® all for a $4.95 monthly service fee.

So also, you can use the Chase debit card to help you spend only the money you have available, without worrying about overdraft fees. You can bank from virtually anywhere with access to 16,000 Chase ATMs, more than 4,700 Chase branches, the Chase Mobile® app, and Chase Online℠.

As a customer, you can save an average of $50 a month on fees after opening their account. No need to worry about unauthorized card transactions when reported promptly with Zero Liability Protection.

  1. Capital One

Another bank that a small business owner should consider if you are in Florida is Capital One. With Capital One, customers can sign up for free checking and savings accounts that offer nice returns compared to competitors. If you choose the Capital One 360 Checking account, you will enjoy no monthly fee and the account pays a modest interest amount with a $0 minimum balance—not bad for a checking account.

In addition to their own ATMs, which are fewer and farther between than some other major banks, Capital One customers also have access to the Allpoint and MoneyPass networks. That means access to a total of over 70,000 ATMs.

Please note that the Capital One 360 Performance Savings account pays slightly higher interest, still with no minimum. Capital One’s rates are less than you will find at Ally, but in combination with their other services, may prove worthwhile.

  1. Wells Fargo

Wells Fargo is no doubt one of the biggest banks in the world and they have special products and services that are targeted toward small businesses. Interestingly, Wells Fargo has 522 banking locations in the state of Florida. That means you’re likely to be able to find a convenient branch just about no matter where you live.

It is important to note that Wells Fargo is a top small business lender, according to reports by the Small Business Administration (SBA), making them a solid choice if you run your own business.

Wells Fargo is also recommended by their commitment to transparency, providing public visibility to the interest rates on its loans, which other banks often do not. As a small business owner in Florida who is looking to open a bank account, Wells Fargo has a number of excellent options to choose from.

  1. Synovus Bank

Synovus Bank is yet another ideal bank that an entrepreneur who owns a small business in Florida should consider doing business with. Synovus Bank offers multiple business checking options, including a business interest checking option.

Synovus Bank’s basic account, Pro Business Checking, enables you to deposit up to $10,000 and complete up to 200 debit transactions at no fee. It has a $10 monthly fee, but they will waive this charge if you are able to maintain a $1,000 average collected balance for the month.

Even if you are a sole proprietor or nonprofit, you may want to consider taking advantage of Synovus’s Business Interest Checking. Similar to the Pro Business Checking, you will get up to $10,000 in deposits and 200 debit transactions for free.

But an added perk with this account is that you will earn interest on your entire balance (you will need to keep a minimum of $2,500 in there to waive the $10 monthly fee). And with tiered interest rates, you will earn higher interest rates the higher your balance is.

  1. Suncoast Credit Union

Suncoast Credit Union is one of the best banks in Florida that a small business owner should consider doing business with. The entry-level account of Suncoast Credit Union is Suncoast’s Business Smart Checking. Please note that you will need a $50 minimum deposit to open an account here (across both business checking accounts).

There is no minimum required balance and no monthly maintenance fee for this account. The first 200 transactions are free in this account, too.

If this doesn’t sound quite enough for you, you can always look to their next tier, Business Classic Checking. This account will give you 300 free transactions, and a lower price if you go over this limit ($0.10 vs. $0.20). But you will need to keep $2,000 in the account to avoid the $20 monthly maintenance fee.

  1. Axos Bank

Axos Bank, formerly Bank of the Internet, is an online banking institution with an exceptional track record. Interestingly, Axos’s Bank Basic Business Checking Option doesn’t require a minimum balance or charge monthly service fees. There is no minimum deposit to open an account and you have access to unlimited fee-free transactions.

If online banks give you pause because you frequent ATMs, you can rest easy with Axos–they’ll reimburse you for using any ATM, since they don’t have physical branches or dedicated ATMs. One good thing about Axos Bank is that new business owners can get a welcome bonus of $200 if they use the code NEWBIZ200 when signing up for an Axos basic business checking account.

This offer only extends to businesses that incorporated after June 1, 2020—but other businesses can get a bonus offer as well. Using the code NEWAXOSBIZ business owners can get a $100 welcome bonus when opening an account.

  1. SunTrust

SunTrust is yet another ideal bank that small business owners in Florida should consider when shopping for a bank to do business with. SunTrust bank stands out because of its low-fee business checking account, which becomes a free checking account if you complete just five transactions per month — a cinch for most business owners.

SunTrust merged with BB&T to form Trust Bank but still offers business banking under its own name for the time being. Business checking options could change down the road. SunTrust has three business checking options: Simple Business Checking, Primary Business Checking, and Business Advantage Plus Checking.

Simple Business Checking is $5 per month, but the fee is waived for the first 12 statement cycles. After that, make just five debit or credit transactions per month to avoid the fee. Transaction limits range from 50 to 500 per month, depending on the account.

You can enjoy up to $2,000 in fee-free cash deposits for Simple Business Checking. Up to $10,000 for Business Advantage Plus Checking. Multiple business savings accounts are also available under SunTrust and it includes money market accounts and certificates of deposit. Point-of-sale systems are also available through Clover.

  1. Suncoast Credit Union

Another bank that a small business owner in Florida should consider is Suncoast Credit Union which is considered the best bank for small-business loans in 2021. Suncoast Credit Union services 39 counties in Florida and it is important to note that in order to bank with Suncoast Credit Union, your business must be licensed in Florida and located in one of those counties.

Suncoast Credit Union has two business checking options: Business Smart Checking and Business Classic Checking. Business Smart Checking has no monthly fee or minimum balance requirement. A $50 opening deposit is required with either account.

You can get up to 200 fee-free transactions with Business Smart and up to 300 with Business Classic when you bank with Suncoast Credit Union. Debit card purchases, online bill pay, and other automated transactions do not count toward those limits.

Another benefit that you will gain when you open Suncoast Credit Union is that you will enjoy no ATM fees at nearly 30,000 ATMs nationwide, including Suncoast ATMs and those in the Co-op ATM network.

  1. Iberiabank

Another ideal bank that a small business owner should consider in Florida is Iberiabank. Iberiabank has 68 branches in the Sunshine State, with the most concentrated in central Florida. The bank recently merged with First Horizon Bank, which will eventually expand its footprint in Florida.

The three primary account options that Iberiabank has include a free business checking account with no minimum balance requirement. Business Interest Checking earns 0.1% on balances of $10,000 or higher with Iberiabank.

Other benefits that you will enjoy when you bank with Iberiabank include no fee for cash deposits up to $10,000 on all accounts. You can download checking account transactions to QuickBooks for easy bookkeeping. Small-business loans, including SBA loans, real estate loans and lines of credit, and payroll services are available through Paychex.