Best Banks In Washington State: A Deep Dive Into Washington State’s Top Financial Options

Navigating the financial landscape: unveiling Washington State's premier Banks for small businesses. Read and bring to light the best banks in Washington state.

Given the numerous alternatives available, navigating the banking industry for your small business in Washington State can take time and effort. We’ve compiled a list of the best seven banks geared to small companies in Washington to help you make an educated selection and get back to concentrating on your business. From competitive interest rates to mobile banking convenience and fee transparency, we delve into the unique offerings of each bank to help you make a confident choice that aligns with your business needs. In this comprehensive guide, we’ll explore the standout features of the top banks for small businesses in Washington State:

  1. Bluevine: For an unparalleled 2.0% APY on checking accounts and minimal fees.
  2. Capital One: Offering unlimited digital transfers and a user-friendly mobile app.
  3. Axos Bank: Known for low fees and reimbursement for out-of-network ATM usage.
  4. U.S. Bank: Providing a range of checking accounts tailored to small businesses.
  5. Novo: A perfect match for e-commerce businesses with seamless integration.
  6. Chase Bank: Offering a vast network of branches and lucrative sign-up bonuses.
  7. Umpqua Bank: A local favorite for those valuing in-person banking experiences.

Whether focused on digital convenience, branch accessibility, low fees, or high-interest savings, our guide will help uncover the best banking solution for your small business in Washington State. Let’s dive into the details and discover the bank that aligns perfectly with your financial aspirations.

Best banks in Washington State

You need a bank account for your small business in Washington to handle your funds. Selecting the ideal solution for your company with so many possibilities might be challenging. For you to make an informed choice and return to what you do best, we have selected the top seven banks in Washington for small companies. The following are the best banks in Washington.

  • Bluevine: best overall bank for small businesses
  • Capital One: best bank for digital transfers
  • Axos Bank: best bank for low fees
  • S. Bank: best bank for checking accounts
  • Novo: best bank for e-commerce
  • Chase Bank: best bank for branch locations
  • Umpqua Bank: best bank for local banking

Bluevine: best overall bank for small businesses

With its remarkable 2.0% APY on a checking account, Bluevine defies convention. There is no need for further savings because this rate is far higher than the US average. To get started, no monthly fees, minimum balance requirements, or minimum deposits are needed. Watch out for $4.95 cash deposits, which may quickly deplete your account.

  • Why we selected it: With low fees, an excellent user interface, and fantastic interest rates, all packaged into one checking account, Bluevine steals the show.
  • Fees: Hopefully, you won’t ever have to pay to use Bluevine at any time. It costs nothing to create a business checking account, and there are no requirements to fulfill to keep it active. Fees apply to cash deposits, outgoing wire transfers, and ATMs, not in your network.
  • Rate of interest: You need to utilize a money market account with a high monthly balance requirement and lock your money away in a CD, or else a0 APY is practically unheard of. Bluevine doesn’t demand anything in exchange for handing you the keys to the house. Remember that only $100,000 earns interest; those above do not.
  • Lowest balance: You won’t ever have to stress about keeping up with a monthly balance, even if you’re just starting. You won’t ever be penalized for making payments or transferring money because your account balance falls too low.
  • Utilizing mobile banking: Bluevine on a PC or a mobile device is mostly the same. You may access money transfers, payment methods, and all the accounts management tools you’ll need by downloading the app on your Android or iOS smartphone. Your mind will be at peace knowing that you can check your flow from wherever.


●     High rates of interest

●     Hardly any fees

●     No minimal down payment is needed


●     No savings account for business

●     No ATM reimbursement

●     Deposit of cash fee

Capital One: best bank for digital transfers

Capital One allows you to make as many digital transfers as you need without charging you, unlike most banks. The bank won’t charge you an ugly fee if you overdraw an account while the transaction progresses. Those who sign up immediately might benefit from high first-year promotional interest rates if that isn’t enough. Washington may not have many Capital One stores, but its top-notch mobile app more than makes up for it.

  • Why we choose it: Capital One eliminates digital transfer fees and limitations, so you can shift money anywhere without worrying.
  • Fees: Unless you qualify for a fee waiver, maintaining your Capital One business checking account costs $15 monthly. The same is true for corporate savings accounts. However, there are less stringent criteria. Otherwise, you’ll be charged for wire transfers or cash deposits over $5,000.
  • Rates of interest: Capital One now offers a particular interest rate of 20% on its business checking account. Once you sign up, the high APY is guaranteed for at least a year. Although the bank claims its promotional rate is subject to change at any time, it has been stable since 2020.
  • Lowest balance: Capital One will waive its $15 service charge if you maintain an average balance of $2,000 over 30 or 90 days. To avoid the $3 monthly fee on savings accounts, you must deposit a minimum of $300
  • Utilizing mobile banking: Capital One’s top-rated mobile app is steadfast in its criticism. Digital transfers, bill payments, and mobile deposits are all inherently possible. Through CreditWise, you may create an automated savings strategy for surplus cash or monitor your credit rating.


●     Unlimited digital transfers each month

●     High-interest rates on promotional loans

●     Charges no overdraft fees


●     Fewer geographic regions

●     Recurring account fee

●     ATM charges for using machines outside of networks.

Axos Bank: Best bank for low fees

Axos Bank charges modest and infrequent fees. There are no fees for establishing an account, maintaining one, or using most of Axo’s services. Every month, the bank reimburses you for any domestic out-of-network ATM withdrawals and compensates you for your first two wire transfers. Be careful not to overdraft an account and face the worth of an inadequate funds fee in your enthusiasm.

  • We picked it: Axos Bank has almost no fees and reimburses you for most of the expenses you incur while doing business.
  • Fees: There are no monthly fees with your primary business checking account, and extra costs are few and far between. Savings accounts charge at least $4 monthly if a minimum amount needs to be maintained. Wire transfers generally cost $35, but you’ll receive two for free with each new payment cycle. Retired checks will cost you $25 per time and may be charged many times on the same day.
  • Rates of interest: From $0 to $5,000, saving and money market accounts earn 20% APY. You may earn 1.01% interest on money up to $50,000 if you open a business interest checking account.
  • The minimum balance: To avoid paying the $5 service charge, you must have $2,500 monthly savings. The minimum amount for business interest checking is $5,000.
  • Mobile banking access: Through mobile banking, Axos allows you to manage your business cash wherever you are. You may check account balances, deposit checks, and automate bills from your phone anytime. You may also use the app to analyze your spending habits and reduce costs.


●     Minimal costs

●     Cash deposits are accepted at MoneyPass and AllPoint ATMs

●     Reimbursement for ATM and wire transactions


●     Integrations are limited

●     CD rates that are lower than the national average

●     Significant check-returned fee.

U.S. Bank: best bank for checking accounts.

For small companies, U.S. Bank offers five business checking accounts. These range from a primary account with no monthly maintenance charge to a premium account that pays interest as your company grows. The bank also provides merchant services for specific company categories, such as restaurants and retail. Thousands of branch sites may be found nationwide, with several in major Washington cities.

  • Why we selected it: Banks offer various checking account alternatives to small companies of all sizes.
  • Fees: Starting with a Silver Business Checking account implies no monthly fees but transaction limits. Other options waive service fees if your small business meets balance criteria. Saving accounts start at $4 monthly, but you may avoid this fee with enough forethought. You may avoid this fee.
  • Rates of interest: Saving and money market accounts at US banks provide 01% APY regardless of account balance. The platinum business money market provides bonus rates of up to 3.50%, but you must have a large amount of money in your account. While an interest-bearing checking account is available, the rate is much lower at 0.005%.
  • The Minimum balance: it will need $500 in your company savings account to cover the service charge. There is no such need for the Silver business checking account, but higher-tier plans do. Your balance can also affect your interest rate if you have one of the best money market accounts.
  • Mobile Banking Access: With voice prompts to simplify processes, US Bank makes mobile banking easier. The mobile app works with Zelle and includes cheque deposits and bill payments. Built-in controls give you total control over your credit card and even enable you to create a digital wallet.


●     Several checking account possibilities

●     Merchant services tailored or restaurants, merchants, and service providers

●     There are 2,400 branch sites.


●     Overdraft penalties

●     APY is modest

●     Only 28 states have locations.

Novo: best bank for e-commerce

If you own an e-commerce firm, look up to Novo. The fintech integrates seamlessly with sites such as Shopify, Etsy, and Amazon to log transactions and update you on your money. A great mobile app makes it simple to keep track of everything while on the road. You may have even more control by depositing funds into reserve accounts and tracking expenditures.

  • We chose it: Novo is excellent for e-commerce firms, including smooth interfaces with your favorite web tools.
  • Fees: From start to finish, Novo is almost fee-free. Outgoing wire transfers, on the other hand, are subject to fees. On the other hand, you are subject to fees if you’re not careful. If you’re not careful, you can end up paying $27 for inadequate cash. Novo reimburses all ATM costs, so you’re okay whether you use an in-network ATM or not.
  • Rates of interest: Despite everything Novo offers, there is no savings account. As a result, you won’t be able to earn interest on any of your money.
  • The minimum balance: Because Novo does not charge a monthly service fee, there is no need to maintain the minimum amount each month. You’ll want to have enough to avoid being charged for inadequate cash.
  • Mobile banking access: Novo’s online presence to its excellent mobile app. You may use fintech’s reserve bucket or get rewards from key online platforms there. Downloading the app and registering an EIN account is also feasible.


●     It is compatible with a wide range of e-commerce apps

●     Fund management reserve accounts

●     Excellent mobile app


●     Account overdraft penalty

●     Most branches are located in the Miami region.

●     There are no savings choices.


Chase Bank: best bank for branch locations

Approximately 200 Chase branch locations. You’re probably not far from in-person support, even in such a vast state. Chase will give you a $300 incentive if you sign up for a business account. Although there is a monthly cost, numerous methods exist to avoid it.

  • Why did we choose it: Chase has more locations than any other bank in Washington, making it a good alternative for consumers who prefer in-person service.
  • Fees: Chase’s $15 maintenance charge can be removed in three ways. A $2,000 minimum daily balance and $2,000 deposits through Chase QuickAccept are required. Savings just need a connected checking account to remove costs. Extra charges for wire transfers and transactions exceed the first 20.
  • Rates of interest: Small companies who open a basic checking account for the first time with Chase get 01% APY. You may earn up to 3.50% interest on CDs if you have excess money.
  • The minimum balance: One strategy to avoid paying a monthly charge on your checking account is to maintain a $2,000 minimum balance. To qualify for the $300 sign-up bonus, deposit it during your first 30 days with Chase and keep it open for at least the next 60
  • Mobile banking access: Chase’s mobile app allows you to establish and monitor transactions and account limit notifications to avoid running out of savings or checking. You may use your phone to transfer money, receive deposits, or find the nearest branch or ATM.


●     Washington has around 200 branch sites

●     There are several methods to avoid paying the monthly maintenance cost.

●     Sign-up bonus of $300.


●     Maintenance payments are charged monthly.

●     There are only 20 free purchases each month.

●     APY is as low as possible.

Umpqua Bank: best bank for local banking

From Spokane to Seattle, Washington, boasts approximately 200 Chase branch locations. You’re probably not far from in-person support, even in such a vast state. Chase will give you a $300 incentive if you sign up for a business account. Although there is a monthly cost, numerous methods exist to avoid it.

  • Why did we choose it: Chase has more locations than any other bank in Washington, making it a good alternative for consumers who prefer in-person service.
  • Fees: Chase’s $15 maintenance charge can be removed in three ways. A $2,000 minimum daily balance, $2,000 in net purchases on a chase link business card, or $2,000 in deposits through Chase Quick Accept are required. Saving just requires a connected checking account to remove costs. Extra charges for wire transfers and transactions exceed the first 20.
  • Rates of interest: Small companies who open a basic checking account for the first time Chase get 0.01% APY. You may earn up to50% interest on CDs if you have excess money.
  • The minimum balance: One strategy to avoid paying a monthly charge on your checking account is to maintain a $2,000 minimum balance. To qualify for the $300 sign-up bonus, deposit it during your first 30 days with Chase and keep it open for at least the next 60
  • Mobile banking access: Chase’s mobile app allows you to establish and monitor transaction and account limit notifications so you don’t run out of saving or checking. You may use your phone to transfer money, receive deposits, or find the nearest branch or ATM.

Largest banks in Washington state

As of December 31, 2019, the 41 banks on the list reported assets totaling $84.6 billion. The index reported $83.1 billion in assets in the preceding quarter, which ended September 30, 2019. Private banks account for 32, accounting for 78% of the total. The federal deposit insurance corporation (FDIC) provided data for the list. Companies with ties are listed alphabetically. The list only includes banks headquartered in Washington state and excludes credit unions. Please remember that the list may alter from the printed form to have the most recent facts. Following is the ranking of the largest banks in Washington:


Bank name


Total assets

Capital need

Market capitalization

1 JPMorgan Chase New York City $3,744 12.0 $459.21
2 Bank of America Charlotte $3,194 10.4 $252.05
3 Citigroup New York City $2,455 11.5 $91.89
5 Goldman Sachs New York City $1,538 13.3 $118.10
6 Morgan Stanley New York City $1,199 13.3 $151.00
7 U.S. Bancorp Minneapolis $682 7.0 $59.65
8 PNC Financial Services Pittsburgh $561 7.4 $53.78
9 Trust Financial Charlotte $555 7.0 $43.53
10 TD Bank, N.A. Cherry Hill, New Jersey $514 7.0 $119.26

High-interest savings account in Washington state.

Following are some saving accounts in Washington state

  • Yakima federal passbook savings
  • Cashmere Valley Bank Personal Savings
  • Timberland Bank Statement Savings

Yakima federal passbook savings

Yakima federal savings & loan passbook savings account is a relatively typical savings account that serves as an essential starting point for anybody wishing to maintain money in the bank. Customers may create this account for $1, and there is no monthly cost. As a result, anyone may stroll into a bank and easily open this account. Furthermore, there is no need to be concerned about a monthly price or satisfying the fee waiver conditions.

Cashmere Valley Bank personal savings

Cashmere Valley Bank offers a competitive savings account regarding amenities (but not necessarily interest rates). The report has no monthly service fee and may be opened for as little as $50. More crucially, clients can get a Visa debit card with quick ATM access. Furthermore, Cashmere Valley Bank provides four free foreign ATM transactions monthly, which may be used at any bank’s ATM.

Timberland Bank statement savings

Timberland Bank provides yet another straightforward savings account. The statement saving account is a no-frills account that may be opened for as little as $1. Customers who choose electronic messages will not be charged a monthly fee ($2.50 monthly for paper statements).

Methodology for selecting the best small business bank in Washington

When deciding on the best bank for small companies in Washington, we considered several aspects. While the dust cleared, we determined that the following were the most important factors to consider while making our decisions:

  • Monthly fees
  • Additional fees
  • Interest rates
  • Minimum balance
  • Mobile banking access
  • Ease of use

Monthly fees

Rather than making monthly payments, we prefer to use banks to earn money and ease transactions. As a result, our preferred banks either had no monthly fees or offered simple options to waive them.

Additional fees

Financial institutions might charge you extra fees for various services, including transactions, deposits, and wire transfers. While no bank is entirely free, the ones we picked needed to make it as simple as possible to avoid them.

Interest rates

There’s nothing wrong with a bank giving you a small amount of money back for using theirs. High-interest rates can enhance your bottom line and improve your financial situation.

Minimum balance

When you don’t have much money to invest, banks will charge you a maintenance fee to keep your account open. In many circumstances, attaining a minimum balance threshold will let you avoid such costs. While compiling our list, We ensured that none were beyond reach for even the tiniest business.

Mobile banking access

In this day and age, mobile banking applications are a must. Some banks appear to be unaware of this, or they continue to use antiquated technology. Each of our recommendations has outstanding mobile tools you may utilize if you have internet connectivity.

Ease of use

In our evaluation, we looked at how simple it was to create a bank account and use all the offered services when enrolled. We made a note of banks having branch locations in Washington and how accessible each one is.


What is the finest bank in Washington for small businesses?

Novo is a beautiful option for Washington small company owners. Monito recognized it as one of the top business accounts in the United States.

Which Washington Bank offers the best CD rates?

Columbia State Bank is a regional bank in Washington that offers Certificates of Deposit Capital One, on the other hand, is an excellent national alternative. Chime and Revolut are interest-yielding smartphone applications.

Who in Washington has the finest checking account?

Chime is the most excellent checking account in Washington, in our opinion. Novo is the ideal alternative for Washington small company owners.

Which bank in Washington is the best for foreign transactions?

Revolut, with its multi-currency debit card and low-cost international money transfer service, will be your most excellent option for obtaining low-cost overseas transactions.

Which Washington Bank has the most amazing online banking app?

Chime is widely regarded as the ideal mobile banking app in the United States. Chime is not a bank; Bancorp Bank, an FDIC-insured institution, manages its accounts.

What is the finest bank in Washington for international currency exchange?

Traditional banks should never be used for foreign currency conversion since they not only impose high commission costs. They also take advantage of low exchange rates to profit at your expense. Consider Revolut, built for worldwide usage and provides a fantastic multi-currency account in 30+ currencies. Every month, you earn $1,000 in free foreign exchange.

What is a decent regional bank in Washington near me?

Columbia State Bank is a strong option in Washington, with years of local knowledge and expertise. Consider regional banks if you want an in-person banking experience since they have a more community-based approach to banking.

What is Washington State’s most famous bank?

Chase Bank has more branch locations in Washington than any other bank. Umpqua’s local presence is unique in the Evergreen State, although several internet banks are gaining popularity.

Is a local bank preferable for small businesses?

Local banks are in the community and are frequently familiar with how to service small companies in the region. If you want to expand outside of the state, these local institutions may not have the reach that a national or internet bank would.

Should I open an LLC with a separate bank?

There is no need for your LLC to utilize a different bank. However, using a commercial bank account for your LLC is an excellent idea to keep personal and business costs distinct. If you are involved in a lawsuit, maintaining a separate account for your business helps protect your assets.


Finally, selecting the best bank for your small company in Washington State is a key decision that may greatly influence your financial performance. With so many alternatives to pick from, each catering to a distinct set of requirements, balancing the variables that are most important to you is critical. Whether you prioritize low fees, high-interest rates, convenient branch locations, or cutting-edge mobile banking capabilities, the top financial institutions mentioned in this article offer a range of benefits.

Remember that your business’s unique requirements should guide your decision in the dynamic landscape of Washington’s financial services. You may confidently pick a banking partner that supports your company goals and helps you manage your money by examining criteria such as costs, interest rates, accessibility, and digital technologies. So, use the information in this article and start searching for the finest bank for your small company in Washington State.

Charles Bains

Charles Bains

Charles Bains started his insurance career as a marketing intern before pounding the pavement as a commercial lines agent in Orlando, FL. As an industry journalist, his articles have appeared in a variety of trade publications. His insurance television career, short-lived but glorious, once saw him serve as the expert adviser on an insurance-themed infomercial (yes, you read that correctly). Having recently worked for various organizations, coupled with his broader insurance knowledge, Charles is able to understand our client’s needs and guide them accordingly. He is a gem for Insurance Noon as his wide area of expertise and experience have been beneficial in conducting further researches to come up with solutions and writing them in a manner which is easy for everyone including beginners to comprehend.

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