Best Banks for Small Businesses in Arkansas
Arkansas offers small businesses an affordable cost of living, low formation fees, and a strong network of regional banks deeply rooted in the community. Whether you're running a nonprofit in Little Rock, a retail shop in Fayetteville, or an agricultural business in the Delta, choosing the right bank account matters.
Updated 2026-03-18 | 8 banks compared
Quick Comparison
| Bank | Type | Monthly Fee | APY |
|---|---|---|---|
| Holdings | Online | $0 | 1.75% |
| Arvest Bank Free Small Business Checking | Regional | $0 | 0.00% |
| Simmons Bank Business Checking* | Regional | $12waivable | 0.00% |
| Bank OZK Business Checking* | Regional | $10waivable | 0.00% |
| Regions Bank LifeGreen Business Checking | Regional | $13waivable | 0.00% |
| Chase Business Complete Banking | National | $15waivable | 0.00% |
| Bank of America Business Advantage Fundamentals | National | $16waivable | 0.00% |
| Capital One Basic Business Checking | National | $15waivable | 0.00% |
Detailed Reviews
Holdings
Online | $0/mo | Online only
Nonprofits and small businesses wanting zero fees and high APY
Key Features
- •Built specifically for nonprofits and small businesses
- •1.75% APY on all balances — checking and savings
- •Unlimited transactions with no hidden fees
Pros
- ✓Truly $0 — no monthly fees, no minimums, no transaction fees
- ✓1.75% APY is among the highest in online banking
- ✓Purpose-built for nonprofits with donation tracking and reporting tools
Cons
- ✗No physical branches — online/mobile only
- ✗Less name recognition than legacy institutions
Arvest Bank Free Small Business Checking
Regional | $0/mo | 130 branches
Arkansas businesses wanting fee-free checking from the state's largest bank
Key Features
- •Largest privately held bank in Arkansas — headquartered in Bentonville
- •200 free transactions per cycle (checks, debits, deposits)
- •$0.50 per-item fee for transactions over 200
Pros
- ✓No monthly fee, no minimum balance
- ✓200 free transactions per cycle
- ✓Most extensive Arkansas branch network
Cons
- ✗$0.50 per-item fee beyond 200 transactions
- ✗No interest earned on business checking
- ✗Digital tools lag behind national competitors
Simmons Bank Business Checking
Regional | $12/mo | 80 branches
Growing Arkansas businesses needing relationship banking and commercial lending
Key Features
- •Arkansas-headquartered bank (Pine Bluff) with strong regional presence
- •Multiple business checking tiers for different needs
- •$5 paper statement fee — go paperless to avoid
Pros
- ✓Strong Arkansas heritage with extensive branch network
- ✓Multiple checking tiers scale with your business
- ✓Good SBA lending and commercial loan options
Cons
- ✗Monthly fee unless minimum balance maintained
- ✗$5 paper statement fee (waived with eStatements)
- ✗Fee structure less transparent online
Bank OZK Business Checking
Regional | $10/mo | 60 branches
Arkansas businesses wanting a growth-oriented regional bank
Key Features
- •Arkansas-headquartered bank (Little Rock) with national CRE lending expertise
- •Business checking and savings with competitive rates
- •Strong digital banking platform for a regional bank
Pros
- ✓Strong financial performance and growing assets
- ✓Competitive savings rates
- ✓Good digital banking tools for a regional bank
Cons
- ✗Monthly fee unless minimum balance maintained
- ✗Focus on commercial real estate lending may mean less small business attention
- ✗Branch network smaller than Arvest in Arkansas
Regions Bank LifeGreen Business Checking
Regional | $13/mo | 40 branches
Small businesses with low transaction volumes that want easy fee waivers
Key Features
- •Multiple easy ways to waive monthly fee
- •Strong Southern regional presence with branches in Arkansas
- •Regions Greenprint financial wellness tools
Pros
- ✓Very low threshold to waive monthly fee ($500 balance)
- ✓Multiple waiver options — balance, card spend, or debit transactions
- ✓Good mobile app and online banking
Cons
- ✗Only 100 free transactions per cycle
- ✗Low cash deposit allowance before fees
- ✗No interest on business checking
Chase Business Complete Banking
National | $15/mo | 10 branches
Businesses needing national bank infrastructure with merchant services
Key Features
- •Built-in payment acceptance via Chase QuickAccept
- •Integrated invoicing and cash flow tools
- •Same-day deposits with QuickAccept
Pros
- ✓Excellent mobile app and digital tools
- ✓Integrated payment acceptance and invoicing
- ✓Nationwide ATM network
Cons
- ✗Limited branch presence in Arkansas
- ✗$15/month fee unless $2,000 balance maintained
- ✗Only 100 free transactions per cycle
Bank of America Business Advantage Fundamentals
National | $16/mo | 15 branches
Businesses that qualify for Preferred Rewards tier benefits
Key Features
- •200 free transactions per statement cycle
- •No monthly fee for first 12 statement cycles
- •Preferred Rewards for Business program
Pros
- ✓200 free transactions
- ✓First year free
- ✓Strong digital tools
Cons
- ✗Limited Arkansas branch presence
- ✗$16/month fee after first year
- ✗Higher minimum balance to waive fees
Capital One Basic Business Checking
National | $15/mo | Online only
Digital-first businesses with occasional cash deposit needs
Key Features
- •Unlimited fee-free digital transactions
- •$5,000/month free cash deposits
- •Cash deposits at select Allpoint ATMs
Pros
- ✓Unlimited digital transactions
- ✓Strong mobile and online banking
- ✓$5,000 free cash deposits monthly
Cons
- ✗No Capital One branch locations in Arkansas
- ✗$15/month unless $2,000 balance maintained
- ✗Limited in-person support
Arkansas Banking Landscape
105
FDIC-Insured Institutions
3+
Major Regional Banks
3+
Major Credit Unions
Top Regional Banks
- Arvest Bank — $26B
- Bank OZK — $36B
- Simmons Bank — $27B
Top Credit Unions
- Arkansas Federal Credit Union — 80,000+ members
- Tinker Federal Credit Union — 450,000+ members
- Arkansas Best Federal Credit Union — 20,000+ members
State Banking Programs
- •Arkansas Small Business and Technology Development Center (ASBTDC) — free counseling
- •Arkansas Economic Development Commission (AEDC) — business incentive programs
- •Arkansas Capital Corporation — small business lending
- •SBA Arkansas District Office — government-backed loan programs
Regulator: Arkansas State Bank Department
Starting a Business in Arkansas
| Secretary of State | Arkansas Secretary of State |
| LLC Fee | $45 (online) / $50 (paper) |
| Corp Fee | $50 |
| Income Tax | Graduated individual income tax: 2% to 4.4% (2026). Corporate income tax: 1% to 5.1%. |
| Sales Tax | 6.5% state + up to 5.125% local (11.625% max combined) |
| Franchise Tax | $155 minimum annual franchise tax for LLCs. Corporations based on outstanding capital stock. |
Business Incentives
- •Arkansas Small Business and Technology Development Centers — free consulting
- •InvestArk program — sales and use tax refunds for large investments
- •Advantage Arkansas — income tax credits for job creation
- •ArkPlus — income tax credits for businesses in targeted industries
- •Create Rebate — payroll rebate for qualifying new jobs
Nonprofit Banking in Arkansas
Registration
File Articles of Incorporation (nonprofit) with AR Secretary of State
Charitable Solicitation
Register as a charitable entity with the Arkansas Secretary of State's office before soliciting contributions. Annual reporting required within 180 days of fiscal year end.
Tax Exemption
Apply to AR Department of Finance & Administration for state sales tax exemption. Arkansas recognizes federal 501(c)(3) status for income tax purposes.
AG Reporting
Annual financial report to AR Secretary of State Charities Division. Due 180 days after fiscal year end.
Resources
- Arkansas Nonprofit Alliance →
- AR Secretary of State — Charitable Entities →
- Arkansas Community Foundation →
Best Bank for Arkansas Nonprofits
Holdings offers /bin/sh fees, 1.75% APY, and tools built for 501(c)(3) organizations.
Learn more →Find Fee-Free ATMs in Arkansas
Holdings cardholders get free access to 55,000+ Allpoint ATMs nationwide, including locations throughout Arkansas.
Find ATMs near you →Frequently Asked Questions
What is the best bank for a small business in Arkansas?
The best bank depends on your needs. For nonprofits and small orgs wanting zero fees, Holdings offers $0 monthly fees with 1.75% APY. For businesses needing branch access, Arvest Bank has the most extensive Arkansas branch network. Simmons Bank is another strong Arkansas-headquartered option.
Can I open a business bank account online in Arkansas?
Yes. Holdings (fully online, no branch visit required), Chase, Bank of America, and Capital One all allow online account opening for Arkansas businesses. Local banks like Arvest may require an in-person visit for business accounts.
What do I need to open a business bank account in Arkansas?
You'll typically need your EIN (Employer Identification Number), Articles of Organization filed with the Arkansas Secretary of State, a government-issued photo ID, and your business license. Some banks also require an initial deposit.
Does Arvest Bank offer free business checking?
Yes. Arvest Bank offers Free Small Business Checking with no monthly fee, up to 200 free transactions per cycle, and no minimum balance requirement. It's one of the most popular business checking options in Arkansas.
What are the cheapest business checking accounts in Arkansas?
Holdings offers completely free business checking with no monthly fees, no minimum balance, and unlimited transactions at 1.75% APY. Arvest Bank's Free Small Business Checking is also fee-free with 200 transactions per cycle.
Do Arkansas nonprofits need a special bank account?
While not legally required, a dedicated nonprofit bank account helps with IRS compliance, transparency, and donor confidence. Holdings specializes in nonprofit banking with $0 fees, 1.75% APY, and tools built specifically for 501(c)(3) organizations.
What is the Arkansas franchise tax?
Arkansas requires most LLCs and corporations to pay an annual franchise tax. The minimum annual franchise tax for LLCs is $155. For corporations, it's based on outstanding capital stock.
Ready to open a business bank account?
Holdings offers free banking with 1.75% APY for Arkansas businesses and nonprofits.
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