Best Banks for Small Businesses in South Carolina
The banking landscape mixes national players with strong regional options like South State Bank and First Citizens. For businesses comfortable with online banking, Holdings offers $0 fees and 1.75% APY — potentially saving hundreds per year compared to traditional bank fees. We compared 8 of the best options.
Updated March 18, 2026 · 8 banks compared
Looking for a nationwide comparison? See our national ranking of the best banks for small business.
Quick Comparison
| Bank | Type | Monthly Fee | APY |
|---|---|---|---|
| Holdings | Online | $0 | 1.75% |
| Truist Business Checking | Regional | $12waivable | 0.00% |
| SouthState Bank Business Checking* | Regional | $10waivable | 0.00% |
| Chase Business Complete Banking | National | $15waivable | 0.00% |
| Wells Fargo Initiate Business Checking | National | $15waivable | 0.00% |
| South Carolina Federal Credit Union Business Checking | Credit Union | $0 | 0.00% |
| First Palmetto Bank Business Checking* | Community | $8waivable | 0.00% |
| Bank of America Business Advantage Fundamentals | National | $16waivable | 0.00% |
Business banking in South Carolina
South Carolina's 450,000+ small businesses are growing fast — the state has one of the lowest costs of doing business in the Southeast, no inventory tax, and a workforce development program that's attracted major manufacturers and tech companies alike. Charleston, Greenville, and Columbia each have distinct business ecosystems, from tourism to advanced manufacturing to healthcare.
Still paying monthly bank fees?
1,000+ organizations stopped. Here’s what they got:
- ✓$0 monthly fees—actually $0, not "waivable"^
- ✓1.75% Annual Percentage Yield (APY)† on every dollar
- ✓Full accounting for $25/mo — auto-reconciles your banking & invoicing (vs. QuickBooks)
- ✓Switch in ~30 minutes. Run both banks in parallel.
*Holdings is a financial technology company, not a bank. Banking services provided by i3 Bank, Member FDIC. ^No account or domestic transaction fees. \u2020Annual Percentage Yield (APY) is variable and subject to change. Deposits insured up to $3M through i3 Bank and program banks.
Detailed Reviews
Holdings
Online | $0/mo | Online only
Businesses wanting free banking + optional accounting from $25/mo
Key Features
- •Free: 62 free tools + $0 banking + 1.75% APY
- •Software ($25/mo): Full double-entry accounting, invoicing, P&L reports
- •Nonprofits: fund accounting at $25/mo + free verified profile & directory listing
Pros
- ✓$0 banking — no monthly fees, no minimums, no transaction fees
- ✓1.75% APY on every dollar — among the highest in business banking
- ✓62 free tools: invoices, estimates, payroll calculator, receipt scanner
- ✓Full accounting from $25/mo replaces QuickBooks
- ✓Free verified nonprofit profile + directory listing for 501(c)(3)s
Cons
- ✗No physical branches
- ✗Less name recognition than legacy banks
Truist Business Checking
Regional | $12/mo | 120 branches
South Carolina businesses wanting a major regional bank with strong local presence
Key Features
- •Formed from BB&T and SunTrust merger — deep SC roots via BB&T
- •150 free transactions per statement cycle
- •Strong small business lending and SBA loans
Pros
- ✓Extensive branch network across South Carolina
- ✓Lower minimum balance to waive fee ($1,500) than most competitors
- ✓Strong commercial lending and treasury management
Cons
- ✗Post-merger integration has drawn mixed digital experience reviews
- ✗Only 150 free transactions per cycle
- ✗No interest earned on business checking
SouthState Bank Business Checking
Regional | $10/mo | 60 branches
South Carolina businesses wanting award-winning small business service
Key Features
- •Top 3 nationally for small business banking (Coalition Greenwich)
- •Originally South Carolina-headquartered, now $65B+ in assets
- •Dedicated small business relationship managers
Pros
- ✓Nationally recognized for small business banking excellence
- ✓Deep South Carolina roots and community relationships
- ✓Strong lending and cash management services
Cons
- ✗Now headquartered in Florida — some SC decision-making may shift
- ✗Business checking details less transparent online
- ✗Fewer digital features than national bank competitors
Chase Business Complete Banking
National | $15/mo | 35 branches
Established businesses needing full-service branch banking and merchant services
Key Features
- •Built-in payment acceptance via Chase QuickAccept
- •Integrated invoicing and cash flow tools
- •Same-day deposits with QuickAccept
Pros
- ✓Best-in-class mobile app and digital tools
- ✓Integrated payment acceptance and invoicing
- ✓Growing branch presence in South Carolina
Cons
- ✗$15/month fee unless $2,000 balance maintained
- ✗Only 100 free transactions per cycle
- ✗Fewer SC branches than Truist or Wells Fargo
Wells Fargo Initiate Business Checking
National | $15/mo | 75 branches
New businesses wanting a national bank with low opening deposit
Key Features
- •Low $25 minimum opening deposit
- •Contactless debit card and digital wallet support
- •Business Online banking with Zelle
Pros
- ✓Strong branch presence across South Carolina
- ✓Very low $25 minimum to open
- ✓Multiple ways to waive monthly fee
Cons
- ✗Monthly fee increased to $15 (from $10) effective March 2026
- ✗Only 100 free transactions per cycle
- ✗Past reputation issues from 2016 scandal
South Carolina Federal Credit Union Business Checking
Credit Union | $0/mo | 34 branches
Charleston-area businesses wanting fee-free credit union banking
Key Features
- •Largest credit union in South Carolina ($2.6B+ in assets, 175,000+ members)
- •34 branches in the Charleston tricounty area and beyond
- •Community-owned, member-focused service
Pros
- ✓Largest SC credit union with strong community roots
- ✓No monthly service fees on basic business checking
- ✓Access to shared branching and surcharge-free ATM networks
Cons
- ✗Branch network concentrated in Charleston/Lowcountry
- ✗Must qualify for membership (live/work in service area)
- ✗Less advanced digital tools than national banks
First Palmetto Bank Business Checking
Community | $8/mo | 15 branches
Small businesses in the Upstate area wanting true community banking
Key Features
- •Named best small bank in SC by Newsweek/LendingTree
- •Local decision-making and relationship-based banking
- •Competitive small business loan rates
Pros
- ✓Award-winning community bank
- ✓Fast, local loan decisions
- ✓Personal service with dedicated business bankers
Cons
- ✗Limited branch footprint outside the Upstate region
- ✗Fewer digital banking features than national competitors
- ✗Smaller ATM network
Bank of America Business Advantage Fundamentals
National | $16/mo | 80 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 for rate discounts
Pros
- ✓200 free transactions and first year free
- ✓Strong South Carolina branch presence
- ✓Strong integration with Zelle and digital payment tools
Cons
- ✗$16/month fee after first year (higher than Chase)
- ✗Higher minimum balance to waive fees permanently
- ✗Business checking earns no interest
Why businesses switch to Holdings:
- ✓$0 monthly fees — not "waivable," just zero
- ✓1.75% APY on every dollar — no minimum balance tricks
- ✓Accounting from $25/mo built in — stop paying for QuickBooks
- ✓FDIC insured up to $3M — not just $250K
- ✓Open in 10 minutes, fully online
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South Carolina Banking Landscape
123
FDIC-Insured Institutions
3+
Major Regional Banks
3+
Major Credit Unions
Top Regional Banks
- Truist Financial — $535.3B
- SouthState Bank — $65.0B
- First Palmetto Bank — $1.5B
Top Credit Unions
- South Carolina Federal Credit Union — 175,000+ members
- AllSouth Federal Credit Union — 95,000+ members
- SC State Credit Union — 85,000+ members
State Banking Programs
- •South Carolina Small Business Development Center (SBDC) — free counseling
- •SC Department of Commerce — incentives and workforce development
- •SC Launch — seed capital and mentoring for tech startups
- •SBA South Carolina District Office — government-backed loan programs
Starting a Business in South Carolina
| Secretary of State | South Carolina Secretary of State |
| LLC Fee | $110 (online filing) |
| Corp Fee | $135 |
| Income Tax | 5% corporate income tax. Individual income tax: 0%–6.5%. |
| Sales Tax | 6% state + up to 3% local (9% max combined) |
| Franchise Tax | No franchise tax (license fee of 0.1% of capital stock and paid-in surplus, $25 minimum) |
Business Incentives
- •Job Development Credit — tax credit for new job creation
- •Port Tax Credit — for businesses increasing port cargo volume
- •Fee-in-lieu of taxes (FILOT) for capital investment
- •SC SBDC network — free business consulting
- •Opportunity Zones — tax benefits in designated areas
Nonprofit Banking in South Carolina
Registration
File Articles of Incorporation (nonprofit) with SC Secretary of State
Charitable Solicitation
Register with SC Secretary of State, Public Charities Division before soliciting. Renewal required annually.
Tax Exemption
Apply to SC Department of Revenue for sales tax exemption. South Carolina recognizes federal 501(c)(3) status for income tax exemption.
AG Reporting
Annual financial report filing with Secretary of State, Public Charities Division. Due within 4.5 months after fiscal year end.
Resources
- Together SC (formerly SC Association of Nonprofits) →
- SC Secretary of State — Public Charities →
- SC Department of Revenue — Exempt Organizations →
Best Bank for South Carolina Nonprofits
Holdings offers /bin/sh fees, 1.75% APY, and tools built for 501(c)(3) organizations.
Learn more →Find Fee-Free ATMs in South Carolina
Holdings cardholders get free access to 55,000+ Allpoint ATMs nationwide, including locations throughout South Carolina.
Find ATMs near you →Frequently Asked Questions
What is the best bank for a small business in South Carolina?
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, Truist and SouthState Bank have strong South Carolina presence. For a credit union option, South Carolina Federal Credit Union is the state's largest.
Can I open a business bank account online in South Carolina?
Yes. Several banks allow online account opening for South Carolina businesses, including Holdings (fully online, no branch visit required), Chase, Bank of America, and Capital One. Credit unions like SC Federal typically require an in-person visit.
What do I need to open a business bank account in South Carolina?
You'll typically need your EIN (Employer Identification Number), Articles of Organization filed with the SC Secretary of State, a government-issued photo ID, and your business license. Some banks also require an initial deposit.
Are credit unions better than banks for small businesses in South Carolina?
Credit unions often offer lower fees and better rates, but may have fewer branches and limited digital banking tools. South Carolina credit unions like SC Federal and AllSouth Federal are strong options for local businesses, while national banks offer broader ATM networks and more advanced business tools.
What are the cheapest business checking accounts in South Carolina?
Holdings offers completely free business checking with no monthly fees, no minimum balance, and no transaction limits. Among national banks, Chase and Wells Fargo offer fee waivers with $2,000 minimum balances. Truist also offers a basic business checking with fee waiver options.
Do South Carolina 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 taxes do small businesses pay in South Carolina?
South Carolina imposes a 5% corporate income tax. Individual income tax ranges from 0%–6.5%. The state sales tax is 6% plus up to 3% local (9% max combined). There is no franchise tax or gross receipts tax for most businesses.
What is the best online bank for South Carolina businesses?
For SC businesses that don't need branch access, Holdings offers $0 fees, 1.75% APY, and 62 free tools including invoicing and receipt scanning. It's the strongest online-first option for South Carolina businesses looking to minimize banking costs.
How do I switch business banks in South Carolina?
Most businesses can switch banks in under 30 minutes. Open your new account, redirect deposits, update automatic payments, and run both accounts in parallel for 30–60 days. Holdings offers a free switching guide with a step-by-step checklist.
Can I get free accounting with my South Carolina business bank account?
Holdings includes full accounting in its Software plan ($25/mo) — smart categorization, reconciliation, and financial reports — with free banking (no fees, 1.75% APY) underneath. No other South Carolina business bank bundles accounting with banking.
What's the best bank for South Carolina nonprofits?
Holdings specializes in nonprofit banking with $0 fees, 1.75% APY, and tools built for 501(c)(3) organizations. For nonprofits needing branch access, Truist (120 SC branches) and South Carolina Federal Credit Union (34 branches) offer strong local options.
Is South State Bank good for small businesses?
South State Bank is nationally recognized for small business banking (Top 3 by Coalition Greenwich) with deep South Carolina roots and dedicated relationship managers. However, it's now headquartered in Florida, and its $10/mo fee requires a $2,500 balance to waive. For zero-fee banking, Holdings is the stronger option.
More than a bank account — your whole back office
Free business checking with 1.75% APY, unlimited invoicing, and 62+ free tools for South Carolina businesses and nonprofits. Add full accounting ($25/mo) when you want your books to run themselves.
Not switching banks today? Use a free tool now
Built by Holdings \u2014 the banking + accounting platform that keeps businesses and nonprofits audit-ready. Free forever, no account needed. Connect banking and let your books run themselves when you\u2019re ready.
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