Software your AI can run.
Bank shopping in Washington? Read this first.
You came here comparing business banks. That's the old question. Holdings built a new category — invoicing that AI can run — and it's what most of the businesses using this comparison table end up on.
Updated August 2026 · 8 banks compared below
A different answer
Holdings isn't a bank.
It's software your AI can run.
The flagship is agentic invoicing — connect Claude, ChatGPT, or Cursor to your Holdings account via MCP and direct your AI to draft invoices, chase payments, and reconcile entries in plain English. No monthly fee. Card processing is 3% + $0.30 per payment collected. Accounting that auto-connects when you want it: $25/mo.
If you're bank-shopping because you're setting up a business, the question you probably actually have is: how do I get paid? Holdings answers that. It works on top of whichever bank you choose from the table below — pick the one that fits, then point your AI at Holdings to handle the rest.
Quick Comparison
These are the top 8 business banks in Washington we compared, ranked by fees, APY, and features. Holdings is not a bank and not in this table — see what Holdings does instead →
| Bank | Type | Monthly Fee | APY |
|---|---|---|---|
| Holdings | Online | $0 | 1.75% |
| WaFd Bank Business Checking* | Regional | $5waivable | 0.00% |
| Banner Bank Business Checking* | Regional | $8waivable | 0.00% |
| Chase Business Complete Banking | National | $15waivable | 0.00% |
| BECU Business Checking* | Credit Union | $0 | 0.00% |
| WSECU Business Checking* | Credit Union | $0 | 0.00% |
| Bank of America Business Advantage Fundamentals | National | $16waivable | 0.00% |
| Columbia Bank Business Checking* | Regional | $10waivable | 0.00% |
* Rate and fee data sourced from each bank's published schedule. Verify before opening an account.
Detailed Reviews
Holdings
Online | $0/mo | Online only
Businesses wanting free banking + optional accounting from $25/mo
Key Features
- •Free: 48 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
- ✓48 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
WaFd Bank Business Checking
Regional | $5/mo | 70 branches
Washington businesses wanting a locally-headquartered bank with western US reach
Key Features
- •Seattle-headquartered bank ($22B+ in assets) serving 9 western states
- •Strong Washington roots (formerly Washington Federal) since 1917
- •Dedicated business banking team with local decision-making
Pros
- ✓Seattle-headquartered with the largest WA-based bank branch network
- ✓Low fee threshold and easy fee waiver
- ✓Long history in Washington (since 1917)
Cons
- ✗Less robust digital tools compared to Chase or national banks
- ✗Limited presence outside western states
- ✗No interest on basic business checking
Banner Bank Business Checking
Regional | $8/mo | 80 branches
Washington businesses needing strong commercial lending and advisory
Key Features
- •Walla Walla, WA-headquartered bank ($16B+ in assets)
- •Strong commercial and SBA lending
- •Named 'Best Bank' by Forbes multiple years
Pros
- ✓Washington-headquartered with excellent reputation (Forbes Best Bank)
- ✓Strong SBA and commercial lending programs
- ✓Good branch coverage across Washington state
Cons
- ✗$8/month fee requires $2,500 balance to waive
- ✗Digital banking improving but lags behind national banks
- ✗Less name recognition outside Pacific Northwest
Chase Business Complete Banking
National | $15/mo | 150 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
- ✓Large branch and ATM network across Washington state
- ✓Excellent mobile app and digital tools
- ✓Integrated payment acceptance and invoicing
Cons
- ✗$15/month fee unless $2,000 balance maintained
- ✗Only 100 free transactions per cycle
- ✗No interest earned on business checking
BECU Business Checking
Credit Union | $0/mo | 60 branches
Washington businesses wanting the state's largest credit union with low fees
Key Features
- •Washington's largest credit union ($29.9B in assets, 1.5M+ members)
- •Free business checking for qualifying members
- •60+ branches and surcharge-free ATM network
Pros
- ✓No monthly fees on business checking
- ✓Largest credit union in Washington state — massive member network
- ✓Strong savings rates compared to national bank competitors
Cons
- ✗Must qualify for membership (live, work, worship, or attend school in WA)
- ✗Fewer business-specific tools compared to Chase or WaFd
- ✗150 free transactions may not be enough for high-volume businesses
WSECU Business Checking
Credit Union | $0/mo | 24 branches
Washington businesses wanting free credit union banking with statewide access
Key Features
- •Washington State Employees Credit Union — open to anyone living/working in WA
- •24 branches across Washington state
- •Access to 5,000+ shared branches and 30,000+ ATMs
Pros
- ✓No monthly fees ever
- ✓Open membership — anyone in Washington can join
- ✓Access to large shared branch and ATM network
Cons
- ✗Smaller than BECU with fewer branches
- ✗Limited business product suite
- ✗Less brand recognition
Bank of America Business Advantage Fundamentals
National | $16/mo | 100 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 (more than Chase)
- ✓First year free (no monthly fee for 12 cycles)
- ✓Strong integration with Zelle and digital payment tools
Cons
- ✗$16/month fee after first year
- ✗Higher minimum balance to waive fees permanently
- ✗Less local expertise than WaFd or Banner Bank
Columbia Bank Business Checking
Regional | $10/mo | 100 branches
Growing Washington businesses needing relationship banking and commercial services
Key Features
- •Tacoma, WA-headquartered (part of Columbia Banking System, $50B+ in assets)
- •Strong Pacific Northwest presence after Umpqua Bank merger
- •Dedicated business banking relationship managers
Pros
- ✓Large Pacific Northwest presence after Columbia/Umpqua merger
- ✓Strong commercial banking and treasury management
- ✓Dedicated relationship managers for businesses
Cons
- ✗Integration from Umpqua merger still ongoing — some service disruptions
- ✗Monthly fee unless $2,500 balance maintained
- ✗Less competitive digital tools compared to Chase
Washington Banking Landscape
158
FDIC-Insured Institutions
3+
Major Regional Banks
3+
Major Credit Unions
Top Regional Banks
- Columbia Banking System (Columbia Bank) — $50B+
- WaFd Bank — $22B+
- Banner Financial Group (Banner Bank) — $16B+
Top Credit Unions
- BECU — 1,500,000+ members
- WSECU — 300,000+ members
- Numerica Credit Union — 200,000+ members
State Banking Programs
- •Washington Small Business Development Center — free consulting
- •Washington State Department of Commerce — small business grants and loans
- •Community Advantage Loan Program
- •SBA Seattle District Office — government-backed loan programs
Regulator: Washington State Department of Financial Institutions
Starting a Business in Washington
| Secretary of State | Washington Secretary of State |
| LLC Fee | $200 |
| Corp Fee | $180 |
| Income Tax | No personal or corporate income tax. Business & Occupation (B&O) tax: rates vary by activity (0.138%–1.75% of gross receipts). |
| Sales Tax | 6.5% state + up to 4% local (10.5% max combined) |
| Franchise Tax | No franchise tax |
Business Incentives
- •No personal or corporate income tax — major draw for business owners
- •B&O tax credits for R&D, manufacturing, and high-tech businesses
- •Rural County Business & Occupation Tax Credit
- •Washington State Opportunity Zones
- •Small Business Retirement Marketplace — state-facilitated retirement plans
Nonprofit Banking in Washington
Registration
File Articles of Incorporation (nonprofit) with WA Secretary of State, Corporations & Charities Division
Charitable Solicitation
Register with WA Secretary of State Charities Program if receiving >$50,000 in contributions or using paid fundraisers/employees. Online filing mandatory per WAC 434-120-035. Annual renewal required.
Tax Exemption
Apply to WA Department of Revenue for B&O tax exemption and sales/use tax exemption. Washington has no income tax, so no income tax exemption needed. Must separately qualify for property tax exemption through county assessor.
AG Reporting
Annual renewal with WA Secretary of State Charities Program. Financial reporting depends on contribution level. Organizations receiving $750,000+ must include audited financials.
Resources
For Washington nonprofits
Invoicing that AI can run — built for 501(c)(3)s too.
Direct your AI to send donation acknowledgment invoices, track grant receivables, and keep your books current — no monthly fee for invoicing. Works on top of whichever bank your organization uses. Accounting add-on from $25/mo.
Holdings for nonprofits →Where Holdings fits for Washington businesses
Whichever bank you pick from the list above, Holdings runs alongside it: direct Claude, ChatGPT, or Cursor to draft invoices, chase payments, and keep your books current. No monthly fee · 3% + $0.30 per payment collected.
See how agentic invoicing works →Frequently Asked Questions
What is the best bank for a small business in Washington state?
The best bank depends on your needs. For local expertise, WaFd Bank and Banner Bank are strong Washington-headquartered options. For nonprofits and small businesses wanting zero fees, Holdings offers $0 monthly fees with 1.75% APY. BECU is the state's dominant credit union with $29B+ in assets.
Can I open a business bank account online in Washington?
Yes. Holdings (fully online), Chase, Bank of America, and Capital One all allow online account opening for Washington businesses. BECU also offers online account opening for eligible members.
What do I need to open a business bank account in Washington state?
You'll typically need your EIN, Certificate of Formation, UBI (Unified Business Identifier) number from WA Secretary of State, a government-issued photo ID, and your business license. Some banks also require an initial deposit.
Does Washington state have income tax?
Washington has no personal or corporate income tax. However, businesses pay a Business & Occupation (B&O) tax on gross receipts, with rates ranging from 0.138% to 1.75% depending on the business activity. Sales tax is 6.5% state plus local additions.
What are the cheapest business checking accounts in Washington?
Holdings offers completely free business checking with no monthly fees, no minimum balance, and no transaction limits. BECU offers low-cost business checking for members. WSECU also provides free business checking to qualifying members.
Do Washington nonprofits need to register for charitable solicitation?
Yes. Washington nonprofits receiving more than $50,000 in contributions must register with the Secretary of State's Charities Program. Organizations receiving less than $50,000 may still need to register if they use paid fundraisers or have employees.
What is the B&O tax in Washington state?
The Business & Occupation (B&O) tax is a gross receipts tax on business activities. Rates vary: 0.471% for retailing, 0.484% for manufacturing/wholesaling, 1.5% for service businesses, and 1.75% for some professional services. There is no deduction for expenses — it's assessed on gross revenue.
Or skip the bank comparison.
Try software your AI can run.
Invoicing, payment links, and connected accounting — directed by Claude, ChatGPT, or Cursor. No monthly fee to start.
Not ready to switch yet? Use a free tool now
Built by Holdings — the banking + accounting platform that keeps businesses and nonprofits audit-ready. Free, no account needed. Connect banking and let your books run themselves when you’re ready.
Ready to stop doing it by hand? Explore Invoicing software for small business, Small business accounting software, or Small business bookkeeping software.
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