North Carolina is a thriving hub for small businesses, with industries such as technology, agriculture, healthcare, and manufacturing driving the state's economy. Cities like Charlotte and Raleigh are home to innovative startups and established enterprises, while rural areas contribute significantly through farming and local businesses. Despite this vibrant business environment, small businesses face challenges like navigating financial regulations, accessing affordable loans, and managing day-to-day cash flow.
Choosing the right bank is essential for overcoming these hurdles. Whether you need low-cost banking solutions, access to financing, or robust digital tools, finding a bank that aligns with your needs can help your business succeed in the competitive North Carolina market.
Compare with Neighboring States
If you do business across state lines or want to see how your options measure up, check out our guides for nearby states:
The 10 Best Banks for Small Businesses in North Carolina
Holdings (Best for Digital-First Banking)
Holdings offers a modern approach to business banking with $0 account fees, no minimum balances, and tiered APY rates up to 3%. Designed for tech-savvy entrepreneurs, Holdings simplifies financial management while maximizing savings.
Pros:
No monthly fees or minimum balance requirements
Free ACH transfers and domestic wires
Tiered APY rates up to 3% on deposits over $1 million
Integration with QuickBooks and accounting platforms
Cons:
No physical branches
Limited support for cash-based businesses
Verdict: Holdings is ideal for digital-first businesses seeking cost-effective banking with advanced features.
Truist Bank (Best for Branch Access)
With nearly 500 locations across North Carolina, Truist Bank offers unmatched accessibility alongside robust business checking options and lending products.
Pros:
Extensive branch network across the state
No overdraft fees on certain accounts
Comprehensive loan portfolio for small businesses
Cons:
Limited fee-free transactions on basic accounts
Low interest rates on savings accounts
Verdict: A top choice for businesses needing frequent in-person banking and reliable support.
Bluevine (Best for High Interest Rates)
Bluevine stands out with its high APY of up to 4% on business checking accounts, making it ideal for small businesses looking to grow their savings without monthly fees.
Pros:
High APY of up to 4% on checking accounts
No monthly maintenance fees or minimum balance requirements
Unlimited transactions
Cons:
No physical branches
Limited services beyond core checking and savings
Verdict: Perfect for businesses prioritizing high-yield savings without needing in-person support.
First Bank (Best Local Bank)
First Bank is a community-focused institution offering personalized service and competitive lending options tailored to North Carolina’s small business needs.
Pros:
Strong community ties with multiple locations across the state
Competitive loan products including SBA loans and commercial mortgages
Personalized customer service
Cons:
Limited digital banking features compared to larger banks
Higher fees on premium accounts
Verdict: Ideal for businesses seeking local expertise and hands-on support.
Coastal Credit Union (Best Credit Union Option)
Coastal Credit Union provides member-driven services with competitive rates on business accounts and a focus on financial education for entrepreneurs.
Pros:
Competitive rates on checking and savings accounts
Lower monthly fees compared to traditional banks
User-friendly online banking tools
Cons:
Membership eligibility requirements apply
Limited branch presence outside Raleigh area
Verdict: A great option for eligible members who value lower fees and community-focused services.
Mountain Credit Union (Best Regional Credit Union)
Serving western North Carolina since 1950, Mountain Credit Union offers affordable business accounts alongside educational resources for small business owners.
Pros:
Minimal fees on business checking accounts
Access to SBA loans tailored to small business growth
Community-driven approach with educational workshops
Cons:
Limited branch network outside western NC regions
Basic online banking tools compared to national banks
Verdict: Ideal for businesses in western NC seeking affordable banking solutions with a local touch.
Chase Bank (Best for Sign-On Bonus)
Chase combines nationwide accessibility with a $500 sign-on bonus for new business checking accounts, along with robust financial tools like payment processing services.
Pros:
$500 sign-on bonus (conditions apply)
Extensive branch network across major cities
Integrated credit card processing options
Cons:
Monthly fee unless waived by maintaining balances
Limited fee-free cash deposit limits
Verdict: A strong choice for businesses seeking versatile banking services plus bonus perks.
Wells Fargo (Best for Business Loans)
Wells Fargo offers comprehensive lending options alongside accessible business checking accounts designed for growing enterprises.
Pros:
Wide range of loan products including SBA loans
Extensive branch network across North Carolina
Dedicated customer support
Cons:
Monthly fees unless waived by maintaining balances
Limit of 100 free transactions per month
Verdict: Best suited for businesses prioritizing loan accessibility and personalized support.
Axos Bank (Best Online Banking Platform)
Axos delivers a fully digital banking experience with no monthly fees, unlimited ATM refunds, and robust customer support available 24/7.
Pros:
No monthly fees or minimum opening deposit
Unlimited fee-free transactions
Automatic ATM fee refunds
Cons:
No physical branches
Relatively low mobile app ratings
Verdict: Perfect for digitally inclined entrepreneurs needing affordable online banking solutions.
Live Oak Bank (Best for High-Yield Savings)
Live Oak Bank specializes in high-yield savings accounts with APYs up to 3.6%, along with SBA loan offerings tailored to small businesses in North Carolina.
Pros:
High APY of up to 3.6% on savings accounts
Fee-free access to over 55,000 ATMs
Strong reputation as an SBA lender
Cons:
Does not support cash deposits
Limited weekend customer support
Verdict: Ideal for businesses looking to maximize savings while accessing SBA loans.
Comparison Table: Best Banks in North Carolina
Bank Name | Monthly Fee | Min Opening Deposit | Min Balance Requirement | Transaction Limits | ATM Access | Mobile App Rating | Physical Branches |
|---|---|---|---|---|---|---|---|
Holdings | $0 | $0 | None | Unlimited | Allpoint Network | 4.8 | None |
Truist | $0-$25 | $50 | None | Moderate | Extensive | 4.2 | Many |
Bluevine | $0 | None | None | Unlimited | N/A | N/A | None |
First Bank | $10-$25 | $50 | None | Moderate | Limited | 4 | Many |
Coastal Credit Union | $5-$15 | $50 | None | Moderate | Moderate | 4 | Few |
Mountain Credit Union | $5-$20 | $50 | None | Moderate | Limited | 4 | Few |
Chase | $15-$95 | None | $2K-$100K | Moderate | Extensive | 4.6 | Many |
Wells Fargo | $10-$25 | $25 | $500-$1K | Moderate | Extensive | 4.5 | Many |
Axos Bank | None | None | None | Unlimited | Unlimited | 4 | None |
Live Oak Bank | None | None | None |
Conclusion: Open Your Holdings Account Today!
Small businesses in North Carolina deserve a banking partner that prioritizes their growth while simplifying financial management—Holdings delivers just that! With no fees, no minimum balances, tiered APY rates up to 3%, and seamless integration with accounting platforms like QuickBooks, Holdings is designed to empower entrepreneurs across the Tar Heel State.
Take control of your finances today by opening an account at Holdings—your trusted digital-first banking solution! Visit GetHoldings.com now to get started!