Business Banking in Montana: A Guide for Small Business Owners
Montana’s economy thrives on industries such as agriculture, tourism, energy, and small-scale manufacturing. From startups in Bozeman to family-owned ranches across rural areas, small businesses are integral to Big Sky Country’s growth. However, managing finances effectively is crucial to overcoming challenges and sustaining success.
Key Challenges for Small Businesses in Montana
Small businesses in Montana face several banking-related challenges:
Access to Capital: Securing affordable loans or lines of credit can be difficult for startups or businesses with limited collateral.
High Banking Fees: Many traditional banks impose high fees for account maintenance and transactions.
Limited Digital Tools: Some banks lack modern digital features essential for efficient financial management.
Choosing the right bank can help small businesses overcome these hurdles by offering tailored solutions, competitive rates, and accessible tools. Below is a curated list of the best banks for small businesses in Montana.
The 10 Best Banks for Small Businesses in Montana
#1: Holdings (Best for Digital-First Banking)
Holdings is a top-tier choice for small businesses seeking a modern, digital-first banking experience. With no account fees, no minimum balances, and tiered APY rates that grow with your deposits (up to 3%), Holdings empowers businesses to save more while managing their finances seamlessly.
Pros:
$0 account fees and no minimum balance requirements
High APY rates: 1.5% ($50K-$250K), 2% ($250K-$1M), 3% (over $1M)
Free ACH transfers and domestic wires
Allpoint ATM network access with no fees
Cons:
No physical branches for in-person banking
Limited cash deposit options
Verdict: Holdings is perfect for tech-savvy entrepreneurs who prioritize cost-efficiency and advanced digital tools.
#2: Bank of Montana (Best Regional Bank)
Bank of Montana offers customized business solutions, including government-enhanced loans through partnerships with SBA and USDA programs.
Pros:
Competitive loan rates tailored to local industries
Full FDIC insurance coverage up to $50 million
Free online banking and bill pay
Cons:
Higher minimum deposits required for savings accounts
Limited physical branch locations
Verdict: Ideal for businesses seeking specialized financing options and robust deposit insurance.
#3: Stockman Bank (Best Local Support)
Stockman Bank provides personalized service and flexible business checking accounts designed specifically for Montana-based entrepreneurs.
Pros:
Low minimum deposit of $100 to open accounts
No minimum balance required on essential checking accounts
Strong focus on community banking
Cons:
Fees apply after exceeding transaction limits on basic accounts
Limited advanced digital tools compared to larger banks
Verdict: Perfect for small businesses looking for reliable local service with straightforward account options.
#4: Rocky Mountain Credit Union (Best Credit Union Option)
Rocky Mountain Credit Union offers low-cost business loans with faster approvals than traditional banks.
Pros:
Instant issuing of VISA Business Cards
Auto approvals on business loans and accounts
Lower interest rates than major banks
Cons:
Limited branch network outside Montana
Fewer account features compared to larger institutions
Verdict: A strong choice for entrepreneurs seeking affordable loan options and quick turnaround times.
#5: Bluevine (Best Online Banking Option)
Bluevine combines no-fee checking with a competitive 2.0% APY on balances up to $100K. It’s designed for online-first businesses seeking high-yield accounts without unnecessary fees.
Pros:
No monthly fees or transaction limits
High APY on balances
Seamless integration with accounting software
Cons:
Limited cash deposit options
No physical branches
Verdict: Ideal for digital-savvy entrepreneurs who want to earn interest on their funds.
#6: First Montana Bank (Best Community Bank)
First Montana Bank focuses exclusively on serving local businesses with tailored checking accounts and convenient online tools.
Pros:
Suite of online banking tools included with all accounts
Personalized customer service from local experts
Flexible account options designed to meet business needs
Cons:
Limited branch network outside Montana cities
Verdict: Best suited for small businesses that value personalized service from a community-focused bank.
#7: Chase (Best Payment Processing Features)
Chase’s Business Complete Banking® account includes QuickAccept®, allowing same-day deposits from card payments. It’s perfect for retail or service-based businesses.
Pros:
Integrated payment processing with QuickAccept®
Generous new customer bonuses (up to $500)
Extensive branch and ATM network
Cons:
Monthly fees unless waiver conditions are met
Low savings interest rates
Verdict: A strong choice for businesses that rely heavily on credit card transactions.
#8: Axos Bank (Best High-Yield Savings)
Axos Bank specializes in maximizing business earnings through competitive savings accounts paired with fee-free checking options.
Pros:
Competitive APY rates on savings accounts
No monthly maintenance fees
Advanced online banking tools
Cons:
No physical branches
Limited cash deposit options
Verdict: Perfect for small businesses looking to grow their savings alongside everyday banking needs.
#9: Bank of Bozeman (Best Local Expertise)
Bank of Bozeman provides personalized service alongside community-focused programs designed to support local entrepreneurs.
Pros:
Low-cost checking options
Access to SBA loans and lines of credit
Strong focus on community involvement
Cons:
Limited branch network outside Bozeman
Monthly fees unless waived
Verdict: Great choice for businesses that value personalized service from a community-focused bank.
Comparison Table
Bank | Monthly Fee | Min Deposit | Min Balance | Transaction Limits | ATM Access | Mobile App Rating | Branches in MT |
|---|---|---|---|---|---|---|---|
Holdings | $0 | $0 | $0 | Unlimited | Allpoint Network | 4.8/5 | None |
Bank of Montana | None | $1,000 | $1,000 | Unlimited | Nationwide | 4.5/5 | Limited |
Stockman Bank | $7-$10 | $100 | None | Varies | Local Network | 4.6/5 | Statewide |
Rocky Mountain CU | None | None | None | Unlimited | Local Network | 4.5/5 | Statewide |
Bluevine | None | None | None | Unlimited | Green Dot Network | 4.7/5 | None |
Conclusion
Montana’s unique economy requires reliable banking partners that cater specifically to local needs while providing modern financial solutions. Whether you prioritize low costs, high yields, or personalized service, there’s an option tailored to your goals. For those seeking a cutting-edge digital-first solution, Holdings stands out as the best choice. Open your account today at GetHoldings.com and simplify your business finances!