Introduction to Business Banking in Pennsylvania
Pennsylvania is a hub for small businesses, with industries ranging from manufacturing and healthcare to technology and agriculture. Cities like Philadelphia, Pittsburgh, and Harrisburg are bustling centers of commerce, while rural areas contribute significantly through farming and local enterprises. With its strategic location near major markets and a skilled workforce, Pennsylvania offers a fertile environment for entrepreneurs.
However, small business owners in the state often face challenges such as high banking fees, limited access to tailored financial products, and outdated banking technology. These obstacles can make managing finances and accessing affordable credit more difficult for entrepreneurs.
Choosing the right bank is essential for small businesses in Pennsylvania. The ideal banking partner should offer low fees, robust digital tools, and personalized support to help businesses grow. Below is a list of the 10 best banks for small businesses in Pennsylvania to help you make an informed decision.
The 10 Best Banks for Small Businesses in Pennsylvania
#1 Holdings (Best for Digital-First Banking)
Holdings is redefining business banking with its modern, digital-first approach. Offering $0 account fees, no minimum balances, and tiered APY rates up to 3%, Holdings is designed to help businesses maximize savings while simplifying financial management. Its multi-account management feature allows businesses to budget effectively, and integrations with QuickBooks and Plaid streamline accounting processes.
Pros:
$0 account fees and no minimum balances
High APY rates (1.5%-3%) based on deposit tiers
Free ACH transfers and domestic wires
Integration with QuickBooks and other platforms
Access to Allpoint ATM network with no fees
Cons:
No physical branches
Limited services for cash-heavy businesses
Verdict: Holdings is perfect for tech-savvy entrepreneurs who value flexibility, competitive yields, and robust digital tools.
#2 PNC Bank (Best for Relationship Banking)
Headquartered in Pittsburgh, PNC Bank offers strong local expertise combined with nationwide reach. Its Business Checking Plus account includes affordable fees, 150 free monthly transactions, and access to PNC’s Virtual Wallet® tool for cash flow management. PNC also provides excellent lending options tailored to small businesses.
Pros:
Strong local presence in Pennsylvania
Virtual Wallet® tool for cash flow management
Competitive lending options including SBA loans
Extensive branch network across the state
Cons:
Limited free transactions (150 per month)
Monthly fee unless waived ($10-$20)
Verdict: PNC Bank is ideal for businesses seeking personalized support and cash flow tools.
#3 Citizens Bank (Best for Lending Services)
Citizens Bank specializes in lending services for small businesses. Its Clearly Better Business Checking account features low monthly fees and access to competitive loan products. Citizens has a strong presence across Pennsylvania with branches in both urban and rural areas.
Pros:
Excellent lending options tailored to small businesses
Low monthly maintenance fee ($3-$25)
User-friendly mobile app with advanced features
Strong presence across Pennsylvania markets
Cons:
Limited free transactions (200 per month)
Lower APY on savings accounts compared to competitors
Verdict: Citizens Bank is perfect for small businesses needing reliable lending services.
#4 Wells Fargo (Best for Established Businesses)
Wells Fargo’s Initiate Business Checking account caters to growing businesses with moderate transaction needs. It includes 100 free monthly transactions and access to one of the largest branch networks in the U.S., including many locations across Pennsylvania. Wells Fargo also offers comprehensive lending options tailored to small businesses.
Pros:
Extensive branch network across Pennsylvania and nationwide
Comprehensive lending options including SBA loans
User-friendly mobile app with advanced features
Cons:
Monthly fee unless waived ($10)
Limited free transactions compared to competitors
Verdict: Wells Fargo is great for established businesses looking for reliable banking services.
#5 Fulton Bank (Best Regional Bank)
With its headquarters in Lancaster, Fulton Bank offers community-focused banking solutions tailored to local businesses in Pennsylvania. Its Business Checking account includes up to 300 free monthly transactions and no monthly maintenance fee if balance requirements are met. Fulton also provides personalized customer service through its regional branches.
Pros:
Strong local expertise in Pennsylvania markets
Up to 300 free monthly transactions on select accounts
Competitive loan offerings tailored to small businesses
Excellent customer service at regional branches
Cons:
Monthly fee unless waived ($12-$25)
Limited digital tools compared to larger banks
Verdict: Fulton Bank is ideal for locally-focused businesses needing personalized service.
#6 Chase Bank (Best for Nationwide Coverage)
Chase Bank offers extensive nationwide access with its Business Complete Banking account. It includes unlimited electronic deposits and access to over 4,700 branches across the country, including several locations in Pennsylvania. Chase also provides excellent credit card options tailored specifically for small businesses.
Pros:
Extensive branch network across Pennsylvania and nationwide
Unlimited electronic deposits
Strong business credit card offerings
User-friendly mobile app
Cons:
$15 monthly fee unless waived
Limited free transactions (20 per month)
Verdict: Chase is ideal for businesses needing nationwide access and reliable credit card options.
Comparison Table of Top Banks in Pennsylvania
Bank Name | Monthly Fee | Min Opening Deposit | Min Balance Requirement | Transaction Limits | ATM Access | Mobile App Rating | Physical Branches in PA |
|---|---|---|---|---|---|---|---|
Holdings | $0 | $0 | None | Unlimited | Allpoint Network | 4.8/5 | None |
PNC | $10-$20 | $100 | None | 150/month | Nationwide | 4.7/5 | Extensive |
Citizens | $3-$25 | $100 | None | 200/month | Nationwide | 4.6/5 | Extensive |
Wells Fargo | $10 | $25 | None | 100/month | Nationwide | 4.6/5 | Extensive |
Fulton Bank | $12-$25 | $50 | None | 300/month | Regional | 4.5/5 | Moderate |
Chase | $15 | $25 | $2,000 | 20/month | Nationwide | 4.7/5 | Extensive |
Conclusion
Pennsylvania’s diverse economy demands banking solutions that cater specifically to the needs of its entrepreneurs—whether they’re running tech startups or family farms. Holdings stands out as the top choice due to its modern features like high APYs, fee-free banking, and seamless integrations that simplify financial management.
Ready to elevate your business finances? Open an account today at GetHoldings.com!