Top 10 Best Banks for Small Businesses in South Dakota (2025) – Compare & Choose

Introduction to Business Banking in South Dakota

South Dakota’s economy is driven by small businesses across industries like agriculture, tourism, manufacturing, and financial services. With its expansive rural landscape and growing urban hubs such as Sioux Falls and Rapid City, the state provides ample opportunities for entrepreneurs to thrive. South Dakota’s business-friendly tax policies further enhance its appeal for startups and established businesses alike.

However, small business owners in South Dakota face challenges such as limited access to affordable banking solutions, high fees for basic services, and inadequate digital tools from traditional banks. These obstacles can make managing finances more difficult for busy entrepreneurs.

Choosing the right bank is essential for small businesses in South Dakota. The ideal banking partner should provide 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 South Dakota to help you make an informed decision.

The 10 Best Banks for Small Businesses in South Dakota

#1 Holdings (Best for Digital-First Banking)

Holdings is redefining business banking with its innovative digital-first approach. Offering $0 account fees, no minimum balances, and tiered APY rates up to 3%, Holdings helps businesses maximize savings while simplifying financial management. Its multi-account management feature allows businesses to budget effectively, while 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

• Seamless 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 First Premier Bank (Best Regional Bank)

First Premier Bank is headquartered in Sioux Falls and offers comprehensive business banking solutions tailored to local needs. Its Business Checking account includes up to 500 free monthly transactions and access to personalized customer service through regional branches. First Premier also provides competitive lending options designed specifically for South Dakota businesses.

Pros:

• Strong local presence across South Dakota

• Up to 500 free monthly transactions on select accounts

• Competitive lending solutions including SBA loans

• Personalized customer service at regional branches

Cons:

• Monthly fee unless waived ($10-$25)

• Limited advanced digital tools compared to larger banks

Verdict: First Premier Bank is ideal for locally-focused businesses needing personalized service.

#3 Great Western Bank (Best Community Bank)

Great Western Bank offers community-focused banking solutions with a strong presence across South Dakota. Its Business Checking account features no monthly maintenance fees if balance requirements are met and up to 200 free transactions per month. Great Western also provides competitive loan options tailored to small businesses.

Pros:

• No monthly maintenance fee on basic accounts

• Up to 200 free monthly transactions

• Strong focus on community support

• Competitive loan options tailored to local businesses

Cons:

• Limited branch network outside South Dakota

• Fewer advanced digital tools compared to larger banks

Verdict: Great Western Bank is perfect for community-oriented businesses seeking low-cost banking solutions.

#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 South Dakota. Wells Fargo also offers comprehensive lending options tailored to small businesses.

Pros:

• Extensive branch network across South Dakota 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 U.S. Bank (Best for Low Fees)

U.S. Bank’s Silver Business Checking account stands out with no monthly maintenance fee and 125 free transactions per month. It’s an excellent option for startups or budget-conscious small businesses operating in South Dakota.

Pros:

• No monthly maintenance fee on Silver Business Checking accounts

• Strong mobile app features

• Nationwide ATM access

Cons:

• Limited transaction capacity beyond 125/month

• Lower APY compared to competitors

Verdict: U.S. Bank is perfect for startups looking to minimize costs without sacrificing quality.

#6 Chase Bank (Best for Nationwide Coverage)

Chase Bank provides 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 South Dakota. Chase also offers excellent credit card options tailored specifically for small businesses.

Pros:

• Extensive branch network across South Dakota 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 South Dakota

Conclusion

South Dakota’s thriving economy demands banking solutions that cater specifically to the needs of its entrepreneurs—whether they’re running agricultural ventures or expanding into urban markets like Sioux Falls or Rapid City. 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!