Introduction to Business Banking in Tennessee
Tennessee’s vibrant economy is powered by small businesses across industries such as healthcare, manufacturing, agriculture, and tourism. Cities like Nashville, Memphis, and Knoxville serve as dynamic hubs for commerce, while rural areas contribute significantly through farming and local enterprises. With its central location and business-friendly policies, Tennessee offers a thriving environment for entrepreneurs.
However, small business owners in Tennessee face challenges such as high banking fees, limited access to tailored financial products, and outdated technology from traditional banks. These obstacles can make it difficult to manage cash flow, access affordable credit, and grow savings effectively.
Choosing the right bank is essential for small businesses looking to streamline operations and maximize growth potential. Below is a list of the 10 best banks for small businesses in Tennessee to help you make an informed decision.
The 10 Best Banks for Small Businesses in Tennessee
#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 Horizon Bank (Best Regional Bank)
Headquartered in Memphis, First Horizon Bank offers comprehensive business banking solutions tailored to local needs. Its BizEssentials Checking account includes up to 500 free monthly transactions and access to personalized customer service through regional branches. First Horizon also provides competitive lending options designed specifically for Tennessee businesses.
Pros:
Strong local presence across Tennessee
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 ($15-$25)
Limited advanced digital tools compared to larger banks
Verdict: First Horizon Bank is ideal for locally-focused businesses needing personalized service.
#3 Pinnacle Financial Partners (Best Community Bank)
Pinnacle Financial Partners offers community-focused banking solutions with a strong presence across Tennessee. Its Business Checking account features no monthly maintenance fees if balance requirements are met and up to 250 free transactions per month. Pinnacle also provides competitive loan options tailored to small businesses.
Pros:
No monthly maintenance fee on basic accounts
Up to 250 free monthly transactions
Strong focus on community support
Competitive loan options tailored to local businesses
Cons:
Limited branch network outside Tennessee
Fewer advanced digital tools compared to larger banks
Verdict: Pinnacle Financial Partners is perfect for community-oriented businesses seeking low-cost banking solutions.
#4 Truist Bank (Best for Lending Services)
Truist Bank combines expertise from BB&T and SunTrust to offer comprehensive business banking solutions. Its Simple Business Checking account includes low fees and up to 50 free transactions per month. Truist also provides strong lending options tailored to small businesses in Tennessee.
Pros:
Competitive lending options including SBA loans
Affordable monthly maintenance fee ($12)
User-friendly mobile app with advanced features
Strong presence across Tennessee markets
Cons:
Limited free transactions (50 per month)
Lower APY on savings accounts compared to competitors
Verdict: Truist Bank is perfect for small businesses needing reliable lending services.
#5 Regions Bank (Best for Cash Management)
Regions Bank offers robust cash management solutions alongside a strong presence in Tennessee. Its Business Checking account includes up to 150 free transactions per month with affordable monthly fees that can be waived by meeting balance requirements. Regions also provides treasury management services for growing businesses.
Pros:
Advanced cash management tools like treasury services
Competitive rewards program on business credit cards
Extensive branch network in Tennessee
Free online banking services
Cons:
Monthly fee unless waived ($15)
Limited free transactions (150 per month)
Verdict: Regions Bank is ideal for businesses needing advanced cash management solutions.
#6 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 Tennessee. Wells Fargo also offers comprehensive lending options tailored to small businesses.
Pros:
Extensive branch network across Tennessee 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.
Comparison Table of Top Banks in Tennessee
Bank Name | Monthly Fee | Min Opening Deposit | Min Balance Requirement | Transaction Limits | ATM Access | Mobile App Rating | Physical Branches in TN |
|---|---|---|---|---|---|---|---|
Holdings | $0 | $0 | None | Unlimited | Allpoint Network | 4.8/5 | None |
First Horizon Bank | $15-$25 | $100 | None | 500/month | Regional | 4.6/5 | Extensive |
Pinnacle Financial | $0-$15 | $50 | None | 250/month | Regional | 4.7/5 | Moderate |
Truist | $12 | $50 | None | 50/month | Regional | 4.7/5 | Extensive |
Regions | $15 | $50 | None | 150/month | Regional | 4.6/5 | Extensive |
Wells Fargo | $10 | $25 | None | 100/month | Nationwide | 4.6/5 | Extensive |
Conclusion
Tennessee’s thriving economy demands banking solutions that cater specifically to the needs of its entrepreneurs—whether they’re running music ventures in Nashville or manufacturing firms in Memphis or Knoxville. 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!