Selecting the best bank for your small business in Washington is a personal choice—and with plenty of national, online and local financial institutions to choose from, it might be a hard choice, too. The right banking partner can dramatically impact your bottom line with solutions that improve cash flow, reduce transaction costs, and provide access to capital when needed.

This overview of our top picks for Washington State is designed to help you sort through important account types, features, fees and more. Whether you’re looking for digital-first options or a community bank with a personalized touch, there’s sure to be a good fit for you.

Top Banks for Small Business in Washington

These banks offer a range of services tailored for small businesses in Washington, including business checking accounts with no monthly fees, access to merchant services, flexible credit options, and robust online banking tools, all designed to support the diverse needs of entrepreneurs across the state.

1. North One

North One is a digital-first fintech company, founded and designed for small business owners in mind. Whether you’re just starting out or you’re an established company, the fee-free business checking account is a great way to power your finances. There’s a low $50 minimum deposit, plus cash back rewards on debit card purchases.

Account holders get instant access to client payments, plus same-day bill pay—crucial for optimizing your cash flow. There are generous limits on wire transfers, ACH payments, checks and debit card transactions, so expensive fees won’t cut into your hard-earned profits. If your business sends many ACH payments and paper checks, you may opt for the Plus Plan.

Plus, North One’s Envelope budgeting tool helps you streamline your financial management, since you can easily set aside funds for payroll, taxes and other expenses. When you integrate your account with accounting software like QuickBooks or Xero, and take advantage of the intuitive online and mobile banking features, life gets even easier.

North One is FDIC-insured and boasts a huge network of fee-free ATMs across the United States. If you don’t require physical branches, North One might just be the perfect checking and lender partner for your business.

2. Umpqua Bank

Umpqua Bank is a traditional financial institution with strong ties to the Pacific Northwest, making it a strong local partner for businesses. They offer four business checking accounts: Community Business Checking, ideal for smaller enterprises with no high balance requirements; Marketplace Business Checking, designed for growing businesses needing more services; Premier Business Checking, which emphasizes cash and check processing with added fraud protection; and Analyzed Business Checking, which rewards higher balances by reducing fees based on account activity.

For savings, Umpqua provides the Community Business Savings account with a $3 monthly fee, waived with a $200 daily balance or monthly fund transfer. The Main Street Money Market account has a $10 fee, waived at a $2,500 daily balance, while the Marketplace Money Market account incurs a $15 fee, waived with a $25,000 daily balance or $50,000 in combined balances.

Umpqua also offers merchant services, including FastAccess Funding for quick payments and mobile card scanners without hidden fees. Their payroll solutions, powered by Paychex, integrate with Umpqua’s online banking and offer a $200 credit for usage. The Deluxe Payment Exchange simplifies payment processes, allowing businesses to create checks online.

In terms of financing, Umpqua provides various loan options, including SBA loans, equipment leasing, and real estate financing, with fixed or variable rates and potential discounts for autopay.

3. WSECU

WSECU is a credit union that serves anyone living or working in Washington. Members can open an account online for just $5. With 24 branches in the state, plus access to over 5,000 shared branches and 30,000 ATMs nationwide, WSECU offers a convenient banking option for small businesses.

They provide two straightforward business checking accounts: the standard Business Checking account, which does not earn interest and has no balance requirements, and the Business Interest Checking account, which requires a minimum daily balance of $2,000 to earn an APY of 0.05%. The latter account incurs a $6 monthly fee, waived if a $10,000 balance is maintained.

WSECU also offers savings options, including a business savings account with an APY of 0.20% and a minimum balance of $5. Their Performance Money Market account provides tiered rates, starting at 0.75% APY for balances below $10,000 and reaching 1.20% APY for balances over $100,000. Additionally, the Jumbo Money Market account has an APY of 1.25% for balances exceeding $100,000.

For financing needs, WSECU provides business term loans and lines of credit for significant purchases like vehicles and equipment. Their Business Platinum Rewards Visa credit card offers no annual fees, no foreign transaction fees, and rewards points for every purchase, with a low variable rate.

WSECU also offers business insurance options, including General Liability and Workers Compensation policies, ensuring broad protection at competitive rates. With online and mobile banking, payroll deductions, and no-cost services like direct deposit, WSECU is an accessible choice for small business banking.

4. Heritage Bank

Heritage Bank, headquartered in Olympia, operates over 40 branches across Washington State, making it a strong local banking partner. It offers an extensive international banking program for businesses engaged in global trade, along with robust support through a wide ATM network, mobile payment options, and 24-hour phone banking.

The bank provides various checking accounts, including Small Business Checking, Business Interest Checking, Business Analysis, and Nonprofit Interest accounts. The Small Business Checking account has a $6 monthly fee, waived with a $1,500 daily balance or five debit transactions per month. It allows for 200 free transactions, with a fee of $0.35 for each additional transaction. The Business Interest account earns interest on balances over $2,500, with an $8 monthly fee that can also be waived. Nonprofits can access the Nonprofit Interest account, which features tiered interest rates and a waived fee with a $100 daily balance.

Heritage Bank also offers flexible savings options, including a Business Savings account and a Business Money Market account, both with tiered interest rates. Their loan products include credit cards, term loans, lines of credit, and SBA loans, with special offerings for agribusinesses.

For businesses in international trade, the bank provides letters of credit and foreign exchange services. Treasury management services include online and mobile banking, ACH services, and remote deposit capture, along with merchant services via Elavon, enabling businesses to accept various payment methods. Additionally, Heritage Bank offers health savings accounts and employee benefits like checking bonuses and overdraft fee reversals.

5. Bank of the Pacific 

Bank of the Pacific is a traditional bank with branches in western Washington and Oregon. Their business checking options include the Essential Business Checking account, which is ideal for sole proprietors and small businesses with limited transactions. It requires a $100 opening deposit and featuring a $5 monthly fee, which can be waived with a $500 minimum balance. The Small Business Checking account provides 250 transactions per month and waives its $15 monthly fee with a $2,500 balance. Larger businesses can opt for the regular Business Checking account or Business Interest Checking, with higher transaction limits, interest-earning potential and balance requirements. For high-volume businesses, the Analyzed Commercial Checking account offers earnings credits to offset fees.

There are several savings options, including Business Savings, Money Market accounts, and Certificates of Deposit (CDs). CDs require a minimum $500 deposit and offer terms ranging from one month to five years, with automatic renewal options.

If your company will need financing, Bank of the Pacific specializes in small business loans, SBA loans, commercial real estate financing, equipment loans and business lines of credit. The bank emphasizes local decision-making, with over 75 percent of commercial credit decisions made by staff in the local market.

Bank of the Pacific also provides merchant services through a partnership with Fitech. These services come with 24/7 client support. Finally, Bank of the Pacific offers a VISA Business card. The card provides one point per dollar spent, which can be redeemed for a variety of rewards, including travel and merchandise. 

Selecting the Best Bank for Your Washington Small Business

Whatever your company requires, you’re sure to find it in one of these best banks for Washington small businesses. Remember to research each option carefully—and don’t forget that you can work with more than one bank to get your needs met. From North One’s fee-free online business checking to Heritage Bank’s international specialization, you can find the right fit in Washington.