Choosing the right bank to power your business needs is a big decision. The best banks for small businesses in Colorado have a few things in common: They all work to ensure that business owners have features and incentives that make running a small business easier. From great financial management tools to robust rewards, these banks stand out from the crowd.

Check out these bank offerings, then compare them to your needs as a business owner to find the best financial partner. While choosing a bank is a big decision, there’s no one-size-fits-all answer—take the time to do your research, ask questions and perhaps even try a couple of different options.

Top Banks for Small Business in Colorado

To find the best banks for small businesses in Colorado, we reviewed popular financial institutions in the region, evaluating factors such as fees, account features, customer service, and accessibility. We also considered user reviews and ratings to ensure that these banks meet the unique needs of Colorado entrepreneurs.

1. North One

For entrepreneurs seeking convenient, fee-free business checking, North One stands out as a top choice. Their business checking accounts are designed for flexibility without the burden of monthly fees. With a low $50 minimum deposit and cash-back rewards on eligible debit card purchases, North One makes managing finances simple. You’ll enjoy instant access to client payments and same-day bill pay, which streamlines cash flow management.

North One’s generous limits on wire transfers, ACH transfers, checks, and debit card transactions are particularly advantageous for businesses planning to scale. They also offer crucial funding options, including business loans and lines of credit up to $250,000, subject to credit approval.

For small business owners looking for robust financial management tools, North One provides a variety of options. Their innovative “envelope” budgeting system helps you allocate funds for upcoming expenses, while integration with industry-standard tools like QuickBooks ensures seamless account management. Coupled with feature-rich online and mobile banking capabilities, you can easily handle payments on the go.

All accounts are FDIC-insured, adding an essential layer of security for business owners. Although North One does not have physical branches, account holders can access a vast network of fee-free ATMs across North America. Keep in mind that additional fees apply for services like international wire transfers and physical checks, so it may not be the best option for businesses frequently engaged in overseas transactions.

2. Bank of Colorado

Founded in 1900, the Bank of Colorado is one of the largest banks in the state. Their Business Online Banking, powered by PinnBank, offers business owners a convenient and secure way to manage their finances. With real-time access to cash portfolios, businesses can efficiently handle funds, make payments using online bill pay or ACH origination and set up security alerts. Their advanced treasury management tools, including Positive Pay, help ensure payment security. They offer both online and mobile banking tools.

This service is free, secure and easy to use, with access from any device, providing a branch-like experience online. Though you can’t withdraw cash or chat with a teller this way, most tasks can be completed online—it’s a practical solution for busy business owners. Bank of Colorado also offers a range of other business products, including checking accounts, credit cards and money market options.

If the online banking features aren’t quite right for your organization, try Business Premium. It’s ideal for organizations needing more advanced features. It offers self-administration of employees’ account access, dual control for transactions and enhanced security through one-time access codes or soft tokens.

With Business Premium, users can easily customize their dashboard, set up alerts and export essential reports like BAI2 files. The platform also simplifies ACH and wire transfers, including same-day ACH file capabilities and customizable wire templates, providing businesses with greater flexibility and control over their finances.

3. Credit Union of Colorado

Credit Union of Colorado was founded in 1934 as the Colorado State Employees Credit Union. Today, they serve over 160,000 people. Like most credit unions, there are some membership requirements: you must be an employee or retiree from one of their employee groups, have a family member who’s a member, or join the Credit Union of Colorado Foundation. (The foundation supports education and emergency services, and the credit union will cover the $10 membership donation for you when you open your account online.)

If you qualify—and virtually everyone in the United States can—you can sign up for their small business banking options. For example, the Business Share Savings account allows you to start saving with just a $25 minimum deposit. The Business Interest Checking account, ideal for larger balances, lets you earn interest with a $5,000 minimum balance and includes fee-free transactions for the first 200 items. For businesses with larger reserves, the Business Money Market account helps grow capital with higher interest rates (up to 3.51%), making it a great option for managing seasonal inventory or big purchases.

Furthermore, they provide a no-fee, low-APR (rates as low as 14%) business credit card and rewards through PeakPoint, which turns purchases into points redeemable for cash, travel and more. Their digital banking and mobile wallet features offer 24/7 access to accounts. Finally, they offer small business loans to help fund your operations.

With almost 20 physical branches throughout Colorado, customers can also get in-person assistance. Customers have access to 62,000 CO-OP and MoneyPass ATMs throughout North America.

4. Canvas Credit Union

Canvas Credit Union was founded in 1938 and is open to anyone who lives or works in Colorado. The Free Business Checking Account requires only a $100 opening deposit and carries no monthly fees or minimum balance requirements, making it a good option for small businesses and startups. For those seeking interest-earning potential, the Premier Canvas Business Checking Account offers a 0.05% APY, with a $3,000 minimum balance to waive the $15 monthly fee. Both accounts come with a complimentary deposit bag and a Debit Mastercard that includes enhanced benefits like ID Theft Protection and Zero Liability for unauthorized transactions.

On the savings front, the Business Membership Savings Account offers a 0.10% APY with no monthly service fee for balances of $5 or more. If your business has larger reserves, the Business Money Market Account presents a tiered interest rate system. Rates start at 1.00% APY for balances over $1,000, with higher balances earning increased rates. 

Canvas Credit Union also offers a variety of loan products. These include Commercial Real Estate Loans with competitive rates and local underwriting, Business Auto Loans with terms of up to 84 months, and various Small Business Administration (SBA) loan programs. Additionally, they provide Small Business Equipment Loans of up to $500,000 and Small Business Lines of Credit with both secured and unsecured options up to $500,000.

For businesses looking to maximize their savings, Canvas offers Certificates of Deposit (CDs) with competitive interest rates. Traditional CDs offer rates as high as 4.00% APY with a $1,000 minimum deposit. Specialized options, like HSA and IRA CDs, are available for specific savings goals. A limited-time 10-Month Promo CD offers 4.50% APY for those looking to capitalize on higher short-term rates. The credit union has over 30 branches throughout Colorado.

5. Community Banks of Colorado

Community Banks of Colorado has been around since 1973 and is a division of NBH Bank, a subsidiary of National Bank Holdings Corporation. They operate banking centers throughout Utah, Idaho, Texas, New Mexico, Colorado, Kansas, Missouri and Wyoming. They offer business checking and savings accounts, alongside business and commercial loans, treasury management and merchant services and online and mobile banking. 

Their checking account options range from Small Business Checking, ideal for startups and nonprofits, to Business Premium Checking, designed for established businesses with complex banking needs. Each account features a low $100 minimum opening deposit and tiered monthly fees. The fees can be waived through qualifying balances or debit card purchases. Transaction limits and cash deposit/withdrawal thresholds increase with higher-tier accounts. For those seeking interest-earning potential, the Small Business Interest Checking provides a high-yield option while still maintaining the flexibility of a checking account.

Complementing their checking offerings, this bank has several savings solutions. The Small Business Savings account offers a higher return with no monthly fee when balance requirements are met, while the Small Business Money Market and Business Money Market accounts provide tiered interest rates with varying minimum balance requirements to waive monthly fees. For businesses offering High Deductible Health Plans, Health Savings Accounts (HSAs) are available, allowing employees to save for medical expenses while reducing taxable income. Finally, Certificates of Deposit (CDs) are a stable option for businesses looking to grow their funds over a fixed term.

All accounts come with online banking, mobile banking and a Visa Debit Card. They offer physical branch locations throughout Colorado.

Bank Accounts for Colorado Small Businesses

Colorado’s small business owners have an array of banking options to choose from. When selecting a bank for your small business, consider things like account features, fee structures, loan options, digital capabilities and physical branch accessibility. Remember that the best choice depends on your specific requirements, goals and operational preferences. Take the time to thoroughly research these options to find the banking partner that best aligns with your business’s unique needs and future aspirations. After all, the right banking relationship can be a valuable asset for your financial health and growth.