Having a separate business bank account is key to keeping your business finances separate from your personal finances. Not only will this help your business operate more smoothly, but it’s crucial come tax time and for personal liability protection. If you operate a business in Delaware, you’ll likely look for the best small business banks in Delaware for a convenient solution for your finances.

If you think your business banking options in Delaware are limited, you may be surprised to know that today’s banks offer several banking services and products specifically for small businesses.

Below, you’ll find information about the best small business banks in Delaware and learn tips on finding the right bank for your business.

Best Small Business Banks in Delaware

From local credit unions and regional and community banks to national and online options, these are our top choices for the best business banks in Delaware.

1. M&T Bank

Best for SBA loans.

M&T Bank has been around since 1858, with over 750 locations across the east coast and mid-Atlantic. As one of the winners of the SBA Delaware Small Business Awards for Top Program Lender and Top 405 Third Party Lender in 2019, M&T Bank has a solid reputation amongst businesses in Delaware that need SBA financing and banking options. M&T Bank has four different types of business checking accounts: Simple Business Checking, Tailored Business Checking, BizFlex Checking, and Commercial Checking.

Their lowest tiered business checking account, Simple Business Checking, is targeted toward new businesses. There is a $10 monthly fee (waived if the account holder maintains $2,500 in his or her account or completes five transaction items each month), and account holders receive 100 free transaction items each month.

M&T Bank offers traditional banking services such as mobile and online banking, personalized customer service, and even SBA 7(a) and 504 loans.

2. WSFS Bank

Best for branches in Delaware. 

WSFS Bank is one of the oldest banks in the United States. As one of the most established banks in the Delaware Valley, WSFS Bank has over 33 branches scattered across Delaware. In terms of business banking, WSFS offers three checking accounts to service very small businesses to large commercial enterprises. 

Their most basic small business checking account provides online and mobile banking and 200 free transactions each month. There is a $10 monthly maintenance fee, which can be waived as long as you have a $500 average minimum balance on a monthly basis, and you’ll also need a minimum deposit of $100 to open an account. 

WSFS also provides a host of comprehensive business financial services, from cash management to merchant services to corporate trust.

3. Dover Federal Credit Union

Best Delaware credit union.

If you’re interested in finding the right credit union, Dover Federal Credit Union is definitely one to consider. Started in 1958 by a few members of the Air Force, this bank now serves over 40,000 members. Dover Federal provides several account options for small businesses, such as business checking accounts, business saving accounts, money market accounts, and business certificates. They even offer checking accounts for nonprofits, which require no minimum balance.

Dover Federal’s business checking account requires a minimum balance of at least $500 to waive fees. As they describe, though, it’s meant for small businesses with low transaction needs. 

And while most credit unions generally aren’t very tech-savvy, Dover Federal Credit Union does offer online banking and bill pay. They even have a mobile app to allow their customers to conduct basic banking transactions through their phones.

4. First Citizens Community Bank

Best bank for business in the Piedmont region.

First Citizens Community Bank has two locations in Wilmington, close to the Piedmont region of Delaware. They offer a host of small banking business services, including fraud protection, lockbox banking, and sweep services. In terms of checking accounts, First Citizens offers two types: Small Business Checking and Business Analysis Checking. You can also open a business savings account, money market investor, and business certificates of deposit. 

The Small Business Checking account is free as long as you maintain a minimum $500 balance. However, it does come with a $10 monthly fee (which can be waived if you keep at least $10,000 in your account). You can also process 400 transactions for free and access free online banking services and online bill pay. If you’re a sole proprietor, you can also earn interest on your account every month. You also won’t be charged the monthly fee if you can maintain a $1,000 balance.

5. Chase Bank

Best nationwide bank.

Chase Bank, the largest bank in the country, is a popular choice for small business banking. Chase offers the best of both online and offline banking, with over six branches across Delaware and an additional 10 to 12 branches soon to be opening in the coming years. There are three tiers of Chase business checking accounts: Total Business Checking, Performance Business Checking, and Platinum Business Checking. All three checking accounts come with mobile and online banking and access to over 16,000 Chase ATMs.

Total Business Checking, their lowest tier account, charges a $15 monthly fee if you have less than $1,500 in your account. This account allows unlimited electronic deposits, 100 free transactions a month, and up to $5,000 in cash deposits. Because of the minimum balance required to waive the monthly fee, Chase may not be the best bank for newer businesses.

 

Finding the Best Bank for Your Small Business

As you can see, each of the best small business banks in Delaware comes with its unique advantages and disadvantages. To help you compare and contrast your banking options, here are some of the things you should consider when evaluating the right bank for your small business.

Compare Feature Sets

Do you like to go to a bank branch in person, or would you prefer doing most of your banking online? Is a mobile app necessary for you, or does that not make a difference? Do you deal with a lot of cash transactions, or is everything done via cards and bank transfers? One of the best ways to decide if a bank is right for you is to think about what banking features really matter to your business. Some of these features might be: 

  • Online banking
  • Mobile banking
  • Exclusive benefits 
  • Cash deposit
  • Number of free transactions
  • Business services (tax, payroll, HR)
  • Low or no fees
  • Minimum balance requirements
  • Signup bonus
  • Branch locations
  • ATM access

You’ll notice that most business bank accounts don’t vary drastically from one another. Typically, the biggest differentiators are business services and benefits, such as signup bonuses or discounts. 

Consider All the Fees

Because small business bank accounts generally offer the same types of services and features, determining the total amount of fees often is a huge differentiating factor. Many banks charge an excessive amount of fees, from monthly fees to maintenance and wire fees, so that’s definitely something to keep in mind as you narrow down your business banking options. 

For the most part, many reputable banks will generally waive these fees as long as you keep a minimum balance. And if you aren’t the biggest fan of fees, there are some banks that have very minimal banking fees. Of course, the tradeoff here is you won’t be able to visit a physical branch.

The Bottom Line

Although Delaware is a small state, when it comes to finding the best small business bank, there are many options to choose from. The best small business banks in Delaware generally offer a mix of both strong banking feature sets and physical branch services. But if somehow you can’t seem to find the right bank for you, you should also check out online banks. Online banks offer compelling rewards for new customers and little to no fees, and they can provide a pretty seamless banking experience.



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