Sioux Falls has a robust financial services industry, so a small business owner has lots of options for banking. The keys to picking the best small business bank in Sioux Falls is to find the bank that fits the size of your business now and in the future.
A great bank to allow for that growth is MetaBank. Their lowest level of service for their business checking allows 50 deposits and 50 checks a month for free. As you business grows, however, you might level up to their next tier of service. There are fees with that account, but they claim the fees can be off-set with credits.
MetaBank also has a special interest bearing account especially designed for non-profits and government agencies. If you are the finance officer for non-profit, check out their rate an see if it is worth switching from a 0% interest checking account.
MetaBank sports an updated website that translates into an easy internet banking experience. After all, who actually goes to the bank any more.
Premier Bank similarly has tier banking for businesses. The highest level is $10 a month. Depending on how much cash you are holding, that might wipe out any interest you would earn any way. Plus, judging from their website, they are not driven to excellence in online banking.
Sioux Falls Federal Credit Union is local to Sioux Falls and likewise best serves those business that are tied to the area. They offer similar fee off-sets as the other banks in town, but the advantage of this bank may be their rates on business loans. If yours is a business that occasionally will need a line of credit, it might be a good idea to build a relationship with this credit union. They could help you out in a cash pinch.
First National Bank in Sioux Falls is probably the most forthcoming with their fee schedule, but it is a lengthy schedule, and a with a $2,500 minimum on their business accounts, this is not the bank for mom and pop. This is the bank for a business that is well established, active, and has a lot of cash. Does their service match their fee schedule? That is risk you might be willing to take, but if it does not, watch out for the $20 Deposit Account Early Closing Fee. Twenty bucks just to close the account. Ouch. I guess you should be sure you want to use them before opening the account.
Steer clear of MinnWest Bank. Their business accounts are a tangle of tiers, fees, minimums and charges. It is not worth the time of your finance officer to try and calculate which account would hurt the business the least. Instead, take your business elsewhere. Plus with only one location in Sioux Falls, this is not a bank that can grow with your business.
A small business that plans to grow might choose the most basic business account at MetaBank.
A small business that frequently needs a loan or line of credit might try Sioux Falls Federal Credit Union.
A large business with cash on hand might try First National Bank in Sioux Falls, and cross its finger that their service matches their bravado.
Avoid Premier Bank if you value ease of online banking. Avoid MinnWest Bank altogether.