Bonus Tiers for Every Business: Earn up to $1,000
Which account reward is right for your business in Iowa? Compare our local bonus* tiers below and earn your new account reward when you grow with an Eastern Iowa community partner.
Open a Business Checking Account
Fill out the form below and a local FSB banker will connect with you to get started.
Compare Business Checking Accounts for Eastern Iowa Entrepreneurs
Find the right account for your business needs with a local partner who understands the Eastern Iowa market from Cedar Rapids to Tiffin.
BEST FOR SMALL BUSINESSES
Basic Business Checking
For businesses processing under 100 transactions per month.
No monthly fees when you maintain the required balance.
Min. Opening Deposit: $100
Min. Balance: $500
Monthly Fee:
(If min. balance not met)
$8†(If min. balance not met)
Free2 Transactions: 100
Open Account →MOST POPULAR
Business Checking
For businesses processing 100-200 transactions per month.
No monthly fees when you maintain the required balance.
Min. Opening Deposit: $100
Min. Balance: $2,500
Monthly Fee:
(If min. balance not met)
$8†(If min. balance not met)
Free2 Transactions: 200
Open Account →BEST FOR INTEREST
Business Checking Plus
For businesses looking to earn interest on their balance.
No monthly fees when you maintain the required balance.
Min. Opening Deposit: $100
Min. Balance: $2,500
Monthly Fee:
(If min. balance not met)
$8†(If min. balance not met)
Free2 Transactions: 200
Open Account →BEST FOR HIGH VOLUME
Commercial Checking
For businesses processing 200+ transactions per month.
Opening Deposit: $100
Min. Balance: None
Monthly Fee: $10†
Transaction Fees: Per analysis3
Open Account →BEST FOR NON-PROFITS
Community Checking
For qualified community organizations looking for additional benefits.
Not Sure Which Account Is Right?
Connect with a local FSB banker to find the perfect fit for your business.
Benefits of Opening a Business Checking Account in Iowa
All business checking accounts offer:
Instant-Issue Debit Cards
Receive a contactless debit card instantly at account opening.
Local Support
Receive assistance from the local FSB support team.
How to Open Your FSB Business Checking Account
Follow these steps to open your business checking account and start earning your new account bonus.
1
Provide your details online in minutes or visit an FSB branch for personal assistance.
2
Discuss account options and treasury services with a banker to find the best fit.
3
Make your initial deposit and start using your new business checking account to earn!
Advanced Treasury Services4 For Your Business
Level up your cash flow and payment processes with these powerful business services:
ACH Services
Get a contactless debit card instantly at account opening. Learn more ›
Wire Transfers
Send money securely with same-day processing. Learn more ›
Remote Deposit
Deposit checks from your office using a desktop scanner. Learn more ›
Fraud Mitigation Services
Protect your business with tools like Positive Pay and ACH filter services. Learn more ›
Ready to Open Your Business Checking Account?
Complete the short form and a business banker will contact you to finalize your account opening and answer any questions.
I’ve been banking with FSB for over 20 years. I appreciate the way their employees know my name. It’s great to hear ‘Hi, Patty’ when I reach the drive-up window. It feels like coming home each time!- Patty W.
Frequently Asked Questions About Business Checking Accounts in Eastern Iowa
Opening the right account is one of the most important steps in managing your business finances and protecting your liability. Whether you are a solo entrepreneur or a growing corporation, our team is here to help you navigate the requirements and find the perfect banking fit for your goals.
What bank account is best for an LLC?
At Farmers State Bank, the best account for an LLC typically depends on your monthly transaction volume.
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For New or Small LLCs: Our Basic Business Checking is ideal if you process under 100 transactions per month. It keeps overhead low with a manageable $500 minimum balance to waive the monthly fee.
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For Growing LLCs: If your business is scaling and handling between 100 and 200 transactions, the standard Business Checking account provides the necessary headroom while maintaining the same $100 initial deposit requirement.
Which bank account is best for a small business?
For most small businesses, the Basic Business Checking account is the premier choice. It is designed specifically for those who need a straightforward, reliable tool for daily operations without paying for "extra" volume they don't yet use.
If your small business is a non-profit or community-based organization, our Community Checking offers up to 300 free transactions and no monthly fee.
Which bank account is best for a Sole Proprietorship?
A Sole Proprietorship often benefits most from Business Checking Plus.
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Earn More On Your Deposits: This account allows you to earn interest on your balance, which is a great way for a single-owner business to make their liquid capital work harder.
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Transaction Flexibility: It covers up to 200 transactions, which is usually more than enough for most independent contractors and sole proprietors.
Which bank account is best for a Partnership?
Partnerships often involve more complex cash flows and higher transaction volumes. We recommend the Business Checking account. It strikes a balance between cost-efficiency and volume, allowing for 200 transactions per month. This ensures both partners have the flexibility to manage payables and receivables without hitting transaction caps quickly.
Which bank account is best for a Corporation?
For Corporations, which typically manage higher volumes of capital and frequent payments, the Commercial Checking account is often the most strategic fit.
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High Volume: Designed for businesses processing over 200 monthly transactions.
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Earnings Credit: While there is a $10 monthly fee, these accounts often utilize "per analysis" pricing, which can be offset by an earnings credit based on your average collected balance.
What documents are needed to open a business bank account?
To ensure a smooth account opening process at FSB, please have the following information and documentation ready for your banker:
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Tax Identification: Your Business's EIN (Employer Identification Number) or Tax ID Number.
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Legal Formation Documents: Official paperwork proving your business registration (such as Articles of Organization or Incorporation).
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Authorized Signer Information: A valid Photo ID and Social Security Number (SSN) for all authorized individuals on the account.
How much money is required to open a business bank account?
We make starting your business banking relationship simple with a consistent opening deposit requirement across our account lineup.
| Account Type | Minimum Opening Deposit |
|---|---|
| Basic Business Checking | $100 |
| Business Checking | $100 |
| Business Checking Plus | $100 |
| Commercial Checking | $100 |
| Community Checking | $100 |
Where can I open a business checking account near me in Eastern Iowa?
You can open an account at any Farmers State Bank branch. We have convenient locations in Alburnett, Cedar Rapids (NW & SW), Hiawatha, Marion, and Tiffin to serve your business needs.
Business Checking Accounts Across Eastern Iowa
Local business banking with in-house decisions, no matter where your business operates.
Linn County
Cedar Rapids
Multiple branch locations serving Cedar Rapids businesses on Edgewood Road, Van Buren, and surrounding neighborhoods.
Linn County
Marion
FSB's main Marion branch and Collins Road Square location serve Marion businesses with full-service business banking.
Linn County
Hiawatha
A dedicated Hiawatha branch serving local businesses with the same local expertise and in-house decisions.
Linn County
Alburnett
FSB's Alburnett branch has served Alburnett businesses since 1927, making it one of the longest-standing community banking relationships in Linn County.
Johnson County
Tiffin
FSB's Tiffin branch opened in 2021 to serve one of Iowa's fastest-growing communities with full business banking services.
Don't See Your City?
Across Eastern Iowa
Not sure if FSB serves your area? Contact a local business banker and we will find the right fit for your business.
All seven FSB branches offer the same business checking accounts, local support, and in-house decisions. No matter where your business operates in Eastern Iowa, you get the same FSB experience.
Grow with a Local Eastern Iowa Business Partner
We’re Iowa’s Faster. Stronger. Better.® community bank, locally owned, family operated, and dedicated to providing the financial foundation Eastern Iowa business owners need to thrive. We believe that when our local businesses succeed, our entire community grows stronger.
With over 95 years of experience serving the Cedar Rapids, Marion, and Iowa City areas, our team understands the unique landscape of the local market. Because we make our decisions right here in Eastern Iowa, we can offer the flexibility, in-house underwriting, and clear communication you need to move your business forward. Whether you are just starting your first LLC or managing a large-scale corporation, we are committed to being the partner that helps you scale.
If you’re ready to grow, we’re ready to help.
Business Checking Account Disclosures
All business checking accounts are subject to approval. Must be 18 years or older to apply. Some services may have fees. See our fee schedule or contact us for additional information.
*To qualify for the business checking bonus, you must open a new business checking account and deposit the required "new money" amount at account opening. "New money" is defined as funds not currently on deposit with Farmers State Bank. Within the first 90 days of account opening, you must maintain the specified average daily balance and complete the required number of transactions per month as outlined in your chosen tier.
- Tier 1 ($300 bonus): Deposit $5,000 new money, maintain $5,000 average daily balance, complete 10 transactions/month.
- Tier 2 ($600 bonus): Deposit $20,000 new money, maintain $20,000 average daily balance, complete 10 transactions/month.
- Tier 3 ($1,000 bonus): Deposit $35,000 new money, maintain $35,000 average daily balance, and complete 15 transactions/month. Also receives 6 months free of either ACH or Positive Pay services.
Bonus will be deposited into your account within 30 days after meeting all requirements. Accounts may be subject to account analysis and additional fees may apply. Additional terms and conditions and fees may apply. Offer valid for new business checking relationships only. Not available for customers with a business checking account already. One bonus per business. The program may be suspended or modified with 30 days' notice.
†Plus applicable sales tax.
1Opening funds for this account must be "New money" not currently deposited at FSB and funds must be deposited at account opening. If funds are moved from FSB to another financial institution, funds cannot be redeposited as "New money" for at least 60 days.
2A fee of $0.25 (plus applicable sales tax) per transaction applies after the free transaction limit is reached.
3Commercial Checking accounts are subject to analysis fees and deposit fees. This account includes an Earnings Credit to offset service and transaction fees. Contact an FSB Banker for more information.
4Fees may apply.
5Message and data rates may apply.
