Finding the best bank for your small business doesn’t have to be complicated. Start with the essentials—a good business checking account—and build from there, taking into consideration what you need now and what you might need in five or 10 years. We rounded up some of the best banks for small businesses, comparing the top options in terms of their checking and savings account offerings, branch and ATM access, and additional services like business credit cards, loans, and merchant services. 7 Best Banks for Small BusinessClick on a bank name to jump down—or keep scrolling—to learn more about the best banks for small business.
1. Bluevine: Best for High-Yield Business CheckingChecking Account Bluevine Business Banking Great For: No monthly fees and 2.00% interest checking
Although Bluevine is perhaps most well-known for their small business loans, they offer a competitive online business checking account option. Bluevine’s banking services are provided by and FDIC-insured through Coastal Community Bank. Bluevine Business Checking is fee-free, completely digital, and it gives you the ability to earn interest: 2.00% APY on balances up to and including $100,000. Terms apply. Bluevine Business CheckingThe Bluevine Business Checking account has no monthly fees, unlimited fee-free transactions, no minimum opening deposit, and no minimum balance requirement. Some other key features include:
The only fees you’ll face are for cash deposits ($4.95 per deposit) and for outgoing wires ($15). Additional Services From BluevineBluevine provides business lines of credit giving business owners the ability to apply for financing quickly and easily online. Use our guide to learn more about financing from Bluevine. 2. Wells Fargo: Best for Branch Access, Business LoansWells Fargo has 4,900 branch locations across 37 states, making it a great option for business owners looking for a brick-and-mortar bank with nationwide branch access. Wells Fargo Business Checking AccountsWells Fargo offers three main business checking account options: Initiate Business Checking, Navigate Business Checking, and Optimize Business Checking. Wells Fargo Initiate Business Checking includes:
The Navigate and Optimize accounts offer additional monthly cash deposits and transactions. These Wells Fargo business checking accounts also include waived incidental fees, such as stop payments, incoming wires, and more. Additional Services From Wells Fargo
Wells Fargo is also a top bank for small business loans, offering SBA loans, business lines of credit, and commercial real estate financing. 3. Chase: Best for Small Business Credit CardsChase offers some of the top business checking account options on the market but where the bank really shines is its business credit card program. The bank’s Ink suite of cards, as well as a number of co-branded cards, are some of the most substantial cash back and rewards points credit cards for small businesses. Chase Business Checking AccountsChecking Account Chase Business Complete Checking℠ Great For: New businesses looking to open an account with a traditional bank.
Features of the Chase Business Complete Banking account include:
Additional Services From Chase
Open a Chase Account 4. Capital One: Best for Unlimited Transactions With a Brick-and-Mortar BankIf you run a business that has a high number of monthly transactions, banking with Capital One is a smart choice. The bank offers unlimited fee-free transactions—a rare feature at brick-and-mortar banks. Capital One Business Checking AccountsCapital One business checking options include: Spark Business Basic Checking and Spark Business Unlimited Checking. Here’s what you can expect with a Spark Business Basic Checking account:
Additional Services From Capital One
5. NBKC: Best for Free Online Business Checking and Savings AccountsChecking Account NBKC Business Checking Account Great For: Nearly fee-free, digital business checking account with cash deposit.
NBKC is a digital-first bank that offers business checking and savings accounts, along with cash management services like desktop deposit and Autobooks. You can apply for an account online (it takes about five minutes, according to their website) and manage your account via the bank’s website or mobile app. NBKC Business CheckingThe NBKC business checking account, is an online-based account with no monthly fee, overdraft fees, or transaction fees. NBKC’s business checking account includes:
The only fees charged on an NBKC checking account are for sending a domestic wire ($5) and sending or receiving an international wire ($45). Moreover, NBKC gives you the option to add ACH credits and debits, as well as desktop deposit to your account for low monthly fees. Additional Services From NBKC
Open an NBKC Business Account 6. Axos Bank: Best for 24/7 Customer Service, Unlimited ATM Fee Reimbursements in the U.S.Checking Account Axos Bank Basic Business Checking Great For: No fee online banking with access to check writing
Axos Bank is a digital bank that offers a range of small business solutions: financing, checking accounts, savings accounts, and more. Axos business checking accounts are chock full of business-friendly features, like ATM reimbursements anywhere in the U.S. and 24/7 customer service. Axos Business Checking AccountsThere are two main Axos business checking accounts: Basic Business Checking, an entry-level account with a no opening deposit requirement, and Business Interest Checking, which requires a $100 opening deposit and allows you to earn up to 1.01% APY on your balance; terms apply. The Basic Business Checking account also offers:
Open an Axos Checking Account Additional Services From Axos BankWhen you open a business checking or savings account with Axos Bank, you can take advantage of the bank’s additional features and services, including:
7. Digital Federal Credit Union: Best Credit UnionCredit unions tend to offer better rates and more personal service than big banks—in part because they’re a nonprofit institutions owned and operated by their members. Digital Federal Credit Union (DCU) is among the best credit unions for small business owners. It’s easy to join; offers a free, interest-bearing business checking account; has multiple business savings options and a business lending program. You can become a Digital Federal member if you:
Digital Federal Credit Union Business CheckingDigital Federal’s free business checking account has no minimum opening deposit and earns interest (up to 0.10% APY) as long as your balance is at least $0.01. You can become a member and open an account online. Key features of Digital Federal business checking include:
Additional Services From Digital Federal Credit Union
Learn more about the best credit unions for small businesses here. Which Bank Is Best for a Business Account? How to ChooseChoosing the best bank for your small business often comes down to these five things:
When you’re answering these questions, be sure to have both your business’s current situation and future goals in mind. If you stay realistic and upfront with your banking needs, you’ll know exactly how to sort through the fine print and find the right small business bank for your company. The Bottom LineSmall business owners have a lot of options about where to bank. To help narrow things down, focus on banks that meet the needs of your specific business, whether that’s branch access, digital tools, high deposit and transaction limits or an interest-bearing checking account. ust remember, your choice doesn’t need to be a permanent one and you don’t need to do all of your banking with one institution. If your business outgrows your bank, you can always change your business bank account and to find a better fit for your needs. Senior Contributing Writer at Fundera Priyanka Prakash, JDPriyanka Prakash is a senior contributing writer at Fundera. Priyanka specializes in small business finance, credit, law, and insurance, helping businesses owners navigate complicated concepts and decisions. Since earning her law degree from the University of Washington, Priyanka has spent half a decade writing on small business financial and legal concerns. Prior to joining Fundera, Priyanka was managing editor at a small business resource site and in-house counsel at a Y Combinator tech startup. Read Full Author Bio Which bank is best for business account?Chase: Best overall bank for full-service small businesses banking tools and premium checking. Bank of America: Best for low cash deposit fees and ongoing rewards. Bluevine*: Best high-yield checking account. U.S. Bank†: Best traditional bank for extensive business lending products.
What kind of bank account should I open as an LLC?Anyone who forms an LLC should get a business bank account to help maintain liability protection for the company's members. One of the pros of forming an LLC (limited liability company) is having the protection that this business structure offers against creditors.
Which Canadian bank is best for small business?The 15 Best Business Bank Accounts in Canada for 2022. Wealthsimple Save For Business Account.. RBC Digital Choice Business Account.. RBC Flex Choice Business Account.. National Bank of Canada Package 20.. TD Basic Business Plan.. ICICI Business Chequing Premium.. BMO Business Builder 1.. Scotiabank Basic Business Account.. How do I choose a bank account for my small business?7 Tips for Choosing a Business Bank Account. Location. You should consider the bank's location and how important that will be to you. ... . The fees. ... . Minimum balance requirements. ... . Introductory offers. ... . Account features. ... . Interest rates. ... . Integrations.. |