Our Nerdy picks for
Best Banks for Small Business
Bank/institution | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Min. opening deposit▼ | Learn more |
---|---|---|---|---|---|
Axos Bank® Basic Business Checking Learn more at Axos Bank®, Member FDIC | 5.0/5 Best for 24/7 customer support | $0 | N/A | $0 | Learn more at Axos Bank®, Member FDIC |
Grasshopper Business Checking Account Learn more at Grasshopper Bank, Member FDIC | 5.0/5 Best for High-yield business checking | $0 | 2.25% With $0 min. balance for APY | $100 | Learn more at Grasshopper Bank, Member FDIC |
Chase Business Complete Banking℠ Learn more at Chase, Member FDIC | 5.0/5 Best for Full-service business banking | $15.00 Waived with $2,000 minimum balance | N/A | $0 | Learn more at Chase, Member FDIC |
nbkc Business Account Learn more at nbkc bank, Member FDIC | 5.0/5 Best for No-fee business banking | $0 | N/A | $0 | Learn more at nbkc bank, Member FDIC |
Bank of America Business Advantage Fundamentals™ Banking Learn more at Bank of America, N.A., Member FDIC | 5.0/5 Best for Generous account limits, easy application | $16.00 Waived with $5,000 minimum balance | N/A | $100 | Learn more at Bank of America, N.A., Member FDIC |
LendingClub Tailored Checking Learn more at LendingClub Bank, Member FDIC | 5.0/5 Best for 1% cash back on debit card purchases | $10.00 Waived with $500 minimum balance | 1.50% With $0 min. balance for APY | $100 | Learn more at LendingClub Bank, Member FDIC |
U.S. Bank Silver Business Checking Learn more at U.S. Bank, Member FDIC | 4.0/5 Best for Welcome bonus, free business checking (brick-and-mortar bank) | $0 | N/A | $100 | Learn more at U.S. Bank, Member FDIC |
American Express® Business Checking | 5.0/5 Best for Online banking and business credit cards | $0 | 1.30% | $0 | |
Wells Fargo Initiate Business Checking℠ Account | 4.0/5 Best for Branch access and business loans | $10.00 Waived with $500 minimum balance | N/A | $25 | |
Capital One Spark Business Basic Checking® | 3.5/5 Best for Unlimited checking account transactions | $15.00 Waived with $2,000 minimum balance | N/A | $250 |
Our pick for
24/7 customer support
Axos Bank® Basic Business Checking
at Axos Bank®, Member FDIC
N/A
$0
$0
Yes
Unlimited
$25
$100
Requirements to qualify
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions.
- Automatic refunds of all ATM fees (domestic).
- Cash deposits via MoneyPass and AllPoint ATMs.
- 24/7 customer support.
- Welcome bonus for new customers (terms apply).
Cons
- $25 fee for insufficient funds/uncollected funds returned.
- No third-party app integrations.
Our pick for
High-yield business checking
Grasshopper Business Checking Account
at Grasshopper Bank, Member FDIC
2.25%
With $0 min. balance for APY
$0
$100
No
No cash deposits.
$0
$0
Pros
- Unlimited 1% cash back on qualified debit card purchases.
- Earn up to 2.25% APY.
- No monthly fees or overdraft charges.
- Free, built-in bookkeeping software.
Cons
- Can’t deposit cash.
- $100 minimum opening deposit.
Our pick for
Full-service business banking
Chase Business Complete Banking℠
at Chase, Member FDIC
N/A
$15.00
Waived with $2,000 minimum balance
$0
Yes
Up to $5,000 per month.
$34
$500
Requirements to qualify
Pros
- No minimum opening deposit.
- Unlimited fee-free electronic transactions.
- Integrated credit card processing.
- Welcome bonus for new customers (terms apply).
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
Cons
- $15 monthly fee.
- Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
- Fee for using out-of-network ATMs.
Our pick for
No-fee business banking
nbkc Business Account
at nbkc bank, Member FDIC
N/A
$0
$0
Yes
Unlimited
$0
$0
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft or incidental fees.
- Up to $12 in monthly refunds for ATM fees charged by other banks worldwide.
- Cash deposits via MoneyPass ATMs.
Cons
- High fee ($45) for international wire transfers.
- No weekend or after-hours customer support.
- No third-party app integrations.
Our pick for
Generous account limits, easy application
Bank of America Business Advantage Fundamentals™ Banking
at Bank of America, N.A., Member FDIC
N/A
$16.00
Waived with $5,000 minimum balance
$100
Yes
Up to $7,500 per month.
$10
$200
See offer page for more details
Pros
- Fee-free electronic transactions.
- High cash deposit limits.
- Business accounts can be opened entirely online.
Cons
- No free business checking account option.
- $100 minimum opening deposit.
- Fee for using out-of-network ATMs.
Our pick for
1% cash back on debit card purchases
LendingClub Tailored Checking
at LendingClub Bank, Member FDIC
1.50%
With $0 min. balance for APY
$10.00
Waived with $500 minimum balance
$100
Yes
Unlimited
$0
$0
Pros
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.50% APY on balances up to $100,000 and 0.10% on all balances after that.
- Fee-free ATM access with automatic refund of third-party ATM fees (worldwide).
- Cash deposits via MoneyPass and SUM ATMs.
- Earn unlimited 1% cash back on debit card purchases.
Cons
- $10 monthly fee.
- $100 minimum opening deposit requirement.
- Minimum $500 balance required to earn cash-back rewards and waive monthly fee.
Our pick for
Welcome bonus, free business checking (brick-and-mortar bank)
U.S. Bank Silver Business Checking
at U.S. Bank, Member FDIC
N/A
$0
$100
Yes
Up to $2,500 per month.
$36
$750
Requirements to qualify
Pros
- No monthly service fee for Silver Business Checking account.
- Business accounts can be opened entirely online.
- Optional payment processing services ranging from mobile apps to in-store payment terminals. Additional fees apply.
- Welcome bonus for new customers (terms apply).
Cons
- Low cash deposit limits.
- Terms and fees are not easily accessible via the bank’s website.
Our pick for
Online banking and business credit cards
American Express® Business Checking
1.30%
$0
$0
No
No cash deposits.
$0
$300
Requirements to qualify
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.30% APY on balances up to $500,000.
- 24/7 customer support.
Cons
- Can’t deposit cash.
- Only available to American Express customers.
Our pick for
Branch access and business loans
Wells Fargo Initiate Business Checking℠ Account
N/A
$10.00
Waived with $500 minimum balance
$25
No
No fee for the first $5,000 cash deposits processed each fee period. After $5,000, it's $.30 per $100 deposited.
$35
$0
Pros
- More branch locations than any bank in the U.S.
- Business accounts can be opened entirely online.
- Extended customer service availability.
Cons
- No free business checking account option.
- Stingy transaction allowance.
- Fees for using out-of-network ATMs.
Our pick for
Unlimited checking account transactions
Capital One Spark Business Basic Checking®
N/A
$15.00
Waived with $2,000 minimum balance
$250
No
$5,000 included monthly at no charge; $1 for every $1,000 deposited after that
N/A
$0
Pros
- Unlimited fee-free transactions.
- Expansive ATM network including MoneyPass and Allpoint ATMs.
- Full suite of business services, including business credit cards and loans.
Cons
- No free business checking account options.
- $250 minimum opening deposit requirement.
- Limited service area; must apply in person.
Axos Bank: Best for 24/7 customer support
- Two business checking accounts: one free and one interest-earning account.
- Business Interest Checking is $10 per month unless you maintain an average daily balance of $5,000. The account earns1.01%APY.
- Basic Business Checking has no monthly fee or minimum opening deposit requirement and includes unlimited fee-free transactions.
- Both accounts allow cash deposits via compatible AllPoint and MoneyPass ATMs.
- Business savings, money market and certificates of deposit.
- Nationwide Business Premium Savings Accountpowered by Axos earns2.00%to3.75%APY, depending on your balance. Minimum opening deposit of $25,000.
- Merchant services, including point-of-sale systems, e-commerce solutions and check acceptance through Cerelo Merchant Services.
- Small-business loans, including SBA 7(a) loans, real estate and equipment financing, and working capital loans.
American Express: Best for online banking, business credit cards
- Free online business checking account with almost no fees; outgoing domestic wire transfers ($20) are the exception.
- Earns1.30%APY on balances up to $500,000.
- No limit on transactions and no charges for overdrafts, nonsufficient funds, incoming wire transfers or stop payments.
- 24/7 customer support online, by phone or via the app.
- Mobile app (and mobile check deposit) only available for iOS.
- Cannot deposit cash.
- Top-rated business credit cards, includingAmerican Express Blue Business Cash™ Card, which offers the following:Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement. Terms Apply.
- Branded hotel and airline business cards for Hilton, Marriott, Delta and Amazon.
- American Express Business Blueprint™, a suite of products that includes business lines of credit ranging from $2,000 to $250,000, as well as invoicing and credit card processing.
NBKC: Best for no-fee business banking
- Free business checking account that can be opened completely online.
- Account includes unlimited fee-free transactions and no incoming domestic wire fees, overdraft, stop payment or similar incidental fees.
- Fee-free access to over 37,000 MoneyPass ATMs across the country; up to $12 in monthly refunds for ATM fees charged by other banks worldwide.
- Ability to deposit cash fee-free at eligible MoneyPass ATMs using your NBKC business debit card.
- Free online and mobile banking with mobile check deposit and online bill pay included.
- Option to customize your checking account by adding desktop deposit, ACH credit and debits, merchant processing and Autobooks invoicing software.
- Free business money market account, which earns2.00%APY as long as you have a balance of at least 1 cent.
- NBKC Visa business credit card.
- Customizable cash management, fraud management, disbursement and collection services.
- For businesses located in the Kansas City metro area, NBKC offers business lines of credit, inventory and equipment loans, commercial real estate and construction loans, as well as SBA loans.
LendingClub: Best for 1% cash back on debit card purchases
- Interest-earning business checking account with unlimited fee-free transactions. Account earns1.50%on balances up to $100,000 and0.10%on all balances after that.
- Monthly fee of $10, waived with an average monthly balance of $500 or more.
- No ATM fees, regardless of the ATM you use, plus unlimited rebates for ATM fees you incur from other banks worldwide.
- Earn an unlimited 1% cash back on online and signature-based credit transactions, provided you maintain an average monthly balance of $500 or more.
- Access to online and mobile banking tools that allow you to pay bills, deposit checks, send and receive payments and manage your account.
- Account includes Autobooks, an invoicing and online payment software that allows you to create and send invoices, accept payments, generate reports and reconcile transactions for accounting.
- SBA loans, including SBA 7(a) loans, SBA 504/CDC loans, SBA Express loans, SBA Export Program loans and SBA Express lines of credit.
- Commercial real estate and equipment financing.
- Cash management solutions including deposit and disbursement services, receivables and account management, sweep accounts, fraud prevention and payments.
Chase: Best for full-service business banking
- Three business checking account options, which each include unlimited fee-free electronic deposits.
- Monthly service fees start at $15 per month for the Business Complete Banking account (with options to waive).
- Opportunity to earn a $500welcome bonus. Terms apply.
- Business Complete Banking account includes Chase QuickAccept℠, which allows you to accept credit card payments with the Chase mobile app.
- Use Chase QuickDeposit℠ for depositing checks and Chase QuickPay® with Zelle® for sending and receiving payments.
- 24/7 phone-based customer service.
- Two business savings account options, as well as certificates of deposit.
- Ink suite of rewards-earning business credit cards, plus airline-specific card options.
- Chase Payment Solutions for point-of-sale solutions and online credit card processing.
- Business loans, including SBA loans, lines of credit, equipment financing and commercial real estate financing.
- Chase Collection Services for accounts receivable.
Wells Fargo: Best for branch access and business loans
- Choose among three core business checking account options, as well as additional options based on location and business type.
- Limited fee-free monthly transactions and cash deposits included with each account.
- Monthly service fees start at $10 per month (waived with a minimum daily balance of $500 or $1,000 average ledger balance) with the Initiate Business Checking account.
- Extended customer support hours available by phone through the National Business Banking Center.
- All business checking accounts can be opened online, over the phone or by visiting a branch.
- Multiple business savings account options, including one of our picks for the best business certificates of deposit.
- Three business credit cards, including the Wells Fargo Business Secured Credit Card, one of the only secured credit cards available for rebuilding business credit.
- Business lines of credit and SBA loans, including SBA 7(a) loans and SBA 504/CDC loans.
- Commercial real estate financing and health care practice financing.
- Wells Fargo Merchant Services with Clover POS systems.
- Payroll services for customers through ADP.
Capital One: Best for unlimited checking account transactions
- Choose from two business checking account options: Basic and Unlimited.
- Unlimited fee-free transactions included with each account.
- Monthly service fees start at $15 per month for Basic business checking and can be waived with a minimum balance of $2,000 over 30- or 90-day average, whichever is greater.
- Unlimited fee-free cash deposits with Unlimited business checking.
- Have to visit a branch location to apply. Capital One branches are concentrated in six states, plus Washington, D.C.
- One business savings account option and certificates of deposit.
- Suite of Capital One business credit cards, including two standard cash-back business credit cards, two travel rewards business credit cards, a charge card, and theCapital One® Spark® Classic for Business— an unsecured business credit card designed specifically for business owners who have defaulted on a loan in the past five years or those with limited credit history.
- Business loans, including working capital lines of credit, equipment and vehicle loans, real estate term loans, business installment loans, SBA 7(a) loans, SBA 504/CDC loans, as well as more specialized options.
- Capital One Merchant Services provided by Worldpay.
- Cash flow management solutions such as fraud management, accounts receivable, accounts payable and liquidity.
- Escrow Express platform available for online sub-accounting.
U.S. Bank: Welcome bonus, free business checking (brick-and-mortar)
- Three account options, ranging from free to $30 per month. All require an opening deposit of at least $100.
- U.S. Bank Silver Business Checking ($0) includes 125 free transactions and up to $2,500 in fee-free cash deposits per month.
- More than 2,000 branches across 26 states. Account holders do not incur fees at U.S. Bank and MoneyPass ATMs.
- Three business credit cards, including theU.S. Bank Business Triple Cash Rewards World Elite Mastercard®, which has a $500welcome bonus (terms apply), no annual fee and earns up to 3% cash back.
- Full suite of small-business loans, including lines of credit, SBA loans, equipment financing, term loans and commercial real estate financing.
- Business savings, CDs and money market accounts.
- Payment processing services range from online credit card processing to in-store payment terminals.
Bank of America: Best for generous account limits, easy application
- Two account options ranging from $16 to $29.95 per month. Both require a minimum opening deposit of $100.
- Bank of America Business Advantage Fundamentals Banking includes unlimited electronic transactions, up to 200 fee-free non-electronic transactions (checks paid, other debits, deposited items) and up to $7,500 in fee-free cash deposits per statement cycle.
- More than 3,800 branches across 37 states and the District of Columbia. And nearly 16,000 fee-free Bank of America ATMs.
- Opportunity to earn a $200welcome bonus. Terms apply.
- Five business credit cards, including a secured business card for business owners with poor or limited personal credit history.
- Multiple business savings accounts, including a high-yield business CD.
- Full suite of business loans, including secured and unsecured loans and lines of credit, SBA loans and franchise financing. Read our review of Bank of America business loans.
Grasshopper: Best for high-yield business checking
- Free online business checking account with no overdraft fees, transaction limits or minimum balance requirements. The account does, however, require a minimum opening deposit of at least $100.
- Earn up to2.25% APY.
- Unlimited 1% cash back on qualifying debit card purchases (online and signature-based ones).
- No fees for ACH transfers, incoming wires, overdrafts or ATM usage (third-party fees may apply, though).
- Mentoring and networking opportunities for startup founders.
- SBA loans and commercial real estate lending, as well as access to venture capital and private equity funding.
- Consider your short- and long-term financial goals. If you think your business’s needs will change drastically in a year, choose a business bank that you can grow with. Ideally, one that offers a variety of business banking services.
- Think about how you prefer to bank. Are you going to turn your search exclusively to brick-and-mortar banks or are online banks an option? Business owners who want an online business checking account can also look to neobanks — fintech companies that partner with a bank to offer FDIC-insured business banking services. Neobanks typically offer free or low-cost business checking with a host of perks, like tax-planning tools or a high APY. These accounts may lack traditional banking functions, though, like wire transfers and the ability to make deposit checks. And many offer customer support almost exclusively via email.
- Look for the product features or services that are most important to you. If a business checking account is your top priority, narrow down your search to find the best business checking account options for your business. On the other hand, if you want to bundle multiple products together, find a bank that can provide the services that are most important to you.
- Don’t forget about fees. Make sure you understand the fees associated with any business bank account, and explore multiple options before signing up.
- Start, but don’t end, your search with your personal bank. According to a 2019 study from BAI, a research and training nonprofit for business owners, 79% of small-business owners reported using the same provider for their personal and business financial services. The same study points out, however, that business owners report less satisfaction with their bank than general banking customers. The net promoter score — a measure of customer satisfaction — is 35 for general banking customers, but only 24 for business owners. While it might be easy to start your search with your personal bank, it might be worth exploring alternative banks as well.