BEST OF

Best Banks for Small Business of December 2022

The top banks for small businesses can help you find the right banking solutions as your business grows.

Nov 29, 2022

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The best banks for small business give entrepreneurs a one-stop-shop for all their business banking needs, with a free or low-fee business checking account, as well as options for savings, credit cards, business loans or merchant services.

🤓Nerdy Tip

Rising interest rates are good news for your business bank account. Take advantage of higher rates with a high-yield business checking account or business savings account.

NerdWallet compared more than 30 national, regional and online banks and credit unions to identify the best banks for business accounts. Below you will find details on each of our selections for the best small-business banks.

Note: While we detail the range of business services offered by those banks, the star ratings listed are specific to the bank's business checking account. If a bank offered multiple business checking accounts, we rated the entry-level account.

Nerdy tip:

Best Banks for Small Business

Our pick for

24/7 customer support

Axos Bank® Basic Business Checking
Learn more

at Axos Bank®, Member FDIC

Axos Bank® Basic Business Checking

5.0

NerdWallet rating 
Axos Bank® Basic Business Checking

Monthly fee

$0

APY

N/A

Min. opening deposit

$0
Learn more

at Axos Bank®, Member FDIC


Min. opening deposit

$0

Why we like it

Axos Bank offers a free online business checking account with unlimited ATM fee refunds in the U.S. and live, 24/7 customer support. The online bank also offers merchant services, business loans and business savings accounts.

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.

Read Full Review

Our pick for

1% cash back on debit card purchases

LendingClub Tailored Checking
Learn more

at LendingClub Bank, Member FDIC

LendingClub Tailored Checking

5.0

NerdWallet rating 
LendingClub Tailored Checking

Monthly fee

$10.00

Waived with $500 minimum balance

APY

1.50%

With $0 min. balance for APY

Min. opening deposit

$100
Learn more

at LendingClub Bank, Member FDIC


Min. opening deposit

$100

Why we like it

LendingClub's main selling point is an interest-earning business checking account with unlimited ATM fee rebates and 1% cash back on debit card purchases. This bank also offers cash management services and small-business loans.

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.

Read Full Review

Our pick for

Bundling banking services

Chase Business Complete Banking℠
Learn more

at Chase, Member FDIC

Chase Business Complete Banking℠

4.5

NerdWallet rating 
Chase Business Complete Banking℠

Monthly fee

$15.00

Waived with $2,000 minimum balance

APY

N/A

Min. opening deposit

$0
Learn more

at Chase, Member FDIC


Min. opening deposit

$0

Why we like it

Chase has something for every business. The bank offers three business checking accounts, two business savings accounts, the Chase Ink suite of business credit cards, business loans and more. Chase has locations in 48 states, with 4,700 branches and 16,000 ATMs.

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.

Read Full Review

Our pick for

Fee-free online banking

nbkc Business Account
Learn more

at nbkc bank, Member FDIC

nbkc Business Account

5.0

NerdWallet rating 
nbkc Business Account

Monthly fee

$0

APY

N/A

Min. opening deposit

$0
Learn more

at nbkc bank, Member FDIC


Min. opening deposit

$0

Why we like it

NBKC has a free business checking account and savings accounts that can be opened completely online. Additional banking services include a business credit card and cash management solutions.

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.

Read Full Review

Our pick for

High-yield business checking

American Express® Business Checking

5.0

NerdWallet rating 
American Express® Business Checking

Monthly fee

$0

APY

1.30%

Min. opening deposit

$0

Min. opening deposit

$0

Why we like it

American Express offers a free business checking account that earns 1.30% APY on balances up to $500,000. The bank also offers small-business loans and a suite of top-rated business credit cards.

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.

  • Mobile check deposit (via app) is only available on Apple iOS.

  • Only available to American Express customers.

Read Full Review

Our pick for

Branch access and business loans

Wells Fargo Initiate Business Checking℠ Account

4.0

NerdWallet rating 
Wells Fargo Initiate Business Checking℠ Account

Monthly fee

$10.00

Waived with $500 minimum balance

APY

N/A

Min. opening deposit

$25

Min. opening deposit

$25

Why we like it

Wells Fargo has the largest branch network in the U.S. with roughly 4,900 branch locations and over 12,000 ATMs across 40 states, plus Washington, D.C. Its business accounts include three business checking accounts, business savings, credit cards and small-business loans. Wells Fargo is also one of the top SBA lenders in the country.

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.

Read Full Review

Our pick for

Unlimited checking account transactions

Capital One Spark Business Basic Checking®

3.5

NerdWallet rating 
Capital One Spark Business Basic Checking®

Monthly fee

$15.00

Waived with $2,000 minimum balance

APY

N/A

Min. opening deposit

$250

Min. opening deposit

$250

Why we like it

Capital One has two business checking account options (one free, one with a fee). Both offer unlimited fee-free transactions, a rarity for a brick-and-mortar bank. Beyond that, Capital One offers a suite of six business credit cards with the ability to earn unlimited rewards, access free employee cards and no foreign transaction fees.

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.

Read Full Review

Our pick for

Accessible credit union for business banking

Digital Federal Credit Union Free Business Checking

Digital Federal Credit Union Free Business Checking

5.0

NerdWallet rating 
Digital Federal Credit Union Free Business Checking

Monthly fee

$0

APY

0.10%

With $0 min. balance for APY

Min. opening deposit

$0

Min. opening deposit

$0

Why we like it

It's easy to become a member of Digital Federal Credit Union. You can join for as little as $10 when you open your account, and your membership supports participating community organizations.

DCU's business banking services include a free, interest-earning business checking account, a business savings account and other business services.

Our pick for

Free business checking at a brick-and-mortar bank

Citizens Bank Clearly Better Business Checking®

4.0

NerdWallet rating 
Citizens Bank Clearly Better Business Checking®

Monthly fee

$0

APY

N/A

Min. opening deposit

$1

Min. opening deposit

$1

Why we like it

This regional bank has 1,200 branches across 14 states and the District of Columbia. Citizens Bank's business accounts include three business checking accounts (one with no monthly fees), a business loan program, savings accounts and two business credit cards. Accounts can only be opened in person.

Read Full Review

Our pick for

Easy application online, in person or via phone

U.S. Bank Silver Business Checking
Learn more

at U.S. Bank, Member FDIC

U.S. Bank Silver Business Checking

4.0

NerdWallet rating 
U.S. Bank Silver Business Checking

Monthly fee

$0

APY

N/A

Min. opening deposit

$100
Learn more

at U.S. Bank, Member FDIC


Min. opening deposit

$100

Why we like it

You can open a U.S. Bank business account one of three ways: online, in person or by phone. The bank has more than 2,000 branches in 26 states.

U.S. Bank's offers three business checking accounts (one free option), plus business savings, credit cards, merchant services and small-business loans.

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.

Read Full Review

Best banks for business accounts

Axos Bank: Best for 24/7 customer support

Axos Bank continues to improve its already-strong free business checking account, adding cash deposits and eliminating transaction limits. Axos business accounts also include 24/7 customer support and unlimited refunds for ATM fees in the United States.

Axos also offers interest-bearing checking and savings accounts, business loans (including SBA loans) and merchant services. Unlike many online banks, Axos is Federal Deposit Insurance Corp.-insured and provides all of its banking services directly.

Here are some of the highlights:

  • 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 earns 1.01% 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 AllPoint and MoneyPass ATMs.

  • Business savings, money market and certificates of deposit.

  • Axos Business Savings account earns 0.20% APY. Minimum opening deposit of $1,000.

  • 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 high-yield business checking

American Express’s new business checking account offers one of the most competitive interest rates out there for businesses: 1.30% on balances up to $500,000. The free online business checking account also has no monthly fees, overdraft fees or stop-payment fees.

Beyond that, American Express offers small-business loans and a suite of business credit cards.

Here are some of the highlights:

  • Free online business checking account with almost no fees; outgoing domestic wire transfers ($20) are the exception.

  • Earns 1.30% 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, including American 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.

  • Business financing through Kabbage Funding™, which offers business lines of credit ranging from $2,000 to $250,000. American Express owns Kabbage.

  • Send invoices and accept credit card payments with Kabbage Payments.

NBKC: Best for fee-free, online banking

NBKC is a great option for fee-free, online-based business banking (though the bank does have four branches in the Kansas City area). NBKC offers a free business checking account, as well as a free high-yield business savings account.

Here are some of the highlights:

  • 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 earns 1.01% 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

LendingClub offers an online interest-earning business checking account that includes unlimited ATM fee rebates and earns unlimited 1% cash back on debit card purchases. The trade-off: A $10 monthly fee (waived with an average monthly balance of $500).

Here are some of the highlights:

  • Interest-earning business checking account with unlimited fee-free transactions. Account earns 1.50% on balances up to $100,000 and 0.10% 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.

  • LendingClub API Banking Sandbox gives you the ability to customize your banking within your operating system.

  • Four business credit card options.

  • 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 bundling banking services

Chase offers a variety of small-business banking services that set it apart from other national brick-and-mortar banks, including three business checking accounts, two business savings accounts and the Chase Ink suite of business credit cards, among other financial products.

You can open a business account online or in person. (Chase has more than 4,700 branches across 28 states.)

Here are some of the highlights:

  • Three business checking account options.

  • Unlimited fee-free electronic deposits.

  • Allowance for fee-free cash deposits and physical transactions (paper checks or in-person deposits and withdrawals) varies by account.

  • Monthly service fees start at $15 per month for the Business Complete Banking account (with options to waive).

  • Opportunity to earn a $300 welcome bonus. Terms apply.

  • Free business debit cards available with all accounts.

  • Access to Chase online banking, bill pay and mobile banking.

  • 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.

» MORE: Need financing? Compare small-business loans

Wells Fargo: Best for branch access and business loans

Wells Fargo has roughly 4,900 branch locations and over 12,000 ATMs across 40 states, plus Washington, D.C. — the largest branch network in the U.S. — making it an ideal choice for small-business owners who prefer to do at least some of their banking in person.

In addition, Wells Fargo is among the best banks for business loans, offering competitive financing options, including those with benefits for existing customers. Wells Fargo is also one of the most active SBA 7(a) lenders: As of December 2021, Wells Fargo approved the most SBA 7(a) loans of any traditional national bank in the country.

Here are some of the highlights:

  • 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.

  • Online, mobile and security banking features included with all accounts.

  • 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.

  • Two business savings account options, as well as 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

Capital One’s business checking accounts offer unlimited fee-free transactions, an uncommon feature for brick-and-mortar banks. Capital One also has some of the best business credit cards on the market.

Here are some of the highlights:

  • Choose from two Spark Business Checking account options.

  • Unlimited fee-free transactions included with each account.

  • Monthly service fees start at $15 per month for Spark Business Basic 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 Spark Business Unlimited Checking.

  • Both accounts offer free online bill pay, mobile check deposit, online and mobile banking.

  • 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.

  • Six business credit cards, including two standard cash-back business credit cards, two travel rewards business credit cards, a charge card, and the Capital 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.

Digital Federal Credit Union: Best accessible credit union for business banking

Digital Federal Credit Union, or DCU, is a top option for small-business owners looking for a credit union business account. DCU offers free, interest-bearing business checking and savings accounts, as well as other services. Unlike some credit unions where membership is extremely limited, DCU is easy to join.

DCU is open to members of participating community organizations (which you can join for as little as $10 when you open your account), employees or retirees (and their family members) of a variety of companies, and residents of certain neighborhoods or condominium associations in Massachusetts and New Hampshire.

Here are some of the highlights:

  • Free, interest-earning business checking account with no minimum opening deposit.

  • Up to 20 free deposits per day.

  • Access to business online banking, bill pay and mobile check deposit.

  • Fee-free access to any DCU ATM, as well as over 80,000 free ATMs through the Allpoint, SUM and Co-op networks. DCU does not charge for out-of-network ATM use; plus, certain membership levels receive reimbursements for any fees charged by ATM providers.

  • One business savings account, one money market account and certificates of deposit.

  • Two IRA options for your employees.

  • Business credit cards, auto loans and equipment loans available to small-business owners in certain New England states.

  • Additional commercial lending products, including lines of credit, term loans and mortgages, are available in certain New England states.

  • Digital Federal Credit Union has branch locations in Massachusetts and New Hampshire if you’re local to the area.

Citizens Bank: Best for free business checking at a brick-and-mortar bank

Citizens Bank is a great option for business owners living in the bank’s service area. It offers a free business checking account with up to 200 fee-free transactions. A similar account with other regional or national banks would carry a monthly fee of $10 to $15 a month.

Citizens also has a robust business lending program, which offers lines of credit, term loans, equipment loans and SBA loans. Business savings accounts, two business credit cards and employee benefits solutions round out this bank's offerings.

Here are some of the highlights:

  • Three business checking accounts to serve your business as it grows.

  • Clearly Better Business Checking has no monthly fee and offers up to 200 fee-free transactions and up to $5,000 in cash deposits per month.

  • Business Advisor Checking has a $25 monthly fee (can be waived) and includes up to 500 transactions and $20,000 in cash deposits for no additional charge.

  • 1,200 branches and 3,300 ATMs across 14 states in New England, the mid-Atlantic and Midwest regions, plus Washington, D.C.

  • There is a charge to use non-Citizen bank ATMs.

  • Must visit a branch to open an account.

  • Business lines of credit up to $250,000.

  • Other business lending products include equipment loans, flex loans, commercial real estate loans and term loans.

  • Participates in SBA Express, SBA 7(a) and SBA 504/CDC loan programs.

  • Two business credit cards that each offer 0% APR for the first six months.

  • Business savings and money market accounts available, as well as business certificates of deposit.

  • Employee retirement plans available.

U.S. Bank: Best for easy application online, in person or by phone

U.S. Bank is one of the few brick-and-mortar banks that lets you open a business account online. You can also call or visit a branch to get your account started.

Business owners can choose from one of three business checking accounts and take advantage of additional services, including payment processing, small-business loans and business credit cards.

Here are some of the highlights:

  • 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.

  • Opportunity to earn a $400 welcome bonus when you open a new U.S. Bank Business Checking account. Terms apply, not available in all states. Offer expires January 9, 2023.

  • Three business credit cards, including the U.S. Bank Business Triple Cash Rewards World Elite Mastercard®, which has a $500 welcome 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.

How to choose a bank for your small business

Here are some things to keep in mind as you compare your options:

  • Consider your short- and long-term financial goals. If you think your business’s needs will change drastically in a year, you don’t want to choose a bank that won’t be able to accommodate you after that year.

  • 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?

  • 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 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 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.

Compare more business banking options

Want to explore more banks for small businesses? Use NerdWallet's tool to search for and compare business checking accounts based on the features that are important to you, whether that's unlimited transactions, free ATM access, no monthly fee or a low minimum opening deposit.

The information related to the Wells Fargo Business Secured Credit Card has been collected by NerdWallet and has not been reviewed or provided by the issuer or provider of this product or service.

Last updated on November 29, 2022

To recap our selections...

NerdWallet's Best Banks for Small Business of December 2022