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Best Banks for Small Business of July 2024

The top business banks offer multiple financial solutions for your company.
By Randa Kriss, Kelsey Sheehy
Last updated on July 15, 2024
Edited byRyan Lane
Fact checked and reviewed

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Business owners need to keep an eye on their day-to-day cash flow and long-term finances. The best banks for small business help you do both. That starts by offering a free or low-fee business checking account for handling everyday expenses. Then, it expands to providing services that enable business growth — like high-yield savings accounts, competitive financing options and low-cost merchant services.
Finding a business bank that meets all your needs can simplify things. But even the most well-known financial institution typically won't check off every box. That's OK. Leveraging business bank accounts from multiple institutions can actually help keep your funds secure and shield your business from disruptions.
Here are our top picks for small-business banking, plus information on how to find the right fit for your company. Most of the star ratings on this page are specific to the bank's business checking account (Live Oak Bank and NBKC are exceptions), not the overall institution. However, additional business banking services like business credit cards and loans (including SBA loans) were considered and are also highlighted below.

Best Banks for Small Business

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

Chase Business Complete Banking®

Learn more

at Chase, Member FDIC

4.5/5

Best for Full-service business banking

$15.00

Waived with $2,000 minimum balance

N/A$300

Requirements to qualify

Learn more

at Chase, Member FDIC

American Express® Business Checking

Learn more

at American Express National Bank, Member FDIC

5.0/5

Best for Online banking and business credit cards

$0

1.30%

With $0 min. balance for APY

N/A

Learn more

at American Express National Bank, Member FDIC

U.S. Bank Silver Business Checking

Learn more

at U.S. Bank, Member FDIC

4.0/5

Best for Welcome bonus

$0

N/A$800

Requirements to qualify

Learn more

at U.S. Bank, Member FDIC

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

4.7/5

Best for Non-bank option for small businesses

$0

2.00%

With $0 min. balance for APY

N/A

Learn more

at Bluevine, Deposits are FDIC Insured

Grasshopper Business Checking Account

Learn more

at Grasshopper Bank, Member FDIC

4.5/5

Best for High-yield business checking

$0

2.25%

With $0 min. balance for APY

N/A

Learn more

at Grasshopper Bank, Member FDIC

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

at Bank of America, N.A., Member FDIC

4.5/5

Best for Cash deposits

$16.00

N/A$200

Requirements to qualify

Learn more

at Bank of America, N.A., Member FDIC

Axos Bank® Basic Business Checking

Learn more

at Axos Bank®, Member FDIC

4.9/5

Best for ATM withdrawals

$0

N/A$400

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5

Best for Business savings accounts and SBA loans

$0

4.00%

With $0.01 min. balance for APY

N/A

Learn more

at Live Oak Bank, Member FDIC

LendingClub Tailored Checking

4.9/5

Best for 1% cash back on debit card purchases

$10.00

Waived with $500 minimum balance

1.50%

With $0 min. balance for APY

N/A

nbkc bank Business Money Market Account

Learn more

at nbkc bank, Member FDIC

4.5/5

Best for Business money market accounts

$0

2.75%

With $0.01 min. balance for APY

N/A

Learn more

at nbkc bank, Member FDIC

Wells Fargo Initiate Business Checking℠ Account

4.0/5

Best for Branch access and business loans

$10.00

Waived with $500 minimum balance

N/AN/A

Capital One Business Basic Checking®

4.0/5

Best for Unlimited checking account transactions

$15.00

Waived with $2,000 minimum balance

N/AN/A

Navy Federal Credit Union Business Checking

4.2/5

Best for Credit union for veterans

$0

0.01%

With $0 min. balance for APY

N/A

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

Chase Business Complete Banking®

Learn more

at Chase, Member FDIC

4.5/5

Best for Full-service business banking

$15.00

Waived with $2,000 minimum balance

N/A$300

Requirements to qualify

Learn more

at Chase, Member FDIC

American Express® Business Checking

Learn more

at American Express National Bank, Member FDIC

5.0/5

Best for Online banking and business credit cards

$0

1.30%

With $0 min. balance for APY

N/A

Learn more

at American Express National Bank, Member FDIC

U.S. Bank Silver Business Checking

Learn more

at U.S. Bank, Member FDIC

4.0/5

Best for Welcome bonus

$0

N/A$800

Requirements to qualify

Learn more

at U.S. Bank, Member FDIC

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

4.7/5

Best for Non-bank option for small businesses

$0

2.00%

With $0 min. balance for APY

N/A

Learn more

at Bluevine, Deposits are FDIC Insured

Grasshopper Business Checking Account

Learn more

at Grasshopper Bank, Member FDIC

4.5/5

Best for High-yield business checking

$0

2.25%

With $0 min. balance for APY

N/A

Learn more

at Grasshopper Bank, Member FDIC

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

at Bank of America, N.A., Member FDIC

4.5/5

Best for Cash deposits

$16.00

N/A$200

Requirements to qualify

Learn more

at Bank of America, N.A., Member FDIC

Axos Bank® Basic Business Checking

Learn more

at Axos Bank®, Member FDIC

4.9/5

Best for ATM withdrawals

$0

N/A$400

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5

Best for Business savings accounts and SBA loans

$0

4.00%

With $0.01 min. balance for APY

N/A

Learn more

at Live Oak Bank, Member FDIC

LendingClub Tailored Checking

4.9/5

Best for 1% cash back on debit card purchases

$10.00

Waived with $500 minimum balance

1.50%

With $0 min. balance for APY

N/A

nbkc bank Business Money Market Account

Learn more

at nbkc bank, Member FDIC

4.5/5

Best for Business money market accounts

$0

2.75%

With $0.01 min. balance for APY

N/A

Learn more

at nbkc bank, Member FDIC

Wells Fargo Initiate Business Checking℠ Account

4.0/5

Best for Branch access and business loans

$10.00

Waived with $500 minimum balance

N/AN/A

Capital One Business Basic Checking®

4.0/5

Best for Unlimited checking account transactions

$15.00

Waived with $2,000 minimum balance

N/AN/A

Navy Federal Credit Union Business Checking

4.2/5

Best for Credit union for veterans

$0

0.01%

With $0 min. balance for APY

N/A

Access real-time financial insights and recommendations

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Insights

Cash flow graph with different accounts and their balances
Cash flow graph with different accounts and their balances
Cash flow graph with different accounts and their balances

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I'M INTERESTED IN:

Our pick for

Full-service business banking

Chase Business Complete Banking®

Read Review
Learn more

at Chase, Member FDIC

APY
N/A
Monthly fee
$15.00

Waived with $2,000 minimum balance

Min. opening deposit
$0
Free cash deposits
Yes

Up to $5,000 per month.

Overdraft fees
$34
Bonus
$300

Requirements to qualify

Our pick for

Online banking and business credit cards

American Express® Business Checking

Read Review
Learn more

at American Express National Bank, Member FDIC

APY
1.30%

With $0 min. balance for APY

Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No

No cash deposits.

Overdraft fees
N/A
Bonus
N/A

Our pick for

Welcome bonus

U.S. Bank Silver Business Checking

Read Review
Learn more

at U.S. Bank, Member FDIC

APY
N/A
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
Yes

Up to $2,500 per month.

Overdraft fees
$36
Bonus
$800

Requirements to qualify

Our pick for

Non-bank option for small businesses

Bluevine Business Checking

Read Review
Learn more

at Bluevine, Deposits are FDIC Insured

APY
2.00%

With $0 min. balance for APY

Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No

Fees vary by location.

Overdraft fees
$0
Bonus
N/A

Our pick for

High-yield business checking

Grasshopper Business Checking Account

Read Review
Learn more

at Grasshopper Bank, Member FDIC

APY
2.25%

With $0 min. balance for APY

Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
No

No cash deposits.

Overdraft fees
$0
Bonus
N/A

Our pick for

Cash deposits

Bank of America® Business Advantage Fundamentals™ Banking

Read Review
Learn more

at Bank of America, N.A., Member FDIC

APY
N/A
Monthly fee
$16.00
Min. opening deposit
$100
Free cash deposits
Yes

Up to $7,500 per statement cycle.

Overdraft fees
$10
Bonus
$200

Requirements to qualify

Our pick for

ATM withdrawals

Axos Bank® Basic Business Checking

Read Review
Learn more

at Axos Bank®, Member FDIC

APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes

Unlimited

Overdraft fees
$25
Bonus
$400

Requirements to qualify

Our pick for

Business savings accounts and SBA loans

Live Oak Bank Business Savings

Read Review
Learn more

at Live Oak Bank, Member FDIC

APY
4.00%

With $0.01 min. balance for APY

Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No

No cash deposits

Overdraft fees
N/A
Bonus
N/A

Our pick for

1% cash back on debit card purchases

LendingClub Tailored Checking

APY
1.50%

With $0 min. balance for APY

Monthly fee
$10.00

Waived with $500 minimum balance

Min. opening deposit
$100
Free cash deposits
Yes

Unlimited

Overdraft fees
$0
Bonus
N/A

Our pick for

Business money market accounts

nbkc bank Business Money Market Account

Read Review
Learn more

at nbkc bank, Member FDIC

APY
2.75%

With $0.01 min. balance for APY

Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes

Up to $2,500 per day via compatible ATMs.

Overdraft fees
$0
Bonus
N/A

Our pick for

Branch access and business loans

Wells Fargo Initiate Business Checking℠ Account

APY
N/A
Monthly fee
$10.00

Waived with $500 minimum balance

Min. opening deposit
$25
Free cash deposits
Yes

Up to $5,000.

Overdraft fees
$35
Bonus
N/A

Our pick for

Unlimited checking account transactions

Capital One Business Basic Checking®

APY
N/A
Monthly fee
$15.00

Waived with $2,000 minimum balance

Min. opening deposit
$0
Free cash deposits
No

$5,000 included monthly at no charge; $1 for every $1,000 deposited after that

Overdraft fees
$35
Bonus
N/A

Our pick for

Credit union for veterans

Navy Federal Credit Union Business Checking

APY
0.01%

With $0 min. balance for APY

Monthly fee
$0
Min. opening deposit
$255
Free cash deposits
Yes

Unlimited

Overdraft fees
$29
Bonus
N/A

Small-business banking institution details

Axos Bank

Best for: ATM withdrawals
Axos Bank's free business checking account comes with fee-free cash deposits and unlimited refunds for ATM fees in the United States.

American Express

Best for: Online banking, business credit cards
American Express’s business checking account offers one of the most competitive interest rates out there for businesses —
1.30%
on balances up to $500,000 — plus you'll earn AmEx Membership Reward points when you use your business debit card. The free online business checking account has no monthly fees, overdraft fees or stop-payment fees.

LendingClub

Best for: 1% cash back on debit card purchases
LendingClub offers a high-yield online business checking account that includes unlimited ATM fee rebates and earns unlimited 1% cash back on debit card purchases. You can also deposit cash at compatible ATMs for no additional fee (a rarity for online business accounts). The trade-off: A $
10
monthly fee (waived with an average monthly balance of $
500
).

Chase

Best for: Full-service business banking
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 48 states.)

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. That makes it a solid choice for small-business owners who prefer to do at least some of their banking in person.
Wells Fargo is also among the best banks for business loans, offering business lines of credit, real estate financing, equipment financing and more. It's also one of the most active SBA 7(a) lenders and ranked third in SBA 7(a) loans approved for fiscal year 2022 .
» MORE: Need financing? Compare small-business loans

Live Oak Bank

Best for: Business savings accounts and SBA loans
Live Oak Bank, a North Carolina-based institution, isn’t currently offering new business checking accounts. But that’s OK — because Live Oak’s standout product is actually its business savings account. Paying
4
% APY, this account is a great option for your company’s emergency fund.
Additionally, Live Oak Bank is a top SBA lender. While you don’t need a Live Oak business bank account to apply for these loans, establishing a relationship with a banker early on may be helpful when it’s time to seek financing.

NBKC

Best for: Business money market accounts
NBKC offers a simple business money market account with a high APY —
2.75%
. But it also stands out for its fee-free, online-based business checking account, though the bank does have four branches in the Kansas City area.

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.

U.S. Bank

Best for: Welcome bonus
U.S. Bank is one of the few brick-and-mortar banks that lets you open a business account online, as well as over the phone or in-person. And new account holders can net a substantial welcome bonus with qualifying activities:
Earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through September 16, 2024. Member FDIC.
Business owners can choose from one of three U.S. Bank business checking accounts (including a free business checking option) and take advantage of additional services, including payment processing, small-business loans and business credit cards.

Bank of America

Best for: Cash deposits
Bank of America stands out among national and regional brick-and-mortar banks by offering unlimited fee-free electronic transactions, high cash deposit limits and the ability to open an account online, over the phone or in person.
Two options for business checking accounts, several solid business credit cards, a high-yield business CD account and dedicated business support round out Bank of America’s business banking services.

Grasshopper