The best banks for small business allow entrepreneurs to address multiple 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.
You may want to leverage business bank accounts from multiple institutions to keep your funds secure — especially if your deposits exceed the federally insured limit of $250,000. Keeping payroll and an emergency fund at different small-business banks from your main business account can also help shield your business from disruptions.
NerdWallet evaluated more than 30 national, regional and online banks 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.
Our Nerdy picks for
Best Banks for Small Business
| Bank/institution | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | 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 | $400 Requirements to qualify | 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 | $0 | Learn more at Grasshopper Bank, Member FDIC |
Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 5.0/5 Best for Non-bank option for small businesses | $0 | 2.00% With $0 min. balance for APY | $0 | Learn more at Bluevine, Deposits are FDIC Insured |
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 | $300 Requirements to qualify | Learn more at Chase, Member FDIC |
nbkc Business Account | 5.0/5 Best for No-fee business banking | $0 | N/A | $0 | |
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 | $200 See offer page for more details | 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 | $0 | 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 | $800 Requirements to qualify | 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% | $300 Requirements to qualify | |
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 | $0 | |
Capital One Business Basic Checking® | 3.5/5 Best for Unlimited checking account transactions | $15.00 Waived with $2,000 minimum balance | N/A | $0 | |
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 | $0 | Learn more at Live Oak Bank, Member FDIC |
| Bank/institution | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | 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 | $400 Requirements to qualify | 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 | $0 | Learn more at Grasshopper Bank, Member FDIC |
Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 5.0/5 Best for Non-bank option for small businesses | $0 | 2.00% With $0 min. balance for APY | $0 | Learn more at Bluevine, Deposits are FDIC Insured |
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 | $300 Requirements to qualify | Learn more at Chase, Member FDIC |
nbkc Business Account | 5.0/5 Best for No-fee business banking | $0 | N/A | $0 | |
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 | $200 See offer page for more details | 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 | $0 | 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 | $800 Requirements to qualify | 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% | $300 Requirements to qualify | |
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 | $0 | |
Capital One Business Basic Checking® | 3.5/5 Best for Unlimited checking account transactions | $15.00 Waived with $2,000 minimum balance | N/A | $0 | |
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 | $0 | Learn more at Live Oak Bank, Member FDIC |
I'M INTERESTED IN:
Our pick for
24/7 customer support
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
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.
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
$0
Grasshopper Bank offers startup-friendly features like built-in invoicing and bookkeeping tools. Founders can also tap Grasshopper experts for help with everything from accelerator applications to navigating investor opportunities.
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.
- No weekend support.
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
Fee of up to $4.95 per cash deposit.
Overdraft fees
$0
Bonus
$0
While not technically a bank, this fintech company offers top-rated business checking and lending products. Bluevine's free, high-yield business checking account earns
2.00%
on balances up to and including $250,000 (terms apply) and includes up to $3 million in FDIC insurance coverage via Coastal Community Bank and partner banks in the IntraFi network. Need financing? Bluevine's business line of credit offers up to $250,000 and can fund in as little as 24 hours. Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 2.00% interest on account balances up to and including $250,000. Terms apply.
- Access up to $3 million in FDIC insurance with Insured Cash Sweep.
Cons
- Cash deposits limited to $500 per deposit, $2,000 per day. Service fee of up to $4.95 per deposit.
- Fee for using out-of-network ATMs.
- No joint accounts or employee debit cards.
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
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 more than 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.
Our pick for
No-fee business banking
nbkc Business Account
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes
Unlimited
Overdraft fees
$0
Bonus
$0
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.
- Accept contactless payments via the NBKC app (iOS only). Fees apply.
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
Read Review
Learn more
at Bank of America, N.A., Member FDIC
APY
N/A
Monthly fee
$16.00
Waived with $5,000 minimum balance
Min. opening deposit
$100
Free cash deposits
Yes
Up to $7,500 per month.
Overdraft fees
$10
Bonus
$200
See offer page for more details
Bank of America stands out among national and regional brick-and-mortar banks by offering unlimited electronic transactions, high cash deposit limits and three different ways to open an account.
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
Read Review
Learn more
at LendingClub Bank, Member FDIC
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
$0
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.
Our pick for
Welcome bonus, free business checking (brick-and-mortar bank)
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
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.
Our pick for
Online banking and business credit cards
American Express® Business Checking
APY
1.30%
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits.
Overdraft fees
$0
Bonus
$300
Requirements to qualify
American Express business checking has no monthly service fee and earns
1.30%
Annual Percentage Yield (APY) on balances up to $500,000 (terms apply). 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.
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
$0
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.
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
$250
Free cash deposits
No
$5,000 included monthly at no charge; $1 for every $1,000 deposited after that
Overdraft fees
N/A
Bonus
$0
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.
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
N/A
Overdraft fees
N/A
Bonus
$0
Pros
- Industry-leading APY.
- No minimum balance to earn interest.
- No monthly fee or minimum deposit.
- Access up to $10 million in FDIC insurance with Insured Cash Sweep.
Cons
- No ATM or debit card access.
- No weekend customer support.
Small-business banking: Best banks for business accounts
Axos Bank
Best for: 24/7 customer support
Axos Bank's free business checking account comes with 24/7 customer support, fee-free cash deposits 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.
Business checking
- 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 up to1.01%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.
Additional services
- Business savings accounts, money market accounts and certificates of deposit.
- Business Premium Savings Accountoffer by Nationwide, with banking services by Axos earns4.01%APY on all balances. Minimum opening deposit of $5,000. (While that account is powered by Axos, you’ll need to open it via Nationwide’s website.)
- Merchant services, including point-of-sale systems, e-commerce solutions and credit and debit card acceptance through Cerelo Merchant Services.
- Small-business loans, including SBA 7(a) loans, real estate and equipment financing, and working capital loans.
» Read our full Axos business checking review
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. 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 American Express business credit cards.
Business checking
- 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.
Additional services
- Top-rated business credit cards, includingThe 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.
- 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.
» Read our full American Express business checking review
NBKC
Best for: No-fee business 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 that earns
2.50%
APY.Business checking
- 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.
Additional services
- Free business money market account, which earns2.50%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.
» Read our full NBKC business checking review
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).
Business checking
- 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.
Additional services
- SBA loans, including SBA 7(a) loans, SBA 504/CDC loans and SBA Express lines of credit.
- Business loans in partnership with Accion, a nonprofit community lender.
- Cash management solutions including deposit and disbursement services, receivables and account management, sweep accounts, fraud prevention and payments.
» Read our full LendingClub business checking review
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 28 states.)
Business checking
- 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 $300welcome 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.
Additional services
- 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.
- Chase business loans, including SBA loans, lines of credit, equipment financing and commercial real estate financing.
» Read our full Chase business checking review
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 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
Business checking
- 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.
Additional services
- Multiple business savings account options, including one of our picks for the best business certificates of deposit.
- Wells Fargo business loans include business lines of credit and SBA loans, including SBA 7(a) loans and SBA 504/CDC loans.
- Business credit cards, though Wells Fargo isn’t accepting new applications at the time of this writing.
- Commercial real estate financing and health care practice financing.
- Wells Fargo Merchant Services with Clover POS systems.
- Payroll services for customers through ADP.
» Read our full Wells Fargo business checking review
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.
Business checking
- Live Oak is not currently accepting new business checking customers.
Additional services
- Business savings account that pays4% APY.
- Has issued more SBA 7(a) loans by volume than any other lender in 2023 as of Oct. 27.
- A cash sweep account that provides FDIC insurance for up to $10 million in deposits.
- Business CDs.
» Read our full Live Oak business banking review
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.
Business checking
- Choose from two business checking account options: Basic and Enhanced.
- 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 an average balance of at least $2,000 over 30 or 90 days, whichever period has the greater balance.
- Unlimited fee-free cash deposits with Enhanced business checking.
- Have to visit a branch location to apply. Capital One branches are concentrated in six states, plus Washington, D.C.
Additional services
- One business savings account option and certificates of deposit.
- Suite of Capital One business credit cards, including two standard cash-back business credit cards, three 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 with fair credit.
- Capital One business loans include working capital lines of credit, equipment and vehicle loans, real estate term loans, business term 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.
» Read our full Capital One business checking review
U.S. Bank
Best for: Welcome bonus, free business checking (brick-and-mortar)
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 an $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL23 and complete qualifying activities, subject to certain terms and limitations. Offer valid through January 8, 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.
Business checking
- 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.
Additional services
- 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.
» Read our full U.S. Bank business checking review
Bank of America
Best for: Generous account limits, easy application
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.
Business checking
- Two account options with respective fees of $16 and $29.95 per month, though both can be waived if you meet average monthly balance requirements. 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.
Additional service
- Six 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.
- Bank of America business loans include secured and unsecured loans and lines of credit, SBA loans and franchise financing.
» Read our full Bank of America business checking review
Grasshopper
Best for: High-yield business checking
Grasshopper is a fully digital, FDIC-insured bank that launched in 2019 and caters exclusively to small businesses. The bank does not offer consumer accounts.
Grasshopper’s high-yield checking account earns up to
2.25
% APY and comes with invoicing and bookkeeping tools built into its online banking platform. Founders can also tap Grasshopper experts for help with everything from accelerator applications to navigating investor opportunities.Grasshopper does not support cash deposits, though, and there’s no weekend support.
Business checking
- Free online business checking account with no overdraft fees, transaction limits or minimum balance requirements.
- Minimum opening deposit of at least $100.
- Earn up to2.25% APY.
- Unlimited 1% cash back on online and signature-based debit card purchases.
- No fees for ACH transfers, incoming wires, overdrafts or ATM usage (third-party fees may apply, though).
Additional services
- 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.
» Read our full Grasshopper Bank business checking review
Bluevine
Best for: Non-bank option for small businesses
Bluevine is a neobank — a financial technology company that provides business banking services and lending services through partner banks — and can be a great option for business owners who prioritize low fees and higher APYs over in-person customer service or a full suite of business banking services.
Bluevine's free, high-yield business checking earns
2.00%
APY on balances up to $250,000 (terms apply) and offers up to $3 million in FDIC insurance coverage via Coastal Community Bank and the IntraFi sweep network. And its business line of credit lets business owners access up to $250,000 in as little as 24 hours with more lenient lending criteria than traditional banks, making it a popular option for startups and business owners with bad credit.Be aware, however, that interest rates and payment terms on Bluevine business loans can be less favorable than at a bank. And business checking customers can't have joint accounts or joint debit cards and need to use a third-party service to deposit cash (for a fee).
Business checking
- Free online business checking account with no overdraft fees, transaction limits or minimum opening deposit.
- Earn up to2.00%APY. Terms apply.
- Cash deposits via Green Dot network for a fee ($4.95 per deposit). Daily and per-deposit limits apply.
- Access up to $3 million in FDIC insurance with Insured Cash Sweep.
- No fees at MoneyPass ATMs; fee for using out-of-network ATMs.
Additional services
- Business line of credit up to $250,000.
How to choose a bank for your small business
Many small-business owners choose their personal bank as their business bank. And while that may feel convenient, it’s worth exploring alternatives — after all, you might want different features as an entrepreneur than you do as an individual consumer.
Here are some questions to guide your search.
Do you want to bank online, in person or both?
Business owners who want an online business checking account can 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.
If you prefer an in-person touch, explore local banks and credit unions. These smaller institutions can make it easier to start a relationship with a banker who can help your business grow (especially if you work with a community development financial institution). You may have an easier time getting your banker on the phone than you would with a larger company. But these smaller institutions are probably less likely to offer polished apps and 24/7 customer service.
National banks, like Chase and Bank of America, usually offer a combination of branch access and sophisticated digital services. However, they’re typically more likely than neobanks to charge monthly fees. And you may not get the same personalized attention from your banker that you would with a local institution with a mission that includes community investment.
Which types of bank accounts do you want?
In general, you probably need a business checking account for managing day-to-day revenue and expenses. But you may also want to consider:
- Business savings accounts, which tend to pay more in interest but limit the number of transactions you can make in a given period. A business savings account may be a good place to store your company’s emergency fund.
- Business money market accounts, which usually have APYs and transaction limits to business savings accounts but also offer debit cards and checks. These may also be good options for emergency funds or for surplus operating funds.
- Business certificates of deposit, which can offer even higher APYs but don’t let you touch your cash until the term is up.
It can be wise to store an emergency fund at a different bank than your business checking account, since the FDIC only insures up to $250,000 per depositor per institution.
How much cash does your business handle?
It’s fairly common for business banks to limit the amount of cash you can deposit each month without paying fees. If your business takes in a lot of cash, look for a business bank account that lets you make unlimited free cash deposits — and if you spend cash often, look for free ATM access and refunds on ATM fees, too.
Will you want to apply for a business loan in the future?
In general, if you need a business loan, it’s a good idea to try to get one from a bank. Bank business loans tend to offer lower interest rates and better terms than online lenders, but they also have tighter lending standards.
Starting a relationship with a bank or credit union now may give you a leg up when it comes to applying for a business loan. If a banker knows your business well, they may be more open to working with you on financing even if your application is imperfect.
What business credit cards do you want?
You should choose the best business credit card for your company based on features like rewards, travel perks and annual fees — regardless of what financial institution it comes from.
But there may be benefits to using a credit card linked to your bank. Bank of America business credit cards, for instance, offer higher rewards rates to Bank of America business checking customers who maintain certain average balances in their business checking accounts.
What fees does the bank charge?
Make sure you understand the fees associated with any business bank account. Some business banks charge monthly fees for checking and savings accounts, although many waive those fees if you keep your balance above a certain level. Look for a business checking account with no fees unless you’re confident the account’s perks will outweigh the costs.
Should you have accounts at multiple business banks?
It can make sense to open multiple business bank accounts if you have more than $250,000 on deposit. The FDIC only insures up to that amount per depositor per institution — which means if your business bank fails, then the federal government only promises to cover your losses up to $250,000.
Some financial providers increase this coverage via Insured Cash Sweep accounts, which spread deposits across multiple FDIC-backed banks behind the scenes. But even if you use this service — or you’re not worried about hitting the $250,000 max — using more than one business bank can minimize the impact of potential issues like an unexpected account freeze.
A good first step is to store an emergency fund at a different bank than your business checking account. If your business keeps significantly more cash on hand — if you’re a startup with venture funding, for instance — a business cash management account may be a better fit to maximize potential returns.
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.
Last updated on November 8, 2023
Methodology
NerdWallet evaluates more than 30 business bank accounts from national, regional and online banks. Collectively, these accounts represent the largest banks by assets, internet search traffic and other factors, along with notable or emerging players in the industry.
We consider more than 20 data points for each account, scoring them on fees, perks and accessibility, among other factors. This information is gathered from each financial institution's website and company representatives. In addition, data is collected regularly and reviewed by our editorial team for consistency and accuracy.
Final star ratings are presented on a scale of one to five stars, where a one-star score represents "poor" and a five-star score represents "excellent." Learn more about how we rate business checking accounts.