- Best for online banking, business lines of credit: American Express.
- Best for brick-and-mortar banking: Chase Bank.
- Best for SBA loans: Live Oak Bank.
Best Banks for Small Business
Best for | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
---|---|---|---|---|---|
Online banking and business lines of credit American Express® Business Checking Learn more at American Express National Bank, Member FDIC | 5.0/5 | $0 | 1.30% With $0 min. balance for APY | N/A | Learn more at American Express National Bank, Member FDIC |
Non-bank option for small businesses Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 4.7/5 | $0 | 1.50% With $0 min. balance for APY | $300 Requirements to qualify | Learn more at Bluevine, Deposits are FDIC Insured |
Full-service business banking and business credit cards Chase Business Complete Banking® Learn more at Chase, Member FDIC | 4.5/5 | $15.00 Waived with $2,000 minimum balance | N/A | $300 Requirements to qualify | Learn more at Chase, Member FDIC |
Welcome bonus U.S. Bank Silver Business Checking Learn more at U.S. Bank, Member FDIC | 4.2/5 | $0 | N/A | $400 Requirements to qualify | Learn more at U.S. Bank, Member FDIC |
Startups Grasshopper Business Checking Account Learn more at Grasshopper Bank, Member FDIC | 4.5/5 | $0 | 2.00% With $0 min. balance for APY | N/A | Learn more at Grasshopper Bank, Member FDIC |
ATM withdrawals Axos Bank® Basic Business Checking Learn more at Axos Bank®, Member FDIC | 4.9/5 | $0 | N/A | $400 Requirements to qualify | Learn more at Axos Bank®, Member FDIC |
Cash deposits Bank of America® Business Advantage Fundamentals™ Banking Learn more at Bank of America, N.A., Member FDIC | 4.5/5 | $16.00 $0 for the first 12 statement cycles. | N/A | $200 Requirements to qualify | Learn more at Bank of America, N.A., Member FDIC |
Business savings accounts and SBA loans Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 | $0 | 3.80% With $0.01 min. balance for APY | $400 Requirements to qualify | Learn more at Live Oak Bank, Member FDIC |
Business checking accounts and online business loans LendingClub Tailored Checking | 4.9/5 | $10.00 Waived with $500 minimum balance | 1.50% With $0 min. balance for APY | N/A | |
Business money market accounts nbkc bank Business Money Market Account Learn more at nbkc bank, Member FDIC | 4.5/5 | $0 | 2.75% With $0.01 min. balance for APY | N/A | Learn more at nbkc bank, Member FDIC |
Unlimited checking account transactions Capital One Business Basic Checking® | 4.0/5 | $15.00 Waived with $2,000 minimum balance | N/A | N/A | |
Credit union for veterans Navy Federal Credit Union Business Checking | 4.2/5 | $0 | 0.01% With $0 min. balance for APY | N/A | |
Best for | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
---|---|---|---|---|---|
Online banking and business lines of credit American Express® Business Checking Learn more at American Express National Bank, Member FDIC | 5.0/5 | $0 | 1.30% With $0 min. balance for APY | N/A | Learn more at American Express National Bank, Member FDIC |
Non-bank option for small businesses Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 4.7/5 | $0 | 1.50% With $0 min. balance for APY | $300 Requirements to qualify | Learn more at Bluevine, Deposits are FDIC Insured |
Full-service business banking and business credit cards Chase Business Complete Banking® Learn more at Chase, Member FDIC | 4.5/5 | $15.00 Waived with $2,000 minimum balance | N/A | $300 Requirements to qualify | Learn more at Chase, Member FDIC |
Welcome bonus U.S. Bank Silver Business Checking Learn more at U.S. Bank, Member FDIC | 4.2/5 | $0 | N/A | $400 Requirements to qualify | Learn more at U.S. Bank, Member FDIC |
Startups Grasshopper Business Checking Account Learn more at Grasshopper Bank, Member FDIC | 4.5/5 | $0 | 2.00% With $0 min. balance for APY | N/A | Learn more at Grasshopper Bank, Member FDIC |
ATM withdrawals Axos Bank® Basic Business Checking Learn more at Axos Bank®, Member FDIC | 4.9/5 | $0 | N/A | $400 Requirements to qualify | Learn more at Axos Bank®, Member FDIC |
Cash deposits Bank of America® Business Advantage Fundamentals™ Banking Learn more at Bank of America, N.A., Member FDIC | 4.5/5 | $16.00 $0 for the first 12 statement cycles. | N/A | $200 Requirements to qualify | Learn more at Bank of America, N.A., Member FDIC |
Business savings accounts and SBA loans Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 | $0 | 3.80% With $0.01 min. balance for APY | $400 Requirements to qualify | Learn more at Live Oak Bank, Member FDIC |
Business checking accounts and online business loans LendingClub Tailored Checking | 4.9/5 | $10.00 Waived with $500 minimum balance | 1.50% With $0 min. balance for APY | N/A | |
Business money market accounts nbkc bank Business Money Market Account Learn more at nbkc bank, Member FDIC | 4.5/5 | $0 | 2.75% With $0.01 min. balance for APY | N/A | Learn more at nbkc bank, Member FDIC |
Unlimited checking account transactions Capital One Business Basic Checking® | 4.0/5 | $15.00 Waived with $2,000 minimum balance | N/A | N/A | |
Credit union for veterans Navy Federal Credit Union Business Checking | 4.2/5 | $0 | 0.01% With $0 min. balance for APY | N/A |
I'M INTERESTED IN:
Our pick for
Online banking and business lines of credit
American Express® Business Checking
at American Express National Bank, Member FDIC
With $0 min. balance for APY
No cash deposits.
Pros
- No monthly fees or minimum opening deposit.
- No excess transaction fees and no charge for domestic incoming wires.
- Earn 1.30% APY on balances up to $500,000.
- 24/7 customer support.
- No fees on withdrawals at more than 70,000 MoneyPass and Allpoint ATMs in the U.S.
Cons
- Can’t deposit cash.
- No outgoing international wire transfers.
Our pick for
Non-bank option for small businesses
Bluevine Business Checking
With $0 min. balance for APY
Fees vary by location.
Requirements to qualify
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.50% interest on account balances up to and including $250,000. Terms apply.
- Access up to $3 million in FDIC insurance with Insured Cash Sweep.
- No fees at MoneyPass ATMs.
- Free incoming wires and low outgoing wire transfer fees.
Cons
- Fee for cash deposits.
- Fee for using out-of-network ATMs.
- Does not offer jointly-owned accounts.
Our pick for
Full-service business banking and business credit cards
Chase Business Complete Banking®
Waived with $2,000 minimum balance
Up to $5,000 per month.
Requirements to qualify
Pros
- No minimum opening deposit.
- Unlimited fee-free electronic transactions.
- Integrated credit card processing.
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
- 24/7 customer support.
- No fees at 16,000 Chase ATMs and access to around 4,700 branches.
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
Welcome bonus
U.S. Bank Silver Business Checking
Up to $2,500 per month.
Requirements to qualify
Pros
- No monthly service fee for Silver Business Checking account.
- Welcome bonus for new customers (terms apply).
- No fees at U.S. Bank and MoneyPass ATMs.
Cons
- Low cash deposit limits.
- Limit of 125 fee-free transactions per month.
- $1 fee for outgoing domestic ACH transfers.
Our pick for
Startups
Grasshopper Business Checking Account
With $0 min. balance for APY
No cash deposits.
Pros
- Unlimited 1% cash back on qualified debit card purchases.
- Earn up to 2.00% 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
ATM withdrawals
Axos Bank® Basic Business Checking
Unlimited
Requirements to qualify
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions and free incoming wires.
- Automatic refunds of all ATM fees (domestic).
- Cash deposits via AllPoint ATMs.
- Welcome bonus for new customers (terms apply).
Cons
- $25 fee for insufficient funds/uncollected funds returned.
- No third-party app integrations.
Our pick for
Cash deposits
Bank of America® Business Advantage Fundamentals™ Banking
$0 for the first 12 statement cycles.
Up to $7,500 per statement cycle.
Requirements to qualify
Pros
- No monthly fee for the first 12 statement cycles.
- High cash deposit limits.
- Welcome offer for new accountholders.
- Loyalty perks via Preferred Rewards for Business program.
Cons
- $100 minimum opening deposit.
- Fee for using out-of-network ATMs.
Our pick for
Business savings accounts and SBA loans
Live Oak Bank Business Savings
With $0.01 min. balance for APY
No cash deposits
Requirements to qualify
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.
Our pick for
Business checking accounts and online business loans
LendingClub Tailored Checking
With $0 min. balance for APY
Waived with $500 minimum balance
Unlimited
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.
- Limits of $10,000 on both incoming and outgoing ACH transfers.
Our pick for
Business money market accounts
nbkc bank Business Money Market Account
With $0.01 min. balance for APY
Up to $2,500 per day via compatible ATMs.
Pros
- Earns 2.75% APY.
- No minimum balance to earn interest.
- No monthly fee or minimum opening deposit.
- Includes checks and an ATM card.
Cons
- High fee ($45) for international wire transfers.
- No weekend or after-hours customer support.
Our pick for
Unlimited checking account transactions
Capital One Business Basic Checking®
Waived with $2,000 minimum balance
$5,000 included monthly at no charge; $1 for every $1,000 deposited after that
Pros
- Unlimited fee-free transactions.
- Full suite of business services, including business credit cards and loans.
- No fees at 70,000 ATMs, including the Capital One, MoneyPass and Allpoint networks.
Cons
- No free business checking account options.
- Limited service area; must apply in person.
- Limit of $5,000 per month in free cash deposits.
Our pick for
Credit union for veterans
American Express
- Free online business checking account with almost no fees; outgoing domestic wire transfers are the exception.
- Earn 1.30% APY (annual percentage yield) on balances up to $500,000 as of 02/07/2024.
- 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 American Express 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.
Axos Bank
- Two business checking accounts: one free and one interest-earning account.
- Business Interest Checking is $10per month unless you maintain an average daily balance of $5000. 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.
- No ATM fees, regardless of the ATM you use, plus unlimited rebates for ATM fees you incur from other banks.
- Both accounts allow cash deposits via compatible AllPoint and MoneyPass ATMs.
- Business savings accounts, money market accounts and certificates of deposit.
- Merchant services, including point-of-sale systems through a third party.
- Small-business loans, including SBA 7(a) loans, real estate and equipment financing, and working capital loans.
LendingClub
- 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 $500or 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 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.
Chase
- Three business checking account options, which each include unlimited fee-free electronic deposits.
- Monthly service fees start at $15per 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.
- 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.
Live Oak Bank
- Three business checking acount options with monthly fees starting at $10. Fees can be waived. ifyou meet certain balance thresholds.
- Unlimited monthly transactions.
- Live customer support.
- Business savings account that pays3.8% APY.
- Issued $1.8 billion in SBA 7(a) loans in fiscal year 2024, the second-most of any lender.
- A cash sweep account that provides FDIC insurance for up to $10 million in deposits.
- Business CDs.
NBKC
- Free business checking account that can be opened online anywhere in the U.S.
- 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 earns2.75%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.
Capital One
- Choose from two business checking account options: Basic and Enhanced.
- Unlimited fee-free transactions included with each account.
- Monthly service fees start at $15per month for Basic business checking and can be waived with an average balance of at least $2000over 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.
- 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.
U.S. Bank
- 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 $750welcome bonus (terms apply), no annual fee and earns1%-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
- Two account options with respective fees of $16and $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, plus nearly 16,000 fee-free Bank of America ATMs.
- 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.
Startups
- 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% 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).
- 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.
Navy Federal Credit Union
Bluevine
- Free online business checking account with no overdraft fees, transaction limits or minimum opening deposit.
- Earn up to1.50%APY on free business checking account. 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.
- Business line of credit up to $250,000.
- Online, in person or both? Business owners who want an online business checking account can look to neobanks for free or low-cost business checking. If you prefer an in-person touch, explore local banks and credit unions, which 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). National brick-and-mortar banks usually offer a combination of branch access and sophisticated digital services.
- What accounts do you need? Start with a business checking account for managing your cash. Beyond that, look for banks that offer business savings accounts, business money market accounts and certificates of deposit if you plan to use those services.
- What fees does the bank charge? 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.
- Do you use cash? 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.
- Is financing in your future? Starting a relationship with a bank or credit union that offers financing may give you a leg up when it comes to applying for a business loan.
- Do you use business credit cards? You should choose the best business credit card for your company based on features like rewards, travel perks and annual fees, 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 certain B of A customers.