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Best Banks for Small Business of March 2024

The top banks for small businesses often offer checking and savings accounts, plus other financial solutions for when your business grows.
By Randa Kriss, Kelsey Sheehy
Last updated on January 31, 2024
Edited byRyan Lane
Fact checked and reviewed

⏰ Estimated read time: 20 minutes

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The best banks for small business allow entrepreneurs to address multiple business banking needs, starting with a free or low-fee business checking account. Many also offer options for savings, credit cards, business loans (including SBA loans) and merchant services.
You may want to leverage business bank accounts from multiple institutions to keep your funds secure and help shield your business from disruptions — especially if your deposits exceed the federally insured limit of $250,000. And placing some cash, like your emergency fund, in a business savings account can earn you as much interest as possible.
NerdWallet evaluated more than 30 national, regional and online banks to identify the best banks for business accounts. Most of the star ratings on this list are specific to the bank's business checking account — that's the one you'll likely use every day while managing your business finances, after all. The exceptions are Live Oak Bank and NBKC, which we've highlighted for their standout business savings products.
If a bank offers multiple business checking accounts, we rated the entry-level account.

Best Banks for Small Business

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

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

4.5/5

Best for Generous account limits, easy application

$16.00

N/A$0
Learn more

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

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$400

Requirements to qualify

Learn more

at Chase, 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

$0
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

$0
Learn more

at Grasshopper Bank, Member FDIC

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

LendingClub Tailored Checking

Learn more

at LendingClub Bank, Member FDIC

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

$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%

$240

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®

4.0/5

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

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

$0
Learn more

at nbkc bank, Member FDIC

Navy Federal Credit Union Business Checking

4.2/5

Best for Credit union for veterans

$0

0.01%

With $0 min. balance for APY

$0
Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

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

4.5/5

Best for Generous account limits, easy application

$16.00

N/A$0
Learn more

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

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$400

Requirements to qualify

Learn more

at Chase, 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

$0
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

$0
Learn more

at Grasshopper Bank, Member FDIC

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

LendingClub Tailored Checking

Learn more

at LendingClub Bank, Member FDIC

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

$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%

$240

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®

4.0/5

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

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

$0
Learn more

at nbkc bank, Member FDIC

Navy Federal Credit Union Business Checking

4.2/5

Best for Credit union for veterans

$0

0.01%

With $0 min. balance for APY

$0

I'M INTERESTED IN:

Our pick for

Generous account limits, easy application

Bank of America® Business Advantage Fundamentals™ Banking

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
$0

See offer page for more details

Our pick for

Full-service business banking

Chase Business Complete Banking℠

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
$400

Requirements to qualify

Our pick for

Non-bank option for small businesses

Bluevine Business Checking

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
$0

Our pick for

High-yield business checking

Grasshopper Business Checking Account

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

Our pick for

24/7 customer support

Axos Bank® Basic Business Checking

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

1% cash back on debit card purchases

LendingClub Tailored Checking

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

Our pick for

Welcome bonus, free business checking (brick-and-mortar bank)

U.S. Bank Silver Business Checking

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

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
$240

Requirements to qualify

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

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
$0

Our pick for

Business savings accounts and SBA loans

Live Oak Bank Business Savings

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

Our pick for

Business money market accounts

nbkc bank Business Money Market Account

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
N/A
Overdraft fees
$0
Bonus
$0

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
$0

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.

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, 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 a $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q1AFL24 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through April 23, 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: 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.

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.

Navy Federal Credit Union

Best for: Credit union for veterans
In order to open an account at Navy Federal Credit Union, all business owners must be eligible for credit union membership — which means they or their family members must be current or retired military members, veterans or Department of Defense employees. If you meet those requirements, though, this credit union offers three business checking accounts, multiple business savings options and 24/7 customer support.

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).

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.

NerdWallet's picks for business banking products and services

Account or product type
What it's best for
Our top picks
Business checking accounts
Day-to-day transactions.
Business savings accounts
Saving for medium-term goals.
Business money market accounts
Storing extra operating funds.
Business certificates of deposit
Saving for long-term goals.
Merchant services
Accepting credit and debit card payments directly.
Business credit cards
Bridging cash flow gaps and earning rewards.
Business loans
Financing business growth.

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 January 31, 2024

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.
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