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Best Banks for Small Business of February 2023

The top banks for small businesses can help you find the right banking solutions as your business grows.
By Randa Kriss
Last updated on January 13, 2023
Edited byRyan Lane

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

🤓 Nerdy Tip

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

at Bluevine, Deposits are FDIC Insured

Bluevine Business Checking

5.0
NerdWallet rating 
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

Sign-up bonus

$0

Our Nerdy picks for

1% cash back on debit card purchases

LendingClub Tailored Checking

Bundling banking services

Chase Business Complete Banking℠

Fee-free online banking

nbkc Business Account

High-yield business checking

American Express® Business Checking

Best Banks for Small Business

Bank/institution
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$0
Learn more

at Axos Bank®, Member FDIC

LendingClub Tailored Checking

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

$100

Chase Business Complete Banking℠

Learn more

at Chase, Member FDIC

5.0/5

Best for Bundling banking services

$15.00

Waived with $2,000 minimum balance

N/A$0
Learn more

at Chase, Member FDIC

nbkc Business Account

Learn more

at nbkc bank, Member FDIC

5.0/5

Best for Fee-free online banking

$0

N/A$0
Learn more

at nbkc bank, Member FDIC

American Express® Business Checking

5.0/5

Best for High-yield business checking

$0

1.30%

$0

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$25

Capital One Spark Business Basic Checking®

3.5/5

Best for Unlimited checking account transactions

$15.00

Waived with $2,000 minimum balance

N/A$250

U.S. Bank Silver Business Checking

Learn more

at U.S. Bank, Member FDIC

4.0/5

Best for Free business checking at a brick-and-mortar bank

$0

N/A$100
Learn more

at U.S. Bank, Member FDIC

Bank of America Business Advantage Fundamentals™ Banking

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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$0
Learn more

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

Grasshopper Business Checking Account

Learn more

at Grasshopper Bank, Member FDIC

5.0/5

Best for Startups

$0

1.51%

With $0 min. balance for APY

$100
Learn more

at Grasshopper Bank, Member FDIC

Our pick for

24/7 customer support

Axos Bank® Basic Business Checking

5.0
NerdWallet rating 
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

$200

New business owners get a $200 welcome bonus with promo code NEWBIZ200. Not a new business? Use promo code NEWAXOSBIZ for a $100 bonus.

Requirements to qualify

Our pick for

1% cash back on debit card purchases

LendingClub Tailored Checking

5.0
NerdWallet rating 
APY

1.50%

1.50% APY on balances up to $100,000 and 0.10% APY on all balances after that

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

Sign-up bonus

$0

Our pick for

Bundling banking services

Chase Business Complete Banking℠

5.0
NerdWallet rating 
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

No

Up to $5,000 per month.

Overdraft fees

$34

Bonus

$300

Earn $300 when you open a new Chase Business Complete Checking account. For new Chase business checking customers with qualifying activities.

Requirements to qualify

Our pick for

Fee-free online banking

nbkc Business Account

5.0
NerdWallet rating 
Learn more

at nbkc bank, Member FDIC

APY

N/A

Monthly fee

$0

Min. opening deposit

$0

Free cash deposits

Yes

Unlimited

Overdraft fees

$0

Sign-up bonus

$0

Our pick for

High-yield business checking

American Express® Business Checking

5.0
NerdWallet rating 
APY

1.30%

Monthly fee

$0

Min. opening deposit

$0

Free cash deposits

No

No cash deposits.

Overdraft fees

$0

Bonus

$300

Earn 30,000 Membership Rewards points, which is equivalent to $300 when converted to a cash deposit into your business checking account. Other redemption options available. Terms apply.

Requirements to qualify

Our pick for

Branch access and business loans

Wells Fargo Initiate Business Checking℠ Account

4.0
NerdWallet rating 
APY

N/A

Monthly fee

$10.00

Waived with $500 minimum balance

Min. opening deposit

$25

Free cash deposits

No

No fee for the first $5,000 cash deposits processed each fee period. After $5,000, it's $.30 per $100 deposited.

Overdraft fees

$35

Sign-up bonus

$0

Our pick for

Unlimited checking account transactions

Capital One Spark Business Basic Checking®

3.5
NerdWallet rating 
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

Sign-up bonus

$0

Our pick for

Free business checking at a brick-and-mortar bank

U.S. Bank Silver Business Checking

4.0
NerdWallet rating 
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

$400

Earn a $400 bonus when you open a new, eligible U.S. Bank business checking account online with promo code AF49ZCB and complete qualifying activities1, subject to certain terms and limitations. Offer valid through January 30, 2023. Member FDIC. Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for checking account

Requirements to qualify

Our pick for

Generous account limits, easy application

Bank of America Business Advantage Fundamentals™ Banking

5.0
NerdWallet rating 
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

$0

Free cash deposits

Yes

Up to $7,500 per month.

Overdraft fees

$10

Bonus

$200

See offer page for more details

Our pick for

Startups

Grasshopper Business Checking Account

5.0
NerdWallet rating 
Learn more

at Grasshopper Bank, Member FDIC

APY

1.51%

Unlimited 1.51% APY

With $0 min. balance for APY

Monthly fee

$0

Min. opening deposit

$100

Free cash deposits

No

No cash deposits.

Overdraft fees

$0

Sign-up bonus

$0

Small business banking: Best banks for business accounts

Axos Bank: Best for 24/7 customer support

Axos Bank continues to improve its already-strong free business checking account, adding cash deposits and eliminating transaction limits. Axos business accounts also include 24/7 customer support and unlimited refunds for ATM fees in the United States.
Axos also offers interest-bearing checking and savings accounts, business loans (including SBA loans) and merchant services. Unlike many online banks, Axos is Federal Deposit Insurance Corp.-insured and provides all of its banking services directly.
Here are some of the highlights:

American Express: Best for high-yield business checking

American Express’s new business checking account offers one of the most competitive interest rates out there for businesses:
1.30%
on balances up to $500,000. The free online business checking account also has no monthly fees, overdraft fees or stop-payment fees.
Beyond that, American Express offers small-business loans and a suite of business credit cards.
Here are some of the highlights:

NBKC: Best for fee-free, online banking

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

LendingClub: Best for 1% cash back on debit card purchases

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

Chase: Best for bundling banking services

Chase offers a variety of small-business banking services that set it apart from other national brick-and-mortar banks, including three business checking accounts, two business savings accounts and the Chase Ink suite of business credit cards, among other financial products.
You can open a business account online or in person. (Chase has more than 4,700 branches across 28 states.)
Here are some of the highlights:
» MORE: Need financing? Compare small-business loans

Wells Fargo: Best for branch access and business loans

Wells Fargo has roughly 4,900 branch locations and over 12,000 ATMs across 40 states, plus Washington, D.C. — the largest branch network in the U.S. — making it an ideal choice for small-business owners who prefer to do at least some of their banking in person.
In addition, Wells Fargo is among the best banks for business loans, offering competitive financing options, including those with benefits for existing customers. Wells Fargo is also one of the most active SBA 7(a) lenders: As of December 2021, Wells Fargo approved the most SBA 7(a) loans of any traditional national bank in the country.
Here are some of the highlights:

Capital One: Best for unlimited checking account transactions

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

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

U.S. Bank is one of the few brick-and-mortar banks that lets you open a business account online. You can also call or visit a branch to get your account started.
Business owners can choose from one of three business checking accounts and take advantage of additional services, including payment processing, small-business loans and business credit cards.
Here are some of the highlights:

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 three different ways to open an account.
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.
Here are some of the highlights:

Grasshopper: Best for startups

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 lone business checking offering — a high-yield account that earns 1.51% APY — includes startup-friendly features like invoicing and bookkeeping tools that are built into Grasshopper’s online banking platform. Founders can also tap Grasshopper experts for help with everything from accelerator applications to navigating investor opportunities.
It’s worth noting: This business banking account does not support cash deposits. And while there is robust customer service access during the week, Grasshopper does not offer weekend support.
Here are some of the highlights:

How to choose a bank for your small business

Here are some things to keep in mind as you compare your options:
  • Consider your short- and long-term financial goals. If you think your business’s needs will change drastically in a year, you don’t want to choose a bank that won’t be able to accommodate you after that year.
  • Think about how you prefer to bank. Are you going to turn your search exclusively to brick-and-mortar banks or are online banks an option?
  • Look for the product features or services that are most important to you. If a business checking account is your top priority, narrow down your search to find the best checking account options for your business. On the other hand, if you want to bundle multiple products together, find a bank that can provide the services that are most important to you.
  • Don’t forget about fees. Make sure you understand the fees associated with any business account, and explore multiple options before signing up.
  • Start, but don’t end, your search with your personal bank. According to a 2019 study from BAI, a research and training nonprofit for business owners, 79% of small-business owners reported using the same provider for their personal and business financial services. The same study points out, however, that business owners report less satisfaction with their bank than general banking customers. The net promoter score — a measure of customer satisfaction — is 35 for general banking customers, but only 24 for business owners. While it might be easy to start your search with your personal bank, it might be worth exploring alternative banks as well.

Compare more business banking options

Want to explore more banks for small businesses? Use NerdWallet's tool to search for and compare business checking accounts based on the features that are important to you, whether that's unlimited transactions, free ATM access, no monthly fee or a low minimum opening deposit.
The information related to the Wells Fargo Business Secured Credit Card has been collected by NerdWallet and has not been reviewed or provided by the issuer or provider of this product or service.
Last updated on January 13, 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.