Best Banks for Small Business in California
Best Banks for Small Business in California
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Requirements to qualify
at U.S. Bank, Member FDIC
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.
U.S. Bank Silver Business Checking
Best for Customer support + SBA loans
Requirements to qualify
at U.S. Bank, Member FDIC
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.
Waived with $2,000 minimum balance
Requirements to qualify
at Chase, Member FDIC
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.
Chase Business Complete Banking®
Best for Branch access + business credit cards
Waived with $2,000 minimum balance
Requirements to qualify
at Chase, Member FDIC
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.
$0 for the first 12 statement cycles.
at Bank of America, N.A., Member FDIC
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.
Bank of America® Business Advantage Fundamentals™ Banking
Best for Cash deposits + loyalty perks
$0 for the first 12 statement cycles.
at Bank of America, N.A., Member FDIC
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.
Requirements to qualify
at Axos Bank®, Member FDIC
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.
Axos Bank® Basic Business Checking
Best for Online bank with easy cash deposits
Requirements to qualify
at Axos Bank®, Member FDIC
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.
With $0 min. balance for APY
Requirements to qualify
at Bluevine, Deposits are FDIC Insured
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.
Bluevine Business Checking
Best for Non-bank option for small business
With $0 min. balance for APY
Requirements to qualify
at Bluevine, Deposits are FDIC Insured
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.
With $0 min. balance for APY
at American Express National Bank, Member FDIC
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.
American Express® Business Checking
Best for Online banking with 24/7 customer support
With $0 min. balance for APY
at American Express National Bank, Member FDIC
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.
With $0.01 min. balance for APY
Requirements to qualify
at Live Oak Bank, Member FDIC
Pros
- Industry-leading APY.
- Earn interest on balances of $0.01 and higher.
- 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.
Live Oak Bank Business Savings
Best for High-yield business savings
With $0.01 min. balance for APY
Requirements to qualify
at Live Oak Bank, Member FDIC
Pros
- Industry-leading APY.
- Earn interest on balances of $0.01 and higher.
- 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.
Navy Federal Credit Union Business Checking
Best for Military members, veterans and their families
With $0 min. balance for APY
Pros
- No monthly fees.
- Unlimited fee-free electronic transactions and free incoming wires.
- No dollar limit on cash deposits (other limits may apply).
- 24/7 customer service.
Cons
- High opening deposit (up to $255).
- $29 fee for overdrafts, insufficient funds.
- Eligibility limited to veterans, military members, Department of Defense employees and their families.
Navy Federal Credit Union Business Checking
Best for Military members, veterans and their families
With $0 min. balance for APY
Pros
- No monthly fees.
- Unlimited fee-free electronic transactions and free incoming wires.
- No dollar limit on cash deposits (other limits may apply).
- 24/7 customer service.
Cons
- High opening deposit (up to $255).
- $29 fee for overdrafts, insufficient funds.
- Eligibility limited to veterans, military members, Department of Defense employees and their families.
Best banks for business in California
Axos
- 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, 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.
Live Oak
- Three business checking options.
- Business Essential Checking has a $10 monthly fee (waived with $1,000 average daily balance) and no monthly transaction limits.
- Live Oak does not support cash deposits; accounts can be funded via ACH, wire transfer or check.
- No weekend customer support.
- Fee-free access to more than 55,000 AllPoint ATMs (savings accounts don’t have ATM access).
- High-yield savings account that earns3.70%APY with a balance of at least $0.01.
- A cash sweep account that provides FDIC insurance for up to $10 million in deposits.
- Business CDs that earn upwards of 4.00% APY.
- Issued more SBA 7(a) loans by dollar amount than any other lender in 2023.
American Express
- Online business checking account with no monthly fees. Earn1.30%APY on balances up to $500,000.
- No limit on transactions and no charges for incoming wire transfers or stop payments.
- 24/7 customer support online, by phone or via the app.
- Cannot deposit cash.
- Top-rated business credit cards, including 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, as well as invoicing and credit card processing.
Bluevine
- Bluevine Standard: No monthly fee, minimum deposit, overdraft fees or transaction limits.Earn 1.50% interest on account balances up to and including $250,000. Terms apply.
- Bluevine Premier: Earn4% APY on balances up to $3 million (terms apply). Monthly fee of $95is waived if you meet daily balance and spending requirements. Premier customers receive discounted wire and same-day ACH transfers.
- One-time and recurring bill payments via ACH, wire transfer or check.
- No ATM fees at more than 37,000 MoneyPass ATMs.
- Cash deposits available via Green Dot and compatible AllPoint+ ATMs. Fees and limits apply.
- Business lines of credit up to $250,000.
- Cash-back business credit card available for eligible Bluevine business checking customers (by invitation only).
Chase
- Chase Business Complete Checking℠ is $15 per month, but there are multiple ways to avoid the fee.
- Unlimited electronic deposits. In-person and paper transactions are limited to 20 per month for Chase Business Complete and 250 per month for Chase Performance Business Checking®.
- Payment processing through the Chase mobile app with QuickAccept℠, no additional point-of-sale equipment needed.
- Live customer service available by phone 24/7.
- A full suite of Chase Ink business rewards credit cards, which offer generous sign-up bonuses, as well as other Chase business credit cards.
- A variety of small-business loans, including lines of credit, equipment financing and SBA loans.
- Chase offers payment services for e-commerce and retail businesses, including Chase QuickAccept, which lets business owners accept credit card payments from the mobile app.
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.
- Opportunity to earn a welcome bonus. Terms apply.
- Suite of 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.
Navy Federal Credit Union
U.S. Bank
- Five account options, including a Nonprofit Checking account. Monthly fees range from $0 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.