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Best Banks for Small Business in North Carolina of June 2024

By Kelsey Sheehy
Last updated on March 4, 2024
Edited byRyan Lane
Fact checked and reviewed

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Nerdwallet analyzed national, regional and online financial institutions to find the best banks for small businesses in North Carolina. We prioritized banks that offered free or low-fee business checking accounts alongside other business services, including business loans, high-yield savings accounts, merchant services and business credit cards.
Weigh the features most important to you when choosing a bank for your business, whether those be branch locations, cash deposits, customer support or account flexibility. While online banks score points for minimal fees and easy accessibility, live customer support can be lacking. Brick-and-mortar banks typically have more fees and restrictions but offer a wide range of business services — and likely have a branch in your area if you want to talk to a banker in person.
Here are our picks for the best overall banks available to small businesses in North Carolina, plus some local options worth considering. Note that most of the star ratings on this list are specific to the bank's business checking account, not the overall institution. The exception is Live Oak Bank, which we've highlighted for its standout business savings account.

Best Banks for Small Business in North Carolina

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

Truist Simple Business Checking

3.5/5

Best for In-person banking in North Carolina

$0

N/AN/A

Wells Fargo Initiate Business Checking℠ Account

4.0/5

Best for Branch access + business loans

$10.00

Waived with $500 minimum balance

N/AN/A

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

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

4.5/5

Best for Cash deposits + loyalty rewards

$16.00

N/A$200

Requirements to qualify

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 All-in-one business bank

$15.00

Waived with $2,000 minimum balance

N/A$300

Requirements to qualify

Learn more

at Chase, Member FDIC

Navy Federal Credit Union Business Checking

4.2/5

Best for Military members, veterans and their families

$0

0.01%

With $0 min. balance for APY

N/A

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

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

N/A

Learn more

at Bluevine, Deposits are FDIC Insured

nbkc Business Account

Learn more

at nbkc bank, Member FDIC

4.9/5

Best for No-fee business banking checking

$0

N/AN/A

Learn more

at nbkc bank, Member FDIC

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5

Best for High-yield business savings + SBA loans

$0

4.00%

With $0.01 min. balance for APY

N/A

Learn more

at Live Oak Bank, Member FDIC

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

Truist Simple Business Checking

3.5/5

Best for In-person banking in North Carolina

$0

N/AN/A

Wells Fargo Initiate Business Checking℠ Account

4.0/5

Best for Branch access + business loans

$10.00

Waived with $500 minimum balance

N/AN/A

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

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

4.5/5

Best for Cash deposits + loyalty rewards

$16.00

N/A$200

Requirements to qualify

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 All-in-one business bank

$15.00

Waived with $2,000 minimum balance

N/A$300

Requirements to qualify

Learn more

at Chase, Member FDIC

Navy Federal Credit Union Business Checking

4.2/5

Best for Military members, veterans and their families

$0

0.01%

With $0 min. balance for APY

N/A

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

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

N/A

Learn more

at Bluevine, Deposits are FDIC Insured

nbkc Business Account

Learn more

at nbkc bank, Member FDIC

4.9/5

Best for No-fee business banking checking

$0

N/AN/A

Learn more

at nbkc bank, Member FDIC

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5

Best for High-yield business savings + SBA loans

$0

4.00%

With $0.01 min. balance for APY

N/A

Learn more

at Live Oak Bank, Member FDIC

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Our pick for

In-person banking in North Carolina

Truist Simple Business Checking

APY
N/A
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
N/A
Overdraft fees
N/A
Bonus
N/A

Our pick for

Branch access + 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
N/A

Our pick for

Cash deposits + loyalty rewards

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
Min. opening deposit
$100
Free cash deposits
Yes

Up to $7,500 per statement cycle.

Overdraft fees
$10
Bonus
$200

Requirements to qualify

Our pick for

All-in-one business bank

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

Our pick for

Military members, veterans and their families

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
N/A

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

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

Fees vary by location.

Overdraft fees
$0
Bonus
N/A

Our pick for

No-fee business banking checking

nbkc Business Account

Read Review
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
Bonus
N/A

Our pick for

High-yield business savings + 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
No

No cash deposits

Overdraft fees
N/A
Bonus
N/A

Best banks for business accounts in North Carolina

Axos

Best for: 24/7 customer support
NerdWallet star rating:
5
Online banks can often fall short on live customer support. Not Axos. This online-only bank offers live, 24/7 phone support for business customers. Other standout features include the ability to easily make cash deposits at compatible ATMs and automatic refunds of any ATM fees, including those charged by third-party operators.

Live Oak

Best for: High-yield business savings + SBA loans
NerdWallet star rating:
5
Live Oak is one of the most active SBA 7(a) lenders in North Carolina. The online bank also consistently offers some of the best interest rates on the market with its business savings products, including a top-notch high-yield business savings account that earns
4.00%
APY and multiple business CD options that earn at least 5.00% APY as of this writing.

NBKC

Best for: No-fee business banking checking
NerdWallet star rating:
4.9
NBKC’s free business checking is an attractive option for business owners in North Carolina who won’t mind a fully online banking experience. NBKC has only four branch locations, and they’re all in the Kansas City area. However, customers can access their account through NBKC’s mobile app and website, as well as 34,000+ MoneyPass ATMs (which include numerous locations at Han-Dee Hugo’s, Sheetz and 7-Eleven).

Bluevine

Best for: Non-bank option for small businesses
NerdWallet star rating:
4.7
Bluevine isn’t a bank, but rather a technology company that offers FDIC-insured business banking products via a partner financial institution. Bluevine’s online business checking account is backed by Coastal Community Bank and insured by the FDIC for up to $3 million via the IntraFi sweep network. The account has no monthly fees and an APY, too:
Earn 2.00% interest on account balances up to and including $250,000. Terms apply.
Beyond business checking, Bluevine also offers business lines of credit and (currently by invitation only) a newly launched business credit card.

Chase

Best for: All-in-one business bank
NerdWallet star rating:
4.5
Chase’s entry-level business bank account packs in a lot of useful business features, including unlimited electronic transactions and integrated payment processing via the Chase mobile app. While Chase is a huge national bank, it may not be the best option for in-person banking depending on where your business is in North Carolina. There are only about 30 branches in the state, primarily in larger cities like Raleigh, Durham, Charlotte and Greensboro.

Bank of America

Best for: Cash deposits + loyalty rewards
NerdWallet star rating:
4.5
Bank of America’s Business Advantage Fundamentals checking account includes up to $7,500 in cash deposits per month — that is substantially higher than other brick-and-mortar banks, which typically cap monthly cash deposits at anywhere from $2,500 to $5,000. Bank of America also rewards customers who keep their business in-house, with perks like higher savings and cash-back rates on certain products via its Preferred Rewards for Business program.

Navy Federal Credit Union

Best for: Military member, veterans and their families
NerdWallet star rating:
4.2
Navy Federal Credit Union caters specifically to the military community. You can choose from multiple business checking and savings options, and can get access to a variety of business loans, if you qualify. Beyond that, Navy Federal’s business specialists can help you tap in to the network of resources available for veteran-owned businesses.

Wells Fargo

Best for: Branch access + business loans
NerdWallet star rating:
4
Wells Fargo has more than 200 branches across North Carolina and offers a wide range of banking services — including business checking, savings and financing options — for business owners who prefer to bank in person.

Truist

Best for: In-person banking in North Carolina
NerdWallet star rating:
3.5
Truist Bank has nearly 300 branch locations across North Carolina, making it a standout option for business owners who prefer to bank in person. While Truist’s free business checking account leaves a lot to be desired — the transaction limits are particularly stingy compared with competitors — the bank’s Dynamic Business Checking gives you more runway and it’s relatively easy to avoid the monthly fee.

Other North Carolina-based business banks to consider

First Citizens Bank: This bank’s free business checking account has no minimum balance requirement and includes up to 100 transactions and $5,000 in cash deposits per month.
North State Bank: With four business checking options, North State Bank offers something for nearly every business size. Accounts include QuickBooks integration and some also offer a healthy welcome bonus.
Self-Help Credit Union: This mission-driven credit union is dedicated to providing banking services and economic opportunity to underserved communities. While Self-Help doesn’t offer a business checking account, the credit union does offer many other business banking services, including business loans, money market accounts and certificates of deposits with very competitive terms.
Last updated on March 4, 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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