Ratings Methodology for Business Bank Accounts

Ratings Methodology for
Business Bank Accounts

NerdWallet rates two types of business bank accounts: checking and savings. Ratings for each are based on the weighted averages of multiple categories. And within each category, we score accounts for several factors (detailed below).

Accounts can also gain points for perks that go above and beyond the norm, such as cash back on debit card purchases, expanded FDIC insurance protection via sweep accounts or notable software features.

On the flip side, we deduct points when business checking accounts aren’t available to a specific business entity type (sole proprietors or LLCs, for example), or when the bank or fintech company’s banking partner has been the recipient of an FDIC enforcement action.

Business savings accounts can lose points if the balance needed to hit the top-tier APY is above the FDIC-insured limit or the account does not offer a mobile app, among other things.

Core banking services (33.3%)

• Fee-free transactions.
• Availability of ATMs.
• Availability of cash deposits.
• Availability of wire transfers.
• Availability of physical checks.
• Minimum opening deposit.

The best business checking accounts offer standard banking services — including transactions, cash deposits and withdrawals and wire transfers — without overly restrictive limits.

Customer experience (26.4%)

• Availability of phone support and live chat support.
• App store rating.
• Ease of finding important information on the financial institution’s website.
• Account availability.
• Multiple ways to open an account.
• Access to a branch network.

Business accounts that earn high marks for banking experience offer multiple channels for live customer support beyond 9 a.m. to 5 p.m. on weekdays. They are also widely accessible; make it easy to find important information on fees, rates, terms, etc.; and their apps receive exceptional ratings from users in the iOS and Android app stores.

Fees (25%)

• Monthly fees.
• ATM withdrawal and cash deposit fees.
• Wire transfer fees.
• Overdraft or nonsufficient funds fees, along with grace periods or no-fee overdraft coverage to offset those fees.

The accounts with the lowest fees on core banking services earn the highest marks. Most online business checking accounts don’t charge overdraft fees because customers are simply not able to overdraw their accounts. Many brick-and-mortar banks allow overdrafts — an option some business owners may prefer — but fees can be high and add up, especially at banks that don’t offer grace periods.

Rewards (8.3%)

• APY.
• Welcome bonus.

The best business checking accounts have competitive APYs with few, if any, barriers to earning interest. We also reward accounts with welcome bonuses available to all customers. (Business checking accounts occasionally offer exclusive bonuses to customers who decide to open an account via NerdWallet. We don’t count those.)

Savings account fundamentals (66.7%)

• Interest rate.
• Monthly fee.
• Minimum opening deposit.
• Sign-up bonus.
• Transaction limits.
• Funds accessibility.
• Insured Cash Sweep availability.

The best business savings accounts offer a top-rate APY with minimal barriers to earning it (no sky-high balance requirements). These accounts also make it easy to access your money, with accounts offering unlimited transactions (with no fee) and an ATM card alongside ACH and external transfers earning top marks. Business savings accounts with an Insured Cash Sweep option earn points for keeping all of your money safe, even if you have millions in savings.

Banking experience (33.3%)

• Availability of live, human support (via phone and chat).
• Ease of finding important account information.
• Account availability.
• Multiple ways to open an account.
• Access to a branch network.

Similar to business checking accounts, our banking experience ratings for business savings accounts prioritize live human support and easy access to important account information, including APY tiers, schedules of fees and customer service phone numbers. Being able to easily open an account — online and in person — and a well-rated mobile app also factor into our assessment of business savings accounts.

Data collection and review process

NerdWallet evaluates more than 60 business bank accounts from national and regional banks, credit unions and financial technology companies. Collectively, these accounts represent the largest banks in the U.S. by assets, the largest credit unions by membership and the brands users search for most online, along with notable or emerging players in the industry.

We consider more than 20 data points for each account, scoring them on a number of different features, fees and tools. We periodically update which data points we gather and how much value we assign them to reflect changes in industry norms and business owner expectations. Notable adjustments for 2025 include reducing the relative importance of cash deposits and ATM access as more businesses go cashless; adjusting APY ranges as interest rates fall; and incorporating bonus points for select software features, like built-in invoicing and bookkeeping tools.

We gather information from financial institution deposit account agreements, fee schedules, websites and company representatives. We collect, review and update our data on an ongoing basis to ensure consistency and accuracy.

Star ratings are presented in tenth-point increments, where a five-star score represents the industry leader. Accounts must earn four stars or offer unique value to certain groups of business owners to be included on NerdWallet pages.

Financial institutions we rate

In 2025, NerdWallet’s small-business writers have rated business bank accounts from the following:

America First Credit Union, American Express, Axos Bank, Bank of America, Bluevine, BMO Bank, Boeing Employees Credit Union, Brex, Capital One, Chase Bank, Citibank, Citizens Bank, City National Bank, Comercia Bank, Consumers Credit Union, Digital Federal Credit Union, First Citizens Bank, First Horizon Bank, First Tech Credit Union, Found, Grasshopper Bank, Holdings, Huntington Bank, KeyBank, LendingClub, Lili, Live Oak Bank, Mercury, Mountain America Credit Union, Navy Federal Credit Union, NBKC Bank, Northern Bank, North One, Novo, PNC Bank, Prime Alliance Bank, QuickBooks, Regions Bank, Relay, Rho, Santander Bank, Self-Help Credit Union, TD Bank, Truist, U.S. Bank, Wells Fargo, Western Alliance Bank, Zions Bank.

The review team

The writers and editors behind our business banking reviews are small-business specialists who have had their work featured by The Associated Press, The Washington Post, Entrepreneur, MarketWatch and many other publications. In addition, each writer and editor follows NerdWallet’s strict guidelines for editorial integrity.