Best Banks for Small Business of 2024
The best banks for small business help you manage your everyday expenses with a free or low-fee business checking account. But they go beyond that to support your business's other financial priorities, like saving for the future.
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The right bank for your business will offer the services you need most at the right price. That includes your preferred customer service experience, whether that’s branch access, 24/7 customer support or a highly rated app. Start with a business checking account, then build your banking strategy from there. Here are the accounts from our top-rated banks.
Product | Monthly fee | APY | Bonus | Min. opening deposit | Learn more |
---|---|---|---|---|---|
American Express® Business Checking NerdWallet Rating Learn more at American Express National Bank, Member FDIC | $0 | 1.30% With $0 min. balance for APY | N/A | $0 | Learn more at American Express National Bank, Member FDIC |
Bluevine Business Checking NerdWallet Rating Learn more at Bluevine, Deposits are FDIC Insured | $0 | 1.50% With $0 min. balance for APY | $300 Requirements to qualify | $0 | Learn more at Bluevine, Deposits are FDIC Insured |
Chase Business Complete Banking® NerdWallet Rating Learn more at Chase, Member FDIC | $15.00 Waived with $2,000 minimum balance | N/A | $300 Requirements to qualify | $0 | Learn more at Chase, Member FDIC |
Silver Business Package NerdWallet Rating Learn more at U.S. Bank, Member FDIC | $0 | N/A | $400 Requirements to qualify | $100 | Learn more at U.S. Bank, Member FDIC |
Grasshopper Business Checking Account NerdWallet Rating Learn more at Grasshopper Bank, Member FDIC | $0 | 1.80% With $25,000 min. balance for APY | N/A | $100 | Learn more at Grasshopper Bank, Member FDIC |
Basic Business Checking NerdWallet Rating Learn more at Axos Bank®, Member FDIC | $0 | N/A | $400 Requirements to qualify | $0 | Learn more at Axos Bank®, Member FDIC |
Bank of America® Business Advantage Fundamentals™ Banking NerdWallet Rating Learn more at Bank of America, N.A., Member FDIC | $16.00 $0 for the first 12 statement cycles. | N/A | N/A | $100 | Learn more at Bank of America, N.A., Member FDIC |
Live Oak Bank Business Essential Checking NerdWallet Rating Learn more at Live Oak Bank, Member FDIC | $10.00 | N/A | N/A | $0 | Learn more at Live Oak Bank, Member FDIC |
LendingClub Tailored Checking NerdWallet Rating | $10.00 Waived with $500 minimum balance | 1.50% With $0 min. balance for APY | N/A | $100 | |
nbkc Business Account NerdWallet Rating Learn more at nbkc bank, Member FDIC | $0 | N/A | N/A | $0 | Learn more at nbkc bank, Member FDIC |
Capital One Business Basic Checking® NerdWallet Rating | $15.00 Waived with $2,000 minimum balance | N/A | N/A | $0 | |
Business Checking NerdWallet Rating | $0 | 0.01% With $0 min. balance for APY | N/A | $255 |
Prioritizing a different business banking product? Here are our top picks
Many businesses use multiple banks. While that can add complexity to your finances, it can also make sense — like when choosing a high-yield business savings account, where APY is a key deciding factor, or a business credit card, where rewards can be key.
Why trust NerdWallet
The best banks for small-business owners
We’ve arranged these banks in order of NerdWallet's star rating for their business checking account, since that's what business owners are likely to interact with most often. But our top picks all offer several services, which are highlighted below.
American Express
✅ Why we like it: American Express’s online business checking account is stellar — it comes with a solid APY, ATM withdrawals and 24/7 customer support. They also offer well regarded business lines of credit and credit cards.
🚫 Look elsewhere if: Your business takes many payments in cash (AmEx doesn’t accept cash deposits.)
NBKC
✅ Why we like it: NBKC’s online business checking account charges very few fees while still delivering plenty of value. The bank also has a money market account that pays a competitive APY.
🚫 Look elsewhere if: You want access to a branch and don’t live in the Kansas City area.
LendingClub
✅ Why we like it: LendingClub’s online business checking account pays interest and comes with 1% cash back on debit card purchases and unlimited rebates on ATM fees.
🚫 Look elsewhere if: You want access to branches.
Axos
✅ Why we like it: Axos’s business savings account offers a high APY and a massive amount of FDIC insurance. Its online business checking account is worth a look, too, especially for businesses that use cash.
🚫 Look elsewhere if: You frequently do app-based banking — the Axos Business app has dismal ratings from Apple and Android users alike.
Bluevine
✅ Why we like it: Bluevine is a technology company, not a bank, but customer funds are held on deposit with Coastal Community Bank and protected by FDIC insurance. Its business checking account offers an excellent APY, and once you’re a customer, Bluevine may offer perks like lower rates on its line of credit.
🚫 Look elsewhere if: You want access to branches or aren’t comfortable banking with a fintech company.
Chase
✅ Why we like it: Chase stands out for its payment processing services, which are available at no additional charge to its business checking accounts, and its top-rated business credit cards. It also has a presence in 48 U.S. states and Washington, D.C.
🚫 Look elsewhere if: You want to avoid fees on your checking account (Chase charges them for many services).
Bank of America
✅ Why we like it: Bank of America rewards loyalty: Business checking customers may qualify for perks across its product line, including higher rewards rates on credit cards and discounts on loans and payment processing.
🚫 Look elsewhere if: You want to avoid fees — Bank of America’s business checking account, like those at Chase and most at brick-and-mortar banks, charges many.
Grasshopper
✅ Why we like it: Grasshopper is a great choice for startups seeking a free online business checking account — it pays interest and cash back on your debit card purchases — as well as financing options, including SBA loans.
🚫 Look elsewhere if: Your business uses cash, as Grasshopper doesn’t accept cash deposits.
Navy Federal Credit Union
✅ Why we like it: Navy Federal Credit Union offers business owners with military affiliations all the banking basics, including checking and savings accounts, credit cards and loans.
🚫 Look elsewhere if: You or one of your business partners can’t qualify for membership. Veterans, current or retired members of the U.S. armed forces, the National Guard, Department of Defense employees, as well as family members of those groups, are eligible.
U.S. Bank
✅ Why we like it: U.S. Bank stands out for offering one of the largest sign-up bonuses available for a business checking account. The bank also has merchant services and plenty of additional services, including loans, business cards and discounts on payroll software.
🚫 Look elsewhere if: You want to avoid typical brick-and-mortar bank fees.
Live Oak Bank
✅ Why we like it: Live Oak offers an excellent business savings account and is a top SBA 7(a) lender.
🚫 Look elsewhere if: You take payments in cash (Live Oak doesn’t accept cash deposits).