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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Written by Rosalie Murphy
Lead Writer
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Fact Checked

    250+ small-business products reviewed and rated by our team of experts.

    95+ years of combined experience covering small-business and personal finance.

    Objective comprehensive business bank accounts rubric (Methodology).

    NerdWallet's business banking content — including our ratings, reviews and recommendations — is produced by a team of writers and editors who specialize in small-business finances. Their journalism has appeared in The Associated Press, Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict editorial guidelines to ensure fairness and accuracy in our coverage.

    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.

    ProductMonthly feeAPYBonusMin. opening depositLearn more
    American Express® Business Checking

    American Express® Business Checking

    NerdWallet Rating 
    5.0
    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

    Bluevine Business Checking

    NerdWallet Rating 
    4.7
    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®

    Chase Business Complete Banking®

    NerdWallet Rating 
    4.5
    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

    U.S. Bank Silver Business Checking

    Silver Business Package

    NerdWallet Rating 
    4.2
    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

    Grasshopper Business Checking Account

    NerdWallet Rating 
    4.5
    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

    Axos Bank® Basic Business Checking

    Basic Business Checking

    NerdWallet Rating 
    4.9
    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

    Bank of America® Business Advantage Fundamentals™ Banking

    NerdWallet Rating 
    4.5
    Learn more

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

    $16.00 

    $0 for the first 12 statement cycles.

    N/AN/A $100
    Learn more

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

    Live Oak Bank Business Essential Checking

    Live Oak Bank Business Essential Checking

    NerdWallet Rating 
    4.2
    Learn more

    at Live Oak Bank, Member FDIC

    $10.00 N/AN/A $0
    Learn more

    at Live Oak Bank, Member FDIC

    LendingClub Tailored Checking

    LendingClub Tailored Checking

    NerdWallet Rating 
    4.9
    $10.00 

    Waived with $500 minimum balance

    1.50% 

    With $0 min. balance for APY

    N/A $100
    nbkc Business Account

    nbkc Business Account

    NerdWallet Rating 
    4.9
    Learn more

    at nbkc bank, Member FDIC

    $0 N/AN/A $0
    Learn more

    at nbkc bank, Member FDIC

    Capital One Business Basic Checking®

    Capital One Business Basic Checking®

    NerdWallet Rating 
    4.0
    $15.00 

    Waived with $2,000 minimum balance

    N/AN/A $0
    Navy Federal Credit Union Business Checking

    Business Checking

    NerdWallet Rating 
    4.2
    $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.

    250+ small-business products reviewed and rated by our team of experts.

    95+ years of combined experience covering small-business and personal finance.

    Objective comprehensive business bank accounts rubric (Methodology).

    NerdWallet's business banking content — including our ratings, reviews and recommendations — is produced by a team of writers and editors who specialize in small-business finances. Their journalism has appeared in The Associated Press, Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict editorial guidelines to ensure fairness and accuracy in our coverage.

    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.)

    Business bank accounts

    American Express has a single business bank account, but it’s a good one. AmEx offers one of the most competitive interest rates out there for business checking accounts — 1.3% on balances up to $500,000. You'll also earn one Membership Rewards point for every $2 spent using an American Express Business Debit Card. This free online business checking account has no monthly fees, overdraft fees or stop-payment fees.

    American Express® Business Checking
    American Express National Bank

    American Express® Business Checking

    NerdWallet Rating  
    5.0
    Monthly Fee  

    $0

    Read Review
    Learn more

    at American Express National Bank, Member FDIC

    American Express issues business lines of credit ranging from $2,000 to $250,000. American Express business credit cards include some of our top-rated options — like The American Express Blue Business Cash™ Card, which offers the following: Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement. Terms Apply. AmEx also has branded hotel and airline business cards for Hilton, Marriott, Delta and Amazon.

    The American Express Blue Business Cash™ Card
    American Express

    The American Express Blue Business Cash™ Card

    Rates and Fees

    NerdWallet Rating  
    4.7
    Annual Fee  

    $0.00

    Read Review
    Apply now

    on American Express' website

    American Express offers merchant accounts and multiple bill pay services, as well as a tool for creating employee and virtual credit cards that you can use to pay suppliers.

    Business checking account and card holders have access to 24/7 phone-based customer support. Other hours vary by product type. AmEx does not have branch locations.

    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.

    Business bank accounts

    NBKC’s business checking account stands out for its low fees (where it charges fees at all) and cash friendliness, which is rare among online banks — customers can withdraw cash fee free at MoneyPass ATMs and get $12 per month in rebates on fees charged by out-of-network ATMs, and NBKC doesn’t place a limit on monthly cash deposits.

    nbkc Business Account
    nbkc bank

    nbkc Business Account

    NerdWallet Rating  
    4.9
    Monthly Fee  

    $0

    Read Review
    Learn more

    at nbkc bank, Member FDIC

    NBKC's money market account pays a solid 2.75% APY, too.

    nbkc bank Business Money Market Account
    nbkc bank

    nbkc bank Business Money Market Account

    NerdWallet Rating  
    4.5
    APY  

    2.75%

    Read Review
    Learn more

    at nbkc bank, Member FDIC

    NBKC offers SBA loans and business lines of credit, plus loans for equipment, construction and real estate, to business owners in the Kansas City area.

    Small-business customers can use the NBKC app to accept tap-to-pay credit card payments. You can also send invoices via a built-in integration with Autobooks, as well as charge your customers using ACH debits.

    Phone support is available on weekdays from 7 a.m. to 6 p.m. CST. Live chat is staffed at the same times, plus Saturdays from 9 a.m. to 1 p.m. CST. NBKC has four branches in greater Kansas City.

    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.

    Business bank accounts

    LendingClub's main selling point is its interest-earning business checking account — which offers 1.5% APY, unlimited ATM fee rebates and 1% cash back on debit card purchases — all of which can add up for a small business. The bank also offers a business savings account with a solid APY (3.35% as of this writing), though you’ll need to have the business checking account as well to qualify.

    LendingClub Tailored Checking
    LendingClub Bank

    LendingClub Tailored Checking

    NerdWallet Rating  
    4.9
    Monthly Fee  

    $10

    LendingClub does not have a business credit card. But the bank does offer SBA 7(a), 504 and Express loans and partners with Accion Opportunity Fund, a community development financial institution, to issue small-business loans from $5,000 to $250,000 for debt consolidation, equipment purchases and other business needs.

    LendingClub doesn’t offer merchant accounts or payment processing itself. Instead, it refers customers to Clover.

    Phone support is available Monday through Saturday from 8 a.m. to 8 p.m. EST. LendingClub does not have branch locations.

    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.

    Business bank accounts

    Axos Bank offers a free online business checking account with unlimited ATM fee refunds in the U.S. It’s also offering a great bonus right now — $400 for new customers who meet certain activity requirements.

    Axos Bank® Basic Business Checking
    Axos Bank®

    Basic Business Checking

    NerdWallet Rating  
    4.9
    Monthly Fee  

    $0

    Read Review
    Learn more

    at Axos Bank®, Member FDIC

    The Axos Business Premium Savings Account provides FDIC insurance on up to $250 million in customer funds by utilizing an Insured Cash Sweep network. That account also currently has a $375 sign-up bonus (terms apply) and a near-top-of-the-line APY at 4.01%.

    Business Premium Savings Account
    Axos Bank®

    Axos Business Premium Savings Account

    NerdWallet Rating  
    4.5
    APY  

    4.01%

    Read Review
    Learn more

    at Axos Bank®, Member FDIC

    Axos Bank does not offer business credit cards. The company partners with Centerstone SBA Lending to help facilitate SBA loans, but does not offer its own small-business loans. (Commercial financing options are available, though.)

    Axos partners with Celero to provide merchant services to its business banking customers. The bank also provides discounted access to Roll by ADP, a payroll service.

    Business banking relationship managers are available by phone from 6 a.m. to 6 p.m. PST on weekdays. Axos does not have branch locations.

    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.

    Business bank accounts

    Bluevine's free, high-yield business checking account earns 1.5% on balances up to and including $250,000 (terms apply; you’ll have to meet certain activity requirements to qualify) and includes up to $3 million in FDIC insurance coverage via Coastal Community Bank and partner banks in the IntraFi network. Users can upgrade to paid subscription plans for lower fees on certain services.

    Bluevine Business Checking
    Bluevine

    Bluevine Business Checking

    NerdWallet Rating  
    4.7
    Monthly Fee  

    $0

    Read Review
    Learn more

    at Bluevine, Deposits are FDIC Insured

    Bluevine's business line of credit offers up to $250,000 and can fund in as little as 24 hours. Existing business checking account holders may also qualify for Bluevine’s business credit card, which pays 1.5% cash back on all spending with no annual fee. (This card is not available unless you bank with Bluevine.) You can’t have both lending products at once, however.

    Bluevine does not offer merchant accounts. Their software does include an accounts payable management feature, though.

    Customer support is available via live chat. A Bluevine representative told NerdWallet that phone support is available from 8 a.m. to 8 p.m. EST on weekdays, though these hours aren’t listed publicly. Bluevine does not have branch locations.

    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).

    Business bank accounts

    Chase has something for every business. The bank offers three business checking accounts, plus business savings accounts (with low APYs) and certificates of deposit (some of which have decent APYs as long as you have an eligible linked business checking account). And you can make fee-free transfers using Zelle for Business (up to $7,500 per day).

    Chase Business Complete Banking®
    Chase

    Chase Business Complete Banking®

    NerdWallet Rating  
    4.5
    Monthly Fee  

    $15

    Read Review
    Learn more

    at Chase, Member FDIC

    The Chase Ink suite of business credit cards has some of the best cards on the market — including one of our top overall options, the no-annual-fee Ink Business Unlimited® Credit Card. The company also has several co-branded hotel and airline business credit cards.

    Ink Business Unlimited℠ Credit Card
    Chase

    Ink Business Unlimited® Credit Card

    NerdWallet Rating  
    5.0
    Annual Fee  

    $0.00

    Read Review
    Apply now

    on Chase's website

    Chase offers business lines of credit and term loans of up to $500,000, plus SBA loans and commercial real estate loans.

    Chase offers merchant accounts (Chase Payment Solutions), plus the ability to create a lightweight point-of-sale system in an app and to accept tap-to-pay payments on your iPhone. You can also use Chase to set up a 401(k) plan for your employees.

    Chase
    Chase

    Chase Payment Solutions℠

    NerdWallet Rating  
    4.5
    Learn more

    on Chase's website

    Chase has locations in 48 states, with more than 4,700 branches and 15,000 ATMs. Chase phone support is available to existing customers 24/7.

    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.

    Business bank accounts

    Bank of America’s business checking account offers unlimited fee-free electronic transactions and free transfers via Zelle for Business (up to $15,000 per day). BofA also offers business savings accounts, though their APYs are quite low. The bank does offer competitive rates on its business CDs — but only if you opt for a promotional term (like 7 or 10 months).

    Bank of America® Business Advantage Fundamentals™ Banking
    Bank of America, N.A.

    Bank of America® Business Advantage Fundamentals™ Banking

    NerdWallet Rating  
    4.5
    Monthly Fee  

    $16

    $0 for the first 12 statement cycles. 

    Read Review
    Learn more

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

    Bank of America is the sole big-name bank to offer secured business credit cards, which can help you start building business credit while you’re still working on your personal credit. Its cash-back and travel business credit cards are best if you’re able to qualify for Preferred Rewards for Business, which requires an average business checking account balance of at least $20,000. Preferred Rewards members earn higher rewards rates on credit cards — for instance, up to 2.62% unlimited flat-rate cash back on the Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card.

    Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card
    Bank of America

    Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card

    NerdWallet Rating  
    4.4
    Annual Fee  

    $0.00

    Read Review
    Apply now

    on Bank of America's website

    Bank of America is also one of the best banks for business loans, with secured and unsecured business lines of credit, term loans and SBA loans, along with loans for vehicles, real estate and healthcare practices. Preferred Rewards members may qualify for discounts on business loan interest rates.

    Bank of America has merchant accounts — and yes, Preferred Rewards for Business members get a discount on payment processing.

    Bank of America has around 3,800 branches and 15,000 ATMs across 38 states and Washington, D.C.. Representatives are available by phone on weekdays from 8 a.m. EST to 9 p.m. EST, Saturdays from 8 a.m. to 8 p.m. EST and Sundays from 8 a.m. to 5 p.m. EST.

    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.

    Business bank accounts

    Grasshopper Bank’s free business checking account pays interest (up to 1.8% APY) and cash back on debit card purchases and includes built-in invoicing and bookkeeping tools. Grasshopper business checking customers also have the option to open a money market account, which pays 3.3% APY on balances above $25,000 as of this writing.

    Grasshopper Business Checking Account
    Grasshopper Bank

    Grasshopper Business Checking Account

    NerdWallet Rating  
    4.5
    Monthly Fee  

    $0

    Read Review
    Learn more

    at Grasshopper Bank, Member FDIC

    Grasshopper does not offer business credit cards (it refers customers to Ramp). It does offer a variety of loans, however — including SBA 7(a) loans of $250,000 and up, SBA 504 loans, commercial real estate loans of $1 million and up (in greater New York City only, including parts of New Jersey and eastern Pennsylvania) and a variety of lending products designed for private equity and venture capital firms. You do not have to be a Grasshopper business checking customer to apply for these loans. Also, founders who are raising funds have the option to tap Grasshopper for access to its investor network.

    Grasshopper does not offer merchant accounts.

    Phone support is available to all customers from 9 a.m. to 9 p.m. EST on weekdays. Grasshopper does not have branch locations.

    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.

    Business bank accounts

    Navy Federal Credit Union offers three business checking accounts, one of which has no monthly fee and another of which offers ways to waive it. The highest APY you can earn on any of them is 0.45%. Navy Fed also has money market accounts and business CDs; the money market account’s APY currently tops out at 1.5%.

    Navy Federal Credit Union Business Checking
    Navy Federal Credit Union

    Business Checking

    NerdWallet Rating  
    4.2
    Monthly Fee  

    $0

    Navy Federal has a no-frills business credit card that charges no annual fee. It earns 1 point per dollar spent, and points can be redeemed as statement credits, cash or for gift cards at a rate of 1 cent each — essentially a 1% cash back business credit card.

    Navy Federal also offers its business members lines of credit, commercial auto loans and commercial real estate loans.

    Navy Federal Credit Union does not have merchant accounts. It refers members to Heartland Merchant Solutions for payment processing and merchant services.

    Navy Fed business members can get phone-based customer support on weekdays from 9 a.m. to 7 p.m. EST. The credit union has more than 360 branches worldwide, and members can use Navy Federal ATMs as well as 30,000 CO-OP Network ATMs.

    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.

    Business bank accounts

    U.S. Bank offers a large sign-up bonus — $400 — to new customers who open business checking accounts and meet activity requirements. For ongoing services, the bank has more than 2,000 branches in 26 states. U.S. Bank has three business checking accounts, including one free option, which is a rarity among brick-and-mortar banks.

    U.S. Bank Silver Business Checking
    U.S. Bank

    Silver Business Package

    NerdWallet Rating  
    4.2
    Monthly Fee  

    $0

    Read Review
    Learn more

    at U.S. Bank, Member FDIC

    U.S. Bank also has business savings options — including a money market account currently offering promotional rates of up to 3.56% APY. The bank also supports Zelle for Business.

    Platinum Business Money Market Account
    U.S. Bank

    Platinum Business Money Market Account

    NerdWallet Rating  
    3.0
    APY  

    3.56%

    Read Review
    Learn more

    at U.S. Bank, Member FDIC

    Like other national banks, U.S. Bank offers a variety of business loan options — several different business line of credit products, as well as SBA loans, commercial real estate loans and equipment financing. It also has specific financing options for medical, dental and veterinary practices.

    U.S. Bank’s business credit cards include some of our top-rated cash-back and travel card options; the U.S. Bank Business Triple Cash Rewards World Elite Mastercard® is an especially good choice for small-business owners looking for a gas rewards card. And the bank’s commercial rewards card is a good option for businesses large enough to consider corporate cards.

    U.S. Bank Business Triple Cash Rewards World Elite™ Mastercard
    U.S. Bank

    U.S. Bank Business Triple Cash Rewards World Elite Mastercard®

    Rates and Fees

    NerdWallet Rating  
    5.0
    Annual Fee  

    $0.00

    Read Review
    Apply now

    on U.S. Bank's website

    U.S. Bank offers its own payment processing and merchant services through a subsidiary. Most notably, the bank’s “Everyday Funding” option means that customer payments can arrive in a U.S. Bank checking account within a day.

    U.S. Bank
    U.S. Bank

    U.S. Bank Merchant Services

    NerdWallet Rating  
    4.5
    Read Review
    Learn more

    on U.S. Bank's website

    U.S. Bank also facilitates gift card programs and prepaid debit cards that you can load employee payments onto, plus reduced pricing on payroll services with ADP.

    Phone-based customer support is available from 8 a.m. to 8 p.m. CST on weekdays and 8 a.m. to 6:30 p.m. CST on Saturdays. You can also visit a branch for in-person service — U.S. Bank has more than 2,000 branches in 26 states.

    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).

    Business bank accounts

    Live Oak’s best business banking product is its business savings account, which pays 3.7% APY on your idle cash.

    Live Oak Bank Business Savings
    Live Oak Bank

    Live Oak Bank Business Savings

    NerdWallet Rating  
    5.0
    APY  

    3.70%

    Read Review
    Learn more

    at Live Oak Bank, Member FDIC

    You can get an even better rate if you opt for the bank's 12-month business CD, though it will cost you the liquidity of the savings account.

    Live Oak Bank 12 Month Business CD
    Live Oak Bank

    Live Oak Bank 12 Month Business CD

    APY  

    4.20%

    Read Review
    Learn more

    at Live Oak Bank, Member FDIC

    Live Oak's online business checking accounts are solid offerings — their monthly fees are relatively easy to waive and there’s no minimum opening deposit or transaction limit — but you can’t deposit cash.

    Live Oak Bank Business Essential Checking
    Live Oak Bank

    Live Oak Bank Business Essential Checking

    NerdWallet Rating