Best Banks for Small Business of 2024

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 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.

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

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.

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.

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%.

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.

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).

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.

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.

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 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.

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.

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 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.

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 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.

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 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.

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

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.