Best Banks for Small Business

Finding the best bank for your small business doesn’t have to be complicated. Start with the essentials—a good business checking account—and build from there, taking into consideration what you need now and what you might need in five or 10 years.

We rounded up some of the best banks for small businesses, comparing the top options in terms of their checking and savings account offerings, branch and ATM access, and additional services like business credit cards, loans, and merchant services.

Click on a bank name to jump down—or keep scrolling—to learn more about the best banks for small business.

Although Bluevine is perhaps most well-known for their small business loans, they offer a competitive online business checking account option. Bluevine’s banking services are provided by and FDIC-insured through Coastal Community Bank.

Bluevine Business Checking is fee-free, completely digital, and it gives you the ability to earn interest: 2.00% APY on balances up to and including $100,000. Terms apply.

The Bluevine Business Checking account has no monthly fees, unlimited fee-free transactions, no minimum opening deposit, and no minimum balance requirement. Some other key features include:

• The ability to earn 2.00% interest on balances up to and including $100,000; terms apply
• No incoming wire fees, no NSF fees, and no ACH payment fees
• Free debit card with free ATM access at MoneyPass ATMs
• Ability to deposit cash at Green Dot locations (90,000+) across the U.S.
• Mobile check deposit, one-time and recurring payments, funds transfers
• Two free checkbooks
• 24/7 online and mobile banking

The only fees you’ll face are for cash deposits ($4.95 per deposit) and for outgoing wires ($15).

Bluevine provides business lines of credit giving business owners the ability to apply for financing quickly and easily online.

Use our guide to learn more about financing from Bluevine.

Wells Fargo has 4,900 branch locations across 37 states, making it a great option for business owners looking for a brick-and-mortar bank with nationwide branch access.

Wells Fargo offers three main business checking account options: Initiate Business Checking, Navigate Business Checking, and Optimize Business Checking.

Wells Fargo Initiate Business Checking includes:

• 100 transactions per month
• $5,000 in fee-free cash deposits per month
• Online and mobile banking
• $10 monthly service fee, waived with a $500 minimum daily balance or $1,000 average daily balance

The Navigate and Optimize accounts offer additional monthly cash deposits and transactions. These Wells Fargo business checking accounts also include waived incidental fees, such as stop payments, incoming wires, and more.

• Business savings accounts
• Full-service payroll solutions, employee benefits, human resources, and tax programs
• A variety of merchant services and new payment technologies to run your business more efficiently
• Wells Fargo business credit cards
• Small business insurance coverage to protect your business, assets, and employees

Wells Fargo is also a top bank for small business loans, offering SBA loans, business lines of credit, and commercial real estate financing.

Chase offers some of the top business checking account options on the market but where the bank really shines is its business credit card program. The bank’s Ink suite of cards, as well as a number of co-branded cards, are some of the most substantial cash back and rewards points credit cards for small businesses.

There are three Chase business checking accounts—Business Complete Banking, Performance Business Checking, and Platinum Business Checking.

The Chase Business Complete Banking account is best suited for small businesses.

Features of the Chase Business Complete Banking account include:

• A low monthly service fee that can be waived multiple ways
• Unlimited electronic deposits and up to 20 fee-free non-electronic deposits (paper checks or in-person deposits and withdrawals) per month
• Up to $5,000 in fee-free cash deposits each month
• Access to online and mobile banking, including QuickDeposit, where you can scan and deposit checks electronically without visiting a branch
• Free business debit cards for you and your employees

• Chase business credit cards, which are some of the best on the market.
• Merchant services to streamline your business’s checkout process
• Chase has 4,700 branches and over 16,000 ATMs nationwide.
• Three Chase business savings accounts.
• Variety of types of business loans including SBA loans and business lines of credit.

If you run a business that has a high number of monthly transactions, banking with Capital One is a smart choice. The bank offers unlimited fee-free transactions—a rare feature at brick-and-mortar banks.

Capital One business checking options include: Spark Business Basic Checking and Spark Business Unlimited Checking.

Here’s what you can expect with a Spark Business Basic Checking account:

• Unlimited transactions each month
• Deposit up to $5,000 in cash each month with no extra fee
• $15 monthly service fee, waived if you maintain the minimum 30- or 90-day average monthly balance of $2,000
• Free business debit card, online bill pay, and online and mobile banking

• Capital One Business Advantage Savings Account, which earns 0.20% APY for the first 12 months
• Access to around 330 branch locations and 70,000 fee-free ATMs
• Six business credit card options
• Merchant services to accept credit card payments
• Escrow Express program to manage and direct escrow funds with an online system
• Business loans, including SBA loans, real estate term loans, equipment and vehicle loans, installment loans, and working capital lines of credit

NBKC is a digital-first bank that offers business checking and savings accounts, along with cash management services like desktop deposit and Autobooks.

You can apply for an account online (it takes about five minutes, according to their website) and manage your account via the bank’s website or mobile app.

The NBKC business checking account, is an online-based account with no monthly fee, overdraft fees, or transaction fees. NBKC’s business checking account includes:

• $0 minimum balance
• NBKC Business Debit Mastercard with free access to over 32,000 MoneyPass ATMs around the U.S.
• $12 in monthly refunds for ATM fees charged by other banks
• Unlimited free transactions
• No fees for returned items, overdrafts, NSFs, stop payments, or incoming domestic wires
• Free eStatements and cashier’s checks
• Customer support via phone, via email, or in person
• Online and app banking

The only fees charged on an NBKC checking account are for sending a domestic wire ($5) and sending or receiving an international wire ($45). Moreover, NBKC gives you the option to add ACH credits and debits, as well as desktop deposit to your account for low monthly fees.

• Business money market account with an APY of 1.01% and business certificates of deposit with an APY of up to 2.02%
• Multi-factor authentication for all accounts
• Treasury solution options such as fraud management, bill payment services, and cash management
• Business loan options

Axos Bank is a digital bank that offers a range of small business solutions: financing, checking accounts, savings accounts, and more. Axos business checking accounts are chock full of business-friendly features, like ATM reimbursements anywhere in the U.S. and 24/7 customer service.

There are two main Axos business checking accounts: Basic Business Checking, an entry-level account with a no opening deposit requirement, and Business Interest Checking, which requires a $100 opening deposit and allows you to earn up to 1.01% APY on your balance; terms apply.

The Basic Business Checking account also offers:

• No monthly fee or opening deposit
• Unlimited fee-free transactions
• Two free domestic wires per month
• Unlimited domestic ATM fee reimbursements
• Cash deposit capability via MoneyPass and Allpoint networks
• Customer service agents available by phone 24/7
• Free online bill pay
• Free online and mobile banking
• Free image statements

When you open a business checking or savings account with Axos Bank, you can take advantage of the bank’s additional features and services, including:

• Multiple online savings account options and certificates of deposit, which earn up to 0.20% APY
• Dedicated account representatives
• 24/7 online account access and online bill pay
• FDIC-insured accounts
• Online application and account opening
• Industry solutions (e.g. non-profits and public sector)
• Commercial lending including lines of credit, equipment financing, term loans, and factoring

Credit unions tend to offer better rates and more personal service than big banks—in part because they’re a nonprofit institutions owned and operated by their members.

Digital Federal Credit Union (DCU) is among the best credit unions for small business owners. It’s easy to join; offers a free, interest-bearing business checking account; has multiple business savings options and a business lending program.

You can become a Digital Federal member if you:

• Are a member or become a member of a participating community organization (memberships start at $10)
• Worked for or are retired from a participating employer
• Live, work, worship, or attend school in select communities in Massachusetts
• Reside in certain condominium associations in Massachusetts or New Hampshire

Digital Federal’s free business checking account has no minimum opening deposit and earns interest (up to 0.10% APY) as long as your balance is at least $0.01. You can become a member and open an account online.

Key features of Digital Federal business checking include:

• Free ATM access at any DCU ATM, plus more than 80,000 free ATMs through the Allpoint, SUM, and CO-OP networks
• No charge for out-of-network ATM use, plus reimbursement of fees charged by ATM providers (depending on membership level)
• Online banking, bill pay, and mobile check deposit
• Up to 20 free deposits per day
• Up to four DCU Visa debit cards per account

• Business savings accounts, including business money market and certificates of deposit
• Two IRA options for employees
• Two business credit cards
• Commercial vehicle loans and business equipment loans

Learn more about the best credit unions for small businesses here.

Choosing the best bank for your small business often comes down to these five things:

1. Fees: Are you looking for a free business checking account or are you okay with paying monthly fees to access certain value-added services (such as additional fee-free monthly transactions)?
2. Access: Do you prefer to bank in person, or are you okay with an online-only bank account?
3. Transaction volume: How much cash flow will you have moving in and out of your bank account on a monthly basis?
4. Future goals: Will your small business need financing in the future?
5. Additional services: Do you prefer to do all of your banking at a single bank, or are you okay with using different banks for different products?

When you’re answering these questions, be sure to have both your business’s current situation and future goals in mind.

If you stay realistic and upfront with your banking needs, you’ll know exactly how to sort through the fine print and find the right small business bank for your company.

Small business owners have a lot of options about where to bank. To help narrow things down, focus on banks that meet the needs of your specific business, whether that’s branch access, digital tools, high deposit and transaction limits or an interest-bearing checking account.

ust remember, your choice doesn’t need to be a permanent one and you don’t need to do all of your banking with one institution. If your business outgrows your bank, you can always change your business bank account and to find a better fit for your needs.