Best Banks for Small Businesses

nensuria / iStock.com

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

Small business owners face many choices, including where to bank. Choosing the right small business bank is important because it can affect cash flow, ability to borrow and more.

There are more options for small business banks today than ever, including large national banks, regional banks, smaller community banks, online-only banks and credit unions. The best bank for your small business depends on multiple factors, including your business’s size, structure, and current and future financial needs.

Here are some of the best banks for small businesses.

Top National Banks for Small Businesses 

Some business owners prefer to have a brick-and-mortar bank so they can walk into a branch if necessary. These two banks offer comprehensive products and services for small businesses, and branches nationwide.

Chase Bank 

Best for: Nationwide branch access and full-service business banking.

Chase offers a full suite of banking products and services for small businesses, including:

• Checking and savings accounts
• Loans and financing
• Credit and debit card processing
• Business credit cards

Chase offers three different business checking accounts, with varying balance requirements and features.

Chase Complete Business Banking

The Chase Complete Business Banking account requires that you maintain a $2,000 minimum daily balance or have $2,000 in Chase QuickAccept deposits or Chase for Business credit card purchases to waive the $15 monthly service fee. You can make debit card purchases, up to 20 checks and $5,000 of cash deposits each statement cycle. This account includes built-in invoicing you can access from online banking or the mobile app.

Chase Performance Business Checking

Larger businesses may benefit from Chase Performance Business Checking. This account has a $40 monthly service fee, which will be waived if you maintain a $35,000 combined average beginning day balance. There’s no charge for up to 250 debits and in-person deposits, and $20,000 of cash deposits in a branch, per statement cycle. This account includes Chase Payments Solutions, which lets you accept credit or debit cards in person or online.

Chase Platinum Business Checking

For businesses with more transaction volume, The Chase Platinum Business Checking account offers up to 500 debits and deposits made with a banker, and $500,000 of cash deposits in a branch per statement cycle. If you maintain an average beginning day balance of $100,000 or more, the $95 monthly service fee will be waived.

Chase currently offers up to $500 for opening a new Business Complete Checking account with qualifying activities, or up to $3,000 when you open a new Platinum Business Checking account with qualifying activities. They also offer 100,000 bonus points on their Ink Business Preferred credit card.

It’s nice that Chase has different options for different-sized businesses, but it’s important to keep on top of the limits that apply to your account so you’re not paying fees for additional transactions.

Bank of America 

Best for: Scalable small business tools and integrations.

Bank of America has business checking accounts for new and established businesses, whether they are small, mid-sized, or rapidly growing.

Fundamentals Banking

The Fundamentals Banking checking account is for new and smaller businesses and charges no monthly fee for the first 12 months. After that, you can waive the $16 monthly fee by maintaining a $5,000 combined average monthly balance in linked deposit accounts, using your debit card for at least $500 in purchases, or enrolling in Preferred Rewards for Business. You’ll get a business debit card, Zelle for business and Quickbooks integration as well. 

Relationship Banking

For larger businesses, the Relationship Banking checking account provides all of the services of the Fundamental Banking account plus no fees for income wires, stop payments, and more — plus no fees for a second checking or a savings account. To waive the $29.95 monthly fee, you’ll need to maintain a $15,000 combined average monthly balance or be a Preferred Rewards for Business member.

Bank of America also offers a solution for growing businesses called Working Capital Manager. It includes Treasury solutions, credit cards, loans, and merchant services, and a relationship manager to help you make sense of it all.

Bank of America touts the ability for you to access both your business and personal accounts with a single login, which can be convenient. Just be sure to keep your business and personal transactions completely separate, particularly if your business is an LLC.

Best Online Banks for Small Businesses 

Online banks can be great for small businesses, particularly those businesses that also operate online. Because they don’t have the expenses associated with brick-and-mortar banks, online banks can often offer better rates and more robust services.

Here are two of the best online banks for small businesses.

Bluevine 

Best for: Overall online bank for small businesses

Bluevine’s standard plan comes with no monthly fees, no minimum balance, and unlimited transactions. Standard plan customers can earn APY interest on their checking balances — up to $250,000 — if they either spend $500 with their Bluevine business debit or credit card, or receive or deposit $2,500 in client payments in a statement period.

Bluevine also offers a plus plan and a premier plan, which provide free checks, recurring invoices, and more. Plus plan customers earn APY on their balances of up to $250,000, and premier customers earn APY on balances up to $3,000,000. There are balance or spending requirements to waive the monthly fee for plus and premier plans.

Bluevine is a fintech company, not a bank. Deposits are FDIC-insured through Coastal Community Bank and other banks in the sweep network. This means that Bluevine customers’ deposits can be insured up to $3 million rather than the standard $250,000 that can be offered by a single bank.

Axos Bank 

Best for: unlimited transactions.

Axos Bank is an online-only bank that offers business banking that grows with your business, from startup to firmly established. The Basic Business Checking account has no monthly fees, no minimum balance requirements, and no transaction fees. The Business Bundle includes Basic Business Checking plus Business Premium Savings, which pays APY on balances up to $5M.

For businesses that have many small-dollar transactions, having a checking account with no transaction fees can save both time and money. The fact that Axos is online only, with no physical branches, could be a drawback for some.

For new customers, Axos currently has two introductory offers. New Basic Business Checking customers who maintain an average daily balance of $3,000 in the first few months can get $50 cash back per month, up to $200 total. Customers who open a Business Bundle can get up to $600.

Comparing Business Banking Options 

The best bank for a specific business can depend on a number of factors. Here are some things to consider.

A brick-and-mortar bank near your business may be ideal if you want to be able to see a banker in person. If you need to send frequent ire transfers, for example, or expect to apply for a loan or line of credit. If your requirements are more straightforward, an online bank may work best for you.

Online banks typically have lower fees than their brick-and-mortar counterparts. If your business will have a lot of small transactions, you’ll want to avoid a bank that has limits on the number of transactions you can make without paying a fee. If you are just starting out and may have trouble maintaining a minimum balance in your account, look for a bank that doesn’t require one.

Online tools, mobile apps and payment processing are key factors for small businesses. When choosing a bank, be sure to check the reviews of their mobile app to make sure it has the features you will use most.

Best Business Checking Accounts by Use Case 

• Best for Low Fees: Bluevine, Axos
• Best for High Balances: American Express Business Checking, Bluevine 
• Best for In-Person Banking: Chase, Bank of America

• Best for Online-Only Businesses: Axos, First Internet Bank 
• Best for High Transaction Volume: Axos, Bluevine

What Small Business Owners Should Look For 

When choosing a bank, consider how your business operates from a financial perspective.

• Is yours a storefront, with walk-in traffic and a lot of small transactions?
• Or are you a consultant who invoices a small number of clients on a monthly basis?
• Does your business primarily operate online, using electronic payments?

These things will impact your choice of bank.

Beware of banks that claim to be the best at everything. No bank can serve every type of business equally well, so be sure the one you choose does a good job with your type of business.

Before you open your account, ask some questions. Ask if you can change to a different type of account in the future — if your business grows, your needs may change. And ask about credit lines and loans if you anticipate those may be in your future. You don’t want to have to switch banks to get a loan.

Are Business Bank Accounts Worth It? 

Having a dedicated business bank account is a good idea for most businesses. It helps you keep your business and personal finances separate, which is important for tax filing and compliance with state requirements. Some business owners prefer to have their personal and business accounts at different banks to further separate them.

Deciding where to open your business bank account(s) is a decision that should be taken seriously. Be sure to evaluate the different options through the lens of your particular business and how you expect to use your account(s). Don’t hesitate to ask other business owners in your network about their opinions as well.

How GOBankingRates Evaluated the Best Banks for Small Businesses 

To determine the best banks for small businesses, we looked at business checking and savings accounts and lending options. We evaluated the fees, features, accessibility and support options. Information was gleaned from banks’ websites and customer reviews.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Share This Article: