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The best banks for small businesses will depend on the specific needs and goals of the owners. We analyzed a range of options to come up with a list of nine banks. These banks offer products and services to support businesses at any stage, from startups to seasoned establishments.
Our list features bank accounts with minimal fees as well as features to help you seamlessly manage your small business. Here are our selections.
9 best banks for small businesses
| Bank | Best for | Products | Fees | Highlights |
| Axos Bank | Free checking account | Checking, savings, CDs, money market, SBA loans | No monthly maintenance fee on basic checking account, $10 for interest checking account (waived with $5,000 average daily balance) |
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| Bank of America | Digital tools | Checking, savings, CDs, credit cards, investing, loans (including commercial real estate), lines of credit | Monthly service fees on checking accounts (can be waived when you meet certain requirements), 20 free transactions per statement cycle, then 45 cents per transaction with Business Advantage Fundamentals checking account |
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| Bluevine | Online banking | Checking, loans, line of credit, credit card | No monthly service, overdraft or incoming wire fees |
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| Capital One | Business credit cards | Checking, savings, credit cards, loans, line of credit, commercial lending services | $15 monthly service fee (waived with a $2,000 minimum balance), $15 incoming wire fee, $25 per outgoing wire for Basic Checking account |
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| Chase Bank | One-stop-shop business banking | Checking, savings, CDs, credit cards, loans, line of credit | Monthly service fee on checking accounts (can be waived if you meet certain requirements) |
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| Navy Federal Credit Union | Free electronic transactions | Checking, savings, money market, credit cards, loans | After the first 30 nonelectronic transactions, 25 cents per transaction with the Business Checking account, overdraft fee, outgoing wire fee |
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| Truist Bank | No collateral business loan | Checking, savings, CDs, money market, credit cards, loans, line of credit, merchant services | $20 monthly service fee with Dynamic Business Checking account (can be waived with a $5,000 average relationship balance) |
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| U.S. Bank | Equipment financing loans | Checking, savings, CDs, money markets, credit cards, loans, line of credit, equipment financing | No monthly maintenance fee, first 125 transactions per statement cycle free, then 50 cents per transaction for the Silver Business Checking Package |
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| Wells Fargo | Business line of credit | Checking, savings, CDs, credit cards, lines of credit, SBA loans, commercial lending | Monthly service fee from $10 to $75 depending on the level of checking account (can be waived if you meet certain requirements), 50 cent transaction fee after the first 100 transactions each fee period with the Initiate Business Checking account |
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How to pick the right bank for your small business
Choosing the right bank can help small business owners organize their finances and streamline their processes. Here are some factors to consider when choosing a small business bank account:
- Account type: Before choosing a bank, you’ll want to make sure it offers the account types you want. Account options can vary from bank to bank: For example, Bluevine offers a checking account but not a savings account, while Chase Bank offers multiple checking and savings account options.
- Fees: Look for a bank with minimal fees to avoid paying more than needed for a business bank account. Some banks have monthly maintenance fees, but they can often be waived if you meet certain requirements, like maintaining a specific account balance.
- Initial deposit and balance requirements: Some banks require you to deposit a specific amount in order to open a bank account. For example, U.S. Bank requires a $100 initial deposit to open a business checking account. Some banks also have minimum balance requirements to keep your account open or access certain features.
- Transaction limits: Many business bank accounts set limits on the number of free transactions you can make each month, including transfers and deposits. Exceeding these limits may result in additional fees.
- ATM network and branch access: Do you like having access to ATMs or in-person customer service? If so, you might want to consider a traditional bank like Bank of America or Chase, which generally have the largest number of ATMs and branch locations.
- Annual percentage yield (APY): APY represents how much interest your savings could earn in a year, including compounding. If growing your business savings is a priority, consider a high-yield savings account. Online banks tend to offer higher APYs than traditional banks.
- Digital services and tools: If you prefer to manage your business finances online, look for banks with robust online and mobile app services.
- Reputation and reviews: It’s a good idea to consider a bank’s overall reputation and customer reviews. This can help you feel more confident in the decision you make.
- Welcome bonuses: While comparing banks, check out ones that offer bonuses for new customers. You may be able to snag an extra few hundred dollars to jumpstart your business savings or buy tools or software you’ve been eyeing.
How to open a small business bank account
Here are the steps to open a bank account for your small business:
1. Compare bank options
Researching different banks can help you find one that aligns with your specific business needs. For example, if you’re a self-employed artist looking for a way to separate your personal and business finances, a bank with a simple, no-fee-checking account might be a good option. But if your business is growing rapidly, a bank with various loan options may be your best option.
2. Gather your documents
To open a business bank account, you’ll need to hand over various documents, which may include:
- Personal identification, like a driver’s license
- Business address and phone number
- Business formation documents, such as articles of incorporation and a DBA certificate
- Business license
- Employer identification number (EIN) or Social Security number (SSN)
Contact the bank’s customer service department if you have questions about the documents you’ll need to provide.
3. Complete an account application online or in person
Many banks offer online applications. However, if you have specific questions about the bank’s products and services, it may be easier to visit a branch. Some banks will give you a decision right away, while others may take a bit longer, especially if they require additional documents or information.
4. Make your initial deposit
Some banks require you to make an initial deposit to complete the account opening process. The initial deposit varies by bank and account type.
Here are some examples of business bank accounts with minimum deposit requirements:
- U.S. Bank Silver Business Checking: $100 minimum deposit
- PNC Business Checking Plus: $100 minimum deposit
- Wells Fargo checking accounts: $25 minimum deposit
5. Connect your favorite business tools
Many business bank accounts offer easy integration with popular business tools and accounting software, including QuickBooks and ADP. This can help you optimize financial management, payroll and other essential operations. Connecting your bank and business tools can also help reduce manual tasks and simplify tax preparation.
Methodology
The banks in our comparison table are ranked based on various factors, ones we believe are important for small business owners to consider when choosing a business bank account. These factors include accessibility, fees, bank reputation, account features and perks.