The best banks for small businesses should provide you with outstanding business checking along with products and services to help your business grow. The banks on this list either have full-service business banking or a specific product or service that is good enough to merit inclusion.
Depending on what stage of growth your business is in, you may be looking for different products and services from your business bank. Compare the offerings below and choose which best meets your business’s current and future needs.
After reviewing over 100 business banks to compile this list, here are the 10 best banks for small businesses, with links directly to the provider:
- U.S. Bank Member Federal Deposit Insurance Corp. FDIC. : Best traditional small business bank for free business checking
- Bluevine Provider is a financial technology (fintech) platform backed by and FDIC-insured through a supporting bank partnership with Coastal Community Bank. : Best digital-only provider for high-yield checking account and line of credit
- Chase Member Federal Deposit Insurance Corp. (FDIC). : Best small business bank for full-service banking and premium checking
- Novo Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Middlesex Federal Savings. :: Best digital-only provider for rapid access to funds and faster payments
- Relay Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Thread Bank. : Best for businesses needing multiple accounts and debit cards
- Mercury Mercury is a fintech company, not an FDIC-insured bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust ®️; Members FDIC. Deposit insurance covers the failure of an insured bank. : Best for tech companies and startups needing additional FDIC insuranceⓘ
- Grasshopper Member FDIC : Best for earning interest on larger checking balances
- North One Provider is a fintech platform backed by and FDIC-insured by a supporting bank partnership with The Bancorp Bank, N.A. : Best for a budgeting tool and software integrations
- Bank of America Member FDIC. : Best for ongoing rewards
- Capital One Member FDIC : Best for unlimited everyday transactions
Best Banks for Small Business Basic Checking Accounts at a Glance
U.S. Bank: Best Traditional Small Business Bank for Free Business Checking
What We Like
- No monthly fee
- Free mobile check deposits
- Apply in person, online, or by phone
Drawbacks
- Expensive wire fees
- Limited free transaction
Features
- Send and receive money through app
- Digital invoicing and payment systems integrated into your online dashboard
- Mobile app to monitor all of your accounts, transfer funds between accounts, and deposit checks online
- Easy integration with overdraft protection or credit card processing services for your business
- Free debit card and 50% discount on first check order up to $50
- Integrations with QuickBooks and U.S. Bank Payment Processing
- Customer service online, by phone, or in-branch during business hours
- Other products include lending and cash flow products, other checking options, and point-of-sale (POS) services
When to Choose U.S. Bank
- You seek a fee-free starter account: U.S. Bank’s starter account does not charge a monthly fee, although an initial deposit of $100 is required. You can open a business checking account online and access over 2,000 branches in 26 states Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, and Wyoming. for in-person services.
- Your business needs a wide range of lending products: If you’re seeking multiple financing options, U.S. Bank provides lines of credit, term loans, commercial real estate (CRE) loans, equipment financing, practice financing, and Small Business Administration (SBA) loans.
- You want a full-service traditional bank with various business banking products: Aside from loans, you can apply for cash vault and merchant services (see our U.S. Bank Merchant Services review). In addition, it has specialized checking products, such as nonprofit and analyzed checking accounts, regular savings, money market accounts, and certificates of deposit (CDs), including a wide selection of business credit cards with rewards.
Why I Like It
U.S. Bank is my recommended best all-around bank for small businesses because its entry-level account, Silver Business Checking, charges no monthly fees. It is one of the few traditional banks that offer business checking without waivable fee conditions.
Small businesses can benefit from 125 fee-free transactions, which include deposits and other credits, checks paid and other debits, ACH, deposited items, and signature and PIN-based debit card purchases. You can also deposit up to 25 units Units are calculated by dividing each cash deposit by 100 and rounding the results value to a whole number. of cash per month. If you need more free transactions, you can upgrade to the bank’s higher-tier Gold and Platinum business checking accounts.
• Earn a bonus of $900 by opening a new U.S. Bank Platinum Business Checking account between October 1, 2024, and January 15, 2025. You must make a deposit(s) of at least $30,000 in new money within 30 days of account opening and maintain a daily balance of at least $30,000 until the 60th day after account opening. bonus when you open a new, eligible U.S. Bank business checking account online (promo code: Q4AFL24) and complete qualifying activities, subject to certain terms and limitations—offer valid through January 15, 2025. Member FDIC.
Bluevine: Best Digital-only Provider for High-yield Checking Account & Line of Credit
What We Like
- $300 sign-up bonus for new business checking account holders (use referral code: FSM300) How to earn the bonus: To earn the $300 bonus, customers must apply for a Bluevine Business Checking account anytime between now and 12/31/2024 using the referral code above. After opening the account, customers must add funds within 30 days, then meet at least one of the following eligibility requirements every 30 days for the next 90 days from account funding: Deposit at least $5,000 from eligible merchant services to your Bluevine account, Make at least $5,000 of outbound payroll payments from your Bluevine account using eligible payroll providers, or Spend at least $2,000 with your Bluevine Business Debit Mastercard® and/or Bluevine Business Cashback Mastercard®
- Three checking options with competitive interest
- Integrates with QuickBooks
- Unlimited 1.5% cash back business Mastercard
Drawbacks
- No savings, money market, and certificate of deposit (CD) accounts
- No physical branch locations
- Fee for depositing cash
Features
- No monthly maintenance fee
- No minimum balance requirement
- Reduced standard payment fees for Bluevine Plus and Bluevine Premier checking
- Free debit card (with up to 4 free additional debit cards for authorized users) and two free checkbook orders per year
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Wise, Venmo, and Expensify
- Has live customer support from dedicated professionals
- Offers line of credit & credit card product
- Automatic transfers with sub-accounts
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Incoming: $0 Outgoing: $15 |
International Wire Transfer Fees | Incoming: $15 Outgoing (USD): $25 Outgoing (non-USD): $25 plus 1.5% |
ATM Fees | None at MoneyPass locations nationally; $2.50 plus operator fees for nonnetwork ATM use |
Cash Deposited |
|
APY | 1.5% on qualifying balances up to $250,000 |
Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank. | |
When to Choose Bluevine
- Your company wants to earn interest on its checking account: Bluevine has three interest-bearing business checking products. Bluevine Standard, the basic tier with no monthly fees, provides an APY of 1.5% for qualifying balances up to $250,000. Meanwhile, its two higher-tier plans, Bluevine Plus and Bluevine Premier, offer an APY of 3% and 4.25%, respectively.
- You need a line of credit: Bluevine tops our list of the leading small business lines of credit for low rates and easy minimum qualification requirements. You only need a business annual revenue of $120,000, which was reduced from $480,000.
- You need to send international payments: For cross-border payments, Bluevine lets you send funds to 32 countries in 15 currencies as fast as 24 hours.
Why I Like It
Bluevine features outstanding interest-earning business checking accounts and the best business line of credit products. Those products make Bluevine one of our best online business banking providers.
While it is digital-only, accounts can be opened and approved within the day, and no minimum opening deposit or balances are required. You also get high FDIC insurance coverage (up to $3 million), free standard ACH and incoming domestic wire transfers, and up to five subaccounts with unique account numbers to organize your cash flow. If you upgrade to premium checking plans, you can reduce the standard banking fees by as much as 50%.
Chase: Best Small Business Bank for Full-service Banking & Premium Checking
What We Like
- $300 bonus when you open an account
- Multiple ways to waive the monthly fee
- Branch presence in 48 states
Drawbacks
- Limited number of free transactions
- Does not earn interest
- Fee for cash deposits of more than $5,000 per statement period
Features
- Built-in card acceptance with QuickAccept℠ via the Chase Mobile® app
- Manage debit, deposit, and ATM card settings for individual employees
- Deposit checks, view account balances, pay bills, and make transfers through the mobile app
- Integrates with QuickBooks and other leading accounting software
- Free debit card, mailed within 10 business days of application approval
- Physical checks’ costs depend on type ordered
- Chase Payment Solutions
- Live customer support online or in branch during business hours
- Other products include business savings, CDs, lending products, credit cards, merchant services, and collection services
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20, then 40 cents per transaction |
ACH Fees | $2.50 per item for first 10 payments & 15 cents for succeeding payments 1% of transaction for same-day ACH or $25 per transaction, whichever is less. |
Monthly Fees | $15; waivable if conditions are met |
Domestic Wire Transfer Fees | Incoming: $15 Outgoing: Up to $35 |
International Wire Transfer Fees | Incoming: $15 Outgoing: Up to $50 |
ATM Fees | $3 at non-Chase ATMs, plus ATM operator fees |
Cash Deposited | $5,000 free per month, then $2.50 per $1,000 |
APY | N/A |
When to Choose Chase
- You want all the products and services offered by a traditional bank: Chase offers one of the best small business checking accounts, with three excellent options available, including various business loans, commercial credit cards, and a wide range of business support services.
- You need a bank with physical locations in addition to online access: If you need in-person banking services, Chase is a great choice for its nationwide branch presence. It has over 4,700 branches in the 48 lower states.
- You want excellent point-of-sale (POS) and software solutions: Your Chase Business Complete Banking® account has a built-in QuickAccept feature that allows easy credit card acceptance and free same-day deposits. Contact the bank to learn more about its robust merchant service offerings. In addition, you can sync your account with leading accounting software, QuickBooks and FreshBooks.
Why I Like It
As a fully established traditional bank, Chase has remained responsive to the needs of its small business customers by offering a full array of business banking solutions. These include top-tier credit cards (see our list of the top Chase business credit cards).
Its lowest-tier business checking account charges a monthly fee of $15. However, it can be easily waived by meeting a $2,000 average daily balance, a $2,000 Chase Ink Business Cards spend, or a $2,000 deposit from Chase QuickAccept or other eligible Chase Payment Solutions® transactions. You can also forgo the monthly fee if you have a Chase Private Client Checking account or qualifying proof of military status.
If you can waive the $95 monthly fee of Chase’s stellar premium account, Chase Platinum Business Checking, you get higher monthly fee-free transactions and cash deposits, more check protection services, and concierge service support. See our Chase Platinum Business Checking review for more information.
Novo: Best Digital-only Provider for Rapid Access to Funds & Faster Payments
What We Like
- Monthly refunds up to $7 in ATM fees
- No maintenance fees
- Novo Boost and Express ACH allow faster access to your funds
Drawbacks
- Unable to deposit cash directly
- Lack of savings accounts
- Noninterest drawing account
Features
- Integrates with other business tools, such as QuickBooks, Xero, Stripe, Square, PayPal, Wise, and Shopify
- Set aside funds for taxes and other large business expenses with Novo Reserves
- Deposit checks directly through the mobile app
- Online banking includes unlimited invoicing and bill pay
- Novo Boost in coordination with Stripe allows you to access funds faster
- Express ACH lets you accept or receive same-day ACH payments
- Quick financing option, merchant cash advance up to $75,000
- Virtual debit card available immediately, one free physical debit card per user
- Paper checks can be sent straight from the app
- Live customer support from dedicated professionals
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
ACH Fees | |
Monthly Fees | None |
Domestic Wire Transfer Fees | $0 to receive; cannot send wires domestically but can send fee-free ACH transfers |
International Wire Transfer Fees | $0 to receive; Novo partners with Wise to send international wires for a “low” fee |
ATM Fees | Up to $7 refunded each month |
Cash Deposited | None; money orders can be purchased and deposited through the app |
APY | N/A |
When to Choose Novo
- You want to send or receive payments faster: Through Novo Boost, small business owners can access Stripe funds quickly, which can take several days with other providers. Paying overseas suppliers is also convenient through the Express ACH feature, where funds are sent and received within the same day.
- You need easy integration with third-party accounting and ecommerce apps: To streamline operations, online shop owners can take advantage of Novo’s robust software connections, which include QuickBooks, Xero, Stripe, Square, PayPal, Wise, Shopify, Amazon, eBay, and Etsy. This is why Novo leads our roundup of the best banks for ecommerce businesses.
- You need business financing: You can apply up to $75,000 in merchant cash advance (MCA) through Novo Funding.
Why I Like It
While Novo doesn’t have the full-service business banking products offered by other providers in this guide, it’s a great choice if your business wants speedy access to funds and the ability to make fast ACH transfers.
Novo Boost lets your business accept payments from Stripe and receive payments from your Stripe account faster than other providers. Meanwhile, Express ACH is a great way to send quick payments to your business partners. The other benefits Novo provides are unlimited invoicing, 20 reserve accounts, and up to $7 monthly refunds of ATM withdrawal fees.
Relay: Best for Businesses Needing Multiple Accounts & Debit Cards
What We Like
- No minimum balance or opening deposit required
- Wire transfers are very inexpensive and are free with Relay Pro
- No ATM fees charged by Relay, although third-party fees may apply out of network
Drawbacks
- No physical locations
- No interest-bearing checking
- No lending products
Features
- Fee-free online banking and money management platform
- Open up to 20 individual business checking accounts
- Issue up to 50 Visa debit cards
- Send and receive ACH transfers, checks, and wires
- Collect payments from PayPal, Stripe, Square, and more
- Relay Pro account available, which offers same-day ACH delivery, free wire transfers, and accounts payable support
- Customer service via email, mail, and web contact form, and the app
- Checks can be sent on users’ behalf for free; third-party checks unavailable
- Accounting software integrations with QuickBooks, Xero, and Plaid
- No lending product
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
Monthly Fees | None |
Domestic Wire Transfer Fees |
|
International Wire Transfer Fees |
|
ATM Fees | None at Allpoint ATMs; Relay doesn’t charge out-of-network ATM fees, although third-party fees will apply |
Cash Deposited | $0 through Allpoint+ ATMs and $4.95 per deposit at Green Dot retail locations |
APY | N/A |
Relay is a business fintech platform backed by FDIC-insured Thread Bank. | |
When to Choose Relay
- You want to manage your budget properly: Relay provides subaccounts to help small businesses allocate funds for payroll, taxes, and operating costs. LLCs and corporations can open up to 20 checking subaccounts, while sole proprietorships can open up to 10.
- You have large teams and need to track expenses in detail: You can issue up to 50 virtual and physical Visa debit cards per business for free and set specific limits per card. All card expenses are autocategorized, making it easy to see each team member’s purchases.
- You send wire transfers frequently: With a Relay business checking account, you will only pay $5 or $10 for wire transfers. If you upgrade to Relay Pro ($30 per business monthly), all wire transfers are free.
Why I Like It
As mentioned, large teams needing multiple accounts and debit cards to manage finances will find Relay an outstanding choice. You can open several checking accounts and set aside reserves for different expenses.
If you need more features, such as accounts payable support, including autoimports from QuickBooks Online and Xero, you can subscribe to the paid plan, Relay Pro. It also includes multistep approval rules for bill payments, batch payments for bills, payment consolidation to the same vendor in one transaction, and same-day ACH delivery.
With Relay, you can open up to two savings accounts per business and access 1% to 3% APY rates based on balances, which makes it one of our leading business savings accounts. Further, depositing and withdrawing cash at over 55,000 Allpoint ATMs nationwide is free.
Mercury: Best for Tech Companies, Startups & Businesses Needing Additional FDIC Insurance
What We Like
- No monthly maintenance fees
- No wire transfer fees
- FDIC insurance Mercury is a fintech company, not an FDIC-insured bank. Deposits in checking and savings accounts are held by our banking services partners, Choice Financial Group and Evolve Bank & Trust ®; Members FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through insurance to apply. of up to $5 million via sweep networks
Drawbacks
- Accounts unavailable to sole proprietorships and trusts
- No APY for checking accounts
- Limited lending options and no cash deposits
Features
- Earn interest with Mercury Treasury Mercury Treasury, by Mercury Advisory, LLC, an SEC-registered investment advisor. Registration with the SEC does not imply a certain level of skill or training. SEC registration does not mean the SEC has approved of the services of the investment adviser. product if you have more than $500,000 in Mercury accounts and request Treasury
- Set customer user permissions for your team members
- Create auto-transfer rules for your accounts
- Integrate accounts with QuickBooks and Xero accounting software
- Virtual debit cards available right away, with physical debit cards arriving in the mail in a few days
- Physical checkbooks unavailable
- Business payment integrations with Shopify, Stripe, Zapier, Amazon, and PayPal
- Email customer service available
- Savings account provided when you open checking account
- Other products include Mercury Treasury, capital and venture debt, and credit card
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
Monthly Fees | None |
Domestic Wire Transfer Fees | None |
International Wire Transfer Fees | None as long as it is sent through Mercury’s structure |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply; free access to Allpoint ATM network (55,000 locations worldwide) |
Cash Deposited | Cash deposits not accepted |
APY | N/A |
When to Choose Mercury
- You seek additional FDIC insurance Mercury is a fintech company, not an FDIC-insured bank. Deposits in checking and savings accounts are held by our banking services partners, Choice Financial Group and Evolve Bank & Trust ®; Members FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through insurance to apply. : Mercury Vault extends coverage up to $5 million through the sweep networks of Mercury’s partner banks, which provides higher protection for your business funds.
- You want to access an interest-earning product: If your balances are over $500,000, you may want to place it in a high-yield Mercury Treasury Mercury Treasury, by Mercury Advisory, LLC, an SEC-registered investment advisor. Registration with the SEC does not imply a certain level of skill or training. SEC registration does not mean the SEC has approved of the services of the investment adviser. product.
- You need robust software integrations: Mercury is a great choice for a digital-only provider with top-notch software integrations. It is compatible with QuickBooks, Xero, NetSuite, Amazon, PayPal, Shopify, Square, Stripe, and Zapier.
Why I Like It
For incorporated startups and tech companies, Mercury is an excellent choice for the best business account for small businesses. You can access solid startup services, such as opportunities for networking and fundraising through Mercury Raise and Investor Database.
The digital-only company also offers free checking and savings accounts without minimum deposit or balance requirements. Most businesses incorporated in the US are eligible for an account, except sole proprietorships and trusts.
Additionally, Mercury offers a $300 cash back bonus if you spend $2,000 on your debit card within the first 90 days of account opening. You will also get 1.5% cash back on all purchases through its IO Mastercard (check out our review of Mercury IO Mastercard) and save on discounted software tools for startups (see Mercury’s Perks page).
Grasshopper: Best for Earning Interest on Larger Checking Balances
What We Like
- Cash back on debit card purchases
- Interest-bearing account
- No monthly fees or transaction fees
Drawbacks
- No physical locations
- Minimum deposit required to open
- Cash deposits not accepted
Features
- Free physical and virtual Visa® rewards debit cards
- Unlimited 1% cash back on online and signature-based purchases
- Free bill pay, check deposit services, and digital invoicing tools
- Free domestic ACH and wire transfers when a balance greater than or equal to $25,000 is maintained
- International US dollars (USD) and foreign exchange (FX) wire transfers also available
- Autobooks, QuickBooks, and Plaid integrations with additional financial data management tools available
- Access to multimillion-dollar FDIC insurance up to $125 million
- Earn up to 3.30% APY on balances greater than $50,000 when bundled with an Innovator Money Market Savings Account
- Personalized support from a US-based Client Services team available by phone, email, chat, and secure message
- Other products include savings accounts, startup banking services, treasury management, CRE loans, and SBA loans
 | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees |
|
International Wire Transfer Fees |
|
ATM Fees | None at 45,000 MoneyPass & SUM network ATMs |
Cash Deposited | Cash deposits not accepted |
APY |
|
When to Choose Grasshopper
- You want interest-bearing checking accounts: You can get up to 1.80% APY with Innovator Checking if your balance ranges from $25,000 to $250,000. Pairing it with an Innovator Money Market Savings Account increases the yield to 3.30% APY.
Meanwhile, venture-backed startups can open an Accelerator Checking account with higher interest for bundled products. Both checking accounts require a $100 initial deposit but don’t carry monthly fees.
- You use a debit card for business purchases and want to earn cash back rewards: You can earn unlimited cash back through online and in-store signature-based purchases via your debit card.
- You seek a digital bank that integrates with QuickBooks and Autobooks: Your Grasshopper checking account connects seamlessly with accounting software QuickBooks and payment software Autobooks, which is provided for free by Grasshopper Bank. That’s why we included Grasshopper in our roundup of top bank accounts for self-employed professionals.
Why I Like It
Grasshopper Bank is one of the best banks for small business owners because you can track both your checking and savings in one place. You are encouraged to open bundled checking and money market accounts to earn higher interest. Transactions are also unlimited, and ACH and inbound domestic wire transfers are free.
Though purely digital, Grasshopper offers quick lending solutions, such as SBA and CRE loans. Your funds are also protected by up to $125 million in FDIC insurance. Startups looking for fundraising support can access an exclusive network called Grasshopper Connect.
North One: Best for a Budgeting Tool and Software Integrations
What We Like
- Sales, payments, spending, and budgeting connected in one place
- Individual debit cards and login access provided to co-owners
- Envelopes offered to separate funds into different categories for easy budgeting
Drawbacks
- No physical locations
- Cash deposit fees
- No APY
Features
- Physical and virtual cards for each owner
- Desktop and mobile app banking
- Ability to receive unlimited ACH and domestic wire deposits
- Free bill pay
- Integration with QuickBooks, Wave, Patriot Accounting, and Zoho
- Compatible with Stripe, PayPal, Square, Shopify, Amazon, and eBay
- Ability to send paper checks from your North One account
- North One perks include discounts and free trials of business software and productivity tools
- Local customer support available through phone, email, and live chat
- Other products include lines of credit and term loans
| |
|---|---|
Required Opening Deposit | $50 |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
Monthly Fees | None |
Domestic Wire Transfer Fees | $20 for outgoing and $0 for incoming |
Same-day ACH Fees | 1.5% fee (minimum of $1 and maximum of $15) |
ATM Fees | Cash withdrawals through Mastercard®, Maestro®, or Cirrus® ATM network |
Cash Deposited | Up to $4.95 per transaction at Green Dot retail locations
North One is now refunding third party fees for cash deposits refunding one deposit fee per month for Standard customers and up to three deposit fees per month for Plus customers.
|
APY | N/A |
Customer Service | By phone, email, or live chat during weekdays from 9 a.m. to 6 p.m. Eastern time |
Other Products | North One Plus account, business line of credit, and business term loan |
North One is a business fintech platform backed by FDIC-insured The Bancorp Bank N.A. | |
When to Choose North One
- You want to separate funds for better expense categorization: It is easy to budget for common business operating costs through North One’s Envelopes. You can allocate funds for taxes, payroll, rent, and company insurance. This is one of the primary reasons North One is part of our list of the best free business checking accounts.
- You seek to integrate your business account with everyday tools: Your North One Standard account is compatible with over 50 business software, which includes popular accounting solutions—such as QuickBooks, Wave, and Zoho—and other financial management, invoicing, payment, ecommerce, and productivity tools.
- You want business financing options: When you need to expand your business or purchase new equipment, you can apply for North One business lines of credit and term loans. Qualifying for financing is easy, and you may even receive funding within the day.
Why I Like It
North One supports small businesses by linking sales, spending, payments, and budgeting in one platform. You can keep track of your cash flow easily and save time by syncing with accounting software in real time. You can also connect multiple business tools to make your operation efficient. North One also offers a perks program where you can access discounts, free trials, and signup offers (see North One’s Perks page).
The North One account requires an initial deposit of $50 but has no monthly fees. For additional features, like free same-day ACH transfers and lower fees when sending domestic wires, you can subscribe to the paid plan, North One Plus. The provider also refunds ATM withdrawal fees and cash deposit fees monthly with limits
• Standard customers: Refunds two ATM withdrawal fees and one cash deposit monthly.
• Plus users: Refunds six ATM withdrawal fees and three cash deposits monthly.
.
Bank of America: Best for Ongoing Rewards
What We Like
- 200 free transactions per month
- Free digital tools to track business performance
- Ongoing rewards
Drawbacks
- Doesn't earn interest
- Doesn’t offer ATM fee reimbursements
- Requires a $100 opening deposit
Features
- Deposit checks, view accounts, make transfers, and pay bills with the mobile app
- Credit card processing and payroll services through ADP
- Cash Flow Monitor®, a cash management tool, lets you connect accounting, analytics, and payroll apps to help you make business decisions
- Check your business credit score through a partnership with Dun & Bradstreet
- Free debit card
- Physical checks’ cost varies depending on type ordered
- Integrations with QuickBooks, TurboTax, and Zelle
- Customer service during business hours in branch and via phone or via social media messages
- Merchant services available through Expensify
- Other products include business savings, CDs, lending products, and financial analysis through Merrill Financial Advisor
 | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20, then 45 cents per item |
Monthly Fees | $16; waivable if conditions are met |
Domestic Wire Transfer Fees |
|
International Wire Transfer Fees |
|
ATM Fees | None at over 15,000 ATMs nationwide; $2.50 per transaction on out-of-network ATMs |
Cash Deposited | Up to $5,000 per month free, then 30 cents per $100 per statement cycle |
APY | N/A |
When to Choose Bank of America
- You want to earn a welcome bonus from your checking account: Opening an eligible Bank of America business checking account lets new users receive a $200 cash bonus upon meeting qualifying activities. This offer is valid until December 31, 2024.
- You seek more rewards and benefits: You can sign up for Bank of America’s Preferred Rewards for Business program and gain interest rate boosts from business savings accounts, discounts from loans and merchant services, and cash back on payroll services. Also, you can earn $300 statement credits from a new eligible business credit card. See our article on the best business bank account promotions for more details.
- You need more free transactions out of your basic checking: Bank of America’s entry-level account offers up to 200 transactions each month and has no monthly fee for the first 12 months.
Why I Like It
Bank of America is another top small business bank, competing with the established bank Chase. If you are wondering whether to choose Chase or Bank of America, you can read our comparison of Bank of America vs Chase to determine which is best.
Bank of America’s business checking products offer easy waivable monthly fees. The bank also extends outstanding business savings, CDs, lending products, and business banking services, including financial analysis through Merrill financial advisors. In addition, you get cash back rewards and travel through the company’s business credit cards (see our list of the leading Bank of America business credit cards).
Capital One: Best for Unlimited Everyday Transactions
What We Like
- Unlimited transactions
- Easy ATM access
- Waivable monthly fee
Drawbacks
- Account doesn’t earn interest
- Limited physical locations
- Steep wire fees
Features
- Pay bills, track accounts, transfer funds, and deposit checks with the mobile app
- Integrates with QuickBooks, Xero and other top accounting software
- Free overdraft protection when linked to another small business deposit account
- Free debit card
- Physical checks (cost based on type ordered)
- Connect with business payment solutions
- 24/7 support by phone, or in-branch support during business hours
- Other products include lending products, credit cards, certificates of deposit, and savings accounts
 | |
|---|---|
Required Opening Deposit | $0 |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited digital transactions |
ACH Fees | None |
Monthly Fees | $15; waivable if conditions are met |
Domestic Wire Transfer Fees |
|
International Wire Fees |
|
ATM Fees | |
Cash Deposited | Up to $5,000 per month free, $1 for every $1,000 after that |
APY | N/A |
When to Choose Capital One
- Your business handles a large number of transactions daily: With unlimited free monthly digital transactions, Capital One is an outstanding choice for a business bank account for small businesses. It doesn’t charge fees for everyday digital transactions, which include mobile deposits, ACH payments, and online bill pay.
- You require the ability to make large cash deposits: Cash-reliant businesses can perform in-person transactions at branches in Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and the District of Columbia. You will have to pay $1 for every $1,000 after depositing $5,000 in a month.
- You want to save on ATM fees: You can withdraw for free at over 70,000 ATMs, including the MoneyPass and Allpoint networks.
Why I Like It
Capital One is among my top banks for small businesses since it offers unlimited digital transactions. The Basic Checking account has a monthly fee of $15, waived easily by meeting a $2,000 30- or 90-day average balance. You also won’t need to pay for standard ACH transfer fees.
The bank offers many business banking products, like real estate term loans, lines of credit, SBA loans, and credit cards (see our list of the best Capital One business credit cards). Its business support services include merchant services, escrow fund management, commercial banking, and business-to-business (B2B) credit programs.
How I Evaluated the Best Small Business Banks
When I evaluated the best banks for small businesses, I considered the following:
- Monthly fees, if any, and how easily they are waived
- Required opening deposit and balance minimums
- Transaction limits before fees
- ACH and wire transfer fees
- ATM fees and availability
- Cash deposit fees and availability
- Interest yield, if applicable
- Other checking account perks
- Software integrations
- Other business services provided
- Lending products provided
- Customer service
Our State-specific Buyer’s Guides
If your business is located in New York, California, Texas, or Florida and you are interested in recommendations that are tailored to your geographic location, check out our state-specific buyer’s guides:
- Best Banks for Small Businesses in New York
- Best Banks for Small Businesses in California
- Best Banks for Small Businesses in Texas
- Best Banks for Small Businesses in Florida
What to Consider When Choosing the Best Small Business Bank
While I used my own criteria to select the best banks for small businesses for this guide, here are some things you should review before making a selection:
1. Ensure Your Business Funds Are Completely FDIC-Insured
FDIC Insurance is at the front of the minds of most business owners, especially after the bank failures of Silicon Valley Bank, Signature Bank, and First Republic Bank. While all banks listed here are either FDIC-insured or backed by an FDIC-insured bank, you may need more than the standard $250,000 coverage for your business.
You may need to obtain additional FDIC insurance, open bank accounts at multiple banks, or choose a bank that uses sweep networks and partner banks to increase your coverage. Mercury’s Vault product uses those methods to increase your FDIC insurance Mercury is a fintech company, not an FDIC-insured bank. Deposits in checking and savings accounts are held by our banking services partners, Choice Financial Group and Evolve Bank & Trust ®; Members FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through insurance to apply. to $5 million.
2. See What Business Banking Products Your Personal Bank Offers
While all the providers in this guide would make great options for businesses looking to open a bank account, it may be best to check with your local bank first. If you open a business bank account at the same bank where you conduct your personal banking, you are choosing a provider you already have a relationship with. This may make getting business loans and other business products and services easier.
3. Read Customer Reviews
While reviews might not tell the whole story, seeing what other clients have said about a prospective bank is good. Each bank review on Fit Small Business includes a customer review section.
Reviews often include both business and personal accounts, so some might not apply to your potential business account. However, it should alert you of any potential red flags to avoid before choosing a new bank. For more information, see our guide on how to choose a bank for your small business.
What You Need to Open a Business Bank Account
Each provider on this list may require different documents to open a business bank account. Generally, you will need the following:
- Employer identification number (EIN) or Social Security number if you’re a sole proprietor
- Fictitious business name certificate or doing-business-as (DBA) certificate
- Business formation documents
- Organization documents, including your ownership agreements
- Business licenses
- Government-issued photo ID, such as a passport or driver’s license
Frequently Asked Questions (FAQs)
If you want to use a brick-and-mortar bank for your small business, U.S. Bank is the best option, thanks to zero monthly fees, online and physical branch accessibility, and various banking products and services. If you want a digital-only bank, Bluevine, with its interest-bearing checking and line of credit product, is the best choice.
If you’re looking for the best banks for a startup business, our top choices are Mercury, Bluevine, and Chase. Each provides excellent business checking products with specific tools to help new businesses.
Our leading banks for LLCs are Bluevine, Novo, and Chase since they offer superb features and efficient business solutions that give small businesses a competitive advantage.
Bottom Line
While the 10 banks listed in this guide provide multiple business banking support products to help your growing company, choosing which is best for your business will be determined by your company’s exact needs. Each provider offers slightly different products and services. Consider what you need from your business bank, and pick the bank that best aligns with your needs.
