The best banks for small business should provide you with both 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 out of your business bank. Compare the offerings below and choose the one that best meets the current and future needs of your business.
After reviewing more than 100 business banks to compile this list, here are the 10 best banks for small business, with links directly to the provider:
- Chase Member Federal Deposit Insurance Corp. (FDIC). : Best small business bank for full-service banking tools and premium checking
- 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 bank for high-yield checking account and line of credit
- 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 Provider is a fintech platform backed by and FDIC-insured through supporting bank partnerships with Choice Financial Group and Evolve Bank & Trust. : Best for tech companies and startups needing additional FDIC insurance
- Novo Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Middlesex Federal Savings. : Best digital-only bank for rapid access to funds and faster payments
- Bank of America Member FDIC. : Best for low cash deposit fees and ongoing rewards
- Grasshopper Member FDIC : Best for earning interest on larger checking balances
- Capital One Member FDIC : Best for unlimited everyday transactions
- Huntington Bank Member FDIC. : Best small business bank for overdraft and SBA Small Business Administration lending
Best Banks for Small Business Basic Checking Accounts At a Glance
Chase: Best Small Business Bank for Full-service Banking Tools & 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
- You need a bank with physical locations in addition to online access
- You want one bank to handle both your personal and business accounts
With three outstanding business checking options, a variety of business loans, and a wide range of business support services, Chase is our best bank for small businesses. It offers one of the best small business checking accounts, with three excellent checking account options available.
The best Chase checking account for your business will depend on your average monthly balance, number of transactions, and cash deposits each month. If you can waive the $95 monthly fee, the Chase Platinum Business Checking account is the best premium checking product on the market. See our full review of Chase’s Platinum Business Checking account for more information.
- Industry-leading lending products, including lines of credit and credit cards (see our list of the top Chase business credit cards)
- Commercial lending solutions, including commercial real estate (CRE) loans, payment services, cash flow management, commercial credit cards, and merchant services
- Excellent point-of-sale (POS) and software solutions
Chase’s Business Complete Banking earned a 3.3 out of 5 rating from limited reviews on WalletHub[1]. The bank overall scored 3.8 stars[2]. Two of the reviews about Business Complete Banking contained complaints about the minimum balance requirement to waive the monthly fee. Other reviewers gave positive feedback on the bank’s customer service and the benefits associated with being a loyal client.
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 may need access to physical locations in addition to online access
- You are a business that needs a wide range of business lending products
- You want a full-service traditional bank offering a variety of business banking products
U.S. Bank is another one of the best banks for small business accounts. Its entry-level account, Silver Business Checking, charges no monthly fees, making U.S. Bank one of the few traditional banks that offers business checking without a waivable fee.
- Multiple checking options and business banking products Includes business loans and lines of credit, SBA loans, equipment financing, practice financing, and McDonald’s franchise financing
- No monthly fees for Silver Business Checking
- More free transactions for higher-tier accounts Gold and Platinum Business Checking
- Business savings accounts, money market accounts, CDs, and business credit cards
- Cash management, payroll services, fraud protection, and gift card management for businesses, plus merchant services
You can earn up to an $900 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.
U.S. Bank has good ratings on WalletHub[3] with a 3.9 out of 5. There were mixed reviews regarding the bank’s customer service. Many recent negative comments came from reviewers who were turned down for lines of credit or had bank charges disputes. There weren’t many reviews that specifically cited the bank’s business checking product.
Bluevine: Best Digital-only Bank 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
- You need a line of credit; Bluevine tops our list of the leading small business lines of credit
- You don’t need a physical banking location as Bluevine is digital-only
While Bluevine doesn’t have all of the banking products as some of its competitors on this list, it features the best business line of credit products and outstanding interest-earning business checking accounts. Those products make Bluevine one of the best online business banks on the market.
- No minimum opening deposit or minimum balance
- No monthly fees or Bluevine Standard, waivable for premium accounts
- 1.5% APY on qualifying To earn the 2.0% APY, you need to spend $500 a month with the debit card or receive $2,500 in customer payments monthly. balances under Bluevine Standard business checking
- Higher APYs and extended FDIC insurance for Bluevine Plus and Bluevine Premier (see our Bluevine business checking review for more details)
- Send international payments to 32 countries in 15 currencies in as fast as 24 hours
- Two free checkbook orders per year
Bluevine has earned 4.3 out of 5 stars on Trustpilot[4]. The reviews were exceedingly positive, with most users praising the ease of digital account opening. Clients said that they appreciate the company’s responsive online customer support, although some left negative comments about phone support.
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 | $0 for incoming; $5 for outgoing |
International Wire Transfer Fees | $0 for incoming; $10 for outgoing |
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 prefer to use subaccounts to manage business funds as Relay offers up to 20 checking subaccounts 20 for LLCs and corporations; 10 for sole proprietorships
- You have large teams requiring debit card access, as Relay provides up to 50 free Visa debit cards
- You send wire transfers frequently, as wire transfers are $5 or 10 with Relay Standard and free with Relay Pro
For businesses with large teams that need multiple accounts and debit cards to manage finances, Relay is an outstanding choice for the best bank account for small businesses. You can get up to 20 checking accounts, which you can use to set aside reserves for different expenses.
While Relay Pro’s monthly fee of $30 is not waivable, the account comes with great features. You get accounts payable support, including auto-imports from QuickBooks Online and Xero. It also includes multi-step approval rules for bill payments, batch payments for bills, payment consolidation to the same vendor in one transaction, and same-day ACH delivery.
- Order up to 50 Mastercard debit cards to closely track individual business expenses
- Deposit cash Limited to $1,000 per transaction at any of 55,000 Allpoint ATMs nationwide
- Best rates on wire transfers ($5 or 10 under Relay Business Checking; free under Relay Pro)
- No monthly fees or required minimum balances for Relay Business Checking
- Two savings accounts per business with APY rates from 1% to 3% based on balances
Relay has very positive reviews on Trustpilot[5] with a rating of 4.6 out of 5. Users stated that opening an account with Relay was quick and convenient and that its customer service was prompt and friendly. They were also pleased with how quickly Relay resolved reported issues.
Note: Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided through Thread Bank; Member FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted.
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 |
Mercury is a business fintech platform backed by FDIC-insured Choice Financial Group and Evolve Bank & Trust. | |
When to Choose Mercury
- You seek additional FDIC insurance, as Mercury Vault extends coverage to $5 million 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.
- You don’t need a business bank with a physical location
- You don’t need to deposit cash
For incorporated startups and tech companies, Mercury is an excellent choice for the best business bank account for small businesses. The digital-only company 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.
The biggest perk of Mercury is its Vault product. Mercury will use partner banks and a sweep network to extend your FDIC insurance to $5 million. It is a great choice for a digital-only bank with top-notch software integrations and unique lending and interest-earning account products.
- Mercury Treasury The Mercury Treasury rate is 5.40% and is subject to change at any time. , an interest-earning account (available for balances of over $500,000)
- $300 cashback bonus if you spend $2,000 on your debit/credit card within the first 90 days of account opening
- IO Mastercard offers 1.5% cash back on all purchases and unlimited virtual cards (read our review of Mercury IO Mastercard for more details)
- Capital and venture debt products
- Discounted software tools for startups (see Mercury’s Perks page)
Trustpilot[6] has mostly positive reviews with a rating of 3.8 out of 5. Users were pleased with the smooth account opening process, great user interface (UI), and helpful customer support. Some negative reviews mention the long hold times for new account checks.
Novo: Best Digital-only Bank 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 and Express ACH
- Your business withdraws cash from ATMs frequently
- You need easy integration with third-party apps for accounting and e-commerce
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 quicker access to funds and the ability to send and receive payments faster. Novo Boost lets your business accept payments from Stripe and receive payments sent from your Stripe account faster than other providers.
- Accept or send same-day ACH payments through Novo’s Express ACH
- Up to $7 in ATM fee refunds
- Excellent digital integrations, including accounting and payment software integrations
- Unlimited invoicing and up to 20 reserve accounts
- Send paper checks from the app even if you cannot order checks
- Up to $75,000 in merchant cash advance (MCA) financing through Novo Funding
Novo has mostly positive reviews on Trustpilot[7], earning 4.4 out of 5 stars. Reviewers said that they liked how easy it was to set up accounts. Small business owners appreciate the payroll integration and useful business tools, and others recommended the provider for its lack of hidden fees and excellent customer service.
Bank of America: Best for Low Cash Deposit Fees & 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 | 200, then 45 cents per item |
Monthly Fees | $16; waivable if conditions are met |
Domestic Wire Transfer Fees | Fee varies |
International Wire Transfer Fees | Fee varies |
ATM Fees | None at over 15,000 ATMs nationwide; $2.50 per transaction on out-of-network ATMs |
Cash Deposited | Up to $7,500 per month free, then 30 cents per $100 per statement cycle |
APY | N/A |
When to Choose Bank of America
- You often deposit cash, as Business Advantage Fundamentals Banking (basic tier) provides up to $7,500 in free cash deposits monthly and charges 30 cents per $100 past the limit
- You need more free transactions out of your basic checking, as its entry-level account offers up to 200 free each month
- You want to earn rewards from your checking account in addition to $100 to $500 in bonuses with qualifying actions
Bank of America is another one of the top banks for small businesses. It is practically even with Chase, and choosing between the two may simply come down to which bank is closer to your business. You can read our comparison of Bank of America vs Chase to determine which is best.
The ability to earn up to $500 in cashback and statement bonuses with qualifying actions makes Bank of America one of our top choices for the best business bank account promotions. In addition, it offers rewards for cash back and travel through the company’s business credit cards (see our list of the leading Bank of America business credit cards).
- Two business checking accounts with easy-to-waive monthly fees
- Outstanding business savings, CDs, and lending products
- Full suite of business banking services
- Financial analysis through Merrill financial advisor
- Robust business services and app integrations with ADP, QuickBooks, Stripe, and more
WalletHub[8] reviewers gave Bank of America’s Business Advantage Fundamentals Banking an average rating of 3.2 out of 5 based on nearly 80 reviews. Many of the written reviews were negative, citing being turned down for accounts or having accounts closed. Others stated they’ve had no issues with Bank of America business bank accounts.
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 4.0% APY on balances greater than $50,000 when bundled with an Accelerator 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 | $0 for incoming; $10 for outgoing |
International Wire Transfer Fees | $5 for incoming, $25 for outgoing |
ATM Fees | None at 45,000 MoneyPass & SUM network ATMs |
Cash Deposited | Cash deposits not accepted |
APY |
|
When to Choose Grasshopper
- You have a startup business and want an interest-bearing business checking account
- You use a debit card for business purchases and want to earn cash back rewards
- You seek a digital bank that integrates with QuickBooks and Autobooks Autobooks is payment software provided for free by Grasshopper Bank.
Grasshopper provides one of the best bank accounts for small businesses, especially startups. With the bank’s Accelerator Checking account, you can enjoy up to 2.25% APY uncapped with no minimum balance requirement There is no minimum or cap on balances to earn APY, but customers must maintain a minimum average balance of $10,000 with no nonsufficient funds (NSF) items during the preceding 12 calendar months. and monthly fee. Pairing it with a Grasshopper Accelerator Money Market Savings Account Opening an Accelerator Money Market Savings Account requires opening Accelerator Checking and maintaining a balance of $50,000 and up. earns you an additional APY of 4.0%.
By meeting the required balance of $25,000 or greater, you can take advantage of free bill pay, domestic wire transfers, and ACH from your Grasshopper Accelerator Checking account. The bank also offers Grasshopper Connect, an exclusive network to help investors gain fundraising support.
Grasshopper has a 3.6 out of 5 rating on Trustpilot[9]. Users praised the bank’s seamless online account creation and cash back offers. They also appreciate the bank’s support for startups and the minimal back-and-forth communication with the customer service team. A few complained about the lengthy period for funds to be accessible.
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 | Incoming: $15 Outgoing: Up to $25 |
International Wire Fees | Incoming: $15 Outgoing: Up to $50 for USD; $40 for foreign currency |
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 each day
- You require the ability to make large cash deposits
- You’re a small business owner with an annual revenue of less than $10 million
With unlimited free monthly transactions, Capital One is an outstanding choice for a business bank account for small businesses. You can open a business checking account online with a representative, or at a local branch. Cash-reliant businesses can perform in-person transactions at branches in Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and the District of Columbia.
What sets Capital One apart from other brick-and-mortar banks in this guide is it doesn’t charge fees for everyday account transactions. There are no fees for digital transactions, including mobile deposits, ACH payments, and online bill pay. If your business makes a lot of cash deposits, you will have to pay $1 for every $1,000 after depositing $5,000 in a month.
- Easy-to-waive $15 monthly fee by meeting a $2,000 30- or 90-day average balance
- Enhanced Checking offers free incoming domestic wires and no limits on cash deposits
- Credit cards (see our list of the best Capital One business credit cards)
- Lending products, such as real estate term loans, lines of credit, and SBA loans
- Business support services include merchant services, escrow fund management, commercial banking, and business-to-business (B2B) credit programs
On WalletHub[10], users gave Capital One a rating of 3.3 and its business checking a rating of 4—although only three reviews were left for business checking. While reviewers raved about their experience with Capital One, others found the bank’s customer service lacking.
Huntington Bank: Best Small Business Bank for Overdraft Protection & SBA Lending
What We Like
- No minimum opening deposit
- 24-Hour Grace® Overdraft and Return Fee Relief
- No monthly fees for the Business Checking 100
Drawbacks
- Expensive domestic and international outgoing wire fees
- High maintaining balances to waive monthly fees for Unlimited Business Checking and Unlimited Plus Business Checking
- Physical branches limited to 11 states
Features
- Free debit Mastercard
- Online and mobile banking
- Deposit checks, send money, and pay bills online
- $50 Safety ZoneSM feature lets you avoid an overdraft fee
- Bonus services include free desktop check deposit scanner, payroll discount, and free incoming wires
- Access to Huntington SmartTax® service allowing timely tax payments
- Access to The Hub for financial management tools
- Integrations with QuickBooks, Quicken, Zelle, Clover, eBill Present and Pay (EBPP)
- Toll-free customer service Monday to Friday 8 a.m. to 7 p.m. Eastern time and Saturday 8 a.m. to 2 p.m. ET
- Other products include business savings, money market, credit cards, lending, and insurance
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 100 free each month; 50 cents per item above limit |
Monthly fee | None |
Domestic Wire Transfer Fees | Incoming: $18 Outgoing: $50 |
International Wire Fees | Incoming: $25 Outgoing: $80 (branch-initiated) |
ATM Fees | None at Huntington ATMs; $3.50 at non-Huntington ATMs plus operator fees |
Cash Deposited | Up to $2,500 free monthly; then 30 cents per $100, per month |
APY | N/A |
When to Choose Huntington Bank
- Your business might be interested in a smaller SBA 7(a) loan, as Huntington is one of the top SBA lenders
- You need overdraft protection You can link a business savings, money market account, line of credit, or credit card to your account to cover checking overdrafts. ; 24-hour Grace for Business covers overdrafts until midnight Central time (CT) the next business day
- Your business is located in a state Colorado, Florida, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, West Virginia, and Wisconsin where Huntington Bank operates
As one of the nation’s biggest SBA 7(a) lenders, Huntington Bank is one of the best banks for small business. As of May 20, 2024, Huntington had issued nearly 5,000 SBA loans for above $900 million.
It seems to focus on the quantity of SBA loans rather than large SBA loan amounts. According to SBA Lenders, the average SBA loan given by Huntington was $220,004 in 2023.
- No monthly fees, 100 transactions, and $2,500 in free cash deposits monthly for Huntington Business Checking 100 (basic account)
- You want multiple options for business checking, as Huntington offers four different business checking options with no or waivable fees
- Open an account from anywhere online, but physical locations are limited to 11 states
WalletHub[11] users gave Huntington Bank a rating of 2.7 out of 5, although none of the reviews were specifically about the bank’s business checking product. Most of the negative comments were left by customers whose accounts were closed by the bank.
How We Evaluated the Best Small Business Banks
When we evaluated the best banks for small businesses, we considered:
- 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
- Customer reviews
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 we used our own criteria to select the best banks for small business 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 failure 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 of 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 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:
- 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 go with the bank that best aligns with your needs.
User review references:
[1]WalletHub | Chase Business Complete Banking
[2]WalletHub | Chase
[3]WalletHub | U.S. Bank
[4]Trustpilot | Bluevine
[5]Trustpilot | Relay
[6]Trustpilot | Mercury
[7]Trustpilot | Novo
[8]WalletHub | Bank of America
[9]Trustpilot | Grasshopper
[10]WalletHub | Capital One
[11]WalletHub | Huntington Bank
