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Banking > Checking Accounts | Buyer's Guide

5 Best Banks for Small Business in 2020

Updated November 6, 2020

Yvette Glover

WRITTEN BY: Yvette Glover

Published June 2, 2020

Yvette is a financial specialist with over 16 years of experience in consumer and business banking. Her expertise is highlighted across Fit Small Business in credit card and bank account content.

This article is part of a larger series on Business Banking.

The best banks for small business owners offer a variety of banking products that help you grow, fund, and maintain your business. These business products typically include checking accounts, savings accounts, credit cards, and loans. Choosing one bank that caters to all your business needs typically is more convenient than opening different types of accounts with multiple banks.

The best banks for small business are:

  • Chase Bank: (Best Overall) Best for opening all your business accounts under one bank
  • Bank of America: Best for low-cost checking accounts with sign-up bonuses
  • Capital One Bank: Best for opening credit cards that pay the highest fixed-rate returns
  • Wells Fargo: Best for SBA loans, equipment financing, and common lending products
  • First Internet Bank: Best for savings accounts and online-only banking

Chase Bank: Overall Best Small Business Bank

CHASE Bank

Chase Bank is the overall best small business bank because it offers a full-service banking experience that can help you manage your business more effectively. This traditional bank offers multiple business checking accounts and business savings accounts, along with commercial lending. It also offers some of the best business credit cards available. With nearly 4,900 locations nationwide and an even wider ATM network, this bank is hard to beat. Its checking account also ranks as one of the best free business checking accounts.

Chase Business Checking Accounts

Chase Bank offers three business checking accounts that cater to small, midsized, and larger businesses. Plus, you can open a business bank account online easily and get access to online banking, bill pay, and merchant services options. These accounts come with monthly fees ranging from $15 to $95, depending on the account. However, you can typically avoid the monthly fees by meeting certain criteria, including minimum balance requirements.

Chase Business Savings Accounts

In addition to Chase’s two savings accounts tailored for business customers, Chase also offers both long-term and short-term business CDs. Although their rates aren’t the highest, these business CDs offer a way for business owners to secure a higher interest rate for a set period of time.

Chase Business Credit Cards

When it comes to business credit cards, Chase has one of the best selections. These cards usually offer the best ongoing rewards and sign-up bonuses. Plus, you can manage employee expenses more easily with free employee cards. Although you don’t need a deposit account to get a Chase business credit card, these cards can be a nice addition to your Chase banking portfolio.

Chase Business Lending

Chase Bank offers a selection of business financing solutions, including real estate loans, business loans, and Small Business Administration (SBA) loans. Business owners will also have access to commercial loans, equipment financing, and business lines of credit.

Bank of America: Best for Checking Accounts

Bank of America

Business checking accounts are arguably one of the most important business accounts you can have, and Bank of America offers some of the best solutions for businesses. Along with its checking accounts and more than 4,300 branches, this bank offers a variety of other business options, including savings accounts, credit cards, and commercial loans. In addition, the Bank of America Preferred Rewards for Business program allows owners access to more rewards and benefits.

Bank of America Business Checking Accounts

Bank of America offers two very solid business checking accounts that come complete with online banking, bill pay, and money management tools. This bank also offers payment solutions like payroll services and merchant services. Plus, Bank of America has one of the best online banking platforms for business banking.

Bank of America Business Savings Account

Bank of America’s business savings account offer you a way to earn consistent interest in growing business funds, helping you meet your savings goals. This bank also has a selection of business CDs that help you secure your savings while earning one locked-in annual percentage yield (APY) on your principal deposit.

Bank of America Business Credit Cards

Bank of America offers a solid selection of business credit cards, with the Bank of America® Business Advantage Cash Rewards Mastercard® being consistently ranked as a top rewards card. Plus, with Bank of America Preferred Rewards for Business, you have the opportunity to earn up to an additional 75% more in rewards. However, you’ll need at least $100,000 in deposits with the bank or Merrill Lynch to qualify for the maximum bonus rate.

Bank of America Business Lending

Bank of America also offers a variety of small business loans, including auto, commercial, and SBA loans. Plus, Bank of America offers both secured or unsecured lines of credit. However, this bank’s business loan approval rate is lower than other traditional banks on our list, so it may be more difficult to qualify.

Capital One Bank: Best for Business Credit Cards

Capital One logo

Capital One Bank offers a great selection of business credit cards, so it’s no surprise this bank is heavily recommended for its business rewards cards. However, this bank also has some of the best checking and savings accounts for small businesses. With business lending, there are even more ways to secure the funding your business needs.

Note: You can only open a Capital One deposit account at one of their branches in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, or Washington, D.C.

Capital One Business Checking Accounts

Capital One Bank’s business checking accounts are rated as some of the best. With helpful cash flow management tools, easy online banking, and payment solutions, this bank has what you’ll need to operate your business easier. However, you must visit a branch to open an account.

Capital One Business Savings Accounts

In addition to one of the best business savings accounts available, this bank offers high-yield CDs with terms as short as 12 months. Similar to its business checking account, you can’t open a business savings account online. Instead, you’ll need to visit a branch location.

Capital One Business Credit Cards

With Capital One’s variety of cards, you can choose between cash back or travel rewards and earn flat-rate rewards on either. This bank also offers an unsecured business credit card for owners with less-than-perfect credit. Unlike its banking sector, you can easily open a card online from anywhere in the United States.

Capital One Business Lending

Capital One Bank has the full gamut of lending solutions for owners looking to fund their business. This bank’s business lending products include auto loans, real estate loans, lines of credit, and SBA loans. However, you will need to visit a physical branch to apply.

Wells Fargo: Best for Small Business Lending

Wells Fargo

Wells Fargo bank is a heavy hitter not just for its deposit accounts, but also for its business loans. Wells Fargo has the most approved SBA business loans on our list, making it the go-to bank for business funding. Plus, this bank is one of the most accessible banking institutions, with more physical branches than any other major bank at more than 5,600 locations.

Wells Fargo Business Checking Accounts

Wells Fargo offers a checking account to fit basic business needs and an account for midsized to larger companies. These accounts also come standard with mobile deposits and bill pay for easy online management. Plus, this bank gives you the option to open an account online or at a branch, whichever is most convenient.

Wells Fargo Business Savings Accounts

Although these business accounts come with a monthly fee, you can avoid it by meeting minimum balance requirements or linking a qualified checking account. Wells Fargo also offers business CDs with both short and long terms. However, neither the savings accounts or business CDs offer above-average APYs.

Wells Fargo Business Credit Cards

Wells Fargo’s selection of business credit cards designed for a range of business owners. These cards all offer rewards, and its secured card is one of the best credit cards for fair credit. That card offers owners a chance to build business credit while working to graduate to an unsecured Wells Fargo business card.

Wells Fargo Business Lending

When it comes to business lending, Wells Fargo has the edge. This bank offers full-service business loans, including lines of credit, equipment financing, installment loans, SBA loans, and commercial loans. According to the SBA, Wells Fargo is one of the top three most active banking institutions for SBA loans. So, you may have a better chance of securing a business loan here than any other bank on our list.

First Internet Bank: Best for Savings Accounts and Online-only Banking

First Internet Bank

While First Internet Bank is the only digital bank on our list, it warrants mentioning because of its hard-to-beat business savings accounts. These accounts offer APYs that are at least 10 times the average APY on traditional savings accounts. You can also open checking accounts and apply for business loans too, which can help keep all your business accounts under one bank. However, it does not offer business credit cards.

Note: First Internet Bank is an online-only, branchless bank and is best for businesses that don’t handle daily cash transactions.

First Internet Bank Business Checking Account

First Internet Bank’s Small Business Checking comes with online banking, mobile deposits, and bill pay. Although this bank has a robust ATM network, you’ll still get reimbursed for up to $10 in ATM fees each month. However, cash deposits take up to five business days to process, so regular cash deposits aren’t ideal. We rank this online business checking account as one of the best.

First Internet Bank Business Savings Accounts

First Internet Bank’s high-yield savings accounts are some of the best for businesses looking to save money. This bank also offers business CDs with even higher APYs than the savings accounts, with terms lasting as long as 60 months.

First Internet Bank Business Credit Cards

First Internet Bank does not offer business credit cards. However, you can still take advantage of this bank’s benefits through its business savings, checking, and lending products.

First Internet Bank Business Lending

First Internet Bank focuses on business lending and offers commercial lending, equipment financing, and SBA loans. It also provides commercial lines of credit for qualified applicants.

How We Evaluated the Best Banks for Small Business

To determine the best small business banks, we considered many factors, including access to branches and ATMs, available deposit accounts and business credit cards, and business lending products. We also prioritized features like the number of branch locations that business owners find necessary and helpful in managing their operations.

Bottom Line

The best banks for small businesses offer a variety of products to make business banking easy and convenient. In most cases, the best options are traditional banks that have locations nationwide while offering deposit accounts, business credit cards, and small business lending. The products and solutions you value most in a banking relationship will likely determine the best bank for your business.

About the Author

Yvette Glover
Yvette Glover

Yvette Glover is a financial specialist and writer at Fit Small Business focusing on credit cards and bank accounts. Before joining the Fit Small Business team, Yvette was a Senior Fraud Analyst specializing in electronic and high dollar investigations. With over 16 years of experience in consumer and business banking, Yvette now delivers research-intensive articles to Fit Small Business.