10 Best Banks for Small Business in 2023
This article is part of a larger series on Business Banking.
The best banks for small business should be able to support your company with outstanding business checking products and other business services to help you grow and prosper. The banks on this list have either full-service business banking or a specific product that’s good enough to merit inclusion in this buyer’s guide.
While these providers offer outstanding business banking services, each has slightly different strengths and weaknesses. Decide what services you need from your business bank and choose the option that best aligns with your business needs.
Here are the 10 best banks for small business, with links directly to the provider:
- Chase: Best overall bank for full-service small businesses banking tools and premium checking
- Bank of America: Best for low cash deposit fees and ongoing rewards
- Bluevine*: Best high-yield checking account
- U.S. Bank†: Best traditional bank for extensive business lending products
- Capital One†: Best for unlimited everyday transactions
- Huntington Bank†: Best for businesses looking for smaller Small Business Administration (SBA) 7(a) loans
- Mercury*: Best digital bank for incorporated startups and tech companies
- Novo*: Best digital-only bank for rapid access to funds and faster payments
- First Internet Bank: Best for full-service digital banking
- Silicon Valley Bank: Best for startup business resources
*Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership. (Partnerships: Coastal Community Bank for Bluevine, Evolve Bank & Trust for Mercury, and Middlesex Federal Savings for Novo)
†Providers are geographically limited. See the U.S. Bank geographic limitations, Capital One geographic limitations, and Huntington Bank geographic limitations to see if your business is located in an area served by these providers.
Best Banks for Small Business Basic Checking Accounts At a Glance
Provider | Monthly Fee | Transaction Fee | Annual Percentage Yield (APY) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit |
---|---|---|---|---|---|---|
Business Complete Banking | $15; waivable | Free (first 20), then 40 cents/transaction | N/A | Free up to $5,000/month; then $2.50 for every $1,000 | $3/transaction + operator fees (non-Chase ATM) | None |
Fundamentals Business Checking | $16 (waivable) | Free (first 200 in a month), then 45 cents each | N/A | Free up to $7,500/month; then 30 cents for every $100 | Free (more than 16,000 ATMs nationwide) | $100 |
Business Checking | None | None | 2.0% on qualifying balances $100,000 or less | $4.95/deposit (Green Dot locations) | Free (MoneyPass ATM locations nationwide) | None |
Silver Business Checking | None | Free (first 125 in a month), then 50 cents each | N/A | None; limited to $2,500 in cash deposits each month | No charge for out-of-network ATMs, although operator fees apply | $100 |
Basic Business Checking | $15 (waivable) | Unlimited free transactions | N/A | Free up to $5,000/month; then $1 for every $1,000 | Free (Capital One, MoneyPass & Allpoint ATMs) | $250 |
Business Checking 100 | None | Free (first 100 in a month), then 50 cents each | N/A | Free up to $5,000/month; then 30 cents for every $100 | $3.50 at out-of-network ATMs plus third-party fees | None |
Business Checking | None | None | N/A | Cash deposits not accepted | No charge out-of-network, operator fees may apply | None |
Business Checking | None | None | N/A | None; cash is deposited through money orders | Refunds all ATM fees | None |
Business Checking | None | None | 0.50% on balances of $10,000 or more | Cash deposits not accepted | None; reimburses up to $10/month in ATM fees | None |
SVB Edge | None for 3 years, then $50/month | None | N/A | None | ATM card unavailable in the US | None |
Chase: Best Overall Bank for Full-service Small Business Banking Tools & Premium Checking
What We Like
- $300 bonus when you open an account
- Easily waived monthly fee on three checking options
- Built-in point-of-sale (POS) options
What's Missing
- Only 20 free transactions at basic checking level
- ATM fees not reimbursed
- Low savings interest rates
Features
- 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
- SBA loans, business loans, and lines of credit available
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, which can scale as your business grows
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.
Which Chase checking account is best 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.
In addition to its outstanding checking and savings products, it has industry-leading lending products, including credit cards and lines of credit. Through J.P. Morgan, Chase provides commercial lending solutions, including commercial real estate loans, payment services, cash flow management, commercial credit cards, and merchant services. It also offers excellent POS and software solutions.
Whether your business is just starting or is in a rapid growth stage, Chase has banking products to help your company thrive.
Chase Business Complete BankingSM Checking Overview
Bank of America: Best for Low Cash Deposit Fees & Ongoing Rewards
What We Like
- Bonus of up to $500, plus ongoing rewards if qualifications are met
- Free digital tools to track business performance
- 200 free transactions per month with basic business checking
What's Missing
- Cash deposit fees charged per $100 over monthly allowance
- 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
- Allows you to check your business credit score through a partnership with Dun & Bradstreet
When To Choose Bank of America
- You want a traditional brick-and-mortar bank that offers a full suite of business banking services
- You need more free transactions out of your basic checking, as Bank of America’s Fundamentals Business Checking offers up to 200 free each month
- You want to earn rewards from your checking account in addition to $500 in bonuses with qualifying actions
Bank of America is another outstanding traditional brick-and-mortar business banking option. It’s practically even with Chase and choosing between the two may come down to which bank is closer to your business. You can compare Bank of America vs Chase to determine which is best.
Bank of America has two business checking accounts with easily waivable monthly fees. With assistance from your business banking advisor, you can go from one account to the other as your business needs change. You get up to $7,500 in cash deposits per month for free before the bank charges fees. If you advance to the higher-tier Business Advantage Relationship Banking, you get up to $20,000 a month in free cash deposits. The bank charges 30 cents for every $100 you exceed either threshold.
Another area Bank of America stands out is ongoing rewards. Besides potentially earning $500 with qualifying actions, it grants rewards for cash back and travel through the company’s business credit cards. With the company’s preferred rewards for business, you can earn 25% to 75% bonus rewards on credit cards and get a 5% to 20% higher interest rate on business advantage savings accounts.
Growing businesses can also take advantage of its outstanding business savings, CDs, lending products, and financial analysis through Merrill financial advisor. In addition, it allows you to access your Dun & Bradstreet business credit score through the app. Bank of America provides everything your business needs as it changes.
Bank of America FundamentalsTM Business Checking Overview
Bluevine: Best High-yield Checking Account
What We Like
- Interest-earning checking with 1.5% APY on balances of $100,000 or less
- Integrates with QuickBooks
- Excellent line of credit product
What's Missing
- No savings, money market, and CD accounts
- No physical branch locations
- No customer service on weekends
Features
- No monthly maintenance fee
- No minimum balance requirement
- Free debit card, mailed within 10 business days of application approval
- Two free checkbook orders per year
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
- Live customer support from dedicated professionals
- Line of credit also available
When To Use Bluevine
- You don’t need a physical banking location as Bluevine is digital-only
- Your company wants to earn interest on its checking account and meets one of the two requirements set aside by Bluevine to earn interest
- You need a line of credit as Bluevine is our best small business lines of credit
While Bluevine doesn’t have all the banking products as some of its competitors on this list, it features the best business line of credit products and an outstanding interest-earning business checking product. You can earn 2.0% APY with its business checking as long as you either spend $500 a month with the debit card or receive $2,500 in customer payments in a month. It also provides two free checkbook orders per year.
There are no monthly fees or transaction fees, and it requires no minimum opening deposit or minimum balance. Bluevine also provides great software integrations.
Cash deposits will cost you $4.95 per transaction and can only be done at a Green Dot retail location. Also, Bluevine charges $2.50 for out-of-network ATM withdrawals in addition to third-party fees.
Bluevine Business Checking Overview
U.S. Bank: Best Traditional Bank for Extensive Business Lending Products
What We Like
- No monthly fee
- Free mobile check deposits
- Apply in person, online, or by phone
What's Missing
- Only available to residents in 26 states
- Expensive wire fees
- Limited free transactions
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
When To Choose U.S. Bank
- You may need access to physical locations as well as online access
- You live in one of the 26 states eligible for a business checking account
- You want a full-service traditional bank offering a variety of business banking products
U.S. Bank is another full-service banking option for your small business. We like it because of its multiple checking options and business banking products, including business loans and lines of credit, SBA loans, equipment financing, practice financing, and McDonald’s franchise financing. However, its biggest drawback is its geographic limitation. You must be in one of the 26 states listed above to be eligible for an account.
There is no monthly fee with the basic business checking account, known as Silver Business Checking. While Gold and Platinum Business Checking accounts have fees, both allow more free transactions along with other perks.
U.S. Bank offers business savings accounts and CDs, money market accounts, and business credit cards. There is also cash management, payroll services, fraud protection, gift card management for businesses, and merchant services.
You can even earn a $400 bonus when you open a new, eligible U.S. Bank business checking account (promo code: AF49ZCB) and complete qualifying activities, subject to certain terms and limitations; offer valid through Jan. 30, 2023.
U.S. Bank Silver Business Checking Overview
Capital One: Best for Unlimited Everyday Transactions
What We Like
- Unlimited transactions
- Easy ATM access
- Low or no monthly fee
What's Missing
- Requires $250 opening deposit
- Accounts cannot be opened online
- Account doesn’t earn interest
Features
- Pay bills, track accounts, transfer funds, and deposit checks with the mobile app
- Integrates with Xero and other top accounting software
- Free overdraft protection when linked to another small business deposit account
When To Choose Capital One Business Basic Checking
- Your business is near a Capital One branch
- Your business does many transactions
- You require the ability to make large cash deposits.
With unlimited free monthly transactions, Capital One is an outstanding choice for a bank for small business. It would be a better choice if it weren’t so geographically limited. You must open an account in a branch, and those are only located in six states and Washington, D.C.
The biggest advantage Capital One has over the other brick-and-mortar banks in this guide is it doesn’t charge fees for everyday account transactions. You get unlimited deposits, withdrawals, and transfers, excluding international wires, cashier’s checks, and other services. If your business makes a lot of cash deposits, you’ll have to pay $1 for every $1,000 after depositing $5,000 in a month.
The monthly fee of $15 is waivable easily. You need a $2,000 30- or 90-day balance average to waive the fee. For businesses with higher balances, Capital One offers Unlimited Business Checking.
Another area where the bank shines is its business credit cards and lending products. It offers business credit cards that can help your business with small and recurring expenses. It also has real estate term loans, lines of credit, and SBA loans and other business support services, including merchant services, escrow fund management, commercial banking, and business-to-business (B2B) credit programs.
Capital One Business Basic Checking Overview
Huntington Bank: Best for Businesses Looking for Smaller SBA 7(a) Loans
What We Like
- No minimum opening deposit
- 24-Hour Grace® Overdraft and Return Fee Relief
- No monthly fees for the Business Checking 100
What's Missing
- Expensive domestic and international outgoing wire fees
- High maintaining balances to waive monthly fees for Unlimited Business Checking and Unlimited Plus Business Checking
- Geographically 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
When To Use Huntington Bank
- Your business is located in a state where Huntington Bank operates
- Your business might be interested in a smaller SBA 7(a) loan as Huntington is one of the top SBA lenders
- You want multiple options for business checking as Huntington offers four different business checking options with no monthly fees or waivable fees
As one of the biggest SBA 7(a) lenders in the nation, Huntington Bank is one of the best banks for small business. Despite being geographically limited to 11 states, it is one of the leading SBA lenders. It was the No. 2 SBA lender in 2021, with almost 3,000 SBA loans for approximately $600 million. As of Oct. 14, 2022, Huntington had issued more than 5,600 SBA loans in 2022 for slightly less than $1 billion, according to SBA.gov.
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 $204,755 in 2021. The minimum loan was $1,500, with the maximum being $5 million.
As your business grows from the startup stage to a large, thriving business, Huntington has a business checking product that can fit your needs. It offers three business checking products for businesses of any size with waivable monthly fees. It also has business analyzed checking for larger companies.
Huntington Bank Business Checking 100 Overview
Mercury: Best Digital Bank for Incorporated Startups & Tech Companies
What We Like
- No monthly maintenance fees
- No domestic wire fees
- Treasury product offers outstanding yield on balances over $250,000
What's Missing
- Accounts unavailable to sole proprietorships and trusts
- Lacks paper check-writing abilities
- Limited lending options and no cash deposits
Features
- Accounts integrate with major accounting software
- Set customer user permissions for your team members
- Create auto-transfer rules for your accounts
- Integrates fully with QuickBooks and Xero accounting software
- Can earn interest with Mercury Treasury product if you have more than $250,000 in Mercury accounts and request Treasury
When To Use Mercury
- Business owners who don’t need their business bank to have a physical location
- Companies that don’t need to deposit cash
- Businesses looking for capital or venture debt products
For incorporated startups and tech companies, Mercury is an excellent choice. The digital-only company offers free checking and savings accounts with no minimum deposit or balance requirements. It now offers Mercury Treasury, which is an interest-earning account. Customers can request once they have at least $250,000 in funds in Mercury accounts. Currently, it is earning up to 2.574% APY, although the bank expects that to increase as the prime rate increases.
You can also get a $200 cash back bonus if you spend $2,000 on your debit or credit card within the first 90 days of account opening. Mercury recently added a credit card product that offers 1.5% cash back and unlimited virtual cards.
Its software integrations are top-notch, and its perks page allows you to advertise deals for your business on its website. Most businesses incorporated in the United States are eligible for an account, except sole proprietorships and trusts.
The bank also offers capital and venture debt products to go with its new credit card. However, it doesn’t have any other types of lending. It is a superb choice for a digital-only bank with great software integrations and unique lending and interest-earning account products.
Mercury Business Checking Overview
Novo: Best Digital-only Bank for Rapid Access to Funds & Faster Payments
What We Like
- Zero maintenance fees
- Refunds all ATM fees
- Novo Boost and Express ACH allow faster access to your funds
What's Missing
- Unable to deposit cash directly
- Lack of savings accounts and lending products
- Non-interest drawing account
Features
- Integrates with other business tools, such as QuickBooks, Slack, 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 let you accept or receive same-day ACH payments
When To Use Novo
- Your business doesn’t need more than a business checking account as Novo doesn’t offer savings or lending products
- 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 many other options on this list, it’s a great choice if your business wants quicker access to funds and the ability to send and receive payments faster. The company offers Novo Boost, which allows your business, if you accept payments from Stripe, to receive payments sent from your Stripe account faster than other providers.
In addition, Novo offers Express ACH, which enables you to accept or send same-day ACH payments. The combination of Novo Boost and Express ACH allows you access to your money faster than other digital-only providers.
Novo refunds all ATM fees at the end of each month, which is great if your business regularly withdraws cash from an ATM. This bank also excels in digital integrations, with unlimited invoicing and excellent accounting and payment software integrations. You can also get up to 10 reserve accounts. While you cannot order checks, you can send paper checks from the app.
It doesn’t charge for cash deposits, but you must purchase a money order and deposit it through the app. You can buy money orders from US Postal Service (USPS) locations for up to $1.95 for up to $1,000 money orders.
Novo Business Checking Overview
First Internet Bank: Best for Full-service Digital Banking
What We Like
- Interest-earning checking and savings accounts available
- Up to $10 refund for ATM fees
- No monthly maintenance fees
What's Missing
- APY only available with average daily balance of $10,000
- No cash deposits
- No physical branches
Features
- Small Business Administration (SBA) loans and commercial loans
- Other business bank accounts available, including savings, money markets, and certificates of deposits (CDs)—ranked among the best business savings accounts
- Personal accounts
- Health savings accounts (HSAs)
When To Choose First Internet Bank
- You want to earn interest in your business checking account and your average daily balance exceeds $10,000
- You want to build a business banking relationship without in-person services
- You want a digital-only bank with the full-service banking offerings of a traditional bank
If you’re looking for a digital-only bank with the same full-service business banking products of a traditional bank, First Internet Bank is an excellent choice. It offers both interest-bearing checking and savings accounts, with a 0.50% APY on checking balances of more than $10,000 in your account, with no maximum limit.
It also has both money market savings and regular savings options. The regular savings account earns a 0.90% APY, while the money market earns between 2.02% APY and 3.09% APY. Both savings accounts have waivable monthly fees.
Besides the bank’s excellent checking and savings products, it has business CDs and various business lending products, including SBA loans, commercial real estate, commercial lending, and public finance. There is also software integration with QuickBooks and up to $10 in ATM fees are refunded each month. All of these factors make First Internet Bank one of the best online business banks on the market.
For business owners looking to keep personal and business finances with the same bank, First Internet Bank offers personal lending and banking products as well.
First Internet Bank Business Checking Overview
Silicon Valley Bank: Best for Startup Resources
What We Like
- Integrates with QuickBooks and other accounting software
- Flexible lending options for venture-funded businesses
- Global digital banking solutions
What's Missing
- No interest-earning checking
- Monthly fees after first three years are very high at $50
- Branch access limited to 16 states and select countries around the world
Features
The SVB Edge package for startups includes:
- Free checking for the first three years
- 1.75% interest rate on startup money market account
- 2x unlimited rewards business credit card with no annual fee and no foreign transaction fee
- Merchant services solution for credit and debit card acceptance
When To Choose Silicon Valley Bank
- You want to use a bank specifically designed to serve startup businesses
- You want a bank with no minimum balance requirements
- You’d like to take advantage of tech startup resources to help grow your business
For startups looking for the best bank with the tools to support their businesses, Silicon Valley Bank is a terrific choice. It offers resources and guidance for startups through networking events, hiring workshops, fundraising tips and tools, and opportunities to meet founders and investors. It also provides discounts for over 50 different software and services, such as Salesforce, Amazon Web Services (AWS), and Zendesk.
It’s a good fit for businesses needing mostly online banking as it has limited branches in 16 states: Arizona, California, Colorado, Florida, Georgia, Illinois, Massachusetts, Minnesota, New York, North Carolina, Oregon, Pennsylvania, Texas, Utah, Virginia, and Washington.
One downside to SVB is its fees. While the basic account SVB Edge is free to start, it goes up to $50 a month after three years, which is very high. The higher tier, SVB ScaleUp, includes $500 in monthly credits that can be applied to service fees. If your business can grow into that account in three years, SVB makes sense for your business.
It also offers business credit cards and some lending products, including venture debt, growth, and working capital. Startups could find SVB’s resources invaluable, while more established businesses looking for a full-service digital bank will be better off with First Internet Bank.
SVB Edge Business Checking Overview
How We Evaluated the Best Banks for Small Business
When we evaluated the best banks for small business, we considered
- Monthly fees, if any, and how easily they’re 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
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’ll 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
What bank is best suited for small businesses?
If you want to use a brick-and-mortar bank for your small business, Chase is the best option, thanks to multiple checking options and great business support products. If you want a digital-only bank, Bluevine, with its interest-bearing checking and line of credit product, is the best choice.
Which bank is good for a startup business account?
If you’re looking for the best banks for a startup business, our top choices are Chase, Bank of America, and Axos Bank. Each provides full-service banking with specific tools to help new businesses.
Who has the best small business checking account?
Bank of America has the best small business checking account, thanks to waivable monthly fees and plenty of free transactions available each month. It also provides you access to your Dun & Bradstreet business credit score as part of your business checking account.
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.