This article is part of a larger series on Business Banking.
The best banks for small business should provide a wide range of products and services that can support your business needs. If a bank on this list doesn’t provide a full-service business banking experience, then its products should be among the best offerings on the market. For example, it should offer high-yield interest-bearing checking, outstanding lending products, or great business support services.
Here are the 10 best banks for small business:
- Chase: Best overall bank for small businesses with full-service banking
- Bank of America: Best for low cash deposit fees and ongoing rewards
- Axos Bank: Best digital bank for cash deposits and refunded ATM fees
- Bluevine: Best high-yield checking account
- U.S. Bank: Best traditional bank for extensive business lending products
- Novo: Best for fee-free digital banking
- Mercury: Best digital bank for incorporated startups and tech companies
- First Internet Bank: Best for full-service digital banking
- Grasshopper: Best for cash back on debit card purchases
- Silicon Valley Bank: Best digital bank for startup business resources
Best Banks for Small Business Basic Checking Accounts at a Glance
Annual Percentage Yield (APY)
Cash Deposit Fee
Minimum Opening Deposit
Business Complete Banking
Free (first 20), then 40 cents/transaction
$2.50/$1,000 after $5,000 in a billing cycle
$2.50/ transaction + operator fees (non-Chase ATM)
Fundamentals Business Checking
Free (first 200), then 45 cents/transaction
30 cents/$100 after $7,500 deposit per month
Free (more than 17,000 ATMs nationwide)
Basic Business Checking
Accepted through MoneyPass and Allpoint ATMs
Refunds all domestic ATM fees
1.5% on qualifying balances up to $100,000
$4.95/deposit (Green Dot locations)
Free (MoneyPass ATM locations nationwide)
Silver Business Checking
Free (first 125 in a month), then 50 cents/transaction
None; limited to $2,500 in cash deposits each month
No charge for out-of-network ATMs, although operator fees apply
1.5% on qualifying balances up to $100,000
$4.95/deposit (Green Dot locations)
Free (MoneyPass ATM locations nationwide)
Cash deposits not accepted
Free access to Allpoint ATM network worldwide
0.50% on balances of $10,000 or more
Cash deposits not accepted
None; reimburses up to $10 per month in ATM fees
Innovator Business Checking
1% over $10,000; 0.5% on $10,000 & under
Cash deposits not accepted
Free (MoneyPass and SUM network ATMs)
None for three years, then $50 per month
ATM card unavailable in the US
*Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Coastal Community Bank for Bluevine, Middlesex Federal Savings for Novo, and Evolve Bank & Trust for Mercury.)
Chase: Best Overall Bank With Full-service Banking
Chase Business Complete BankingSM Checking Overview
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
Why We Like Chase
Chase offers everything your small business would need out of a bank. It’s our top choice for 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.
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. Chase also offers excellent point-of-sale (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.
Bank of America: Best for Low Cash Deposit Fees & Ongoing Rewards
Bank of America FundamentalsTM Business Checking Overview
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
Why We Like Bank of America
Bank of America is a traditional bank that can support your business as it grows. It has two different business checking accounts with easily waivable monthly fees that can go back and forth between as your business needs change. Its offerings are similar to Chase’s, so consider your business needs and compare the two companies to determine which is best.
With Bank of America, 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 $0.30 for every $100 you go over either threshold.
Another area where Bank of America stands out is ongoing rewards. In addition to 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 Bank of America’s outstanding business savings, CDs, lending products, and financial analysis through Merrill financial advisor. Bank of America provides everything your business needs as it changes.
Axos Bank: Best Digital Bank for Cash Deposits & Refunded ATM Fees
Axos Bank Basic Business Checking Overview
When To Use Axos Bank
- You don’t need to use physical bank branches, as Axos Bank is digital-only
- You want a full-service banking experience that includes savings and lending products
- You want interest-earning business savings and checking accounts
Why We Like Axos Bank
Axos Bank is our choice for digital banks that offer full-service banking options to fit your business needs. Its Basic Business Checking account has no minimum deposit, opening balance requirements, or monthly fees. Axos Bank also offers Business Interest Checking, an interest-bearing account with up to 1.01% APY for balances under $50,000 and 0.20% APY from $50,000 to just below $250,000.
One of the first perks you can get with Axos Bank is a welcome bonus. If your LLC was incorporated after June 1, 2020, you can earn a $200 bonus (use promo code NEWBIZ200). If your business doesn’t qualify for the new business bonus, you can still receive a $100 bonus at signup (promo code NEWAXOSBIZ).
One of Axos Bank’s biggest perks is it reimburses all domestic ATM fees. With its Remote Deposit Anywhere feature, you can deposit up to 60 items per month. Unlike some of its digital-only competitors, Axos Bank allows you to deposit cash through either the MoneyPass or Allpoint ATM networks.
It also offers business savings, money market accounts, CDs, SBA lending, and mobile and online banking. You also have a workplace banking option to offer low-fee accounts to your employees. It’s a great option for businesses looking for a digital-only, full-service bank.
Bluevine: Best High-yield Checking Account
Bluevine Business Checking Overview
*Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank.
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; Bluevine is also our choice for the best small business lines of credit
Why We Like Bluevine
While Bluevine doesn’t have all of the banking products as some of its competitors on this list, it features an outstanding business checking product and some of the best business line of credit products available.
It’s a digital-only bank that provides a high-yield, interest-bearing checking account. You can earn 1.5% APY with Bluevine 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.
U.S. Bank: Best Traditional Bank for Extensive Business Lending Products
U.S. Bank Silver Business Checking Overview
When To Choose U.S. Bank’s Business Checking Account
- You may need access to physical locations in addition to 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
Why We Like U.S. Bank
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.
There’s 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’s also cash management, payroll services, fraud protection, and gift card management for businesses, in addition to merchant services.
Additionally, you can earn a $300 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—this offer is valid through Oct. 3, 2022.
An applicant must reside in 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, or Wyoming to be eligible for checking account.
While its geographical limitation is one major drawback, U.S. Bank is a great business banking option as long as you’re in an eligible state.
Novo: Best for Fee-free Digital Banking
Novo Business Checking Overview
*Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings.
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
Why We Like Novo
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 only needs a business checking account and wants a digital-only bank.
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. Additionally, you can get up to five reserve accounts with Novo. While you cannot order checks with Novo, 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 United States Postal Service (USPS) locations for up to $1.95 for up to $1,000 money orders.
Mercury: Best Digital Bank for Incorporated Startups & Tech Companies
Mercury Business Checking Overview
*Mercury is a business fintech platform backed by FDIC-insured Evolve Bank & Trust.
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
Why We Like Mercury
Mercury is geared toward incorporated startups and tech companies. Its checking and savings accounts are free 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’s earning up to 1.394% APY, although the bank expects that to increase as the prime rate increases.
Mercury’s software integrations are top-notch, and its perks page allows you to advertise deals for your business on the Mercury website. Most businesses incorporated in the US are eligible for an account, except sole proprietorships or trusts.
The bank also offers capital and venture debt products. However, it doesn’t offer any other types of lending. Nevertheless, it’s a great choice for a digital-only bank with great software integrations and some unique lending and interest-earning account products.
First Internet Bank: Best for Full-service Digital Banking
First Internet Bank Business Checking Overview
When To Choose First Internet Bank
- You want to earn interest on your business checking account and your average daily balance exceeds $10,000
- You want to build a business banking relationship without in-person services, as First Internet Bank is digital-only
- You want a digital-only bank with the full-service banking offerings of a traditional bank
Why We Like First Internet Bank
If you are looking for a digital-only bank with the same full-service business banking products as 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. First Internet Bank also has both money market savings and regular savings options, both of which earn 0.70% APY and come with monthly fees that are waivable once you pass an average daily balance threshold.
In addition to its excellent checking and savings products, First Internet Bank has business CDs and various business lending products including SBA loans, commercial real estate, commercial lending, and public finance. There’s also software integration with QuickBooks and up to $10 in ATM fees are refunded each month.
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.
Grasshopper: Best for Cash Back on Debit Card Purchases
Grasshopper Business Checking Overview
When To Use Grasshopper
- You want an interest-bearing business checking account as Grasshopper offers 0.5% APY on balances less than $10,000 and 1% APY uncapped on balances of $10,000 or greater
- You want cash back rewards on online and in-store debit card purchases
- You want a digital bank that includes great integrations with QuickBooks and payment software, such as Autobooks, which is provided free
Why We Like Grasshopper
Grasshopper is another digital-only bank with a full range of banking products. It offers 1% cash back on all debit card online and in-person purchases. On its business checking product, it offers 0.5% APY on balances less than $10,000 and 1% APY uncapped on balances of $10,000 or greater.
Further, it allows unlimited transfers, including free wire transfers, both domestic and international. There are no monthly fees and no transaction limits.
Not only does Grasshopper integrate with QuickBooks, but the company also provides Autobooks to each customer free of charge.
In addition to its excellent business checking product, Grasshopper provides SBA lending, commercial real estate lending, yacht lending, and venture capital and private equity lending.
Silicon Valley Bank: Best Digital Bank for Startup Resources
SVB Edge Business Checking Overview
When To Choose Silicon Valley Bank
- You want to use a bank specifically designed to serve startup businesses
- You want a digital bank with no minimum balance requirements
- You’d like to take advantage of tech startup resources to help grow your business
Why We Like Silicon Valley Bank
For startups looking for the best digital bank with the tools to support their businesses, Silicon Valley Bank is a great choice. In addition to banking products and services, SVB 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 other 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 a lot of sense for your business.
Additionally, it 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 or Grasshopper.
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
All of the banks on this list can provide you with the banking products your business needs to grow and thrive. Each bank provides slightly different product offerings and features. Some banks are digital-only, while others have physical locations. Some offer interest yield on basic checking accounts, whereas others offer a wide range of business support products. Decide what products and services you need from your bank and choose the one that meets the needs of your growing business.