5 Best Banks for Small Business in 2020

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 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 Business Complete Checking: Best for small business with $5,000 or less in monthly cash deposits
• Chase Performance Business Checking: Best for up to $20,000 in monthly cash deposits
• Chase Platinum Business Checking: Best for up to $25,000 in cash deposits

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

• Chase Business Total Savings: Best for smaller balances of $1,000 or higher
• Chase Premier Savings: Best for businesses with at least $25,000 for deposit

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

• Chase Ink Business Cash^SM: Best for up to 5% cash back on category spending
• Chase Ink Business Unlimited^SM: Best for fixed-rate cash back and 0% APR
• Chase Ink Business Preferred®: Best for premium travel rewards and benefits
• Southwest Rapid Rewards® Performance Business: Best for Southwest frequent flyers
• United^SM Business Card: Best for United Airlines frequent flyers

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

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

• Business Advantage Fundamentals™ Banking: Best for low-fee checking and a sign-up bonus
• Business Advantage Relationship Banking: Best for businesses that manage at least $15,000 monthly

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

• Business Advantage Savings: Best for balances $2,500 or more

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® Business Advantage Cash Rewards Mastercard®: Best for up to 3% cash back on category spending
• Bank of America® Business Advantage Travel Rewards World Mastercard®: Best for travel rewards and no annual fee
• Alaska Airlines Business Card: Best for Alaska Airlines frequent travelers
• Bank of America® Platinum Plus® Mastercard® Business Card: Best for low APR financing

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 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

• Spark Business Basic Checking®: Best for monthly cash deposits of less than $5,000 unlimited transactions
• Spark Business Unlimited Checking®: Best for monthly cash deposits of more than $5,000 and free wires

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

• Business Advantage Savings: Best for high-interest 12-month introductory period

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

• Capital One® Spark® Cash for Business: Best for 2% cash back on all spending
• Capital One® Spark® Miles for Business: Best for 2x points per $1 spent
• Capital One® Spark® Cash Select for Business: Best for 1.5% cash back and interest-free financing
• Capital One® Spark® Miles Select for Business: Best for 1.5x points per $1 spent and 0% introductory APR
• Capital One® Spark® Classic for Business: Best for building business and personal credit

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 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

• Simple Business Checking: Best for basic banking needs
• Platinum Business Checking: Best for earning APY on business deposits

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

• Business Market Rate Savings: Best for balances of more than $500
• Business Platinum Savings: Best for balances of more than $10,000

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 Business Platinum Credit Card: Best for large introductory bonus and flat-rate cash back
• Wells Fargo Business Elite Signature Card: Best for companies with $1 million or more in annual sales
• Wells Fargo Business Secured Credit Card: Best for building business credit and earning rewards

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

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

• Small Business Checking: Best for fee-free banking with interest-earning potential

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 Business Money Market Account: Best for high-yield APY on balances of $4,000 or more
• First Internet Bank’s Business Savings Account: Best for high APY on at least $1,000

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.