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 overall bank for full-service small businesses banking tools and premium checking
- Bluevine Provider is a 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 international payments
- U.S. Bank Member FDIC. : Best traditional bank for extensive business lending products
- Bank of America Member FDIC. : Best for low cash deposit fees and ongoing rewards
- 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
- 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, startups, and businesses that need additional FDIC insurance
- Huntington Bank Member FDIC. : Best for overdraft and return fee protection and Small Business Administration (SBA) lending
- Capital One Capital One currently requires that you visit a branch to complete an application to open a business checking account. There are branch locations in Virginia, Texas, New York, New Jersey, Maryland, Louisiana, and Washington, D.C.; Member FDIC. : Best for unlimited everyday transactions
- Relay Provider is a fintech platform backed by and FDIC-insured through supporting bank partnerships with Evolve Bank & Trust and Thread Bank. : Best for businesses needing multiple accounts and debit cards
- Found Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Piermont Bank. : Best small business bank for self-employed professionals
With Bluevine Business Checking, earn 4.25% annual percentage yield (APY) with Premier and 2.0% APY for Bluevine Standard on qualifying balances. | ||
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With Bluevine Business Checking, earn 4.25% APY with Premier and 2.0% APY for Bluevine Standard on qualifying balances |
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Best Banks for Small Business Basic Checking Accounts at a Glance
Account Name | Monthly Fee | Free Monthly Transactions | Annual Percentage Yield (APY) | Free Cash Deposit Limit | |
|---|---|---|---|---|---|
 | Business Complete Banking | $15; waivable | 20 | N/A | $5,000 per month |
 | Standard Checking | None | No limit | 2.0% on qualifying balances of $250,000 or less | $4.95 per deposit (Green Dot) |
 | Silver Business Checking | None | 125 | N/A | $2,500 per month |
 | Fundamentals Business Checking | $16; waivable | 200 | N/A | $7,500 per month |
 | Business Checking | None | No limit | N/A | No limit and fee; accepted via money orders |
 | Business Checking | None | No limit | N/A | Cash deposits not accepted |
 | Business Checking 100 | None | 100 | N/A | $5,000 per month |
 | Basic Business Checking | $15; waivable | No limit | N/A | $5,000 per month |
 | Relay Standard | None | None | N/A | No limit and fee; accepted at Allpoint ATMs |
 | Business Checking | None | No limit | N/A | Accepted at certain retail locations for a fee |
Chase: Best Overall Bank for Full-service Small Business Banking Tools & Premium Checking
What We Like
- $300 bonus when you open an account
- Easy-to-waive monthly fee
- Built-in card acceptance with QuickAccept℠ via the Chase MobileⓇ app
Drawbacks
- Limited number of free transactions
- ATM fees not reimbursed
- Fee for cash deposits of more than $5,000 per statement period
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
- Free debit card, mailed within 10 business days of application approval
- Physical checks’ costs depend on type ordered
- Chase Merchant Services
- 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 | $25 for first 25 items per month, 15 cents per item above 25 per month, $2.50 return fee |
Monthly Fees | $15; waivable if conditions are met |
Domestic Wire Transfer Fees | Up to $35 for outgoing wires, up to $15 for incoming wires |
International Wire Transfer Fees | Up to $50 for outgoing wires, up to $15 for incoming wires |
ATM Fees | $3 per transaction at any non-Chase ATM, plus ATM operator fees |
Cash Deposited | $2.50 per $1,000 after you deposit $5,000 in a billing cycle |
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, 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. See our full review of Chase’s Platinum Business Checking account for more information.
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 (CRE) loans—payment services, cash flow management, commercial credit cards, and merchant services. It 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.
Bluevine: Best Digital-only Bank for High-yield Checking Account and International Payments
What We Like
- Interest-earning checking on balances of $250,000 or less
- Integrates with QuickBooks
- Excellent line of credit product
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
- Free debit card and two free checkbook orders per year
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
- Has live customer support from dedicated professionals
- Offers line of credit
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Teller Cash Withdrawal Fee | None |
Domestic Wire Transfer Fees | $15 for outgoing, incoming are free |
International Wire Transfer Fees | $15 for outgoing, incoming are free |
ATM Fees | Free at MoneyPass locations nationally; $2.50 plus operator fees for non-network ATM use |
Cash Deposited | $4.95 fee per transaction, available through GreenDot retail locations |
APY | 2% on balances of up to $250,000, once qualifications are met |
Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank. | |
When To Choose 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 our best small business lines of credit
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 an outstanding interest-earning business checking product. Those products make Bluevine one of the best online business banks on the market.
You can earn 2.0% APY with its business checking on balances of $250,000 or less 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.
You can now send international payments to 32 countries in 15 currencies from the Bluevine dashboard, and payments can be received in as fast as 24 hours. Payments sent in United States dollars (USD) cost $25 per payment while those sent in other currencies cost $25 plus 1.5% of the payment amount. View Bluevine’s list of countries available for international payments.
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
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
 | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 125 in a month, then 50 cents per transaction |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | $40 for outgoing, $14 for incoming |
International Wire Fees | $75 for outgoing, $15 for incoming |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply |
Cash Deposited | $2,500 in cash deposits or 25 free cash deposits per cycle, whichever comes first |
APY | N/A |
When To Choose U.S. Bank
- You may need access to physical locations in addition to online access
- You are a business needing 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 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.
Previously only available in the 26 states where U.S. Bank operates physical branches, the company’s business checking products are now available nationwide.
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, and gift card management for businesses, in addition to merchant services.
You can even earn up to $800 bonus when you open a new, eligible U.S. Bank business checking account (promo code: Q3AFL23) and complete qualifying activities, subject to certain terms and limitations; offer valid through January 8, 2024.
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
- 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
- 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 | Fees vary |
International Wire Transfer Fees | Fees vary |
ATM Fees | Free access to approximately 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 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 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.
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. 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. 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.
The bank even allows you to access your Dun & Bradstreet business credit score through its app. Growing businesses can also take advantage of Bank of America’s outstanding business savings, CDs, lending products, and financial analysis through Merrill financial advisor. Overall, it provides everything your business needs as it changes.
Novo: Best Digital-only Bank for Rapid Access to Funds & Faster Payments
What We Like
- Refunds up to $7 in ATM fees at month’s end
- No maintenance fees
- Novo Boost and Express ACH allow faster access to your funds
Drawbacks
- Unable to deposit cash directly
- Lack of savings accounts and lending products
- Noninterest 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 lets you accept or receive same-day ACH payments
- 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 | No limit |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | None to receive; cannot send wires domestically but can send fee-free ACH transfers |
International Wire Transfer Fees | Novo partners with Wise to send international wires for a “low” fee |
ATM Fees | Up to $7 in fees refunded at the end of the month |
Cash Deposited | None; money orders can be purchased and deposited through the app |
APY | N/A |
Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings. | |
When To Choose Novo
- You want to be able to send or receive payments faster as Novo Boost and Express ACH allow faster payment transactions than many competitors
- 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. Additionally, you can 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 $2.40 for up to $1,000 money orders.
Mercury: Best for Tech Companies, Startups & Businesses That Need Additional FDIC Insurance
What We Like
- No monthly maintenance fees
- Physical and virtual debit cards
- Treasury product offers outstanding yield on balances over $500,000
Drawbacks
- Accounts unavailable to sole proprietorships and trusts
- Physical checkbooks unavailable
- Limited lending options and no cash deposits
Features
- Earn interest with Mercury Treasury 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 | No limit |
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
- 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 additional FDIC insurance as Mercury Vault extends your coverage to $5 million
For incorporated startups and tech companies, Mercury is an excellent choice. The digital-only company offers free checking and savings accounts without minimum deposit or balance requirements.
The biggest new perk of Mercury is its Vault product. Mercury will use partner banks and a sweep network to extend your FDIC insurance to up to $5 million.
It also offers Mercury Treasury, which is an interest-earning account. Customers can request it once they have at least $500,000 in funds in Mercury accounts. Currently, it is earning up to 5.43% APY, although Mercury expects that to increase as the prime rate increases.
You can also get a $300 cashback bonus if you spend $2,000 on your debit or credit card within the first 90 days of account opening. In addition, the provider has the IO Mastercard, which offers 1.5% cash back on all purchases and unlimited virtual cards. Our review of Mercury IO Mastercard provides more details about it.
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 US 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. Nevertheless, it is a great choice for a digital-only bank with great software integrations and unique lending and interest-earning account products.
Huntington Bank: Best for Overdraft and Return Fee 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 | Free at Huntington ATMs; $3.50 at non-Huntington ATMs plus operator fees |
Cash Deposited | Up to $5,000 free monthly; then 30 cents per $100, per month |
APY | N/A |
When To Choose 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 nation’s biggest SBA 7(a) lenders, Huntington Bank is one of the best banks for small businesses. It is the No. 1 SBA lender in 2022 by loans provided, with 5,675 SBA loans for just shy of $1 billion. As of August 10, 2023, Huntington had issued almost 6,000 SBA loans in 2023 for more than $1.05 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 $175,818 in 2022.
Huntington’s basic checking, Business Checking 100, has no monthly fees. You get up to 100 transactions and $5,000 in cash deposits monthly for free. You can open an account from anywhere online, but physical locations are limited to 11 states.
Two of Huntington’s most popular personal accounts features also apply to its business accounts. It offers 24-hour Grace for Business, which allows you until midnight Central time the next business day to cover an overdraft before charging fees or having items returned.
In addition, Huntington offers Overdraft Protection for businesses. This allows you to link a business savings, money market account, line of credit, or credit card to your account to cover checking overdrafts. As your business grows from a startup to a large, thriving business, Huntington has a business checking product that can fit your needs.
Capital One: Best for Unlimited Everyday Transactions
What We Like
- Unlimited transactions
- Easy ATM access
- Low or no monthly fee
Drawbacks
- Requires $250 opening deposit
- Account opening cannot be done 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
- 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, Unlimited Business Checking
| |
|---|---|
Required Opening Deposit | $250 |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | Undisclosed |
Monthly Fees | $15; waivable if conditions are met |
Domestic Wire Transfer Fees | $25 per outgoing wire, $15 for incoming wire |
International Wire Fees | $40 per outgoing wire, $15 for incoming wire |
ATM Fees | Free at more than 70,000 Capital One, MoneyPass, and Allpoint ATMs nationwide |
Cash Deposited | Up to $5,000 per month free, $1 for every $1,000 after that |
APY | N/A |
Capital One geographic limitations: Capital One currently requires that you visit a branch to complete an application to open a business checking account. There are branch locations in Virginia, Texas, New York, New Jersey, Maryland, Louisiana, and Washington, D.C.
When To Choose Capital One
- Your business is located near a Capital One branch
- Your business does a large number of 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 wasn’t so geographically limited. You must open an account in a branch, and those are only located in six states and the District of Columbia.
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 will have to pay $1 for every $1,000 after depositing $5,000 in a month.
The monthly fee of $15 is very easily waivable. 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 lending products and credit cards—and you can check out our list of the best Capital One 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.
Relay: Best for Businesses That Need 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 | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Free for incoming; $5 for outgoing |
International Wire Transfer Fees | Free 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 | Accepted at Allpoint ATMs |
APY | N/A |
Relay is a business fintech platform backed by FDIC-insured Evolve Bank & Trust and Thread Bank. | |
When To Choose Relay
- You need the ability to use subaccounts to manage business funds as Relay provides up to 20 checking subaccounts
- You have large teams requiring debit card access as Relay provides up to 50 Visa debit cards
- You send wire transfers frequently as wire transfers are $10 with Relay Standard and free with Relay Pro
For businesses with large teams needing multiple accounts and debit cards to manage finances, Relay is an outstanding choice. You can get up to 20 checking accounts, which allows you to use accounts to set aside reserves for different expenses.
Relay has powerful financial tracking within its app. You can even order up to 50 Mastercard debit cards, giving you additional tracking power for individual business expenses.
Also, you can now deposit cash with Relay at any of 55,000 Allpoint ATMs nationwide. You are limited to $1,000 per transaction, but this fee-free option to deposit cash gives Relay a considerable advantage over other fintechs in this guide.
It even offers some of the best rates on wire transfers on this list. The most you will pay for wire transfers is $10 with Relay’s basic business checking level, Relay Standard. If you upgrade to Relay Pro, they are entirely free.
Relay Standard is largely fee-free, with no monthly fees or minimum balance requirements. Even its standard offering provides great software integrations. And with an upgrade to Relay Pro, you can get more powerful business tools.
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, one-click reconciliation of bills, and same-day ACH delivery.
Found: Best Small Business Bank for Self-employed Professionals
What We Like
- No monthly fees, minimum balances, account fees, and sign-up fees
- Excellent expense tracking on both its desktop and mobile apps
- Helps you track tax write-offs and gives you real-time tax estimates
Drawbacks
- No free cash deposits
- Interest earning only through paid-tier Found Plus
- Cannot purchase checks or issue them from the app
Features
- Provides a business debit Mastercard, which allows you to track expenses and receive purchase alerts
- Debit cards can be frozen in the Found app
- Desktop and mobile apps
- Connect to accounting software and payment apps, such as Cash App, PayPal, Square, Venmo, and eBay
- Integrated bookkeeping allows you to categorize expenses, customize invoices, capture receipts, and set custom rules
- Track tax write-offs in the app
- View your tax estimate update in real-time
- Pay your taxes directly from the app
- Send your Schedule C directly from the app
- Customer service via email, online form, and support guides on the website
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Free incoming wires; outgoing wires only sent to Found customers |
International Wire Fees | Unavailable |
ATM Fees | Found doesn’t charge for ATM usage; third-party ATM fees will likely apply |
Cash Deposited | Accepted at more than 79,000 retail locations; list available in the Found app |
APY | N/A |
*Found is a business fintech platform backed by FDIC-insured Piermont Bank. | |
When To Choose Found
- Freelancers looking for detailed expense tracking as Found has integrated bookkeeping
- Business owners looking for tax preparation assistance
- Self-employed business owners sending frequent invoices
For freelancers and self-employed professionals looking for an excellent online-only small business bank, Found is a great option. One of its best features is integrated bookkeeping, making it a great all-in-one banking option.
It allows you to categorize expenses, capture receipts, and set custom rules with its app. You also get unlimited free invoicing, and those invoices can be customized with your company’s logo and colors. You can accept payment for those invoices through payment apps like Cash App, PayPal, Square, Venmo, and eBay.
Found’s app also comes with contractor management, which allows you to request and manage W-9s, 1099 payment reports, contractor tax form 1099-NEC, and more.
You can make cash deposits at more than 79,000 retail locations listed in the Found App, likely for a fee, and you can deposit checks once your account is approved.
Found offers fee-free business checking options without transaction limits, has robust tax tracking and preparation software, allows you to complete and send your Schedule C directly from the app, and lets you pay your tax bill directly. One drawback is only incoming domestic wires are available.
Note that some of Found’s features are only included in Found Plus, which is $19.99 per month or $149.99 a year. You get interest-bearing checking with Found Plus, earning 1.5% APY on balances up to $20,000.
Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC.
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
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 recent bank failures 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
For a downloadable checklist of documents banks typically require for account opening, refer to our guide on how to open a business bank account. It will also walk you through the process and list the essential benefits of opening a business bank account.
Frequently Asked Questions (FAQs)
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.
If you’re looking for the best banks for a startup business, our top choices are Chase, Novo, and Mercury. Each provides excellent business checking products with specific tools to help new businesses.
U.S. Bank has the best small business checking account, thanks to excellent full-service banking products and being one of few traditional banks to offer a business checking account that has no monthly fees.
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.
