10 Best Banks for Small Business in 2023

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.

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 digital-only bank for high-yield checking account and international payments
• U.S. Bank: Best traditional bank for extensive business lending products
• Capital One^†: Best for unlimited everyday transactions
• Huntington Bank^†: Best for overdraft and return fee protection and Small Business Administration (SBA) lending
• Novo*: Best digital-only bank for rapid access to funds and faster payments
• Mercury*: Best for tech companies, startups, and businesses needing additional Federal Deposit Insurance Corp. (FDIC) insurance
• Relay*: Best for businesses needing multiple accounts and debit cards
• First Internet Bank: Best for full-service digital banking

*Providers are financial technology (fintech) platforms backed by and FDIC-insured through a supporting bank partnership. (Partnerships: Coastal Community Bank for Bluevine, Middlesex Federal Savings for Novo, Choice Financial Group and Evolve Bank & Trust for Mercury, Evolve Bank & Trust for Relay)

^†Providers are geographically limited. View the 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

Chase: Best Overall Bank for Full-service Small Business Banking Tools & Premium Checking

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 loans—payment services, cash flow management, commercial credit cards, and merchant services. It also offers excellent point-of-sale 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

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, and our guide on what the Dun & Bradstreet report is and how it works provides more details on the tool. 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.

Bluevine: Best Digital-only Bank for High-yield Checking Account and International Payments

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 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 26 countries in eight 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, whereas 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

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.

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 $750 bonus when you open a new, eligible U.S. Bank business checking account (promo code: Q2AFL23) and complete qualifying activities, subject to certain terms and limitations; offer valid through June 30, 2023.

Capital One: Best for Unlimited Everyday Transactions

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 Business Basic Checking

• 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.

Huntington Bank: Best for Overdraft and Return Fee Protection & SBA Lending

Huntington Bank geographic limitations: Huntington Bank requires businesses be based in the US and operating in Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia, or Wisconsin to be eligible for an account.

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 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 May 16, 2023, Huntington had issued almost 4,300 SBA loans in 2023 for more than $717 million, 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.

If you are in one of the 11 states where Huntington Bank operates, it’s a great choice. Its basic checking, Business Checking 100, has no monthly fees. You get up to 100 transactions and $5,000 in cash deposits monthly for free.

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.

Novo: Best Digital-only Bank for Rapid Access to Funds & Faster Payments

When To Use 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

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 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 $250,000 in funds in Mercury accounts. Currently, it is earning up to 4.92% 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.

Relay: Best for Businesses That Need Multiple Accounts & Debit Cards

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.

First Internet Bank: Best for Full-service Digital Banking

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
• You want a digital-only bank with the full-service banking offerings of a traditional bank

If you are 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 earns a 0.90% APY, while the money market earns up to 5.20% APY. Both savings accounts have waivable monthly fees.

In addition to 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.

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.

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 small business banks 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. Decide Whether You Need to Visit a Physical Bank Location

Before you choose either an online-only or a traditional bank with no nearby location, consider whether you need to visit a branch as part of your business. For example, businesses handling cash regularly should choose a bank with a physical location because they will often charge less for cash deposits, and the process will be more convenient. If most of your transactions will be digital, an online or non-local bank may be the right choice.

4. See What Other Business Products and Services the Bank Offers

While your first concern when choosing a new bank is what checking account to open, it shouldn’t be your only concern. If your business needs additional products and services, like lending, merchant services, and savings accounts, you need to choose a bank with all those products. Some options on this list are full-service banks, while others have limited product offerings.

5. 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

Frequently Asked Questions (FAQs)

What bank is best suited for small businesses?

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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.