8 Best Banks for Small Business in 2022
Tom has 15 years of experience helping small businesses evaluate financing and banking options. He shares this expertise in Fit Small Business’s financing and banking content.
This article is part of a larger series on Business Banking.
When choosing a bank for your small business, consider your current average transaction volume, plans for growth, and whether you need a full-service bank with a large branch network or an online bank or financial technology platform where your transactions can be handled electronically. We’ve researched several banks and have selected eight great choices to meet business needs of all types:
- Chase Bank: Best overall bank for small business
- First Internet Bank: Best for limited fee banking
- Wells Fargo: Best for lending and branch access
- Bank of America: Best for businesses that need to deposit cash
- Axos Bank: Best for high-yield checking
- U.S. Bank: Best traditional bank for startups and small business credit cards
- Mercury: Best for ecommerce small businesses
- Bluevine: Best for subaccounts for small businesses
Note: Some of our providers are fintech platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership.
Selected Checking Accounts From the 8 Best Small Business Banks
Provider | Checking Account | Monthly Fee | Transaction Fee | Minimum Opening Deposit & Balance Requirement | Cash Deposit Fee | ATM Fee |
|---|---|---|---|---|---|---|
 | Business Complete Checking | $15; waivable if conditions are met | First 20 free, then 40 cents per transaction | None | $2.50 per $1,000 after you deposit $5,000 in a billing cycle | $2.50 per transaction at any non-Chase ATM, plus ATM operator fees |
 | Small Business Checking | None | 0.30% on balances of $10,000 or more | $100 | None—cash is deposited through money orders | None—reimburses up to $10 per month in ATM fees |
 | Initiate Business CheckingSM | $10; waivable if conditions are met | First 100 free, then 50 cents per transaction | $25 | 30 cents per $100 after the first $5,000 deposited per billing cycle | $2.50 per transaction at any non-Wells Fargo ATM, plus operator fees |
 | Business Advantage Fundamentals | $16; waivable if conditions are met | First 200 free, then 45 cents per transaction | $100 | Up to $7,500 per month free, then 30 cents per $100 per statement cycle | $2.50 per transaction on out-of-network ATMs, plus operator fees |
 | Basic Business Checking | None | First 200 free, then 30 cents per transaction | None | Cash deposits accepted at Green Dot locations; $4.95 per deposit | Unlimited domestic ATM fee reimbursements |
 | Silver Business Checking | None | 50 cents per transaction after the first 125 transactions in a month | $100 to open | None; limited to $2,500 in cash deposits each month | No charge for out-of-network ATMs, although operator fees apply |
 | Standard checking | None | None | None | Cash deposits not accepted | Free access to Allpoint ATM network |
 | Business Checking | None | None | None | Cash deposits accepted at Green Dot locations; $4.95 per deposit | $2.50 per transaction at any out-of-network ATM, plus operator fees |
Read our article on how to choose the right bank for your business for more detailed information on what to consider when looking for a bank.
Chase Bank: Best Overall Bank for Small Business
Why We Recommend Chase: Chase leads our rankings for best banks for small business because of its selection of bank accounts, loans, credit cards, and additional services, such as merchant services. Chase’s Business Complete CheckingSM offers unlimited electronic deposits and transfers with no minimum initial deposit and a minimum balance requirement that can be waived easily, ranking it highly among our choices for the best free business checking accounts.
First Internet Bank: Best for Limited Fee Banking
Why We Recommend First Internet Bank: We ranked First Internet Bank as the best online bank available for business owners. Unlike Chase, it has no physical branches, and all business is conducted by smartphone, ATM, or through its website. However, First Internet Bank offers a full suite of banking products, including a business checking account with no monthly service fees, no transaction fees, and no ATM fees. First Internet Bank will reimburse the first $10 in ATM surcharges each month.
Wells Fargo: Best for Lending and Branch Access
Why We Recommend Wells Fargo: Wells Fargo is one of America’s largest banks, offering a comprehensive list of bank accounts and lending options for its customers. Wells Fargo is best suited to businesses that have been in operation for at least two years and have good credit as its lending criteria are relatively strict compared to online-only lenders. However, Wells Fargo has more than 7,200 locations and more than 10,000 proprietary ATMs, making it attractive to companies that need a larger branch network to conduct business.
Bank of America: Best for Businesses That Need to Deposit Cash
Why We Recommend Bank of America: Bank of America is best suited to businesses that deposit cash and need a larger branch network to do so. Bank of America’s Business Advantage FundamentalsSM Checking allows you to deposit up to $7,500 in cash per statement cycle with no fee, with a fee of 30 cents per $100 thereafter. Bank of America’s Relationship Checking account allows businesses to deposit $20,000 before the fee of 30 cents per $100 kicks in. As your needs change, you can move from one setting to the other easily. Bank of America is one of our picks for the best small business checking accounts. Bank of America also offers a full suite of banking and lending services that are well suited to established businesses.
Axos Bank: Best for Its Small Business High-yield Checking
Why We Recommend Axos Bank: Axos Bank makes our list because it offers an interest-bearing business checking account as well as options for savings and lending. Business owners who maintain an average daily balance of $5,000 and stay under $49,999.99 earn a generous 1.01% APY. If you’re unable to maintain the minimum balance requirements, Axos also offers a Basic Business account with no transaction fees. Business customers who set up a new relationship with Axos can earn a promotional bonus for signing on—businesses established after June 1, 2020, are eligible for a $200 welcome bonus (promo code NEWBIZ200).
U.S. Bank: Best Traditional Bank for Startups and Small Business Credit Cards
Why We Recommend U.S. Bank: If you own a startup, you might only need an account with a limited number of transactions and cash deposits. U.S. Bank’s Silver Checking Account is free for the first 125 transactions and the first $2,500 in cash deposits per statement cycle with no minimum balance requirement. As your account activity increases, you can upgrade to the Gold or Platinum checking account, where there are many ways to waive the monthly maintenance fee. Through August 31, 2022, you can earn a $300 bonus when you open an eligible U.S. Bank business checking account online using promo code AF49ZC and complete qualifying activities. The bonus is subject to certain terms and limitations.
U.S. Bank is best suited to startup businesses that need a physical branch location as well as businesses that need credit cards. U.S. Bank’s credit cards offer extended introductory rates for purchases and balance transfers as well as abundant rewards. To be eligible for a U.S. Bank business checking account, the applicant must reside in one of the following states: AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY.
Note: U.S. Bank is also an approved lender for McDonald’s franchises.
Mercury: Best for Ecommerce Small Businesses
Why We Recommend Mercury: Mercury is a fintech, backed by Evolve Bank & Trust, that services small startup corporations and limited liability companies (LLCs). Mercury is best suited to ecommerce and technology-oriented small businesses as its online platform integrates with leading point-of-sale (POS) platforms like Shopify and PayPal as well as accounting software, such as Xero, Gusto, and QuickBooks. Mercury’s Tea Room account offers treasury management services and is designed for business customers who have at least $250,000 in deposits.
Bluevine: Best for Subaccounts for Small Businesses
Why We Recommend Bluevine: Businesses that need to maintain separate accounts to track expenses will like Bluevine’s ability to create subaccounts with its checking account. Each subaccount has its own account number and allows almost all of the same basic functionality of the main checking account. If you need a payroll account or a specific type of expense account that doesn’t need to deposit cash nor use a debit card, Bluevine’s subaccounts will be a great feature to utilize. Bluevine also offers a line of credit with competitive interest rates. Bluevine is a business fintech platform backed by Coastal Community Bank.
How We Evaluated the 8 Best Banks for Small Business
To determine the best banks for small business, we looked at features important to small business owners. We examined a bank’s selection of checking and savings accounts, credit cards, loans, and lines of credit. We also took into consideration a bank’s interest rates, applicable fees, availability of branch and ATM networks, online and mobile banking, and other services, such as merchant services.
Once you select the bank that’s best for you, you’ll need to gather the necessary paperwork to open your accounts. Check out our article on how to open a business bank account for more details.
Bottom Line
The best small business bank that meets your needs will offer a combination of products and services in alignment with the current financial needs of your business and its future growth. Take some time to research each bank’s products, fees, and services before making a selection. Any of our eight recommended banks will fit the needs of many businesses.
