8 Best Banks for Small Businesses

The leading business banks offer a range of financial solutions to help your small business succeed.

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Picking the best bank for your small business is all about finding one institution that can suit many, if not all, of your business needs. A great bank will offer affordable checking and savings accounts, credit cards for everyday purchases and affordable loans for when you need to finance a bigger expense, plus additional products to help you run your small business.

And while most banks offer interest on savings accounts, some even offer interest on checking accounts, which can be helpful for new business owners who aren’t yet ready to maintain a separate savings account.

With that in mind, here are the best banks for small businesses on the market today.

Best for…	Products offered	Interest-bearing business checking account available?	Minimum opening deposit For an entry-level checking account.	Maintenance fee For an entry-level checking account.
Branch and ATM access	Checking accounts, savings accounts, certificates of deposit, credit cards, lines of credit, loans, merchant services and payroll services	Yes, on certain account types APY earning is available on Navigate Business Checking accounts, which have a higher monthly fee of $25. The entry-level account, Initiate Business Checking Banking, does not earn interest.	$25	$10 Waived with a $500 minimum daily balance or $1,000 average ledger balance.
Business checking	Checking accounts, lines of credit, credit cards and automated bill management systems	Yes, 1.30% to 3.50% APY APY is 1.50% on balances up to $250,000 for Bluevine’s entry-level account. Higher APYs are available on accounts with monthly fees.	None	None
Business savings	Checking accounts, savings accounts, certificates of deposit and loans	No	$100	$10 Waived with a $1,000 average daily balance.
Business financing	Checking accounts, savings accounts, loans, lines of credit, credit cards and merchant services	Yes, up to 0.01% APY on certain accounts APY earning is only available on certain accounts, including Chase Analysis Business Checking with Interest and Chase Performance Business Checking with Interest. The entry-level account, Chase Business Complete Banking, does not earn interest.	None	$15 This fee can be waived if you meet one of the qualifying criteria, including having a $2,000 minimum daily balance, $2,000 in deposits from Chase QuickAccept®, or $2,000 in eligible Chase Ink Business Card purchases in the most recent monthly billing cycle.
Customer service	Checking accounts, savings accounts, loans, lines of credit, credit cards and merchant services	No	None	$15 Waived if you keep an average balance over $2,000 for the prior 30 or 90 days.
Loyalty rewards	Checking accounts, savings accounts, certificates of deposit, loans, lines of credit, credit cards, payroll solutions and merchant services	No	$100	$16 Waived if you keep a balance over $5,000, use your debit card to make $500 in new purchases or are a Preferred Rewards member.
Startups	Checking accounts, savings accounts, certificates of deposit, credit cards, loans, lines of credit and merchant services	Yes, on certain accounts Truist’s Analyzed Interest Checking and Commercial Interest Checking accounts earn interest. The interest rates are not disclosed, and these accounts may be best suited for large commercial businesses.	$100	None
Travel rewards	Checking accounts, credit cards, lines of credit and merchant services	Yes, 1.30% APY On balances up to $500,000	None	None

Best banks for small businesses: More details

Best for: Branch and ATM access –

Monthly maintenance fee: $10 Waived with a $500 minimum daily balance or $1,000 average ledger balance.

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Best for: Business checking – Bluevine

Products offered: Checking accounts, lines of credit, credit cards and automated bill management systems

Starting APY for checking accounts: 1.30% APY is 1.30% on balances up to $250,000 for Bluevine’s Standard account. 3.50% APY is available on balances up to $3 million for Bluevine’s Premier account, which has higher fees.

Minimum opening deposit: None

Maintenance fee: None

Deposit account information provided for Standard Bluevine Business Checking account

Pros

Earn up to 3.50% APY on business checking account balances with a Premier account
Offers a bill management system that easily syncs with QuickBooks Online
Fee-free withdrawals at MoneyPass ATMs
Same-day financing options available

Cons

Doesn’t have physical branches
Line of credit isn’t available in every state
Charges fees for using out-of-network ATMs

If you’re planning to open only a checking account and you want to earn interest on your funds, Bluevine could be a good fit. This online bank offers high-yield checking accounts and other business solutions to streamline your finances. Its basic checking account earns 1.30% APY on balances up to $250,000, plus unlimited transactions — all for free. Upgrading to Bluevine’s Premier checking unlocks more benefits, including 3.50% APY on balances up to $3 million.

If you need same-day business financing, Bluevine’s line of credit can deliver up to $250,000 within minutes for current customers. Otherwise, funding can take between one to three business days. Keep in mind that Bluevine has strict criteria for financing, making it less ideal for startups or low-revenue companies.

Read our full Bluevine review.

Here are some of Bluevine’s business banking requirements:

Checking account opening deposit: $0
Minimum credit score for financing: 625
Minimum time in business for financing: 12 months
Minimum annual revenue for financing: $120,000

See Your Business Loan Offers

Best for: Business savings –

Maintenance fee: $10 Waived with a $1,000 average daily balance.

See Your Business Loan Offers

Best for: Business financing –

Starting APY for checking accounts: None to 0.01%; Varies by account APY earning is only available on certain accounts, including Chase Analysis Business Checking with Interest and Chase Performance Business Checking with Interest. The entry-level account, Chase Business Complete Banking, does not earn interest.

Minimum opening deposit: None

Maintenance fee: $15 This fee can be waived if you meet one of the qualifying criteria, including having a $2,000 minimum daily balance, $2,000 in deposits from Chase QuickAccept®, or $2,000 in eligible Chase Ink Business Card purchases in the most recent monthly billing cycle.

See Your Business Loan Offers

Best for: Customer service –

Maintenance fee: $15 Waived if you keep an average balance over $2,000 for the prior 30 or 90 days.

See Your Business Loan Offers

Best for: Loyalty rewards –

Maintenance fee: $16 Waived if you keep a balance over $5,000, use your debit card to make $500 in new purchases or are a Preferred Rewards member.

See Your Business Loan Offers

Best for: Startup businesses –

Starting APY for checking accounts: Not disclosed The interest rates are not disclosed, and these accounts may be best suited for large commercial businesses.

See Your Business Loan Offers

Best for: Travel rewards –

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What is business banking?
Traditional vs. online banks
How to compare banks
How to open a business account
Checking vs. savings
Our methodology: How we chose the best business banks

What is business banking?

Business banking refers to financial institutions that offer small business solutions for entrepreneurs and established business owners.

Many traditional banks and credit unions provide business checking accounts, small business financing and other banking services. And some online banks specialize in small business banking, offering competitive rates and other business-oriented benefits.

If you already have a strong relationship with a bank for your personal finances, it’s worth contacting them to see if they’d be a good fit for your business needs, but keep in mind that business products and services vary greatly between financial institutions.

Traditional banks vs. online banks

Picking the best small business bank account depends on the services and support you need as a business owner.

Traditional banks

Traditional banks like , and typically offer more competitive rates and terms for small business financing, helping you save more in the long run. In addition, many traditional banks have branches across the country, allowing you to discuss business strategies, deposit cash or conduct other activities in person. And if you’d prefer to work with one company for your checking, savings and financing needs, a traditional bank will likely be the best option.

Online banks

Online banks, also called alternative banks, are growing in popularity as the world becomes more digitized. Since some online banks work exclusively with small business owners, they’re able to offer special perks and benefits — like Bluevine’s high-yield business checking account. Online lending tends to come with higher rates and less flexible terms, but the eligibility requirements are generally more lenient than traditional lenders. Just remember you won’t be able to stop into a branch if you need extra in-person support.

Keep in mind, you can work with multiple banks to meet your small business needs. For example, you could use a local bank for cash transactions and an online bank to maximize your business savings.

How to compare banks as a small business

As you shop around for the most ideal bank for your small business, here are some crucial factors to consider.

Minimum required deposits: Some business checking and savings accounts require a minimum deposit to open the account, which typically range from $25 to $100.
Physical locations: There are benefits to having access to a local branch, such as being able to easily deposit cash, utilize a safety deposit box or discuss business strategies face-to-face with a financial expert.
ATM access: If you need to travel for business or need cash on the go, consider a bank with an extensive network of free ATMs.
Mobile banking and digital experience: Being able to access your business account details quickly is crucial. Make sure the bank’s mobile app can meet your needs, such as being able to transfer funds, deposit checks and more.
Range of products and services: Consider what services you’ll need as your business grows, such as access to loans, lines of credit and merchant services.
Customer experience: Be sure to search for business banking with great reviews to avoid financial institutions with recurring complaints or issues.
APY: You can put your business savings for taxes and investments to good use by shopping for a business checking or savings account with a high annual percentage yield (APY). Having ample savings can help your business stay resilient and qualify for credit more easily.
Fees: Business bank accounts tend to carry more fees than personal accounts. These can include monthly maintenance fees for checking accounts (which you can often waive with qualifying activities), and origination fees, late fees and prepayment penalties for loans and lines of credit.
Loan and credit limits: Establishing a relationship with a bank can usually improve your chances of securing financing in the future. Even if you don’t need business financing right now, picking a bank with a range of funding options can help you grow and expand your business later on.
Transaction limits: Business accounts can have more transaction limits and transaction fees than your personal account. This can be especially important if you plan to open a retail shop.
FDIC insurance: FDIC insurance helps protect your money in case of a bank failure. While most brick-and-mortar and online banks insure up to at least $250,000 per deposit account, some nonbank companies and fintechs do not offer this protection. If a nonbank claims it partners with an FDIC-insured bank, it’s worth using BankFind to confirm your funds are protected.

How to open a business bank account

The requirements to open a business bank account vary by financial institution and your type of business entity, such as whether you run a corporation, LLC or sole proprietorship.

In general, banks typically require the following documents and information to open a business bank account:

Business license and registration
Current bank account information
Business formation documents, such as articles of incorporation or operating agreements
Personal information, such as your name, contact info and Social Security number
Employer Identification Number (EIN), although some banks allow sole proprietors to use their Social Security number
Initial deposit, if required

If you need a cash infusion for your business, you might want to consider getting a small business loan. Funding amounts can range from $500 to $5 million or more, with repayment terms from three months to 25+ years.

You can start by contacting your current bank to see what types of business financing they offer. From there, take a look at your business budget to determine how much you need and how much you can afford.

While some lenders offer bad credit business loans to business owners with scores as low as 500, you’ll typically receive much better rates with a higher credit score.

Checking vs. savings accounts

Small business owners typically benefit from having two types of bank accounts: a checking account and a savings account. Also, keeping your business and personal finances separate is essential, especially when tax season rolls around.

A business checking account is best for everyday transactions, like depositing income and tracking expenses. You can use this account to pay your business taxes, merchant invoices and credit card bills. Depending on how your business operates, you can accept client payments directly into your business checking account (which you can connect automatically with accounting software) or have a separate merchant account to accept credit card payments.
A business savings account allows you to earn interest on money you’ve set aside for future use. This can help you avoid cash-flow problems by ensuring you have emergency funds on hand for unexpected bills and expenses. You can also use this account to save for quarterly tax payments or investments in your business, such as purchasing new equipment or paying for new construction.

	Business checking account	Business savings account
Best for?	Everyday financial transactions	Future spending, quarterly tax bills and business growth
Transaction limits?	Varies by bank	Typically up to six withdrawals per month
Earns APY?	Generally 0%, with some banks offering a low APY	Yes, with a national average of 0.39% and some banks offering up to 3.50%+ APY

Our methodology: How we chose the best business banks

We reviewed more than 20 leading banks to determine the overall best options for businesses. To make our list, banks had to meet the following criteria:

Variety of products: We looked for traditional and online banks that offer more than one product, such as business checking accounts, savings accounts and financing options, to help businesses streamline their finances.
Account fees: We prioritized banks with minimal fees, including those with qualifying activities that can allow you waive monthly maintenance fees.
Rates and terms: We looked for banks that offer business financing with competitive fixed rates, flexible repayment terms and potential discounts for existing customers.
Customer experience: We know it can be hard for small business owners to get the support and individual attention they need, so we chose banks that offer customer support online, over the phone and/or in person.
App and web access: We want business owners to be able to quickly access their banking details while on the go, so we picked banks that offer apps via the App Store and Google Play, as well as an easy-to-navigate website.
Branch and ATM access: Even with the move to digital transactions, some businesses need to deposit and withdraw cash. Because of this, we prioritized banks that have physical branches or an extensive ATM network.

8 Best Banks for Small Businesses

Best banks for small businesses: More details