As a small business owner, learning how to properly manage your finances is key to your future success—and choosing the right bank can help. To start, you’ll want to set up a business bank account to store your funds and monitor your expenses on a daily basis.
In addition, as your company grows, you may turn to your small business bank for other products and services, like business savings accounts, credit cards, loans, and more. Finding the right bank for your business, however, isn’t always as simple as knocking on the door of the branch closest to your business.
Luckily, we’re here to help. We’ll walk through some of the best banks for small businesses, comparing the top options in terms of their checking and savings account offerings, branch and ATM access, and additional services—plus offer tips on how to choose the right bank for your financial needs.
Click on a bank name to jump down—or keep scrolling—to learn more about the best banks for small business.
1. Wells Fargo: Best for branch accessibility
2. Chase: Best for small business credit cards
3. Capital One: Best for high volume deposits and monthly transactions
4. NBKC: Best for online, low-fee checking and savings accounts
5. Axos: Best for interest-yielding checking and savings accounts
6. BlueVine: Best for digital, free business checking
7. First Tech Credit Union: Best credit union for small businesses
Wells Fargo has about $2 trillion in assets, making it the third-largest bank in the U.S. based on total deposits. Despite that large number, Wells Fargo doesn’t only think about the big picture, they’re also a particularly small business-friendly bank.
In fact, this national brick-and-mortar institution is a particularly good option for small business owners who are looking for branch and ATM access from their bank, as well as a strong lending program.
Wells Fargo offers three main business checking account options: Initiate Business Checking, Navigate Business Checking, and Optimize Business Checking. Each account includes different features, however, regardless of the account, you have access to 5,200 Wells Fargo branch locations and over 13,000 in-network ATMs across 37 states.
Let’s break down what you can expect with the base-level Initiate Business Checking account:
Wells Fargo Initiate Business Checking includes:
For businesses that need a little more flexibility, the Navigate and Optimize accounts offer additional monthly cash deposits and transactions. These Wells Fargo business checking accounts also include waived incidental fees, such as stop payments, incoming wires, and more.
Wells Fargo offers robust checking accounts for small business owners. But you can also take advantage of other business services from this bank like:
Moreover, as we mentioned briefly above, Wells Fargo is also a top bank for small business loans, offering SBA loans, business lines of credit, and commercial real estate financing.
With $3 trillion in assets, Chase has the biggest banking presence in the United States. In fact, Chase serves almost half of all American households. But Chase isn’t only focused on the consumer—it also has a significant small business banking program.
To start, Chase offers some of the top business checking account options on the market. They also provide a number of other business products—which can be particularly useful if you want to bundle your services with one bank.
Where Chase stands out as one of the best banks for small business, however, is with their business credit card program. Chase offers their Ink suite of cards, as well as a number of co-branded cards—which are some of the most substantial cash back and rewards points credit cards for small businesses.
With three Chase business checking accounts—Business Complete Banking, Performance Business Checking, and Platinum Business Checking—Chase can easily meet your business’s checking needs.
Each account is designed for the different stages in a business’s lifetime. The one that’s best suited for small businesses, though, is probably the Chase Business Complete Banking account.
Some fundamental features of the Chase Business Complete Banking account include:
If Chase’s business checking accounts aren’t enough for you to sign up for an account, here are some other advantages of this bank for you to consider:
Although Capital One has substantial consumer and commercial banking programs, their comprehensive suite of financing solutions proves that they’re equally devoted to small business owners.
With low-cost business checking accounts, as well as business savings accounts, and their robust suite of Spark business credit cards, Capital One is certainly one of the best banks for small business.
Capital One offers a straightforward small business checking account system. You have two Capital One business checking options to choose from: Spark Business Basic Checking and Spark Business Unlimited Checking.
Here’s what you can expect with a Spark Business Basic Checking account:
It’s hard to find a business checking account that has unlimited transactions and a high number of free cash deposits—especially from a brick-and-mortar bank. So, if you run a business that has a high number of monthly transactions and cash deposits, banking with Capital One is a smart choice.
Moreover, the Capital One Business Advantage Savings Account is a stellar choice for a first savings account for many businesses, too, which requires a minimum initial deposit of just $250.
When you sign up for a business account with Capital One, you’ll find that their Spark Business program has a lot to offer. Here are some of the features you can take advantage of:
Although NBKC has a few branch locations in the Kansas City area, the bank offers a digital-friendly banking experience—with a business checking and savings account available to small business owners around the U.S.
That said, whether you opt for a checking or a savings account, you’ll be able to apply for your account quickly and easily online (in about five minutes according to their website) and manage everything on your computer or on your smartphone or tablet using the NBKC app.
Plus, NBKC does offer some additional business products, and although they might not provide as wide a variety of solutions as other financial institutions, NBKC is certainly one of the best banks for small businesses that are looking for accessible online accounts with almost non-existent fees.
The NBKC business checking account, as we mentioned, is a totally online-based account with very few fees. You’ll be able to open your account without a minimum deposit and once you do, you’ll have no restrictions and no limits. Specifically, your NBKC business checking account will include:
All in all, the only places where you’ll incur a fee with an NBKC checking account is for sending a domestic wire ($5) or sending or receiving an international wire ($45). Moreover, NBKC gives you the option to add ACH credits and debits, as well as desktop deposit to your account for low monthly fees.
With the NBKC Business Money Market Account, you’ll receive many of the same benefits of the NBKC business checking account. You’ll have online and mobile access to your account, no fees (other than the two mentioned above), and you’ll be able to open your account with no minimum deposit—a fairly rare quality of a business savings account. Moreover, the NBKC business savings account offers an APY of 0.10%.
This being said, however, as federally regulated, you’ll only have access to six account withdrawals per month with this account. Nevertheless, the NBKC business savings account will allow you to start planning for your business’s future even if you’re only able to contribute a small amount of funds.
Axos Bank is a digital bank that offers a range of consumer and small business solutions—including financing, checking accounts, savings accounts, and more. That said, Axos is a great option for businesses that want to earn interest on their funds, as well as those that prefer to bank online or by speaking to an account representative over the phone.
Plus, as an online-only bank, Axos has fewer overhead costs than many brick-and-mortar banks. As a result, they might be able to offer you a lower interest rate on loans and higher interest yield on accounts—making Axos one of the best banks for small business.
Axos offers two main checking accounts for small businesses. Their entry-level account, Basic Business Checking, requires a $1,000 opening deposit, but after this, charges no monthly fees—regardless of what your balance is.
If you want to earn interest on your account, however, you’ll want to opt for the Business Interest Checking account. This Axos business checking option allows you to earn up to 0.81% APY on your balance.
The Business Interest Checking account also offers:
This account has a $10 monthly fee, but the fee can be waived with a minimum average daily balance of $5,000.
Axos Bank has multiple savings options to help you save for unexpected costs. With their standard Business Savings account, you only need a $1,000 opening deposit and can earn up to 0.50% APY. You do, however, need to maintain a $2,500 minimum balance to avoid the $5 monthly maintenance fee.
In addition to this account, Axos also offers a Business Money Market account and a Business Premium Savings account. All three accounts include 20 free items per month, free online banking, and free image statements.
Moreover, Axos Bank offers business certificate of deposits (CD) with yields of up to 0.40% for a five-year CD. A certificate of deposit lets you put away money for a specific period of time, typically in exchange for higher interest yields. The catch is that, comparing a certificate of deposit vs. a savings account, with a CD you generally have to pay a penalty if you withdraw the money ahead of time.
This being said, however, if you know you want to invest money for a longer period of time, you might consider an Axos CD.
When you open a business checking or savings account with Axos Bank, you can take advantage of the bank’s additional features and services, including:
Great For: NOTE: BlueVine has paused accepting new applications as of April 2021
Min to Open
No Fee Balance
Although BlueVine is perhaps most well-known for their small business loans, they offer a competitive online business checking account option, with banking services provided by and FDIC-insured through The Bancorp Bank.
That said, the BlueVine Business Checking account stands out for a few reasons—the account is completely digital, it’s fee-free, and it gives you the ability to earn interest.
Therefore, if it’s convenience that you’re seeking, then BlueVine might be the perfect bank for your small business.
BlueVine offers a single business checking account, and that account has no monthly fees, unlimited fee-free transactions, no minimum opening deposit, and no minimum balance requirement. Some key features of the BlueVine Business Checking account include:
Overall, BlueVine offers a pretty straightforward and fee-free checking account for business owners who want to manage most of their finances online. That said, the only times you’ll face fees for this account are for cash deposits ($4.95 per deposit) and for outgoing wires ($15).
BlueVine provides business lines of credit, as well as invoice factoring, giving business owners the ability to apply for financing quickly and easily online.
Use our guide to learn more about financing from BlueVine.
Credit unions have many of the same financial offerings as banks, but their structure is slightly different. Credit unions are member-owned and operated, and their products are available only to members. Credit unions are often a good choice for business owners because their products come with lower fees, higher interest yield, and better customer service.
Although the name of this credit union might suggest otherwise, this credit union is not just for tech companies. Although you can become a member by working for one of the numerous companies on their partner list, working for the State of Oregon, or living or working in Lane County, Oregon, you can become a member by joining the Financial Fitness Association or Computer History Museum.
And—you can join either of these organizations when you complete your membership application for First Tech Credit Union.
First Tech Credit Union offers both checking and savings accounts for small businesses.
The Simple Business Checking account has a low monthly fee of $6, which can be waived with a minimum balance of $1,000 or more. The account has no transaction limitations and includes free online bill pay, electronic deposit, and online banking.
First Tech also offers an interest-earning business checking account, Business Dividend Checking, which allows you to earn up to 0.10% APY.
In addition, the credit union gives you the ability to choose from three different business savings accounts—two of which have no monthly fees—and all of which include free online banking, free mobile banking, and free electronic deposits.
You can apply for a First Tech business account by visiting a branch location or by calling a banking representative. First Tech has limited branch locations, but is a member of the CO-OP ATM network to give business owners access to over 30,000 fee-free ATMs across the U.S.
On top of their business accounts, First Tech Credit Union also offers:
Learn more about the best credit unions for small businesses here.
With seven top options on our list, you may still be wondering: What is the best bank for small business?
Ultimately, it’s hard to name a single institution as the best small business bank—after all, the answer will depend on your unique financial needs.
To figure out which bank is right for you, therefore, you can ask yourself a handful of questions:
When you’re answering these questions, be sure to have both your business’s current situation and future goals in mind.
At the end of the day, the good news is that small business owners have a lot of options about where to bank. On the other hand, all those choices might make it harder to narrow things down and figure out what works best for your company.
Fortunately, your choice doesn’t need to be a permanent one and you don’t need to do all of your banking with one institution. Plus, if you’re unhappy with rates or the customer service at your current bank, you always have the option to change your business bank account and try to find a better fit for your needs.
Priyanka Prakash is a senior contributing writer at Fundera.
Priyanka specializes in small business finance, credit, law, and insurance, helping businesses owners navigate complicated concepts and decisions. Since earning her law degree from the University of Washington, Priyanka has spent half a decade writing on small business financial and legal concerns. Prior to joining Fundera, Priyanka was managing editor at a small business resource site and in-house counsel at a Y Combinator tech startup.