8 Best Banks for Small Businesses
The leading business banks offer a range of financial solutions to help your small business succeed.
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.
| Lender | 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 – Wells Fargo Bank
Products offered: Checking accounts, savings accounts, certificates of deposit, credit cards, lines of credit, loans, merchant services and payroll services
Starting APY for checking accounts: None
Minimum opening deposit: $25
Monthly maintenance fee: $10 Waived with a $500 minimum daily balance or $1,000 average ledger balance.
Deposit account information provided for Wells Fargo Bank’s Initiate Business Checking® account
Pros
- Over 5,000 in-person branches nationwide
- Over 11,000 Wells Fargo Bank ATMs with no transaction fees
- Business rewards program for eligible credit cards or lines of credit
Cons
- All business checking accounts charge a monthly service fee
- The basic checking account only allows 100 fee-free transactions per month
- Lines of credit over $50,000 require at least two years of business history
Wells Fargo Bank has a strong nationwide presence, making it a great choice for businesses wanting regular access to physical branches and ATMs. You can explore a wide range of small business solutions, including checking, savings, lines of credit and credit cards. Wells Fargo Bank is also one of the country’s leading SBA lenders.
Note that Wells Fargo Bank’s basic business checking account charges a $10 monthly service fee, but it can be waived if you maintain a daily balance of $500 or an average ledger balance of $1,000.
Read our full Wells Fargo Bank review.
Here are some of Wells Fargo Bank’s business banking requirements:
- Checking account opening deposit: $25
-
Minimum credit score for financing:
- 680 for unsecured lines of credit
- Not disclosed for other products
-
Minimum time in business for financing:
- Not required for Wells Fargo Bank Small Business Advantage line of credit
- 2 years for conventional lines of credit
-
Minimum annual revenue for financing:
- $2 million for Prime Line secured line of credit
- Not disclosed for other products
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
Best for: Business savings – Live Oak Bank
Products offered: Checking accounts, savings accounts, certificates of deposit and loans
Starting APY for checking accounts: None
Minimum opening deposit: $100
Maintenance fee: $10 Waived with a $1,000 average daily balance.
Deposit account information provided for Live Oak Bank’s Business Essential checking account
Pros
- Earn up to 3.15% APY with a business savings account
- No minimum balance to earn interest
- Offers a range of business checking and loan options
Cons
- Doesn’t have physical branches
- Customer service isn’t available on weekends
- Requires a solid business history — not ideal for startups
- Larger opening deposit required
Live Oak Bank can help stretch your cash flow with higher-than-average returns on a business savings account. You can earn 3.15% APY with no minimum balance requirements or monthly maintenance fees. Although Live Oak Bank is an online-only bank with no physical branches, you get unlimited transactions at over 55,000 in-network ATMs.
If you need access to capital, Live Oak Bank is an SBA Preferred Lender, so it can process loan applications faster than non-preferred lenders. You can also explore other small business solutions, such as USDA loans, commercial loans and Live Oak Express loans for fast funding.
Read our full Live Oak Bank review.
Here are some of Live Oak Bank’s business banking requirements:
- Checking account opening deposit: $100
-
Minimum credit score for financing:
- 650 for SBA loans
- Not disclosed for other products
-
Minimum time in business for financing:
- 2 years for Express loans
- Not disclosed for other products
- Minimum annual revenue for financing: Not disclosed
Best for: Business financing – Chase Bank
Products offered: Checking accounts, savings accounts, loans, lines of credit, credit cards and merchant services
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.
Minimum opening deposit and maintenance information provided for Chase Business Complete Banking account. APY earning is only available on certain accounts, including Chase Analysis Business Checking with Interest and Chase Performance Business Checking with Interest.
Pros
- SBA preferred lender
- Wide selection of business products and financial services
- No origination fees for term loans and commercial real estate financing
Cons
- May need to apply in person
- Loans not available in Alaska and Hawaii
- Doesn’t disclose interest rate ranges for financing
If you’re looking for a reputable bank with a nationwide presence to streamline your accounts and apply for financing, Chase Bank could be a good fit. Financing options include business term loans, lines of credit, commercial real estate financing and SBA loans. As an SBA Preferred Lender, Chase can process and fund SBA loans in as little as two weeks, while non-preferred lenders may take up to two months or longer.
Chase also offers business checking and savings accounts, credit cards, investment services and payment solutions — and establishing a banking relationship can help you secure competitive rates on loans and lines of credit.
Read our full Chase Bank review.
Here are some of Chase Bank’s business banking requirements:
- Checking account opening deposit: $0
- Minimum credit score for financing: Not disclosed
- Minimum time in business for financing: 2 years
- Minimum annual revenue for financing: Not disclosed
Best for: Customer service – Capital One
Products offered: Checking accounts, savings accounts, loans, lines of credit, credit cards and merchant services
Starting APY for checking accounts: None
Minimum opening deposit: None
Maintenance fee: $15 Waived if you keep an average balance over $2,000 for the prior 30 or 90 days.
Deposit account information provided for Capital One Basic Checking Account for businesses
Pros
- Ranked #1 for small business banking customer satisfaction by J.D. Power
- Offers dedicated business banking specialists to support your business needs
- Unlimited fee-free digital transactions
Cons
- Must apply for financing in person at a branch
- Fewer than 300 branches nationwide
- Doesn’t offer any free business checking accounts
Capital One ranked highest for customer satisfaction in the J.D. Power 2024 U.S. Small Business Banking Satisfaction Study, making it our top choice for customer service. Support is available by phone, in the mobile app or by visiting a branch.
If you want a one-stop solution for all of your business needs, Capital One offers checking, savings, lines of credit, loans and more. However, it’s important to note that Capital One has limited branch locations and if you’re interested in business financing, you’ll need to apply in person.
Read our full Capital One review.
Here are some of Capital One’s business banking requirements:
- Checking account opening deposit: $0
- Minimum credit score for financing: Not disclosed
- Minimum time in business for financing: 2 years, except for SBA loans which have no minimum
- Minimum annual revenue for financing: Not disclosed
Best for: Loyalty rewards – Bank of America
Products offered: Checking accounts, savings accounts, certificates of deposit, loans, lines of credit, credit cards, payroll solutions and merchant services
Starting APY for checking accounts: None
Minimum opening deposit: $100
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.
Deposit account information provided for Bank of America’s Business Advantage Fundamentals™ Banking account
Pros
- Rate discounts and loyalty rewards for Bank of America Preferred Rewards members
- Offers multiple business credit cards with cashback and travel rewards
- Cash-secured line of credit can help establish and build business credit
Cons
- Some business credit cards charge foreign transaction fees
- Checking account requires a $100 minimum opening deposit
- Charges fees for using out-of-network ATMs
If you want to earn rewards for conducting everyday business, Bank of America is one of your best options. By opening a business checking account, you’re eligible to enroll in Bank of America’s Preferred Rewards for Business program. This free program offers a 0.25% interest rate discount on small business financing, $10 cashback on eligible payroll service fees and a 5% interest rate booster on business savings accounts. Plus, it allows you to waive most monthly maintenance fees.
You can also explore a range of business credit cards with Bank of America, including cards with accelerated cashback and travel rewards.
Read our full Bank of America review.
Here are some of Bank of America’s business banking requirements:
- Checking account opening deposit: $100
-
Minimum credit score for financing:
- 700 for unsecured term loans and lines of credit
- Not disclosed for other products
-
Minimum time in business for financing:
- 6 months for cash-secured lines of credit
- 2 years for most other products
-
Minimum annual revenue for financing:
- $50,000 for cash-secured lines of credit
- $100,000 for unsecured term loans and lines of credit
- $250,000 for secured financing option
Best for: Startup businesses – Truist
Products offered: Checking accounts, savings accounts, certificates of deposit, credit cards, loans, lines of credit and merchant services
Starting APY for checking accounts: Not disclosed 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.
Minimum opening deposit: $100
Maintenance fee: None
Deposit account information provided for Truist Simple Business Checking account
Pros
- No minimum time-in-business or annual revenue requirements for financing
- Wide selection of business products — including a fee-free business checking account
- Commercial vehicle and equipment loans available with no down payment
Cons
- You may be required to submit extra paperwork if you’ve been in business for less than two years
- Doesn’t disclose loan rates or minimum credit score requirements
- Smaller loan amounts compared to other traditional banks
Truist prioritizes a company’s overall potential for growth over a lengthy business history or robust annual revenue. Because of this, Truist can be an excellent option for startup financing. Options include unsecured and secured term loans, lines of credit, equipment financing, commercial auto loans and real estate loans.
You can also use Truist for your everyday banking needs, including checking, savings, credit cards and merchant services. However, unlike some of the other banks on this list, Truist does not offer SBA loans.
Read our full Truist review.
Here are some of Truist’s business banking requirements:
- Checking account opening deposit: $0
- Minimum credit score for financing: Not disclosed
- Minimum time in business for financing: None, but there might be extra paperwork requirements if you’ve been in business for less than two years
- Minimum annual revenue for financing: None, but additional restrictions may apply to smaller businesses
Best for: Travel rewards – American Express
Products offered: Checking accounts, credit cards, lines of credit and merchant services
Starting APY for checking accounts: 1.30%
Minimum opening deposit: None
Monthly maintenance fee: None
Deposit account information provided for American Express® Business Checking account
Pros
- Many business credit card options to choose from
- Business checking account has a competitive APY
- Business line of credit has a short time in business requirement and low annual revenue requirement
Cons
- No business savings account available
- No term loans available
- Confusing interest rate structure on its line of credit
American Express may not have as many small business products as other banks on this list, but the products it does have are strong. For example, American Express offers a business checking account with a higher-than-average yield plus 13 different business credit card options, many of which offer travel rewards.
However, keep in mind that American Express doesn’t have business savings accounts or standard term loans, so you’ll need to look elsewhere to fill those needs.
Read our full American Express review.
Here are some of American Express’s business banking requirements:
- Checking account opening deposit: $0
- Minimum credit score for financing:
- Minimum time in business for financing: 12 months
- Minimum annual revenue for financing: $36,000
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 Chase Bank, Wells Fargo Bank and Bank of America 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.