Best Banks for Small Businesses in 2024

Compare top lenders to find the best fit for your small business.

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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Best banks for small businesses

By Lindsay VanSomeren | Edited by Abigail Bassett and Janet Schaaf | December 27, 2023
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
BankBest for…Minimum required depositMonthly feeAPY
No fees$0$0N/AGet business loan offers
Earning interest$0$02.00%Get business loan offers
Business credit cards and rewards$0$01.30%Get business loan offers
Chase logoBranch access and full-service banking$0$15 to $95N/AGet business loan offers
No ATM fees$50 recommended, but not required$0N/AGet business loan offers
Startups$0 to $100$0 to $100% to 1.01%Get business loan offers
Learn more about how we chose our picks.

Best banks for small business at a glance

nbkc bank logo

NBKC: Best bank for small business for no fees

Minimum deposit$0
APYN/A
Monthly maintenance fee$0
Signup bonusNone
Free cash depositsYes, at MoneyPoint and nbkc ATMs

See Your Business Loan Offers

Bluevine: Best bank for small business for earning interest

Minimum deposit$0
APY2.00%
Monthly maintenance fee$0
Signup bonusNone
Free cash depositsNo; cash deposits cost $4.95

See Your Business Loan Offers

American Express Business Checking: Best bank for small business for business credit cards and rewards

Minimum deposit$0
APY1.30%
Monthly maintenance fee$0
Signup bonus50,000 Membership Rewards points (worth up to $500) if you deposit and keep $5,000 in your account for the next 60 days and make at least five qualifying transactions.
Free cash depositsN/A

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Chase Bank: Best bank for small business for branch access and full-service banking

Minimum deposit$0
APYN/A
Monthly maintenance fee$15 unless you meet fee waiver requirements
Signup bonus$300 if you deposit at least $2,000 and hold it in the account for 60 days, and complete five transactions in the first 90 days.
Free cash depositsUp to $5,000 per month

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Novo: Best bank for small business for no ATM fees

Minimum depositNone; but $50 is recommended
APYN/A
Monthly maintenance fee$0
Signup bonusNone
Free cash depositsN/A

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Axos: Best bank for small business for startups

Minimum deposit$0 to $100
APY0% to 1.01%
Monthly maintenance fee$0 to $10
Signup bonusUp to $400 total: $75 per month for four months if you set up bill pay, make at least 10 signature-based debit purchases of $3 or more and maintain a balance between $25,000 and $50,000 (earn $100 instead for deposits of $50,000 or more).
Free cash depositsYes, at MoneyPass and Allpoint ATMs

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How to choose a bank for small business

You may have fewer options when it comes to finding the best bank to open a business account compared to your personal finances. That doesn’t necessarily mean you’ll be stuck, however. As you shop around for a business account, here are some of the important features to look for:

APY: You can put your business savings for taxes and investments to good use by shopping for a business savings account offering a higher interest rate. Having ample savings helps your business stay resilient and qualify for credit more easily.

Fees: Business bank accounts tend to carry more fees than personal accounts. Consider how you’ll be using your bank accounts and what fees you might incur.

FDIC insurance: Most banks offer FDIC coverage. Be sure to double-check limits to avoid losing money if the bank fails.

Transaction limits: Business accounts tend to have more transaction limits and transaction fees than your personal account. This can be an especially important consideration for retail shops.

ATM network access: If you travel a lot for business or need to withdraw cash on the go, consider a bank that offers a robust network of free ATMs (or even one that reimburses you for ATM fees).

Customer experience: Research customer reviews and ratings to see if there are any common pain points or issues.

Minimum required deposits: You’ll likely need to maintain a minimum balance or meet specific deposit requirements to avoid fees.

Existing banking relationships: If you already have a bank you like using for your personal funds, it might make sense to open a small business account with them too. Relationship length is a factor some banks consider in making a lending decision.

Mobile app and digital experience: Having access to your business funds on the go can be crucial for small business owners. Banks with mobile apps and a robust digital experience make managing your business accounts much easier.

How to open a business bank account

The requirements to open a business bank account vary by financial institution and the type of business you’re operating, such as an LLC, corporation or sole proprietorship. In general, here’s what you’ll need to open a business bank account with most banks and credit unions:

  • Business license and registration
  • Current bank account information
  • Business formation documents, such as articles of organization or operating agreements
  • Personal information, such as your name, contact information and Social Security number
  • Employer Identification Number (EIN) (or Social Security number [SSN] for sole proprietors)

Checking vs. savings accounts

Most small businesses will need at least two types of bank accounts: a checking account and a savings account. They are similar to personal checking and savings accounts, but there are some additional considerations to take into account for small business owners.

Checking accounts are used for your everyday transactions, like earning business income and spending business funds. You’ll use it to pay your business taxes and any charges you make with your business credit card, for example. Depending on how your business operates, you may accept client payments directly into your business checking account, or you may have a separate merchant account to accept credit card payments if you sell to retail customers.

Savings accounts, on the other hand, allow you to earn interest on money that you’ve tucked away for future use. This also helps you avoid cash-flow problems by making sure you have a separate pot of money for infrequent, but often necessary, purchases. You can use these accounts to save for quarterly tax payments, for example, or save money for investments in your business, such as purchasing new equipment. It’s also a good place to build up a general-purpose savings buffer to protect you during business downturns, in the same way that you’d use a personal emergency fund.

Business checking accountBusiness savings account
Best for?Everyday financial transactionsFuture spending and business resiliency
Transaction limits?Varies by bankVaries by bank
Earns APY?Varies by bankYes

How we chose our picks

To appear on our list of best bank accounts for small businesses, we identified business checking accounts accessible to businesses nationwide. The accounts we featured had no or low minimum deposits, no monthly fees or easily waived maintenance fees, and the ability to earn an APY. We also took into account other small business product offerings, like business loans and business credit cards.

Frequently asked questions

In most cases, yes, but it depends on the bank and your business type. Some banks may not require sole proprietors to provide an EIN since they may operate with only a Social Security Number.

Axos offers the best business bank accounts for small businesses that are just starting up because it offers several feature-rich accounts with no fees, with an ability to scale up to different business accounts later.

You can use your personal bank account for business purposes if you’re operating under certain business structures such as a sole proprietorship, but it’s not recommended. Some business types, such as corporations, are required by law to have a separate business bank account.

It depends on the bank. Some small-business banks have no minimum required opening deposit, allowing you to get started right away. This may be more common with small-business checking accounts, which may offer fewer features but have fewer requirements as well (as opposed to other types of commercial checking accounts).