Best Banks for Small Business of 2024

We’ve arranged these banks in order of NerdWallet's star rating for their business checking account, since that's what business owners are likely to interact with most often. But our top picks all offer several services, which are highlighted below.

✅ Why we like it: American Express’s online business checking account is stellar — it comes with a solid APY, ATM withdrawals and 24/7 customer support. They also offer well regarded business lines of credit and credit cards.

🚫 Look elsewhere if: Your business takes many payments in cash (AmEx doesn’t accept cash deposits.)

✅ Why we like it: NBKC’s online business checking account charges very few fees while still delivering plenty of value. The bank also has a money market account that pays a competitive APY.

🚫 Look elsewhere if: You want access to a branch and don’t live in the Kansas City area.

✅ Why we like it: LendingClub’s online business checking account pays interest and comes with 1% cash back on debit card purchases and unlimited rebates on ATM fees.

🚫 Look elsewhere if: You want access to branches.

✅ Why we like it: Axos’s business savings account offers a high APY and a massive amount of FDIC insurance. Its online business checking account is worth a look, too, especially for businesses that use cash.

🚫 Look elsewhere if: You frequently do app-based banking — Axos's app isn't particularly well rated.

✅ Why we like it: Bluevine is a technology company, not a bank, but customer funds are held on deposit with Coastal Community Bank and protected by FDIC insurance. Its business checking account offers an excellent APY, and once you’re a customer, Bluevine may offer perks like lower rates on its line of credit.

🚫 Look elsewhere if: You want access to branches or aren’t comfortable banking with a fintech company.

✅ Why we like it: Chase stands out for its payment processing services, which are available at no additional charge to its business checking accounts, and its top-rated business credit cards. It also has a presence in 48 U.S. states and Washington, D.C.

🚫 Look elsewhere if: You want to avoid fees on your checking account (Chase charges them for many services).

✅ Why we like it: Bank of America rewards loyalty: Business checking customers may qualify for perks across its product line, including higher rewards rates on credit cards and discounts on loans and payment processing.

🚫 Look elsewhere if: You want to avoid fees — Bank of America’s business checking account, like those at Chase and most at brick-and-mortar banks, charges many.

✅ Why we like it: Grasshopper is a great choice for startups seeking a free online business checking account — it pays interest and cash back on your debit card purchases — as well as financing options, including SBA loans.

🚫 Look elsewhere if: Your business uses cash, as Grasshopper doesn’t accept cash deposits.

✅ Why we like it: Navy Federal Credit Union offers business owners with military affiliations all the banking basics, including checking and savings accounts, credit cards and loans.

🚫 Look elsewhere if: You or one of your business partners can’t qualify for membership. Veterans, current or retired members of the U.S. armed forces, the National Guard, Department of Defense employees, as well as family members of those groups, are eligible.

✅ Why we like it: U.S. Bank stands out for offering one of the largest sign-up bonuses available for a business checking account. The bank also has merchant services and plenty of additional services, including loans, business cards and discounts on payroll software.

🚫 Look elsewhere if: You want to avoid typical brick-and-mortar bank fees.

✅ Why we like it: Live Oak offers an excellent business savings account and is a top SBA 7(a) lender.

🚫 Look elsewhere if: You take payments in cash (Live Oak doesn’t accept cash deposits).

✅ Why we like it: Capital One is the rare brick-and-mortar bank to offer a free business checking account that also has unlimited transactions. Its suite of business credit cards is highly regarded, too.

🚫 Look elsewhere if: You live outside CapOne’s service area, as not all of its products are available nationally and you may need to visit a branch to sign up for some.

Many small-business owners choose their personal bank as their business bank. And while that may feel convenient, it’s worth exploring alternatives — after all, you might want different features as an entrepreneur than you do as an individual consumer.

Here are some questions to guide your search:

• Online, in person or both? Business owners who want an online business checking account can look to neobanks for free or low-cost business checking. If you prefer an in-person touch, explore local banks and credit unions, which can make it easier to start a relationship with a banker who can help your business grow (especially if you work with a community development financial institution). National brick-and-mortar banks usually offer a combination of branch access and sophisticated digital services.

• What accounts do you need? Start with a business checking account for managing your cash. Beyond that, look for banks that offer business savings accounts, business money market accounts and certificates of deposit if you plan to use those services. 

• What fees does the bank charge? Some business banks charge monthly fees for checking and savings accounts, although many waive those fees if you keep your balance above a certain level. 

• Do you use cash? If your business takes in a lot of cash, look for a business bank account that lets you make unlimited free cash deposits — and if you spend cash often, look for free ATM access and refunds on ATM fees, too.

• Is financing in your future? Starting a relationship with a bank or credit union that offers financing may give you a leg up when it comes to applying for a business loan.

• Do you use business credit cards? You should choose the best business credit card for your company based on features like rewards, travel perks and annual fees, but there may be benefits to using a credit card linked to your bank. Bank of America business credit cards, for instance, offer higher rewards rates to certain B of A customers.

» MORE: NerdWallet’s best credit unions for business banking

It can make sense to open multiple business bank accounts if you have more than $250,000 on deposit. The FDIC only insures up to that amount per depositor per institution — which means if your business bank fails, then the federal government only promises to cover your losses up to $250,000.

Some financial providers increase this coverage via Insured Cash Sweep accounts, which spread deposits across multiple FDIC-backed banks behind the scenes. But even if you use this service — or you’re not worried about hitting the $250,000 max — using more than one business bank can minimize the impact of potential issues like an unexpected account freeze.

A good first step is to store an emergency fund at a different bank than your business checking account. If your business keeps significantly more cash on hand — if you’re a startup with venture funding, for instance — a business cash management account may be a better fit to maximize potential returns.

NerdWallet evaluates business banks based on their individual product offerings. Ideally, a bank's overall suite of services will check multiple boxes for your small business. But a once-size-fits-all solution may not be possible, and there are benefits to working with more than one business bank.

To find the best banks for small businesses, we started with an institution's business checking options as that is the account you are likely to interact with most often. NerdWallet reviewed and rated more than 30 accounts from national, regional and online banks. Collectively, these accounts represent the largest banks by assets, internet search traffic and other factors, along with notable or emerging players in the industry. Learn more about how we rate business accounts.