Best Banks for Small Business in California
Best Banks for Small Business in California
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APY
N/A
Monthly fee
$0
Bonus
$400
Requirements to qualify
Learn more
at U.S. Bank, Member FDIC
Pros
- No monthly service fee for Silver Business Checking account.
- Welcome bonus for new customers (terms apply).
- No fees at U.S. Bank and MoneyPass ATMs.
Cons
- Low cash deposit limits.
- Limit of 125 fee-free transactions per month.
- $1 fee for outgoing domestic ACH transfers.
U.S. Bank Silver Business Checking
Best for Customer support + SBA loans
APY
N/A
Monthly fee
$0
Bonus
$400
Requirements to qualify
Learn more
at U.S. Bank, Member FDIC
Pros
- No monthly service fee for Silver Business Checking account.
- Welcome bonus for new customers (terms apply).
- No fees at U.S. Bank and MoneyPass ATMs.
Cons
- Low cash deposit limits.
- Limit of 125 fee-free transactions per month.
- $1 fee for outgoing domestic ACH transfers.
APY
N/A
Monthly fee
$15.00
Waived with $2,000 minimum balance
Bonus
$300
Requirements to qualify
Learn more
at Chase, Member FDIC
Pros
- No minimum opening deposit.
- Unlimited fee-free electronic transactions.
- Integrated credit card processing.
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
- 24/7 customer support.
- No fees at 16,000 Chase ATMs and access to around 4,700 branches.
Cons
- $15 monthly fee.
- Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
- Fee for using out-of-network ATMs.
Chase Business Complete Banking®
Best for Branch access + business credit cards
APY
N/A
Monthly fee
$15.00
Waived with $2,000 minimum balance
Bonus
$300
Requirements to qualify
Learn more
at Chase, Member FDIC
Pros
- No minimum opening deposit.
- Unlimited fee-free electronic transactions.
- Integrated credit card processing.
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
- 24/7 customer support.
- No fees at 16,000 Chase ATMs and access to around 4,700 branches.
Cons
- $15 monthly fee.
- Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
- Fee for using out-of-network ATMs.
APY
N/A
Monthly fee
$16.00
$0 for the first 12 statement cycles.
Bonus
$200
Requirements to qualify
Learn more
at Bank of America, N.A., Member FDIC
Pros
- No monthly fee for the first 12 statement cycles.
- High cash deposit limits.
- Welcome offer for new accountholders.
- Loyalty perks via Preferred Rewards for Business program.
Cons
- $100 minimum opening deposit.
- Fee for using out-of-network ATMs.
Bank of America® Business Advantage Fundamentals™ Banking
Best for Cash deposits + loyalty perks
APY
N/A
Monthly fee
$16.00
$0 for the first 12 statement cycles.
Bonus
$200
Requirements to qualify
Learn more
at Bank of America, N.A., Member FDIC
Pros
- No monthly fee for the first 12 statement cycles.
- High cash deposit limits.
- Welcome offer for new accountholders.
- Loyalty perks via Preferred Rewards for Business program.
Cons
- $100 minimum opening deposit.
- Fee for using out-of-network ATMs.
APY
N/A
Monthly fee
$0
Bonus
$400
Requirements to qualify
Learn more
at Axos Bank®, Member FDIC
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions and free incoming wires.
- Automatic refunds of all ATM fees (domestic).
- Cash deposits via AllPoint ATMs.
- Welcome bonus for new customers (terms apply).
Cons
- $25 fee for insufficient funds/uncollected funds returned.
- No third-party app integrations.
Axos Bank® Basic Business Checking
Best for Online bank with easy cash deposits
APY
N/A
Monthly fee
$0
Bonus
$400
Requirements to qualify
Learn more
at Axos Bank®, Member FDIC
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions and free incoming wires.
- Automatic refunds of all ATM fees (domestic).
- Cash deposits via AllPoint ATMs.
- Welcome bonus for new customers (terms apply).
Cons
- $25 fee for insufficient funds/uncollected funds returned.
- No third-party app integrations.
APY
1.50%
With $0 min. balance for APY
Monthly fee
$0
Bonus
$300
Requirements to qualify
Learn more
at Bluevine, Deposits are FDIC Insured
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.50% interest on account balances up to and including $250,000. Terms apply.
- Access up to $3 million in FDIC insurance with Insured Cash Sweep.
- No fees at MoneyPass ATMs.
- Free incoming wires and low outgoing wire transfer fees.
Cons
- Fee for cash deposits.
- Fee for using out-of-network ATMs.
- Does not offer jointly-owned accounts.
Bluevine Business Checking
Best for Non-bank option for small business
APY
1.50%
With $0 min. balance for APY
Monthly fee
$0
Bonus
$300
Requirements to qualify
Learn more
at Bluevine, Deposits are FDIC Insured
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.50% interest on account balances up to and including $250,000. Terms apply.
- Access up to $3 million in FDIC insurance with Insured Cash Sweep.
- No fees at MoneyPass ATMs.
- Free incoming wires and low outgoing wire transfer fees.
Cons
- Fee for cash deposits.
- Fee for using out-of-network ATMs.
- Does not offer jointly-owned accounts.
APY
1.30%
With $0 min. balance for APY
Monthly fee
$0
Bonus
N/A
Learn more
at American Express National Bank, Member FDIC
Pros
- No monthly fees or minimum opening deposit.
- No excess transaction fees and no charge for domestic incoming wires.
- Earn 1.30% APY on balances up to $500,000.
- 24/7 customer support.
- No fees on withdrawals at more than 70,000 MoneyPass and Allpoint ATMs in the U.S.
Cons
- Can’t deposit cash.
- No outgoing international wire transfers.
American Express® Business Checking
Best for Online banking with 24/7 customer support
APY
1.30%
With $0 min. balance for APY
Monthly fee
$0
Bonus
N/A
Learn more
at American Express National Bank, Member FDIC
Pros
- No monthly fees or minimum opening deposit.
- No excess transaction fees and no charge for domestic incoming wires.
- Earn 1.30% APY on balances up to $500,000.
- 24/7 customer support.
- No fees on withdrawals at more than 70,000 MoneyPass and Allpoint ATMs in the U.S.
Cons
- Can’t deposit cash.
- No outgoing international wire transfers.
APY
3.80%
With $0.01 min. balance for APY
Monthly fee
$0
Bonus
$400
Requirements to qualify
Learn more
at Live Oak Bank, Member FDIC
Pros
- Industry-leading APY.
- No minimum balance to earn interest.
- No monthly fee or minimum deposit.
- Access up to $10 million in FDIC insurance with Insured Cash Sweep.
Cons
- No ATM or debit card access.
- No weekend customer support.
Live Oak Bank Business Savings
Best for High-yield business savings
APY
3.80%
With $0.01 min. balance for APY
Monthly fee
$0
Bonus
$400
Requirements to qualify
Learn more
at Live Oak Bank, Member FDIC
Pros
- Industry-leading APY.
- No minimum balance to earn interest.
- No monthly fee or minimum deposit.
- Access up to $10 million in FDIC insurance with Insured Cash Sweep.
Cons
- No ATM or debit card access.
- No weekend customer support.
Navy Federal Credit Union Business Checking
Best for Military members, veterans and their families
APY
0.01%
With $0 min. balance for APY
Monthly fee
$0
Bonus
N/A
Pros
- No monthly fees.
- Unlimited fee-free electronic transactions and free incoming wires.
- No dollar limit on cash deposits (other limits may apply).
- 24/7 customer service.
Cons
- High opening deposit (up to $255).
- $29 fee for overdrafts, insufficient funds.
- Eligibility limited to veterans, military members, Department of Defense employees and their families.
Navy Federal Credit Union Business Checking
Best for Military members, veterans and their families
APY
0.01%
With $0 min. balance for APY
Monthly fee
$0
Bonus
N/A
Pros
- No monthly fees.
- Unlimited fee-free electronic transactions and free incoming wires.
- No dollar limit on cash deposits (other limits may apply).
- 24/7 customer service.
Cons
- High opening deposit (up to $255).
- $29 fee for overdrafts, insufficient funds.
- Eligibility limited to veterans, military members, Department of Defense employees and their families.
Best banks for business in California
Axos
Our pick for: Online bank with easy cash deposits
NerdWallet star rating:
4.9
Online banks typically charge a fee for cash deposits, if they accept them at all. But Axos Bank lets you deposit cash at compatible AllPoint and MoneyPass ATMs for no additional fee. And if you’re charged a fee by a third-party ATM owner, Axos will automatically refund the fee (domestic ATMs only).
- Two business checking accounts: one free and one interest-earning account.
- Business Interest Checking is $10per month unless you maintain an average daily balance of $5000. The account earns up to1.01%APY.
- Basic Business Checking has no monthly fee or minimum opening deposit requirement and includes unlimited fee-free transactions.
- No ATM fees, regardless of the ATM you use, plus unlimited rebates for ATM fees you incur from other banks.
- Both accounts allow cash deposits via compatible AllPoint and MoneyPass ATMs.
Additional services
- Business savings accounts, money market accounts and certificates of deposit.
- Merchant services, including point-of-sale systems, e-commerce solutions, and credit and debit card acceptance through Cerelo Merchant Services.
- Small-business loans, including SBA 7(a) loans, real estate and equipment financing, and working capital loans.
» Read our full Axos business checking review
Live Oak
Our pick for: High-yield business savings
NerdWallet star rating:
5
One way to make your money work harder is to stash your savings in a high-yield account. And Live Oak’s free business savings account is one of the best on the market with a
3.80%
APY. Live Oak also has a 12-month business CD that earns 4.30%
APY, as of this writing. Beyond its high-yield options, this online bank also offers multiple business checking and lending products. - Three business checking options.
- Business Essential Checking has a $10 monthly fee (waived with $1,000 average daily balance) and no monthly transaction limits.
- Live Oak does not support cash deposits; accounts can be funded via ACH, wire transfer or check.
- No weekend customer support.
- Fee-free access to more than 55,000 AllPoint ATMs (savings accounts don’t have ATM access).
Additional services:
- High-yield savings account that earns3.80%APY on all balances, with no monthly fee or minimum deposit.
- A cash sweep account that provides FDIC insurance for up to $10 million in deposits.
- Business CDs that earn upwards of 4.00% APY.
- Issued more SBA 7(a) loans by dollar amount than any other lender in 2023.
» Read our full Live Oak Bank business accounts review
American Express
Our pick for: Online banking with 24/7 customer support
NerdWallet star rating:
5
American Express business checking account has no monthly fee and earns up to
1.30%
APY. American Express business banking customers also enjoy 24/7 access to live customer support.- Online business checking account with no monthly fees. Earn1.30%APY on balances up to $500,000.
- No limit on transactions and no charges for incoming wire transfers or stop payments.
- 24/7 customer support online, by phone or via the app.
- Cannot deposit cash.
Additional services
- Top-rated business credit cards, including branded hotel and airline business cards for Hilton, Marriott, Delta and Amazon.
- American Express Business Blueprint™, a suite of products that includes business lines of credit, as well as invoicing and credit card processing.
» Read our full American Express business checking review
Bluevine
Our pick for: Non-bank option for small businesses
NerdWallet star rating:
4.7
Bluevine partners with an FDIC-insured bank to offer business checking and lending products. The bank’s free business checking account earns
1.50%
APY (terms apply). Businesses with substantial cash flow, and those who send a lot of wires or same-day ACH transfers, can also consider Bluevine Premier, which has a hefty monthly fee but offers discounted payments and a much higher APY. - Bluevine Standard: No monthly fee, minimum deposit, overdraft fees or transaction limits.Earn 1.50% interest on account balances up to and including $250,000. Terms apply.
- Bluevine Premier: Earns 4.25% APY on balances up to $3 million (terms apply). Monthly fee of $95 is waived if you meet daily balance and spending requirements. Premier customers receive discounted wire and same-day ACH transfers.
- One-time and recurring bill payments via ACH, wire transfer or check.
- No ATM fees at more than 37,000 MoneyPass ATMs.
- Cash deposits available via Green Dot and compatible AllPoint+ ATMs. Fees and limits apply.
Additional services:
- Business lines of credit up to $250,000.
- Cash-back business credit card available for eligible Bluevine business checking customers (by invitation only).
» Read our full Bluevine business checking review
Chase
Our pick for: Branch access
NerdWallet star rating:
4.5
Chase has more than 900 branch locations across California, making it easier for business owners to get facetime with their business banker. And Chase backs up its physical presence with some top-notch digital tools. Chase’s mobile app has built-in payment processing via Chase QuickPay, a feature that’s included in Chase Business Complete Banking℠.
- Chase Business Complete Checking℠ is $15 per month, but there are multiple ways to avoid the fee.
- Unlimited electronic deposits. In-person and paper transactions are limited to 20 per month for Chase Business Complete and 250 per month for Chase Performance Business Checking®.
- Payment processing through the Chase mobile app with QuickAccept℠, no additional point-of-sale equipment needed.
- Live customer service available by phone 24/7.
Additional services:
- A full suite of Chase Ink business rewards credit cards, which offer generous sign-up bonuses, as well as other Chase business credit cards.
- A variety of small-business loans, including lines of credit, equipment financing and SBA loans.
- Chase offers payment services for e-commerce and retail businesses, including Chase QuickAccept, which lets business owners accept credit card payments from the mobile app.
» Read our full Chase business checking review
Bank of America
Our pick for: Cash deposits + loyalty rewards
NerdWallet star rating:
4.5
Businesses that make frequent cash deposits will appreciate Bank of America’s generous cash deposit allowance — $7,500 or $20,000 per month, depending on the account. And those who qualify for the bank’s loyalty program (Preferred Rewards for Business) earn a number of perks, including discounted rates on certain business loans, a higher APY on select business savings products and a better rewards rate on Bank of America business credit cards.
- Two account options with respective fees of $16and $29.95 per month, though both can be waived if you meet average monthly balance requirements. Both require a minimum opening deposit of $100.
- Bank of America Business Advantage Fundamentals Banking includes unlimited electronic transactions, up to 200 fee-free non-electronic transactions (checks paid, other debits, deposited items) and up to $7,500 in fee-free cash deposits per statement cycle.
- Opportunity to earn a welcome bonus. Terms apply.
Additional services:
- Suite of business credit cards including a secured business card for business owners with poor or limited personal credit history.
- Multiple business savings accounts, including a high-yield business CD.
- Bank of America business loans include secured and unsecured loans and lines of credit, SBA loans and franchise financing.
» Read our full Bank of America business checking review
Navy Federal Credit Union
Our pick for: Military member, veterans and their families
NerdWallet star rating:
4.2
Navy Federal Credit Union specializes in veteran-owned businesses, as well as those run by military members and their families. You’ll find business checking, savings and lending services with competitive terms, along with insurance and payroll processing. All listed owners of the business must be Navy Federal members to qualify. Membership is available to military members (active duty, veteran and retired), Department of Defense employees and their families.
» Read our full Navy Federal Credit Union business checking review
U.S. Bank
Our pick for: Customer support + SBA loans
NerdWallet star rating:
U.S. Bank checks a lot of boxes for business owners. Free business checking? Check. Generous welcome offer? Check. Top-rated customer support? Check. In fact, U.S. Bank ranked second in J.D. Power’s most recent Small Business Banking Satisfaction study. It is also one of the most active SBA 7(a) lenders in California.
- Five account options, including a Nonprofit Checking account. Monthly fees range from $0 to $30 per month. All require an opening deposit of at least $100.
- U.S. Bank Silver Business Checking ($0) includes 125 free transactions and up to $2,500 in fee-free cash deposits per month.
- More than 2,000 branches across 26 states. Account holders do not incur fees at U.S. Bank and MoneyPass ATMs.
Additional services:
- Three business credit cards, including theU.S. Bank Business Triple Cash Rewards World Elite Mastercard®, which has a $750welcome bonus (terms apply), no annual fee and earns1%-3%cash back.
- Full suite of small-business loans, including lines of credit, SBA loans, equipment financing, term loans and commercial real estate financing.
- Business savings, CDs and money market accounts.
- Payment processing services range from online credit card processing to in-store payment terminals.
» Read our full U.S. Bank business checking review
Other California-based business banks to consider
Beneficial State Bank: This bank offers free business checking, along with business lending, savings and cash management tools. It’s also a certified B Corporation and community development financial institution (CDFI), so the bank actively works to protect the environment and support low-income communities.
California Bank & Trust: California Bank & Trust has more than 85 branch locations across the state and offers a suite of business banking services, including multiple business checking and savings options. The bank has business CD terms that earn more than 4.00% APY (as of this writing).
Self-Help Federal Credit Union: Self-Help Federal Credit Union has more than 20 branch locations scattered across the state, including offices in the Bay Area, Central Valley, Los Angeles and San Diego. This mission-driven credit union, which is dedicated to providing banking services and economic opportunity to underserved communities, offers business banking, lending and savings products.
Note on
American Express® Business Checking
: At Allpoint® and MoneyPass® locations in the U.S., you can withdraw cash and get balance information with no fee. Access to ATMs outside of the Allpoint® and MoneyPass® networks are subject to fees by the ATM owner and/or network. ATM withdrawal limits apply. American Express applies foreign exchange fees to withdrawals in foreign currencies. American Express does not accept ATM cash deposits into your Business Checking account at this time. Visit americanexpress.com/atm-locator to find participating ATMs in the U.S.Last updated on March 26, 2024
Methodology
NerdWallet evaluates more than 30 business bank 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.
We consider more than 20 data points for each account, scoring them on fees, perks and accessibility, among other factors. This information is gathered from each financial institution's website and company representatives. In addition, data is collected regularly and reviewed by our editorial team for consistency and accuracy.
Final star ratings are presented on a scale of one to five stars, where a one-star score represents "poor" and a five-star score represents "excellent." Learn more about how we rate business checking accounts.