Nerdwallet analyzed national, regional and online financial institutions to find the best banks for small businesses in North Carolina. We prioritized banks that offered free or low-fee business checking accounts alongside other business services, including business loans, high-yield savings accounts, merchant services and business credit cards.
Weigh the features most important to you when choosing a bank for your business, whether those be branch locations, cash deposits, customer support or account flexibility. While online banks score points for minimal fees and easy accessibility, live customer support can be lacking. Brick-and-mortar banks typically have more fees and restrictions but offer a wide range of business services — and likely have a branch in your area if you want to talk to a banker in person.
Here are our picks for the best overall banks available to small businesses in North Carolina, plus some local options worth considering. Note that most of the star ratings on this list are specific to the bank's business checking account, not the overall institution. The exception is Live Oak Bank, which we've highlighted for its standout business savings account.
We evaluated dozens of business checking accounts from national, regional and online banks, scoring them on fees, perks and accessibility, among other factors. Business accounts that earned at least four stars were eligible to be included in this list. All of the business accounts that appear on this page were chosen by our editorial team, who follow strict editorial guidelines to ensure fairness and accuracy in our coverage.
Best Banks for Small Business in North Carolina
| Best for | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
|---|---|---|---|---|---|
In-person banking in North Carolina Truist Simple Business Checking | 3.5/5 | $0 | N/A | N/A | |
Branch access + business loans Wells Fargo Initiate Business Checking℠ Account | 4.0/5 | $10.00 Waived with $500 minimum balance | N/A | N/A | |
Cash deposits + loyalty rewards Bank of America® Business Advantage Fundamentals™ Banking Learn more at Bank of America, N.A., Member FDIC | 4.5/5 | $16.00 $0 for the first 12 statement cycles. | N/A | $200 Requirements to qualify | Learn more at Bank of America, N.A., Member FDIC |
All-in-one business bank Chase Business Complete Banking® Learn more at Chase, Member FDIC | 4.5/5 | $15.00 Waived with $2,000 minimum balance | N/A | $300 Requirements to qualify | Learn more at Chase, Member FDIC |
Military members, veterans and their families Navy Federal Credit Union Business Checking | 4.2/5 | $0 | 0.01% With $0 min. balance for APY | N/A | |
24/7 customer support Axos Bank® Basic Business Checking Learn more at Axos Bank®, Member FDIC | 4.9/5 | $0 | N/A | $400 Requirements to qualify | Learn more at Axos Bank®, Member FDIC |
Non-bank option for small businesses Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 4.7/5 | $0 | 1.50% With $0 min. balance for APY | $300 Requirements to qualify | Learn more at Bluevine, Deposits are FDIC Insured |
No-fee business banking checking nbkc Business Account Learn more at nbkc bank, Member FDIC | 4.9/5 | $0 | N/A | N/A | Learn more at nbkc bank, Member FDIC |
High-yield business savings + SBA loans Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 | $0 | 3.80% With $0.01 min. balance for APY | $400 Requirements to qualify | Learn more at Live Oak Bank, Member FDIC |
| Best for | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
|---|---|---|---|---|---|
In-person banking in North Carolina Truist Simple Business Checking | 3.5/5 | $0 | N/A | N/A | |
Branch access + business loans Wells Fargo Initiate Business Checking℠ Account | 4.0/5 | $10.00 Waived with $500 minimum balance | N/A | N/A | |
Cash deposits + loyalty rewards Bank of America® Business Advantage Fundamentals™ Banking Learn more at Bank of America, N.A., Member FDIC | 4.5/5 | $16.00 $0 for the first 12 statement cycles. | N/A | $200 Requirements to qualify | Learn more at Bank of America, N.A., Member FDIC |
All-in-one business bank Chase Business Complete Banking® Learn more at Chase, Member FDIC | 4.5/5 | $15.00 Waived with $2,000 minimum balance | N/A | $300 Requirements to qualify | Learn more at Chase, Member FDIC |
Military members, veterans and their families Navy Federal Credit Union Business Checking | 4.2/5 | $0 | 0.01% With $0 min. balance for APY | N/A | |
24/7 customer support Axos Bank® Basic Business Checking Learn more at Axos Bank®, Member FDIC | 4.9/5 | $0 | N/A | $400 Requirements to qualify | Learn more at Axos Bank®, Member FDIC |
Non-bank option for small businesses Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 4.7/5 | $0 | 1.50% With $0 min. balance for APY | $300 Requirements to qualify | Learn more at Bluevine, Deposits are FDIC Insured |
No-fee business banking checking nbkc Business Account Learn more at nbkc bank, Member FDIC | 4.9/5 | $0 | N/A | N/A | Learn more at nbkc bank, Member FDIC |
High-yield business savings + SBA loans Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 | $0 | 3.80% With $0.01 min. balance for APY | $400 Requirements to qualify | Learn more at Live Oak Bank, Member FDIC |
I'M INTERESTED IN:
Our pick for
In-person banking in North Carolina
Truist Simple Business Checking
APY
N/A
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
N/A
Overdraft fees
N/A
Bonus
N/A
Truist Bank’s main office is in Charlotte, and the bank has a strong presence in North Carolina with nearly 300 bank locations across the state — more than any other bank. Truist offers a bare bones starter business checking account for new businesses, plus a more robust option with fewer restrictions for growing businesses. There’s also a Community Checking option for nonprofits that has no monthly fee or cap on cash deposits.
Pros
- Free business checking available, including an option for nonprofits.
- Large branch network.
Cons
- Restrictive transaction limit on Simple Business Checking.
- Fee for using out-of-network ATMs.
- Multiple extra fees, including for ACH service and QuickBooks integration.
Our pick for
Branch access + business loans
Wells Fargo Initiate Business Checking℠ Account
APY
N/A
Monthly fee
$10.00
Waived with $500 minimum balance
Min. opening deposit
$25
Free cash deposits
Yes
Up to $5,000.
Overdraft fees
$35
Bonus
N/A
Wells Fargo is one of the largest banks in the U.S. and has more than 200 branch locations in North Carolina. Business owners can choose from multiple business checking accounts and have access to business loans, payroll services and merchant services with Wells Fargo.
Pros
- Phone customer support available until 11 p.m. ET on weekdays and on Saturdays and Sundays.
- No fees at Wells Fargo ATMs and access to around 4,900 branch locations.
Cons
- No free business checking account option.
- Limit of 100 fee-free transactions per month.
Our pick for
Cash deposits + loyalty rewards
Bank of America® Business Advantage Fundamentals™ Banking
Read Review
Learn more
at Bank of America, N.A., Member FDIC
APY
N/A
Monthly fee
$16.00
$0 for the first 12 statement cycles.
Min. opening deposit
$100
Free cash deposits
Yes
Up to $7,500 per statement cycle.
Overdraft fees
$10
Bonus
$200
Requirements to qualify
Businesses with nightly cash deposits will appreciate Bank of America’s high cash deposit allowance. Its entry-level checking account includes up to $7,500 in cash deposits each month, and other Bank of America business accounts offer up to $20,000 per month. Headquartered in Charlotte, Bank of America has more than 100 branch locations across the state, making it easily accessible for many North Carolina business owners
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.
Our pick for
All-in-one business bank
Chase Business Complete Banking®
Read Review
Learn more
at Chase, Member FDIC
APY
N/A
Monthly fee
$15.00
Waived with $2,000 minimum balance
Min. opening deposit
$0
Free cash deposits
Yes
Up to $5,000 per month.
Overdraft fees
$34
Bonus
$300
Requirements to qualify
Chase offers a wide range of business banking services, including multiple business checking accounts, payment processing, business loans and a suite of top-rated business credit cards.
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.
Our pick for
Military members, veterans and their families
Our pick for
24/7 customer support
Axos Bank® Basic Business Checking
Read Review
Learn more
at Axos Bank®, Member FDIC
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes
Unlimited
Overdraft fees
$25
Bonus
$400
Requirements to qualify
Axos offers around-the-clock customer support — a rare feature for business banks, especially online ones like Axos. Business products include a free business checking account, which includes unlimited ATM refunds, as well as SBA loans and merchant services.
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.
Our pick for
Non-bank option for small businesses
Bluevine Business Checking
Read Review
Learn more
at Bluevine, Deposits are FDIC Insured
APY
1.50%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
Fees vary by location.
Overdraft fees
$0
Bonus
$300
Requirements to qualify
Bluevine is a financial technology company that partners with an FDIC-insured bank to offer a free high-yield business checking account and business lines of credit.
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.
Our pick for
No-fee business banking checking
nbkc Business Account
Read Review
Learn more
at nbkc bank, Member FDIC
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes
Unlimited
Overdraft fees
$0
Bonus
N/A
NBKC’s online business checking has no fees, no transaction limits and no cap on cash deposits. The bank also has a free business money market account that earns
2.75
% APY as of this writing.Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions, no overdraft fees and free incoming domestic wires.
- Up to $12 in monthly refunds for ATM fees charged by other banks worldwide.
- Unlimited cash deposits via MoneyPass and Allpoint ATMs.
- Accept contactless payments via the NBKC app (iOS only). Fees apply.
Cons
- High fee ($45) for international wire transfers.
- Phone support only available during business hours.
- No third-party app integrations.
Our pick for
High-yield business savings + SBA loans
Live Oak Bank Business Savings
Read Review
Learn more
at Live Oak Bank, Member FDIC
APY
3.80%
With $0.01 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits
Overdraft fees
N/A
Bonus
$400
Requirements to qualify
Live Oak is one of the most active SBA lenders in the Tar Heel State, approving more than $126 million in SBA 7(a) loans in North Carolina in the 2023 fiscal year. The online bank’s free high-yield business savings account also shines with
3.8
% APY on all balances.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.
Best banks for business accounts in North Carolina
Axos
Best for: 24/7 customer support
NerdWallet star rating:
4.9
Online banks can often fall short on live customer support. Not Axos. This online-only bank offers live, 24/7 phone support for business customers. Other standout features include the ability to easily make cash deposits at compatible ATMs and automatic refunds of any ATM fees, including those charged by third-party operators.
- 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
Best for: High-yield business savings + SBA loans
NerdWallet star rating:
5
Live Oak is one of the most active SBA 7(a) lenders in North Carolina. The online bank also consistently offers some of the best interest rates on the market with its business savings products, including a top-notch high-yield business savings account that earns
3.80%
APY and multiple business CD options that earn more than 4.00% APY as of this writing.- 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
NBKC
Best for: No-fee business banking checking
NerdWallet star rating:
4.9
NBKC’s free business checking is an attractive option for business owners in North Carolina who won’t mind a fully online banking experience. NBKC has only four branch locations, and they’re all in the Kansas City area. However, customers can access their account through NBKC’s mobile app and website, as well as 90,000+ MoneyPass and Allpoint ATMs (which include numerous locations at Han-Dee Hugo’s, Sheetz and 7-Eleven).
- Free business checking account that can be opened online anywhere in the U.S.
- Account includes unlimited fee-free transactions and no incoming domestic wire fees, overdraft, stop payment or similar incidental fees.
- Fee-free access to over 90,000 MoneyPass and Allpoint ATMs across the country; up to $12 in monthly refunds for ATM fees charged by other banks worldwide.
- Ability to deposit cash fee-free at eligible MoneyPass and Allpoint ATMs using your NBKC business debit card.
- Free online and mobile banking with mobile check deposit and online bill pay included.
- Option to customize your checking account by adding desktop deposit, ACH credit and debits, merchant processing and Autobooks invoicing software.
Additional services
- Free business money market account, which earns2.75%APY as long as you have a balance of at least 1 cent.
- NBKC Visa business credit card.
» Read our full NBKC business checking review
Bluevine
Best for: Non-bank option for small businesses
NerdWallet star rating:
4.7
Bluevine isn’t a bank, but rather a technology company that offers FDIC-insured business banking products via a partner financial institution. Bluevine’s online business checking account is backed by Coastal Community Bank and insured by the FDIC for up to $3 million via the IntraFi sweep network. The account has no monthly fees and an APY, too:
Earn 1.50% interest on account balances up to and including $250,000. Terms apply.
Beyond business checking, Bluevine also offers business lines of credit and (currently by invitation only) a newly launched business credit card.- 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
Best for: All-in-one business bank
NerdWallet star rating:
4.5
Chase’s entry-level business bank account packs in a lot of useful business features, including unlimited electronic transactions and integrated payment processing via the Chase mobile app. While Chase is a huge national bank, it may not be the best option for in-person banking depending on where your business is in North Carolina. There are only about 30 branches in the state, primarily in larger cities like Raleigh, Durham, Charlotte and Greensboro.
- 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
Best for: Cash deposits + loyalty rewards
NerdWallet star rating:
4.5
Bank of America’s Business Advantage Fundamentals checking account includes up to $7,500 in cash deposits per month — that is substantially higher than other brick-and-mortar banks, which typically cap monthly cash deposits at anywhere from $2,500 to $5,000. Bank of America also rewards customers who keep their business in-house, with perks like higher savings and cash-back rates on certain products via its Preferred Rewards for Business program.
- 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
Best for: Military member, veterans and their families
NerdWallet star rating:
4.2
Navy Federal Credit Union caters specifically to the military community. You can choose from multiple business checking and savings options, and can get access to a variety of business loans, if you qualify. Beyond that, Navy Federal’s business specialists can help you tap in to the network of resources available for veteran-owned businesses.
» Read our full Navy Federal Credit Union business checking review
Wells Fargo
Best for: Branch access + business loans
NerdWallet star rating:
4
Wells Fargo has more than 200 branches across North Carolina and offers a wide range of banking services — including business checking, savings and financing options — for business owners who prefer to bank in person.
- Three business checking accounts with monthly maintenance fees ranging from $10 for the bank's entry-level checking account (Initiate Business Checking) to $75 for a premium checking account that earns credits to offset fees (Optimize Business Checking).
- Transaction limits range from 100 to 250 per month, depending on the account. Wells Fargo counts all withdrawals, debits and deposits, including mobile deposits, toward your transaction limit. Debit card purchases and payments do not count toward the limit.
- Up to $20,000 in cash deposits per month, depending on the account type.
- All business checking accounts can be opened online, over the phone or by visiting a branch.
Additional services:
- Small-business loans, including commercial real estate and equipment financing. Wells Fargo also offers SBA loans.
- Profit-sharing, 401(k) and IRA options for business owners and their employees.
- Point-of-sale systems available through Clover.
- Payroll services available through ADP.
» Read our full Wells Fargo business checking review
Truist
Best for: In-person banking in North Carolina
NerdWallet star rating:
3.5
Truist Bank has nearly 300 branch locations across North Carolina, making it a standout option for business owners who prefer to bank in person. While Truist’s free business checking account leaves a lot to be desired — the transaction limits are particularly stingy compared with competitors — the bank’s Dynamic Business Checking gives you more runway and it’s relatively easy to avoid the monthly fee.
- Three business checking account options, including a free account for nonprofit organizations.
- Transaction limits range from 50 to 500 per month, depending on the account. Virtually all deposits, debits and transfers count toward your transaction limit.
- Business accounts can be opened entirely online.
- Access to more than 3,000 Truist Bank ATMs; fee for using out-of-network ATMs.
- Business savings, money market and certificates of deposit available.
Additional services:
- Business credit cards that offer rewards boost for Truist business checking customers.
- Multiple business loan options, including term loans, equipment loans and business lines of credit.
» Read our full Truist business checking review
Other North Carolina-based business banks to consider
First Citizens Bank: This bank’s free business checking account has no minimum balance requirement and includes up to 100 transactions and $5,000 in cash deposits per month.
North State Bank: With four business checking options, North State Bank offers something for nearly every business size. Accounts include QuickBooks integration and some also offer a healthy welcome bonus.
Self-Help Credit Union: This mission-driven credit union is dedicated to providing banking services and economic opportunity to underserved communities. While Self-Help doesn’t offer a business checking account, the credit union does offer many other business banking services, including business loans, money market accounts and certificates of deposits with very competitive terms.
Last updated on March 4, 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.
