Business owners need to keep an eye on their day-to-day cash flow and long-term finances. The best banks for small business help you do both. That starts by offering a free or low-fee business checking account for handling everyday expenses. Then, it expands to providing services that enable business growth — like high-yield savings accounts, competitive financing options and low-cost merchant services.
Our top banks for small businesses include:
- Best for online banking, business lines of credit: American Express.
- Best for brick-and-mortar banking: Chase Bank.
- Best for SBA loans: Live Oak Bank.
Most of the star ratings on this page are specific to the bank's business checking account (Live Oak Bank and NBKC are exceptions), not the overall institution. However, additional business banking services like business credit cards and loans (including SBA loans) were considered and are also highlighted below.
250+ small-business products reviewed and rated by our team of experts.
95+ years of combined experience covering small-business and personal finance.
Objective comprehensive business bank accounts rubric (Methodology).
NerdWallet's business banking content — including our ratings, reviews and recommendations — is produced by a team of writers and editors who specialize in small-business finances. Their journalism has appeared in The Associated Press, Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict editorial guidelines to ensure fairness and accuracy in our coverage.
Best Banks for Small Business
| Best for | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
|---|---|---|---|---|---|
Online banking and business lines of credit American Express® Business Checking Learn more at American Express National Bank, Member FDIC | 5.0/5 | $0 | 1.30% With $0 min. balance for APY | N/A | Learn more at American Express National 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 |
Full-service business banking and business credit cards 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 |
Welcome bonus U.S. Bank Silver Business Checking Learn more at U.S. Bank, Member FDIC | 4.2/5 | $0 | N/A | $400 Requirements to qualify | Learn more at U.S. Bank, Member FDIC |
Startups Grasshopper Business Checking Account Learn more at Grasshopper Bank, Member FDIC | 4.5/5 | $0 | 1.80% With $25,000 min. balance for APY | N/A | Learn more at Grasshopper Bank, Member FDIC |
ATM withdrawals 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 |
Cash deposits 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 |
Business savings accounts and 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 |
Business checking accounts and online business loans LendingClub Tailored Checking | 4.9/5 | $10.00 Waived with $500 minimum balance | 1.50% With $0 min. balance for APY | N/A | |
Business money market accounts nbkc bank Business Money Market Account Learn more at nbkc bank, Member FDIC | 4.5/5 | $0 | 2.75% With $0.01 min. balance for APY | N/A | Learn more at nbkc bank, Member FDIC |
Unlimited checking account transactions Capital One Business Basic Checking® | 4.0/5 | $15.00 Waived with $2,000 minimum balance | N/A | N/A | |
Credit union for veterans Navy Federal Credit Union Business Checking | 4.2/5 | $0 | 0.01% With $0 min. balance for APY | N/A | |
| Best for | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
|---|---|---|---|---|---|
Online banking and business lines of credit American Express® Business Checking Learn more at American Express National Bank, Member FDIC | 5.0/5 | $0 | 1.30% With $0 min. balance for APY | N/A | Learn more at American Express National 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 |
Full-service business banking and business credit cards 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 |
Welcome bonus U.S. Bank Silver Business Checking Learn more at U.S. Bank, Member FDIC | 4.2/5 | $0 | N/A | $400 Requirements to qualify | Learn more at U.S. Bank, Member FDIC |
Startups Grasshopper Business Checking Account Learn more at Grasshopper Bank, Member FDIC | 4.5/5 | $0 | 1.80% With $25,000 min. balance for APY | N/A | Learn more at Grasshopper Bank, Member FDIC |
ATM withdrawals 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 |
Cash deposits 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 |
Business savings accounts and 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 |
Business checking accounts and online business loans LendingClub Tailored Checking | 4.9/5 | $10.00 Waived with $500 minimum balance | 1.50% With $0 min. balance for APY | N/A | |
Business money market accounts nbkc bank Business Money Market Account Learn more at nbkc bank, Member FDIC | 4.5/5 | $0 | 2.75% With $0.01 min. balance for APY | N/A | Learn more at nbkc bank, Member FDIC |
Unlimited checking account transactions Capital One Business Basic Checking® | 4.0/5 | $15.00 Waived with $2,000 minimum balance | N/A | N/A | |
Credit union for veterans Navy Federal Credit Union Business Checking | 4.2/5 | $0 | 0.01% With $0 min. balance for APY | N/A |
I'M INTERESTED IN:
Our pick for
Online banking and business lines of credit
American Express® Business Checking
Read Review
Learn more
at American Express National Bank, Member FDIC
APY
1.30%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits.
Overdraft fees
N/A
Bonus
N/A
American Express business checking has no monthly service fee and earns
1.30%
Annual Percentage Yield (APY) on balances up to $500,000 (terms apply). The bank also offers small-business lines of credit, which are available to business owners with average monthly revenue of at least $3,000, and a suite of top-rated business credit cards.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.
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
While not technically a bank, this fintech company offers top-rated business checking and lending products. Bluevine's free, high-yield business checking account earns
1.50%
on balances up to and including $250,000 (terms apply) and includes up to $3 million in FDIC insurance coverage via Coastal Community Bank and partner banks in the IntraFi network. Need financing? Bluevine's business line of credit offers up to $250,000 and can fund in as little as 24 hours. 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
Full-service business banking and business credit cards
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 has something for every business. The bank offers three business checking accounts, two business savings accounts, the top-rated Chase Ink suite of business credit cards, business loans, merchant services and even the ability to take tap-to-pay payments on your iPhone. Chase has locations in 48 states, with more than 4,700 branches and 16,000 ATMs.
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
Welcome bonus
U.S. Bank Silver Business Checking
Read Review
Learn more
at U.S. Bank, Member FDIC
APY
N/A
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
Yes
Up to $2,500 per month.
Overdraft fees
$36
Bonus
$400
Requirements to qualify
U.S. Bank offers a large sign-up bonus — $400 — to new customers who open business checking accounts and meet activity requirements. For ongoing services, the bank has more than 2,000 branches in 26 states. U.S. Bank offers three business checking accounts (including one free option), plus business savings accounts, credit cards, merchant services and small-business loans.
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.
Our pick for
Startups
Grasshopper Business Checking Account
Read Review
Learn more
at Grasshopper Bank, Member FDIC
APY
1.80%
With $25,000 min. balance for APY
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
No
No cash deposits.
Overdraft fees
$0
Bonus
N/A
Grasshopper Bank’s free business checking account pays interest, offers cash back on debit card purchases and comes with startup-friendly features like built-in invoicing and bookkeeping tools. Founders can also tap Grasshopper experts for help with everything from accelerator applications to navigating investor opportunities. The bank also offers financing options, including SBA loans.
Pros
- Unlimited 1% cash back on qualified debit card purchases.
- Earn up to 1.80% APY.
- No monthly fees or overdraft charges.
- Free, built-in bookkeeping software.
Cons
- Can’t deposit cash.
- $100 minimum opening deposit.
- No weekend support.
Our pick for
ATM withdrawals
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 Bank offers a free online business checking account with unlimited ATM fee refunds in the U.S. The online bank also offers merchant services, business loans and business savings accounts.
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
Cash deposits
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
Bank of America stands out among national and regional brick-and-mortar banks by offering unlimited electronic transactions, high cash deposit limits and three different ways to open an account. B of A also offers business credit cards, lines of credit, term loans and merchant services.
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
Business savings accounts and 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 Bank was the second-largest issuer of SBA 7(a) loans by volume in fiscal year 2024. It also offers a standout business savings account, which pays
3.80%
APY on your idle cash.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.
Our pick for
Business checking accounts and online business loans
LendingClub Tailored Checking
APY
1.50%
With $0 min. balance for APY
Monthly fee
$10.00
Waived with $500 minimum balance
Min. opening deposit
$100
Free cash deposits
Yes
Unlimited
Overdraft fees
$0
Bonus
N/A
LendingClub's main selling point is an interest-earning business checking account with unlimited ATM fee rebates and 1% cash back on debit card purchases. But this bank also offers SBA 504 loans and partners with Accion Opportunity Fund, a community development financial institution, to issue small-business loans for debt consolidation, equipment purchases and other business needs.
Pros
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.50% APY on balances up to $100,000 and 0.10% on all balances after that.
- Fee-free ATM access with automatic refund of third-party ATM fees (worldwide).
- Cash deposits via MoneyPass and SUM ATMs.
- Earn unlimited 1% cash back on debit card purchases.
Cons
- $10 monthly fee.
- $100 minimum opening deposit requirement.
- Minimum $500 balance required to earn cash-back rewards and waive monthly fee.
- Limits of $10,000 on both incoming and outgoing ACH transfers.
Our pick for
Business money market accounts
nbkc bank Business Money Market Account
Read Review
Learn more
at nbkc bank, Member FDIC
APY
2.75%
With $0.01 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes
Up to $2,500 per day via compatible ATMs.
Overdraft fees
$0
Bonus
N/A
NBKC has a high-APY money market account and a free business checking account, both of which can be opened online. Small-business customers can use the NBKC app to accept tap-to-pay credit card payments, and if you handle cash, the checking account offers up to $12 per month in ATM fee rebates. Additional banking services include a business credit card and cash management solutions.
Pros
- Earns 2.75% APY.
- No minimum balance to earn interest.
- No monthly fee or minimum opening deposit.
- Includes checks and an ATM card.
Cons
- High fee ($45) for international wire transfers.
- No weekend or after-hours customer support.
Our pick for
Unlimited checking account transactions
Capital One Business Basic Checking®
APY
N/A
Monthly fee
$15.00
Waived with $2,000 minimum balance
Min. opening deposit
$0
Free cash deposits
No
$5,000 included monthly at no charge; $1 for every $1,000 deposited after that
Overdraft fees
$35
Bonus
N/A
Capital One has two business checking account options (one free, one with a fee). Both offer unlimited fee-free transactions, a rarity for a brick-and-mortar bank. Beyond that, Capital One offers a suite of six business credit cards with the ability to earn unlimited rewards, access free employee cards and no foreign transaction fees.
Pros
- Unlimited fee-free transactions.
- Full suite of business services, including business credit cards and loans.
- No fees at 70,000 ATMs, including the Capital One, MoneyPass and Allpoint networks.
Cons
- No free business checking account options.
- Limited service area; must apply in person.
- Limit of $5,000 per month in free cash deposits.
Our pick for
Credit union for veterans
American Express
Best for: Online banking, business lines of credit
American Express’s business checking account offers one of the most competitive interest rates out there for businesses —
1.30%
on balances up to $500,000 — plus you'll earn AmEx Membership Reward points when you use your business debit card. The free online business checking account has no monthly fees, overdraft fees or stop-payment fees.Business checking
- Free online business checking account with almost no fees; outgoing domestic wire transfers are the exception.
- Earn 1.30% APY (annual percentage yield) on balances up to $500,000 as of 02/07/2024.
- No limit on transactions and no charges for overdrafts, nonsufficient funds, incoming wire transfers or stop payments.
- 24/7 customer support online, by phone or via the app.
- Mobile app (and mobile check deposit) only available for iOS.
- Cannot deposit cash.
Additional services
- Top-rated American Express business credit cards, includingThe American Express Blue Business Cash™ Card, which offers the following:Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement. Terms Apply.
- 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 ranging from $2,000 to $250,000, as well as invoicing and credit card processing.
» Read our full American Express business checking review
Axos Bank
Best for: ATM withdrawals
Axos Bank's free business checking account comes with fee-free cash deposits and unlimited refunds for ATM fees in the United States.
Business checking
- 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 through a third party.
- Small-business loans, including SBA 7(a) loans, real estate and equipment financing, and working capital loans.
» Read our full Axos business checking review
LendingClub
Best for: Business checking accounts and online business loans
LendingClub offers a high-yield online business checking account that includes unlimited ATM fee rebates and earns unlimited 1% cash back on debit card purchases. You can also deposit cash at compatible ATMs for no additional fee (a rarity for online business accounts). The trade-off: A $
10
monthly fee (waived with an average monthly balance of $500
).Business checking
- Interest-earning business checking account with unlimited fee-free transactions. Account earns1.50%on balances up to $100,000 and0.10%on all balances after that.
- Monthly fee of $10, waived with an average monthly balance of $500or more.
- No ATM fees, regardless of the ATM you use, plus unlimited rebates for ATM fees you incur from other banks worldwide.
- Earn an unlimited 1% cash back on online and signature-based credit transactions, provided you maintain an average monthly balance of $500 or more.
- Access to online and mobile banking tools that allow you to pay bills, deposit checks, send and receive payments and manage your account.
- Account includes Autobooks, an invoicing and online payment software that allows you to create and send invoices, accept payments, generate reports and reconcile transactions for accounting.
Additional services
- SBA loans, including SBA 7(a) loans, SBA 504/CDC loans and SBA Express lines of credit.
- Business loans in partnership with Accion, a nonprofit community lender.
- Cash management solutions including deposit and disbursement services, receivables and account management, sweep accounts, fraud prevention and payments.
» Read our full LendingClub business checking review
Chase
Best for: Full-service business banking and business credit cards
Chase offers a variety of small-business banking services that set it apart from other national brick-and-mortar banks, including three business checking accounts, two business savings accounts and the Chase Ink suite of business credit cards, among other financial products.
You can open a business account online or in person. (Chase has more than 4,700 branches across 48 states.)
Business checking
- Three business checking account options, which each include unlimited fee-free electronic deposits.
- Monthly service fees start at $15per month for the Business Complete Banking account (with options to waive).
- Opportunity to earn a $300welcome bonus. Terms apply.
- Business Complete Banking account includes Chase QuickAccept℠, which allows you to accept credit card payments with the Chase mobile app.
- Use Chase QuickDeposit℠ for depositing checks and Chase QuickPay® with Zelle® for sending and receiving payments.
- 24/7 phone-based customer service.
Additional services
- Two business savings account options, as well as certificates of deposit.
- Ink suite of rewards-earning business credit cards, plus airline-specific card options.
- Chase Payment Solutions for point-of-sale solutions and online credit card processing.
- Chase business loans, including SBA loans, lines of credit, equipment financing and commercial real estate financing.
» Read our full Chase business checking review
Live Oak Bank
Best for: Business savings accounts and SBA loans
Live Oak Bank, a North Carolina-based institution, offers a standout business savings account. Paying
3.8
% APY, this account is a great option for your company’s emergency fund. Live Oak also offers three business checking accounts, though none are free.Additionally, Live Oak Bank is a top SBA lender. While you don’t need a Live Oak business bank account to apply for these loans, establishing a relationship with a banker early on may be helpful when it’s time to seek financing.
Business checking
- Three business checking acount options with monthly fees starting at $10. Fees can be waived. ifyou meet certain balance thresholds.
- Unlimited monthly transactions.
- Live customer support.
Additional services
- Business savings account that pays3.8% APY.
- Issued $1.8 billion in SBA 7(a) loans in fiscal year 2024, the second-most of any lender.
- A cash sweep account that provides FDIC insurance for up to $10 million in deposits.
- Business CDs.
» Read our full Live Oak business banking review
NBKC
Best for: Business money market accounts
NBKC offers a simple business money market account with a high APY —
2.75%
. But it also stands out for its fee-free, online-based business checking account, though the bank does have four branches in the Kansas City area.Business checking
- 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 37,000 MoneyPass 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 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.
- Customizable cash management, fraud management, disbursement and collection services.
- For businesses located in the Kansas City metro area, NBKC offers business lines of credit, inventory and equipment loans, commercial real estate and construction loans, as well as SBA loans.
» Read our full NBKC business checking review
Capital One
Best for: Unlimited checking account transactions
Capital One’s business checking accounts offer unlimited fee-free transactions, an uncommon feature for brick-and-mortar banks. Capital One also has some of the best business credit cards on the market.
Business checking
- Choose from two business checking account options: Basic and Enhanced.
- Unlimited fee-free transactions included with each account.
- Monthly service fees start at $15per month for Basic business checking and can be waived with an average balance of at least $2000over 30 or 90 days, whichever period has the greater balance.
- Unlimited fee-free cash deposits with Enhanced business checking.
- Have to visit a branch location to apply. Capital One branches are concentrated in six states, plus Washington, D.C.
Additional services
- One business savings account option and certificates of deposit.
- Suite of Capital One business credit cards, including two standard cash-back business credit cards, three travel rewards business credit cards, a charge card, and theCapital One® Spark® Classic for Business— an unsecured business credit card designed specifically for business owners with fair credit.
- Capital One business loans include working capital lines of credit, equipment and vehicle loans, real estate term loans, business term loans, SBA 7(a) loans, SBA 504/CDC loans, as well as more specialized options.
- Capital One Merchant Services provided by Worldpay.
- Cash flow management solutions such as fraud management, accounts receivable, accounts payable and liquidity.
- Escrow Express platform available for online sub-accounting.
» Read our full Capital One business checking review
U.S. Bank
Best for: Welcome bonus
U.S. Bank is one of the few brick-and-mortar banks that lets you open a business account online, as well as over the phone or in-person. And new account holders can net a substantial welcome bonus with qualifying activities:
Earn $400 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q4AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through January 15, 2025. Member FDIC.
Business owners can choose from one of three U.S. Bank business checking accounts (including a free business checking option) and take advantage of additional services, including payment processing, small-business loans and business credit cards.
Business checking
- Three account options, ranging from free 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
Bank of America
Best for: Cash deposits
Bank of America stands out among national and regional brick-and-mortar banks by offering unlimited fee-free electronic transactions, high cash deposit limits and the ability to open an account online, over the phone or in person.
Two options for business checking accounts, several solid business credit cards, a high-yield business CD account and dedicated business support round out Bank of America’s business banking services.
Business checking
- 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.
- More than 3,800 branches across 37 states and the District of Columbia, plus nearly 16,000 fee-free Bank of America ATMs.
Additional service
- Six 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
Startups
Best for: High-yield business checking
Grasshopper is a fully digital, FDIC-insured bank that launched in 2019 and caters exclusively to small businesses. The bank does not offer consumer accounts.
Grasshopper’s high-yield checking account earns up to
1.8
% APY and comes with invoicing and bookkeeping tools built into its online banking platform. Founders can also tap Grasshopper experts for help with everything from accelerator applications to navigating investor opportunities.Grasshopper does not support cash deposits, though, and there’s no weekend support.
Business checking
- Free online business checking account with no overdraft fees, transaction limits or minimum balance requirements.
- Minimum opening deposit of at least $100.
- Earn up to1.8% APY.
- Unlimited 1% cash back on online and signature-based debit card purchases.
- No fees for ACH transfers, incoming wires, overdrafts or ATM usage (third-party fees may apply, though).
Additional services
- Mentoring and networking opportunities for startup founders.
- SBA loans and commercial real estate lending, as well as access to venture capital and private equity funding.
» Read our full Grasshopper Bank business checking review
Navy Federal Credit Union
Best for: Credit union for veterans
In order to open an account at Navy Federal Credit Union, all business owners must be eligible for credit union membership — which means they or their family members must be current or retired military members, veterans or Department of Defense employees. If you meet those requirements, though, this credit union offers three business checking accounts, multiple business savings options and 24/7 customer support.
» Read our full Navy Federal Credit Union business checking review
Bluevine
Best for: Non-bank option for small businesses
Bluevine is a neobank — a financial technology company that provides business banking services and lending services through partner banks — and can be a great option for business owners who prioritize low fees and higher APYs over in-person customer service or a full suite of business banking services.
Bluevine's free, high-yield business checking earns
1.50%
APY on balances up to $250,000 (terms apply) and offers up to $3 million in FDIC insurance coverage via Coastal Community Bank and the IntraFi sweep network. And its business line of credit lets business owners access up to $250,000 in as little as 24 hours with more lenient lending criteria than traditional banks, making it a popular option for startups and business owners with bad credit.Be aware, however, that interest rates and payment terms on Bluevine business loans can be less favorable than at a bank. And business checking customers can't have joint accounts or joint debit cards and need to use a third-party service to deposit cash (for a fee).
Business checking
- Free online business checking account with no overdraft fees, transaction limits or minimum opening deposit.
- Earn up to1.50%APY on free business checking account. Terms apply.
- Cash deposits via Green Dot network for a fee ($4.95 per deposit). Daily and per-deposit limits apply.
- Access up to $3 million in FDIC insurance with Insured Cash Sweep.
- No fees at MoneyPass ATMs; fee for using out-of-network ATMs.
Additional services
- Business line of credit up to $250,000.
» Read our full Bluevine business checking review
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.
💬 From our Nerds: How to use our ratings
"The star ratings on this page are specific to one account at each bank — usually its business checking account. That's the account business owners are likely to interact with most often.
"I'm constantly fine-tuning how we evaluate those accounts. But with a product landscape that's always changing, it'll never be perfect.
"We strive to reward accounts that provide the most value with the fewest fees. Not all features are relevant to every business owner, though. Cash deposit limits and ATM access are two great examples.
"I hope you'll use NerdWallet's star ratings as a guide, then filter our pros, cons, reviews and product offerings through the lens of your business's unique needs."
— Rosalie Murphy, lead writer covering small business
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.
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 July 15, 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.