Best Banks for Small Business Checking in 2024

As a small business owner, business banking isn't a luxury but a necessity. A checking account ensures that you keep track of your revenue and spending. Moreover, it's also advisable to have separate business savings account to put aside some cash periodically for a rainy day.
There are so many options for banks, and you shouldn’t settle for the one closest to you. It’s important to do your due diligence to identify whether the bank you’re considering will work for you in the long run. Some banking services you should look out for are ATM-free withdrawals, cash deposits, mobile banking, and customer support and service.
While business bank accounts incur higher fees than checking accounts, you should also look for hidden fees such as excess transaction fees and minimum monthly account fees. Different banks offer different types of accounts, and there isn’t one that has a one-in-all solution to all your business needs. Making the final decision on the bank you should choose for your small business comes down to your needs. Some businesses need phone banking, while some are interested in making cash deposits.
Without further ado, here are the best banks for small businesses.

Best banks for small business checking

Bank Name
Best Known for
Chase Business
Best bank overall
Axos Bank
Online-only checking
Wells Fargo
The convenience of many branches and ATMs
US Bank
Found throughout the country
Capital One
Capital one is best for high-volume deposits and monthly transactions.
BlueVine
Offers best-in-class online banking while earning high-interest rates
Bank of America
Offers the best sign-up bonuses
Novo
Simple banking online and through mobile banking

Chase Business

Chase is especially appealing to small businesses that crave traditional banking experiences. The bank has thousands of branches throughout the country, and you will likely find one within your vicinity. Chase offers many banking features such as checking and savings accounts, credit cards, payment processing, and saving for individuals and employees of companies.
Chase Business credit cards yield high rewards that you can redeem for free travel and other discounts. Online banking allows you to access your checking and savings accounts using one login. Moreover, Chase's business has many features, such as mobile banking, that allow you to avoid hefty fees.
Chase offers three checking account options for small businesses:
  • Chase Business Complete is its basic business checking and has no minimum deposit. However, the account carries a $15 monthly fee. You can also waive the monthly fees by maintaining the $2,000 minimum daily balance or through qualifying purchases or daily balances on your Chase credit card.
  • Chase Performance Business Checking, which is suitable for mid-sized businesses. It has a monthly fee of $30, but that is waived if you meet the $35,000 combined average beginning day balance requirement*. The account comes with 250 free monthly transactions, unlimited wire deposits, and zero fees for all transactions up to $20,000 in cash.
  • Chase Platinum Business Checking is suitable for large businesses and will cost you $95 monthly fees, which can be waived if you maintain the $100,000 combined average beginning-day balance requirement. The minimum deposit to open the account is $25, and the account comes with 500 free transactions per month and zero fees for transactions up to $25,000 in cash per month.
Features of Chase Business accounts:
  • Unlimited electronic deposits
  • Three debit cards to choose from
  • Mobile banking
  • 24/7 customer service support
  • CDs and two savings accounts are available
  • Card rewards include free or discounted travel and interest
  • Integration with point-of-sale solutions
  • Access to business loans and other forms of financing and lines of credit
* Average daily balance is the total amount of daily balances in your account divided by the number of days in a month.

Axos Bank

Axos Bank became the biggest bank for small businesses after Capital One closed Spark Checking. Axos is the oldest online-only bank in the United States, and it offers two options for small businesses
Basic Business Checking is aimed at "small businesses with moderate account activity," as the company puts it. With this account, you don't have to worry about monthly maintenance fees or minimum deposits. Plus, you get the first 50 checks free, unlimited domestic ATM fee reimbursements, two reimbursed domestic wire fees per month, and cash deposits via MoneyPass and AllPoint networks.
Small Business Interest Checking is, as the name suggests, an interest-accruing account. You can currently earn up to 1.01% APY. However, you must maintain an average daily balance of at least $5,000 if you'd like the $10 monthly maintenance fee waived. In addition, there's a $100 minimum deposit required to open the account. The other bells and whistles are the same as the basic checking account.

Wells Fargo

Wells Fargo is more than a great bank for small businesses, with 4,700 branches and over 12,000 ATMs across the U.S. It is the largest lender of small loans for small businesses.
Wells Fargo offers three different checking accounts available:
  • Initiate Business Checking is the basic account with a minimum deposit of $25 and $10 monthly fees, which can be waived. The account has 0% APY. A $500 minimum daily balance requirement is required if you'd like the monthly service fee waived. There aren't any transaction fees for the first 100 transactions and no cash deposit processing fee for the first $5,000 deposited per fee period.
  • Navigate Business Checking has a $25 monthly fee that is waived if you meet the minimum daily balance of $10,000, among other things. It is interest-bearing and has no transaction fee for the first 250 transactions and no cash deposit processing fee for the first $20,000 deposited per fee period. This account has a $25 minimum account opening deposit.
  • Optimize Business Checking is for seasoned business owners and has a $75 monthly maintenance fee, which can't be waived. It requires a $25 minimum deposit to open and is ideal for business owners with a high volume of transactions. This account also unlocks access to treasury management services.

US Bank

US Bank's Silver Business Checking Account does not charge monthly maintenance fees. It’s important to note that the account puts a cap on the number of free transactions at 125, after which you incur $0.50 for each transaction.
There is a Gold and a Platinum checking account, at $20 and $30 per month, respectively, and 300 and 500 free monthly transactions. If you go over, fees are $0.45 and $0.40 for each additional transaction, respectively. The monthly service fee for Gold can be waived if you meet certain conditions, but that's not the case with Platinum.
You can manage cash flow and payroll services through your account, connect to QuickBooks, apply for credit, and pay with your business credit cards.

Capital One

Capital One's Business checking account options include Basic Checking and Enhanced Checking. The accounts have a minimum monthly service fee of $15 for Basic and $35 for Enhanced, but this is scrapped if you maintain a $2,000 or $25,000 monthly balance, respectively.
Capital One's Basic checking account provides $5,000 fee-free cash deposits, but if you need unlimited and free monthly transactions, go for the Enhanced option. Although there is mobile and online banking, accounts can only be opened in person at a bank branch.

Bluevine

Bluevine doesn’t work like your traditional bank. You don’t have to set foot in a physical bank to open or operate your checking account. Everything is done at the click of a button wherever you are. Moreover, the bank doesn’t charge any operating fees – not for overdrafts, not for using an ATM, or maintaining your account – and you’ll also earn interest.
It's important to note that Bluevine isn't a bank but a financial technology company. Your money is insured through Coastal Community Bank.
Customers enjoy unlimited monthly transactions and no minimum balance. Features of the Bluevine checking account include:
  • High-interest rates of 2.0% if you spend $500 each month with your Bluevine Business Debit Mastercard or receive $2,500 per month in customer payments to your Bluevine account
  • No fees are charged on ACH and incoming wire transfers
  • A free debit card that allows withdrawals at MoneyPass ATMs. The out-of-network ATM fee is $2.50 per transaction.
  • Mobile banking

Bank of America

Thanks to its massive branch footprint, you're likely to find a Bank of America in your vicinity. The downside is it doesn't offer unlimited transactions, requires a minimum daily operating balance, and has a cap on cash deposits.
Choose from the Business Advantage Fundamentals, geared toward small businesses with Zelle and QuickBooks integration, for $16 per month if you don't maintain the $5,000 combined monthly balance. The other option is Business Advantage Relationship Banking, which has no fees for incoming wires, stop payments or electronic deposits. You must maintain a $15,000 combined average monthly balance or pay $29.95 monthly.
Suppose you're a small business owner with no problem raising the minimum daily balance. In that case, you'll enjoy the convenience of the Bank of America checking account. However, if you anticipate making several transactions each month, you may consider other banks because you'll incur additional transaction fees after you reach the transaction limit.

Novo

Novo is a financial technology company, not a bank. Middlesex Federal Savings, an FDIC member, provides banking services Novo offers.
Novo offers an easy-to-use and intuitive website and app that makes for easy banking. Opening an account only takes a couple of minutes. You can also integrate Novo with various tools to keep track of your money. Here are some of the features of Novo:
  • No initial deposit to open the account
  • There is no minimum daily balance and no monthly fees
  • Human-powered customer service
  • Refunds all ATM fees, including international ATM fees
  • A virtual card
  • Novo charges a $27 overdraft fee
If you're a small business owner looking to do online banking, Novo is convenient because you can do your banking on the go on the website or the intuitive app.

Summary of best banks for small business checking

Bank
Minimum daily balance/opening deposit
Monthly Fee
Chase Business Complete
$2,000
$15 (waivable)
Chase Performance Business
NA
$30 (waivable)
Chase Platinum Business
NA
$95 (waivable)
Axos Business Interest Checking
$5,000
$100
Axos Basic Business Checking
$0
$0
Wells Fargo Initiate Business Checking
$500, $25 opening deposit
$10 (waivable)
Wells Fargo Navigate Business Checking
$10,000, $25 opening deposit
$25 (waivable)
Wells Fargo Optimize Business Checking
$25 opening deposit
$75 (can't be waived)
US Bank Silver Business Checking
Varies
$0
US Bank Gold Business Checking
Varies
$20 (waivable)
US Bank Platinum Business Checking
Varies
$30 (can't be waived)
Capital One Basic Checking
$2,000
$15 (waivable)
Capital One Enhanced Business
$25,000
$35 (waivable)
Bluevine
$0
$0
Bank of America Business Advantage Fundamentals
$5,000 average monthly balance
$16 (waivable)
Bank of America Business Advantage Relationship Banking
$15,000
$29.95 (waivable)
Novo
$0
$0

How to choose a bank for your small business

There are so many banks available in the country, and as a small business owner, choosing the one that works best for you may be a daunting task. Here are a few tips to make your decision-making easier:
  • Consider your long-term and short-term financial goals. If you anticipate your financial goals will change soon, your best bet is to choose a bank that gives you that flexibility.
  • Keep an open mind. Technology has changed how things are done, and you no longer have to walk into a brick-and-mortar bank to open an account. Nowadays, you can do it wherever, whenever.
  • Look out for features that resonate with you. All the banks cannot be all things to all people. Narrow down your options to a few banks, then conduct due diligence on the individual banks based on how many transactions you anticipate making and what bank will work best for you.
  • Consider the fees. This is one of the most important things to consider. You may have the best banking experience, but if you incur huge fees, it will be detrimental to the health of your finances and, ultimately, your business
  • Begin the search with your bank but don’t end with it. Sometimes you won’t have to look too far to find what you’re looking for. If you end up using your local bank account, you’ll be able to access your business and personal accounts using the same login.

FAQ

Are there small business accounts with no fees?
Yes. Many online banks do not charge fees, such as Bluevine.
Can I open a business account online?
Yes. This differs from bank to bank. If your bank offers this option, all you have to do is fill in your correct information and some accounts are approved in a matter of minutes.
Is online banking safe?
Yes. Just like their brick and mortar counterparts, online banks are also regulated and must meet strict requirements to set up a business and operate. There is also a requirement they must be insured.
Is there a minimum deposit to open a bank account online?
This varies from bank to bank.
Do I need a business account?
Yes. If you want to keep track of your cash flow, having a business account is the way to go. Based on the type of business account you open, you can enjoy additional features such as access to loans and other lines of credit.

The bottom line

Different banks offer different features to cater to the different needs of the customers. As a small business owner, it’s important to do the due diligence to identify the bank that will work best for you. Some of the most important features to look out for are the monthly fees, support for mobile banking, customer support, the minimum daily operating balance, and the number of free transactions the bank offers. If you find it difficult to make the final decision, you can open accounts with your preferred banks.

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