The best banks for small businesses all have one thing in common: They make it cheaper and easier to have and use a small business checking account.
To get started, we'll look at the best general purpose bank for small businesses—then narrow it down to more specific needs.
Before choosing a bank, make sure you have all the documents you need to apply—the bank will want to know more about your finances, and will check your credit score. If you're not sure you're ready to get started, check out our article on how to open a small business checking account.
For general purpose small business banking, you can't do much better than Chase. With a huge network—close to 5,000 brick-and-mortar locations and 16,000 ATMs worldwide—you'll never be far from your bank. Plus, their mobile app lets you deposit checks online, pay bills, make transfers, and check your balance.
A Chase business account is a good choice overall for most new, small businesses—especially if you need to make cash deposits, access to fee-free ATMs, or if visiting brick-and-mortar locations is otherwise important to you. Chase isn't a good option if you anticipate making more than 200 transactions per month.
While Chase has a relatively low minimum balance, maintaining that minimum is the only way to waive account maintenance fees. So don't choose Chase if you expect your balance to regularly dip below $1,500.
If you're planning to use your credit card for most business purchases, Chase is the right bank for you. Their wide selection of cards offer very competitive interest rates, plus points, cash back, and rewards programs.
Consumers Credit Union is one of the easier credit unions to join. To become a member and account holder, you must:
Credit unions are unique financial institutions. They are nonprofit organizations (hence the low minimum deposit) and when you join one, you get the right to vote in elections for the board of directors.
While credit unions often offer a limited range of financial products, CCU has a wide range of loans to choose from. They also have a fee-free Visa Business Platinum credit card, and also offer merchant services. And the minimum monthly balance for their checking accounts is considerably lower than most banks'.
If the non-profit mission of credit unions speaks to your values, and you also want to take advantage of low checking account minimums, CCU is a good choice. It's easier to sign up for, has low fees, and offers more choices than most credit unions.
On the other hand, if it's important that you have lots of financing options and credit cards to choose from, and maintaining a higher minimum balance won't be an issue, you may be better off opening an account at a bank.
Most ecommerce small business owners process all their transactions digitally, and receive payment the same way. In that case, having a brick-and-mortar location where you can deposit cash probably isn't high priority. Enter online-only banking.
Axos is the oldest, most well-established online bank in the USA. Their basic business checking accounts have no minimum balance, and they offer a wide range of lending options. Plus, while Axos doesn't have any physical locations, you can access your Axos checking account from any ATM in the USA for free.
If you run an online business, you're already comfortable with online banking, and you expect to make fewer than 200 transactions per month, Axos is a smart choice. You don't need to maintain a high minimum balance, which can be a relief when your business is just starting out and cash flow is low. And if your business needs financing down the line, you have lots of options.
Known best for its loans, lines of credit, and factoring services, BlueVine has expanded into banking. These online-only accounts are easy to open, with no minimum balance requirements or fees for incoming wire transfers, insufficient funds, or ACH payments. A BlueVine bank account also comes with a debit card with free ATM access at MoneyPass ATMs.
The only fees account holders have to consider are for cash deposits ($4.95 per deposit) and outgoing wire transfers ($15 per transfer). For businesses dealing with cash or sending money abroad, these fees can add up.
BlueVine is currently accepting applications to open a business checking account.
If you're a freelancer in need of an account to collect online payments and help you stay on top of business expenses, BlueVine is a great fit. If you aren't collecting cash or sending wire transfers, this is a completely fee-free bank account. Plus, if you decide to grow your business down the line, BlueVine can help you access a loan or line of credit fast for that quick injection of cash.
Based in Florida but serving clients nationally, First Home Bank is frequently rated as one of the country's top 10 most active SBA lenders. It also offers a wide range of other banking services for small businesses—including checking and savings accounts, and non-SBA loans.
The SBA has selected First Home Bank as a Preferred Lender. Meaning, if you apply for an SBA loan through First Home, the approval process will be faster than it would be elsewhere.
Newer businesses and start-ups need access to quick capital. If your number one priority is getting approved for a loan from the SBA loan as quickly as possible, then First Home is the bank for you. But if you want a business interest bearing checking account or many brick-and-mortar locations, or small business lending isn't your number one priority, you're better off taking your banking needs elsewhere.
Capital One is the only bank on this list that offers checking with free, unlimited transactions, with no minimum account balance. It also offers five different small business credit cards.
Does the idea of counting the number of transactions a month to avoid fees make you shudder? If you live near a Capital One bank, handle lots of transactions every month, and mostly get paid by card or bank transfer, Capital One could be the perfect choice for your business. However, it's best if your business is well-established, and you can easily maintain a $2,000 minimum balance.
With 4,300 branches and 16,000 ATMs, Bank of America is everywhere. Plus, they offer some of the best introductory offers for new business checking accounts. That being said, you won't get unlimited free transactions—as you do with Chase—and free cash deposits are also limited.
If you can easily qualify for Bank of America's introductory offers, and don't anticipate any trouble getting your checking fees waived each month, opening a new business bank account could be a great way to earn a little extra money when your business is young.
However, if you're looking to Bank of America primarily because your business needs to deposit a lot of cash every month, take into account the $7,500 limit for free deposits, and the cost after you exceed that amount.
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Once you have a bank in mind, get started on preparing the documents you need to apply for a business bank account. When you're ready to take the next step to separate your business and personal finances, find the best small business credit card for your needs.
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