The best banks for small business allow entrepreneurs to address multiple business banking needs, starting with a free or low-fee business checking account. Many also offer options for savings, credit cards, business loans (including SBA loans) and merchant services.
You may want to leverage business bank accounts from multiple institutions to keep your funds secure and help shield your business from disruptions —especially if your deposits exceed the federally insured limit of $250,000. And placing some cash, like your emergency fund, in a business savings account can earn you as much interest as possible.
NerdWallet evaluated more than 30 national, regional and online banks to identify the best banks for business accounts. Most of the star ratings on this list are specific to the bank's business checking account — that's the one you'll likely use every day while managing your business finances, after all. The exceptions are Live Oak Bank and NBKC, which we've highlighted for their standout business savings products.
If a bank offers multiple business checking accounts, we rated the entry-level account.
Our Nerdy picks for
I'M INTERESTED IN:
Our pick for
Full-service business banking
Chase Business Complete Banking®
4.5
NerdWallet rating
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 Chase Ink suite of business credit cards, business loans and more. Chase has locations in 48 states, with more than 4,700 branches and 16,000 ATMs.
Read full review
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.
- Limit of $5,000 per month in free cash deposits.
Read full review
Our pick for
Generous account limits, easy application
Bank of America® Business Advantage Fundamentals™ Banking
4.5
NerdWallet rating
at Bank of America, N.A., Member FDIC
APY
N/A
Monthly fee
$16.00
Min. opening deposit
$100
Free cash deposits
Yes
Up to $7,500 per statement cycle.
Overdraft fees
$10
Bonus
$0
See offer page for more details
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.
Read full review
Pros
- Fee-free electronic transactions.
- High cash deposit limits.
- Business accounts can be opened entirely online.
Cons
- No free business checking account option.
- $100 minimum opening deposit.
- Fee for using out-of-network ATMs.
Read full review
Our pick for
Non-bank option for small businesses
Bluevine Business Checking
4.7
NerdWallet rating
at Bluevine, Deposits are FDIC Insured
APY
2.00%
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
$0
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 2.00%
Read full review
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 2.00% 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 37,000 MoneyPass ATMs.
- Free incoming wires and low outgoing wire transfer fees.
- Sub-accounts help users set funds aside for specific purposes.
Cons
- No fee-free cash deposits. Cash deposits at Green Dot locations are capped at $2,000 per day and a service fee of up to $4.95 per deposit applies. At Allpoint ATMs that accept cash, deposits are capped at $5,500 per day and a fee of $1 plus 0.5% of the deposit amount applies.
- Fee for using out-of-network ATMs.
- No joint accounts or employee debit cards.
Read full review
Our pick for
High-yield business checking
Grasshopper Business Checking Account
4.5
NerdWallet rating
at Grasshopper Bank, Member FDIC
APY
2.25%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
No
No cash deposits.
Overdraft fees
$0
Bonus
$0
Grasshopper Bank offers 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.
Read full review
Pros
- Unlimited 1% cash back on qualified debit card purchases.
- Earn up to 2.25% APY.
- No monthly fees or overdraft charges.
- Free, built-in bookkeeping software.
Cons
- Can’t deposit cash.
- $100 minimum opening deposit.
- No weekend support.
Read full review
Our pick for
24/7 customer support
Axos Bank® Basic Business Checking
5.0
NerdWallet rating
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. and live, 24/7 customer support. The online bank also offers merchant services, business loans and business savings accounts.
Read full review
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 MoneyPass and AllPoint ATMs.
- 24/7 customer support.
- Welcome bonus for new customers (terms apply).
Cons
- $25 fee for insufficient funds/uncollected funds returned.
- No third-party app integrations.
Read full review
Our pick for
1% cash back on debit card purchases
LendingClub Tailored Checking
4.9
NerdWallet rating
at LendingClub Bank, Member FDIC
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
$0
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. This bank also offers cash management services and small-business loans.
Read full review
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.
Read full review
Our pick for
Welcome bonus, free business checking (brick-and-mortar bank)
U.S. Bank Silver Business Checking
4.0
NerdWallet rating
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
$800
Requirements to qualify
You can open a U.S. Bank business account one of three ways: online, in person or by phone. The bank has more than 2,000 branches in 26 states.
U.S. Bank's offers three business checking accounts (one free option), plus business savings, credit cards, merchant services and small-business loans.
Read full review
Pros
- No monthly service fee for Silver Business Checking account.
- Welcome bonus for new customers (terms apply).
- No fees at 4,700 U.S. Bank ATMs and access to 2,900 branches.
- No fees if account is overdrawn by $50 or less.
Cons
- Low cash deposit limits.
- Terms and fees are not easily accessible via the bank’s website.
- Limit of 125 fee-free transactions per month.
- $1 fee for outgoing domestic ACH transfers.
Read full review
Our pick for
Online banking and business credit cards
American Express® Business Checking
5.0
NerdWallet rating
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
$0
Bonus
$0
Requirements to qualify
American Express business checking has no monthly service fee and earns 1.30%
Read full review
Pros
- No monthly fees or minimum opening deposit.
- No excess transaction fees or overdraft fees. No charge for incoming wires.
- Earn 1.30% APY on balances up to $500,000.
- 24/7 customer support.
- No fees at more than 70,000 MoneyPass and Allpoint ATMs in the U.S.
Cons
- Can’t deposit cash.
- No outgoing international wire transfers.
Read full review
Our pick for
Branch access and business loans
Wells Fargo Initiate Business Checking℠ Account
4.0
NerdWallet rating
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
$0
Wells Fargo has the largest branch network in the U.S. with roughly 4,900 branch locations and over 12,000 ATMs across 40 states, plus Washington, D.C. Its business accounts include three business checking accounts, business savings, credit cards and small-business loans. Wells Fargo is also one of the top SBA lenders in the country.
Read full review
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.
Read full review
Our pick for
Unlimited checking account transactions
Capital One Business Basic Checking®
4.0
NerdWallet rating
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
$0
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.
Read full review
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.
Read full review
Our pick for
Business savings accounts and SBA loans
Live Oak Bank Business Savings
5.0
NerdWallet rating
at Live Oak Bank, Member FDIC
APY
4.00%
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
$300
Requirements to qualify
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.
Read full review
Our pick for
Business money market accounts
nbkc bank Business Money Market Account
4.5
NerdWallet rating
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
$0
NBKC has a high-APY money market account and a free business checking account, both of which can be opened online. Additional banking services include a business credit card and cash management solutions.
Read full review
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.
Read full review
Our pick for
Credit union for veterans
Navy Federal Credit Union Business Checking
4.2
NerdWallet rating
APY
0.01%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$255
Free cash deposits
Yes
Unlimited
Overdraft fees
$29
Bonus
$0
Navy Federal Credit Union offers its members a choice between three business checking accounts (some of which pay interest), plus money market and business savings options. With branches in 30 states, it's a good choice for members of the military.
Read full review
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.
Read full review
Small-business banking: Best banks for business accounts
Axos Bank
Best for: 24/7 customer support
Axos Bank's free business checking account comes with 24/7 customer support, 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 $
10
per 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
Small-business loans, including SBA 7(a) loans, real estate and equipment financing, and working capital loans.
» Read our full Axos business checking review
American Express
Best for: Online banking, business credit cards
American Express’s business checking account offers one of the most competitive interest rates out there for businesses — 1.30%
Business checking
Free online business checking account with almost no fees; outgoing domestic wire transfers ($20) 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, including The 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
LendingClub
Best for: 1% cash back on debit card purchases
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 $ 10 500
Business checking
Interest-earning business checking account with unlimited fee-free transactions. Account earns
1.50%
on balances up to $100,000 and0.10%
on all balances after that.Monthly fee of $
10
, waived with an average monthly balance of $500
or 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 disbursem*nt 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
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 $
15
per month for the Business Complete Banking account (with options to waive).Opportunity to earn a $
300
welcome 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
Wells Fargo
Best for: Branch access and business loans
Wells Fargo has roughly 4,900 branch locations and over 12,000 ATMs across 40 states, plus Washington, D.C. — the largest branch network in the U.S. That makes it a solid choice for small-business owners who prefer to do at least some of their banking in person.
Wells Fargo is also among the best banks for business loans, offering business lines of credit, real estate financing, equipment financing and more. It's also one of the most active SBA 7(a) lenders and ranked third in SBA 7(a) loans approved for fiscal year 2022 .
» MORE: Need financing? Compare small-business loans
Business checking
Choose among three core business checking account options, as well as additional options based on location and business type.
Limited fee-free monthly transactions and cash deposits included with each account.
Monthly service fees start at $
10
per month (waived with a minimum daily balance of $500
or $1,000 average ledger balance) with the Initiate Business Checking account.Extended customer support hours available by phone through the National Business Banking Center.
All business checking accounts can be opened online, over the phone or by visiting a branch.
Additional services
Multiple business savings account options, including one of our picks for the best business certificates of deposit.
Wells Fargo business loans include business lines of credit and SBA loans, including SBA 7(a) loans and SBA 504/CDC loans.
Business credit cards, though Wells Fargo isn’t accepting new applications at the time of this writing.
Commercial real estate financing and health care practice financing.
Wells Fargo Merchant Services with Clover POS systems.
Payroll services for customers through ADP.
» Read our full Wells Fargo business checking review
Live Oak Bank
Best for: Business savings accounts and SBA loans
Live Oak Bank, a North Carolina-based institution, isn’t currently offering new business checking accounts. But that’s OK — because Live Oak’s standout product is actually its business savings account. Paying 4
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
Live Oak is not currently accepting new business checking customers.
Additional services
Business savings account that pays
4
% APY.Has issued more SBA 7(a) loans by volume than any other lender in 2023 as of Oct. 27.
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%
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 earns
2.75%
APY as long as you have a balance of at least 1 cent.NBKC Visa business credit card.
Customizable cash management, fraud management, disbursem*nt 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 $
15
per month for Basic business checking and can be waived with an average balance of at least $2000
over 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 the Capital 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, free business checking (brick-and-mortar)
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 up to a $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q1AFL24 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through April 23, 2024. 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 ($) 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 the U.S. Bank Business Triple Cash Rewards World Elite Mastercard®, which has a $
500
welcome 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: Generous account limits, easy application
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 $
16
and $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
Grasshopper
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 2.25
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 to
2.25
% 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.
Business checking
Free, interest-bearing business checking account.
Unlimited fee-free electronic transactions.
No dollar limit on cash deposits.
High opening deposit requirement —$250 for sole proprietors and $255 for other entity types.
Fee-free access to more than 30,000 ATMs, including Navy Federal ATMs and the CO-OP network.
Additional services
357 branches worldwide.
24/7 general customer support.
Money market accounts and business certificates of deposit.
Business credit card with no annual fee.
Business loans and lines of credit.
» 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 2.00%
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 to
2.00%
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
How to choose a bank for your small business
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.
Do you want to bank online, in person or both?
Business owners who want an online business checking account can look to neobanks — fintech companies that partner with a bank to offer FDIC-insured business banking services. Neobanks typically offer free or low-cost business checking with a host of perks, like tax-planning tools or a high APY. These accounts may lack traditional banking functions, though, like wire transfers and the ability to make deposit checks. And many offer customer support almost exclusively via email.
If you prefer an in-person touch, explore local banks and credit unions. These smaller institutions 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). You may have an easier time getting your banker on the phone than you would with a larger company. But these smaller institutions are probably less likely to offer polished apps and 24/7 customer service.
» MORE: NerdWallet’s best credit unions for business banking
National banks, like Chase and Bank of America, usually offer a combination of branch access and sophisticated digital services. However, they’re typically more likely than neobanks to charge monthly fees. And you may not get the same personalized attention from your banker that you would with a local institution with a mission that includes community investment.
Which types of bank accounts do you want?
In general, you probably need a business checking account for managing day-to-day revenue and expenses. But you may also want to consider:
Business savings accounts, which tend to pay more in interest but limit the number of transactions you can make in a given period. A business savings account may be a good place to store your company’s emergency fund.
Business money market accounts, which usually have APYs and transaction limits to business savings accounts but also offer debit cards and checks. These may also be good options for emergency funds or for surplus operating funds.
Business certificates of deposit, which can offer even higher APYs but don’t let you touch your cash until the term is up.
It can be wise to store an emergency fund at a different bank than your business checking account, since the FDIC only insures up to $250,000 per depositor per institution.
NerdWallet's picks for business banking products and services
Account or product type | What it's best for | Our top picks |
|---|---|---|
Business checking accounts | Day-to-day transactions. | See picks |
Business savings accounts | Saving for medium-term goals. | See picks |
Business money market accounts | Storing extra operating funds. | See picks |
Business certificates of deposit | Saving for long-term goals. | See picks |
Merchant services | Accepting credit and debit card payments directly. | See picks |
Business credit cards | Bridging cash flow gaps and earning rewards. | See picks |
Business loans | Financing business growth. | See picks |
How much cash does your business handle?
It’s fairly common for business banks to limit the amount of cash you can deposit each month without paying fees. 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.
Will you want to apply for a business loan in the future?
In general, if you need a business loan, it’s a good idea to try to get one from a bank. Bank business loans tend to offer lower interest rates and better terms than online lenders, but they also have tighter lending standards.
Starting a relationship with a bank or credit union now may give you a leg up when it comes to applying for a business loan. If a banker knows your business well, they may be more open to working with you on financing even if your application is imperfect.
What business credit cards do you want?
You should choose the best business credit card for your company based on features like rewards, travel perks and annual fees — regardless of what financial institution it comes from.
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 Bank of America business checking customers who maintain certain average balances in their business checking accounts.
What fees does the bank charge?
Make sure you understand the fees associated with any business bank account. 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. Look for a business checking account with no fees unless you’re confident the account’s perks will outweigh the costs.
Should you have accounts at multiple business banks?
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.
Compare more business banking options
Want to explore more banks for small businesses? Use NerdWallet's tool to search for and compare business checking accounts based on the features that are important to you, whether that's unlimited transactions, free ATM access, no monthly fee or a low minimum opening deposit.
Note on American Express® Business Checking
