You may want to leverage small-business banking services from multiple institutions to keep your funds secure — especially if your deposits exceed the federally insured limit of $250,000. Keeping payroll and an emergency fund at different business banks from your main business account can also help shield your business from disruptions.
Note: While we detail the range of business services offered by those banks, the star ratings listed are specific to the bank’s business checking account. If a bank offered multiple business checking accounts, we rated the entry-level account.
Best for: 24/7 customer support
Axos also offers interest-bearing checking and savings accounts, business loans (including SBA loans) and merchant services.
Business checking
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Two business checking accounts: one free and one interest-earning account.
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Business Interest Checking is $10 per month unless you maintain an average daily balance of $5,000. The account earns
1.01%
APY.
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Basic Business Checking has no monthly fee or minimum opening deposit requirement and includes unlimited fee-free transactions.
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Both accounts allow cash deposits via compatible AllPoint and MoneyPass ATMs.
Additional services
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Business savings, money market and certificates of deposit.
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Nationwide Business Premium Savings Account
powered by Axos earns
3.00%
to
4.01%
APY, depending on your balance. Minimum opening deposit of $25,000. (While that account is powered by Axos, you’ll need to open it via Nationwide’s website.)
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Merchant services, including point-of-sale systems, e-commerce solutions and check acceptance through Cerelo Merchant Services.
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Small-business loans, including SBA 7(a) loans, real estate and equipment financing, and working capital loans.
Best for: Online banking, business credit cards
1.30%
on balances up to $500,000. The free online business checking account also has no monthly fees, overdraft fees or stop-payment fees.
Business checking
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Free online business checking account with almost no fees; outgoing domestic wire transfers ($20) are the exception.
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Earns
1.30%
APY on balances up to $500,000.
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No limit on transactions and no charges for overdrafts, nonsufficient funds, incoming wire transfers or stop payments.
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24/7 customer support online, by phone or via the app.
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Mobile app (and mobile check deposit) only available for iOS.
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Cannot deposit cash.
Additional services
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Top-rated 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.
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Branded hotel and airline business cards for Hilton, Marriott, Delta and Amazon.
Best for: No-fee business banking
2.25%
APY.
Business checking
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Free business checking account that can be opened completely online.
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Account includes unlimited fee-free transactions and no incoming domestic wire fees, overdraft, stop payment or similar incidental fees.
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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.
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Ability to deposit cash fee-free at eligible MoneyPass ATMs using your NBKC business debit card.
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Free online and mobile banking with mobile check deposit and online bill pay included.
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Option to customize your checking account by adding desktop deposit, ACH credit and debits, merchant processing and Autobooks invoicing software.
Additional services
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Free business money market account, which earns
2.25%
APY as long as you have a balance of at least 1 cent.
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NBKC Visa business credit card.
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Customizable cash management, fraud management, disbursement and collection services.
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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.
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 monthly fee (waived with an average monthly balance of $500).
Business checking
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Interest-earning business checking account with unlimited fee-free transactions. Account earns
1.50%
on balances up to $100,000 and
0.10%
on all balances after that.
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Monthly fee of $10, waived with an average monthly balance of $500 or more.
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No ATM fees, regardless of the ATM you use, plus unlimited rebates for ATM fees you incur from other banks worldwide.
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Earn an unlimited 1% cash back on online and signature-based credit transactions, provided you maintain an average monthly balance of $500 or more.
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Access to online and mobile banking tools that allow you to pay bills, deposit checks, send and receive payments and manage your account.
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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
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SBA loans, including SBA 7(a) loans, SBA 504/CDC loans and SBA Express lines of credit.
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Business loans in partnership with Accion, a nonprofit community lender.
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Cash management solutions including deposit and disbursement services, receivables and account management, sweep accounts, fraud prevention and payments.
Best for: Full-service business banking
You can open a business account online or in person. (Chase has more than 4,700 branches across 28 states.)
Business checking
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Three business checking account options, which each include unlimited fee-free electronic deposits.
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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.
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Business Complete Banking account includes Chase QuickAccept℠, which allows you to accept credit card payments with the Chase mobile app.
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Use Chase QuickDeposit℠ for depositing checks and Chase QuickPay® with Zelle® for sending and receiving payments.
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24/7 phone-based customer service.
Additional services
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Two business savings account options, as well as certificates of deposit.
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Ink suite of rewards-earning business credit cards, plus airline-specific card options.
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Chase business loans, including SBA loans, lines of credit, equipment financing and commercial real estate financing.
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Chase Collection Services for accounts receivable.
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. — making it an ideal choice for small-business owners who prefer to do at least some of their banking in person.
Business checking
-
Choose among three core business checking account options, as well as additional options based on location and business type.
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Limited fee-free monthly transactions and cash deposits included with each account.
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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.
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Extended customer support hours available by phone through the National Business Banking Center.
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All business checking accounts can be opened online, over the phone or by visiting a branch.
Additional services
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Business credit cards, though Wells Fargo isn’t accepting new applications at the time of this writing.
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Commercial real estate financing and health care practice financing.
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Payroll services for customers through ADP.
Best for: Unlimited checking account transactions
Business checking
-
Choose from two business checking account options: Basic and Unlimited.
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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 $2,000 over 30 or 90 days, whichever period has the greater balance.
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Unlimited fee-free cash deposits with Unlimited business checking.
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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.
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Suite of Capital One business credit cards, including two standard cash-back business credit cards, two 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 who have defaulted on a loan in the past five years or those with limited credit history. -
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.
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Capital One Merchant Services provided by Worldpay.
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Cash flow management solutions such as fraud management, accounts receivable, accounts payable and liquidity.
-
Escrow Express platform available for online sub-accounting.
Best for: Welcome bonus, free business checking (brick-and-mortar)
Earn a bonus of up to $750 when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL23 and complete qualifying activities, subject to certain terms and limitations. Offer valid through August 31, 2023. 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.
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U.S. Bank Silver Business Checking ($0) includes 125 free transactions and up to $2,500 in fee-free cash deposits per month.
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More than 2,000 branches across 26 states. Account holders do not incur fees at U.S. Bank and MoneyPass ATMs.
Additional services
-
Full suite of small-business loans, including lines of credit, SBA loans, equipment financing, term loans and commercial real estate financing.
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Business savings, CDs and money market accounts.
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Payment processing services range from online credit card processing to in-store payment terminals.
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.
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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. And nearly 16,000 fee-free Bank of America ATMs.
-
Opportunity to earn a $
200
welcome bonus. Terms apply.
Additional service
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.
2.25
% 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.
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Unlimited 1% cash back on online and signature-based debit card purchases.
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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.
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SBA loans and commercial real estate lending, as well as access to venture capital and private equity funding.
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?
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.
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:
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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.
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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.
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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.
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?
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.
