6 Best Banks for Small Businesses

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As a small business owner, having a good bank account to manage your money is crucial. Business bank accounts can be expensive, both in terms of monthly fees and also per-item charges. Fortunately, many banks offer excellent options for small business owners that have no monthly maintenance fees—or provide an option to get the fee waived—as well as cash back on purchases, interest on balances and other features that can make it easier to run your business.

Here are six of the top banks for small businesses. Take your time to compare each one, along with other options you're considering, to determine the best fit for you.

Chase: Best for Full-Service Business Banking

• Banking products: Business Complete Checking®, Performance Business Checking^®, Platinum Business Checking℠, Business Savings, Business Certificates of Deposit.
• Monthly fees: Up to $95, but waivable.
• Per-item fees: Varies.
• ATM access: Fee-free withdrawals at more than 15,000 Chase ATMs.
• Notable features: Has more than 4,700 physical branches, offers a new customer bonus when you meet certain requirements and provides a variety of business finance products and services.
• Welcome offer: New customer bonus when you meet certain requirements.

Among our best banks for small businesses, Chase is the most established, offering a variety of banking products and other options, including credit cards, loans and lines of credit, payment processing services and retirement plans. Monthly fees for its checking accounts range from $15 to $95, but you can get these waived if you meet certain balance requirements.

Some accounts charge a per-item fee and even a fee on cash deposits above a certain amount each month, so read the fine print to see if it's a good fit. If your business makes a lot of cash deposits, though, having so many physical branches is beneficial. Chase also offers business savings products, but they're pretty basic in terms of interest and features.

Who it's best for: Businesses that want all their banking services under one roof and convenient access to branches.

Standout accounts:

Chase Business Complete Checking®

Open Account

at Chase

• Our Rating 5/5 How our ratings work
• APYN/A
• Minimum
  Deposit RequiredN/A
• Intro Bonus $300Expires July 22, 2024 More Info

  Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.

The Chase Business Complete Checking® account is an attractive option. It offers the convenience of one of the largest financial institutions in the country, and it frequently offers bonuses that are relatively easy to earn. While it does not allow you to accrue interest on your funds like some other popular small business checking accounts, it's still very much worth considering if you can meet the requirements to waive its monthly fees.

• Overview
• Pros & Cons

Overview

The Chase Business Complete Checking® account comes loaded with a valuable sign-up bonus and an assortment of helpful perks, so long as you can meet the requirements to waive its monthly fees. It’s a good fit for many business checking customers, regardless of business size.

Pros

• Generous signup bonus
• Several options to waive monthly fee
• Same-day deposits using QuickAccept℠ service
• Huge network of in-person branches and ATMs

Cons

• Monthly maintenance fee
• Overdraft fees are relatively high
• Limit on fee-free cash deposits and physical transactions

Related Article

Who Should (and Shouldn’t) Open a Chase Business Complete Checking Account?

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U.S. Bank: Best for Using Both In-Person and Digital Services

• Banking products: U.S. Bank Silver Business Checking, U.S. Bank Gold Business Checking, U.S. Bank Platinum Business Checking.
• Monthly fees: $0-$30 (waivable).
• Per-item fees: Varies.
• ATM access: 13,000 fee-free ATMs.
• Notable features: Generous welcome offer when you meet requirements, large ATM and branch network across 26 states, waivable fees and business debit card.
• Welcome offer: New customer offer when you meet certain requirements.

U.S. Bank (Member FDIC) is a favorite for small business owners thanks to its large footprint of branches and ATMs across the United States, plus its highly rated mobile banking app and suite of business products, including business loans and credit cards. Monthly fees on its business checking accounts range from $0 to $30, but those are waivable if you can maintain certain average balance requirements. 

These business checking accounts offer 125-500 free transactions a month, depending on which account you're using. After that, per-transaction fees range from $0.40-$0.50. It’s worth noting that while U.S. Bank is one of the largest banks in the country, it only has branches in 26 states, so you'll want to make sure the service area works for you.

Who it's best for: Business owners within the bank’s footprint who value both in-person service and mobile tools and can make use of the big ATM network for cash transactions.

Standout accounts:

U.S. Bank Silver Business Checking Account

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at U.S. Bank

• Our Rating 4.5/5 How our ratings work
• APYN/A
• Minimum
  Deposit Required$100
• Intro Bonus $400Expires January 15, 2025 More Info

  Earn your $400 Business Checking bonus by opening a new U.S. Bank Silver Business Checking or Business Essentials (not available in all markets) account between 10/1/2024 and 1/15/2025. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening.

If you're in the market for a basic business checking account, you'd do well to consider U.S. Bank's Silver Business Checking. This account carries no monthly maintenance fee, and features an alluring sign-up offer for new customers who complete qualifying transactions. While the free cash deposit limit is relatively low, it should be enough to accommodate businesses that don't generate many monthly banking transactions.

• Overview
• Pros & Cons

Overview

The Silver Business Checking account is U.S. Bank’s entry-level business account. This account offers customers 125 free transactions per statement cycle, as well as $2,500 of free cash deposits or 25 free cash transactions (whichever comes first) per statement cycle. The Silver Business Checking account has no monthly maintenance fee, and requires a minimum opening deposit of $100.

Pros

• Strong welcome offer
• No monthly maintenance fee
• Robust online banking functionality

Cons

• Relatively low cash deposit limit

U.S. Bank Gold Business Checking Account

Open Account

at U.S. Bank

• Our Rating 4.5/5 How our ratings work
• APY0.01% More Info

  Earn 0.01% APY on balances of $20,000 or greater.

• Minimum
  Deposit Required$100
• Intro Bonus Up to $800Expires September 16, 2024 More Info

  Earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through September 16, 2024. Member FDIC.

Assuming you can meet the requirements to waive its monthly fee, the U.S. Bank Gold Business Checking account is a strong option for mid-size businesses. This account offers considerably more free transactions than U.S. Bank's Silver Business Checking account and gives customers the chance to earn 0.01% APY on balances of $20,000 or more.

• Overview
• Pros & Cons

Overview

The Gold Business Checking account is U.S. Bank’s mid-level business account. This account offers customers 300 free transactions per statement cycle, as well as $10,000 of free cash deposits or 100 free cash transactions (whichever comes first) per statement cycle. And, if your account balance exceeds $20,000, you’ll earn 0.01% APY.

Pros

• Strong welcome offer
• Earn APY on high balances
• Options to waive monthly maintenance fee
• Robust online banking functionality

Cons

• Relatively low cash deposit limit
• Monthly maintenance fee

U.S. Bank Platinum Business Checking Account

Open Account

at U.S. Bank

• Our Rating 4.5/5 How our ratings work
• APYN/A
• Minimum
  Deposit Required$100
• Intro Bonus $900Expires January 15, 2025 More Info

  Earn your $900 Business Checking bonus by opening a new U.S. Bank Platinum Business Checking account between 10/01/2024 and 1/15/2025. You must make deposit(s) of at least $30,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $30,000 until the 60th day after account opening.

If your business regularly deals with enough cash to make the most of the higher free transaction limit (and to easily waive the monthly fee) you'll likely find a lot to like about the U.S. Bank Platinum Business Checking account. In addition to offering a host of features meant to assist larger businesses, this account features the same $100 minimum opening deposit requirement and valuable sign-up offer as seen in U.S. Bank's Gold and Silver Business Checking packages.

• Overview
• Pros & Cons

Overview

If you’re a larger business that handles a significant amount of monthly transactions, the U.S. Bank Platinum Business Checking account may be a good fit for your needs. This account offers 500 free transactions and up to $20,000 of free cash deposits or 200 free cash transactions (whichever comes first) each statement cycle. While this account features a $30 monthly service fee, you can get it waived in a couple different ways, such as maintaining an average collected checking balance of $25,000 or more.

Pros

• Strong welcome offer
• Options to waive monthly maintenance fee
• Robust online banking options

Cons

• Monthly maintenance fee for lower balances

Axos® Bank: Best for ATM Fee Reimbursements

• Banking products: Basic Business Checking, Business Interest Checking, Business Savings, Business Premium Savings, Business Money Market, Non-Profit Money Market and Business Certificates of Deposit.
• Monthly fees: Up to $10, but it's waivable.
• Per-item fees: None for Basic Checking; $0.50 per item after 100 free items per month for Interest Checking.
• ATM access: Unlimited domestic ATM fee reimbursements.
• Notable features: Cash deposits with MoneyPass® and AllPoint™ ATMs, offers a welcome bonus to new account holders, and high APY on Interest Checking.
• Welcome bonus: With both accounts, you can earn up to $400 as a welcome bonus if you open an account with a promotional code and meet certain requirements.*

Axos Bank is an online bank offering a variety of personal and business banking products. For small businesses, its two options cover a lot of ground:

• Basic Business Checking: This has no minimum deposit requirement, no monthly fee, no minimum balance requirement and no fees for item processing (debits, credits and deposits). You can get up to a 1.01% APY with the Business Interest Checking account—that's 1.01% on the first $49,999.99, then it drops down to 0.20% at $50,000, then down to 0.10% at $250,000. 
• Interest Checking: This account charges a $10 monthly fee, but you can get it waived with an average daily balance of $5,000 or more. It also charges a $0.50 fee per item, but you'll get 100 items for free every month. 

While it's traditionally difficult to make cash deposits with online-only banks, Axos does allow small business owners to deposit cash at MoneyPass and AllPoint ATMs. Axos also offers business savings products, but their APYs aren't exactly competitive, and there may be a minimum deposit requirement and monthly fee, depending on the account.

Who it's best for: Business owners who like online banking but use ATMs a lot and want fee reimbursements and convenient ATM locations for cash deposits.

Standout accounts:

Axos Basic Business Checking Account

Open Account

at Axos

• Our Rating 4/5 How our ratings work
• APYN/A
• Minimum
  Deposit RequiredN/A
• Intro Bonus Up to $200Expires August 31, 2023 More Info

  Open a business checking account by Aug. 31 and get up to $200 when you use promo code NEWSBC on your application and maintain a minimum average daily balance of $10,000.

Axos Basic Business Checking is a good fit for new businesses or those that don’t generate a lot of sales (yet). It offers a sign-up bonus worth up to $200, which is relatively competitive, has no monthly fees, and unlimited domestic ATM fee reimbursements. However, Axos is an online-only bank, so it’s not a good option if your business handles cash regularly.

• Overview
• Pros & Cons

Overview

With Axos Bank’s Basic Business Checking Account, you don’t have to worry about monthly maintenance fees, minimum balances or a minimum opening deposit. Add on a sign-up bonus worth up to $100, and it’s easy to recommend this account to newly incorporated small businesses, or those who want to try out Axos Bank.

Pros

• No monthly maintenance fee
• Unlimited domestic ATM fee reimbursements
• No minimum deposit required to open an account
• 2 free domestic wire transfers each month

Cons

• Account does not earn interest
• No physical branch locations

Axos Business Interest Checking

Open Account

at Axos

• Our Rating 4/5 How our ratings work
• APYUp to 1.01% More Info

  Customers earn 1.01% APY on balances between $0 and $49,999.99; balances between $50,000 and $249,999.99 earn 0.20% APY; balances of $250,000 or more earn 0.10% APY.

• Minimum
  Deposit Required$100
• Intro Bonus Up to $200Expires August 31, 2023 More Info

  Open a business checking account by Aug. 31 and get up to $200 when you use promo code NEWSBC on your application and maintain a minimum average daily balance of $10,000.

Axos Business Interest Checking is our favorite small business checking account for newly incorporated businesses. We’ve seen them offer up to 1.01% APY on your funds, which is great for a checking account, typically has a solid sign-up bonus, 50 free monthly transactions, and it’s relatively simple to waive the $10 monthly maintenance fee. But keep in mind Axos is an online bank, so cash-heavy businesses are not a good fit.

• Overview
• Pros & Cons

Overview

Axos Bank’s Business Interest Checking Account is a great option for newly incorporated businesses eager to earn interest on deposits. It offers up to 1.01% interest, as well as a sign-up bonus worth up to $200.

Pros

• Earn interest on deposits
• Monthly maintenance fee can be waived
• Unlimited reimbursements from any domestic ATM

Cons

• APY decreases with higher balances
• Limited fee-free transactions every month
• Monthly maintenance fee

*Disclosure

^{To be eligible to earn all or a portion of the cash incentive as part of the promotional offer "NEWSBC," an application for a Basic Business Checking or Business Interest Checking account must be submitted between 07/19/2023 at 12:00 am PT and 08/31/2023 at 11:59 pm PT. Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year. Customers who have held primary ownership of an Axos Bank or UFB or Axos Bank for Nationwide checking or savings account in the past 12 months are not eligible for this offer. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After initial requirements above are met, the amount of incentive earned will depend on meeting the additional requirements outlined below:}

^{Small Business Checking bonus up to $100 and $200: You must be approved for your new Small Business Checking account and fund it within 60 days of account opening. An incentive of up to $200 can be earned during the first five (5) statement cycles. A statement cycle is a calendar month consisting of at least one day your account was open during that month. $25 will be earned for each statement cycle during which the average daily balance in your Small Business Checking account is between $5,000 and $9,999.99. $50 will be earned for each statement cycle during which the average daily balance in your Small Business Checking account is a minimum of $10,000 or greater. You can earn a maximum of four (4) payouts during the five (5) statement cycles, and the incentive will be deposited into your Small Business Checking account within 10 business days following the end of the statement cycle in which the balance requirement was met. Your Small Business Checking account must remain open and in good standing at the time the incentive is paid to be eligible. Furthermore, your Small Business Checking account must remain open for 120 days, or an early closure fee of up to $200 may apply.}

Related Article

Axos Business Checking: Up to $200 Bonus

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American Express®: Best for Interest on Your Balance

• Banking products: American Express Business Checking.
• Monthly fees: None. 
• Per-item fees: None. 
• ATM access: Fee-free withdrawals at more than 40,000 MoneyPass ATMs.
• Notable features: High APY on balances, valuable welcome bonus and rewards on debit card purchases.
• Welcome bonus: The bank offers an impressive 50,000 Membership Rewards points if you meet certain requirements. Points are redeemable for cash back, or if you have a credit card that earns Membership Rewards, you may get more value from them.

American Express Business Checking offers an APY of 1.30% on balances of up to $500,000, which is far more generous than the Interest Checking account from Axos Bank. Small business owners will also enjoy no fees on regular item processing, non-sufficient funds and more. The bank offers 1 point for every $2 you spend on eligible purchases with your debit card. Plus, American Express offers several solid business credit card options.

Who it's best for: Amex fans who want to manage their banking and credit cards in one spot, and who want to earn interest on their bank account balance.

LendingClub: Best for Cash Back on Debit Card Purchases

• Banking products: Business Banking Tailored Checking.
• Monthly fees: $10, waivable.
• Per-item fees: None. 
• ATM access: Unlimited ATM fee rebates.
• Notable features: Offers 1% cash back on eligible debit card purchases, provides up to a 1.50% APY on balances up to $100,000.

LendingClub only offers one checking account and no savings accounts, so it's best for small business owners who prefer its features over other banks' offerings. The Business Banking Tailored Checking account offers unlimited ATM fee rebates, allowing for easy access to your cash.

It also offers a 1.50% APY on balances of up to $100,000 (then 0.10% after that) and 1% cash back on signature-based debit card purchases—select "credit" for point-of-sale purchases and sign instead of choosing "debit" and entering your PIN. Just note that you'll need to keep an average balance of $500 in your account to qualify for debit card rewards.

The bank charges a $10 monthly fee, but it's relatively easy to avoid—simply maintain a balance of $500 or more in your account.

Who it's best for: Those who want to take advantage of interest, debit card rewards and no ATM fees.

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NBKC Bank®: Best for No Fees

• Banking products: The Business Account, Money Market Account, Business Certificates of Deposit.
• Monthly fees: None.
• Per-item fees: None.
• ATM access: Fee-free withdrawals at more than 40,000 MoneyPass ATMs. 
• Notable features: No account fees.

With few features, the Business Account with NBKC Bank is a no-frills business checking account, but it also doesn't charge account fees, making it an excellent choice for small business owners looking to save as much money as possible. 

NBKC also has access to a large ATM network, making it easy to get fee-free ATM withdrawals. If you live in the Kansas City area where the bank is headquartered, you can enjoy in-person service at one of NBKC's four physical branches. 

Who it's best for: New businesses and freelancers who do all of their business online and want no fees.

Which Bank Is Right for You?

The right bank for your business depends on your goals, financial needs, the types of transactions you make and any other services you need to support your business.

To decide on the right bank for you, compare banking features such as:

• Monthly fees and fees on transactions you most commonly make
• Whether the account earns interest
• Perks like debit card rewards
• Free ATM withdrawals or reimbursements 
• Whether you want to visit a local branch or prefer to do your banking online
• Other products and services the bank offers

With so many business banking options out there, take your time to shop around and compare multiple banks and credit unions.

Featured photo courtesy of Chase