Small-business banking institution details
American Express
Best for: Online banking, business lines of credit
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
Axos Bank
Best for: ATM withdrawals
Axos Bank's free business checking account comes with 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 through a third party.
Small-business loans, including SBA 7(a) loans, real estate and equipment financing, and working capital loans.
» Read our full Axos business checking review
LendingClub
Best for: Business checking accounts and online business loans
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 and business credit cards
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
Live Oak Bank
Best for: Business savings accounts and SBA loans
Live Oak Bank, a North Carolina-based institution, offers a standout 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
Three business checking acount options with monthly fees starting at $10. Fees can be waived. ifyou meet certain balance thresholds.
Unlimited monthly transactions.
Live customer support.
Additional services
Business savings account that pays
4
% APY.Issued $1.8 billion in SBA 7(a) loans in fiscal year 2024, the second-most of any lender.
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
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 Q3AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through September 30, 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 $
750
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: Cash deposits
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
Startups
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:
Online, in person or both? Business owners who want an online business checking account can look to neobanks for free or low-cost business checking. If you prefer an in-person touch, explore local banks and credit unions, which 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). National brick-and-mortar banks usually offer a combination of branch access and sophisticated digital services.
What accounts do you need? Start with a business checking account for managing your cash. Beyond that, look for banks that offer business savings accounts, business money market accounts and certificates of deposit if you plan to use those services.
What fees does the bank charge? 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.
Do you use cash? 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.
Is financing in your future? Starting a relationship with a bank or credit union that offers financing may give you a leg up when it comes to applying for a business loan.
Do you use business credit cards? You should choose the best business credit card for your company based on features like rewards, travel perks and annual fees, 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 certain B of A customers.
» MORE: NerdWallet’s best credit unions for business banking
💬 From our Nerds: How to use our ratings
"The star ratings on this page are specific to one account at each bank — usually its business checking account. That's the account business owners are likely to interact with most often.
"I'm constantly fine-tuning how we evaluate those accounts. But with a product landscape that's always changing, it'll never be perfect.
"We strive to reward accounts that provide the most value with the fewest fees. Not all features are relevant to every business owner, though. Cash deposit limits and ATM access are two great examples.
"I hope you'll use NerdWallet's star ratings as a guide. then filter our pros, cons, reviews and product offerings through the lens of your business's unique needs."
— Rosalie Murphy, lead writer covering small business
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.
Note on American Express® Business Checking
