Finding the best banks for small businesses is vital. It’s key to good financial management. The right bank can offer business banking services and help you reach your goals, whether you’re starting out or growing.
When looking at banks for small firms, think about what’s important for you. Look for free or low-fee business checking. This can cut your costs. Also, check if they offer good financing to help you grow. And having low-cost merchant services makes taking payments easier.
Remember, no single bank will fit all your needs. But having accounts in different banks can add security and flexibility to your finances.
NerdWallet reviewed over 30 banks and found the best for small businesses:
- Chase
- Bank of America
- Bluevine
- Grasshopper Bank
- Axos Bank
- LendingClub
- U.S. Bank
- American Express
- Wells Fargo
- PNC Bank
- TAB Bank
These banks are well-known and offer services that small businesses need.
Key Takeaways:
- Choosing the best banks for small businesses involves considering free or low-fee business checking accounts, services for business growth, competitive financing options, and low-cost merchant services.
- Leveraging business bank accounts from multiple institutions can provide added security and flexibility.
- NerdWallet’s evaluation identified Chase, Bank of America, Bluevine, Grasshopper Bank, Axos Bank, LendingClub, U.S. Bank, American Express, Wells Fargo, PNC Bank, and TAB Bank as top picks for small-business banking.
Top Picks for Full-Service Business Banking
Chase Business Complete Banking is a top choice for businesses. It offers a wide variety of financial services. This makes it perfect for small companies to handle their money well.
Wide Range of Accounts
Chase provides three types of business checking accounts. This meets the different needs of small businesses. For saving and growing funds, two business savings accounts are available.
Business Credit Cards
Chase Business Complete Banking has a great selection of business credit cards. These cards have benefits like cashback, travel perks, and flexible spending limits. They can help your business manage money better and earn rewards.
Business Loans
For businesses that need financing, Chase offers several loan types. They can help with buying equipment, covering everyday expenses, or growing the business. Chase aims to support its customers in various financial needs.
Chase serves customers in 48 states, with many branches and ATMs. This means easy access to banking services nationwide. Their online and mobile banking are also user-friendly, offering convenient money management from anywhere.
Chase is committed to offering complete banking services for small businesses. From checking and savings accounts to loans and credit cards, they support business growth and success.
Generous Account Limits and Easy Application
Bank of America has great banking solutions for small businesses in California. They offer two main accounts: Business Advantage Fundamentals Banking and Business Advantage Relationship Banking. These help small businesses manage their finances effectively.
The Fundamentals Banking account fits businesses with fewer transactions. It has low monthly fees and different checking accounts to pick from. Businesses can choose the best account for their financial needs. It also lets them do banking tasks online.
The Relationship Banking account is better for businesses with more transactions. It has perks like bigger cash deposit limits, which is great for handling more cash. Businesses can open this account online, without going to a bank branch.
Bank of America knows small businesses need special banking solutions. They offer accounts with big benefits and simple signup. This helps California’s small businesses run their finances well and smoothly.
Bank of America Business Advantage Fundamentals Banking Account Features:
- Low monthly fees
- Multiple checking account options
- Electronic transactions
- High cash deposit limits
- Convenient online account opening
Bank of America Business Advantage Relationship Banking Account Features:
- Higher cash deposit limits
- Online account opening
- Additional benefits for businesses with higher transaction volumes
Non-Bank Option for Small Businesses
Bluevine isn’t a bank, but it offers great business checking and loans. Small businesses get a secure and easy way to bank with the free high-yield checking account. They can earn 2.00% interest on balances up to $250,000.
Bluevine always puts its customers first, offering FDIC protection up to $3 million. This means small businesses can bank with confidence, knowing their money is safe.
Small companies love Bluevine’s flexible loans. These loans help businesses grow, manage money, and take on new projects. Bluevine lets businesses handle their money easily online.
Bluevine Business Checking Account Highlights:
- Free, high-yield business checking account with competitive interest rates.
- FDIC insurance coverage up to $3 million for added security.
- Convenient access to funds and easy online account management.
- Business lines of credit available for financing needs.
Bluevine is known for its excellent service and focus on customers. It’s a great option for small businesses looking for trustworthy banking services.
High-Yield Business Checking
Finding the right business checking account for small businesses is crucial. Grasshopper Bank offers a high-yield option with added benefits. Their Business Checking Account includes features that help manage money better and grow the business.
Grasshopper Bank’s Business Checking Account shines with its unlimited 1% cash back on qualified debit card purchases. Every time a business owner uses their debit card for eligible buys, they get cash back rewards. This simple system helps save on daily business costs.
This business checking account also provides startup-friendly tools like built-in invoicing and bookkeeping. These features streamline daily tasks. Business owners can then spend more time growing their company.
Benefits of Grasshopper Bank’s Business Checking Account:
- High-yield account with competitive interest rates
- Unlimited 1% cash back on qualified debit card purchases
- Built-in invoicing and bookkeeping tools
- Online and mobile banking for convenient account management
- Access to a dedicated support team for personalized assistance
Grasshopper Bank knows what small businesses need and customizes services to help them thrive. Their focus on innovation and customer service makes them an excellent choice for a high-yield business checking account.
| Features | Description |
|---|---|
| High-Yield Account | Earn competitive interest rates on your business checking balance. |
| Cash Back Rewards | Get unlimited 1% cash back on qualified debit card purchases. |
| Built-in Tools | Streamline your invoicing and bookkeeping tasks with integrated tools. |
| Online and Mobile Banking | Access your account anytime, anywhere with convenient digital banking options. |
| Dedicated Support | Receive personalized assistance from a dedicated customer support team. |
24/7 Customer Support
Axos Bank’s Basic Business Checking account is a top choice for your small business. It includes free online business checking and unlimited ATM fee refunds. So, you get both convenience and save money. But that’s not all there is to it.
This account also shines with its 24/7 customer support. As a business owner, you know issues can show up at any time. It might be a question about your account or a tech issue. That’s why having reliable, quick customer support matters a lot.
At Axos Bank, you can get help around the clock. Talk to someone on the phone or chat live. Axos Bank makes sure help is always easy to reach.
Besides great support, the Basic Business Checking account has more to offer, like:
- Unlimited fee-free transactions to reduce your banking costs
- Free incoming wires to make finances easier
With Axos Bank, you can handle your business finances with confidence. You’ll know there’s a support team ready to assist you at any time.
| Key Features of Axos Bank’s Basic Business Checking Account |
|---|
| Free online business checking |
| Unlimited ATM fee refunds |
| 24/7 customer support |
| Unlimited fee-free transactions |
| Free incoming wires |
Choosing the right bank for your small business is crucial. Axos Bank’s Basic Business Checking account has the essentials. With free online business checking, unlimited ATM fee refunds, and 24/7 customer support, they offer the convenience, savings, and support you need for success.
1% Cash Back on Debit Card Purchases
Looking for a business checking account that gives great rewards? LendingClub’s Tailored Checking is ideal. You get 1% cash back on every debit card purchase. This adds value every time you shop.
LendingClub also offers 1.50% APY on up to $100,000. Your money can earn more, helping your business succeed.
What’s standout is the unlimited fee-free transactions. You can deposit, withdraw, or transfer money with no extra costs. This allows you to keep more money for your business.
LendingClub doesn’t have monthly fees or overdraft charges either. This gives you peace of mind. You can focus on growing your business without worrying about hidden fees.
With tailored checking, you have the flexibility to handle your business finances easily. You can make payments or transfer money with the right tools at your disposal.
LendingClub caters to the needs of small businesses. Their Tailored Checking is perfect for businesses of any size or type. It’s a top choice for entrepreneurs and business owners because of this.
Why Choose LendingClub’s Tailored Checking:
- Earn unlimited 1% cash back on debit card purchases
- Competitive interest rate of 1.50% APY on balances up to $100,000
- Unlimited fee-free transactions
- No monthly fees or overdraft charges
- Convenient and easy-to-use online banking
When it comes to business banking, LendingClub has you covered. Their Tailored Checking offers rewards, great interest rates, and no fees on transactions. This gives you more flexibility to focus on your business’s growth.
| Benefits | Details |
|---|---|
| Earn Cash Back | Unlimited 1% cash back on debit card purchases |
| Competitive Interest Rate | 1.50% APY on balances up to $100,000 |
| Unlimited Transactions | No fees for deposits, withdrawals, or transfers |
| No Monthly Fees | No charges for monthly maintenance or usage |
| Convenient Online Banking | Access your account anytime, anywhere |
Welcome Bonus and Free Business Checking
Looking for a bank that gives a welcome bonus and free checking for your business? U.S. Bank’s Silver Business Checking account is your answer. It’s picked as the best for small businesses. It has features and flexibility important for small businesses.
- No Monthly Service Fees: Enjoy the benefits of free business checking without monthly fees at U.S. Bank. This saving helps your business profit more.
- Free Cash Deposits: For small business owners, managing cash is key. U.S. Bank’s Silver Business Checking gives you free cash deposits. This means more money stays in your business, not on fees.
- Access to a Large Network: U.S. Bank has branches and ATMs everywhere, making banking easy. You can deposit or withdraw money easily, no matter where you are.
U.S. Bank’s Silver Business Checking account aims to make banking smooth and easy for you. It provides the financial freedom and ease small businesses require to succeed and expand.
| Account Features | U.S. Bank Silver Business Checking |
|---|---|
| No Monthly Service Fees | ✓ |
| Free Cash Deposits | ✓ |
| Large Branch and ATM Network | ✓ |
Online Banking and Business Credit Cards
American Express Business Checking is great for small businesses who want easy online banking. They also have lots of financial services. It has no monthly fees and you don’t need much money to start.
You can earn a big 1.30% APY on balances up to $500,000. This helps your money grow faster.
American Express is known for its top-rated business credit cards. These cards help businesses with paying expenses, getting rewards, and making payments easier. American Express offers different cards. So, whether you need cash back, travel rewards, or to spend smarter, they’ve got a card for you.
“American Express business credit cards provide attractive rewards and benefits, such as travel perks, cash back on purchases, and flexible payment options.”
American Express also gives out loans for small businesses. These loans are for helping businesses grow. You can use them to buy inventory, hire people, or start new marketing projects. With good rates and payment plans, these loans are a good help for business owners.
Overall, American Express is a key partner for small businesses. They offer everything from online banking to great business credit cards and loans. American Express is there to support the special needs of small businesses.
| Benefits | Details |
|---|---|
| No Monthly Fees | No fees or minimum opening deposit |
| Competitive APY | Earn 1.30% APY on balances up to $500,000 |
| Business Credit Cards | A suite of top-rated business credit cards with various rewards and benefits |
| Small-Business Loans | Flexible financing options for business expansion |
Image: Visualization of online banking and a business credit card. Alt text: American Express online banking and business credit cards.
Branch Access and Business Loans
Wells Fargo has served small businesses for a long time. It’s one of the U.S.’s leading SBA lenders. Their Initiate Business Checking account is great for small businesses. It offers many banking services suited for their financial needs.
Business Loans
Wells Fargo provides various business loans. These loans help small businesses to grow. You can get a line of credit, a secured or unsecured loan, or a commercial real estate loan. Their team will help you choose the best option for your needs.
Branch Access
Banking with Wells Fargo means you have access to many branches. They have thousands across America. This makes it easy for small business owners to do in-person banking. You can get help from Wells Fargo’s knowledgeable staff at these branches.
Conclusion
Finding the best banks for small businesses is key. Look for things like free checking accounts, help for growing, and loans. After looking at 30 banks, Chase, Bank of America, and others were the top choices.
These banks have special services just for small businesses. They offer everything from big solutions to easy apps. It’s important for owners to check their needs and find a bank that fits.
The right bank can offer help that’s important for a business. This includes loans and managing money. Choosing the best bank is critical for a small business to do well. So, spend time picking the right bank for your small business. It will help you do well financially.
FAQ
What factors should I consider when looking for the best banks for small businesses?
When choosing a bank for your small business, think about what they offer. Look for banks that have free or cheap checking. Consider services that help your business grow. Find banks with good loan options and affordable ways to handle payments.
What are the top picks for full-service business banking?
Chase Business Complete Banking is a great choice. They offer different types of accounts and cards. Plus, they help with loans, making them perfect for small businesses.
Which banks offer generous account limits and easy application?
Bank of America has great options for small businesses. They have easy sign-up online. Plus, they offer low fees and different account types.
Are there any non-bank options for small businesses?
Yes, Bluevine is an online choice for business banking. They’re known for their quality accounts and loans. They even offer a free checking account, insured up to million.
Which bank offers high-yield business checking?
Grasshopper Bank is excellent for small businesses. They offer a checking account that earns you money on debit card purchases.
What bank provides 24/7 customer support for small businesses?
Axos Bank gives support all day, every day. They have free online checking and refund ATM fees.
Which bank offers interest-earning business checking and unlimited fee-free transactions?
LendingClub offers a great checking account. It earns interest and gives you money back on debit card purchases. Plus, they have no fees on transactions.
Which bank offers a welcome bonus and free business checking?
U.S. Bank is a top choice. They give a welcome bonus and no monthly fees on their checking. They also let you deposit cash for free.
Does American Express offer business banking services?
Yes, American Express is in the business banking game. Their checking account has no monthly fees. It earns interest and they’ve got good credit cards and loans.
Which bank offers business loans and extensive branch access?
Wells Fargo is great for businesses. They provide various loans and banking help. Additionally, they have many branches for you to visit.
How do I choose the best bank for my small business?
Choosing the right bank means thinking about your needs and goals. Look at what different banks provide and their costs. Also, consider where the branches and ATMs are, and how good their customer service is. Using accounts from more than one bank might also help you cover all your business needs.
Which banks are considered the best for small businesses?
Chase, Bank of America, Bluevine, and others are top choices. They offer great services for small businesses. Think about your business’s specific needs to find the best fit.
